Document:

EXECUTION VERSION

 

CREDIT AGREEMENT

 

among

 

SunPower
Revolver HoldCo I, LLC, 

as Borrower

 

MIZUHO BANK, LTD., 

as Lead Arranger, Administrative Agent
and Documentation Agent

 

MIZUHO BANK (USA), 

as Collateral Agent

 

MIZUHO BANK, LTD. AND GOLDMAN SACHS
BANK USA,

as Issuing Banks

 

and

 

THE LENDERS PARTY THERETO

 

May 4, 2016

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE 1. DEFINITIONS	1
	 	 
	1.1	Definitions	1
	1.2	Rules of Interpretation	33
	 	 	 
	ARTICLE 2. THE CREDIT FACILITIES	35
	 	 
	2.1	Construction Loan Commitments	35
	2.2	Procedures for Construction Loan Borrowing and Repayment of Construction Loans	35
	2.3	LC Loans	36
	2.4	Repayment of LC Loans	36
	2.5	[Intentionally Omitted]	36
	2.6	Fees	36
	2.7	Optional Prepayments	38
	2.8	Mandatory Prepayments	38
	2.9	Terms of All Prepayments	39
	2.10	Termination or Reduction of Commitments	40
	2.11	Conversion and Continuation Options	41
	2.12	Limitations on LIBOR Rate Tranches	42
	2.13	Interest Rates and Payment Dates	42
	2.14	Computation of Interest and Fees	42
	2.15	Promissory Notes	43
	2.16	Letters of Credit	43
	2.17	General Loan Funding Terms; Pro Rata Treatment and Payments	50
	2.18	Inability to Determine Interest Rate	51
	2.19	Legal Requirements	52
	2.20	Taxes	53
	2.21	Indemnity	57
	2.22	Change of Lending Office	57
	2.23	Replacement of Lenders	57
	2.24	Accordion	58
	2.25	Resizing	58
	2.26	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	59
	 	 	 
	ARTICLE 3. CONDITIONS PRECEDENT	59
	 	 
	3.1	Conditions Precedent to the Signing Date	59
	3.2	Conditions Precedent to the Initial Project Construction Loan Date	60
	3.3	Conditions Precedent to the Construction Loans	68
	3.4	Conditions Precedent to the Issuance of Letters of Credit	71
	3.5	Confirmation	72
	 	 	 
	ARTICLE 4. REPRESENTATIONS AND WARRANTIES	72
	 	 
	4.1	Existence; Compliance with Laws	72
	4.2	Ownership of Capital Stock	73
	4.3	Power; Authorization; Enforceable Obligations; No Legal Bar	73

 

	 	i	 

 

     

     

    

 

	4.4	Governmental Approvals	73
	4.5	ERISA and Labor Matters	74
	4.6	Taxes	75
	4.7	Business, Debt, Contracts, Etc	75
	4.8	Filings	75
	4.9	Investment Company; Holding Company Act; EWG	75
	4.10	Governmental Regulation.	75
	4.11	Federal Reserve Requirements	76
	4.12	Litigation	76
	4.13	Compliance with Legal Requirements	77
	4.14	No Default	77
	4.15	Permits	77
	4.16	Use of Proceeds	78
	4.17	Insurance	78
	4.18	Environmental Matters	78
	4.19	Title to Properties; Possession Under Leases	79
	4.20	Utilities	80
	4.21	Roads/Feeder Lines	80
	4.22	Sufficiency of Material Project Documents	80
	4.23	Material Project Documents	80
	4.24	Disclosure	81
	4.25	Construction Budget; Projection	81
	4.26	Intellectual Property	81
	4.27	Land Not in Flood Zone	81
	4.28	Partnerships and Joint Ventures; Separateness	82
	4.29	Material Adverse Effect	82
	4.30	Accounts	82
	4.31	Construction of the Project	82
	4.32	Sanctions and Anti-Corruption Laws	82
	4.33	Security Documents	84
	4.34	Solvency	84
	4.35	Sales Tax Exemption; Resale Certificate	84
	 	 	 
	ARTICLE 5. AFFIRMATIVE COVENANTS OF BORROWER	85
	 	 
	5.1	Reporting Requirements	85
	5.2	Maintenance of Existence, Properties; Etc	88
	5.3	Compliance with Legal Requirements; Etc	89
	5.4	Insurance; Events of Loss	90
	5.5	Taxes; Assessments and Utility Charges	91
	5.6	Properties, Books and Records	91
	5.7	Use of Proceeds	92
	5.8	Payment of Obligations	92
	5.9	Construction and Operating Reports.	92
	5.10	Material Project Documents	94
	5.11	Completion; Acceptance Tests	94
	5.12	EWG Status; Market-Based Rate Authority	95
	5.13	[Intentionally omitted]	95

 

	 	ii	 

 

     

     

    

 

	5.14	Power Purchase Arrangement	95
	5.15	Sanctions and Anti-Corruption Laws	95
	5.16	Operation of Each Applicable Project	96
	5.17	Final Completion	96
	5.18	[Intentionally omitted]	96
	5.19	Separateness Provisions	96
	5.20	Further Assurances	96
	5.21	Additional Collateral	97
	5.22	Construction Contracts	98
	5.23	COD	98
	5.24	Equity Commitment	98
	5.25	Consultants	98
	5.26	[Intentionally omitted]	98
	5.27	[Intentionally omitted]	98
	5.28	Loss Proceeds	98
	 	 	 
	ARTICLE 6. NEGATIVE COVENANTS OF BORROWER	99
	 	 
	6.1	Indebtedness	99
	6.2	Liens	99
	6.3	Investments	99
	6.4	Prohibition of Fundamental Changes; Sale of Assets, Fiscal Year, Etc	99
	6.5	Nature of Business	100
	6.6	Transactions With Affiliates	100
	6.7	No Distributions	100
	6.8	Material Project Documents	101
	6.9	Budget; Change Orders	101
	6.10	Additional Project Agreements	102
	6.11	Swap Agreements	102
	6.12	ERISA	102
	6.13	Subsidiaries	102
	6.14	Accounts	102
	6.15	Capital Expenditures	102
	6.16	Lease Transactions	102
	6.17	Hazardous Substances	103
	6.18	Regulations	103
	6.19	Prepayment of Permitted Affiliate Subordinated Indebtedness	103
	6.20	Modification of Additional Documents	103
	6.21	Fiscal Year	103
	6.22	Small Projects and Power Purchasers	103
	6.23	Sanctions and Anti-Corruption Laws	103
	 	 	 
	ARTICLE 7. EVENTS OF DEFAULT; REMEDIES	104
	 	 
	7.1	Failure to Make Payments	104
	7.2	Misrepresentations	104
	7.3	Breach of Terms of This Agreement, Other Loan Documents	104
	7.4	Cross Default	105
	7.5	Bankruptcy; Insolvency	105

 

	 	iii	 

 

     

     

    

 

	7.6	ERISA Events	106
	7.7	Judgments	106
	7.8	Security	106
	7.9	Loss of Applicable Permits	106
	7.10	Pledgor	107
	7.11	Equity Commitment	107
	7.12	Change of Control	108
	7.13	Abandonment of Project	108
	7.14	Breach of Material Project Documents	108
	7.15	Loss of Material Project Document	108
	7.16	Loss of Collateral	109
	7.17	[Intentionally Omitted]	109
	7.18	Remedies	109
	 	 	 
	ARTICLE 8. ADMINISTRATIVE AGENT AND COLLATERAL AGENT; OTHER AGENTS	110
	 	 
	8.1	Appointment	110
	8.2	Delegation of Duties	111
	8.3	Exculpatory Provisions	111
	8.4	Reliance by Agents	111
	8.5	Notice of Default	112
	8.6	Non-Reliance on the Agents and Other Lenders	112
	8.7	Indemnification	112
	8.8	Agents in Their Individual Capacity	113
	8.9	Successor Agents	113
	8.10	Agents under Security Documents	114
	8.11	Collateral Agent’s Duties	114
	8.12	Right to Realize on Collateral	116
	8.13	Other Agents	116
	8.14	Financial Liability	116
	 	 	 
	ARTICLE 9. MISCELLANEOUS	116
	 	 
	9.1	Amendments	116
	9.2	Addresses	118
	9.3	No Waiver; Cumulative Remedies	119
	9.4	Survival of Representations and Warranties	119
	9.5	Payment of Expenses and Taxes	120
	9.6	Attorney In Fact	121
	9.7	Successors and Assigns; Participations and Assignments	122
	9.8	Adjustments; Set-off	126
	9.9	Independent Consultants	126
	9.10	Entire Agreement	127
	9.11	Governing Law	127
	9.12	 	127
	9.13	Submission To Jurisdiction; Waivers	127
	9.14	Severability	128
	9.15	Headings	128
	9.16	Acknowledgements	128

 

	 	iv	 

 

     

     

    

 

	9.17	Deed of Trust/Security Documents	129
	9.18	Limitation on Liability	129
	9.19	Waiver of Jury Trial	129
	9.20	Usury	129
	9.21	Confidentiality	129
	9.22	Counterparts	130
	9.23	Third Party Beneficiaries	130
	9.24	Patriot Act Compliance	130
	9.25	Limited Recourse	130

 

INDEX OF EXHIBITS

	EXHIBIT A-1	Form of Construction Loan Notice of Borrowing
	EXHIBIT A-2	[Intentionally Omitted]
	EXHIBIT A-3	Form of Notice of Conversion or Continuation
	EXHIBIT B	[Intentionally omitted]
	EXHIBIT C-1	Form of Construction Loan Note
	EXHIBIT C-2	Form of LC Loan Note
	EXHIBIT D	Form of Assignment and Assumption
	EXHIBIT E	Form of Construction Budget and Schedule
	EXHIBIT F	Tax Equity Forbearance Terms
	EXHIBIT G	Form of LC Issuance Notice
	EXHIBIT H	Form of Exemption Certificate
	EXHIBIT I	Form of Initial Project Construction Loan Date Certificate
	EXHIBIT J	Form of Pledge Agreement
	EXHIBIT K	Form of Security Agreement
	EXHIBIT L	Form of Summary Operating Report
	EXHIBIT M	Form of Monthly Independent Engineer Report
	EXHIBIT O	Form of Pre-Approved Project Contracts for Small Projects

 

INDEX OF SCHEDULES

 

	Schedule 1.1A	Commitments
	Schedule 1.1B	Asset Management Agreements, Construction
	 	Management Agreements, Construction Managers,
	 	EPC Parent Guarantees,
	 	EPC Parent Guarantors, EPC Agreements,
	 	EPC Contractors, Interconnection Agreements
	 	Interconnectors, Module Suppliers
	 	Module Supply Agreements, Module Warranty
	 	Providers, Modules, MSAs, O&M Agreements,
	 	Operator, Operator Parent Guarantors, Performance
	 	Guaranty Agreements,
	 	Power Purchase Agreements, Power Purchasers
	 	(including any REC Purchasers), Project
	 	Companies, Project Company Operating

 

	 	v

	 

 

     

     

    

 

	 	Agreements, Purchasers, Purchaser Guarantors,
	 	REC Agreements,
	 	Projects, Shared Facilities Agreement
	 	Counterparties, Shared Facilities Agreements
	 	Site Lease Agreements, Transformer Agreements,
	 	Transformer Suppliers, Warranty Agreements;
	 	Power Blocks; Title Company; Developer; Deferred
	 	Developer Fee; Developer Services Agreement;
	 	Holdco, Ground Lessors, Tax Equity Documents,
	 	Tax Equity Investors, COD, Date Certain, Final
	 	Completion, Equity Contribution Agreement,
	 	ECCA Guaranty, Substantial Completion;
	 	Transmitting Utility; Improvements, Operating
	 	Agreements, Other Material Project Documents and
	 	Other Material Project Participants
	 	 
	Schedule 1.1C	Environmental Site Assessments
	Schedule 1.1D	Knowledge
	Schedule 4.4	Governmental Approvals
	Schedule 4.13	Legal Requirements
	Schedule 4.15	Permits
	Schedule 4.18	Environmental Matters
	Schedule 4.19(a), (c) and (e)	Mortgaged Property, Condemnation Proceedings / Changes in Zoning;
	Schedule 4.21	Roads and Feeder Lines
	Schedule 4.34(a) and (b)	UCC Filing Jurisdiction; Deed of Trust Filing Jurisdictions
	Schedule 5.4	Insurance

 

INDEX OF ANNEXES

 

		Annex 1	Lenders; Lending Offices

 

		Annex 2	Construction Loan; LC Loan and Commitment Allocations
to Projects; DSR Requirement allocated to each Project

 

		Annex 3	Project Costs (each applicable Project)

 

		Annex 4	Organizational Chart

 

		Annex 5	Debt Sizing

  

	 	vi

	 

 

     

     

    

 

CREDIT AGREEMENT

 

This CREDIT AGREEMENT
(this “Agreement”), dated as of May 4, 2016, by and among SunPower Revolver HoldCo I, LLC, a Delaware limited
liability company (the “Borrower”), the several banks and other financial institutions or entities from time
to time parties to this Agreement as Lenders, MIZUHO BANK, LTD., as Lead Arranger (in such capacity, the “Lead Arranger”),
Administrative Agent (in such capacity, the “Administrative Agent”), Documentation Agent (in such capacity,
the “Documentation Agent”) and an Issuing Bank, MIZUHO BANK (USA), as Collateral Agent (in such capacity, the
“Collateral Agent”) and GOLDMAN SACHS BANK USA, as an Issuing Bank.

 

The Borrower has, subject
to the terms and conditions set forth in this Agreement, requested that (a) the Lenders make loans to the Borrower and provide
other extensions of credit, for the benefit of a Project Company and the Borrower, to fund, among other things, (i) certain Project
Costs in respect of a Project, up to the amounts specified in this Agreement and (ii) any Drawings on the Letters of Credit and
(b) the Issuing Bank to issue the Letters of Credit. The Lenders are willing to make such loans and provide such other extensions
of credit upon the terms and subject to the conditions of this Agreement.

 

RECITALS

 

		A.	Borrower has requested that the Lenders provide a secured revolving credit facility (including
a letter of credit facility) in connection with the construction of the Projects.

 

		B.	The Lenders party hereto are willing to make such a loan and provide such an extension of credit,
upon the terms and subject to the conditions of this Agreement.

 

AGREEMENT

 

In consideration of
the agreements herein and in the other Loan Documents and in reliance upon the representations and warranties set forth herein
and therein, the parties agree as follows:

 

ARTICLE
1.

 

DEFINITIONS

 

1.1          
Definitions.
Except as otherwise expressly provided, capitalized terms used in this Agreement (including in the preamble hereto) and its exhibits
shall have the meanings given in this Section 1.1.

 

“1934 Act”
means the Securities Exchange Act of 1934, as amended.

 

“Acceptable
Credit Support” has the meaning given to such term in the Equity Contribution Agreement.

 

“Additional
Project Agreements” means, collectively, any contract or agreement entered into by (i) the Borrower and any Holdco after
the Signing Date and (ii) any other Borrower Party 

 

	 	1	 
	 	 	CREDIT AGREEMENT (SunPower
    HoldCo)

 

     

     

    

 

subsequent to the
Initial Project Construction Loan Date for the applicable Project that either (a) replaces or is entered into in substitution
of an existing Material Project Document, and any further replacement or substitution thereof or (b) obligates any party
thereto to make payments in an aggregate amount exceeding $250,000 in any fiscal year or $500,000 in the aggregate over the
term of such contract.

 

“Administrative
Agent” means Mizuho Bank, Ltd., in its capacity as administrative agent for the Lenders, or its successors or assigns
appointed pursuant to the terms of this Agreement.

 

“Affiliate”
means, as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common
control with, such Person. For purposes of this definition, “control” of a Person means the power, directly
or indirectly, either to (a) vote more than 10% of the securities having ordinary voting power for the election of directors (or
persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such
Person, whether by contract or otherwise.

 

“Agent Fee
Agreement” means the Fee Letter Agreement, dated as of the date hereof, by and between the Borrower and Mizuho Bank,
Ltd., as Administrative Agent, Depositary Bank and Collateral Agent.

 

“Agent Indemnitee”
has the meaning given to such term in Section 8.7.

 

“Agents”
means, collectively or individually, depending on the context, the Administrative Agent, the Collateral Agent, and the Documentation
Agent.

 

“Agreement”
has the meaning given to such term in the preamble to this Agreement.

 

“Anti-Corruption
Laws” has the meaning given to such term in Section 4.32(c).

 

“Applicable
Margin” means for each Type of Loan during each applicable period set forth in the table shown below, the applicable
per annum percentage under the relevant column heading below:

 

	Construction Loan Facility; DSR LC Facility and Project LC Facility	Base Rate Margin	LIBOR Margin
	From the Signing Date until but not including the second anniversary of the Signing Date	0.500%	1.500%
	From the second anniversary of the Signing Date until but not including the fourth anniversary of the Signing Date	0.625%	1.625%
	From the fourth anniversary of the Signing Date and thereafter	0.75%	1.75%

 

	 	2	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“Applicable
Permit” means, at any time, any Permit to be obtained by or on behalf of a Borrower Party, including any such Permit
relating to zoning, environmental, wildlife or natural resource protection, archaeological and cultural resources, wetlands, pollution,
sanitation, ERO, NERC, FPA, FERC, PUHCA 2005, any state public utility commission, safety, siting or building, importation of technology,
equipment and materials, that is (a) material and necessary at such time in light of the stage of development, construction or
operation of the Project to construct, test, operate, maintain, repair, own or use the Project as contemplated by the Operative
Documents, to sell electricity therefrom, to enter into any Operative Document or to consummate any transaction contemplated thereby;
(b) necessary so that (i) none of the Agents, the Lenders, the Issuing Banks or any Affiliate of any of them may be deemed by any
Governmental Authority to be subject to regulation under the FPA or PUHCA 2005 or under applicable state law, respecting the regulation
of electrical corporations solely as a result of a Borrower Party’s construction, operation, ownership or control of a Project
or the sale of electricity therefrom by such Borrower Party (except in the event that any of the Agents, the Lenders, or any Affiliate
of any of them exercises remedies under the Operative Documents or otherwise becomes the owner or operator of the Project or directs
the sale of electricity therefrom), or (ii) none of the Borrower nor any Affiliate of the Borrower that is a party to an Operative
Document may be deemed by any Governmental Authority to be subject to, or not exempt from, regulation under the federal access
to books and records provisions of PUHCA 2005, or under any financial, organizational or rate regulation as a “public
utility” or “electric utility” under applicable state law, or (c) listed as such on Schedule 4.15.

 

“Approved
Fund” has the meaning given to such term in Section 9.7(b).

 

“Asset Management
Agreements” and “Asset Management Agreement” shall have the respective meanings given on Schedule
1.1B of this Agreement.

 

“Assignee”
has the meaning given to such term in Section 9.7(b)(i).

 

“Assignment
and Assumption” means an Assignment and Assumption, substantially in the form of Exhibit D to this Agreement.

 

“Available
Amount” has the meaning given to such term in Section
2.16(a)(ii).

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability
of an EEA Financial Institution.

 

“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of
the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.

 

“Base Case
Model” means the Closing Date Base Case Model, as updated pursuant to Section 3.2(k).

 

	 	3	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“Base Rate”
means, for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greater of (a) the Prime
Rate in effect on such day, (b) the Federal Funds
Effective Rate for such day plus 0.50% and (c) the LIBOR Rate for a LIBOR Loan with a one-month interest period commencing on
such day plus 1%. Any change in the Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the LIBOR
Rate shall be effective as of the opening of business on the day of such change in the Prime Rate, the Federal Funds Effective
Rate or the LIBOR Rate, respectively.

  

“Base Rate
Loans” means Loans that bear interest at rates based upon the Base Rate.

 

“Benefited
Lender” has the meaning given to such term in Section 9.8(a).

 

“Board”
means the Board of Governors of the Federal Reserve System of the United States (or any successor).

 

“Borrower”
has the meaning given to such term in the preamble hereto.

 

“Borrower
Parties” means, collectively, Borrower, each Holdco and each applicable Project Company, and “Borrower Party”
means any one of the Borrower Parties.

 

“Borrowing”
means a borrowing or advance of credit under this Agreement.

 

“Breakage
Costs” has the meaning given to such term in Section 2.21.

 

“Business
Day” means a day other than a Saturday, Sunday or other day on which commercial banks in either New York City or London
are authorized or required by law to close; provided, that with respect to notices and determinations in connection with,
and payments of principal and interest on, LIBOR Loans, such day is also a day for trading by and between banks in Dollar deposits
in the interbank eurodollar market.

 

“Capital Lease
Obligations” means, as to any Person, the obligations of such Person to pay rent or other amounts under any lease of
(or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required
to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes of this
Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance
with GAAP.

 

“Capital Stock”
means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation,
any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to
purchase any of the foregoing.

 

“Cash Collateral”
has the meaning given to such term in Section 2.16(o).

 

“Casualty
Event” has the meaning given to such term in Section 1.1 of the Depositary Agreement.

 

	 	4	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“Change of
Control” means (i) SunPower Corporation failing to have the power, directly or indirectly, to direct or cause the direction
of the management, operation and policies of the Borrower and the construction, operation and management of each Project, through
the ownership of
voting interests or (ii) Pledgor failing to directly own 100% of the equity interest in the Borrower.

 

“Class”
means, when used in reference to any Loan, whether such Loan is a Construction Loan, DSR LC Loan or Project LC Loan and, when used
in reference to any Commitment, whether such Commitment is a Construction Loan Commitment, DSR LC Commitment or Project LC Commitment.

 

“COD”
has the meaning given to such term in Schedule 1.1B.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Collateral”
means all property of the Loan Parties, now owned, leased, or hereafter acquired, upon which a Lien is purported to be created
by any Security Document.

 

“Collateral
Accounts” has the meaning given to such term in Section 1.1 of the Depositary Agreement.

 

“Collateral
Agent” means Mizuho Bank (USA), as collateral agent for the Secured Parties, together with any of its successors appointed
pursuant to the Loan Documents.

 

“Commitment
Fee Rate” means 0.50% per annum.

 

“Commitments”
means the Construction Loan Commitments and the LC Commitments.

 

“Conduit Lender”
means any special purpose corporation organized and administered by any Lender for the purpose of making Loans otherwise required
to be made by such Lender and designated by such Lender in a written instrument; provided, that the designation by any Lender
of a Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a Loan under this Agreement if,
for any reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall have
the sole right and responsibility to deliver all consents and waivers required or requested under this Agreement with respect to
its Conduit Lender, and provided, further, that no Conduit Lender shall (a) be entitled to receive any greater amount
pursuant to Sections 2.19, 2.20, 2.21 or 9.5 than the designating Lender would have been entitled to
receive in respect of the extensions of credit made by such Conduit Lender or (b) be deemed to have any Commitment.

 

“Consents”
has the meaning given to such term in Section 3.2(v).

 

“Construction
Account” has the meaning given to such term in Section 1.1 of the Depositary Agreement, including any sub-account thereof
opened in respect of each applicable Project.

 

“Construction
Budget and Schedule” means a detailed schedule of the development and construction of each applicable Project, a detailed
total Project budget and an indicative monthly

 

	 	5	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

draw-down schedule for each applicable Project, each as prepared by the Borrower
and approved by the Administrative Agent and the Lenders (in consultation with the Independent Engineer) as of the Initial Project
Construction Loan Date for each Project, in the form of Exhibit E to this Agreement
(as modified in accordance with Section 6.9(a)), and containing a detailed description of Project Costs incurred and expected
to be incurred with respect to the development and construction of each applicable Project, in each case for the period commencing
on the date of the applicable Construction Budget and Schedule through the expected date of Final Completion for such Project.

 

“Construction
Loan” has the meaning given to such term in Section 2.1.

 

“Construction
Loan Availability Period” means for the Construction Loans allocated to each Project, the period commencing on the first
date upon which the Borrower satisfies the conditions precedent set forth in Sections 3.2 and 3.3 for such Project
(or such conditions precedent are waived in accordance therewith) and ending on the earlier of (a) November 4, 2020; (b) COD for
such Project, (c) the date such Construction Loan has been repaid in full, (d) the date any Tax Equity Investor has fully funded
its commitment under the Tax Equity Documents related to such Project and (e) the date the Construction Loan Commitments are earlier
cancelled or expire pursuant to this Agreement.

 

“Construction
Loan Commitments” means, with respect to any Lender, the commitment of such Lender, if any, to make Construction Loans
in an aggregate principal amount not to exceed the amount, expressed as a Dollar amount, set forth under the heading “Construction
Loan Commitment” opposite such Lender’s name on Schedule 1.1A, or in the Assignment and Assumption pursuant
to which such Lender shall have assumed its Construction Loan Commitment, as applicable, as such commitment may be reduced or increased
from time to time pursuant to assignments by or to such Lender under Section 9.7. The aggregate amount of the Construction
Loan Commitments on the Signing Date is $191,100,000, which is allocated to each Project in accordance with Annex 2.

 

“Construction
Loan Facility” has the meaning given to such term in the definition of Facilities.

 

“Construction
Loan Maturity Date” means, with respect to each Construction Loan allocated to each Project, the earlier of (a) the Date
Certain for such Project and (b) the Final Maturity Date.

 

“Construction
Loan Notes” means the notes provided for under Section 2.15.

 

“Construction
Loan Notice of Borrowing” has the meaning given to such term in Section 2.2.

 

“Construction
Management Agreements” and “Construction Management Agreement,” have the respective meanings in Schedule
1.1B of this Agreement.

 

“Construction
Managers” and “Construction Manager” have the respective meanings given in Schedule 1.1B of
this Agreement.  

 

	 	6	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“Construction
Status Report” has the meaning given to such term in Section 5.17.

 

“Consumer
Price Index” means the Consumer Price Index, “All Urban Consumers; U.S. City Average,” as published by the
U.S. Department of Labor, Bureau of Labor Statistics, or if such index shall cease to be published, such other index as shall be
reasonably selected by the Administrative Agent and the Borrower.

 

“Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Date Certain”
for each Project, has the meaning given to such term in Schedule 1.1B for such Project.

 

“Debt Service”
means an amount equal to all principal including, without duplication, all amounts overdue and not paid when due, of the unpaid
principal amount of the Loans, and any interest and fees accrued with respect to the Loans and Letters of Credit, then due and
payable by the Borrower under any Loan Document (including, without duplication of interest amounts payable under this Agreement).

 

“Debt
Service Reserve Account” has the meaning given to such term in Section 1.1 of the Depositary Agreement, and shall
include any sub-account established for each Project thereunder.

 

“Deed of Trust”
means each Deed of Trust, Mortgage, Security Agreement, Assignment of Leases, Rents and Profits, Financing Statement, Fixture Filing
and Request for Notice or similar agreement, delivered pursuant to Section 3.2(a) on the Initial Project Construction Loan
Date for such Project (excluding Small Projects) made by the Borrower in favor of the Collateral Agent for the benefit of the Secured
Parties, in form and substance satisfactory to the Administrative Agent, the Borrower and the Lenders.

 

“Default”
means any occurrence, circumstance or event, or any combination thereof, which, with the lapse of time, the giving of notice or
both, would constitute an Event of Default.

 

“Default Rate”
has the meaning given to such term in Section 2.13(c).

 

“Defaulting
Lender” means, subject to Section 2.23(b), any Lender that (a) has failed to perform any of its funding obligations
hereunder or to perform any of its obligations to issue a Letter of Credit, including in respect of its Construction Loans, within
two (2) Business Days of the date required to be funded by it hereunder, unless such Lender notifies the Administrative Agent and
the Borrower in writing that such failure is the result of such Lender’s reasonable determination that one or more conditions
precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified
in such writing) has not been satisfied, (b) has notified the Borrower or the Administrative Agent that it does not intend to comply
with its funding or issuance obligations or has made a public statement to that effect with respect to its funding or issuance
obligations hereunder or under other agreements generally in which it commits to extend credit (unless such writing or public statement
relates to such Lender’s obligation to fund a Construction Loan or issue a Letter of Credit hereunder and 

 

	 	7	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

states that such
position is based on such Lender’s reasonable determination that a condition precedent to funding or issuance (which condition
precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be
satisfied), (c) has failed, within
three (3) Business Days after request by the Administrative Agent to confirm in writing that it will comply with its funding or
issuance obligations (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon
receipt of such written confirmation by the Administrative Agent and the Borrower), (d) is subject to a Bail-In Action; or (e)
has (i) become the subject of a proceeding under any law relating to bankruptcy, insolvency or reorganization or relief of debtors,
(ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or
indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall
not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Capital Stock in that Lender or any direct
or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide
such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs
of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm
any contracts or agreements made with such Lender.

 

“Deferred
Development Fee” for each Project, has the meaning given to such term in Schedule 1.1B for such Project.

 

“Delay Liquidated
Damages” has the meaning given to such term in the Depositary Agreement.

 

“Depositary
Agreement” means that certain Depositary Agreement, dated prior to the initial Construction Loan Borrowing Date, among
the Borrower, the Administrative Agent, the Collateral Agent and the Depositary Bank, in form and substance acceptable to the Administrative
Agent, the Borrower and the Lenders.

 

“Depositary
Bank” means Mizuho Bank, Ltd., in its capacity as Depositary Bank as defined in and as acting under the Depositary Agreement,
or its successor or assign appointed pursuant to the terms of the Depositary Agreement.

 

“Developer”
for each Project, has the meaning given to such term in Schedule 1.1B for such Project.

 

“Development
Services Agreement” for each Project, has the meaning given to such term in Schedule 1.1B for such Project.

 

“Distribution
Conditions” has the meaning given to such term in the Depositary Agreement.

 

“Documentation
Agent” has the meaning given to such term in the preamble of this Agreement.

  

	 	8	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“Dollars”
and “$” means United States dollars or such coin or currency of the United States of America as at the time
of payment shall be legal tender for the payment of public and private debts in the United States of America.

 

“Drawing”
means a drawing by the applicable beneficiary on a Letter of Credit.

 

“DSR
Issuing Bank” means each of (i) Mizuho Bank, Ltd.; (ii) Goldman Sachs Bank USA, in each such case, in its capacity
as issuing bank of a DSR Letter of Credit and (iii) any other Lenders which agree to issue Letters of Credit hereunder.

 

“DSR
LC Commitment” means with respect to each DSR Issuing Bank, the commitment of each DSR Issuing Bank to issue and
continue to make available each DSR Letter of Credit for each Project and make DSR LC Loans to the Borrower in respect of each
such DSR Letter of Credit, in an aggregate stated or principal amount at any one time not to exceed the amount, expressed as a
Dollar amount, set forth under the heading “DSR LC Commitment” opposite each such DSR Issuing Bank’s name on
Schedule 1.1A,
as such amount may be reduced from time to time pursuant to Section
2.10 (and, in respect of each Project, as such amount has been allocated to each Project pursuant to Annex 2).
The aggregate amount of the DSR LC Commitments of each DSR Issuing Bank on the Signing Date shall be with respect to (i) Mizuho
Bank, Ltd. DSR Issuing Bank, $3,100,000 and (ii) Goldman Sachs Bank USA DSR Issuing Bank, $900,000.

 

“DSR
LC Facility” has the meaning given to such term in the definition of Facilities.

 

“DSR
LC Loan” means any loan made to the Borrower by the DSR Issuing Bank as a result of a Drawing on a DSR Letter
of Credit issued by such DSR Issuing Bank as set forth in Section
2.16(e).

 

“DSR
Letter of Credit” means each irrevocable standby letter of credit
to be issued pursuant to Section
2.16, for the account of the Borrower by each DSR Issuing Bank for the benefit of the Administrative Agent in respect
of each applicable Project, in form and substance acceptable to the Administrative Agent and the Lenders and in a maximum stated
amount not to exceed the (i) DSR LC Commitment of each such DSR Issuing Bank and (ii) the DSR LC Commitment allocated to such Project
(as set forth on Annex 2).

 

“DSR
Requirement” means, with respect to any Project, an amount equal to the aggregate amount of interest projected
(as of such Project’s COD) to be due and payable with respect to the Loans made to such Project from such Project’s
COD until the Date Certain for such Project, as set forth on Annex 2.

 

“ECCA Parent
Guarantor” means SunPower Corporation, in its capacity as guarantor under the ECCA Parent Guaranty.

 

“ECCA Guaranty”
has the meaning given to such term in Schedule 1.1B.

 

“EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject
to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of  

 

	 	9	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

an
institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which
is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent;

 

“EEA Member
Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority of
any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Environment”
means ambient and indoor air, surface water and groundwater (including potable water, navigable water and wetlands), the land surface,
soil or subsurface strata or sediment, or natural resources such as flora and fauna.

 

“Environmental
Claim” means any and all actions, suits, demands, demand letters, written claims, Liens, notices of non-compliance or
violation, written notices of liability or potential liability, investigations, proceedings, directives, orders or agreements relating
to Environmental Law or common law or the release of or human exposure to any Hazardous Substance.

 

“Environmental
Consultant” means an environmental consultant selected by the Borrower and reasonably acceptable to the Administrative
Agent, or any successor appointed pursuant to Section 9.9.

 

“Environmental
Law” means any and all federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes,
decrees, requirements of any Governmental Authority regulating, relating to or imposing liability or standards of conduct concerning
protection of human health, natural resources or the Environment or that give rise to liability based on impermissible exposure
to Hazardous Substances, as now or may at any time hereafter be in effect.

 

“Environmental
Site Assessments” means the Phase I Environmental Site Assessments identified on Schedule 1.1C, including all
exhibits and appendices and all other attachments thereto.

 

“EPC Agreements”
and “EPC Agreement” shall have the respective meanings given on Schedule 1.1B of this Agreement.

 

“EPC Contractors”
and “EPC Contractor” shall have the respective meanings given on Schedule 1.1B of this Agreement.

 

“EPC Parent
Guarantees” and “EPC Parent Guaranty” have the respective meanings given on Schedule 1.1B of
this Agreement.

 

“EPC Parent
Guarantors” and “EPC Parent Guarantor” have the respective meanings given on schedule 1.1B of this
Agreement.  

 

	 	10	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“Equator Principles”
means those principles and standards set forth in “The Equator Principles III - 2013”, as currently available
at www.equatorprinciples.com, as amended from time to time, to the extent required by Lender internal policy.

 

“Equity Commitment”
has the meaning given to such term in the Equity Contribution Agreement.

 

“Equity Contribution”
has the meaning given to such term in the Equity Contribution Agreement.

 

“Equity Contribution
Agreement” has the meaning given to such term in Schedule 1.1B for such Project.

 

“Equity Contribution
Documents” means the Equity Contribution Agreement, the ECCA Parent Guaranty and any Acceptable Credit Support.

 

“Equity Investor”
has the meaning given to such term in the Equity Contribution Agreement.

 

“Equity Requirement”
has the meaning given to such term in the Equity Contribution Agreement.

 

“ERO”
means the Electric Reliability Organization, within the meaning of Section 215(a)(2) of the FPA.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with any Loan Party, is treated as a single employer under
Section 414 of the Code.

 

“ERISA Event”
means (a) any Reportable Event; (b) the existence with respect to any ERISA Plan of a non-exempt Prohibited Transaction; (c) any
failure by any Pension Plan to satisfy the minimum funding standards (within the meaning of Section 412 or 430 of the Code or Section
302 of ERISA) applicable to such Pension Plan), whether or not waived; (d) the filing pursuant to Section 412(c) of the Code or
Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Pension Plan, the failure
to make by its due date a required installment under Section 430(j) of the Code with respect to any Pension Plan or the failure
by any Loan Party or any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan; (e) the incurrence
by any Loan Party or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any
Pension Plan, including but not limited to the imposition of any Lien in favor of the PBGC or any Pension Plan; (f) a determination
that any Pension Plan is, or is expected to be, in “at risk” status (within the meaning of Section 430 of the
Code or Section 303 of ERISA); (g) the receipt by any Loan Party or any ERISA Affiliate from the PBGC or a plan administrator of
any notice relating to an intention to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan under
Section 4042 of ERISA; (h) the incurrence by any Loan Party or any ERISA Affiliate of 

 

	 	11	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

any liability with respect to the withdrawal
or partial withdrawal from any Pension Plan or Multiemployer Plan; (i) the receipt by any Loan Party or any ERISA Affiliate of
any notice, or the receipt by any Multiemployer Plan from any Loan Party or any ERISA Affiliate of any notice, concerning the imposition
of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, Insolvent, in Reorganization or
in endangered or critical status, within the meaning of Section 432 of the Code or Section 305 of ERISA; and (j) with respect to
any Foreign Plan or Foreign Benefit Arrangement, (A) the failure to make or, if applicable, accrue in accordance with normal accounting
practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Plan or Foreign Benefit
Arrangement; (B) the failure to register or loss
of good standing with applicable regulatory authorities of any such Foreign Plan or Foreign Benefit Arrangement required to be
registered; or (C) the failure of any Foreign Plan or Foreign Benefit Arrangement to comply with any material provisions of applicable
law and regulations or with the material terms of such Foreign Plan or Foreign Benefit Arrangement.

 

“ERISA Plan”
means any employee benefit plan as defined in Section 3(3) of ERISA, (whether or not subject to ERISA) including any employee welfare
benefit plan (as defined in Section 3(1) of ERISA), any employee pension benefit plan (as defined in Section 3(2) of ERISA), and
any plan which is both an employee welfare benefit plan and an employee pension benefit plan, and in respect of which any Loan
Party or any ERISA Affiliate is (or if such plan were terminated, would under Section 4062 or 4069 of ERISA be deemed to be) an
“employer” as defined in Section 3(5) of ERISA.

 

“Event of
Default” and “Events of Default” have the meanings given in Article 7.

 

“Event of
Loss” means a single insured event or a related series of insured events causing any loss of, destruction of or damage
to, or any condemnation or other taking of (including by eminent domain), of all or any portion of the property or assets of the
Borrower.

 

“EWG”
means an “exempt wholesale generator,” as such term is defined in Section 1262(6) of PUHCA 2005 and the FERC’s
implementing regulations at 18 C.F.R. § 366.1.

 

“Facilities”
means (a) the Construction Loan Commitments and the Construction Loans made thereunder (the “Construction Loan Facility”),
(b) the DSR LC Commitments and the DSR Letters of Credit and DSR LC Loans made thereunder
(the “DSR
LC Facility”) and (c) the Project LC Commitments and the Project Letters
of Credit and Project LC Loans made thereunder (the “Project
LC Facility”).

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations, published guidance or official interpretations
thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any inter-governmental agreement (together
with any law implementing such agreement including any U.S. or non-U.S. regulations or guidance notes).

 

	 	12	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“Federal Funds
Effective Rate” means, for any day, the weighted average of the rates on overnight federal funds transactions with members
of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations
for the day of such transactions received by the Administrative Agent from three (3) federal funds brokers of recognized standing
selected by it.

 

“Fee Payment
Date” means (a) the last day of each June and December of each year falling after the date hereof and (b) each applicable
Construction Loan Maturity Date and LC Loan Maturity Date.

 

“FERC”
means the Federal Energy Regulatory Commission, or its successor.

 

“Final Completion”
for each Project, has the meaning given to such term in Schedule 1.1B.

 

“Final Discharge
Date” means the date when all Obligations (excluding contingent indemnification and other provisions, that, by their
express terms, survive the repayment of the Loans, interest, fees and other amounts owed under this Agreement) of the Borrower
under this Agreement and the other Loan Documents have been indefeasibly paid in full in immediately available funds, no Commitments
remain outstanding and the Letters of Credit have expired by their terms or been terminated by their beneficiaries (pursuant to
documentation reasonably acceptable to the Administrative Agent and the Issuing Banks).

 

“Final Maturity
Date” means the earlier of (i) the date of acceleration of the Construction Loans under this Agreement and (ii) May 4,
2021.

 

“Foreign Benefit
Arrangement” means any employee benefit arrangement mandated by non-U.S. law that is maintained or contributed to by
any Loan Party, or by any ERISA Affiliate.

 

“Foreign Plan”
means each employee benefit plan (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA) that is not subject
to U.S. law and is maintained or contributed to by any Loan Party, or by any ERISA Affiliate.

 

“FPA”
means the Federal Power Act, as amended, and FERC’s implementing regulations.

 

“GAAP”
means generally accepted accounting principles in the United States as in effect from time to time.

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
functions of or pertaining to government, any securities exchange and any self-regulatory organization (including the National
Association of Insurance Commissioners).

 

	 	13	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“Governmental
Rule” means any law, rule, regulation, ordinance, order, code interpretation, judgment, decree, binding directive, or
similar form of binding decision of any Governmental Authority.

 

“Guaranty
and Security Agreement” means each Guaranty and Security Agreement, required to be executed and delivered pursuant to
Section 3.2, dated as of the Initial Project Construction Loan Date for each Project, by and between each Project Company
and the Collateral Agent (for the benefit of the Secured Parties), in form and substance acceptable to the Administrative Agent,
the Borrower and the Lenders.

 

“Guaranty,
Pledge and Security Agreement” means each Guaranty, Pledge and Security Agreement, required to be executed and delivered
pursuant to Section 3.2, dated as of the Initial Project Construction Loan Date for each Project, by and between each Holdco
and the Collateral Agent (for the benefit of the Secured Parties), in form and substance acceptable to the Administrative Agent,
the Borrower and the Lenders.

 

“Guarantee”
as to any Person (the “guaranteeing person”), means any obligation, including a reimbursement, counterindemnity
or similar obligation, of the guaranteeing Person that guarantees or in effect guarantees, or which is given to induce the creation
of a separate obligation by another Person (including any bank under any Letter of Credit) that guarantees or in effect guarantees,
any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person
(the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing
person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect
security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain
working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor,
(iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation
of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the
owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee shall not include
endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee of any guaranteeing
person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in
respect of which such Guarantee is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to
the terms of the instrument embodying such Guarantee, unless such primary obligation and the maximum amount for which such guaranteeing
person may be liable are not stated or determinable, in which case the amount of such Guarantee shall be such guaranteeing person’s
maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith.

 

“Hazardous
Substances” means all pollutants, contaminants, wastes, chemicals, materials, substances and constituents, including
explosive or radioactive substances, petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated
biphenyls or radon gas, of any nature, which in each case is or becomes subject to regulation or which can give rise to liability
under any Environmental Law.

 

	 	14	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“Holdco”
has the meaning given to such term in Schedule 1.1B; provided, however, that any such Holdco
shall cease to be a Holdco hereunder on its respective Project Discharge Date (to the extent that the Project Discharge Date has
been achieved for all Project Companies owned by such Holdco).

 

“Improvements”
has the meaning, with respect to a Project, given to such term in the applicable Deed of Trust, or if there is not a Deed of Trust
for such Project, the meaning on Schedule 1.1(B).

 

“Indebtedness”
of any Person at any date, means, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all
obligations of such Person for the deferred purchase price of property or services (other than current trade payables
incurred in the ordinary course of such Person’s business), (c) all obligations of such Person evidenced by notes,
bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other
title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller
or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital
Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or
applicant under or in respect of acceptances, letters of credit, surety bonds or similar arrangements, (g) the liquidation
value of all redeemable preferred Capital Stock of such Person, (h) all Guarantee obligations of such Person in respect of
obligations of the kind referred to in clauses (a) through (g) above, and (i) all obligations of the kind referred to in
clauses (a) through (h) above secured by (or for which the holder of such obligation has an existing right, contingent or
otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned by such Person, whether or
not such Person has assumed or become liable for the payment of such obligation. The Indebtedness of any Person shall include
the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such
Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity,
except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor.

 

“Indemnified
Liabilities” has the meaning given to such term in Section 9.5.

 

“Indemnitee”
has the meaning given to such term in Section 9.5.

 

“Independent
Consultants” means, collectively, the Insurance Consultant, the Independent Engineer, the Transmission Consultant, the
Environmental Consultant and the Solar Resource Consultant or their successors appointed pursuant to Section 9.9.

 

“Independent
Engineer” means Leidos or its successor appointed pursuant to Section 9.9.

 

“Initial Project
Construction Loan Date” means the date when each of the conditions to the initial Borrowing for a Project set forth in
Sections 3.2 and 3.3 has been satisfied (or waived in writing by the Administrative Agent and the Lenders).

 

“Initial Project
Construction Loan Equity Contribution” means any Project Costs paid by a Borrower Party or any Affiliate of such Borrower
Party in respect of a Project prior to the Initial Project Construction Loan Date for such Project as confirmed by the Independent

 

	 	15	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

Engineer
on Initial Project Construction Loan Date, in an amount at least equal to 10% of Project Costs for such Project.

 

“Insolvent”
means, with respect to any Multiemployer Plan, the condition that such Multiemployer Plan is insolvent within the meaning of Section
4245 of ERISA.

 

“Insurance
Consultant” means Moore-McNeil, LLC, or its successor appointed pursuant to Section 9.9.

 

“Intellectual
Property” means the collective reference to all rights, priorities and privileges relating to intellectual property,
whether arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, patents,
patent licenses, trademarks, trademark licenses, technology, know-how and processes, and all rights to sue at law or in equity
for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom.

 

“Interconnection
Agreements” and “Interconnection Agreement” shall have the respective meanings provided in Schedule
1.1B of this Agreement.

 

“Interconnectors”
and “Interconnector” shall have the respective meanings provided on Schedule 1.1B of this Agreement.

 

“Interest
Payment Date” means, (i) as to any Base Rate Loan, the last day of each March, June, September and December (or, if an
Event of Default is in existence, the last day of each calendar month) to occur while such Loan is outstanding and the final maturity
date of such Loan, (ii) as to any LIBOR Loan, the last day of such Interest Period, and (iii) as to any Loan, the date of any repayment
or prepayment made in respect.

 

“Interest
Period” means as to any LIBOR Loan, (a) initially, the period commencing on the borrowing or conversion date, as the
case may be, with respect to such LIBOR Loan and ending one (1), two (2), three (3) or six (6) months thereafter, as selected by
the Borrower in its Notice of Borrowing or notice of conversion, as the case may be, given with respect thereto; and (b) thereafter,
each period (i) commencing on the last day of the immediately preceding Interest Period applicable to such LIBOR Loan and ending
one (1), two (2), three (3) or six (6) months thereafter and (ii) commencing on the last day of the immediately preceding Interest
Period applicable to such LIBOR Loan and ending three (3) or six (6) months thereafter, in the case of either (i) or (ii) as selected
by the Borrower by irrevocable notice to the Administrative Agent not later than 10:00 A.M., New York time, on the date that is
three (3) Business Days prior to the last day of the then current Interest Period with respect thereto; provided that all
of the foregoing provisions relating to Interest Periods are subject to the following:

 

(i)          
if any Interest Period would otherwise end on a day that is not a Business Day, such Interest
Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest
Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day;

 

	 	16	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

(ii)         
if the Borrower selects an Interest Period with respect to Construction Loans that would
extend beyond the applicable Construction Loan Maturity Date or the applicable LC Loan Maturity Date, such Interest Period will
end on the Construction Loan Maturity Date or LC Loan Maturity Date, as applicable;

 

(iii)        
any Interest Period that begins on the last Business Day of a calendar month (or on a day
for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the
last Business Day of a calendar month; and

 

(iv)        
except as described in item (ii) above, the Borrower shall select Interest Periods so as
not to require a payment or prepayment of any LIBOR Loan during an Interest Period for such Loan.

 

“Investment”
has the meaning given to such term in Section 6.3.

 

“Issuing
Banks” means collectively, the Project LC Issuing Bank and each DSR Issuing Bank;
provided that in respect of a Letter of Credit issued pursuant to the terms
of this Agreement, the “Issuing Bank” shall be the Issuing Bank which has issued the Letter of Credit and the relevant
provisions herein and the other Loan Documents shall be construed accordingly to refer to the applicable Issuing Bank, as appropriate.

 

“Investment
Grade” means a credit rating of at least “Baa3” by Moody’s or “BBB-” by S&P or Fitch.

 

“Knowledge”
means the actual knowledge of any Responsible Officer or any person listed on Schedule 1.1D.

 

“Large
Project” means a Project that has an expected nameplate capacity in excess of 2.0 MW dc.

 

“LC
Commitment” means, collectively, the Project LC Commitments
and the DSR LC Commitments. The aggregate amount of the LC Commitments on the Signing Date is $8,900,000, which such amount is
specifically allocated to each Project as set forth on Annex 2.

 

“LC
Commitment Termination Date” means, for each Letter of Credit allocated to each Project, the applicable Construction
Loan Maturity Date for such Project.

 

“LC
Issuance Notice” means a written request by the Borrower to the Issuing Banks requesting the issuance of a Letter
of Credit, substantially in the form of Exhibit
G to this Agreement.

 

“LC
Loan Maturity Date” means with respect to any LC Loan, the earliest of (a) the applicable LC Commitment Termination
Date and (b) the date of acceleration of any Loans.

 

“LC
Loans” means the DSR LC Loans and the Project LC Loans.

 

“LC
Loan Note” has the meaning given to such term in Section
2.15(c).

 

	 	17	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“LC
Notice” has the meaning given to such term in Section 2.16(r).

  

“LC
Obligations” means, as at any date of determination, the aggregate maximum amount available to be drawn under all outstanding
Letters of Credit (including, without limitation, any and all Letters of Credit for which documents have been presented that have
not been honored or dishonored) plus the aggregate of all Unreimbursed Amounts, including all LC Loans.

  

“Lead Arranger”
means Mizuho Bank, Ltd., in its capacity as lead arranger for the Lenders, or its successors or assigns appointed pursuant to the
terms of this Agreement.

 

“Legal Requirements”
means, as to any Person, the certificate of incorporation and by-laws, limited liability company agreement, partnership agreement
or other organizational or governing documents of such Person, any law, treaty, rule or regulation, including any Governmental
Rule, or determination of an arbitrator or a court or other Governmental Authority, or any requirement under a Permit, in each
case applicable to or binding upon such Person or any of its properties or to which such Person or any of its property is subject.

 

“Lenders”
means the banks and other financial institutions or entities party to this Agreement from time to time, other than the Collateral
Agent and specifically including the Issuing Banks.

 

“Lending Office”
means the office designated as such beneath the name of a Lender set forth on Annex 1 of this Agreement or such other office
of such Lender as such Lender may specify in writing from time to time to the Administrative Agent and the Borrower.

 

“Letters
of Credit” means the DSR Letters of Credit and the Project Letters of Credit.

 

“Letter
of Credit Application” has the meaning given to such term in Section
2.16(b).

  

“Letter of Credit Expiration Date”
means the day that is seven (7) days prior to the LC Commitment Termination Date then in effect (or, if such day is not a Business
Day, the next preceding Business Day).

  

“LIBOR Base
Rate” means, with respect to each day during each Interest Period pertaining to a LIBOR Loan, the rate per annum determined
on the basis of the rate for deposits in Dollars for a period equal to such Interest Period commencing on the first day of such
Interest Period appearing on the Reuters Screen LIBOR01 Page as of 11:00 A.M., London time, two Business Days prior to the beginning
of such Interest Period. In the event that such rate does not appear on such page (or otherwise on such screen), the “LIBOR
Base Rate” shall be determined by reference to such other comparable publicly available service for displaying eurodollar
rates as may be selected by the Administrative Agent or, in the absence of such availability, by reference to the rate at which
the Administrative Agent is offered Dollar deposits at or about 10:00 A.M., New York time, two Business Days prior to the beginning
of such Interest Period in the interbank eurodollar market where its eurodollar and foreign currency and exchange operations are
then being conducted for delivery on the first day of such Interest Period for the number of days comprised therein.

 

	 	18	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“LIBOR Loans”
means Loans that bear interest at rates based upon the LIBOR Rate.

 

“LIBOR Rate”
means, with respect to each day during each Interest Period pertaining to a LIBOR Loan, a rate per annum determined for such day
in accordance with the following formula:

 

		LIBOR Base Rate	
	 	1.00 - LIBOR Reserve Requirements	 

 

“LIBOR Rate
Tranche” means the collective reference to LIBOR Loans under a particular Facility with respect to which all then current
Interest Periods (i) begin on the same date and (ii) end on the same later date (whether or not such Loans shall originally have
been made on the same day).

 

“LIBOR Reserve
Requirements” means, for any day as applied to a LIBOR Loan, the aggregate (without duplication) of the maximum rates
(expressed as a decimal fraction) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency
reserves) under any regulations of the Board or other Governmental Authority having jurisdiction with respect thereto dealing with
reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities”
in Regulation D) maintained by a member bank of the Federal Reserve System.

 

“Lien”
means any mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other),
charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind
or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having substantially
the same economic effect as any of the foregoing), whether or not filed, recorded or otherwise perfected or effective under applicable
law.

 

“Loan Documents”
means this Agreement, the Notes, the Letter of Credit Application(s), Security Documents, the Equity Contribution Documents, the
Agent Fee Agreement and any other documents, agreements or instruments entered into in connection with any of the foregoing.

 

“Loan Parties”
means, collectively, the Borrower, each Holdco, the Pledgor, the Equity Investor, each Project Company, and the ECCA Parent Guarantor.

 

“Loans”
means the loans made by the Lenders and the Issuing Banks under this Agreement, including Construction Loans and LC Loans.

 

“Local Deposit
Account” means a deposit account to be held by the Borrower with a financial institution reasonably satisfactory to the
Administrative Agent and subject to a deposit account control agreement in favor of the Collateral Agent on terms reasonably satisfactory
to the Administrative Agent and the Collateral Agent.

 

“Loss Proceeds”
has the meaning given to such term in Section 1.1 of the Depositary Agreement.

 

	 	19	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“Loss Proceeds
Account” has the meaning given to such term in Section 1.1 of the Depositary Agreement.

 

“Margin Stock”
shall have the meaning assigned to such term in Regulation U.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, assets, property, operations, or condition (financial
or otherwise) of any Borrower Party or any Project, (b) the validity, legality, binding effect or enforceability (i) against any
Loan Party of this Agreement or any of the other Loan Documents to which it is a party or (ii) of the rights or remedies of the
Agents or the Lenders under this Agreement or any of the other Loan Documents, (c) the validity, perfection or enforceability of
the Liens granted under the Loan Documents; (d) the ability of any Loan Party to perform its obligations under any Loan Documents
to which it is a party, or (d) the financial condition of SunPower Corporation that could be reasonably expected to impact the
ability of SunPower Corporation in its ability to perform its obligations under any Operative Documents to which it is a party.

 

“Material
Project Documents” means the agreements listed on Schedule 1.1B and any Additional Project Agreements, as of the
applicable time of determination, then in force and effect; provided, however, that any such agreement shall cease
to be a Material Project Document when all obligations (other than any contingent obligations that survive expiration or termination
of the agreement) under such agreement have been indefeasibly performed and/or paid in full or have expired and all warranty periods
if applicable have expired.

 

“Material
Project Participants” means the counterparties to the agreements listed on Schedule 1.1B, the counterparties to the Module
Warranty Providers, the counterparties to the Equity Contribution Agreements, and the counterparties to the Additional Project
Agreements; provided, however, that any such Person shall cease to be a Material Project Participant when all obligations
(other than any contingent obligations that survive expiration or termination of the agreement) of such Person under all Operative
Documents to which it is a party have been indefeasibly performed and/or paid in full or have expired and all warranty periods
if applicable have expired.

 

“Mechanics’
Lien Endorsement” has the meaning given to such term in Section 3.2(o).

 

“Modules”
shall have the meaning given in Schedule 1.1B of the Financing Agreement.

 

“Module Suppliers”
and “Module Supplier” shall have the respective meanings given in Schedule 1.1B of this Agreement.

 

“Module
Supply Agreement” and “Module Supply Agreements” shall have the respective meanings given in Schedule 1.1B
of this Agreement.

 

“Module Warranty
Provider” and “Module Warranty Providers” shall have the respective meanings given in Schedule 1.1B
of this Agreement.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

	 	20	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“Mortgaged
Property” means the Real Property listed on Schedule 4.19(a), (for each Project other than a Small Project) constituting
the Project Site for each such applicable Project, from and after the time that a Lien has been granted to the Collateral Agent
for the benefit of the Lenders pursuant to a Deed of Trust, and any other property that becomes subject to the Liens of such Deed
of Trust pursuant to Section 5.21 or is otherwise owned by the applicable Project Company (which shall be deemed Mortgaged
Property when it so becomes subject thereto).

 

“MSAs”
and “MSA” have the respective meanings set forth in Schedule 1.1B of this Agreement.

 

“Multiemployer
Plan” means a multiemployer plan (as defined in Section 4001(a)(3) of ERISA).

 

“NERC”
means the North American Electric Reliability Corporation, or successor entity.

 

“Non-Excluded
Taxes” has the meaning given to such term in Section 2.20(a).

 

“Nonrecourse
Parties” has the meaning given to such term in Section 9.24.

 

“Non-U.S.
Lender” has the meaning given to such term in Section 2.20(e).

 

“Notes”
means the Construction Loan Notes and the LC Loan Notes, substantially in the form of Exhibit C-1 and Exhibit C-2,
as applicable.

 

“Notice of
Conversion or Continuation” has the meaning given to such term in Section 2.11.

 

“O&M Agreements”
and “O&M Agreement” shall have the respective meanings given in Schedule 1.1B of this Agreement.

 

“Obligations”
means the unpaid principal of and interest on (including interest accruing after the maturity of the Loans and interest accruing
after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating
to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and
all other obligations and liabilities of the Borrower to the Agents, the Issuing Banks (including, without limitation, the LC Obligations
and any Letters of Credit for which documents have been presented that have not been honored or dishonored) or to any Lender,
whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise
under, out of, or in connection with, this Agreement, any other Loan Document or any other document made, delivered or given in
connection herewith or therewith, whether on account of principal, interest, Breakage Costs, Reimbursement Obligations, indemnities,
costs, expenses (including all fees, charges and disbursements of counsel to the Administrative Agent or to any Lender that are
required to be paid by the Borrower pursuant hereto) or otherwise (whether or not evidenced by any note or instrument and whether
or not for the payment of money).

 

“OFAC”
means the U.S. Department of Treasury Office of Foreign Assets Control.

 

	 	21	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“OFAC SDN
List” means the list of “Specially Designated Nationals and Blocked Persons” maintained by OFAC.

 

“Operating
Agreements” means the limited liability agreements of each of Borrower and each Holdco, as set forth on Schedule 1.1B
of this Agreement.

 

“Operating
Costs” means, for any period and for each Project, the sum, computed without duplication among any of the
following categories or from period to period, of the following actual cash operating and maintenance costs in respect of
each Project: (a) general and administrative expenses and ordinary course fees, royalties and costs, including those paid to
the counterparties to the Site Lease Agreements pursuant to the Site Lease Agreements for such Project, plus (b) expenses for
operating such Project and maintaining such Project in good repair and operating condition in accordance with Prudent
Industry Practices paid during such period, including payments to the counterparties to the Material Project Documents as
required pursuant to the Material Project Documents in respect of such Project (including (w) capital expenditures incurred
in connection with normal maintenance of such Project, (x) capital expenditures required by applicable Legal Requirements or
any Applicable Permit and (y) Permitted Capex, plus (c) management and other fees payable under the O&M Agreements and
the Asset Management Agreement for such Project, plus (d) insurance costs paid in respect of insurance maintained or required
to be maintained in respect of such Project during such period, plus (e) applicable sales and excise taxes (if any) paid or
reimbursable by such Borrower Party during such period, plus (f) franchise taxes paid by such Borrower Party during such
period, plus (g) property taxes paid by such Borrower Party during such period, plus (h) any other direct taxes (if any) paid
by such Borrower Party during such period, plus (i) costs and fees attendant to the obtaining and maintaining in effect the
Permits for such Project paid during such period, plus (j) legal, accounting and other professional fees attendant to any of
the foregoing items paid during such period in respect of such Project, plus (k) expenses incurred as necessary to prevent or
mitigate an emergency situation in respect of such Project. Operating Costs shall exclude, to the extent included above: (i)
payments into any of the Collateral Accounts during such period, (ii) payments of any kind with respect to Restricted
Payments during such period, (iii) depreciation and other non-cash charges for such period, (iv) payments of any kind with
respect to Debt Service, (v) any payments of any kind with respect to any restoration of such Project during such period and
(vi) capital expenditures for such Project (other than Permitted Capex).

 

“Operative
Documents” means the Loan Documents and the Material Project Documents.

 

“Operators”
and “Operator” have the respective meanings given in Schedule 1.1B of this Agreement.

 

“Other Fee
Agreements” has the meaning given to such term in Section 3.1(f).

 

“Other Taxes”
means any and all present or future stamp or documentary Taxes or any other excise or property Taxes, charges or similar levies
arising from any payment made hereunder or from the execution, delivery or enforcement of, from the receipt or perfection of a
security interest under, or otherwise with respect to, this Agreement or any other Loan Document.

 

	 	22	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“P50 Production”
means the production volume based on the P50 one (1) year confidence levels for the applicable Project determined by the Independent
Engineer pursuant to the report delivered for such Project under Section 3.2(q).

 

“P99 Production”
means the production volume based on the P99 one (1) year confidence levels for the applicable Project determined by the Independent
Engineer pursuant to the report delivered for such Project under Section 3.2(q).

 

“Participant”
has the meaning given to such term in Section 9.7(c).

 

“Participant
Register” has the meaning given to such term in Section 9.7(c).

 

“Patriot Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001 (USA Patriot Act), Pub. L. 107-56 and all other United States laws and regulations relating to money-laundering
and terrorist activities.

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

“Pension Plan”
means any ERISA Plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code
or Section 302 of ERISA, and in respect of which any Loan Party or any ERISA Affiliate is (or, if such ERISA Plan were terminated,
would under Section 4062 or 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

“Performance
Guaranty Agreements” and “Performance Guaranty Agreement” shall have the respective meanings listed
in Schedule 1.1B of this Agreement.

 

“Performance
Liquidated Damages” has the meaning given to such term in Section 1.1 of the Depositary Agreement.

 

“Permit”
means any and all franchises, licenses, leases, permits, approvals, notifications, certifications, registrations, authorizations,
exemptions, and other rights, privileges and approvals required to be obtained from or provided to a Governmental Authority under
any Governmental Rule.

 

“Permitted
Affiliate Subordinated Indebtedness” means Indebtedness of the Borrower to the Equity Investor or any Affiliate of the
Equity Investor that (a) is unsecured, (b) is fully and completely subordinated (and collaterally assigned) for the benefit of,
and to, the Lenders pursuant to a subordination and security agreement, which shall, in each case, be in form and substance satisfactory
to the Required Lenders, (c) has a final maturity date that is not earlier than, and provides for no scheduled payments of principal
or mandatory redemption obligations prior to, the date that is August 4, 2021 and (d) provides for payments of interest solely
in-kind (and not in cash) until the date that is August 4, 2021.

 

“Permitted
Capex” means capital expenditures which the applicable Borrower Party is required to make pursuant to the terms of the
Operative Documents.

 

	 	23	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“Permitted
Indebtedness” means:

 

(a)          Indebtedness under or in respect of the Loan Documents;

 

(b)          obligations incurred under the Material Project Documents;

 

(c)          trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred,
in the ordinary course of business operation so long as such trade accounts are not more than ninety (90) days past due;

 

(d)          purchase money or Capital Lease Obligations to the extent incurred in the ordinary course
of business to finance items of equipment not comprising an integral part of such Project; provided that (A) if such obligations
are secured, they are secured only by Liens upon the equipment being financed and (B) the aggregate principal amount and the capitalized
portion of such obligations do not at any time exceed $2,000,000;

 

(e)          the Deferred Development Fee;

 

(f)           Permitted Affiliate Subordinated Indebtedness not to exceed $5,000,000 in the aggregate;
and

 

(g)          other unsecured Indebtedness not to exceed in the aggregate $250,000.

 

“Permitted
Investments” means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United
States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case
maturing within one year from the date of acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits
or overnight bank deposits having maturities of six (6) months or less from the date of acquisition issued by any commercial
bank organized under the laws of the United States or any state thereof having combined capital and surplus of not less than
$500,000,000 and rated at least A-1 or the equivalent thereof by S&P or P-1 or the equivalent thereof by Moody’s;
(c) repurchase obligations of any Lender or of any commercial bank satisfying the requirements of clause (b) of this
definition, having a term of not more than thirty (30) days, with respect to securities issued or fully guaranteed or insured
by the United States government; (d) securities with maturities of one (1) year or less from the date of acquisition issued
or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing
authority of any such state, commonwealth, or territory, the securities of which state, commonwealth, territory, political
subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A2 by
Moody’s; (e) securities with maturities of six (6) months or less from the date acquisition backed by standby
letters of credit issued by any commercial bank satisfying the requirements of clause (b) of this definition; (f) money
market, mutual or similar funds that invest exclusively in assets satisfying the requirements of clauses (a) through (e) of
this definition; or (g) money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment
Company Act of 1940, as amended, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at
least $5,000,000,000.

 

“Permitted
Liens” means:

 

	 	24	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

(a)          the Liens created pursuant to the Security Documents;

 

(b)          Liens imposed by any Governmental Authority for any tax, assessment or other charge to the
extent not yet past due or being contested in good faith and by appropriate proceedings, so long as (a) reserves consistent with
GAAP have been established on the applicable Person’s books in an amount sufficient to pay any such taxes, assessments or
other charges, accrued interest thereon and potential penalties or other costs relating thereto, or other provision for the payment
thereof reasonably satisfactory to the Administrative Agent shall have been made bonded, (b) enforcement of the contested tax,
assessment or other charge is effectively stayed for the entire duration of such contest and (c) any tax, assessment or other charge
determined to be due, together with any interest or penalties thereon, is immediately paid after resolution of such contest;

 

(c)          materialmen’s, mechanics’, workers’, repairmen’s, employees’
or other like Liens arising in the ordinary course of business or in the restoration, repair or replacement of any Project in accordance
with this Agreement or, prior to Final Completion, in connection with the construction of such Project, in each case for amounts
not yet due or which are being contested in good faith by appropriate proceedings and which have been bonded in an amount sufficient
to repay the underlying obligations and cover any penalties and enforcement costs with respect thereto or in respect of which adequate
cash reserves are in place in form and substance reasonably acceptable to the Administrative Agent;

 

(d)          Liens
arising out of judgments or awards so long as an appeal or proceeding for review is being prosecuted in good faith and for
the payment of which adequate reserves in accordance with GAAP, bonds or other security acceptable to the Administrative
Agent in its reasonable discretion have been provided or are fully covered by insurance;

 

(e)          Liens, deposits or pledges to secure (i) performance of bids, tenders, any Borrower Party’s
obligations under the Material Project Documents (other than for the repayment of borrowed money) or leases, or for purposes of
like general nature in the ordinary course of its business, not to exceed $500,000 in the aggregate at any time, and with any such
Lien to be released within 270 days of its attachment or (ii) mandatory statutory obligations;

 

(f)           Liens incurred in connection with Indebtedness permitted under clause (d) of the definition
of “Permitted Indebtedness”; provided that no such Lien shall extend to cover any property other than the property
or equipment being financed;

 

(g)          the exceptions to title listed on Schedule B of any applicable Title Policy;

 

(h)          encumbrances created in connection with any Safe Harbor Agreement (but only if such encumbrance
was created in the course of incidental take authorizations pursuant to the Federal Endangered Species Act, such as onsite conservation
easements);

 

(i)           easements, rights of way restrictions, title imperfections, encroachments, minor defects
or irregularities in title and similar matters, in each case, that, in the aggregate, are not substantial in amount and do not
or would not reasonably be expected to materially detract from the value of such Project or materially impair the construction
or use of such Project;

 

	 	25	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

(j)           liens not incurred in connection with the incurrence of Indebtedness, in an amount not in
excess of $250,000; 

 

(k)          zoning and other land use and environmental Governmental Rules of any municipality or Governmental
Authority that do not secure any monetary obligations and which do not materially interfere with the use of any asset in the conduct
of the business of any Borrower Party or the construction, development, operation or maintenance of such Project or materially
detract from the value of such Project; and

 

(l)           Liens expressly permitted or expressly contemplated by the Loan Documents.

 

“Person”
means any natural person, corporation, limited liability company, partnership, firm, association, Governmental Authority or any
other entity whether acting in an individual, fiduciary or other capacity.

 

“Plans
and Specifications” means the plans and specifications for the construction and design of each Project, including
any document describing the scope of work performed by any contractor under the applicable EPC Agreement and/or any other
material contract or subcontract for the construction of such Project and any feeder lines and interconnections, all work
drawings, engineering and construction schedules, Project schedules, Project monitoring systems, specifications status lists,
material and procurement ledgers, drawings and drawing lists, manpower allocation documents, management and Project
procedures documents, Project design criteria, and any other document referred to in the relevant Material Project Documents
or any of the documents referred to in this definition, as the same may be amended to the extent permitted by this Agreement,
in respect of such Project.

 

“Pledge Agreement”
means the Pledge Agreement, dated as of the Initial Project Construction Loan Date for the initial Project, executed and delivered
by Pledgor, substantially in the form of Exhibit J to this Agreement, in form acceptable to the Lenders, the Borrower and
the Administrative Agent.

 

“Pledged Stock”
has the meaning given to such term in the Pledge Agreement.

 

“Pledgor”
means SunPower Revolver Holdco I Parent, LLC, a Delaware limited liability company.

 

“Power Purchasers”
and “Power Purchaser” shall have the respective meanings given in Schedule 1.1B to this Agreement.

 

“Power Blocks”
shall have the respective meanings given in Schedule 1.1B to this Agreement.

 

“Power Purchase
Agreement” and “Power Purchase Agreement” shall have the respective meanings given in Schedule
1.1B of this Agreement.

 

“Prepayment
Account” has the meaning given to such term in Section 1.1 of the Depositary Agreement.

 

	 	26	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“Prime Rate”
means the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime rate in effect
at its principal office in New York, New York (the Prime Rate not being intended to be the lowest rate of interest charged by the
Administrative Agent in connection with extensions of credit to debtors).

 

“Prohibited
Transaction” has the meaning given to such term in Section 406 of ERISA and Section 4975(f)(3) of the Code.

 

“Project”
means each “Project” listed on Schedule 1.1B, including, with respect to such Project, all buildings, structures
or improvements erected on the Project Site, all alterations thereto or replacements thereof, all fixtures, attachments, appliances,
equipment, machinery and other articles attached thereto or used in connection therewith and all parts that may from time to time
be incorporated or installed in or attached thereto, all contracts related thereto, all leases of real or personal property related
thereto, all other real and tangible and intangible personal property owned by the Borrower and placed upon the Project Site (or
used in connection with the Power Blocks located thereon), the Project Site, the Permits required in connection with (or otherwise
related to) such Project, any electrical interconnections and, to the extent not included in the foregoing, all Collateral; provided,
however, that any such Project shall cease to be a Project hereunder on its respective Project Discharge Date.

 

“Project
Companies” and “Project Company” shall have the respective meanings given in Schedule 1.1B
to this Agreement; provided, however, that any such Project Company shall cease to be a Project Company hereunder
on its respective Project Discharge Date. 

 

“Project Company
Operating Agreements” and “Project Company Operating Agreement” shall have the respective meanings
given in Schedule 1.1B to this Agreement.

 

“Project Costs”
means, in respect of each Project (a) the cost of developing, designing, engineering, equipping, procuring, constructing, starting
up, commissioning, acquiring and testing each applicable Project, including the cost of all labor, services, materials, supplies,
equipment, tools, transportation, supervision, storage, training, balance of plant contingency, demolition, site preparation, civil
works, and remediation in connection therewith, (b) the cost to the applicable Borrower Party of constructing the switching station
and feeder lines and substation interconnecting each applicable Project to the applicable transmission system and interconnecting
and synchronizing each applicable Project to such system, (c) the cost of acquiring and using any lease, easement and any other
necessary interest in each applicable Project Site, (d) real and personal property taxes, ad valorem taxes, sales, use and excise
taxes and insurance (including title insurance) premiums payable with respect to each applicable Project during the period prior
to COD of such Project (the “Construction Period”), (e) interest payable on any Loans and financing-related
fees and costs during the applicable Construction Period (including any and all fees, interest and other amounts payable by the
Borrower under this Agreement), (f) the costs of acquiring Permits for each applicable Project during the applicable Construction
Period, (g) the cost of establishing a spare parts inventory for each applicable Project (if any), (i) the costs of funding the
applicable Construction Account and the DSR Requirement for the purpose of making the payments, applications and distributions
further specified under the Depositary Agreement prior to the applicable Construction Loan Maturity Date, (h) other fees (but only
fees payable to third parties) and expenses relating to the

 

	 	27	 
	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

construction, acquisition and closing of financing of each applicable
Project, including financial, legal and consulting fees, costs and expenses in accordance with the applicable Construction Budget
and Schedule, including the permitted variances thereto, (i) initial working capital, and (j) applicable Reimbursable Development
Costs; provided, however, that Project Costs shall not include the Deferred Development Fee or the applicable Project
and the Initial Project Construction Loan Date Equity Contribution; provided, however, that the total aggregate amount
of such Project Costs for each Project shall not exceed the amount set forth on Annex 3 as set forth in respect of the Project
Costs for each applicable Project in the applicable Construction Budget and Schedule, including the permitted variances thereto,
unless such excess is funded with additional equity contributions from one or more Affiliates of the Borrower (excluding any Borrower
Party).

 

“Project Discharge
Date” has the meaning given such term in Section 2.9(f).

 

“Project
LC Issuing Bank” means Mizuho Bank, Ltd., in its capacity as issuing bank of a Project Letter of Credit and any
other Lenders which agree to issue Letters of Credit hereunder.

 

“Project
LC Commitment” means the commitment of the Project LC Issuing Bank to issue and continue to make available Project
Letters of Credit for each Project and make Project LC Loans to the Borrower in respect of each such Project Letter of Credit,
in an aggregate stated or principal amount at any one time not to exceed the amount, expressed as a Dollar amount, set forth under
the heading “Project LC Commitment” opposite the Project LC Issuing Bank’s name on Schedule
1.1A, as such amount may be reduced from time to time pursuant to Section
2.10 (and, in respect of each Project, as such amount has been allocated to each Project pursuant to Annex 2). The aggregate
amount of the Project LC Commitments of the Project LC Issuing Bank on the Signing Date shall be $4,900,000.

 

“Project LC
Facility” has the meaning given to such term in the definition of Facilities.

 

“Project
LC Loan”
means any loan made to the Borrower by the Project LC Issuing Bank as a result of a Drawing on a Project Letter of Credit issued
by the Project LC Issuing Bank as set forth in Section
2.16(e).

 

“Project
Letter of Credit” means each irrevocable standby letter of credit
to be issued pursuant to Section
2.16, for the account of the Borrower by the Project LC Issuing Bank for the benefit of a Material Project Participant,
acceptable to the Lenders, in respect of a Borrower Party’s obligations under the Material Project Document that such Material
Project Participant is a party to, in form and substance acceptable to the Administrative Agent and the Lenders and in a maximum
stated amount not to exceed the (i) Project LC Commitment of such Project LC Issuing Bank and (ii) the Project LC Commitment allocated
to such Project (as set forth on Annex 2).

 

“Project Revenues”
means all income and cash revenues received by any Borrower Party from the ownership or operation of each applicable Project, including
(a) any payments due to any Borrower Party under any Power Purchase Agreement and all other income derived from the sale or use
of electric energy, capacity and ancillary services generated by each applicable

 

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	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

Project, (b) all interest earned on Permitted
Investments held in the Collateral Accounts, (c) payments due to any Borrower Party (or refunds received by any Borrower Party
) under any Material Project Document (including any proceeds from renewable resource credit sales, liquidated damages (excluding
Delay Liquidated Damages and Performance Liquidated Damages) and warranty payments due to any Borrower Party under any Material
Project Document and any reimbursement of costs provided for under the Interconnection Agreements), (d) Loss Proceeds of any business
interruption, delay in startup or other similar insurance maintained by or on behalf of any Borrower Party and (e) all other operating
income, however earned or received, by any Borrower Party during such period, provided that Project Revenues shall not include
(i) any equity contributions made to the Borrower, whether contributed to the Borrower by Pledgor or an Affiliate thereof or any
other Person, (ii) the proceeds of the Loans and (iii) Loss Proceeds (other than proceeds of any business interruption, delay in
startup or other similar insurance as set forth above).

 

“Project Site”
means the Real Property on which each applicable Project will be located, which includes, among other things, the real property
estates created by the Site Lease Agreements with respect to such Project and all easements and licenses benefitting the Project
located thereon.

 

“Property”
means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible.

 

“Proportionate
Share” means, with respect to any Facility, and with respect to any Lender under such Facility, the proportion
that such Lender’s Commitment with respect to such Facility then constitutes of the total Commitments with respect to
such Facility (or, at any time after the Commitments with respect to such Facility shall have expired or terminated, the
proportion which the aggregate principal amount of such Lender’s outstanding Loans with respect to such Facility
constitutes of the aggregate outstanding principal amount of the Loans with respect to such Facility).

 

“Prudent Industry
Practices” means, with respect to any Person, those practices, methods, equipment, specifications and standards of safety
and performance, as the same may change from time to time, as are commonly used by solar power generation facilities in the United
States of America of a type and size similar to the Projects, as good, safe and prudent practices in connection with operation,
maintenance, repair, improvement and use of electrical and other equipment, facilities and improvements of such solar power generation
facilities, with commensurate standards of safety, performance, dependability, efficiency and economy. Prudent Industry Practices
does not necessarily mean one particular practice, method, equipment specification or standard in all cases, but is instead intended
to encompass a broad range of acceptable practices, methods, equipment specifications and standards.

 

“PUHCA 2005”
means the Public Utility Holding Company Act of 2005, and FERC’s implementing regulations.

 

“Purchasers”
and “Purchaser” have the respective meanings given in Schedule 1.1B of this Agreement.

 

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“Purchaser
Guarantors” and “Purchaser Guarantor” have the respective meanings given in Schedule 1.1B of
this Agreement.

 

“PURPA”
means the Public Utility Regulatory Policies Act of 1978, and FERC’s regulations promulgated thereunder.

 

“QF”
means a qualifying small power production facility pursuant to PURPA and FERC’s regulations at 18 C.F.R. Section 292.203(a).

 

“Real Property”
means all right, title and interest of each Borrower Party in and to any and all parcels of real property owned, leased or operated
by such Borrower Party together with all improvements and appurtenant fixtures, equipment, personal property, easements and other
property and rights incidental to the ownership, lease or operation thereof, including the real property estates created by the
Site Lease Agreements.

 

“REC Agreements”
and “REC Agreements” have the respective meanings given in Schedule 1.1B to this Agreement.

 

“Reduced Commitment”
has the meaning given to such term in Section 2.25(b).

 

“Register”
has the meaning given to such term in Section 9.7(b)(iv).

 

“Regulation
D, H, T, U or X” means Regulation D, H, T, U or X of the Board as in effect from time to
time.

 

“Reimbursable
Development Costs” means the positive difference if any between any development costs incurred by the Borrower or any
Affiliate of the Borrower prior to the Initial Project Construction Loan Date and the Initial Project Construction Loan Date Equity
Contribution, for each applicable Project in an amount to be evidenced by the Borrower (to the Administrative Agent’s reasonable
satisfaction) and certified by the Independent Engineer.

 

“Release”
means any placing, spilling, leaking, seepage, migration, intrusion, pumping, pouring, emitting, emptying, discharging, injecting,
escaping, leaching, dumping, disposing or depositing into or onto the Environment.

 

“Reorganization”
means with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241
of ERISA.

 

“Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty
(30) day notice period is waived under subsections .27, .28, .29, .30, .31, .32, .34 or .35 of PBGC Reg. § 4043, with respect
to a Pension Plan.

 

“Required
Lenders” means at any time the holders of more than 50% of the sum of (i) the aggregate unpaid principal amount
of the Construction Loans and LC Loans then outstanding and (ii) the aggregate unused amount of the Commitments then in effect.

 

“Responsible
Officer” means a manager, the president, a vice president or the secretary of the Borrower, but in any event, with respect
to financial matters, a manager of the Borrower.

 

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	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

“Restricted
Payment” has the meaning given to such term in Section 6.7.

 

“Revenue Account”
has the meaning given to such term in Section 1.1 of the Depositary Agreement.

 

“Secured Parties”
means the Agents, the Lenders, the Issuing Banks and the Depositary Bank.

 

“Security
Agreement” means the Security and Pledge Agreement, dated as of the Initial Project Construction Loan Date for the initial
Project, by and between Borrower and the Collateral Agent (for the benefit of the Secured Parties), substantially in the form of
Exhibit K to this Agreement, in form and substance acceptable to the Lenders, the Borrower and the Administrative Agent.

 

“Security
Documents” means each Deed of Trust, the Security Agreement, the Pledge Agreement, the Depositary Agreement, each Guaranty,
Pledge and Security Agreement, each Guaranty and Security Agreement, the Consents, any agreement entered into with a Tax Equity
Investor pursuant to Exhibit F and any other security documents, financing statements and the other instruments filed or recorded
in connection with the foregoing, each in form and substance acceptable to the Lenders, the Borrower and the Administrative Agent.

 

“Shared Facilities
Agreements” and “Shared Facilities Agreement” have the respective meanings given in Schedule 1.1B
of this Agreement.

 

“Shared Facilities
Agreement Counterparties” and “Shared Facilities Agreement Counterparty” shall have the respective
meanings given in Schedule 1.1B of this Agreement .  

 

“Signing Date”
means the date when each of the conditions set forth in Section 3.1 has been satisfied (or waived in writing by the Administrative
Agent and the Lenders).

 

“Site Lease
Agreements” have the respective meanings given to them in Schedule 1.1B of this Agreement.

 

“Small Project”
means a Project (or all Projects), in each such case, owned by a Project Company that has an expected nameplate capacity to be
2.0 MW dc or less (in the aggregate).

 

“Solar Resource
Consultant” means Leidos, or any successor appointed pursuant to Section 9.9.

 

“Solvent”
when used with respect to any Person, means that, as of any date of determination, (a) the amount of the “present fair saleable
value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent
or otherwise,” as of such date, as such quoted terms are determined in accordance with applicable federal and state laws
governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as
of such date, be greater than the amount that will be required to pay the liability of such Person on its debts as such debts become
absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct
its business, and (d) such Person will be able to pay its debts as they

 

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	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

mature. For purposes of this definition, (i) “debt”
means liability on a “claim,” and (ii) “claim” means any (x) right to payment, whether or not such a right
is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable,
secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment,
whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed,
secured or unsecured.

 

“S&P”
means Standard and Poor’s Rating Services.

 

“Subject Persons”
has the meaning given to such term in Section 7.5.

 

“Subsidiary”
means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other
ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by
reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation,
partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through
one or more intermediaries, or both, by such Person.

 

“Substantial
Completion” has the meaning given to such term on Schedule 1.1B.

 

“Substantial
Completion Date” means the date when Substantial Completion occurs.

 

“SunPower
Corporation” means SunPower Corporation, a Delaware corporation.

 

“Swap
Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or
similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt
instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or
value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar
plan providing for payments only on account of services provided by current or former directors, officers, employees or
consultants of the Borrower shall be a “Swap Agreement”.

 

“Tax Equity
Document” and “Tax Equity Documents,” have the respective meanings in Schedule 1.1B of this
Agreement.

 

“Tax Equity
Investor” and “Tax Equity Investors,” have the respective meanings in Schedule 1.1B of this
Agreement.

 

“Taxes”
has the meaning given to such term in Section 2.20(a).

 

“Title Company”
has the meaning given to such term in Schedule 1.1(b).

 

“Title Policy”
means each policy of extended coverage ALTA mortgagee’s title insurance (2006 form) issued by the Title Company dated as
of the Initial Project Construction Loan Date for the applicable Project (excluding Small Projects and rooftop Projects) in an
amount at least equal to the Commitments allocated to such Project (as set forth on Annex 2),

 

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including all amendments thereto,
endorsements thereof and substitutions or replacements therefor.

 

“Transferee”
means any Assignee or Participant.

 

“Transformer
Agreements” and “Transformer Agreement” have the respective meanings given on Schedule 1.1B
of this Agreement.

 

“Transformer
Suppliers” and “Transformer Supplier” have the meanings given to them in Schedule 1.1B of this Agreement.

 

“Transmission
Consultant” means Leidos, or any successor appointed pursuant to Section 9.9.

 

“Transmission
Utility” has the meanings given on Schedule 1.1B of this Agreement.

 

“Type”
means LIBOR Loans or Base Rate Loans, as applicable, each of which constitutes a Type of Loan.

 

“UCC”
means the Uniform Commercial Code as in effect in the applicable state of jurisdiction.

 

“Unreimbursed
Amount” has the meaning given to such term in Section 2.16(e)(ii).

 

“U.S. Lender”
has the meaning given to such term in Section 2.20(e).

 

“Warranty
Agreements” and “Warranty Agreement” shall have the respective meanings given in Schedule 1.1B
to this Agreement.

 

“Withdrawal
Liability” means any liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Title IV of ERISA.

 

“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

1.2          Rules of Interpretation.
Except as otherwise expressly provided, the following rules of interpretation shall apply to this Agreement and the other Loan
Documents:

 

(a)          The singular includes the plural and the plural includes the singular.

 

(b)          The word “or” is not exclusive. Thus, if a party “may do (a) or (b)”,
then the party may do either or both. The party is not limited to a mutually exclusive choice between the two alternatives.

 

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(c)          A reference to a Governmental Rule includes any amendment or modification to such Governmental
Rule, and all regulations, rulings and other Governmental Rules promulgated under such Governmental Rule.

 

(d)          A reference to a Person includes its successors and permitted assigns.

 

(e)          Accounting terms have the meanings given to them by GAAP, as applied by the accounting entity
to which they refer. For purposes of determining compliance with any financial covenants contained in this Agreement, any election
by the Borrower to measure an item of Indebtedness using fair value (as permitted by Statement of Financial Accounting Standards
No. 159 or any similar accounting standard) shall be disregarded and such determination shall be made as if such election
had not been made.

 

(f)           The words “include,” “includes” and “including” are
not limiting.

 

(g)          A reference in a document to an Article, Section, Exhibit, Schedule, Annex or Appendix is
to the Article, Section, Exhibit, Schedule, Annex or Appendix of such document unless otherwise indicated. Exhibits, Schedules,
Annexes or Appendices to any document shall be deemed incorporated by reference in such document.

 

(h)          References to any document, instrument or agreement (a) shall include all exhibits, schedules
and other attachments thereto, (b) shall include all documents, instruments or agreements issued or executed in replacement thereof,
and (c) means such document, instrument or agreement, or replacement or predecessor thereto, as amended, modified and supplemented
from time to time and in effect at any given time.

 

(i)           The words “hereof,” “herein” and “hereunder” and words
of similar import when used in any document shall refer to such document as a whole and not to any particular provision of such
document.

 

(j)           References to “days” means calendar days, unless the term “Business Days”
shall be used. References to a time of day means such time in Los Angeles, California, unless otherwise specified. If the Borrower
or any Affiliate of the Borrower is required to perform an action, deliver a document or take such other action by a calendar day
and such day is not a Business Day, then the Borrower or such Affiliate shall take such action by the next succeeding “Business
Day.”

 

(k)          The Loan Documents are the result of negotiations between, and have been reviewed by the
Borrower, the Agents, the Issuing Bank, the Depositary Bank and each Lender and their respective counsel. Accordingly, the Loan
Documents shall be deemed to be the product of all parties thereto, and no ambiguity shall be construed in favor of or against
Borrower, the Agents, the Depositary Bank or any Lender. 

 

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	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

ARTICLE
2.

THE CREDIT FACILITIES

 

2.1          Construction Loan Commitments.
Subject to the terms and conditions hereof, each Lender severally agrees to make loans to the Borrower (such loans individually,
a “Construction Loan” and collectively, the “Construction Loans”) from time to time during
the Construction Loan Availability Period for each applicable Project, but not more often than once in a calendar month and no
later than the 20th of any calendar month (except for Borrowings of Construction Loans made solely with respect to the
payment of the interest under Section 2.13 and the fees under Section 2.6 and except for the first two (2) disbursements,
which may be made within the same calendar month), in an aggregate principal amount that will not result in such (i) Lender’s
Construction Loans exceeding such Lender’s Construction Loan Commitment and (ii) Lender’s Construction Loans for such
Project exceeding the Lender’s Construction Loan Commitment allocated to such Project as set forth on Annex 2; provided,
however, that the Construction Loan Commitment allocated to such Project as set forth on Annex 2 shall be determined prior
to the initial Borrowing of any Construction Loans for such Project based on the debt sizing parameters set forth on Annex 5;
provided, further, however, Annex 2 may be updated after the initial Borrowing of any Construction
Loan for such Project in accordance with Section 2.25. Each Lender’s remaining Construction Loan Commitment allocated
to such Project shall be reduced to zero on the earlier of, with respect to such Project, (i) the last Business Day of the applicable
Construction Loan Availability Period and (ii) the applicable Construction Loan Maturity Date (for the avoidance of doubt, the
amount of the Lenders’ remaining Construction Loan Commitment shall not be cancelled and shall be available for re-borrowing
under this Section 2.1 for a new Project), all on and subject to the terms and conditions of this Agreement. Notwithstanding
anything to the contrary set forth in the prior sentence, for the avoidance of doubt, each Lender’s remaining Construction
Loan Commitment hereunder for all Projects shall be reduced to zero on the last Business Day of the Construction Loan Availability
Period for the last Project. Within such limits, Borrower may from time to time borrow under this Section 2.1 in
respect of a Project, prepay the Loans allocated to such Project in whole or in part pursuant to Section 2.7 or Section
2.8, and re-borrow under this Section 2.1 for a new Project, all on and subject to the terms and conditions of this
Agreement. The Construction Loans may from time to time be LIBOR Loans or Base Rate Loans, as determined
by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.11.

 

2.2          Procedures for Construction Loan Borrowing and
Repayment of Construction Loans.

 

(a)          Procedures for Construction Loan Borrowing. The Borrower may borrow under the Construction
Loan Commitments allocated to Projects during the applicable Construction Loan Availability Period for such Project on any Business
Day (subject to the limitations in Section 2.1) provided that the Borrower shall give the Administrative Agent an
irrevocable appropriately completed written notice in the form of Exhibit A-1 (a “Construction Loan Notice of Borrowing”),
as applicable, which notice must be received by the Administrative Agent prior to 10:00 A.M., New York time, five (5) Business
Days prior to the requested Borrowing date, specifying, among other things: (a) the amount of the requested Borrowing, which shall
be in the minimum amount of $1,000,000 (except for the amount made on the Borrower’s final requested

 

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Borrowing for such Project)
and in whole multiples of $500,000 in excess thereof; (b) the date of the requested Borrowing, which shall be a Business Day, and
whether such Borrowing shall consist of Base Rate Loans and/or LIBOR Loans; (c) in the case of LIBOR Loans, the initial Interest
Period(s) selected by the Borrower and (d) the Project to which such Borrowing relates. The Construction Loans for a Project made
on the Initial Project Construction Loan Date for such Project shall be Base Rate Loans. If the Borrower elects a LIBOR Loan and
changes the date of a Borrowing by 10:00 A.M. New York time within three (3) Business Days of the date of such Borrowing, the Borrower
shall reimburse the Lenders for Breakage Costs, if any, incurred as a result thereof in accordance with Section 2.21. The
Administrative Agent shall promptly, and in any event within two (2) Business Days prior to the requested Borrowing date in the
case of LIBOR Loans, notify each Lender of the contents of such notice.

 

(b)          Repayment of Construction Loans. With respect to any Project, the Borrower shall
repay to the Lenders on the applicable Construction Loan Maturity Date all outstanding Construction Loans due and payable on such
date for such Project. Notwithstanding the above and for the avoidance of doubt, the Borrower shall repay to the Lenders on the
Final Maturity Date all outstanding Construction Loans due and payable on such date. 

 

2.3          LC Loans.
Subject to the terms and conditions hereof, (a) each DSR Issuing Bank agrees to make
DSR LC Loans to the Borrower in respect of each DSR Letter of Credit issued by it in an aggregate principal amount at any one time
outstanding which does not exceed an amount equal to the DSR LC Commitment of such DSR LC Issuing Bank (less the Available Amount
with respect to, and any unreimbursed Drawings under, such DSR Letters of Credit issued by such DSR LC Issuing Bank), and (b) each
Project LC Issuing Bank agrees to make Project LC Loans to the Borrower in respect of the Project Letters of Credit issued by it
in an aggregate principal amount at any one time outstanding which does not exceed an amount equal to the Project LC Commitment
of such Project LC Issuing Bank (less the Available Amount with respect to, and any unreimbursed Drawings under, such Project Letters
of Credit issued by such Project LC Issuing Bank), in each case deemed made in accordance with Section
2.16(e). Each Issuing Bank’s LC Commitments for an applicable Project, shall be reduced to zero on the LC Commitment
Termination Date for such Project (for the avoidance of doubt, the amount of each Issuing
Bank’s LC Commitment shall not be cancelled and shall be available for re-issuance under this Section 2.3 for a new
Project). Notwithstanding the above and for the avoidance of doubt, each Issuing Bank’s
LC Commitments allocated to all Projects, shall be reduced to zero on the Final Maturity
Date. 

 

2.4          Repayment of LC Loans.
With respect to any Project, the Borrower shall repay to the Issuing Banks on the applicable LC Loan Maturity Date all outstanding
LC Loans due and payable on such date for such Project. Notwithstanding the above and for the avoidance of doubt, the Borrower
shall repay to the Issuing Banks on the Final Maturity Date all outstanding LC Loans due and payable on such date.

 

2.5          [Intentionally Omitted].

 

2.6          Fees.

 

(a)          Agent Fees.

 

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	 	 	CREDIT AGREEMENT (SunPower HoldCo)

 

     

     

    

 

(i)          On the Signing Date, the Borrower shall pay to the Administrative Agent (for the benefit
of the applicable parties to each Agent Fee Agreement and each Other Fee Agreement) the up-front, arranging, participation and
structuring fees, in each such case, in the amount set forth in each Agent Fee Agreement and each Other Fee Agreement.

 

(ii)         The Borrower shall pay to the Administrative Agent, Depositary Bank and the Collateral Agent
on the Signing Date and on each other date specified in the Agent Fee Agreement entered into by and between the Administrative
Agent, Collateral Agent, the Depositary Bank and the Borrower, solely for the account of Administrative Agent, Depositary Bank
and the Collateral Agent, as applicable, the fees payable at the times and in the amounts set forth in such Agent Fee Agreement.

 

(b)          Loan Commitment Fees. The Borrower shall pay to the Administrative Agent for the
account of each Lender a commitment fee for the period from and including the date hereof until the date on which all Construction
Loan Commitments are earlier cancelled or expire pursuant to this Agreement, computed at the Commitment Fee Rate on the unused
amount of the Construction Loan Commitment of such Lender for each day during the period for which payment is made, payable in
arrears on each Fee Payment Date prior to the Final Discharge Date and on the Final Maturity Date (or, if the Construction Loan
Commitments are irrevocably cancelled or expire prior to such date, on the date of such irrevocable cancellation or expiration);
provided, however, such commitment fees shall cease to accrue with respect to the Construction Loan Commitment of
any Lender for any period during which such Lender is a Defaulting Lender and the Borrower shall not be required to pay any such
fees that otherwise would have been required to have been paid to such Lender.

 

(c)          Letter
of Credit Commitment Fees. The Borrower shall pay to the Administrative Agent,
for the account of each Issuing Bank, a letter of credit commitment fee for the period from and including the date hereof until
the date on which all LC Commitments are earlier cancelled or expire pursuant to this Agreement, computed at the Commitment Fee
Rate on the unused amount of the LC Commitment of such Issuing Bank during the period for which payment is made, payable in arrears
on each Fee Payment Date during such period and on the Final Maturity Date (or, if the LC Commitment of the Issuing Banks are
irrevocably cancelled or expires prior to such date, on the date of such irrevocable cancellation or expiration);
provided, however, such commitment fees shall cease to accrue with respect to the LC Commitment of any Defaulting
Lender for any period during which such Issuing Bank is a Defaulting Lender and the Borrower
shall not be required to pay any such fees that otherwise would have been required to have been paid to such Issuing Bank.

 

(d)          Other
Letter of Credit Fees. The Borrower shall pay in arrears to the Administrative
Agent, for the account of each Issuing Bank, on each Fee Payment Date occurring during the period from and including the date of
issuance of each Letter of Credit issued by an Issuing Bank to the Final Discharge Date, a letter of credit fee on the daily aggregate
Available Amount with respect to such Letter of Credit outstanding during the period for which payment is made at a rate per annum
equal to the Applicable Margin in effect for LIBOR Loans effective for each day in such period.

 

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2.7          Optional Prepayments.
Subject to Section 2.9, the Borrower may at any time and from time to time prepay the Loans, in whole or in part, without
premium or penalty (except for any Breakage Costs), upon irrevocable notice delivered to the Administrative Agent no later than
10:00 A.M., New York time, three (3) Business Days prior thereto, in the case of LIBOR Loans, and no later than 10:00 A.M., New
York time, one (1) Business Day prior thereto, in the case of Base Rate Loans, which notice shall specify the date and amount of
prepayment and whether the prepayment is of LIBOR Loans or Base Rate Loans due in connection with such optional prepayment, if
applicable (calculated as if the date of such notice were the date of the optional prepayment) setting forth the details of such
computation. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any
such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with
accrued interest to such date on the amount prepaid. Partial prepayments of Loans shall be in an aggregate principal amount of
$500,000 or a whole multiple thereof.

 

2.8          Mandatory Prepayments.
The Borrower shall make the following mandatory prepayments, without premium or penalty (except for any Breakage Costs):

 

(a)          Upon receipt by any Borrower Party of any Loss Proceeds (unless such Loss Proceeds are applied
to, or will be applied to, restoration, replacement or repair of the affected Project in accordance with Section 5.28),
in an amount equal to such Loss Proceeds but not to exceed an amount necessary to repay the outstanding principal balance of the
Loans (and related Obligations) made with respect to the applicable Project when applied pursuant to Section 2.9 (and any
such excess proceeds shall be deposited into the applicable Construction Account for such Project or, if the Distribution Conditions
have been satisfied with respect to such Project, shall be distributed pursuant to the instructions of the Borrower given in accordance
with the Depositary Agreement);

 

(b)          Other than pursuant to a permitted sale or tax equity financing of a Project, the proceeds of which shall be applied in
accordance with Section 2.8(c) and the Depositary Agreement, and the proceeds of any disposition permitted under clauses
(i) through (v) of Section 6.4 (which such proceeds shall be deposited in to the applicable Construction Account), upon
receipt by any Borrower Party or any of their Affiliates of any net proceeds from the sale or other disposition of Collateral;

 

(c)          Any
net proceeds of any payment made by or on behalf of an Tax Equity Investor under the Tax Equity Documents (unless such
amounts are required, under the Tax Equity Documents, to be held in escrow prior to the substantial completion of the
applicable Project, then, until such proceeds are released) in an amount equal to such proceeds but not to exceed an amount
equal to that necessary to repay the outstanding principal balance of the Loans made with respect to the applicable Project
when applied pursuant to Section 2.9 (and any such excess proceeds shall be deposited into the applicable Construction
Account for such Project or, if the Distribution Conditions have been satisfied with respect to such Project, shall be
distributed pursuant to the instructions of the Borrower given in accordance with the Depositary Agreement).

 

(d)          Upon receipt by any Borrower Party of any net proceeds of performance liquidated damages
with respect to a Project, in an amount equal to such performance liquidated

 

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damages but not to exceed an amount equal to the outstanding
principal balance of the Loans made with respect to the applicable Project when applied pursuant to Section 2.9 (and any
such excess proceeds shall be deposited into the applicable Construction Account for such Project or, if the Distribution Conditions
have been satisfied with respect to such Project, shall be distributed pursuant to the instructions of the Borrower given in accordance
with the Depositary Agreement).

 

(e)          Upon receipt by any Borrower Party of any net proceeds from the (i) issuance of equity securities
of such Borrower Party (other than in connection with any capital contributions), or (ii) incurrence of Indebtedness (other than
Permitted Indebtedness) by such Borrower Party, in an amount equal to such proceeds.

 

(f)           An amount equal to the difference (if any) between (i) the Construction Loans made to a Project and (ii) the Reduced Commitment
allocated to such Project.

 

(g)          In the event of the termination of all of the Commitments in accordance with Section
2.10(a), the Borrower shall on the date of such termination, terminate the Letters of Credit and/or cash collateralize
the Letters of Credit in accordance with Section
2.16(o).

 

(h)          As required pursuant to the terms of the Depositary Agreement. 

 

(i)           If the Equity Investor shall be required to make an Equity Contribution pursuant to the
Equity Contribution Agreement due to the acceleration of the Equity Contributions under the Equity Contribution Agreement following
an Event of Default, the Borrower shall prepay Construction Loans with any and all proceeds thereof, promptly upon receipt thereof,
in accordance with Section 2.9 and the Equity Contribution Agreement;

 

2.9          Terms of All Prepayments.

 

(a)          Except as otherwise provided in this Agreement (including Section 2.8 and this Section
2.9), amounts to be applied in connection with mandatory prepayments made pursuant to Section 2.8 shall be applied:
first, to any accrued fees, costs, charges or expenses of the Agents under the Loan Documents in connection with such prepayment;
second, to any Breakage Costs payable to the Lenders under this Agreement in connection with such prepayment; third,
to any accrued but unpaid interest on the Loans being prepaid; and fourth, to the outstanding principal of the Loans being
prepaid. Amounts prepaid as mandatory prepayments of Loans may not be re-borrowed in respect of the Project in which the Loan was
made. 

 

(b)          All prepayments of Loans shall be applied among the Lenders according to their respective
Proportionate Shares of the Loans being repaid at the time of the applicable prepayment.

 

(c)          The application of any prepayment pursuant to Sections 2.7 and 2.8 shall be
(i) made first to Base Rate Loans and second to LIBOR Loans, in each case pro rata among such Base Rate Loans or
LIBOR Loans, as applicable, and (ii) applied in inverse order of maturity, except for prepayments made under Sections 2.8(d)
or (f), which shall be applied on a pro rata basis to maturities.

 

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(d)          Upon the prepayment of any Loan (whether such prepayment is an optional prepayment or a
mandatory prepayment), the Borrower shall pay to the Administrative Agent for the account of each Lender which made such Loan (i)
all accrued interest to the date of such prepayment owed pursuant to the terms of this Agreement on the amount prepaid; (ii) all
accrued fees to the date of such prepayment owed pursuant to the terms of this Agreement corresponding to the amount being prepaid;
and (iii) if such prepayment is the prepayment of a LIBOR Loan on a day other than the last day of an Interest Period for such
LIBOR Loan, all Breakage Costs incurred by such Lender as a result of such prepayment. Loans prepaid or repaid may not be re-borrowed
with regard to the Project such Loan was originally made in respect of.

 

(e)          In no event shall any mandatory or optional prepayments be funded from the proceeds of any
Loan.

 

(f)           Upon the repayment in full of the Loans allocated to a Project (and all related Obligations),
the return of any issued Letters of Credit in respect of such Project to the Issuing Bank and the written request of the Borrower
to terminate any Commitment allocated to such Project (the “Project Discharge Date”), the Administrative Agent,
Collateral Agent, Lenders and the Issuing Bank agree to release from the Collateral any Lien granted by such Project Company in
such Project Company’s assets, any Lien granted by the owner of such Project Company in the membership interests in such
Project Company, and any Lien granted by the owner of the applicable Holdco in the membership interests in such Holdco (to the
extent Holdco solely owned such Project Company). The parties hereto agree to amend this Agreement and the Security Agreement (to
remove the pledge of any relevant Holdco, if applicable) as necessary to reflect the removal of the Collateral permitted pursuant
to this Section 2.9(f), in addition, upon the removal of the Collateral related to a Project as permitted above, all terms in Schedule
1.1B related to such Project shall be deemed to have been removed from this Agreement. 

 

(g)          In connection with any Project Discharge Date, excluding any Project Discharge Date occurring
from and after the date a Project reaches COD, the Borrower shall obtain the prior written consent from the Administrative Agent
and the Lenders prior to removing, in the aggregate, Projects from the Collateral in excess of 10% of the total expected
aggregate nameplate capacity of all Projects that have been allocated Loans and Commitments hereunder as of such date, as calculated
by the Administrative Agent; provided, however, that such consent shall not be required if, during the existance
of a Default or Event of Default, all of the outstanding Obligations relating to all defaulted Projects are prepaid.

 

2.10        Termination or Reduction of Commitments.

 

(a)          The Borrower shall have the right to irrevocably terminate the Commitments in full in connection
with a prepayment of all the outstanding Loans in accordance with Sections 2.7 or 2.8.

 

(b)          The Borrower shall have the right, upon not less than three (3) Business Days’ notice
to the Administrative Agent, to irrevocably terminate, or from time to time reduce, any of the Construction Loan Commitments; provided
that (i) each reduction of such Construction Loan Commitments (other than a Construction Loan Commitment reduction to zero) shall
be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 (or if less, the

 

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remaining amount of such
Construction Loan Commitments), (ii) the Borrower shall not terminate or reduce the Construction Loan Commitments that has been
allocated to a Project under Annex 2 unless, after giving effect thereto, the remaining unused amount of the Construction Loan
Commitments allocated to such Project, the amount of the Equity Commitment allocated to such Project and any other cash in the
Construction Account allocated to such Project or the Loss Proceeds Account allocated to such Project is sufficient to fund all
Project Costs (together with Punch List Items) projected to be incurred from the date of such irrevocable termination or reduction
of such Construction Loan Commitments for such Project through Final Completion of such Project, as certified to the Lenders by
the Borrower and confirmed by the Independent Engineer and (iii) no such termination or reduction would reasonably be expected
to cause a Default or Event of Default. Any such termination or reduction of the Construction Loan Commitments set forth in this
Section 2.10 shall permanently reduce the Construction Loan Commitments. 

 

(c)          The Borrower shall have the right, upon not less than three (3) Business Days’ notice
to the Administrative Agent and the applicable Issuing Bank and Lender, to irrevocably terminate, or from time to time irrevocably
reduce, any of the LC Commitments; provided
that (i) each reduction of the LC Commitments shall be in an amount that is an integral multiple of $500,000 and not less than
$1,000,000 (or, if less, the remaining amount of the applicable LC Commitments), (ii) the Borrower shall not terminate or reduce
the DSR LC Commitments unless, after giving effect thereto, the DSR Requirement shall be satisfied in accordance with the Depositary
Agreement and (iii) the Borrower shall not terminate or reduce the Project LC Commitments unless it has demonstrated to the satisfaction
of the Administrative Agent that, after giving effect to such termination or reduction, all of the collateral, support and similar
requirements then in effect under the Material Project Documents are satisfied. Any such termination or reduction in the LC Commitments
shall permanently and irrevocably reduce the applicable LC Commitments then in effect.

 

2.11        Conversion
and Continuation Options. (a) The Borrower may elect from time to time to convert
LIBOR Loans to Base Rate Loans by delivering to the Administrative Agent an irrevocable written notice in the form of Exhibit
A-3 (a “Notice of Conversion or Continuation”) no later than 10:00 A.M., New York time, on the
Business Day preceding the proposed conversion date, provided that any such conversion of LIBOR Loans may only be made
on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert Base Rate
Loans to LIBOR Loans by delivering to the Administrative Agent an irrevocable Notice of Conversion or Continuation no later
than 10:00 A.M., New York time, on the third Business Day preceding the proposed conversion date (which notice shall specify
the length of the initial Interest Period therefor), provided that no Base Rate Loan may be converted into a LIBOR
Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have
determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative
Agent shall promptly notify each relevant Lender thereof.

 

(b)          Any LIBOR Loan may be continued as such upon the expiration of the then current Interest
Period with respect thereto by the Borrower delivering to the Administrative Agent an irrevocable Notice of Conversion or Continuation,
in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1,
of the length of the next Interest

 

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Period to be applicable to such Loans, provided that no LIBOR Loan may be continued as
such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have determined
in its or their sole discretion not to permit such continuations, and provided, further, that if the Borrower shall
fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the
preceding proviso such Loans shall be automatically converted to Base Rate Loans on the last day of such then expiring Interest
Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.

 

2.12        Limitations on LIBOR Rate Tranches.
Notwithstanding anything to the contrary in this Agreement, absent the consent of the Administrative Agent all borrowings, conversions
and continuations of LIBOR Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections
so that, (a) after giving effect thereto, the aggregate principal amount of the LIBOR Loans comprising each LIBOR Rate Tranche
shall be equal to $5,000,000 or a whole multiple of $100,000 in excess thereof and (b) no more than six (6) LIBOR Rate Tranches
shall be outstanding at any one time.

 

2.13        Interest Rates and Payment Dates.

 

(a)          Each LIBOR Loan shall bear interest for each day during each Interest Period with respect
thereto at a rate per annum equal to the LIBOR Rate determined for such day plus the Applicable Margin.

 

(b)          Each Base Rate Loan shall bear interest at a rate per annum equal to the Base Rate plus
the Applicable Margin.

 

(c)          (i) If all or a portion of the principal amount of any Loan shall not be paid when due (whether
at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the
rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2%, and (ii) if all or
a portion of any interest payable on any Loan or any commitment fee or other amount payable hereunder shall not be paid when due
(whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal
to the rate then applicable to Base Rate Loans plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date
of such nonpayment until such amount is paid in full (as well after as before judgment) (such applicable rate, the “Default
Rate”).

 

(d)          Interest shall be payable in arrears on each Interest Payment Date, provided that
interest accruing pursuant to paragraph (c) of this Section shall be payable from time to time on demand.

 

2.14        Computation of Interest and Fees.
(a) Interest and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except
that, with respect to Base Rate Loans the rate of interest on which is calculated on the basis of the Prime Rate, the interest
thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. The Administrative
Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of a LIBOR Rate. Any change
in

 

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the interest rate on a Loan resulting from a change in the Base Rate or the LIBOR Reserve Requirements shall become effective
as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall as soon as practicable
notify the Borrower and the relevant Lenders of the effective date and the amount of each such change in interest rate.

 

(b)          Each determination of an interest rate by the Administrative Agent pursuant to any provision
of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative
Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the quotations used by the Administrative
Agent in determining any interest rate pursuant to Section 2.13(a).

 

2.15        Promissory Notes.
The obligation of the Borrower to repay the Construction Loans made by each Lender and to pay interest thereon at the rates provided
herein shall, if requested by such Lender, be evidenced by Construction Loan promissory notes in the form of Exhibit C-1 (individually,
a “Construction Loan Note” and, collectively, the “Construction Loan Notes”), each payable
to such Lender or its registered successors or assigns and in the principal amount of such Lender’s Construction Loan Commitment.
The obligation of the Borrower to repay the LC Loans made by each Issuing Bank or
Lender, as applicable, and to pay all interest thereon at the rates provided herein shall if requested by such Issuing Bank or
Lender, as applicable, be evidenced by an LC Loan promissory note substantially in the form of Exhibit
C-2 (the, “LC
Loan Note”), payable to such Issuing Bank or Lender, as applicable or its registered successors or assigns and
in the principal amount of such Lender’s LC Commitment. The LC Loan Notes shall be delivered to each applicable Issuing Bank
or Lender, as applicable, on the Initial Project Construction Loan Date.

 

2.16        Letters of Credit.

 

(a)          LC
Commitment. 

 

(i)          Subject to the terms and conditions hereof, including
Section 3.4, from time to time on any Business Day during the period from the Signing Date until no later than thirty (30)
days prior to the LC Commitment Termination Date;

 

(A)          Each DSR Issuing Bank agrees to issue each DSR Letter of Credit for each Project,
for the account of the Borrower, on the date the applicable Project for which such DSR Letter of Credit is being issued reaches
COD, in the maximum stated amount equal to such DSR LC Commitment allocated to such Project set forth on Annex 2 of each DSR Issuing
Bank issuing such DSR Letter of Credit; and 

 

(B)          the Project LC Issuing Bank agrees to issue each Project Letter of Credit for each Project, for the account of the Borrower,
as and when requested by the Borrower in the maximum stated amount equal to the Project LC Commitment allocated to such Project
set forth on Annex 2 of the Project LC Issuing Bank issuing such Project LC Letter of Credit.

 

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(ii)         Each Letter of Credit shall (A) be denominated in Dollars; (B) expire no later
than the earlier of (1) twelve (12) months from the date of issuance of such Letter of Credit and (2) the date that is seven (7)
Business Days prior to the applicable LC Commitment Termination Date for such Project in respect of which such Letter of Credit
relates; provided that each Letter of Credit shall provide for renewal, in the sole discretion of and on terms acceptable to the
applicable Issuing Bank. for one (1) or more additional twelve 12 month periods (which in no event shall extend beyond the applicable
LC Commitment Termination Date for such Project in respect of which such Letter of Credit relates)
and provided that Goldman Sachs Bank USA shall not be required to have outstanding
more than ten (10) Letters of Credit and notwithstanding anything herein to the contrary, shall not be obligated to issue any commercial
or trade (as opposed to standby) Letter of Credit and (C) provided that, in respect of each DSR Letter of Credit issued in respect
of a Project by each DSR Issuing Bank, the Administrative Agent shall draw on each such DSR Letter of Credit issued for each such
Project and available to be drawn on a pro rata basis among all such DSR Letters of Credit that are outstanding for such Project
at such time based on the DSR LC Commitment allocated to each such DSR Issuing Bank
in regards to such Project. Each Letter of Credit shall provide that the available amount thereunder
shall be irrevocably reduced by each Drawing made by the applicable beneficiary pursuant to such Letter of Credit (such amount
for each such Letter of Credit, as so reduced from time to time, outstanding at any time, the “Available
Amount”), subject to Section 2.16(m)
in the case of Letters of Credit issued for subsequent Projects. Each Issuing Bank shall promptly notify the Administrative Agent,
and the Administrative Agent shall promptly notify the Lenders, of any changes in the Available Amount of the Letter of Credit
issued by it or the expiration date of any Letter of Credit; provided,
however, that the failure to give such notice, or notice of a Drawing, shall not limit or impair the rights of such
Issuing Bank hereunder and under the Loan Documents.

 

(iii)        No Issuing Bank shall at any time be obligated to issue any Letter of Credit
if such issuance would conflict with, or cause such Issuing Bank to exceed any limits imposed by, any applicable Governmental Rule
or if the issuance of such Letter of Credit would violate one or more policies of the Issuing Bank now or hereafter applicable
to letters of credit generally.

 

(b)          Procedure
for Issuance of Letters of Credit. The Borrower may request that an Issuing Bank
issue the applicable Letter of Credit by delivering to such Issuing Bank and the Administrative Agent, at the applicable addresses
for notices specified herein, a LC Issuance Notice, substantially in the form of Exhibit
G, and a letter of credit application in such Issuing Bank’s standard form in connection with any request for
a letter of credit, completed to the satisfaction of such Issuing Bank, and such other certificates, documents and other papers
and information as such Issuing Bank may request. Upon receipt of such LC Issuance Notice and such application and the satisfaction
of the conditions precedent in Section
3.3 and Section 3.4 in respect of
such Project, such Issuing Bank will process such application and the certificates,
documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures
and shall promptly issue such Letter of Credit requested thereby (but in no event shall such Issuing Bank be required to issue
such Letter of Credit earlier than three (3) Business Days after its receipt of the LC Issuance Notice and

 

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application therefor
and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such
Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by such Issuing Bank and the Borrower. Each Issuing
Bank shall furnish a copy of the Letter of Credit issued by it to the Borrower and the Administrative Agent promptly following
the issuance thereof. Such Issuing Bank shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish
to the Lenders, notice of the issuance of such Letter of Credit.

 

(c)          Fees
and Other Charges. In addition to the fees payable pursuant to Section
2.6, the Borrower shall pay or reimburse each Issuing Bank for such normal and customary costs and expenses as are incurred
or charged by such Issuing Bank in issuing, negotiating, effecting payment under, amending or otherwise administering the Letter
of Credit issued by it.

 

(d)          Drawings.
In the event that a Drawing is made on any Letter of Credit on or prior to the applicable LC Commitment Termination Date, (i) the
applicable Issuing Bank shall promptly notify the Borrower and the Administrative Agent, and the Administrative Agent shall notify
the Lenders, of such Drawing, and (ii) any payment by such Issuing Bank of such Drawing shall, to the extent provided in Section
2.16(e) below, constitute the making by such Issuing Bank of a LC Loan to the Borrower in the amount of such Drawing.
In such event, any Issuing Bank making a LC Loan shall be entitled to the same rights and remedies in respect of such LC Loans
as any Lender that has made a Construction Loan has in respect of such Construction Loans hereunder. All such LC Loans made with
respect to Drawings under the related Letter of Credit under this Section
2.16 shall be secured by the Security Documents as if made directly to the Borrower.

 

(e)          Reimbursement
Obligation of the Borrower.

 

(A)          If
a Drawing is paid under any Letter of Credit, the Borrower shall reimburse the applicable Issuing Bank for the amount of
such Drawing so paid by paying to the Issuing Bank an amount equal to such Drawing in Dollars, no later than 3:00 p.m., New
York City time, on the Business Day immediately following the date the Borrower receives notice thereof, subject to this Section 2.16(e).
So long as no Event of Default has occurred and is continuing, if any Drawing is paid under any Letter of Credit issued by
the related Issuing Bank, the payment by such Issuing Bank of such Drawing shall constitute the making of a DSR LC Loan or
Project LC Loan, as applicable, by such Issuing Bank to the Borrower in the amount of such Drawing, and to the extent so
financed, the Borrower’s Reimbursement Obligations shall be discharged and replaced by the resulting LC Loans. In
addition, regardless of whether a DSR LC Loan or Project LC Loan is made, the Borrower shall reimburse such Issuing Bank for
any taxes, fees, charges or other costs or expenses incurred by such Issuing Bank in connection with the payment of any such
Drawing not later than 12:00 Noon, New York City time, on (i) the Business Day that the Borrower receives notice of such
Drawing, if such notice is received on such day prior to 10:00 A.M., New York City time, or (ii) if clause (i) above
does not apply, the Business Day immediately following the day that the Borrower receives such notice. Each such payment
shall be made to the applicable Issuing Bank at its address for notices referred to herein in

 

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Dollars and in immediately
available funds. Interest shall be payable on any LC Loans made by any Issuing as a result of any Drawing from the date on
which the relevant Drawing is paid until payment in full.

 

(B)          If the Borrower fails to reimburse the Issuing Bank for any payment made by any Issuing Bank for any Drawing (other than
the funding of such Drawing with LC Loans as contemplated above) such payment shall not constitute a Loan and shall not relieve
the Borrower of its Reimbursement Obligations with respect to such Drawing (the “Unreimbursed Amount”) except
to the extent such Drawing is funded with an LC Loan.

 

(f)          Obligations
Absolute. The Borrower’s obligations under this Section
2.16 shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim
or defense to payment that the Borrower may have or have had against any Issuing Bank, the beneficiary of any Letter of Credit
or any other Person or the occurrence or continuance of a Default or Event of Default. The Borrower also agrees with the Issuing
Banks that the Issuing Banks shall not be responsible for, and the Borrower’s Reimbursement Obligations shall not be affected by,
among other things, the validity or genuineness of documents (including, without limitation, any Letter of Credit or this Agreement
or any other Loan Document) or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent
or forged, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party to which
any Letter of Credit may be transferred or any claims whatsoever of the Borrower against any beneficiary of any Letter of Credit
or any such transferee. No Issuing Bank shall be liable for any error, omission, interruption or delay in transmission, dispatch
or delivery of any message or advice, however transmitted, in connection with the related Letters of Credit, except for errors
or omissions found by a final and non-appealable decision of a court of competent jurisdiction to have resulted from the gross
negligence or willful misconduct of such Issuing Bank. The Borrower agrees that any action taken or omitted by any Issuing Bank
under or in connection with the related Letter of Credit or the related drafts or documents, if done in the absence of gross negligence
or willful misconduct, shall be binding on the Borrower and shall not result in any liability of any Issuing Bank to the Borrower.

 

(g)          Letter
of Credit Payments. If any draft shall be presented for payment under any Letter
of Credit, the applicable Issuing Bank shall promptly notify the Borrower of the date and amount thereof. The responsibility of
any Issuing Bank to the Borrower in connection with any draft presented for payment under the applicable Letter of Credit shall,
in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents
(including each draft) delivered under the such Letter of Credit in connection with such presentment are substantially in conformity
with the such Letter of Credit.

 

(h)          Applications.
To the extent that any provision of any letter of credit application or other agreement submitted by the Borrower to, or
entered into with, any Issuing Bank related to the applicable Letter of Credit is inconsistent with the provisions of this
Agreement, the provisions of this Agreement shall control.

 

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(i)           LC
Loan Interest. The Borrower shall pay interest with respect to all LC Loans resulting
from all Drawings pursuant to Section
2.13; provided,
however,
upon the occurrence of any Drawing, the Borrower shall be deemed to have elected the interest rate based on the then-applicable
Base Rate. Thereafter, LC Loans may from time to time be LIBOR Loans or Base Rate Loans, as determined by the Borrower and notified
to the Administrative Agent in accordance with Section
2.11.

 

(j)           Interim
Interest. If any Issuing Bank shall make any payment in respect of a Drawing,
then, unless the Borrower shall reimburse such Drawing in full on the date such Drawing is made, the unpaid amount thereof shall
bear interest, for each day from and including the date such Drawing is made to but excluding the date that the Borrower reimburses
such Drawing (including by the making of an LC Loan), at the rate per annum then applicable to Base Rate Loans; provided
that if such Drawing is not reimbursed by the Borrower when due pursuant to Section
2.16(e), then Section
2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing
Bank.

 

(k)          Return
of Letters of Credit. On the day that any Letter of Credit expires by its terms,
the Borrower shall cause the original of such Letter of Credit to be returned by the applicable beneficiary to such Issuing Bank.

 

(l)           Modifications
and Supplements. The issuance by an Issuing Bank of any modification or supplement
to any Letter of Credit (other than a reduction or release thereof or as contemplated by Section 2.16(m)) in accordance with this
Agreement shall be subject to the same conditions as are applicable under this Section
2.16 and Section
3.4 to the issuance of new Letters of Credit, and no such modification or supplement shall be issued hereunder unless
either (i) the respective Letter of Credit affected thereby would have complied with such conditions had it originally been issued
hereunder in such modified or supplemented form or (ii) the applicable Issuing Bank shall have consented thereto.

 

(m)         Adjustments
to Amounts Available for Drawing. To the extent that any time prior to November
4, 2020 (i) any Letter of Credit issued for a Project is (A) returned by the Beneficiary thereof and requested to be cancelled
by the Beneficiary thereof; (B) expires by its terms or (C) drawn and then such resulting Reimbursement Obligation or LC Loan,
as applicable, is fully repaid, then, in each such case, the LC Commitment of the Issuing Bank and the Lenders shall be increased
(aa) by the stated amount of such cancelled or returned LC and (bb) by the amount of the Reimbursement Obligations paid or LC Loans
paid, in each such case, by the Borrower. After such LC Commitment is increased, such LC Commitment shall be available to be allocated
by the Borrower to new Projects pursuant to and in accordance with the terms hereof. 

 

(n)          Resignation
as Issuing Bank. Any Issuing Bank may, upon thirty (30) days’ notice to the Administrative
Agent, the Lenders and the Borrower, resign as an Issuing Bank. In the event of any such resignation as an Issuing Bank, Borrower
shall be entitled to appoint from among the Lenders a successor Issuing Bank hereunder; provided, however, that no failure by
Borrower to appoint any such successor shall affect the resignation of any Issuing Bank. When an Issuing Bank resigns as an Issuing
Bank, it shall retain all of the rights, powers, privileges and duties of an Issuing Bank hereunder with respect to all Letters
of Credit 

 

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that it issued, including Letters of Credit outstanding as of the effective date of its resignation as Issuing Bank
and all LC Obligations with respect thereto. Upon the appointment of a successor Issuing Bank by the Borrower, (a) such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the resigning Issuing Bank as the
case may be, (b) the successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding
at the time of such succession or make other arrangements satisfactory to the applicable Issuing Bank to effectively assume the
obligations of such Issuing Bank with respect to such Letters of Credit and (c) the resigning Issuing Bank shall assign its LC
Commitment to issue Letters of Credit to such successor Issuing Bank.

 

(o)          Cash
Collateralization. In the event that:

 

 (i)
any Event of Default shall occur and be continuing, (i) in the case of an Event of Default described in Section
7.5 on the Business Day or (ii) in the case of any other Event of Default, on the third Business Day, following the
date on which the Borrower receives notice from the Administrative Agent on behalf of the Issuing Bank demanding the deposit of
cash collateral pursuant to Section
7, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent
and for the benefit of the Issuing Banks, an amount in cash equal to the sum of (A) 105% of the total Available Amounts of the
Letters of Credit and LC Obligations as of such date plus (B) any accrued and unpaid interest thereon (the “Cash Collateral”);
provided that, upon the occurrence of any Event of Default with respect to the Borrower described in Section
7.5, the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become
immediately due and payable in Dollars, without demand or other notice of any kind. The Borrower also shall deposit cash collateral
pursuant to this paragraph as and to the extent required by Section
2.8. Each such deposit pursuant to this paragraph or pursuant to Section
2.8 shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the
Borrower under this Agreement. The Borrower hereby grants to the Administrative Agent,
for the benefit of each Issuing Bank, and agrees to maintain, a first priority security interest in all such Cash
Collateral as security and the Administrative Agent shall have exclusive dominion
and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment
of such deposits, which investments shall be made at the option and sole discretion of (i) for so long as an Event of Default
shall be continuing, the Administrative Agent and (ii) at any other time, the Borrower, in each case, in Permitted Investments
and at the risk and expense of the Borrower, such deposits shall not bear interest. Interest or profits, if any, on such investments
shall accumulate in such account. Moneys in such account shall be applied
by the Administrative Agent to reimburse the applicable Issuing Banks for payments in respect of Drawings for which such Issuing
Banks has not been repaid and, to the extent not so applied, shall be held for the satisfaction of the Reimbursement Obligations
of the Borrower in respect of the applicable Letters of Credit at such time or, if the maturity of the Loans has been accelerated
(but subject to the consent of the Required Lenders in accordance with Section
7.18), be applied to satisfy other obligations of the Borrower under this  Agreement. If the Borrower is required to provide an amount of cash collateral
hereunder as a result of the occurrence of an

 

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Event of Default, such amount (to the extent not applied as aforesaid) shall be
returned to the Borrower within three (3) Business Days after all Events of Default have been cured or waived. If the Borrower
is required to provide an amount of cash collateral pursuant to Section
2.8, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower as and to the extent that,
after giving effect to such return, the Borrower would remain in compliance with Section
2.8 and no Event of Default shall have occurred and be continuing.

 

(p)          Letters of Credit Issued for Borrower Parties. Notwithstanding that a Letter of Credit
issued or outstanding hereunder is in support of any obligations of a Borrower Party, subject to Section 2.16(e), Borrower shall
be obligated to reimburse the applicable Issuing Bank hereunder for any and all Drawings under such Letter of Credit. The Borrower
Party and the Pledgors acknowledge that the issuance of Letters of Credit in support of the obligations of the Borrower Parties
inures to the benefit of the Borrower and such Pledgor and the Borrower’s business
derives substantial benefits from the businesses of such Borrower Parties.

 

(q)          Applicability of ISP. Unless otherwise expressly agreed by the applicable Issuing
Bank and Borrower, when a Letter of Credit is issued or when it is amended with the consent of the beneficiary thereof, the rules
of the ISP shall apply to each standby Letter of Credit and as to all matters not governed thereby, the law of the State of New
York. Notwithstanding the foregoing, no Issuing Bank shall be responsible to the Borrower for, and each Issuing Bank’s rights
and remedies against Borrower shall not be impaired by, any action or inaction of such Issuing Bank or permitted under any law,
order or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the law or any
order of a jurisdiction where such Issuing Bank or the beneficiary is located, the practice stated in the ISP, or in the decisions,
opinions, practice statements or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade-International
Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice,
whether or not any Letter of Credit chooses such law or practice.

 

(r)           The effectiveness of any non-renewal, cancellation or non-issuance
of any Letter of Credit pursuant to Sections 2.16(a)(ii) or 2.16(a)(iii) shall be conditioned upon the delivery of
at least 90-days advance written notice (or shorter advance written notice if it relates to non-issuance) from the relevant Issuing
Bank of the relevant Letter of Credit to the Borrower regarding the same (an “LC Notice”).  In the event
that any Issuing Bank has delivered an LC Notice, the Borrower shall have the right to replace the Issuing Bank pursuant to the
terms of this paragraph (r).  In the event that the Borrower elects to exercise its rights to replace the Issuing Bank, it
shall first deliver a notice to the relevant Issuing Bank then party to this Agreement requesting that one of the other existing
Lenders replace the terminating Issuing Bank of the relevant Letter of Credit, as may be the case.  If an existing Lender
agrees to replace the such Issuing Bank on the same terms as those provided by the Issuing Bank of the relevant Letter of Credit
being replaced, then the Issuing Bank of the relevant Letter of Credit being replaced shall assign, and such existing other Lender
shall accept, the assignment of the role of the Issuing Bank of the relevant Letter of Credit and related LC Obligations together
with all (and not less than all) of the LC Commitments held by such Issuing Bank pursuant to documentation reasonably acceptable
to the parties to such assignment and the Borrower. If no existing Lender

 

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has agreed to replace such Issuing Bank
of the relevant Letter of Credit within 30 days of such request by the Borrower, then the Borrower may elect to have a financial
institution that is not an existing Lender replace the terminating Issuing Bank of the relevant Letter of Credit through an assignment
by the Issuing Bank of its LC Commitments and Letters of Credit in accordance with this Agreement (however, no consent of the
Administrative Agent shall be required) and the Issuing Bank of the relevant Letter of Credit being replaced shall assign all
(and not less than all) of its LC Commitments and Letters of Credit pursuant to documentation reasonably acceptable to the parties
to such assignment.

 

2.17        General Loan Funding Terms; Pro Rata Treatment
and Payments.

 

(a)          (i) Each Notice of Borrowing and notice of conversion of Loans shall be delivered to the
Administrative Agent in accordance with the notice provisions of Section 9.2. The Administrative Agent shall promptly notify
each Lender of the contents of such notices.

 

(ii)         No later than 1:00 P.M., New York time, on a date of a requested Borrowing set forth in
a timely delivered Notice of Borrowing, if the applicable conditions precedent listed in Section 3.1, Section 3.2
and Section 3.3 have been satisfied or waived, each Lender shall make available the Loans, as applicable, requested in the
Notice of Borrowing in Dollars and in immediately available funds, and shall deposit such funds into the Construction Account for
the applicable Project for immediate application pursuant to the Depositary Agreement.

 

(iii)        [Intentionally Omitted].

 

(b)          Each Borrowing by the Borrower from the Lenders hereunder and each payment by the Borrower
on account of any commitment fee shall be made pro rata according to the respective Proportionate Shares of such Loans, as the
case may be, of the relevant Lenders.

 

(c)          Each payment (except as otherwise set forth in Sections 2.7, 2.8 and 2.9)
by the Borrower on account of principal of and interest on the Construction Loans shall be made pro rata according to the respective
outstanding principal amounts of such Loans then held by the Lenders.

 

All payments (including prepayments) to
be made by the Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be made without setoff or
counterclaim and shall be made prior to 10:00 A.M., New York time, on the due date thereof to the Administrative Agent for the
account of each Agent and each Lender and each Issuing Bank (as the case may be) at its account identified in Annex 1 from
time to time, in Dollars and in immediately available funds. The Administrative Agent shall distribute such payments to each relevant
Person promptly upon receipt in like funds as received, net of any amounts owing by such Lender pursuant to Section 9.8.
If any payment hereunder (other than payments on the LIBOR Loans) becomes due and payable on a day other than a Business Day, such
payment shall be extended to the next succeeding Business Day. In the case of any extension of any payment of principal pursuant
to the preceding sentence or the definition of Interest Period, interest thereon shall be payable at the then applicable rate during
such extension.

 

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(d)          Unless
the Administrative Agent shall have been notified in writing by any Lender prior to a Borrowing that such Lender will not make
the amount that would constitute its share of such Borrowing available to the Administrative Agent, the Administrative Agent may
assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance
upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative
Agent by the required time on the Borrowing date therefor, such Lender shall pay to the Administrative Agent, on demand, such
amount with interest thereon, at a rate equal to the greater of (i) the Federal Funds Effective Rate and (ii) a rate determined
by the Administrative Agent in accordance with banking industry rules on interbank compensation, for the period until such Lender
makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any
Lender with respect to any amounts owing under this paragraph shall be conclusive in the absence of manifest error. If such Lender’s
share of such borrowing is not made available to the Administrative Agent by such Lender within three (3) Business Days after
such Borrowing date, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate
per annum applicable to Base Rate Loans, on demand, from the Borrower.

 

(e)          Unless the Administrative Agent shall have been notified in writing by the Borrower prior
to the date of any payment due to be made by the Borrower hereunder that the Borrower will not make such payment to the Administrative
Agent, the Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may, but shall
not be required to, in reliance upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding
amount. If such payment is not made to the Administrative Agent by the Borrower within three (3) Business Days after such due date,
the Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available
pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal
Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the
Borrower.

 

(f)           If any Lender shall fail to make any payment required to be made by it pursuant to Sections
2.17(d), 2.17(e) or 9.8, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision
of this Agreement), apply any amounts thereafter received by the Administrative Agent or the Issuing Banks for the account of such
Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid, provided,
for the avoidance of doubt, notwithstanding the application of amounts received from the Borrower (including in respect of Debt
Service, interest payments, fee payments or other obligations) to satisfy such Lender’s obligations, the receipt of payments
from the Borrower will credit the obligations of the Borrower so paid.

 

2.18        Inability to Determine Interest Rate.
If prior to the first day of any Interest Period:

 

(a)          the Administrative Agent shall have determined (which determination shall be conclusive
and binding upon the Borrower) that, by reason of circumstances affecting the

 

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relevant market, adequate and reasonable means do
not exist for ascertaining the LIBOR Rate for such Interest Period, or

 

(b)          the
Administrative Agent shall have received notice from the Required Lenders that the LIBOR Rate determined or to be determined for
such Interest Period will not adequately and fairly reflect the cost to such Lenders (as certified by such Lenders) of making
or maintaining their affected Loans during such Interest Period, the Administrative Agent shall give telecopy or telephonic notice
thereof to the Borrower and the relevant Lenders as soon as practicable thereafter. If such notice is given (x) any LIBOR Loans
requested to be made on the first day of such Interest Period shall be made as Base Rate Loans, (y) any Loans that were to have
been converted on the first day of such Interest Period to LIBOR Loans shall be continued as Base Rate Loans and (z) any outstanding
LIBOR Loans shall be converted, on the last day of the then-current Interest Period, to Base Rate Loans. Until such notice has
been withdrawn by the Administrative Agent (at the direction or with the consent of such notifying Lenders), no further LIBOR
Loans shall be made or continued as such, nor shall the Borrower have the right to convert Loans to LIBOR Loans.

 

2.19        Legal Requirements.
(a) If the adoption of or any change in any Legal Requirement or in the interpretation or application thereof or compliance by
any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority
made subsequent to the date hereof:

 

(i)          shall subject any Lender to any Tax of any kind whatsoever with respect to this Agreement,
the Letters of Credit, any application with respect to the Letters of Credit or any LIBOR Loan made by it, or change the basis
of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by Section 2.20 and changes
in the net income tax rate, franchise tax rate or branch profits tax rate of such Lender);

 

(ii)         shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or
similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions
of credit by, or any other acquisition of funds by, any office of such Lender that is not otherwise included in the determination
of the LIBOR Rate; or

 

(iii)        shall impose on such Lender any other condition;

 

and the result of any of the foregoing
is to increase the cost to such Lender, by an amount that such Lender deems to be material, of making, converting into, continuing
or maintaining LIBOR Loans or issuing the Letters of Credit, or to reduce any amount receivable hereunder in respect thereof, then,
in any such case, the Borrower shall promptly pay such Lender, upon its demand, any additional amounts necessary to compensate
such Lender for such increased cost or reduced amount receivable. If any Lender becomes entitled to claim any additional amounts
pursuant to this paragraph, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason
of which it has become so entitled.

 

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(b)          If
any Lender shall have determined that the adoption of or any change in any Legal Requirement regarding capital adequacy or in
the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request
or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent
to the date hereof shall have the effect of reducing the rate of return on such Lender’s or such corporation’s capital
as a consequence of its obligations hereunder or under or in respect of the Letters of Credit to a level below that which such
Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s
or such corporation’s policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then
from time to time, after submission by such Lender to the Borrower (with a copy to the Administrative Agent) of a written request
therefor, the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such corporation
for such reduction.

 

(c)          A certificate describing in reasonable detail the basis and calculation of any additional
amounts payable pursuant to this Section submitted by any Lender to the Borrower (with a copy to the Administrative Agent) shall
be conclusive in the absence of manifest error. Notwithstanding anything to the contrary in this Section, the Borrower shall not
be required to compensate a Lender pursuant to this Section 2.19 for any amounts incurred more than nine (9) months prior
to the date that such Lender notifies the Borrower of such Lender’s intention to claim compensation therefor; provided
that, if the circumstances giving rise to such claim have a retroactive effect, then such nine-month period shall be extended to
include the period of such retroactive effect. The obligations of the Borrower pursuant to this Section shall survive the termination
of this Agreement and the payment of the Loans and all other amounts payable hereunder.

 

(d)          For the avoidance of doubt, this Section 2.19 shall apply to all requests, rules,
guidelines or directives concerning capital adequacy issued in connection with the Dodd-Frank Wall Street Reform and Consumer Protection
Act, regardless of the date adopted, issued, promulgated or implemented and this Section shall apply to all requests, rules, guidelines
or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor
or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, regardless of the date enacted,
adopted or issued or implemented.

 

2.20        Taxes.

 

(a)          To the extent permitted by law, payments made by the Loan Parties under this Agreement or
any other Loan Document shall be made free and clear of, and without deduction or withholding for or on account of, any present
or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed,
levied, collected, withheld or assessed by any Governmental Authority, including any interest, additions to tax or penalties applicable
thereto (“Taxes”). If any Taxes, excluding net income taxes, franchise taxes (imposed in lieu of net income
taxes) and branch profits taxes imposed on the Administrative Agent or any Lender as a result of a present or former connection
between the Administrative Agent or such Lender and the jurisdiction of the Governmental Authority imposing such tax or any political
subdivision or taxing authority thereof or therein (other than

 

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any such connection arising solely from the Administrative Agent or such Lender having executed,
delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Loan Document) (“Non-Excluded
Taxes”) or Other Taxes are required to be withheld from any amounts payable to the Administrative Agent or any Lender
hereunder, the amounts so payable to the Administrative Agent or such Lender shall be increased to the extent necessary to yield
to the Administrative Agent or such Lender (after payment of all Non-Excluded Taxes) interest or any such other amounts payable
hereunder at the rates or in the amounts specified in this Agreement, provided, however, that Loan Parties shall not be required
to increase any such amounts payable to any Lender with respect to any Non-Excluded Taxes or Other Taxes (i) that are attributable
to such Lender’s failure to comply with the requirements of paragraph (e) or (f) of this Section, (ii) that are United States
withholding taxes imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement, except
to the extent that such Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts
from the Borrower with respect to such Non-Excluded Taxes pursuant to this paragraph, (iii) that are withholding taxes to the
extent imposed as a result of the Administrative Agent or any Lender designating a different Lending Office (other than at the
request of the Borrower or any of its Affiliates), except to the extent that the Administrative Agent or such Lender was entitled,
immediately prior to the designation, to receive additional amounts from the Borrower with respect to such Non-Excluded Taxes
pursuant to this paragraph or (iv) that are United States withholding taxes imposed under FATCA.

 

(b)          In
addition, the Loan Parties shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

 

(c)          The
Borrower shall indemnify the Administrative Agent, and each Lender, within fifteen (15) days after written demand therefor,
for the full amount of any Non-Excluded Taxes or Other Taxes (including Non-Excluded Taxes or Other Taxes imposed or asserted
on or attributable to amounts payable under this Section 2.20) paid by the Administrative Agent or such Lender and any
penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Non-Excluded Taxes
or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; provided that the
Borrower will not be obligated to indemnify the Administrative Agent or Lender for (A) any penalties, interest or expenses
directly related to Non-Excluded Taxes or Other Taxes, but only to the extent such penalties, interest or expenses are
directly and solely caused by and arise from the indemnitee’s gross negligence, willful misconduct or material breach
of its obligations hereunder, as determined by a final, non-appealable judgment of a court of competent jurisdiction or (B)
with respect to any taxes (i) that are attributable to such Lender’s failure to comply with the requirements of
paragraph (e) or (f) of this Section, (ii) that are United States withholding taxes imposed on amounts payable to such Lender
at the time such Lender becomes a party to this Agreement, except to the extent that such Lender’s assignor (if any)
was entitled, at the time of assignment, to receive additional amounts from the Borrower with respect to such Non-Excluded
Taxes pursuant to this paragraph, (iii) that are withholding taxes to the extent imposed as a result of the Administrative
Agent or any Lender designating a different Lending Office (other than at the request of the Borrower or any of its
Affiliates), except to the extent that the Administrative Agent or such Lender was entitled, immediately prior to the
designation, to receive additional amounts from the Borrower with respect to such Non-Excluded Taxes pursuant to this
paragraph or (iv) that are United States withholding taxes imposed under FATCA. The Administrative

 

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Agent and
each Lender agree to use reasonable efforts to give notice to the Borrower of the assertion of any claim against the Administrative
Agent or such Lender, as applicable, relating to such Non-Excluded Taxes or Other Taxes reasonably promptly after the principal
officer of the Administrative Agent or such Lender responsible for administering this Agreement has actual knowledge of such claim;
provided that the Administrative Agent’s or such Lender’s failure to notify Borrower of such assertion shall not relieve
Borrower of its obligation under this Section 2.20(c). A certificate as to the amount of such payment or liability
delivered to the Borrower by a Lender (with a copy to the Administrative Agent) or by the Administrative Agent on its own behalf
shall be conclusive absent manifest error.

 

(d)          Whenever
any Non-Excluded Taxes or Other Taxes are payable by any Loan Party, as promptly as possible thereafter the Borrower shall send
to the Administrative Agent for its own account or for the account of the relevant Lender, as the case may be, a certified copy
of an original official receipt received by such Loan Party showing payment thereof, if available, or such other evidence of payment
that is reasonably satisfactory to the Administrative Agent or the relevant Lender. If any Loan Party fails to pay any Non-Excluded
Taxes or Other Taxes when due to the appropriate taxing authority or fails to remit to the Administrative Agent the required receipts
or other required documentary evidence, the Borrower shall indemnify the Administrative Agent and the Lenders for any incremental
taxes, interest or penalties that may become payable by the Administrative Agent or any Lender as a result of any such failure.

 

(e)         
To the extent required by this paragraph (e), each Lender (or Transferee) shall deliver
to the Borrower and the Administrative Agent (or, in the case of a Participant, to the Lender from which the related participation
shall have been purchased) either (A) if such Lender or Transferee is a “U.S. Person” as defined in Section 7701(a)(30)
of the Code (a “U.S. Lender”) (other than exempt holders that so certify), two copies of a U.S. Internal Revenue
Service Form W-9 or any successor form, properly completed and duly executed by such U.S. Lender or (B) if such Lender or
Transferee is not a U.S. Lender (a “Non-U.S. Lender”), two copies of either U.S. Internal Revenue Service Form
W-8BEN, Form W-8BEN-E, Form W-8ECI or Form W-8IMY (together with any applicable underlying U.S. Internal Revenue Service forms),
or, in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the
Code with respect to payments of “portfolio interest”, a statement substantially in the form of Exhibit
H to this Agreement and the applicable U.S. Internal Revenue Service Form W-8, or any subsequent versions thereof or successors
thereto, properly completed and duly executed by such Non-U.S. Lender claiming complete exemption from, or a reduced rate of,
U.S. federal withholding tax on all payments by the Borrower under this Agreement and the other Loan Documents. Such forms shall
be delivered by each U.S. Lender or Non-U.S. Lender on or before the date it becomes a party to this Agreement (or, in the case
of any Participant, on or before the date such Participant purchases the related participation) and from time to time thereafter
upon the reasonable request of the Borrower or the Administrative Agent. In addition, each U.S. Lender or Non-U.S. Lender shall
deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Lender, and shall deliver
extensions or renewals thereof as may reasonably be requested by the Borrower or the Administrative Agent. Each U.S. Lender or
Non-U.S. Lender shall promptly notify the Borrower and the Administrative Agent at any time it determines that it is no longer
in a position to provide any previously delivered certificate to the Borrower (or any other form of certification adopted by the
U.S. taxing authorities for such purpose). Notwithstanding any other provision of

 

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this paragraph, a U.S. Lender or Non-U.S. Lender
shall not be required to deliver any form pursuant to this paragraph that such Lender is not legally able to deliver.

 

(f)           A
Lender that is entitled to an exemption from or reduction of non-U.S. withholding tax under the law of the jurisdiction in which
the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall
deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably
requested by the Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such
payments to be made without withholding or at a reduced rate, provided that such Lender is legally entitled to complete,
execute and deliver such documentation
and in such Lender’s judgment such completion, execution or submission would not subject such Lender to any material unreimbursed
cost or would not materially prejudice the legal position of such Lender.

 

(g)          If
a payment made to a Lender would be subject to United States withholding Tax imposed under FATCA if such Lender were to fail to
comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code,
as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law
and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by
the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their
obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to
determine the amount to deduct and withhold from such payment.

 

(h)          If
the Administrative Agent or any Lender determines, in its sole discretion, that it has received a refund of any Non-Excluded Taxes
or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts
pursuant to this Section 2.20, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments
made, or additional amounts paid, by the Borrower under this Section 2.20 with respect to the Non-Excluded Taxes or
Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of the Administrative Agent or such Lender
and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided,
that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower
(plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or
such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority.
This paragraph shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or
any other information relating to its taxes which it deems confidential) to the Borrower or any other Person.

 

(i)           The
agreements in this Section 2.20 shall survive the termination of this Agreement and the payment of the Loans and all other
amounts payable hereunder.

 

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    HoldCo)

 

     

     

    

 

2.21        Indemnity.
The Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense that such
Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or
continuation of LIBOR Loans after the Borrower has given a notice requesting the same in accordance with the provisions of
this Agreement, (b) default by the Borrower in making any prepayment of or conversion from LIBOR Loans after the Borrower has
given a notice thereof in accordance with the provisions of this Agreement or (c) the making of a prepayment of LIBOR Loans
on a day that is not the last day of an Interest Period with respect thereto (“Breakage Costs”).
Such indemnification may include an amount equal to the excess, if any, of (i) the amount of interest that would have
accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment
or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure to
borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each
case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin
included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued
to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank
eurodollar market. A certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender
shall be conclusive in the absence of manifest error. This covenant shall survive the termination of this Agreement and the
payment of the Loans and all other amounts payable hereunder.

 

2.22        Change
of Lending Office. Each Lender agrees that, upon the occurrence of any event
giving rise to the operation of Section 2.19 or 2.20(a) with respect to such Lender, it will, if requested by the
Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office
for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation
is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no economic,
legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations
of the Borrower or the rights of any Lender pursuant to Section 2.19 or 2.20(a).

 

2.23        Replacement
of Lenders. If (a) any Lender requests reimbursement for amounts owing pursuant
to Section 2.19 or 2.20(a) or (b) any Lender defaults in its obligation to make Loans hereunder, the Borrower shall
have the right, exercisable on five (5) Business Days prior written notice delivered to the applicable Lender, to replace such
Lender; provided that (i) such replacement does not conflict with any Governmental Rule, (ii) no Event of Default shall
have occurred and be continuing at the time of such replacement, (iii) prior to any such replacement, such Lender shall have taken
no action under Section 2.22 so as to eliminate the continued need for payment of amounts owing pursuant to Section
2.19 or 2.20(a), (iv) the replacement financial institution shall purchase, at par, all Loans and other amounts owing
to such replaced Lender on or prior to the date of replacement, (v) the Borrower shall be liable to such replaced Lender under
Section 2.21 if any LIBOR Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest
Period relating thereto, (vi) the replacement financial institution shall be reasonably satisfactory to the Administrative Agent,
(vii) such replacement shall be made in accordance with the provisions of Section 9.7 (provided that the Borrower
shall be obligated to pay the registration and processing fee referred to in Section 9.7), (viii) until such

 

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	 	 	CREDIT AGREEMENT (SunPower
    HoldCo)

 

     

     

    

 

time as such replacement shall be consummated, the Borrower shall pay all additional amounts (if any) required pursuant to Section
2.19 or 2.20(a), as the case may be, (ix) any such replacement shall not be deemed to be a waiver of any rights
that the Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender and
(x) in the case of a Lender that is an Issuing Bank, the Letters of Credit issued by such Issuing Bank have expired or have
been terminated unless other arrangements satisfactory to the applicable Issuing Bank have been made in connection therewith.  

 

2.24        Accordion. Subject
to the terms and conditions of this Section 2.24 and so long as no Default or Event of Default has occurred and is continuing
(prior to or in connection with any such increase) and at any time prior to May 4, 2020, the Borrower may, by written notice
to the Administrative Agent and the Lenders request a one-time increase in the Construction Loan Commitments in the
amount not to exceed $100,000,000. Any Lender that has received such a notice may accept or decline such offer in its
sole discretion. To the extent that any Lender agrees to increase its Construction Loan Commitment (in its sole discretion),
(i) the parties hereto shall amend this Agreement accordingly to increase such Lender’s Construction Loan Commitment
and the total Construction Loan Commitment accordingly; (ii) the Borrower shall pay to such Lender any and all fees charged
by such Lender in respect of such additional Commitment; and (iii) if requested by such Lender, Notes evidencing such
increase in the Construction Loan Commitment shall be delivered to such Lender duly executed by the Borrower.

 

2.25        Resizing.

 

(a)          To
the extent that the Borrower causes a Borrower Party to execute Tax Equity Documents after the date of the initial Borrowing of
Construction Loans for a Project and desires the Construction Loan Commitment set forth on Annex 2 and allocated to such Project
to be increased (provided that the Construction Loan Commitment has not otherwise been reduced to zero as of such date), the Administrative
Agent and the Lenders shall agree to amend Annex 2 to increase the Construction Loan Commitment for such Project solely to the
extent following conditions are satisfied by the Borrower: (i) the revised Construction Loan Commitment allocated to such Project
as set forth on Annex 2 shall be determined for such Project based on the debt sizing parameters set forth on Annex 5 (after giving
effect to the deliverables delivered under this Section 2.25) and otherwise satisfactory to the Administrative Agent and the Lenders.
(ii) as of the date the Borrower satisfied the conditions precedent set forth in Section 3.2 with respect to such Project, the
Borrower received the written approval of the Administrative Agent and the Lenders to a term sheet setting forth the terms of
a potential tax equity transaction (that was agreed to by a tax equity investor at such time) that was expected to result in executed
tax equity documents between the applicable Borrower Party and such tax equity investor by no later than 130 days after the initial
Construction Loan was funded for such Project and such tax equity documents have been duly executed and delivered by the applicable
Borrower Party and such tax equity investor, on terms and conditions substantially similar to the terms set forth under such term
sheet, and within the time frame set forth above; and (iii) such tax equity documents shall be in form and substance acceptable
to the Administrative Agent and the Lenders and Schedule 1.1B shall be updated to reflect such tax equity documents as Tax Equity
Documents hereunder.

 

	 	58	 
	 	 	CREDIT AGREEMENT (SunPower
    HoldCo)

 

     

     

    

  

(b)          In
the event that any counterparty to the Tax Equity Documents has failed (giving effect to any cure period provided therein) to
fund when the conditions precedent to such funding have been satisfied under the applicable Tax Equity Documents, the Administrative
Agent shall calculate the difference between the Construction Loan Commitment previously allocated to such Project under Annex
2 and the then applicable Construction Loan Commitment to be allocated to such Project based on the debt sizing parameters set
forth in Annex 5 (excluding any debt sizing provided for the execution of any Tax Equity Documents) and Annex 2 shall be amended
to reflect the updated Construction Loan Commitment allocated to such Project (the “Reduced Commitment”).

 

2.26        Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding
anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the parties
hereto, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document,
to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA
Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)          the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)          the
effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)          
a reduction in full or in part or cancellation of any such liability;

 

(ii)          a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)         the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

ARTICLE
3.

CONDITIONS PRECEDENT

 

3.1          Conditions
Precedent to the Signing Date. The Lenders, the Administrative Agent, and the
Borrower acknowledge and agree that each of the following conditions have been satisfied as of, or prior to, the date hereof:

 

(a)          Delivery
to the Administrative Agent of duly authorized and executed originals of this Agreement.

 

(b)          Each
representation and warranty set forth in the Loan Documents is true and correct on the Signing Date (or, if any representation
or warranty is stated to have been made as of a specific date, as of such specific date).

 

	 	59	 
	 	 	CREDIT AGREEMENT (SunPower
    HoldCo)

 

     

     

    

  

(c)          No
Default or Event of Default has occurred and is continuing or will result from the execution of the Loan Documents on the Signing
Date.

 

(d)          No
Material Adverse Effect or event, condition or circumstance that would reasonably be expected to constitute a Material Adverse
Effect shall have occurred and be continuing.

 

(e)          The
Borrower shall have paid all fees, costs and other expenses and all other amounts then due and payable by the Borrower pursuant
to this Agreement (including Section 9.5), each Agent Fee Agreement and each other fee agreement between any Loan
Party and any Lender or Agent (the “Other Fee Agreements”).

 

(f)           Delivery
by the Borrower to the Administrative Agent of all such documentation and information requested by Administrative Agent and the
Lenders that are necessary (including the names and addresses of the Borrower) for Administrative Agent and the Lenders to identify
the Borrower in accordance with the requirements of the Patriot Act (including the “know your customer” and similar
regulations thereunder).

 

3.2          Conditions
Precedent to the Initial Project Construction Loan Date. The obligation of the
Lenders to make the initial Construction Loan and other extensions of credit with respect to any Project is subject to the prior
satisfaction of the Administrative Agent and the Lenders of each of the following conditions (unless waived in writing by the
Administrative Agent and the Lenders):

 

(a)          Delivery
to the Administrative Agent of duly authorized and executed originals of each Loan Document entered into on the date the initial
Construction Loan is funded hereunder and each other date a Loan is funded, as applicable, including (A) any Construction Loan
Notes and LC Loan Notes requested by Lenders and the Issuing Bank, (B) with respect to any Holdco or Project Company, the Guaranty
and Security Agreement, Guaranty, Pledge and Security Agreement, and any amendment to the Security Agreement (to add the pledge
of any additional Holdco), (C) the Depositary Agreement, (D) if required by the Lender, a Consent from the Tax Equity Investor,
(E) except for Small Projects, of a Deed of Trust with respect to the Mortgaged Property related to such applicable Project and
(F) if requested by or on behalf of the Borrower, the Lenders will use commercially reasonable
efforts to enter into an agreement with the Tax Equity Investor containing the terms set forth on Exhibit F (to the extent Tax
Equity Documents for such Project have been duly executed and delivered as of such date), in each such case, in form and substance
acceptable to the Lenders, the Borrower and the Administrative Agent.

 

(b)          Delivery
to the Administrative Agent of a copy of the articles of incorporation, certificate of formation, certificate of limited partnership,
certificate of registration or other formation documents, including all amendments thereto, of each of the applicable Loan Parties,
each certified as of a recent date by the Secretary of State of the state of such Person’s formation or organization, and
a certificate as to the good standing of such Person as of a recent date from such Secretary of State;

 

(c)          Delivery
to the Administrative Agent of a certificate of a Responsible Officer or, if applicable, a Managing Member, of each of the applicable
Loan Parties (certifying as to (A),

 

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	 	 	CREDIT AGREEMENT (SunPower
    HoldCo)

 

     

     

    

 

(B), (C), (D) and (E) below only), dated as of the date of such Borrowing and certifying (A) that attached thereto is a
true and complete copy of the limited liability company operating agreement, bylaws or partnership agreement of such Person
(which shall be in form and substance reasonably satisfactory to the Administrative Agent, the other Agents, and the
Lenders), as in effect on the date of such Borrowing and the date of the resolutions described in clause (B) below, (B)
that attached thereto is a true and complete copy of resolutions duly adopted by the appropriate governing entity or body of
such Person, authorizing the execution, delivery and performance of the Operative Documents to which such Person is a party
and, if applicable, the borrowings hereunder and the granting of the Liens contemplated to be granted by the applicable Loan
Party under the Security Documents (if any), and that such resolutions have not been modified, rescinded or amended and are
in full force and effect, (C) that the articles of incorporation, certificate of formation, certificate of limited
partnership, certificate of registration or other formation documents of such Person have not been amended since the date of
the last amendment thereto shown on the certificate of good standing furnished pursuant to clause (i) above, (D) as to the
incumbency and specimen signature of each officer executing any Operative Document or any other document delivered in
connection herewith on behalf of such Person, and (E) as to the absence of any pending proceeding for the dissolution or
liquidation of such Person or, to the Knowledge of such Secretary or Assistant Secretary, threatening the existence of such
Person; 

 

(d)          Each
document (including any UCC financing statement) required by the Security Documents executed on the date of the initial Construction
Loan hereunder or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to
create in favor of the Collateral Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral described
therein, prior and superior in right to any other Person (subject only to Permitted Liens that, pursuant to applicable law, are
entitled to a higher priority than the Lien of the Collateral Agent) shall be in proper form for filing, registration or recordation.

 

(e)          Delivery
to the Collateral Agent of (i) the certificates representing the shares of Capital Stock pledged pursuant to the Pledge Agreement,
the Security Agreement and the Guaranty, Pledge and Security Agreement and any amendment to the Security Agreement being executed
on such Borrowing date, together with an undated stock power for each such certificate executed in blank by a duly authorized
officer of the applicable Holdco, the Borrower and the Pledgor, as applicable and (ii) each promissory note (if any) pledged to
the Collateral Agent pursuant to the Security Documents endorsed (without recourse) in blank (or accompanied by an executed transfer
form in blank) by the pledgor thereof.

 

(f)           Delivery
to the Administrative Agent of the results of a recent lien search in each of the jurisdictions where assets of the Borrower and
Pledgor are located, and such searches shall reveal no Liens on any of the assets of the Borrower or Pledgor except for Permitted
Liens or Liens discharged on or prior to such Borrowing Date pursuant to documentation satisfactory to the Administrative Agent
and the Lenders. Delivery to the Administrative Agent of the results of a recent lien search in each of the jurisdictions where
assets of the Borrower (if the Security Agreement is being amended), the applicable Holdco and the applicable Project Company
are located, and such searches shall reveal no Liens on any of the assets of the Borrower, the applicable Holdco or the applicable
Project Company except for Permitted Liens pursuant to documentation satisfactory to the Administrative Agent and the Lenders.

 

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	 	 	CREDIT AGREEMENT (SunPower
    HoldCo)

 

     

     

    

  

(g)          The
Collateral Accounts shall have been established in compliance with this Agreement and the Depositary Agreement.

 

(h)          Delivery
to the Administrative Agent of the unaudited pro forma balance sheet of the Borrower as of the such Borrowing Date (including
the notes thereto), which balance sheet shall have been prepared giving effect (as if such events had occurred on such date) to
(i) the Construction Loans to be made hereunder on the date hereof and the use of proceeds thereof and (ii) the payment of fees
and expenses in connection with the foregoing.

 

(i)           Delivery
to the Administrative Agent and the Collateral Agent of opinions, dated as of such Borrowing Date of:

  

(i)           with
respect to the first Borrowing hereunder, a New York law opinion of Chadbourne & Parke, LLP, special counsel for the Loan
Parties, in form and substance satisfactory to the Administrative Agent, the Collateral Agent, and the Lenders, addressing such
matters as the Administrative Agent and the Collateral Agent may request;

 

(ii)          an
opinion of Chadbourne & Parke, LLP or other counsel acceptable to the Administrative Agent, special counsel for any Loan Party,
in form and substance satisfactory to the Administrative Agent, the Collateral Agent, and the Lenders, addressing such matters
as the Administrative Agent and the Collateral Agent may request in connection with any Loan Document executed (or amended) after
the first Borrowing hereunder;

 

(iii)         with
respect to Large Projects, special counsel for each Holdco, Project Company and the Borrower in form and substance satisfactory
to the Administrative Agent, the Collateral Agent, and the Lenders, addressing such matters as the Administrative Agent and the
Collateral Agent may request, including a New York law opinion, and an opinion addressing the relevant Material Project Documents
for such Project, federal and state energy and regulatory matters and, for ground-mounted Projects, environmental matters and
certain permitting matters, in each case, relevant to the Project Company and each applicable Project; and

 

(iv)         such
other legal opinions as the Administrative Agent may reasonably request, including, except with respect to Small Projects, opinions
from counsel to the Material Project Participants that are party to a Power Purchase Agreement or EPC Agreement.

 

(j)           Delivery
to the Administrative Agent of updates to the following Exhibits, Schedules and Annexes with respect to such Project, which shall
each be in form and substance acceptable to the Administrative Agent and the Lenders: (i) Exhibit E; (ii) Schedules
1.1B; 1.1C; 4.15; 4.19(a), (c) and (c); 4.34(a) and (b); and Annexes 2
and 3. 

 

(k)          Delivery
to the Administrative Agent of the Construction Budget and Schedule and the Base Case Model (each certified, by a Responsible
Officer of the Borrower, as having been prepared in good faith) applicable to such Project, in form and substance satisfactory
to the Administrative Agent, the Lenders and the Independent Engineer; provided, however, that such

 

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	 	 	CREDIT AGREEMENT (SunPower
    HoldCo)

 

     

     

    

 

Base Case Model
shall contain pro forma projections for a period of 20 years from the projected commercial operation date under the Power Purchase
Agreement for such Project and shall demonstrate, based on the assumptions contained therein, that the Borrower has sufficient
funds pursuant to the Construction Loan Commitments allocated to such Project and Equity Commitment allocated to such Project
to achieve COD and Final Completion for such Project.

 

(l)           Delivery
to the Administrative Agent of a certificate issued by the Secretary of State of the State of state the Project is located in
certifying that the applicable Project Company is authorized to transact business in such state.

 

(m)         Delivery
to the Administrative Agent of a true, complete and correct copy of each Material Project Document and any existing
supplements or amendments thereto related to such Project, all of which Material Project Documents and
supplements or amendments thereto shall be satisfactory in form and substance to the Administrative Agent, and the Lenders,
shall have been duly authorized, executed and delivered by the parties thereto, and all of which Material Project Documents
shall be in full force and effect on the applicable Borrowing Date and shall be certified by a Responsible Officer of the
Borrower as being true, complete and correct copies and in full force and effect pursuant to the certificate referred to in Section
3.2(o), below, and delivery to the Administrative Agent of a certificate of a Responsible Officer of the Borrower, that
to the best of the Borrower’s Knowledge no party to any such Material Project Document is, or but for the passage of
time or giving of notice or both will be, in material breach of any obligation thereunder; provided, however,
that with respect to Small Projects, if the Borrower certifies that the form of any such Material Project Document (excluding
any Tax Equity Document) is in the form attached hereto as Exhibit O, such Material Project Document shall be deemed
satisfactory to the Administrative Agent and the Lenders.

 

(n)          Except
for Small Projects, deliver to the Administrative Agent and the Title Company an ALTA/ACSM survey of the land and improvements
constituting the Mortgaged Property certified to the Administrative Agent and the Title Company in a manner satisfactory to them,
dated within thirty (30) days of the Borrowing Date, prepared by an independent professional licensed land surveyor satisfactory
to the Administrative Agent and the Title Company and in form and substance satisfactory to the Administrative Agent and the Title
Company; provided, however, that for rooftop projects, delivery of a “site plan” showing the proposed improvements
shall satisfy the above requirement.

 

(o)          Delivery
to the Administrative Agent of an Initial Project Construction Loan Date certificate, dated as of the Initial Project Construction
Loan Date for each Project, signed by a Responsible Officer of the Borrower, in substantially the form of Exhibit I to
this Agreement.

 

(p)          Each
document (including any UCC financing statement) required by the Security Documents to be executed as of the date of such Borrowing
or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor
of the Collateral Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral described therein, prior and
superior in right to any other Person (subject only to Permitted Liens that, pursuant to applicable law, are entitled to a higher
priority than the Lien of the Collateral Agent) shall be in proper form for filing, registration or recordation and, for each
Project other than a Small Project, the applicable Deed of Trust shall have been duly recorded (or will be duly

 

	 	63	 
	 	 	CREDIT AGREEMENT (SunPower
    HoldCo)

 

     

     

    

 

recorded upon
the date of the Borrowing) within the applicable land records of the county in which each applicable Project is located.

 

(q)          Except
for Small Projects or with respect to individual Project sites that have an expected nameplate capacity to be 2.0 MW dc or
less, the Administrative Agent shall have received in respect of the Mortgaged Property the applicable Title
Policy, which Title Policy shall be in form and substance satisfactory to the Administrative Agent, contain such endorsements
as reasonably requested by the Administrative Agent (including mechanics’ lien endorsement with pending disbursement
coverage such as the FA-61 (a “Mechanics’ Lien Endorsement”), an ALTA 36.6 “Energy Projects -
Encroachment Endorsement” (without any exceptions to full encroachments coverage), and an ALTA 35.2 “Minerals and
Other Subsurface Substance Endorsement” (without any exceptions to full mineral coverage)). The Administrative Agent
shall have received evidence satisfactory to the Administrative Agent, and the Lenders that all premiums in respect of such
Title Policy, all recording tax charges, and related expenses shall have been paid.

 

(r)          With
respect to any Projects that are ground-mounted, the Administrative Agent shall have received (A) a policy of flood insurance
that (1) covers any parcel of real property upon which is located a building that is part of a Project (for clarity, the solar
energy generating systems themselves shall not be considered a “building” in connection with such determination) and
that is located within the Project Site and which is located in an area that has been identified by the Secretary of Housing and
Urban Development as an area having special flood hazards, (2) is written in an amount reasonably satisfactory to the Administrative
Agent, and (3) has a term ending not later than the Construction Loan Maturity Date applicable to such Project.

 

(s)          Except
for Small Projects or with respect to individual Project sites that have an expected nameplate capacity to be 2.0 MW dc or less,
the Administrative Agent shall have received a copy of all recorded documents referred to, or listed as exceptions to title in,
the Title Policy and a copy of all other material documents affecting the Mortgaged Property of which any Borrower Party has any
Knowledge.

 

(t)          Delivery
to the Administrative Agent of counterparty consents or estoppels (the “Consents”) to collateral assignment
of each Material Project Document (including estoppels for the Site Lease Agreements) that the Administrative Agent requests such
a consent for, in each case in form and substance as shall be reasonably satisfactory to the Administrative Agent and the Lenders;
provided, however, that with respect to Small Projects, Consents shall only be required if (i) such Material Project
Document does not expressly allow such contract to be collaterally assigned to lenders and (ii) the result of the Lenders due
diligence with respect to such Material Project Documents requires a Consent to be delivered. The Borrower shall also have provided
notices, in form and substance as shall be reasonably satisfactory to the Administrative Agent and the Lenders, to the Transmission
Utility of the collateral assignment of the Interconnection Agreements then in effect.

 

(u)          Insurance
complying with Schedule 5.4 shall be in full force and effect. With respect to Large Projects, delivery to the Administrative
Agent of the Insurance Consultant’s certificate and the Insurance Consultant’s report to the effect that each Borrower
Party’s insurance policies required for the construction phase of each applicable Project are in full force

 

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	 	 	CREDIT AGREEMENT (SunPower
    HoldCo)

 

     

     

    

 

and effect,
are not subject to cancellation without thirty (30) days’ prior notice (ten (10) days for non-payment of premiums) and otherwise
materially conform with the insurance requirements set forth in Section 5.4(a) and Schedule 5.4 and the Material
Project Documents set forth in the Insurance Consultant’s report, and otherwise in form and substance satisfactory to the
Administrative Agent and the Lenders. With respect to Small Projects, delivery to the Administrative Agent of the an insurance
broker’s letter with respect to each Borrower Party’s insurance policies required for the construction phase of each
applicable Project and the Borrower’s certification that such insurance policies are in full force and effect, are not subject
to cancellation without thirty (30) days’ prior notice (ten (10) days for non-payment of premiums) and otherwise materially
conform with the insurance requirements set forth in Section 5.4(a) and Schedule 5.4 and the Material Project Documents,
and otherwise in form and substance satisfactory to the Administrative Agent and the Lenders.

 

(v)         With
respect to ground-mounted Projects, delivery to the Administrative Agent of the Environmental Site Assessments (in form and substance
acceptable to the Administrative Agent and the Lenders) with respect to such Project, dated no earlier than 180 days prior to
the date of such Borrowing, along with a reliance letter allowing the Administrative Agent to rely on such reports.

 

(w)         With
respect to Large Projects, delivery to the Administrative Agent of the Independent Engineer’s report (in form and substance
acceptable to the Administrative Agent and the Lenders) of its satisfactory review of the applicable Project, such review confirming,
without limitation, the Initial Project Construction Loan Equity Contribution has been previously paid by the Borrower for the
payment of Project Costs related to such Projects, the reasonableness of operating cost, major maintenance assumptions, adequacy
of the proposed construction contingency and the expectation that each applicable Project can support the assumptions set forth
in the Base Case Model pro forma projections, the useful life estimate for each applicable Project, overall design and technical
aspects of each applicable Project, including the adequacy of the construction plan, the equipment and the proposed civil, mechanical
and electrical works, confirming the adequacy of the Environmental Site Assessments (including Equator Principles) and any remediation
programs necessary for such Project, confirming the adequacy of the applicable EPC Agreement and each applicable project schedule
(under the applicable EPC Agreement), the Interconnection Agreements and the other Material Project Documents for such Project
and the ability of the counterparties to execute the construction schedule related to such Project in a timely manner and confirming
that, upon completion of each applicable Project in accordance with the relevant engineering design documentation and plans, each
applicable Project shall be a facility using solar energy to produce electricity and, with respect to rooftop Projects, confirming
the sufficiency of the rooftop structure design.

 

(x)          With
respect to Small Projects, delivery to the Administrative Agent of the Independent Engineer’s report (in form and substance
acceptable to the Administrative Agent and the Lenders) of its satisfactory review of the applicable Project, such review confirming
the reasonableness of operating cost, major maintenance assumptions, adequacy of the proposed construction contingency and the
expectation that each applicable Project can support the assumptions set forth in the Base Case Model pro forma projections, confirming
each applicable project schedule (under the applicable EPC Agreement), and, with respect to rooftop Projects, confirming the sufficiency
of the rooftop structure design.

 

	 	65	 
	 	 	CREDIT AGREEMENT (SunPower
    HoldCo)

 

     

     

    

  

(y)         Delivery
to the Administrative Agent of:

 

(i)           a
solar energy forecast provided by the Solar Resource Consultant as to the adequacy and stability of the solar energy resource
of each applicable Project Site, in form and substance reasonably satisfactory to the Administrative Agent and the Lenders, together
with a reliance letter with respect to the Solar Resource Consultant’s report that shall entitle the Administrative Agent,
the Collateral Agent, and the Lenders to rely upon such report as of such Borrowing Date, and shall be in form and substance reasonably
satisfactory to the Administrative Agent and the Lenders; and

 

(ii)          except
with respect to rooftop Projects, the Transmission Consultant’s report as to the adequacy of transmission capacity for
each applicable Project to deliver all of its expected electrical output (including a curtailment analysis),
shall be in form and substance acceptable to the Administrative Agent and the Lenders, together with a reliance letter with
respect to the Transmission Consultant’s report that shall entitle the Administrative Agent, the Collateral Agent, and
the Lenders to rely upon such report as of such Borrowing Date, and shall be in form and substance reasonably satisfactory to
the Administrative Agent and the Lenders.

 

(z)           The
initial Project Construction Loan certificate delivered pursuant to Section 3.2(k) shall confirm that all insurance
premium payments due and payable as of the date of such Borrowing have been paid or will be paid from proceeds of the
applicable Construction Loan and that the insurance materially complies with the requirements of Section 5.4, Schedule
5.4 and the applicable Material Project Documents. Such insurance shall be in full force and effect and the
Administrative Agent shall have received certified copies of all policies evidencing such insurance (or a binder, commitment
or certificates signed by the insurer or a broker authorized to bind the insurer), in form and substance satisfactory to
Administrative Agent and the Lenders, and a certificate from the Borrower’s insurance broker(s), dated as of the date
of such Borrowing and identifying underwriters, type of insurance, insurance limits and policy terms, listing the special
provisions required as set forth in Schedule 5.4, describing the insurance obtained, stating that the insurance
materially complies with the requirements of Section 5.4, Schedule 5.4 and the applicable Material Project
Documents and stating that such insurance is in full force and effect and that all premiums then due thereon have been
paid.

 

(aa)        Delivery
to the Administrative Agent of true, correct and complete copies of all Applicable Permits required to own, develop, construct
or operate each applicable Project that are identified on Part I of Schedule 4.15, in form and substance reasonably satisfactory
to the Administrative Agent and the Lenders.

 

(bb)       No
action, suit, proceeding or investigation shall have been instituted or threatened, nor shall any rule, regulation, order, judgment
or decree have been issued or proposed to be issued by any Governmental Authority that, (i) could, if such action, suit, proceeding
or investigation were adversely determined, reasonably be expected to have a Material Adverse Effect on any applicable Project
or any Loan Party or (ii) solely as a result of the Borrower Party’s construction, ownership, leasing or operation of each
applicable Project, the sale of electricity therefrom by the applicable Borrower Party, or the applicable Borrower Party’s
entering into of any Operative Document or any transaction contemplated hereby or

 

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    HoldCo)

 

     

     

    

 

thereby,
would cause or deem (A) the Administrative Agent or the other Lenders or any Affiliate of any of them to be subject to, or not
exempt from, regulation under the FPA, PUHCA 2005 or any financial, organizational or rate regulation as a “public utility”
or “electric utility” under applicable state laws and regulations respecting the rates or the financial or organizational
regulation of electric utilities, except as set forth in the proviso set forth in Section 4.10(b); or (B) any Borrower
Party to be subject to, or not exempt from, the federal access to books and records provisions of PUHCA 2005 or under any applicable
state laws and regulations respecting the rates or the financial or organizational regulation of electric utilities except, with
respect to an Affiliate of any Borrower Party, any such state laws or regulations that would not result in a Material Adverse
Effect.

 

(cc)       Delivery
to the Administrative Agent of evidence that all filing, recordation, subscription and inscription fees and all recording and
other similar fees, and all recording, stamp and other taxes and other expenses related to such filings, registrations
and recordings necessary for the consummation of the transactions contemplated by this Agreement and the other Loan Documents
have been paid in full (to the extent the obligation to make such payment then exists) by or on behalf of the Borrower or are
to be paid in full out of the proceeds of the initial Construction Loans being made on such date.

 

(dd)       On
each Initial Project Construction Loan Date, the Borrower shall have paid (or shall simultaneously pay with the proceeds of any
Construction Loans being Borrowed on such date) all fees, costs and other expenses and all other amounts then due and payable
by the Borrower pursuant to this Agreement (including Section 9.5), each Agent Fee Agreement and each Other Fee Agreement.

 

(ee)       Delivery
to the Administrative Agent of a duly executed copy of the notice to proceed required to be issued under the applicable EPC Agreement
or evidence that such notice will be issued upon receipt of the proceeds of the relevant Construction Loan.

 

(ff)         Delivery
by the Borrower to the Administrative Agent of all such documentation and information requested by Administrative Agent and the
Lenders that are necessary (including the names and addresses of the Borrower) for Administrative Agent and the Lenders to identify
each applicable Holdco and Project Company in accordance with the requirements of the Patriot Act (including the “know your
customer” and similar regulations thereunder).

 

(gg)       With
respect to each proposed project, the Administrative Agent and each Lender shall have approved such project, in its discretion,
and each of the Administrative Agent and each Lender shall have authorized such project to be a Project hereunder.

 

(hh)       With
respect to each Project approved by Administrative Agent and the Lenders pursuant to Section 3.2(gg), (i) Administrative
Agent and the Lenders shall have completed, to their satisfaction, their due diligence review of such Project in all respects,
and Borrower shall satisfy any additional conditions precedent requested by the Lenders and Administrative Agent as a result of
such diligence; (ii) the Lenders shall have received any credit approvals needed in respect of such Project; (iii) this Agreement
shall be amended to include any additional provisions, such provisions to be mutually satisfactory to the Borrower and the Lenders
and applicable to a specific Project, required as a result of Lenders’ due diligence with respect to

 

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    HoldCo)

 

     

     

    

 

such specific Project
(iv) in no event shall the expected aggregate nameplate capacity of all Small Projects that have been allocated Loans and Commitments
under this Agreement exceed 10% of the total expected aggregate nameplate capacity of all Projects that have been allocated Loans
and Commitments hereunder; provided, however, that such allowed aggregate nameplate capacity of Small Projects shall
be reduced by the applicable percentage of nameplate capacity that is allocated to Projects set forth in clause (v) below with
respect to Power Purchaser’s that are not Investment Grade; (v) each Power Purchaser shall be Investment Grade, except for
Power Purchaser counterparties to Power Purchase Agreements which are allocated, in the aggregate, less than 10% of the total expected
aggregate nameplate capacity of all Projects that have been allocated Loans and Commitments hereunder; and (vi) Borrower shall
only present two new project to be considered a project hereunder per calendar month and Borrower shall provide all information
related to such proposed project (including all items necessary to satisfy the conditions precedent set forth in this Section
3.2 that are required for completion of Lenders’ credit approval process) at least twenty (20) Business Days prior to
the proposed date of Borrowing (unless otherwise waived by the Administrative Agent and the Lenders); provided, however,
that once every calendar quarter the Borrower may present one additional project in addition to the two projects per calendar month
referred to above.

 

(ii)          With
respect to any Project in respect of which Tax Equity Documents are in full force and effect as of such date, delivery to Administrative
Agent of a reliance letter from the preparer of the cost segregation report and appraisal, in form and substance reasonably satisfactory
to Administrative Agent, along with such cost segregation report and appraisal, in form and substance reasonably satisfactory
to Administrative Agent and the Lenders.

 

(jj)           Evidence that, upon disbursement of the initial Construction Loan, the amounts on deposit
in the Debt Service Reserve Account will be at least equal to the then applicable Debt Service Reserve Requirement.

 

(kk)         In
no event shall the Borrower present any Project that could be allocated Loans and Commitments under Annex 2 in excess of $50,000,000.
All Projects shall be commercial and industrial projects and certain utility-scale projects, in each such case, as approved
by each Lender in accordance with this Section 3.2.

 

(ll)           Prior to the Initial Borrowing of Construction Loans hereunder, the parties to this Agreement
shall have agreed to add the following exhibits, annexes and schedules to this Agreement, in each such case, in form and substance
acceptable to the Administrative Agent, the Lenders and the Borrower: (i) Exhibits E, G, I, J, K, L and M; (ii) Schedules 1.1B;
1.1C; 1.1D; 4.4; 4.13; 4.15; 4.18; 4.19(a),(c) and (e); 4.21; 4.34(a) and (b); 5.4 and (iii) Annexes 2 and 3.

 

(mm)      
For the avoidance of doubt, on or prior to the Initial Borrowing of Construction Loans hereunder,
all Loan Documents not executed on the Signing Date, shall be duly executed and delivered by the parties thereto and in form and
substance satisfactory to the Borrower, Administrative Agent and the Lenders. 

 

3.3           Conditions Precedent to the Construction Loans.
The obligation of the Lenders to make any Construction Loans, including the initial Construction Loan for each Project, is subject
to the prior satisfaction of each of the following conditions (unless waived in writing by the

 

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Administrative Agent and the Required
Lenders or, solely with respect to the initial Construction Loan for each Project, with the consent of all Lenders):

 

(a)           Each representation and warranty of the Loan Parties set forth in the Loan Documents shall
be true and correct in all material respects as of the date of such Borrowing (or, if any representation or warranty is stated
to have been made as of a specific date, as of such specific date), except if such representation is already qualified by
reference to materiality, Material Adverse Effect, or a similar materiality qualifier, in which case such representation and warranty
shall be true and correct without regard to materiality;

 

(b)           No
Default or Event of Default shall have occurred and be continuing or shall occur as a result of the Borrowing of such Construction
Loan;

 

(c)           All
Operative Documents in effect on the date of the applicable Construction Loan shall be in full force and effect;

 

(d)           The
Borrower is in compliance with the applicable Construction Budget and Schedule (or if the Borrower is not in compliance with such
schedule the Independent Engineer has certified that such applicable Project is reasonably likely to achieve COD for such Project
by the Construction Loan Maturity Date for such Project in compliance with the budget aspect of the applicable Construction Budget
and Schedule or, if Project Costs in excess of those contemplated by such budget (including the contingency) are required to be
expended to achieve such COD by such Construction Loan Maturity Date, the Borrower has certified that sufficient funds are available
pursuant to the Construction Loan Commitments allocated to such Project and Equity Commitment to so complete each applicable Project
(or certifying that sufficient funds are available pursuant to such Construction Loan Commitments, Equity Commitment plus any
other irrevocable funding commitment in form and substance acceptable to the Administrative Agent and the Required Lenders for
any shortfall), which in each case shall be satisfactory to the Administrative Agent and the Required Lenders (in consultation
with the Independent Engineer));

 

(e)           Delivery to the Administrative Agent of a Notice of Borrowing in accordance with Section
2.2, which Notice of Borrowing shall include a certification as to certain of the matters set forth in this Section 3.3.

 

(f)            Delivery to the Administrative Agent, no later than six (6) Business Days prior to the requested
borrowing date, of a Construction Requisition (as defined in the Depositary Agreement), dated the date such Construction Loans
are to be made and signed by the Borrower, as to the amount and purpose(s) of the requested borrowing of Construction Loans accompanied
by appropriate invoices or other evidence of payment (or an obligation to make payment) representing Project Costs for such Project
then due and payable to third parties (other than subcontractors) and together with, among other things, a certification that the
proceeds of such Construction Loans shall be used solely for Project Costs for such Project set forth in the applicable Construction
Budget and Schedule, or otherwise as permitted under this Agreement, and further certifying that sufficient funds are available
pursuant to the Construction Loan Commitments (prior to being fully utilized) allocated to such Project, Equity Commitment to complete
each applicable Project and achieve Substantial Completion for such Project (or

 

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certifying that sufficient funds are available
pursuant to the Construction Loan Commitments allocated to such Project (prior to being fully utilized), Equity Commitment plus
any other irrevocable funding commitment in form and substance acceptable to the Administrative Agent and the Required Lenders
for any shortfall).

 

(g)           The
Independent Engineer shall have reviewed the Borrower’s certificates and supporting invoices or other evidence of payment
(or an obligation to make payment) and other information referred to in Section 3.3(f), above, and shall have delivered
an IE Requisition Certificate (as defined in the Depositary Agreement) to the Administrative Agent no later than five (5) Business
Days prior to the requested borrowing date approving the Borrower’s certificates and invoices or other evidence of payment.

 

(h)           Delivery
to the Administrative Agent of duly executed acknowledgements of payments and releases of mechanics’ and materialmen’s
liens, (i) with respect to any payment to the EPC Contractor and all contractors and materialmen of each applicable Project Company
to the extent such payment, either alone or when combined with all payments previously made to such the EPC Contractor or contractor
or materialman, exceeds $250,000, in a form reasonably satisfactory to the Administrative Agent, from the EPC Contractor or all
contractors and materialmen for all work, services and materials, including equipment and fixtures of all kinds, done, previously
performed or furnished for the construction of each applicable Project, and (ii) with respect to any payment made to any subcontractor
of any contractor referred to in clause (i), to the extent such payment, either alone or when combined with all payments previously
made to such subcontractor, exceeds $250,000.

 

(i)            All Applicable Permits with respect to the construction and operation of each applicable
Project required to have been obtained by the date of such Construction Loans from any Governmental Authority shall have been issued
and, except as provided on Schedule 4.15, shall be in full force and effect and no appeal of such Applicable Permits shall
be pending and all statutorily prescribed appeal or rehearing periods with respect to the issuance of such Applicable Permits have
expired, and such Permits shall not be subject to any unsatisfied conditions that were required to be satisfied on or before the
date of such Construction Loan and that would reasonably be expected to allow for material adverse modification or revocation.
The Borrower shall be in material compliance with all Applicable Permits. With respect to any of the Applicable Permits not yet
required, the Administrative Agent shall have concluded (acting reasonably) that there is no reason to believe that any such Applicable
Permits will not be obtained by the time required, all of which shall be reasonably satisfactory to the Administrative Agent (in
consultation with the Independent Engineer).

 

(j)            All
of the Operative Documents (including the corresponding consents to collateral assignment in the case of any Additional Project
Agreement entered into after the date of this Agreement to the extent consents to collateral assignment are required pursuant
to Section 6.10) that were not in effect as of the date of any previous Borrowing and that are required, in connection
with the development and construction of such applicable Project, to be executed and delivered on or prior to the date of such
Construction Loans shall be in full force and effect and in a form, including any change or amendment thereto made since the respective
dates of their execution and delivery, approved by the Required Lenders, unless approval of such

 

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form, change or amendment was
not required in accordance with Section 6.8 or 6.10 or otherwise pursuant to this Agreement.

 

(k)           If at the time of making the Construction Loans such applicable Project shall have been
materially damaged by flood, fire or other casualty, the Administrative Agent shall have received insurance proceeds or money or
other assurances sufficient in the reasonable judgment of the Administrative Agent (acting at the direction of the Required Lenders),
Insurance Consultant and the Independent Engineer to assure restoration and Substantial Completion for such Project on or prior
to the Construction Loan Maturity Date for such Project.

 

(l)            There
has not been any uncured default under any Material Project Document, Applicable Permit, certificate, insurance policy or any
other similar approval or agreement that would reasonably be expected to have a Material Adverse Effect.

 

(m)          Except
in respect of the initial Construction Loan for such Project and except for Small Projects or with respect to individual Project
sites that have an expected nameplate capacity to be 2.0 MW dc or less, receipt by the Administrative Agent of a Mechanics’
Lien Endorsement to the applicable Title Policy after delivery by the Borrower to the Title Company of all deliverables and any
other items required by the Title Company to issue such endorsement. Each Mechanics’ Lien Endorsement shall (i) show that
since the effective date of such Title Policy (or the effective date of the last such endorsement, if any) there has been no change
in the status of the applicable Project Company’s title to the applicable Project Site and no new Lien thereon other than
matters constituting Permitted Liens, (ii) state the amount of coverage then existing under the Mechanics’ Lien Endorsement
to such Title Policy which shall be not less than the total of all disbursements of the Construction Loan allocated to such Project,
including the disbursement which is being made concurrently with the reissuance of such endorsement and (iii) updating the “Date
of Coverage” (as defined in the Mechanics’ Lien Endorsement) to the date of such disbursement.

 

(n)           No
Material Adverse Effect, or event, condition or circumstance that would reasonably be expected to constitute a Material Adverse
Effect, shall have occurred and be continuing for which adequate provision reasonably satisfactory to the Administrative Agent
has not been made.

 

(o)           No party to any Tax Equity Document is in default of any material obligation thereunder.
Borrower shall certify that to the best of its Knowledge each Borrower Party shall be able to meet the conditions precedent to
the funding by each Tax Equity Investor under each Tax Equity Document by the deadline for such funding date set forth in each
Tax Equity Document, and, in any event, in order to repay the Construction Loans for each applicable Project by the applicable
Construction Loan Maturity Date.

 

3.4           Conditions Precedent to the Issuance of Letters
of Credit. The obligation of an Issuing Bank to issue a Letter of Credit is subject
to the prior satisfaction of each of the following conditions (unless waived in writing by the Administrative Agent and the applicable
Issuing Bank):

 

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    HoldCo)

     

     

    

 

(a)           The
conditions precedent set forth in Sections 3.1, 3.2 and 3.3 for the applicable Project have been satisfied
and the initial Construction Loan has been funded in respect of such Project. 

 

(b)           Each representation and warranty of the Loan Parties set forth
in the Loan Documents is true and correct in all material respects as if made on such 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), except if such representation is already qualified by reference to materiality, Material
Adverse Effect, or a similar materiality qualifier, in which case such representation and warranty shall be true and correct without
regard to materiality.

 

(c)           No
Default or Event of Default has occurred and is continuing or will result from the issuance of the applicable Letter of Credit.

 

(d)           No
Material Adverse Effect, or event conditions or circumstance that would reasonably be expected to constitute a Material Adverse
Effect, shall have occurred and be continuing for which adequate provision reasonably satisfactory to the Administrative Agent
and the Issuing Bank has not been made.

 

(e)           The
Borrower shall have delivered to the Issuing Bank an LC Issuance Notice and Letter of Credit Application in respect of the Letters
of Credit in accordance with Section
2.16(b) at least three (3) Business Days prior to the requested date of issuance of the Letters of Credit.

 

3.5          Confirmation.
Each Borrowing by and on behalf of the Borrower hereunder shall constitute a representation and warranty by the Borrower as of
the date of such extension of credit that the applicable conditions contained in this Article 3 have been satisfied or waived.

 

ARTICLE
4.

REPRESENTATIONS AND WARRANTIES

 

The Borrower, on behalf
of itself and each Borrower Party, hereby makes the following representations and warranties to and in favor of the Administrative
Agent, the Collateral Agent and the Lenders on the date hereof and on the date of each Borrowing. All of such representations and
warranties shall survive the Signing Date and the making of the Loans:

 

4.1          Existence;
Compliance with Laws. Each Loan Party (a) is duly organized, validly existing and in
good standing under the laws of the jurisdiction of its organization, (b) has the power and authority, and the legal right, to
own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently
engaged, (c) is duly qualified as a foreign corporation or other organization and in good standing under the laws of each jurisdiction
where its ownership, lease or operation of property or the conduct of its business requires such qualification (including, with
respect to each Borrower Party, the applicable state in which the Project owned by it is located) and (d) is in compliance with
all Legal Requirements except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

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4.2           Ownership
of Capital Stock. The Capital Stock of each Borrower Party has been duly authorized
and validly issued and is fully paid and non-assessable. There are no outstanding subscriptions, options, warrants, calls, rights
or other agreements or commitments (other than stock options granted to employees or directors and directors’ qualifying
shares) of any nature relating to any Capital Stock of any Borrower Party, except as created by the Loan Documents. Pledgor owns
100% of all issued and outstanding membership interests in Borrower. The entities shown on Annex 4 own the issued and outstanding
membership interests of each Holdco as shown on Annex 4. Each Holdco owns 100% of all issued and outstanding membership
interests of each Project Company shown on Annex 4 that Holdco is the owner of.

 

4.3           Power;
Authorization; Enforceable Obligations; No Legal Bar.

 

(a)           Each Loan Party has the power and authority, and the legal right, to make, deliver and perform
the Operative Documents to which it is a party and to consummate the transactions contemplated thereby and, in the case of the
Borrower, to obtain extensions of credit hereunder. Each Loan Party has taken all necessary organizational action to authorize
the execution, delivery and performance of the Operative Documents to which it is a party and to consummate the transactions contemplated
thereby and, in the case of the Borrower, to authorize the extensions of credit on the terms and conditions of this Agreement.
Each Operative Document has been duly executed and delivered on behalf of each Loan Party party thereto. This Agreement and each
other Operative Agreement constitute legal, valid and binding obligations of each Loan Party party thereto, enforceable against
each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable
principles (whether enforcement is sought by proceedings in equity or at law).

 

(b)           The execution, delivery and performance of this Agreement and the other Operative Documents,
the borrowings hereunder and the use of the proceeds thereof will not violate any Legal Requirements applicable to any Loan Party
or any Contractual Obligation of any Loan Party and will not result in, or require, the creation or imposition of any Lien (other
than Permitted Liens) on any of their respective properties or revenues pursuant to any Legal Requirement or any such Contractual
Obligation.

 

4.4           Governmental Approvals.
Except as set forth in Schedule 4.15, no action, consent or approval of, registration or filing with, Permit from, notice
to, or any other action by, any Governmental Authority is or will be required in connection with (a) the due execution, delivery
and performance by any Loan Party of the Operative Documents to which it is a party, (b) the development, construction, ownership
and operation of each applicable Project as contemplated by the Operative Documents (to the extent required to be obtained by or
on behalf of any Loan Party), (c) the consummation of the transactions contemplated by the Operative Documents by the Loan Parties
or (d) the grant by the Loan Parties of the Liens granted under the Security Documents or the validity, perfection and enforceability
thereof or for the exercise by the Collateral Agent of its rights and remedies thereunder, except, in each case, (i) the filing
of UCC financing statements and the filing and recording of each Deed of Trust, (ii) such as have been made or obtained and are
in full force and effect, (iii) such as are required by securities, regulatory or applicable law in connection with an exercise
of remedies, (iv) as contemplated by

 

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Section 4.15 and (v) in the case of clauses (b) and (c) above, such actions, consents,
registrations, filings, notices, actions and approvals where the failure to obtain or make could not reasonably be expected to
have a Material Adverse Effect.

 

4.5           ERISA
and Labor Matters.

 

(a)           Except as could not reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect: (i) each Loan Party and each of their respective ERISA Affiliates is in compliance with the applicable
provisions of ERISA and the provisions of the Code relating to ERISA Plans and the regulations and published interpretations thereunder;
(ii) no ERISA Event has occurred or is reasonably expected to occur; and (iii) all amounts required by applicable law with respect
to, or by the terms of, any retiree welfare benefit arrangement maintained by any Loan Party or any ERISA Affiliate or to which
any Loan Party or any ERISA Affiliate has an obligation to contribute have been accrued in accordance with Accounting Standards
Codification Topic 715-60. The present value of all accumulated benefit obligations under each Pension Plan (based on the assumptions
used for purposes of Financial Accounting Standards Codification Topic 715-30) did not, as of the date of the most recent financial
statements reflecting such amounts, exceed by more than a material amount the fair market value of the assets of such Pension Plan
allocable to such accrued benefits, and the present value of all accumulated benefit obligations of all underfunded Pension Plans
(based on the assumptions used for purposes of Financial Accounting Standards Codification topic 715-30) did not, as of the date
of the most recent financial statements reflecting such amounts, exceed by more than a material amount the fair market value of
the assets of all such underfunded Pension Plans.

 

(b)           Except as, in the aggregate, could not reasonably be expected to have a Material Adverse
Effect, (i) all employer and employee contributions required by applicable law or by the terms of any Foreign Benefit Arrangement
or Foreign Plan have been made, or, if applicable, accrued in accordance with normal accounting practices; (ii) the accrued benefit
obligations of each Foreign Plan (based on those assumptions used to fund such Foreign Plan) with respect to all current and former
participants do not exceed the assets of such Foreign Plan; (iii) each Foreign Plan that is required to be registered has been
registered and has been maintained in good standing with applicable regulatory authorities; and (iv) each such Foreign Benefit
Arrangement and Foreign Plan is in compliance (A) with all material provisions of applicable law and all material applicable regulations
and published interpretations thereunder with respect to such Foreign Benefit Arrangement or Foreign Plan and (B) with the terms
of such plan or arrangement.

 

(c)           Except
as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes or other labor
disputes against the Pledgor or any Borrower Party pending or, to the Knowledge of any Borrower Party, threatened; (b) hours worked
by and payment made to employees of each of the Pledgor or any Borrower Party have not been in violation of the Fair Labor Standards
Act or any other applicable Legal Requirement dealing with such matters; and (c) all payments due from the Pledgor or any Borrower
Party on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the relevant
Person.

 

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4.6           Taxes.
The Pledgor and each Borrower Party has filed or caused to be filed all Federal, state and other material Tax returns that
are required to be filed and has paid all Taxes shown to be due and payable on said returns or on any material assessments made
against it or any of its property and all other Taxes, fees or other charges imposed on it or any of its property by any Governmental
Authority (other than any amount the validity of which is currently being contested in good faith by appropriate proceedings and
with respect to which reserves in conformity with GAAP have been provided on the books of the relevant Person); no Tax Lien has
been filed (other than Permitted Liens), and to the Knowledge of each Borrower Party, no claim is being asserted, with respect
to any such Tax, fee or other charge.

 

4.7           Business,
Debt, Contracts, Etc. No Borrower Party (a) has conducted any business other than the
business contemplated by the Operative Documents or in connection with the applicable Project(s), (b) has any outstanding Indebtedness
or other material liabilities other than pursuant to the Operative Documents (and any applicable Deferred Development Fee), or
(c) is a party to or bound by any material contract other than the Operative Documents to which it is a party.

 

4.8           Filings.
All filings and recordings, re-filings or re-recordings necessary to perfect and maintain the perfection and priority of the interest,
title or Liens of the Collateral Agent (for the benefit of the Secured Parties), subject to Permitted Liens that pursuant to applicable
law are entitled to a higher priority than the Liens created by the Security Documents, have been made as required by the Loan
Documents.

 

4.9           Investment
Company; Holding Company Act; EWG. Neither any Borrower Party nor Pledgor is an “investment
company,” or a company “controlled” by an “investment company,” within the meaning of the Investment
Company Act of 1940. Neither any Borrower Party nor Pledgor is subject to regulation under any Legal Requirement (other than Regulation X
and subject to Section 4.10(c)(iii) below) that limits its ability to incur Indebtedness. On or before the date on which the output
of a Project is sold or delivered (including test energy), such Project or Project Company, as applicable, shall be an EWG and/or
a QF, and Pledgor is, or upon COD of each such Project will be, a “holding company” under Section 1262(8) of PUHCA
2005 and the FERC’s implementing regulations at 18 C.F.R. § 366 et seq., solely with respect to its ownership
of one or more EWGs and/or QFs. Neither any Borrower Party nor Pledgor is or has been determined by the FERC to be subject to,
or not exempt from, regulation under the federal access to books and records provisions of PUHCA 2005.

 

4.10         Governmental
Regulation.

 

(a)           Each
of Pledgor and each Borrower Party is in compliance in all material respects with the applicable requirements of the FPA and PUHCA
2005 and all other applicable Legal Requirements with respect to the ownership, operation, control and sale of energy, capacity
and ancillary services and environmental attributes from each applicable Project.

 

(b)           None of the Agents, the Lenders, or any Affiliate of any of them will, solely as a result
of the construction, ownership, leasing or operation of any applicable Project by the applicable Borrower Party, the sale of electricity
therefrom by each applicable Borrower Party or each applicable Borrower Party’s entering into any Operative Document or any
transaction

 

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contemplated hereby or thereby, be subject to, or not exempt from, regulation under the FPA or PUHCA 2005 or rate regulation
as an “electrical corporation” under any applicable state rule or regulation; provided, however, that
in the event that any Agent or any Lender, upon the exercise of remedies under the Operative Documents or otherwise, becomes the
owner or operator of any Project or directs the sale of electricity therefrom, such Agent or Lender may become subject to regulation
as a public utility under the FPA and an “electrical corporation” under applicable state rules or regulations, and
unless EWG status or another exemption from regulation under PUHCA 2005 is obtained, such Agent or Lender, as the case may be,
could become, together with its Affiliates, subject to regulation under the federal access to books and records provisions of PUHCA
2005 and could become subject to applicable state rules or regulations of the operations of each applicable Project and, if any
retail sales of electric energy, capacity or ancillary services are made from such applicable Project, financial, organizational
or rate regulation as a “public utility” or “electric utility” or similar term under applicable state rules
or regulations.

 

(c)           On
and after obtaining the order and approvals required pursuant to Section 5.12(ii), each applicable Project Company
shall be (i) subject to regulation as a “public utility” under the FPA; (ii) authorized by FERC to make sales
of electric energy, capacity and ancillary services at market-based rates pursuant to Section 205 of the FPA or an exemption under
Part 292 of FERC’s regulations; and (iii) as applicable, granted blanket authorization by FERC to issue securities and assume
liabilities pursuant to Section 204 of the FPA and all other waivers of regulations and blanket authorizations as are customarily
granted by FERC to entities with market-based rate authority.

 

4.11         Federal
Reserve Requirements. No part of the proceeds of any Loans, and no other extensions
of credit hereunder, will be used (a) for “buying” or “carrying” any Margin Stock within the respective
meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in effect or for the purpose of
reducing or retiring any indebtedness which was originally incurred to buy or carry any Margin Stock or (b) for any purpose that
violates any regulation of the Board. No more than 25% of the assets of the Pledgor or any Borrower Party consist of Margin
Stock. If requested by any Lender or the Administrative Agent, the Borrower will (and will cause each Borrower Party to) furnish
to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form
G-3 or FR Form U-1, as applicable, referred to in Regulation U.

 

4.12         Litigation.
(a) No litigation, action, suit, investigation or proceeding at law or equity by or before any arbitrator or Governmental Authority
is pending or, to the Knowledge of any applicable Borrower Party, threatened by or against any Loan Party or against any of their
respective properties or revenues (including any Material Project Document or Applicable Permit) with respect to any of the Operative
Documents or any of the transactions contemplated hereby or thereby that could, if adversely determined, reasonably be expected
to have a Material Adverse Effect.

 

(b)           There
are no condemnation proceedings by or before any Governmental Authority now pending or, to the Knowledge of any Borrower Party,
threatened with respect to the Real Property or any applicable Project, or sale of power therefrom or any portion thereof material
to the construction, ownership or operation of any applicable Project or sale of power therefrom, unless (i) solely with respect
to a condemnation proceeding occurring prior to Final Completion

 

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of a Project, in the reasonable opinion of the Administrative
Agent and the Independent Engineer, such condemnation is capable of being remedied within a satisfactory period without affecting
Final Completion with respect to such applicable Project in accordance with the Construction Budget and Schedule applicable to
such Project and (ii) an adequate reserve, in an amount acceptable to the Administrative Agent and the Independent Engineer, has
been established for remedying such condemnation.

 

4.13         Compliance
with Legal Requirements. Except as otherwise disclosed in Schedule 4.13, neither any
Borrower Party nor its properties or assets has violated or is in violation of (nor will the continued operation of its material
properties and assets as currently conducted violate) any currently applicable Legal Requirements (including any zoning, building,
or Environmental Law, ordinance, code or approval or any building permit) or any restriction of record or Site Lease Agreement,
or is in default with respect to any judgment, writ, injunction or decree of any Governmental Authority, where such violation
or default would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

4.14         No
Default.

 

No Loan Party is in
default under or with respect to any of its Contractual Obligations in any respect that would reasonably be expected to have a
Material Adverse Effect. No Default or Event of Default has occurred and is continuing.

 

4.15         Permits.

 

(a)           There
are no material Permits issued to, or required to be provided by, or required by any Borrower Party under any Governmental Rule,
including any Environmental Laws, as each applicable Project is currently designed and contemplated to be developed, constructed,
owned, leased and operated that are or will become Applicable Permits other than the Permits described in Schedule 4.15.
Each Permit described in Schedule 4.15 is either (i) a Permit in full force and effect and is not the subject of any current
material legal proceeding and, if an appeal period is specified by a Governmental Rule, the appeal period has expired and no proceedings
are pending seeking material modification or revocation, in the case of those Permits listed in Part I of Schedule 4.15,
or (ii) a Permit that has not yet been obtained or provided (or has been obtained or provided but the applicable appeal period
has not expired) and has not been required for any applicable Project development activities up to the date of this Agreement
and is not required to for the construction of any applicable Project, and which each Borrower Party has no current actual Knowledge
indicating that such Permit will not timely be obtained or provided (or applicable appeal period expire) in the ordinary course
of operation of each applicable Project in the case of those Permits listed in Part II of Schedule 4.15. Each Borrower
Party reasonably believes that any Permit so indicated on Part II of Schedule 4.15 will be timely obtained or provided
without any material expense. Each Borrower Party is not in material violation of any Applicable Permit.

 

(b)           To
each Borrower Party’s Knowledge, each Material Project Participant possesses all material Permits, or rights thereto necessary
to perform its duties under the Operative Documents to which it is a party, other than those Applicable Permits listed in Part
II of

 

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Schedule 4.15, and, to each Borrower Party’s Knowledge, such party is not in material violation of any such
Permit.

 

(c)           No
Borrower Party has entered into any stipulations with any Governmental Authority issuing any Applicable Permit(s) which are not
expressly set forth in such Permit(s) to develop, construct, own, lease and operate any applicable Project or which have not otherwise
been disclosed to the Administrative Agent by such Borrower Party in writing.

 

4.16        Use
of Proceeds. The proceeds of the Loans shall be used solely in accordance with Section
5.7. 

 

4.17        Insurance.
All policies of insurance required to be obtained by each Borrower Party under the Operative Documents have been obtained, and
are in full force and effect; all premiums due thereon have been paid (or will be paid from proceeds of the initial Construction
Loan) and, except with respect to policies that have been replaced with other policies in compliance with this Agreement, no notice
from any insurer or its representative as to any cancellation or reduction or other change in coverage has been received.

 

4.18        Environmental
Matters.

 

(a)           Each
Borrower Party has previously delivered to the Agents the Environmental Site Assessments and except as set forth on Schedule
4.18: (i) neither any Borrower Party nor Pledgor is or has in the past been in violation of (or received any notice that it
is in violation of) any Environmental Law or Applicable Permit, which violation has not been fully cured and that would reasonably
be expected to subject any Secured Party to liability or to result in a liability to either any Borrower Party or Pledgor or their
respective properties or assets; (ii) neither any Borrower Party nor Pledgor has (or has received any written notice that it or
any third party has) used, Released, generated, manufactured, produced, or stored (or arranged for the disposal of) in, on, under
or about any applicable Project Site or the Improvements or any other Real Property owned, operated or leased by such Borrower
Party, or transported thereto or therefrom, any Hazardous Substances that would reasonably be expected to subject any applicable
Borrower Party, Pledgor or any Secured Party to liability under any Environmental Law; (iii) to the Knowledge of each Borrower
Party after reasonable inquiry, there are no species protected under applicable Environmental Laws, historical or cultural artifacts,
wetlands or underground tanks (whether operative or temporarily or permanently closed) located on any applicable Project Site
or the Improvements or any other Real Property owned, operated or leased by each applicable Borrower Party; (iv) there are no
Hazardous Substances used, stored or present at or on any applicable Project Site or the Improvements, except as used or stored
or present in the ordinary course of business and in compliance with Environmental Laws; and (v) to the Knowledge of each Borrower
Party, there is no condition, circumstance, action, activity or event that would reasonably be expected to form the basis of any
violation of Environmental Law by any Borrower Party or liability to any applicable Borrower Party under any Environmental Law,
in each case of clauses (i) through (v) above that would reasonably be expected to have a Material Adverse Effect.

 

(b)           There is no pending or, to the Knowledge of each Borrower Party, threatened Environmental
Claim by any Governmental Authority (including the U.S. Environmental

 

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Protection Agency) or any other third party with respect
to the presence or Release of Hazardous Substances in, on, from or to any applicable Project Site or the Improvements, or any other
Real Property owned, operated or leased by any Borrower Party, or with respect to Environmental Laws or Hazardous Substances, that
would reasonably be expected to have a Material Adverse Effect.

 

(c)           After due inquiry, except as set forth on Schedule 4.18, each Borrower Party does
not have Knowledge of any past or existing violations or threatened violations of any Environmental Laws by any person relating
in any way to any applicable Project Site or the Improvements or any other Real Property owned, operated or leased by any Borrower
Party that would reasonably be expected to have a Material Adverse Effect. As of the Initial Project Construction Loan Date for
each Project, the Environmental Site Assessments are the most recent environmental site assessments each Borrower Party has knowledge
or possession of with respect to each applicable Project Site or any of the applicable Real Property.

 

4.19        Title
to Properties; Possession Under Leases.

 

(a)           Each
Borrower Party has good title to all its material properties and assets (other than Real Property), except for Permitted Liens.
Each Borrower Party has good and marketable fee simple title to or valid leasehold and easement interests in, or other valid right
to use, as applicable, all the Real Property set forth on Schedule 4.19(a), in each case in accordance with the applicable
lease, easement, right of way, license agreement or other operating right or similar right of use, except for Permitted Liens.

 

(b)           No landlord Lien has been filed, and, to the Knowledge of each Borrower Party, no claim
is being asserted, with respect to any lease payment under any Site Lease Agreements, subject to Permitted Liens. To the Knowledge
of each Borrower Party, other than Permitted Liens or except as otherwise specified by the Site Lease Agreements, none of the Real
Property for a Project is subject to any lease, sublease, license, easement or other agreement granting to any person any right
to the use, occupancy, possession or enjoyment of such Real Property or any portion thereof.

 

(c)           No
Borrower Party has received any written notice of, nor has any Knowledge of, (i) any pending or contemplated condemnation proceeding
affecting any Project Site or any sale or disposition thereof in lieu of condemnation (additionally, no Borrower Party has received
any written notice of, nor has any Knowledge of, any pending or threatened condemnation proceeding affecting a Project Site or
any sale or disposition thereof in lieu of condemnation) or (ii) any existing or threatened change in the zoning classification
of any of any part of any Project Site, except as set forth on Schedule 4.19(c). 

 

(d)           The
Mortgaged Property for each applicable Large Project has been properly subdivided in accordance with all applicable Legal Requirements
or entitled to exception therefrom, and for all purposes such Real Property may be mortgaged and conveyed in accordance with applicable
legal requirements.

 

(e)           With respect to each applicable Large Project, the Mortgaged Property constitutes all of
the Real Property owned, leased or otherwise held or used by each Borrower Party in

 

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respect of such applicable Project, or in which
each applicable Borrower Party holds a direct or indirect interest, as of the Initial Project Construction Loan Date for such Project.
Except for Permitted Liens, the agreements set forth on Schedule 4.19(e) constitute all of the agreements governing the
Mortgaged Property for each applicable Project.

 

4.20         Utilities.
All utility services necessary for the construction and operation of each Project for its intended purposes are available at each
applicable Project Site or are reasonably expected to be so available as and when required upon commercially reasonable terms or
market rates.

 

4.21         Roads/Feeder
Lines.

 

(a)           Except
as set forth on Schedule 4.21, all roads necessary for the construction and full utilization of a Project for its intended
purposes under the Material Project Documents applicable to such Project have either been completed or the necessary rights of
way therefor have been acquired, except for permits to cross state, county or township roads, which are reasonably expected to
be granted as a ministerial matter during the construction of each applicable Project prior to the date such permits are required
to be acquired pursuant to any applicable Governmental Authority.

 

(b)           Except
as set forth on Schedule 4.21, all necessary easements, rights of way, agreements and other rights for the construction,
interconnection and utilization of the feeder lines of each applicable Project have been acquired.

 

4.22         Sufficiency
of Material Project Documents. The rights granted to each Borrower Party pursuant to
the Material Project Documents are sufficient to enable each applicable Project to be located, constructed, operated and routinely
maintained as contemplated by the Operative Documents and provide adequate ingress and egress for any reasonable purpose in connection
with the construction, operation and routine maintenance of each applicable Project.

 

4.23         Material
Project Documents.

 

(a)           Each Borrower Party has delivered to the Administrative Agent a complete and correct copy
of the Material Project Documents in effect for each applicable Project, including any amendments, supplements or modifications
with respect thereto. None of the Material Project Documents to which each applicable Borrower Party or Pledgor is a party has
been amended or modified since with respect to (i) the Borrower, the Pledgor and Holdco, the Signing Date and (ii) each Borrower
Party, the Initial Project Construction Loan Date related to such Project, except in accordance with this Agreement.

 

(b)           As of the Signing Date and as of each date upon which this representation is made, each
of the Material Project Documents then in effect is in full force and effect and constitutes the legal, valid and binding obligation
of each Loan Party party thereto, and, to the Knowledge of each Borrower Party, the other parties thereto. Each Borrower Party
is in compliance with all Material Project Documents in effect, and to the Knowledge of each Borrower Party, each other party to
a Material Project Document in effect is in compliance with its obligations thereunder and no defaults have occurred and are continuing
thereunder, except to

 

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the extent any such non-compliance or default could not reasonably be expected to result in a Material Adverse
Effect. 

 

4.24         Disclosure.
Except for projections and pro forma financial information, no statement or information contained in this Agreement, any other
Loan Document, or any other document, certificate or statement prepared and furnished by any Borrower Party, Pledgor or any Affiliate
thereof to the Administrative Agent or the Lenders, or any of them, for use in connection with the transactions contemplated by
this Agreement or the other Loan Documents, contained as of the date such statement, information, document or certificate was
so furnished any untrue statement of a material fact or omitted to state a material fact necessary to make the statements contained
herein or therein not misleading. The projections and pro forma financial information contained in the materials referenced above
are based upon good faith estimates and assumptions believed by management of each Borrower Party to be reasonable at the time
made, it being recognized by the Lenders that such financial information as it relates to future events is not to be viewed as
fact and that actual results during the period or periods covered by such financial information may differ from the projected
results set forth therein by a material amount. There is no fact known to any Borrower Party, Pledgor or any Affiliate thereof
that would reasonably be expected to have a Material Adverse Effect that has not been expressly disclosed herein, in the other
Loan Documents or in any other documents, certificates and statements furnished to the Administrative Agent and the Lenders for
use in connection with the transactions contemplated hereby and by the other Loan Documents. The Base Case Model is based on reasonable
assumptions that are consistent with the provisions of the Material Project Documents.

 

4.25         Construction
Budget; Projection. Each Borrower Party has prepared or provided each applicable Construction
Budget and Schedule in good faith and on the basis of reasonable assumptions that are consistent with the provisions of the Material
Project Documents applicable to the applicable Project(s). As of the date of this Agreement and as of the date when this representation
is made or deemed made, to each Borrower Party’s Knowledge, there are no material Project Costs that are not included in
the applicable Construction Budget and Schedule for such Project that have not otherwise been disclosed to the Administrative
Agent in writing.

 

4.26         Intellectual Property.
Each Borrower Party owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently
conducted. No material claim has been asserted and is pending by any Person against any Borrower Party challenging or questioning
any Borrower Party’s use of any Intellectual Property or the validity or effectiveness of any Intellectual Property used
by any Borrower Party, nor does any Borrower Party has Knowledge of any valid basis for any such claim. The use of Intellectual
Property by each Borrower Party does not infringe on the rights of any Person in a manner that would reasonably be expected to
result in a Material Adverse Effect.

 

4.27         Land Not in Flood Zone.
No Deed of Trust encumbers improved real property relating to a ground-mounted Project that is located in an area that has been
identified by the Secretary of Housing and Urban Development as an area having special flood hazards within the meaning of the
National Flood Insurance Act of 1968 unless flood insurance available under such Act has been obtained in accordance with Section
3.2(r).

 

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4.28        
Partnerships and Joint Ventures; Separateness.

 

(a)           No Borrower Party is general partner or a limited partner in any general or limited partnership
or a joint venturer in any joint venture.

 

(b)           No Borrower Party has subsidiaries, except as set forth on Annex 4. No Project Company has
any subsidiaries. 

 

(c)           Each Borrower Party maintains separate bank accounts and separate books from the other Borrower
Parties and all other Persons. The separate liabilities of each Borrower Party are readily distinguishable from the liabilities
of the other Borrower Parties and all other Persons.

 

(d)           Each Borrower Party conducts its business solely in its own name in a manner not misleading
to other Persons as to its identity.

 

4.29         Material Adverse Effect.
The financial statements of each Borrower Party, heretofore delivered to the Administrative Agent with copies for the Lenders,
were prepared in accordance with GAAP, as applicable, and fairly present the financial condition and operations of each Borrower
Party at such date and, where applicable, the results of its operations for the period then ended (subject, where applicable, to
normal year-end audit adjustments). The unaudited pro forma balance sheet of each Borrower Party as of the Signing Date and each
Initial Project Construction Loan Date, as applicable (including the notes thereto), copies of which have heretofore been furnished
to each Lender, has been prepared giving effect (as if such events had occurred on such date) to (i) the Loans to be made hereunder
and the use of proceeds thereof and (ii) the payment of fees and expenses in connection with the foregoing, and such pro forma
balance sheet has been prepared based on the best information available to each Borrower Party as of the date of delivery thereof,
and presents fairly on a pro forma basis the estimated financial position of each Borrower Party as of the applicable date of deliver,
assuming that the events specified in the preceding sentence had actually occurred at such date. Since the respective date of each
such statement, there has been no change in the business, Property, condition (financial or otherwise) or results of operations
of each Borrower Party that would reasonably be expected to have a Material Adverse Effect.

 

4.30        
Accounts.
No Borrower Party has any “deposit account” with a “bank” (within the meaning of Section 9-102 of the UCC)
other than (a) the Collateral Accounts established in accordance with this Agreement and the other Loan Documents and (b) the Local
Deposit Account that may contain an amount on deposit therein not in excess of $300,000 in the aggregate, to the extent such account
is subject to a deposit account control agreement in favor of the Collateral Agent in form and substance reasonably satisfactory
to the Administrative Agent and the Collateral Agent.

 

4.31        
Construction of the Project.
To the Knowledge of each Borrower Party, all work done on each applicable Project has been done in a good and workmanlike manner
and in accordance with the EPC Agreements and the Interconnection Agreements applicable to such Project, and Prudent Industry Practices,
except to the extent that any failure would not reasonably be expected to have a Material Adverse Effect.

 

4.32         Sanctions and Anti-Corruption Laws.

 

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(a)           No Borrower Party is in violation of any laws relating to terrorism or money laundering,
including Executive Order No. 13224 on Terrorist Financing, effective September 23, 2001, and the Patriot Act.

 

(b)           The
use of the proceeds of the Loans by each Borrower Party will not violate the Trading with the Enemy Act, the International Emergency
Economic Powers Act, the Comprehensive Iran Sanctions, Accountability and Divestment Act, the Iran Threat Reduction and Syria
Human Rights Act, the National Defense Authorization Acts of 2012 and 2013, any regulations administered or enforced by OFAC (31
C.F.R., Subtitle B, Chapter V), or any enabling legislation or executive order relating thereto or in furtherance thereof (collectively,
“Sanctions”). No Borrower Party, none of their respective subsidiaries, none of their respective directors,
officers or employees, and, to the Knowledge of any Borrower Party, no agent or other person acting on behalf of any Borrower
Party or any of their respective subsidiaries is currently on the OFAC SDN List, and no Borrower Party or any of their respective
subsidiaries is located, organized or resident in a country or territory that is the subject or the target of Sanctions, including
Cuba, Burma (Myanmar), Iran, North Korea, Sudan and Syria (each, a “Sanctioned Country”). For the past 5 years,
each Borrower Party and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, any dealings or transactions
with any Person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned
Country.

 

(c)          
No Borrower Party, none of their respective subsidiaries, none of their respective directors,
officers, or employees, and, to the Knowledge of any Borrower Party, no agent or other person acting on behalf of any Borrower
Party or any of their respective subsidiaries has (i) used any funds for any unlawful contribution, gift, entertainment or other
unlawful expense relating to political activity; (ii) taken any action in furtherance of an offer, promise or authorization of
any direct or indirect unlawful payment or benefit to any foreign or domestic government or regulatory official or employee, including
of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity
for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated
or is in violation of any provision of the Foreign Corrupt Practices Act of 1977 or any applicable law or regulation implementing
the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offense
under the Bribery Act 2010 of the United Kingdom or any other applicable anti-bribery or anti-corruption laws (collectively, “Anti-Corruption
Laws”); or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful
benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or
benefit.

 

(d)          
Each Borrower Party has established and implemented processes and procedures designed to
ensure that (i) no persons or entities holding any direct or indirect legal or beneficial interest whatsoever in each Borrower
Party appear on the OFAC SDN List; (ii) no persons or entities holding any direct or indirect legal or beneficial interest whatsoever
in any Borrower Party are included in, owned by, controlled by, acting for or on behalf of, providing assistance, support, sponsorship,
or services of any kind to, or otherwise associated with any of the persons or entities referred to or described in the OFAC SDN
List; and (iii) no Borrower Party will 

 

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conduct
business or engage in any transaction with any person or entity in violation of Sanctions or in violation of Anti-Corruption
Laws.

 

4.33         Security
Documents. (a) The Security Agreement, each Guaranty and Security Agreement, each
Guaranty, Pledge and Security Agreement and the Pledge Agreement are each effective to create in favor of the Collateral
Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described
therein and proceeds thereof. In the case of the Pledged Stock described in the Pledge Agreement, Security Agreement and each
Guaranty, Pledge and Security Agreement, when stock certificates representing such Pledged Stock are delivered to the
Collateral Agent (together with a properly completed and signed stock power or endorsement), the Pledge Agreement, Security
Agreement and each applicable Guaranty, Pledge and Security Agreement shall constitute a fully perfected Lien on, and
security interest in, all right, title and interest of Pledgor, Borrower and such Holdco, as applicable, in such Pledged
Stock and the proceeds thereof, as security for the Secured Obligations (as defined in the Pledge Agreement,
Security Agreement and each Guaranty, Pledge and Security Agreement), and in the case of the other Collateral described in
the Security Agreement, each Guaranty, Pledge and Security Agreement and each Guaranty and Security Agreement, when financing
statements and other filings specified on Schedule 4.33(a) in appropriate form are filed in the offices specified on Schedule
4.33(a), and with respect to other property that can be perfected by control, upon execution of the Depositary Agreement
by each of the parties thereto, the Security Agreement, each Guaranty, Pledge and Security Agreement, each Guaranty and
Security Agreement and the Pledge Agreement shall constitute a fully perfected Lien on, and security interest in, all right,
title and interest of each Borrower Party and Pledgor in such Collateral and the proceeds thereof, as security for the
Secured Obligations (as defined in the Security Agreement, each Guaranty, Pledge and Security Agreement, each Guaranty and
Security Agreement or Pledge Agreement, as applicable), in each case prior and superior in right to any other Person (except,
in the case of Collateral other than Pledged Stock, Permitted Liens that pursuant to applicable law are entitled to a higher
priority than the Liens created by the Security Documents).

 

(b)          
Each Deed of Trust is effective to create in favor of the Collateral Agent, for the benefit
of the Secured Parties, a legal, valid and enforceable Lien on the applicable Mortgaged Property described therein and proceeds
thereof, and when such Deed of Trust is filed in the office specified on Schedule 4.33(b), such Deed of Trust shall constitute
a fully perfected Lien on, and security interest in, all right, title and interest of the applicable Borrower Party in the applicable
Mortgaged Property and the proceeds thereof, as security for the Secured Obligations, in each case prior and superior in right
to any other Person, except for Permitted Liens that pursuant to applicable law are entitled to a higher priority than the Liens
created by the Security Documents.

 

4.34        
Solvency.
Each Borrower Party is, and after giving effect to the incurrence of all Indebtedness and obligations being incurred in connection
herewith and therewith will be Solvent.

 

4.35        
Sales Tax Exemption; Resale Certificate.
Each Construction Budget and Schedule accurately represents each applicable Borrower Party’s estimated anticipated sales
and use taxes taxable to such applicable Borrower Party for the construction of each applicable Project. Each

 

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Borrower
Party has obtained, or will have obtained when required by and to the extent available under applicable law, all necessary resale
certificates or other applicable documentation to secure exemption from all sales and use taxes in all applicable jurisdictions
in respect of the applicable Project.

 

ARTICLE
5.

AFFIRMATIVE COVENANTS OF BORROWER

 

The Borrower covenants
and agrees that, prior to the Final Discharge Date, it shall (and shall cause each Borrower Party to), unless the Required Lenders
waive compliance in writing, comply with each of the following:

 

5.1          
Reporting Requirements.
The Borrower shall deliver to the Administrative Agent and each Lender:

 

(a)           as
soon as available and in any event within one hundred twenty (120) days after the end of each fiscal year of the Borrower a
copy of the audited balance sheet of the Borrower as at the end of such year and the related audited statements of income and
of cash flows for such year, setting forth in each case in comparative form the figures for the previous year, reported on
without a “going concern” or like qualification or exception, or qualification arising out of the scope of the
audit, by KPMG or other independent certified public accountants of nationally recognized standing; provided that all
such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail
and in accordance with GAAP applied (except as approved by such accountants or officer, as the case may be, and disclosed in
reasonable detail therein) consistently throughout the periods reflected therein and with prior periods;

 

(b)           as soon as available but in any event within sixty (60) days after the end of each of the
first three quarterly periods of each fiscal year of the Borrower, (i) the unaudited balance sheet of the Borrower as of the end
of such quarter and the related unaudited statements of income and of cash flows for such quarter and the portion of the fiscal
year through the end of the year, setting forth in each case in comparative form the figures for the previous year, certified by
a Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments); provided
that all such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail
and in accordance with GAAP applied (except as approved by such accountants or officer, as the case may be, and disclosed in reasonable
detail therein) consistently throughout the periods reflected therein and with prior periods, and (ii) an unaudited pro forma balance
sheet of each Borrower Party (other than the Borrower) certified by a Responsible Officer as being fairly stated in all material
respects;

 

(c)          
concurrently with the delivery of the financial statements referred to in Section 5.1(a),
a certificate of the independent certified public accountants reporting on such financial statements stating that in making the
examination necessary therefor no Knowledge was obtained of any Default or Event of Default pursuant to Article 7, except
as specified in such certificate (which certificate shall not be required to be delivered if such accounting firm is not

 

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delivering
certificates of such type as a matter of national policy applied consistently to its clients);

 

(d)          
concurrently with the delivery of any financial statements pursuant to Section 5.1(a)
or Section 5.1(b), a certificate of a Responsible Officer stating that such Responsible Officer has obtained no Knowledge
of any Default or Event of Default except as specified in such certificate or, if any such condition existed or exists, the nature
thereof and the corrective actions that the applicable Person has taken or proposes to take with respect thereto;

 

(e)          
promptly upon any Borrower Party acquiring notice or obtaining Knowledge that any Default
or Event of Default has occurred, a notice of such event (which should, in accordance with Section 8.5, indicate that such
notice is a “Notice of Default”);

 

(f)          
promptly upon any Borrower Party acquiring notice or obtaining Knowledge thereof, notice
(including to the Independent Engineer) of (i) any material breach or any default under any Material Project Document, (ii) any
termination or material amendment of any Material Project Document, (iii) any litigation, arbitration, material events or material
notices with respect to any Material Project Document, (iv) any event of force majeure asserted under any Material Project Document
which exists for more than five Business Days (and, to the extent reasonably requested by the Administrative Agent and reasonably
available to the Borrower, copies of related invoices, statements, supporting documentation, schedules, data or affidavits delivered
under any Material Project Document) and (v) any change order under the EPC Agreements;

 

(g)          promptly
upon any Borrower Party (i) acquiring notice or obtaining Knowledge thereof, notice (x) of any dispute (or in the case of a
modification of a material Applicable Permit, a material dispute) between the applicable Borrower Party and any Governmental
Authority involving the revocation, modification, failure to renew or the like of any Applicable Permit or the imposition of
additional material conditions with respect thereto and (y) that any Applicable Permit related to any applicable Project is
reasonably expected to be cancelled, suspended, terminated or impaired, except that no such notice shall be required with
respect to the expiration, in the ordinary course of business at the stated expiration date, of a Permit that is no longer
required for construction or operation and (ii) obtaining any Applicable Permit, a copy of such Applicable Permit;

 

(h)          
promptly upon any Borrower Party acquiring notice or obtaining Knowledge that (i) a materialman’s,
mechanic’s or other like Lien in an amount in excess of $100,000 or (ii) multiple Liens as described in clause (i) above
in an aggregate amount in excess of $200,000, in each case have been recorded against the applicable Borrower Party or any applicable
Project Site, a notice of such recordation describing the reasons for such Lien in reasonable detail, and attaching a copy of any
documentation or correspondence relevant to such Lien;

 

(i)            promptly upon any Borrower Party acquiring notice or obtaining Knowledge of the commencement
of proceedings against the Borrower before FERC or any applicable state authority alleging a violation of the FPA or the regulations
of FERC or the applicable state authority, or asserting jurisdiction over the applicable Borrower Party under PUHCA 2005

 

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(except
as an EWG), a copy of any documentation or correspondence relevant to such proceeding;

 

(j)           
promptly upon any Borrower Party acquiring notice or obtaining Knowledge thereof, notice
of any (i) fact, circumstance, condition or occurrence at, on or arising from the applicable Mortgaged Property or the applicable
Improvements that results in material noncompliance with any Environmental Law or any Release of Hazardous Substances on or from
each applicable Project Site, the applicable Improvements or any other part of the applicable Mortgaged Property that has resulted
in material property damage or has a Material Adverse Effect, or (ii) pending or, to the applicable Borrower Party’s Knowledge,
threatened, material Environmental Claim against the Borrower or, to the applicable Borrower Party’s Knowledge, any of its
Affiliates, contractors, lessees or any other Persons, arising in connection with its or their occupying or conducting operations
on or at each applicable Project, the applicable Real Property or the applicable Improvements, in each case which would reasonably
be expected to impose liability on any Secured Party or have a Material Adverse Effect;

 

(k)          
promptly upon any Borrower Party acquiring notice or obtaining Knowledge thereof, notice
of the filing or commencement of, or any written threat or written notice of intention of any Person to file or commence any action,
suit or proceeding, whether at law or equity or by or before any Governmental Authority or in arbitration, against the applicable
Borrower Party, any Material Project Participant or involving any applicable Project, which involves claims in excess of $500,000
in the aggregate or as to which an adverse determination is reasonably probable and which, if adversely determined, would reasonably
be expected to have a Material Adverse Effect;

 

(l)           
promptly upon any Borrower Party acquiring notice or obtaining Knowledge thereof, notice
of any condemnation, taking by eminent domain or other taking or seizure by a Governmental Authority with respect to a material
portion of any applicable Project or any applicable Project Site;

 

(m)          promptly upon any Borrower Party acquiring notice or obtaining Knowledge thereof, notice
of any casualty, damage or loss to any applicable Project, whether or not insured, through fire, theft, other hazard or casualty,
or any act or omission of the applicable Borrower Party, its employees, agents, contractors, consultants or representatives, or
of any other Person, if such casualty, damage or loss affects the applicable Borrower Party or any applicable Project in excess
of $500,000 for any one such event, or $1,000,000 in the aggregate in any policy period, and the applicable Borrower Party shall
keep the Administrative Agent timely apprised of any insurance claim proceedings related to such casualty or loss, including any
notice received from any insurance company indicating that it is not obligated to pay any named insured, or that it is withholding
any amounts that the applicable Borrower Party is claiming are due and payable under any insurance policy maintained by the applicable
Borrower Party;

 

(n)          
promptly upon any Borrower Party acquiring notice or obtaining Knowledge thereof, notice
of any cancellation or material change in the terms, coverages or amounts of any insurance described in Section 5.4 in respect
of a Project;

 

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(o)          
promptly, but in no event later than five (5) Business Days after the execution and delivery
to any Borrower Party thereof, a copy of each Additional Project Agreement and any material amendment, supplement or other modification
to any such agreement that is received by the Borrower after the Signing Date and the applicable Initial Project Construction Loan
Date for a Project;

 

(p)          
promptly upon any Borrower Party acquiring notice or obtaining Knowledge thereof, notice
of any other development specific to the applicable Borrower Party or any applicable Project that has had, or would reasonably
be expected to have, a Material Adverse Effect;

 

(q)         
promptly upon any Borrower Party acquiring notice or obtaining Knowledge thereof, notice
of any forced outage with respect to all or substantially all of any applicable Project for more than 72 consecutive hours;

 

(r)          
promptly, such additional financial and other information with respect to each Borrower
Party or each applicable Project as is reasonably requested by the Administrative Agent or any Lender;

 

(s)          
promptly following receipt thereof, copies of any documents described in Section 101(k)
and/or Section 101(l) of ERISA that any Loan Party or any ERISA Affiliate may request with respect to any Multiemployer Plan; provided,
that if the relevant Loan Party or ERISA Affiliate has not requested such documents or notices from the administrator or sponsor
of the applicable Multiemployer Plan, then, upon reasonable request of the Administrative Agent, such Loan Party or the ERISA Affiliate
shall promptly make a request for such documents or notices from such administrator or sponsor and the applicable Borrower Party
shall provide copies of such documents and notices promptly after receipt thereof; and

 

(t)            promptly
upon any Borrower Party acquiring notice or obtaining Knowledge thereof, notice of the occurrence of any ERISA Event that,
alone or together with any other ERISA Events that have occurred, would reasonably be expected to result in liability of any
Loan Party or any ERISA Affiliates in excess of $500,000;

 

(u)          
promptly, but in no event later than five (5) days after the receipt thereof by each Borrower
Party, copies of any agreement referenced in Section 5.1(o) that is obtained or entered into by the applicable Borrower
Party after the Signing Date and the applicable Initial Project Construction Loan Date for a Project and any material amendment,
supplement or other modification to any such agreement that is received by the Borrower after the Signing Date and the applicable
Initial Project Construction Loan Date for a Project; and

 

(v)          
Each notice pursuant to Section 5.1(e)-(n), (p), (q), (t) and
(v) shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein
and stating what action each Borrower Party proposes to take with respect thereto.

 

5.2          
Maintenance of Existence, Properties; Etc.
(a) The Borrower shall (and shall cause each Borrower Party to) (i) preserve, renew and keep in full force and effect its organizational
existence in the United States, (ii) take all reasonable action to maintain all rights,

 

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privileges
and franchises necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted by Section
6.4 and except, in the case of clause (ii) above, to the extent that failure to do so could not reasonably be expected to
have a Material Adverse Effect.

 

(b)         
The Borrower shall (and shall cause each Borrower Party to) maintain good, valid, marketable
(subject to the terms of the Operative Documents) and insurable title in (i) all applicable Mortgaged Property that constitutes
the applicable Real Property, subject only to Permitted Liens and (ii) all of its other properties and assets (that are individually
or in the aggregate material), subject only to Permitted Liens, in each case other than those properties and assets disposed of
in accordance with this Agreement or any other Operative Document.

 

(c)          
The Borrower shall (and shall cause each Borrower Party to) keep all material property useful
and necessary in its business in good working order and condition in accordance with Prudent Industry Practice, ordinary wear and
tear excepted.

 

5.3          
Compliance with Legal Requirements; Etc.

 

(a)          
The Borrower shall (and shall cause each Borrower Party to) materially comply with all applicable
Legal Requirements and exercise diligent good faith efforts to make such alterations to each applicable Project and the Mortgaged
Property as may be required for such compliance.

 

(b)          
The Borrower shall (and shall cause each Borrower Party to) obtain all Applicable Permits
as promptly as possible, have when required all Applicable Permits necessary for the development, construction, ownership, leasing,
maintenance and operation of each applicable Project under applicable Legal Requirements and comply in all material respects with
all Applicable Permits. The Borrower shall (and shall cause each Borrower Party to) promptly upon receipt or publication furnish
a copy (certified by a Responsible Officer of each Borrower Party) of each such Applicable Permit to the Administrative Agent.

 

(c)          
The Borrower shall (and shall cause each Borrower Party to) promptly upon receipt or publication
furnish a true, correct, and complete copy of each material amendment, supplement or modification to any such Applicable Permit
to the Administrative Agent and shall promptly furnish copies to the Administrative Agent of all material documents furnished to
the applicable Borrower Party by any Governmental Authority or furnished to any Governmental Authority by the applicable Borrower
Party.

 

(d)          
The Borrower shall (and shall cause each Borrower Party to) comply in all material respects
with, and ensure compliance in all material respects by all tenants and subtenants, if any, with all applicable Environmental Laws
and all applicable or relevant provisions of the Equator Principles, and obtain and comply in all material respects with and maintain,
and ensure that all tenants and subtenants obtain and comply in all material respects with and maintain, any and all applicable
Permits required by applicable Environmental Laws or applicable provisions of the Equator Principles.

 

(e)          
The Borrower shall (and shall cause each Borrower Party to) conduct and complete all investigations,
studies, sampling and testing, and all remedial, removal and other

 

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actions
required under Environmental Laws and promptly comply in all material respects with all lawful orders and directives of all Governmental
Authorities regarding Environmental Laws or the Equator Principles.

 

5.4          
Insurance; Events of Loss.

 

(a)          
Without cost to the Lenders, the Borrower shall (and shall cause each Borrower Party to)
(i) maintain or cause to be maintained on its behalf in effect at all times the types of insurance required pursuant to Schedule
5.4, in the amounts and on the terms and conditions specified therein and (ii) use all commercially reasonable efforts to cause
the Material Project Participants and each other party to a Material Project Document to procure at its own expense and maintain
in full force and effect, at all times on and after the applicable Initial Project Construction Loan Date the insurance required
to be procured and maintained by such Person under the relevant Material Project Documents.

 

(b)         
If any Borrower Party fails to obtain or maintain, or to cause each Material Project Participant
or other party to a Material Project Document to obtain or maintain, the full insurance coverage required by this Section 5.4,
the Administrative Agent, upon ten (10) Business Days’ prior notice (unless the aforementioned insurance would lapse within
such period or has already lapsed, in which event notice shall not be required) to the applicable Borrower Party of any such failure,
may (but shall not be obligated to) obtain the required policies of insurance and pay the premiums on the same. All amounts so
advanced by the Administrative Agent shall become an additional obligation of the applicable Borrower Party to the Administrative
Agent, and the applicable Borrower Party shall forthwith pay such amounts to the Administrative Agent, together with interest from
the date of payment by the Administrative Agent at the Default Rate.

 

(c)           No
later than March 31st of each calendar year, each Borrower Party shall deliver to the Administrative Agent a certificate of a
Responsible Officer, certifying that (i) the insurance requirements of this Section 5.4 (including Schedule
5.4) have been implemented and are being complied with, (ii) the applicable Borrower Party has paid all insurance
premiums then due and payable and (iii) the applicable Borrower Party is in compliance with its insurance
policies.

 

(d)          
The Administrative Agent shall be entitled at its option to participate in any compromise,
adjustment or settlement in connection with any Event of Loss under any policy or policies of insurance or any proceeding with
respect to any condemnation or other taking of property of any Borrower Party, in each such case, in excess of $1,000,000, and
the Borrower shall (and shall cause the applicable Borrower Party to), within five (5) Business Days after the Administrative Agent’s
request, reimburse the Administrative Agent for all reasonable out-of-pocket expenses (including reasonable attorneys’ and
experts’ fees) incurred by the Administrative Agent in connection with such participation. The Borrower shall (and shall
cause the applicable Borrower Party to) not make any compromise, adjustment or settlement in connection with any such claim in
excess of $1,000,000 without the approval of the Administrative Agent (acting on behalf of the Required Lenders).

 

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(e)          
All Loss Proceeds of any Event of Loss received by any Borrower Party or the Administrative
Agent in respect of all or any part of each applicable Project shall be deposited in the Loss Proceeds Account and the amounts
on deposit in the Loss Proceeds Account will be applied as described in the Depositary Agreement.

 

(f)          
No provision of this Section 5.4 or any other provision of any Loan Document shall
impose on the Administrative Agent, the Collateral Agent or the Lenders any duty or obligation to verify the existence or adequacy
of the insurance coverage maintained by each Borrower Party (nor shall any action taken, or not taken, by the Administrative Agent,
the Collateral Agent or the Lenders to verify the existence or adequacy of the insurance coverage maintained by any Borrower Party
affect the obligations of the applicable Borrower Party pursuant to this Section 5.4), nor shall the Administrative Agent,
the Collateral Agent or the Lenders be responsible for any representations or warranties made by or on behalf of any Borrower Party
to any insurance company or underwriter.

 

5.5           Taxes;
Assessments and Utility Charges. The Borrower shall (and shall cause each Borrower
Party to) pay, or cause to be paid, as and when due and prior to delinquency, all Taxes, assessments and governmental charges
of any kind that may at any time be lawfully assessed or levied against or with respect to any Borrower Party or any
applicable Project (including all assessments and charges lawfully made by any Governmental Authority for public improvements
that may be secured by a Lien on such applicable Project), and all utility and other charges incurred in the operation,
maintenance, use, occupancy and upkeep of such applicable Project; provided, however, that any Borrower Party
may contest or cause to be contested in good faith any such Taxes, assessments and other charges and, in such event, may
permit the Taxes, assessments or other charges so contested to remain unpaid during any period, including appeals, when such
Borrower Party is in good faith contesting or causing to be contested the same by appropriate proceedings, so long as (a)
reserves reasonably satisfactory to the Administrative Agent have been established on such Borrower Party’s books in an
amount sufficient to pay any such Taxes, assessments or other charges, accrued interest thereon and potential penalties
or other costs relating thereto, or other provision for the payment thereof reasonably satisfactory to the Administrative
Agent shall have been made, (b) enforcement of the contested Tax, assessment or other charge is effectively stayed for the
entire duration of such contest and (c) any Tax, assessment or other charge determined to be due, together with any interest
or penalties thereon, is immediately paid after resolution of such contest.

 

5.6         
Properties, Books and Records.
(a) The Borrower shall (and shall cause each Borrower Party to) (i) keep proper books of record and account in conformity with
GAAP and all Legal Requirements of all dealings and transactions in relation to its business and activities and (ii) permit representatives
of the Administrative Agent (including the Independent Consultants) or any Lender to visit and inspect, at the applicable Borrower
Party’s expense, each Borrower Party’s financial records, each Project (including the related Real Property) and any
other properties of any Borrower Party at any reasonable time and as often as may reasonably be desired and to make extracts from
and copies of such financial records, and permit any Person designated by the Administrative Agent or any Lender upon reasonable
prior notice to the applicable Borrower Party to discuss the affairs, finances and condition of the applicable Borrower Party with
the officers thereof and independent accountants therefor (subject to reasonable requirements of confidentiality, safety requirements
and other requirements imposed

 

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by
law or by contract); provided that so long as no Default or Event of Default shall have occurred and be continuing,
any such visit in excess of two such visits in any calendar year by any Lender shall be at the expense of such Lender. The
Independent Engineer shall have the right to visit and inspect each Project and the books, records and documents of each
Borrower Party from time to time, to witness the construction, installation, testing, start up, commissioning and operation
of each Project; provided that the Independent Engineer will comply with all reasonable safety requirements of such
Project or such Project Site whether imposed by contract or Governmental Rule and will maintain reasonable and customary
liability insurance. The Borrower shall (and shall cause each Borrower Party to) at all times maintain and preserve a
complete set of the Plans and Specifications relating to the design, engineering, construction and equipping of each Project
at such Project Site and available for inspection by the Independent Engineer, the Administrative Agent and any
Lender.

 

(b)          
The Borrower shall (and shall cause each Borrower Party to) maintain adequate project, financial
and accounting records with respect to each applicable Borrower Party and each applicable Project.

 

5.7          
Use of Proceeds.

 

(a)          
 

 

 (i)           
The Borrower shall (and shall cause each Borrower Party to) use the proceeds of each Construction
Loan solely to pay a portion of the Project Costs specified in the related borrowing certificate and related certificates delivered
by each Borrower Party in connection with such Construction Loan. Proceeds of the Construction Loans shall be applied by the applicable
Borrower Party in the order and manner set forth in the Depositary Agreement.

 

 (ii)          
The Borrower shall use the DSR Letters of Credit solely to support the Borrower’s
obligations with respect to the Debt Service Reserve Account. The Borrower shall use the Project Letters of Credit solely to support
the applicable Borrower Party’s obligations under the applicable Material Project Documents.

 

(b)          
Unless otherwise applied by the Administrative Agent pursuant to this Agreement, the Borrower
shall (and shall cause each Borrower Party to) deposit all Project Revenues and all Loss Proceeds in accordance with the Depositary
Agreement, for application solely for the purposes and in the order and manner provided in the Depositary Agreement.

 

5.8          
Payment of Obligations.
The Borrower shall (and shall cause each Borrower Party to) duly and punctually pay and discharge its obligations in respect
of its Indebtedness permitted by Section 6.1, subject to the terms and conditions of this Agreement and the other Loan Documents
(including Section 7.4 hereof).

 

5.9          
Construction and Operating Reports.

 

(a)          
With respect to each Project, as soon as available and in any event within ten (10) Business
Days after the end of each calendar month, commencing with the first full month following the applicable Initial Project Construction
Loan Date for each Project until COD for

 

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such
Project, the Borrower shall (and shall cause each Borrower Party to) deliver to the Administrative Agent and each of the Lenders
a certificate of a Responsible Officer of the applicable Borrower Party setting forth in reasonable detail (with respect to such
Project): (a) the estimated date on which Substantial Completion shall be achieved, (b) if the Substantial Completion Date is
not anticipated to occur on or before the scheduled Substantial Completion Date under the EPC Agreement for such Project, the
reasons therefor, (c) the status of construction of such Project (and a description of any material defects or deficiencies with
respect thereto or any material discrepancies with the applicable Plans and Specifications) and compliance of the EPC Contractor
with the applicable Project Schedule (as such term is defined in the applicable EPC Agreement) or project schedule, as applicable,
(d) the conformance to the applicable Construction Budget and Schedule of the amount of applicable Project Costs incurred to date
and during the most recent monthly period, and in the event of a material variance, the reasons therefor, (e) an update on the
process of obtaining any Applicable Permits that the applicable Borrower Party has not yet obtained; and (f) confirmation of material
ongoing compliance with applicable Environmental Laws, including material compliance with permits required under applicable Environmental
Laws and material ongoing compliance with applicable or relevant provisions of the Equator Principles, with descriptions of any
instances of material failure to so comply.

 

(b)          
For each Project, as soon as available and in any event within thirty (30) days after the
end of each calendar month, commencing with the first full month following the applicable Initial Project Construction Loan Date
for each Project until COD of such Project, the Borrower shall (and shall cause each Borrower Party to) cause the Independent Engineer
to deliver to the Administrative Agent and each of the Lenders a report covering each of the matters referenced in Exhibit M.

 

(c)           Following
the occurrence of COD for each Project, as soon as practicable but no later than forty-five (45) days after the close of each
quarterly period of its fiscal year, the Borrower shall deliver to the Administrative Agent a summary operating report, in
each case substantially in the form of Exhibit L to this Agreement, which shall include a month and year-to-date numerical
and narrative assessment of (A) each applicable Project’s electrical production, availability, capacity, delivery and
curtailment, if any, (B) the solar resource data with respect to such Project, (C) such Project’s availability and
unscheduled maintenance performed with respect to the Power Blocks and any other portion of such Project, (D) variance
analysis of the Project’s compliance with each budgeted category as compared to then applicable Annual
Operating Budget, (E) casualty losses that required notice pursuant to Section
5.1(m) in any fiscal year of the Borrower, (F) replacement of equipment not contemplated by then current Annual
Operating Budget of value in excess of $500,000, (G) material disputes with contractors, materialmen, suppliers or others and
any related material claims against any Borrower Party with a value in excess of $500,000, (H) any claims either individually
or in the aggregate equal to or greater than $500,000 for warranty under any EPC Agreement made or outstanding during such
quarter and (I) confirmation of material ongoing compliance with applicable Environmental Laws, including material compliance
with permits required under applicable Environmental Laws and material ongoing compliance with applicable or relevant
provisions of the Equator Principles, with descriptions of any instances of material failure to so comply.

 

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(d)          
The Borrower shall (and shall cause each Borrower Party to) provide to the Administrative
Agent promptly upon reasonable request such information concerning each applicable Project at such times as the Administrative
Agent shall reasonably require, including such reports and information as are reasonably required by the Independent Consultants.

 

5.10        
Material Project Documents.
The Borrower shall (and shall cause each Borrower Party to) (i) perform and observe all of its material covenants and material
obligations contained in each of the Material Project Documents, (ii) take all reasonable and necessary action to prevent the termination
or cancellation of any Material Project Documents to which the applicable Borrower Party or Pledgor is a party in accordance with
the terms of such Material Project Documents or otherwise (except for the expiration of any Material Project Document in accordance
with its terms and not as a result of a breach or default thereunder) and (iii) enforce against the relevant Material Project Participant
each material covenant or obligation of such Material Project Document to which it is a party in accordance with its terms, including
enforcing the rights and remedies of the applicable Borrower Party under the Material Project Documents to maximize the amount
of liquidated damages available to the applicable Borrower Party under the Material Project Documents.

 

5.11        
Completion; Acceptance Tests.
The Borrower shall (and shall cause each Borrower Party to), subject to the provisions of this Section 5.11, obtain the
prior written consent of the Independent Engineer and the Administrative Agent prior to accepting or confirming that each applicable
Project has achieved Substantial Completion, and/or Final Completion under the EPC Agreements (as such term is defined therein).
Except with respect to Small Projects, prior to accepting or confirming any final acceptance and/or final completion test procedures
under the EPC Agreements or the applicable Power Purchase Agreement, the Borrower shall (and shall cause each Borrower Party to)
allow the Independent Engineer and the Administrative Agent, at their option, to witness such test procedures and shall provide
to the Independent Engineer and the Administrative Agent copies of such test procedures and allow the Independent Engineer and
Administrative Agent reasonably sufficient time to review and consult with each applicable Borrower Party in respect thereof and
the Borrower shall (and shall cause each Borrower Party to) take into consideration in good faith the Independent Engineer’s
and Administrative Agent’s comments in respect thereof; provided that the Independent Engineer and the Administrative
Agent will comply with all reasonable safety requirements of each applicable Project or each applicable Project Site whether imposed
by contract or Governmental Rule and that no such review and
consultation shall be required in respect of test procedures already prescribed by the applicable EPC Agreement or the applicable
Power Purchase Agreement. Prior to accepting or confirming that any Project has satisfied any of the final acceptance or final
completion tests or met any of the performance guarantees or performance criteria pertaining to such applicable Project, the Borrower
shall (and shall cause each Borrower Party to) provide to the Independent Engineer and the Administrative Agent sufficient opportunity
to review the written items pertaining thereto and allow the Independent Engineer and Administrative Agent reasonably sufficient
time to review and consult with each applicable Borrower Party in respect thereof and the Borrower shall (and shall cause each
Borrower Party to) take into consideration in good faith the Independent Engineer’s and Administrative Agent’s comments
in respect thereof. Notwithstanding the foregoing, and so long as each Borrower Party has provided the Independent Engineer and
the Administrative Agent with the information needed for the reviews, consultations and consents required by this Section 5.11 in a manner allowing for a reasonable 

 

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time period for such Person to review the same, the Borrower shall (and shall cause
each Borrower Party to) comply with all time periods required with respect to the relevant acceptance procedures under the applicable
EPC Agreement and the Power Purchase Agreement irrespective of whether the Independent Engineer and the Administrative Agent has
provided their consent or consultation hereunder and shall not be required to withhold any approval, acceptance or confirmation
of Substantial Completion or Final Completion under the applicable EPC Agreement, test procedures or any final acceptance or final
completion tests.

 

5.12         EWG Status; Market-Based Rate Authority.
Each Project Company (a) is an EWG and (b) except to the extent the Project Company is exempt pursuant to 18 C.F.R. § 292.601
(2005) or other law or regulation, the Borrower shall cause each Project Company to take or cause to be taken all necessary or
appropriate actions to, at least sixty (60) days prior to the initial generation, delivery or sale of electricity from each applicable
Project, or earlier to the extent required by an applicable Governmental Rule and by no later than COD of each applicable Project,
apply for an order under Section 205 of the FPA authorizing the applicable Project Company to sell electric energy, capacity and
ancillary services at wholesale at market-based rates, with all blanket authorizations and waivers of regulation typically granted
to entities with market-based rate authority, including blanket authorization for the issuance of securities and assumption of
liabilities and the notice period established by FERC with respect to such blanket authorization for the issuance of securities
and assumption of liabilities shall have expired pursuant to Section 204 of the FPA. Once the applicable Project Company obtains
the status, authorizations and approvals set forth in clauses (a) and (b) above, the applicable Project Company shall take or cause
to be taken all necessary or appropriate actions to maintain such status, authorizations and approvals.

 

5.13         [Intentionally omitted].

 

5.14         Power Purchase Arrangement.
The Borrower shall (and shall cause each Borrower Party to) direct the Power Purchasers to effect all payments due to each applicable
Borrower Party from time to time under each Power Purchase Agreement directly by wire transfer (or other commercially accepted
means) to the applicable Construction Account for such Project.

 

5.15         Sanctions and Anti-Corruption Laws.
If any Borrower Party obtains actual Knowledge or receives any written notice that the applicable Borrower Party, any Affiliate,
subsidiary or any Person or entity holding any legal or beneficial interest whatsoever therein (whether
directly or indirectly) is named on the OFAC SDN List, is under investigation for a possible violation of Sanctions or for a possible
violation of Anti-Corruption Laws, the applicable Borrower Party shall promptly (a) give written notice to the Administrative
Agent of such occurrence, and (b) comply with all applicable laws with respect to such occurrence (regardless of whether the party
included on the OFAC SDN List is located within the jurisdiction of the United States of America), including Sanctions and Anti-Corruption
Laws, and the Borrower hereby authorizes and consents to (and will cause each applicable Borrower Party to authorize and consent
to) any Agent or Lender taking any and all steps such Person deems necessary, in its reasonable discretion, to comply with all
Sanctions and Anti-Corruption Laws (including the “freezing” and/or “blocking” of assets and reporting
such action to OFAC).

 

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5.16         Operation of Each Applicable Project.

 

Following COD of each
Project, the Borrower shall (and shall cause each Borrower Party to) operate and maintain each applicable Project, or cause the
same to be operated and maintained, in good operating condition consistent in all material respects with (i) Prudent Industry Practices,
(ii) all Applicable Permits, (iii) Legal Requirements, and (iv) all applicable requirements of the Operative Documents (including
the warranties provided for thereunder), and make or cause to be made all repairs (structural and non-structural, extraordinary
or ordinary) necessary to operate and maintain each applicable Project in such condition.

 

5.17         Final Completion.
The Borrower shall (and shall cause each Borrower Party to) use commercially reasonable efforts to cause Final Completion under
the EPC Agreement for each Project to occur no later than the corresponding date required in the applicable EPC Agreement. The
Borrower shall (and shall cause each Borrower Party to) prepare and deliver to the Administrative Agent and the Independent Engineer,
at least five (5) Business Days prior to COD for each Project, a reasonably detailed construction status report describing the
milestones remaining to be completed by applicable EPC Contractor, the timing of such milestone completion as compared to the schedule
in the applicable EPC Agreement and the amount of Project Costs in respect of such Project estimated to be incurred under the Material
Project Documents (each report for each Project, a “Construction Status Report”). The Administrative Agent and
the Independent Engineer shall be entitled to reasonably verify and, if necessary, reasonably correct and add to such Construction
Status Report in a manner reasonably acceptable to Administrative Agent and the Independent Engineer. 

 

5.18         [Intentionally omitted]

 

5.19         Separateness Provisions.

 

(a)          
The Borrower shall (and shall cause each Borrower Party to) conduct its business solely
in its own name in a manner not misleading to other Persons as to its identity. Without limiting the generality of the foregoing,
all oral and written communications of each Borrower Party (if any), including letters, invoices, purchase orders, contracts, statements,
and applications shall be made solely in the name of the applicable Borrower Party.

 

(b)           The
Borrower shall (and shall cause each Borrower Party to) maintain entity records and books of account separate from those of
any other entity which is an Affiliate of any Borrower Party and shall not commingle its funds or assets with those of any
other entity which is an Affiliate of any Borrower Party.

 

(c)          
The Borrower shall (and shall cause each Borrower Party to) provide that its board of directors
or other analogous governing body will hold all appropriate meetings to authorize and approve the applicable Borrower Party’s
actions, which meetings will be separate from those of other entities.

 

5.20         Further Assurances.

 

(a)          
The Borrower shall, and shall cause the other Loan Parties to, promptly upon request by
the Administrative Agent, correct any material defect or manifest error that may be

 

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discovered
in any Loan Document or in the execution, acknowledgement, filing or recordation thereof.

 

(b)          
The Borrower shall, and shall cause the other Borrower Parties and the Pledgor to, promptly
upon request by the Administrative Agent, execute, acknowledge, deliver, record, re-record, file, re-file, register, re-register,
or take any and all further acts, deeds, conveyances, pledge agreements, mortgages, deeds of trust, trust deeds, assignments, financing
statements and continuations thereof, termination statements, notices of assignment, transfers, certificates, assurances and other
instruments as the Administrative Agent may reasonably require from time to time in order to (i) carry out the purposes of the
Loan Documents, (ii) subject any Collateral to the Liens now or hereafter intended to be covered by any of the Security Documents
to the fullest extent permitted by applicable Legal Requirements, (iii) perfect and maintain the validity, effectiveness and priority
of any of the Security Documents and any of the Liens intended to be created thereunder and (iv) assure, convey, grant, assign,
transfer, preserve, protect and confirm more effectively unto the Secured Parties the rights granted or now or hereafter intended
to be granted to the Secured Parties under any Loan Document or under any other instrument executed in connection with any Loan
Document to which such Loan Party is or is to be a party.

 

5.21         Additional Collateral.

 

(a)          
With respect to any property acquired after the Signing Date and the applicable Initial
Project Construction Loan Date for each Project by each Borrower Party (other than any property described in paragraph (b) below)
as to which the Collateral Agent, for the benefit of the Secured Parties, does not have a perfected Lien, promptly (i) execute
and deliver to the Collateral Agent such amendments to the Security Documents as the Administrative Agent deems necessary or advisable
to grant to the Collateral Agent, for the benefit of the Secured Parties, a security interest in such property, subject to Permitted
Liens and (ii) take all actions necessary or advisable to grant to the Collateral Agent, for the benefit of the Secured Parties,
a perfected first priority security interest in such property, including the filing of UCC financing statements in such jurisdictions
as may be required by the applicable Security Document or by law or as may be requested by the Collateral Agent or the Administrative
Agent, except, as to the priority of such Liens, for Permitted Liens that, pursuant to applicable law, are entitled to a higher
priority than the Lien of the Collateral Agent.

 

(b)          
Except for Small Projects, if any Borrower Party shall at any time acquire any real property
or leasehold or other interest in real property not covered by the applicable Deed of Trust, promptly upon such acquisition, the
Borrower shall (and shall cause each Borrower Party to) execute, deliver and record a supplement to the applicable Deed of Trust,
reasonably satisfactory in form and substance to the Administrative Agent and the Collateral Agent, subjecting such real property
or leasehold or other interests to the lien and security interest created by such Deed of Trust.

 

(c)          
The Borrower shall (and shall cause each Borrower Party to) use its commercially reasonable
efforts to cause each other party to each Additional Project Agreement to execute and deliver to the Administrative Agent, concurrently
with the execution of such Additional Project Agreement, a consent to collateral assignment in form and substance reasonably satisfactory
to the Administrative Agent; provided, however, that with respect to Small Projects, Consents shall

 

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only
be required if (i) such Additional Project Document does not expressly allow such contract to be collaterally assigned to lenders
and (ii) the result of the Lenders due diligence with respect to such Additional Project Documents requires a Consent to be delivered.

 

5.22         Construction Contracts.
For each Project, as of the earlier to occur of (i) COD for such Project and (ii) the Construction Loan Maturity Date for such
Project, the Borrower shall (and shall cause each Borrower Party to) have paid and discharged or caused to be paid or discharged
all material liabilities and obligations for payments of amounts then due to each applicable Material Project Participant with
respect to the completion of the applicable Project under the relevant Material Project Documents, other than amounts being contested
in good faith and by appropriate proceedings. 

 

5.23         COD.
The Borrower shall (and shall cause each Borrower Party to) use commercially reasonable efforts to achieve COD for each Project
on or before the Date Certain for such Project.

 

5.24         Equity Commitment.
Each Borrower Party shall cause the Equity Investor to fund its Equity Commitment as and to the extent required under the Equity
Contribution Agreement. Each Borrower Party shall apply all proceeds of the Equity Contributions in accordance with the Equity
Contribution Agreement.

 

5.25         Consultants.
The Borrower shall (and shall cause each Borrower Party to) provide such documents and information to the Independent Engineer,
the Insurance Consultant and the Lenders as they may reasonably request and consider necessary in order to deliver annually to
the Administrative Agent a report on the status of each applicable Project or compliance with applicable insurance requirements,
as the case may be. 

 

5.26         [Intentionally omitted].

 

5.27         [Intentionally omitted].

 

5.28         Loss
Proceeds. All Loss Proceeds shall be applied as provided in this Section 5.28 and
the Depositary Agreement. All Loss Proceeds shall be paid by the relevant insurers, reinsurers and Governmental
Authorities, as applicable, directly to the Collateral Agent, for the benefit of the Secured Parties, as loss payee and, if
paid to any Borrower Party such Loss Proceeds shall be received in trust for the benefit of Collateral Agent, on behalf of
the Secured Parties, segregated from other funds of the Borrower Parties and shall be promptly paid over to the Collateral
Agent, for the benefit of the Secured Parties, in the same form as received (with any necessary endorsement), for deposit
into the Loss Proceeds Account. The Collateral Agent shall apply all such Loss Proceeds in accordance with the provisions of
this Section 5.28.

 

(a)          
Upon the occurrence of any Casualty Event with respect to which Loss Proceeds are payable in respect of a single loss in
an amount not in excess of $2,000,000, Borrower shall apply, or cause to be applied, such Loss Proceeds to the payment of the costs
of repair or restoration of the portion of the Project lost or damaged or replacement of equipment for the Project lost or damaged,
and disbursement of such funds by Collateral Agent shall be made in accordance with the Depositary Agreement.

 

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(b)          
Upon the occurrence of any Casualty Event with respect to which Loss Proceeds are payable in respect of a single loss in
an amount in excess of $2,000,000, disbursement of funds to be applied to the payment of the costs of repair or restoration of
the portion of the Project lost or damaged or replacement of equipment for the Project lost or damaged in accordance with the Depositary
Agreement shall be permitted if the conditions set forth in the Depositary Agreement with respect to such disbursement of funds
has been satisfied.

 

(c)          
All Loss Proceeds not otherwise applied in accordance with Section 5.28(a) or Section 5.28(b), including,
without limitation, due to the absence of required approval by Administrative Agent or the Required Lenders (in consultation with
the Independent Engineer), as applicable, shall be applied by Collateral Agent to the prepayment of Loans in accordance with Section
2.8(a).

 

ARTICLE
6.

NEGATIVE COVENANTS OF BORROWER

 

The Borrower covenants
and agrees that, prior to the Final Discharge Date, it shall (and shall cause each Borrower Party to), unless the Required Lenders
waive compliance in writing, not do any of the following:

 

6.1          
Indebtedness.
The Borrower shall (and shall cause each Borrower Party to) not directly or indirectly create, incur, assume, suffer to exist or
otherwise be or become liable with respect to any Indebtedness except for Permitted Indebtedness.

 

6.2          
Liens.
The Borrower shall (and shall cause each Borrower Party to) not create, incur, assume or suffer to exist (a) any Lien on any of
its Property (including any Collateral) except for Permitted Liens or (b) any Lien on its Capital Stock, except the Lien granted
under the Security Documents.

 

6.3          
Investments.
The Borrower shall (and shall cause each Borrower Party to) not make any advance, loan, extension of credit (by way of guaranty
or otherwise) or capital contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of,
or any other assets constituting a business unit of, or make any other investment in, any Person (all of the foregoing, “Investments”),
except investments in Permitted Investments.

 

6.4          
Prohibition of Fundamental Changes; Sale of Assets,
Fiscal Year, Etc.

 

(a)          
The Borrower shall (and shall cause each Borrower Party to) not change its legal form, merge
into or consolidate with, or acquire all or any substantial part of the assets or any class of stock of (or other equity interest
in), any other Person and shall not liquidate or dissolve and shall not modify its organizational documents in any manner adverse
to the Agents or the Lenders.

 

(b)          
The Borrower shall (and shall cause each Borrower Party to) not convey, sell, lease, pledge, transfer or otherwise dispose
of, in one transaction or a series of transactions, any assets of the Borrower except (i) pursuant to the Loan Documents, (ii)
the disposition of obsolete, worn out or replaced personal property not used or useful in the development or

 

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operation
of each applicable Project, (iii) the disposition of any funds on deposit in the Distribution
Account in accordance with the Depositary Agreement, (iv) sales, leases or transfers of assets as expressly contemplated by the
Material Project Documents, (v) the liquidation, sale or use of cash and Permitted Investments, (vi) the
granting of easements or other interests in the Real Property related to the Project to other Persons so long as such grant is
in the ordinary course of business, not substantial in amount and does not or would not reasonably be expected to materially detract
from the value or use of the affected property or to interfere in any material respect with the Project Company’s ability
to construct or operate the Project or sell or distribute power therefrom, or (vii) in
connection with the sale or disposition of a Project, the proceeds of which are expected to be sufficient to satisfy all outstanding
Obligations with respect to such Project as of the date of such sale or disposition, subject to the limits set forth in Section
2.9.

 

(c)          
The Borrower shall (and shall cause each Borrower Party to) not purchase or acquire any
assets other than: (i) the purchase of assets required for the development, construction, completion, operation and maintenance
of each applicable Project in accordance with the Material Project Documents and as contemplated by the applicable Construction
Budget and Schedule, (ii) the purchase of assets required in connection with any restoration, repair or rebuilding of each applicable
Project in accordance with Section 5.4(e), or (iii) the purchase of assets necessary to prevent or mitigate an emergency
situation.

 

(d)          
The Borrower shall (and shall cause each Borrower Party to) not change its name, principal
place of business, its fiscal year, its method of determining fiscal quarters or its federal employer identification number.

 

6.5          
Nature of Business.
The Borrower shall (and shall cause each Borrower Party to) not enter into any activities other than the ownership, development,
construction, operation, maintenance and financing of each applicable Project and any activities incidental to the foregoing.

 

6.6           Transactions
With Affiliates. The Borrower shall (and shall cause each Borrower Party to) not
enter into any transaction, including any purchase, sale, lease or exchange of property, the rendering of any service or the
payment of any management, advisory or similar fees, with any Affiliate unless such transaction is (a) (i) otherwise
permitted under this Agreement, (ii) in the ordinary course of business of the applicable Borrower Party, (iii) upon fair and
reasonable terms no less favorable to the Borrower than it would obtain in a comparable arm’s length transaction with a
Person that is not an Affiliate and (iv) in which expenses (if any) are reasonably equally allocated among the Affiliate
parties thereto, or (b) an obligation under any Material Project Document as in existence on the applicable Initial Project
Construction Loan Date for each Project.

 

6.7          
No Distributions.
The Borrower shall (and shall cause each Borrower Party to) not directly or indirectly, (a) make or declare any payment or distribution
(in cash, property or obligation) to any of its Affiliates (including any distributions contemplated under any Borrower Party’s
limited liability company operating agreement and any payments in respect of management (or other) fees to any of Pledgor or its
Affiliates not expressly provided for by the O&M Agreements or the Asset Management Agreement or as permitted upon satisfaction
of the Distribution Conditions in accordance with the Depositary Agreement
and (b) make any payment

 

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of
principal or interest in respect of any subordinated indebtedness (including Permitted Affiliate Subordinated Indebtedness) (each
payment described in clauses (a) and (b) being hereinafter referred to as a “Restricted Payment”).

 

6.8          
Material Project Documents.
The Borrower shall (and shall cause each Borrower Party to) not (i) cancel or terminate any Material Project Document to which
it is a party or consent to or accept any cancellation or termination of any such Material Project Document, (ii) sell, assign
(other than pursuant to the Security Documents) or otherwise dispose of (by operation of law or otherwise) any part of its interest
in any Material Project Document to which it is a party or consent to any assignment by the other party thereto, (iii) waive any
material default under, or material breach of, any Material Project Document to which it is a party or waive, fail to enforce,
forgive, compromise, settle, adjust or release any material right, interest or entitlement, howsoever arising, under, or in respect
of any such Material Project Document or in any way vary, or consent or agree to the variation of, any material provision of such
Material Project Document or of the performance of any material covenant or obligation by any other Person or consent to any assignment
by any other Person under any such Material Project Document, (iv) petition, request or take any other legal or administrative
action that seeks, or may be expected, to materially impair any Borrower Party’s rights under any Material Project Document
to which it is a party or seeks to amend, modify or supplement any such Material Project Document in any material respect, (v)
amend, supplement or modify in any material respect any Material Project Document (in each case as in effect when originally delivered
to and accepted by the Administrative Agent) to which it is a party or (vi) enter into any new agreement or instrument replacing
or supplementing any Material Project Document; in each case of clauses (i) through (vi) above without first obtaining, in the
case of the Power Purchase Agreements and the Tax Equity Documents, the prior written approval of all Lenders, and in the case
of each other Material Project Document, the prior written approval of the Required Lenders. For the avoidance of doubt, change
orders under the EPC Agreements shall be governed exclusively by Section 6.9. Upon the execution of any Tax Equity Document
with respect to a Project and upon the request of the Borrower, the Lenders will use commercially reasonable efforts to enter into
an agreement with the Tax Equity Investor containing the terms set forth on Exhibit F. 

 

6.9           Budget;
Change Orders. (a) The Borrower shall (and shall cause each Borrower Party to) not
amend or modify any Construction Budget and Schedule to reallocate any portion of any line item of such Construction Budget
and Schedule, or agree to any change order under the EPC Agreements (except as contemplated in the applicable Construction
Budget and Schedule as a separate line item) without the prior consent of the Required Lenders (in consultation with the
Independent Engineer) except to (i) apply cost-savings from any line of such Construction Budget and Schedule (which
cost-savings have been confirmed by the Independent Engineer) to the contingency line item of such Construction Budget and
Schedule or (ii) implement changes that do not violate Section 6.9(b) (and the Borrower shall (and shall cause each
Borrower Party to) deliver to the Administrative Agent copies of all amendments to each Construction Budget and Schedule and
change orders effected without the consent of the Required Lenders pursuant to this paragraph (a)).

 

(b)          
Notwithstanding anything to the contrary in Section 6.9(a) or any other provisions
of this Agreement, the Borrower shall (and shall cause each Borrower Party to) not agree to any change order otherwise permitted
under Section 6.9(a) that represents a change in (i) to the

 

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extent
such change is individually or, in conjunction with other changes, in the aggregate material, the design of any applicable Project,
(ii) “Guaranteed Capacity,” “Guaranteed Substantial Completion Date or the “Long-stop Date” or similar
defined terms (each as defined in the EPC Agreements), (iii) Substantial Completion or the mechanical completion deadline for
such Project where the Tax Equity Investor is expected to make a funding, (iv) any liquidated damages payable under the EPC Agreements,
(v) any performance guarantees set forth in the EPC Agreements, (vi) the warranty obligations set forth in the EPC Agreements,
in each case without the consent of the Required Lenders (in consultation with the Independent Engineer), (vii) cost increases
beyond 100% of the Construction Budget and Schedule for each Project, (viii) the construction schedule of any applicable Project
that would delay COD for such Project beyond the Construction Loan Maturity Date applicable to such Project or the required commercial
operation or COD date under the Power Purchase Agreement applicable to such Project, (ix) any performance guarantees or other
warranties under the MSAs or the O&M Agreements, as applicable (x) any reduction in any liquidated damages set forth in the
Material Project Documents, or (xi) a failure to comply with applicable Governmental Rules.

 

6.10         Additional Project Agreements.
The Borrower shall (and shall cause each Borrower Party to) not enter into any Additional Project Agreement without first (a) delivering
to the Administrative Agent, in no event later than ten (10) Business Days before the anticipated execution date of such Additional
Project Agreement, a final draft thereof and (b) obtaining the prior written approval of the Required Lenders.

 

6.11         Swap Agreements.
The Borrower shall (and shall cause each Borrower Party to) not enter into any Swap Agreement.

 

6.12         ERISA.
The Borrower shall (and shall cause each Borrower Party to) not engage in or suffer any ERISA Event that would subject any Borrower
Party to any tax, penalty or other liabilities in an amount that would reasonably be expected to have a Material Adverse Effect.

 

6.13         Subsidiaries.
The Borrower shall (and shall cause each Borrower Party to) not create, form or acquire any subsidiary or enter into any partnership
or joint venture, except, with respect to each Borrower Party, as set forth on Annex 4.

 

6.14         Accounts.
The Borrower shall (and shall cause each Borrower Party to) not have any “deposit accounts” with a
“bank” (within the meaning of Section 9-102 of the UCC) other than (a) the Collateral Accounts, as applicable,
established in accordance with this Agreement and the other Loan Documents and (b) the Local Deposit Account which may
contain an amount on deposit therein not in excess of $300,000 in the aggregate, to the extent such account is subject to a
deposit account control agreement in favor of the Collateral Agent in form and substance satisfactory to the Administrative
Agent and the Collateral Agent.

 

6.15         Capital Expenditures.
The Borrower shall (and shall cause each Borrower Party to) not make any capital expenditures, except for Permitted Capex.

 

6.16         Lease Transactions.
The Borrower shall (and shall cause each Borrower Party to) not enter into any transaction for the lease of any of its assets,
whether operating leases, capital leases or otherwise, other than the Site Lease Agreements.

 

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6.17         Hazardous Substances.
The Borrower shall (and shall cause each Borrower Party to) not use or Release any Hazardous Substances in violation of any Environmental
Laws or Applicable Permits or in a manner that could subject the Secured Parties to material liability or would reasonably be expected
to result in a Material Adverse Effect.

 

6.18         Regulations.
The Borrower shall (and shall cause each Borrower Party to) not directly or indirectly apply any part of the proceeds of any Loan
or other extensions of credit hereunder or other revenues to the purchasing or carrying of any Margin Stock or take any other action
that might result in a violation of any regulation of the Board.

 

6.19         Prepayment of Permitted Affiliate
Subordinated Indebtedness. The Borrower shall (and shall cause each Borrower Party to)
not make, or agree to offer to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities
or other property) of or in respect of principal of or interest on any Permitted Affiliate Subordinated Indebtedness, or any payment
or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account
of the purchase, redemption, retirement, acquisition, cancellation or termination of any Permitted Affiliate Subordinated Indebtedness,
in each case except as permitted pursuant to Section 6.7.

 

6.20         Modification of Additional Documents.
The Borrower shall (and shall cause each Borrower Party to) not amend or modify, or permit the amendment or modification of, any
provision of any Permitted Affiliate Subordinated Indebtedness or any agreement relating thereto. 

 

6.21         Fiscal Year.
The Borrower shall (and shall cause each Borrower Party to) not permit the fiscal year of any Borrower Party to end on a day other
than December 31 or change any Borrower Party’s method of determining fiscal quarters.

 

6.22         Small
Projects and Power Purchasers. In no event shall the expected aggregate
nameplate capacity of all Small Projects that have been allocated Loans and Commitments under this Agreement exceed 10% of
the total expected aggregate nameplate capacity of all Projects that have been allocated Loans and Commitments hereunder as
of such date; provided, however, that such allowed aggregate nameplate capacity of Small Projects shall be
reduced by the applicable percentage of nameplate capacity that is allocated to Projects set forth in the following sentence
with respect to Power Purchaser’s that are not Investment Grade. In no event shall any Power Purchaser cease to be
Investment Grade, except for Power Purchasers’ counterparty to Power Purchase Agreements which are allocated, in the
aggregate, 10% or less of the total expected aggregate nameplate capacity of all Projects that have been allocated Loans and
Commitments hereunder.

 

6.23         Sanctions and Anti-Corruption Laws.
The Borrower will not (and will not permit any Borrower Party to) directly or knowingly use the proceeds of the Loans, or lend,
contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person or entity (x) to
fund or facilitate any activities of or business with any Person that, at the time of such funding or facilitation, is the subject
or the target of Sanctions, (y) to fund or facilitate any activities of or business in any Sanctioned Country or (z) in any other
manner that

 

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will
result in a violation by any Person (including any person participating in the transaction, whether as lender or otherwise) of
Sanctions or in violation of any Anti-Corruption Laws.

 

ARTICLE
7.

EVENTS OF DEFAULT; REMEDIES

 

The occurrence prior
to the Final Discharge Date of any of the following events, described in Sections 7.1 through 7.18 inclusive, shall
constitute an event of default (individually, an “Event of Default,” and collectively, the “Events
of Default”) hereunder:

 

7.1          
Failure to Make Payments.
(a) (i) Any Borrower Party shall fail to pay any principal of any Loan when due in accordance with the terms hereof; or (ii) any
Borrower Party shall fail to pay any interest on any Loan, or any other amount payable hereunder or under any other Loan Document,
within five (5) Business Days after any such interest or other amount becomes due in accordance with the terms hereof.

 

7.2           Misrepresentations. Any representation or warranty made or deemed made by any Borrower
Party herein or in any other Loan Document, any amendment or modification thereof or waiver thereto or that is contained in any
certificate, document or financial or other statement furnished by it or at any time under or in connection with this Agreement
or any such other Loan Document shall prove to have been inaccurate in any material respect on or as of the date made or deemed
made and, if such misrepresentation is susceptible of cure, (a) the adverse effect of the misrepresentation is not remedied within
thirty (30) days of each applicable Borrower Party receiving notice or knowledge thereof or (b) as remedied, would reasonably
be expected to have a Material Adverse Effect.

 

7.3          
Breach of Terms of This Agreement, Other Loan
Documents.

 

(a)          
Any Borrower Party or Pledgor shall default in the observance or performance of any agreement
contained in Sections 5.1(e), 5.2(a), 5.4(a) or (b), 5.7, or Article 6 (other than as
provided in Section 7.3(d)). 

 

(b)          
The Equity Investor shall default in the observance or performance of any agreement contained
in the Equity Contribution Agreement (giving effect to any cure period provided therein); provided, that the timely observation,
performance or cure of the Equity Investor’s obligations by the Equity Contributor Guarantor shall be deemed an observance
or performance, as the case may be, by the Equity Investor.

 

(c)          
The ECCA Parent Guarantor shall (subject to any applicable cure period under the ECCA Parent
Guaranty) default in the observance or performance of any agreement contained in the ECCA Parent Guaranty (giving effect to any
cure period provided therein).

 

(d)          
Any Borrower Party shall default in the observance or performance of any agreement contained
in Section 6.2 as a result of non-consensual Permitted Lien failing or ceasing to qualify as a Permitted Lien hereunder
and such default shall continue unremedied for a period of fifteen (15) days.

 

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(e)          
Any Loan Party shall default in the observance or performance of any other agreement contained
in this Agreement or any other Loan Document (other than as provided elsewhere in this Article 7), and such default shall
continue unremedied for a period of thirty (30) days after notice to each applicable Borrower Party from the Administrative Agent
or the Required Lenders; provided, that if such default cannot be cured within such thirty (30) day time period but is susceptible
to cure within ninety (90) days, if such Loan Party, as applicable, commences action reasonably designed to cure such default within
such thirty (30) day time period and diligently pursues such cure, then such Loan Party, as applicable, shall have an additional
time period not to exceed sixty (60) days to cure such default.

 

7.4          
Cross Default.
Any Loan Party shall (i) default in making any payment of any principal of any Indebtedness (including any Guarantee obligation,
but excluding the Loans) on the due date with respect thereto (after giving effect to available cure periods); or (ii) default
in making any payment of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or
agreement under which such Indebtedness was created; or (iii) default in the observance or performance of any other material agreement
or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto,
or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit
the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the
giving of notice if required, such Indebtedness to become due prior to its stated maturity or (in the case of any such Indebtedness
constituting a Guarantee obligation) to become payable; provided, that a default, event or condition described in clause
(i), (ii) or (iii) above shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events
or conditions of the type described in clauses (i), (ii) and (iii) above shall have occurred and be continuing with respect to
Indebtedness the outstanding principal amount of which exceeds in the aggregate $1,000,000.

 

7.5           Bankruptcy;
Insolvency. Subject to items (i) through (iii) below, (a) Any Loan Party or any of
the Material Project Participants (the “Subject Persons”) shall commence any case, proceeding or other
action (i) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate
it if bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution,
composition or other relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee, custodian,
conservator or other similar official for it or for all or any substantial part of its assets; or (b) there shall be
commenced against any Subject Persons any case, proceeding or other action of a nature referred to in clause (a) above that
(i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed or
undischarged for a period of sixty (60) days; or (c) there shall be commenced against any Subject Persons any case,
proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all
or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been
vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof; or (d) any Subject
Persons shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
acts set forth in clause (a), (b), or (c) above; or (e) any Subject Persons shall generally not, or shall be unable to, or
shall admit in writing its inability to, pay its debts as they

 

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become
due; or (f) any Subject Person shall make a general assignment for the benefit of its creditors; provided, however,
that such Event of Default with respect to such Subject Person (except for any Loan Party, the counterparties to the Tax Equity
Documents or the Power Purchasers) shall not be deemed to have occurred if (i) such Subject Person has been replaced within sixty
(60) days of the occurrence of a Default under this Section 7.5 by any other Person reasonably acceptable to the Required
Lenders, (ii) the Material Project Document to which such Subject Person is a party has expired or terminated in accordance with
this Agreement (except for the Power Purchase Agreements, Tax Equity Documents, the Interconnection Agreements and any Site Lease
Agreement) or been replaced within sixty (60) days of the occurrence of a Default under this Section 7.5 by a replacement
Material Project Document in form and substance reasonably acceptable to the Required Lenders, or (iii) the Subject Person is
a Material Project Participant (other than the Power Purchasers or counterparties to the Tax Equity Documents) and the applicable
event could not reasonably be expected to have a Material Adverse Effect on any Borrower Party or any applicable Project.

 

7.6          
ERISA Events.
(a) an ERISA Event shall have occurred, (b) a trustee shall be appointed by a United States district court to administer any Pension
Plan, (c) the PBGC shall institute proceedings to terminate any Pension Plan(s), (d) any Loan Party or any of their respective
ERISA Affiliates shall have been notified by the sponsor of a Multiemployer Plan that it has incurred or will be assessed Withdrawal
Liability to such Multiemployer Plan and such entity does not have reasonable grounds for contesting such Withdrawal Liability
or is not contesting such Withdrawal Liability in a timely and appropriate manner; or (e) any other event or condition shall occur
or exist with respect to an ERISA Plan, a Foreign Plan or a Foreign Benefit Arrangement; and in each case in clauses (a) through
(e) above, such event or condition, together with all other such events or conditions, if any, could, in the sole judgment of the
Required Lenders, reasonably be expected to result in a Material Adverse Effect.

 

7.7          
Judgments.
One or more judgments or decrees shall be entered against any Loan Party involving in the aggregate a liability (which liability
is not paid or is not covered by available insurance as acknowledged in writing by the provider of such insurance or as certified
to the Administrative Agent by the Insurance Consultant) of $1,000,000 or more, and all such judgments or decrees shall not have
been vacated, discharged, stayed or bonded pending appeal within thirty (30) days from the entry thereof.

 

7.8           Security.
(a) Any of the Loan Documents shall cease, for any reason, to be in full force and effect (other than as expressly permitted
by this Agreement), any Loan Party or any Affiliate thereof shall so assert or (b) any security interest in the Collateral
purported to be created by any Security Document shall cease to be, or shall be asserted in writing by any Loan Party not to
be, a valid and perfected security interest having the priority required by this Agreement or the relevant Security Document
in the securities, assets or properties covered thereby shall be invalidated or otherwise cease to be legal, valid and
binding obligations of the parties thereto, enforceable in accordance with their terms.

 

7.9         
Loss of Applicable Permits.
Any Applicable Permit necessary for the construction or operation of each applicable Project shall be materially modified in an
adverse manner, revoked or cancelled by the issuing agency or other Governmental Authority having jurisdiction or any Borrower
Party shall fail to obtain, renew, or maintain or comply in all

 

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respects
with any Applicable Permit, if such event, together with all such other events, could, in the reasonable judgment of the Required
Lenders, reasonably be expected to result in a Material Adverse Effect (each an “Adverse Permit Event”); provided,
however, that an Event of Default with respect to an Applicable Permit shall not be deemed to have occurred if such Applicable
Permit has been obtained, modified, renewed, or replaced in form and substance reasonably acceptable to the Required Lenders,
or if compliance with such Applicable Permit has been achieved, within sixty (60) days of the occurrence of a Default under this
Section 7.9, so long as no Material Adverse Effect shall have occurred during such sixty (60) day period; and provided further
that the period set forth in the preceding proviso shall be increased from sixty (60) days to ninety (90) days upon the submission
by any applicable Borrower Party of evidence reasonably satisfactory to the Required Lenders that the applicable Borrower Party
has asserted in writing pursuant to the applicable EPC Agreement that a Force Majeure Event (as defined in the applicable EPC
Agreement) has occurred and the Adverse Permit Event results from such Force Majeure Event or the existence of such Adverse Permit
Event has entitled any applicable Borrower Party to assert the existence of such Force Majeure Event under such applicable EPC
Agreement.

 

7.10         
Pledgor.
Pledgor shall (a) conduct, transact or otherwise engage in, or commit to conduct, transact or otherwise engage in, any business
or operations other than those incidental to its ownership of the Capital Stock of the Borrower, (b) incur, create, assume or suffer
to exist any Indebtedness or other liabilities or financial obligations, except (i) nonconsensual obligations imposed by operation
of law, (ii) obligations pursuant to the Loan Documents to which it is a party and (iii) obligations with respect to its Capital
Stock, (c) own, lease, manage or otherwise operate any properties or assets (including cash (other than cash received in connection
with dividends made by the Borrower in accordance with Section 6.7) and cash equivalents) other than the ownership of shares
of Capital Stock of the Borrower or (d) create, incur, assume or suffer to exist any Lien upon any of its property, except Liens
created pursuant to the Loan Documents and any tax Liens, subject to clause (b) of the definition of Permitted Liens.

 

7.11         
Equity Commitment.
(a) The Equity Investor shall have failed to fund (either directly or by a draw under Acceptable Credit Support in accordance with
the Equity Contribution Agreement) all or any portion of its Equity Commitment as and when required pursuant to the terms of the
Equity Contribution Agreement (giving effect to any cure period provided therein) or (b) Acceptable Credit Support shall
cease to be in full force and effect for any reason in an amount at least equal to the Equity Requirement in accordance with the
Equity Contribution Agreement (unless such Acceptable Credit Support has been fully drawn by the Administrative Agent or the Equity
Commitment is cash collateralized or replaced with Acceptable Credit Support as contemplated by the Equity Contribution Agreement
in an amount at least equal to the Equity Requirement). Any counterparty to the Tax Equity Documents has failed to fund when the
conditions precedent to such funding have been satisfied under the applicable Tax Equity Documents (giving effect to any cure
period provided therein); provided, however, that such event shall
not be an Event of Default if the Borrower repays the Loans allocated to such Project in an amount determined by the Administrative
Agent based on the difference between the Construction Loan Commitment previously allocated to such Project under Annex 2 and
the then applicable Construction Loan Commitment to be allocated to such Project based on the debt sizing parameters set forth
in Annex 5 (excluding any debt sizing provided for the execution of any Tax Equity Documents), such amount, to be repaid
within five 

 

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(5) Business Days and Annex 2 shall be amended to reflect the updated Construction Loan Commitment allocated
to such Project.

 

7.12        
Change of Control.
A Change of Control shall have occurred.

 

7.13        
Abandonment of Project.
Any Borrower Party shall have abandoned the development, construction or operation of any applicable Project for a period of at
least thirty (30) consecutive days; provided that none of (A) scheduled maintenance of each applicable Project, (B) repairs
to each applicable Project, whether or not scheduled or (C) a forced outage or scheduled outage of each applicable Project, shall
constitute abandonment or suspension of each applicable Project, so long as the applicable Borrower Party is diligently attempting
to end such suspension.

 

7.14        
Breach of Material Project Documents.

 

(a)          
Subject to Section 7.15, any Loan Party or any other party thereto shall breach or
be in default under any material term, condition, provision, covenant, representation or warranty contained in any Material Project
Document and the Required Lenders shall have determined that the effect of such breach or default could be reasonably expected
to have a Material Adverse Effect on any Borrower Party or each applicable Project and such breach or default shall continue unremedied
for thirty (30) days after notice from the Administrative Agent or Lenders to the applicable Borrower Party; provided, however,
that if (i) such breach or default cannot be cured within such thirty (30) day period, (ii) such breach or default is susceptible
to cure within ninety (90) days, (iii) such breach or default has not resulted, and could not, with the additional cure time contemplated
by this proviso, be reasonably expected to result, in a Material Adverse Effect, and (iv) such other party is proceeding with all
requisite diligence and in good faith to cure such failure, then the time within which such failure may be cured shall be extended
to such date, not to exceed a total of sixty (60) days after the end of the initial thirty (30) day period, as shall be necessary
for such party diligently to cure such failure.

 

(b)          
A Material Project Participant has delivered to any Borrower Party a written notice of default
pursuant to the relevant Material Project Document (or the occurrence of any default that does not require a notice to affect a
termination of such Material Project Document), such default, if not cured, gives such Material Project Participant the right to
terminate such Material Project Document, the cure period provided thereunder in respect of such default has expired (or there
is no cure period), and such default continues unremedied.

 

7.15        
Loss of Material Project Document.
Notwithstanding Section 7.14, any Material Project Document shall cease for any reason to be in full force and effect unless
terminated in accordance with its terms and not as a result of a default thereunder; provided, however, that such
Event of Default with respect to a Material Project Document (except for the Power Purchase Agreements, the Tax Equity Documents,
the Interconnection Agreements and the Site Lease Agreements) shall not be deemed to have occurred if such Material Project Document
has been replaced
within sixty (60) days of the occurrence of a Default under this Section 7.15 by a replacement Material Project Document
in form and substance reasonably acceptable to the Required Lenders.

 

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7.16        
Loss of Collateral.
Any material portion of any Borrower Party’s property is damaged, seized or appropriated without fair value being paid therefor
such as to allow replacement of such property and to allow the applicable Borrower Party, in the reasonable judgment of the Administrative
Agent, to continue satisfying its obligations hereunder and under the other Operative Documents, in each case after giving effect
to any insurance proceeds or cash contributions to the common equity of the applicable Borrower Party (other than pursuant to the
Equity Contribution Agreement) made to the applicable Borrower Party after the applicable Initial Project Construction Loan Date
for the applicable Project and applied to such replacement.

 

7.17        
[Intentionally Omitted]

 

7.18       
Remedies.
Upon the occurrence and during the continuation of (a) an Event of Default specified in Section 7.5 with respect to any
Borrower Party, automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon) and all
other amounts owing under this Agreement and the other Loan Documents shall become immediately due and payable and the Administrative
Agent shall be deemed to have made a demand for cash collateral to the full extent permitted under Section 2.16(o), without
presentment, demand, protest or other notice of any kind, all of which are expressly waived by each Borrower Party, anything contained
herein or in any other Loan Document to the contrary notwithstanding and (b) an Event of Default with respect to any Person other
than any applicable Borrower Party or an Event of Default with respect to any Borrower Party other than the Events of Default specified
in clause (a) above, either or all of the following actions may be taken: (i) with the consent of the Required Lenders, the Administrative
Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to any applicable Borrower Party,
declare the Commitments to be terminated forthwith, whereupon the Commitments shall immediately terminate, (ii) with the consent
of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall,
declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents
to be due and payable forthwith, whereupon the same shall immediately become due and payable, (iii) with the consent of the Required
Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, cause the Collateral
Agent to draw in whole or in part upon the Acceptable Credit Support, (iv) with the consent of the Issuing Banks, the Administrative
Agent may, or upon the request of the Issuing Banks, the Administrative Agent shall, demand cash collateral pursuant to Section
2.16(o), (v) with the consent of the Required Lenders, and after taking action in accordance with clauses (i) or (ii) above,
the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, upon one (1) Business
Day prior notice to any applicable Borrower Party, enter into possession of each applicable Project and perform any and all work
and labor necessary to complete each applicable Project substantially according to each applicable EPC Agreement or operate and
maintain each applicable Project, and all sums expended by the Administrative Agent in so doing, together with interest on such
total amount at the Default Rate, shall be repaid by the applicable Borrower Party to the Administrative Agent upon demand and
shall be secured by the Loan Documents, notwithstanding that such expenditures may, together with amounts advanced under
this Agreement, exceed the amount of the total Commitments, (v) with the consent of the Required Lenders, the Administrative Agent
may, or upon the request of the Required Lenders, shall, or cause the Collateral Agent to, apply 

 

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or execute upon any amounts on
deposit in any Collateral Account, any Loss Proceeds or any other moneys of each Borrower Party on deposit with the Agents, any
Secured Party or Depositary Bank in the manner provided in the UCC and other relevant statutes and decisions and interpretations
thereunder with respect to cash collateral, and (vi) with the consent of the Required Lenders, the Administrative Agent may, or
upon the request of the Required Lenders, the Administrative Agent shall, or cause the Collateral Agent to, draw upon or make
a demand under any Security Document or any Material Project Document collaterally assigned to Collateral Agent by any Borrower
Party.

 

Notwithstanding anything to the contrary
contained herein, (i) the Lenders may make disbursements or Loans to or on behalf of each Borrower Party to cure any Event of Default
hereunder and to cure any default and render any performance required by any Borrower Party or Pledgor under any Material Project
Documents to which it is party as the Lenders in their sole discretion may consider necessary or appropriate, whether to preserve
and protect the Collateral or the Lenders’ interests therein or for any other reason, and all sums so expended, together
with interest on such total amount at the Default Rate (but in no event shall the rate exceed the maximum lawful rate), shall be
repaid by the applicable Borrower Party to the Administrative Agent on demand and shall be secured by the Loan Documents, notwithstanding
that such expenditures may, together with amounts advanced under this Agreement, exceed the amount of the total Commitments and
(ii) the Administrative Agent and the Collateral Agent may exercise any and all rights and remedies available to them under any
of the Loan Documents at law or in equity, including judicial or non-judicial foreclosure or public or private sale of any of the
Collateral pursuant to the Security Documents.

 

ARTICLE
8.

ADMINISTRATIVE AGENT AND COLLATERAL AGENT; OTHER AGENTS

 

8.1          
Appointment.

 

(a)          
Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent
of such Lender under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes the Administrative
Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents
and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this
Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto.

 

(b)           Each
Lender hereby irrevocably designates and appoints the Collateral Agent as the agent of such Lender under this Agreement and
the other Loan Documents, and each such Lender irrevocably authorizes the Collateral Agent, in such capacity, to enter into
each of the Loan Documents to which it is party, to take such action on its behalf under the provisions of this Agreement and
the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Collateral
Agent by the terms of this Agreement and the other Loan Documents to which it is party, together with such other powers as
are reasonably incidental thereto.

 

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(c)           
Notwithstanding any provision to the contrary elsewhere in this Agreement, the Agents shall
not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender
or Loan Party, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this
Agreement or any other Loan Document or otherwise exist against the Agents.

 

8.2           Delegation of Duties. Each of the Agents may execute
any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled
to advice of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for the negligence or misconduct
of any agents or attorneys-in-fact selected by it with reasonable care.

 

8.3          
Exculpatory Provisions.
None of the Agents nor any of its respective officers, directors, employees, agents, advisors, attorneys-in-fact or affiliates
shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this
Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and non-appealable decision
of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful misconduct)
or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any
Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement
or other document referred to or provided for in, or received by such Agent under or in connection with, this Agreement or any
other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or
any other Loan Document or for any failure of any Loan Party to perform its obligations hereunder or thereunder. The Agents shall
not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements
contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any
Loan Party. No Agent shall be responsible for the negligence or misconduct of any other Agent.

 

8.4          
Reliance by Agents.
Each of the Agents shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing, resolution,
notice, consent, certificate, affidavit, letter, telecopy or email message, statement, order or other document or conversation
believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice
and statements of legal counsel (including counsel to Pledgor or any Borrower Party), independent accountants and other experts
selected by such Agent. Each of the Agents may deem and treat the payee of any Note as the owner thereof for all purposes unless
a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. Each of the
Agents shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless
such Agent shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders)
in the case of the Administrative Agent, or of the Administrative Agent and Counterparties, if applicable, in the case of the Collateral
Agent, as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders and Counterparties, if applicable,
against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.
The Agents
shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents
in accordance with 

 

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a request of the Required Lenders (or, if so specified by this Agreement, all Lenders) in the case of the Administrative
Agent, or of the Administrative Agent and the Counterparties, if applicable, in the case of the Collateral Agent, and such request
and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and Counterparties, if applicable,
and all future holders of the Loans.

 

8.5           Notice of Default. The Administrative Agent shall not be deemed to have knowledge
or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from a Lender,
Pledgor or any Borrower Party referring to this Agreement, describing such Default or Event of Default and stating that such notice
is a “Notice of Default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent
shall give notice thereof to the Lenders and the Collateral Agent. The Administrative Agent shall take such action with respect
to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement,
all Lenders); provided that unless and until the Administrative Agent shall have received such directions, the Administrative
Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or
Event of Default as it shall deem advisable in the best interests of the Lenders. The Collateral Agent shall not be deemed to
have knowledge or notice of the occurrence of any Default or Event of Default unless the Collateral Agent has received the notice
from the Administrative Agent referred to above.

 

8.6          
Non-Reliance on the Agents and Other Lenders.
Each Lender expressly acknowledges that none of the Administrative Agent, the Collateral Agent nor any of their respective officers,
directors, employees, agents, advisors, attorneys-in-fact or affiliates have made any representations or warranties to it and that
no act by the Agents hereafter taken, including any review of the affairs of a Loan Party or any of their Affiliates, shall be
deemed to constitute any representation or warranty by the Agents to any Lender. Each Lender represents to the Agents that it has,
independently and without reliance upon any other Lender, and based on such documents and information as it has deemed appropriate,
made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness
of the Loan Parties and their Affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each
Lender also represents that it will, independently and without reliance upon the Agents or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions
in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary
to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties
and their Affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders and Counterparties
by the Agents hereunder, the Agents shall not have any duty or responsibility to provide any Lender with any credit or other information
concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party
or any of their Affiliates that may come into the possession of the Agents or any of their officers, directors, employees, agents,
advisors, attorneys-in-fact or affiliates.

 

8.7         
Indemnification.
The Lenders agree to indemnify each of the Administrative Agent, the Collateral Agent and their officers, directors, employees,
affiliates, agents, advisors 

 

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and
controlling persons (each, an “Agent Indemnitee”) (to the extent not reimbursed by the Borrower, any
Borrower Party or Pledgor and without limiting the obligation of the Borrower, any Borrower Party or Pledgor to do so),
ratably according to their respective pro rata share in effect on the date on which indemnification is sought under this
Section (with such pro rata share calculated as such Lender’s pro rata share of the aggregate outstanding Loans), from
and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, claims,
including Environmental Claims, expenses or disbursements of any kind whatsoever that may at any time (whether before or
after the payment of the Loans) be imposed on, incurred by or asserted against such Agent Indemnitee in any way relating to
or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or
referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent
Indemnitee under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment
of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements that are found by a final and non-appealable decision of a court of competent jurisdiction to have resulted
from such Agent Indemnitee’s gross negligence or willful misconduct. The agreements in this Section shall survive the
payment of the Loans and all other amounts payable hereunder, and the resignation or removal of any Agent
hereunder.

 

8.8          
Agents in Their Individual Capacity.
Each of the Agents and its affiliates may make loans to, accept deposits from and generally engage in any kind of business with
any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it, each of the Agents shall
have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though
it were not an Agent, and the terms “Lender” and “Lenders” shall include such Agent in its individual capacity.

 

8.9          
Successor Agents.
The Administrative Agent (i) may resign as Administrative Agent upon thirty (30) Business Days’ notice to the Lenders and
the Borrower or (ii) may be removed at the direction of the Required Lenders. If the Administrative Agent shall resign or be removed
as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the
Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default with respect to the Borrower
shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably withheld
or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the
term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the former
Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further
act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans.
If no successor agent has accepted appointment as Administrative Agent by the date that is thirty (30) Business Days following
an Administrative Agent’s notice of resignation or the effective date of the Administrative Agent’s removal (as determined
by the Required Lenders), the Administrative Agent’s resignation or removal shall nevertheless thereupon become effective,
and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the
Required Lenders appoint a successor agent as provided for above. After any Administrative Agent’s resignation or removal
as Administrative Agent, the provisions of this Article 8 and of Section 9.5 shall continue to inure to its benefit.
The Collateral Agent may resign as Collateral 

 

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Agent upon thirty (30) days’ notice
to the Administrative Agent, the Lenders and the Borrower. If the Collateral Agent shall resign as Collateral Agent under this
Agreement and the other Loan Documents, then the Required Lenders shall appoint a successor agent for the Lenders, which successor
agent shall (unless an Event of Default shall have occurred and be continuing) be subject to approval by the Borrower (which approval
shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties
of the Collateral Agent, and the term “Collateral Agent” shall mean such successor agent effective upon such appointment
and approval, and the former Collateral Agent’s rights, powers and duties as Collateral Agent shall be terminated, without
any other or further act or deed on the part of such former Collateral Agent or any of the parties to this Agreement or any holders
of the Loans. If no successor Collateral Agent shall have been appointed by the Required Lenders and shall have accepted such
appointment within twenty-five (25) days after the retiring Collateral Agent’s giving of notice of resignation or if an
Event of Default shall have then occurred and be continuing, then the retiring Collateral Agent may apply to a court of competent
jurisdiction to appoint a successor Collateral Agent, which shall be a bank or trust company which (A) has an office in New York,
New York, (B)(1) has a combined capital surplus of at least $500,000,000 or (2) has a combined capital surplus of at least $100,000,000
and is a wholly-owned subsidiary of a bank or trust company that has a combined capital surplus of at least $500,000,000 and (C)
is reasonably acceptable to the Administrative Agent and the Required Lenders. After any retiring Collateral Agent’s resignation
as Collateral Agent, the provisions of this Article 8 and of Section 9.5 shall continue to inure to its benefit.

 

8.10         Agents under Security Documents.
Each Lender hereby authorizes the Administrative Agent or Collateral Agent, as applicable, on behalf of and for the benefit of
the Secured Parties, to be the agent for and representative of the Lenders and the Counterparties with respect to the Collateral
and the Security Documents. For the avoidance of doubt, the Collateral Agent shall receive direction either from the Administrative
Agent or from the Administrative Agent on behalf of the Required Lenders.

 

8.11         Collateral Agent’s Duties.

 

(a)          
Whenever reference is made in this Agreement or any Security Document to any action by,
consent, designation, specification, requirement or approval of, notice, request or other communication from, or other direction
given or action to be undertaken or to be (or not to be) suffered or omitted by the Collateral Agent or to any amendment, waiver
or other modification of this Agreement to be executed (or not to be executed) by the Collateral Agent or to any election, decision,
opinion, acceptance, use of judgment, expression of satisfaction or other exercise of discretion or rights or remedies to be made
(or not to be made) by the Collateral Agent, it is understood that in all cases the Collateral Agent shall be acting, giving, withholding,
suffering, omitting, making or otherwise undertaking and exercising the same (or shall not be undertaking and exercising the same)
as directed by the Administrative Agent in accordance with this Agreement and the Security Documents. Notwithstanding anything
in this Agreement or any Security Document to the contrary, the Collateral Agent will in no event be required to take any action
which exposes the Collateral Agent to personal liability, which is contrary to this Agreement, the Security Documents or law or
with respect to which the Collateral Agent does not receive adequate instructions or full indemnification and/or security to its
satisfaction. The Collateral Agent shall not be required to take any such action or give any such approval prior to 

 

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receiving such
written statements. This provision is intended solely for the benefit of the Collateral Agent
and its permitted successors and assigns and is not intended to, and will not, entitle the other parties hereto to any defense,
claim or counterclaims under or in relation to any Security Documents, or confer any rights or benefits on any party hereto.

 

(b)          
The Collateral Agent is authorized, without further action or direction by the Administrative
Agent or the Lenders, to make, complete or confirm any grant of Collateral required by this Agreement or any of the Security Documents
and to release (or, if applicable, subordinate or grant non-disturbance rights in respect of) its Lien upon any Collateral (and
execute such documents as are reasonably required in connection therewith) that is otherwise permitted to be transferred, sold,
encumbered, released, conveyed or otherwise disposed of under the terms of this Agreement and the Security Documents. The Collateral
Agent shall be entitled to rely on an Officer’s Certificate of any Loan Party that has been countersigned by the Administrative
Agent requesting such a release, subordination or non-disturbance, certifying that such release is permitted pursuant to the terms
of this Agreement, and making specific reference to the provisions of this Agreement and the other Loan Documents permitting the
transfer, sale, encumbrance, release, conveyance or disposition in connection with which the release, subordination or non-disturbance
is being requested.

 

(c)          
The Collateral Agent shall not be responsible for and makes no representation as to the
existence, genuineness, value or protection of any Collateral (provided that the Collateral Agent shall be responsible for the
protection of any Collateral being held by it), for the legality, effectiveness or sufficiency of any Security Document, or for
the creation, perfection, priority, sufficiency or protection of any liens securing the Obligations.

 

(d)          
Nothing herein shall require the Agents to file financing statements or continuation statements,
or be responsible for maintaining the security interests purported to be created as described herein (except for the safe custody
of any Collateral in its possession and the accounting for moneys actually received by it hereunder or under any other Loan Document)
and such responsibility shall be solely that of the Borrower.

 

(e)          
The Collateral Agent shall not incur any liability for not performing any act or fulfilling
any duty, obligation or responsibility under any Loan Document by reason of any occurrence beyond the control of the Collateral
Agent (including but not limited to any present or future Legal Requirement, any act of god or war, civil unrest, local or national
disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire
or communication facility).

 

(f)           
In the event that the Collateral Agent is required to acquire title to an asset for any
reason, or take any managerial action of any kind in regard thereto, in order to carry out any obligation for the benefit of another,
which in the Collateral Agent’s sole discretion may cause the Collateral Agent to incur potential liability for any Environmental
Claim or arising under any Environmental Law, the Collateral Agent reserves the right, instead of taking such action, to either
resign as the Collateral Agent or arrange for the transfer of the title or control of the asset to a court-appointed receiver.
The Collateral Agent shall not be liable to the Borrower, the Secured Parties or any other Person for any Environmental Claims
or any liability arising under any Environmental Law by reason of the Collateral Agent’s actions and conduct as authorized,

 

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empowered
and directed under the Loan Documents or relating to the presence, Release or threatened Release of Hazardous Substances.

 

8.12         Right to Realize on Collateral.
Notwithstanding anything to the contrary contained in any of the Loan Documents, the Borrower, the Administrative Agent, the Collateral
Agent, each Lender hereby agree that (i) no Lender shall have any right individually to realize upon any of the Collateral, it
being understood and agreed that all powers, rights and remedies hereunder may be exercised solely by the Administrative Agent,
on behalf of the Secured Parties in accordance with the terms hereof, and all powers, rights and remedies under the Security Documents
may be exercised solely by the Collateral Agent, on behalf of the Secured Parties in accordance with the terms hereof, and (ii)
in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition,
the Collateral Agent, any Lender may be the purchaser or licensor of any or all of such Collateral at any such sale or other disposition
and the Collateral Agent, as agent for and representative of the Secured Parties (but not any Lender or Lenders in its or their
respective individual capacities unless the Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose
of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public
sale, to use and apply any of the Obligations as a credit on account of the purchase price for any collateral payable by the Collateral
Agent at such sale or other disposition.

 

8.13         Other Agents.
None of the Documentation Agent or Lead Arranger shall have any duties or responsibilities hereunder in its capacity as such.

 

8.14         Financial Liability.
No provision of this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the transactions
contemplated hereby or thereby shall require the Collateral Agent to (i) expend or risk its own funds or provide indemnities in
the performance of any of its duties hereunder or the exercise of any of its rights or power or (ii) otherwise incur any financial
liability in the performance of its duties or the exercise of any of its rights or powers if it shall have reasonable grounds for
believing repayment of such funds or adequate indemnity against such risk or liability (including an advance of moneys necessary
to take the action requested) is not assured to it except for such liability, if any, arising out of the gross negligence or willful
misconduct in the performance of its duties hereunder as determined by a final non-appealable judgment of a court of competent
jurisdiction.

 

ARTICLE
9.

MISCELLANEOUS

 

9.1          
Amendments.
(a) Neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be amended or modified except in accordance
with the provisions of this Section 9.1. The Required Lenders and each Loan Party party to the relevant Loan Document may,
or with the written consent of the Required Lenders, the Administrative Agent and each Loan Party party to the relevant Loan Document
shall, from time to time (i) enter into written amendments, supplements or modifications hereto and to the other Loan Documents
for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of
the Lenders or of the Loan Parties hereunder or thereunder, provided that (x) with respect to any amendment or supplement
that adversely affects the 

 

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Collateral
Agent, the written consent of the Collateral Agent shall be required and (y) with respect to any amendment or supplement that
adversely affects the Depositary Bank, the written consent of the Depositary Bank shall be required or (ii) waive, on such
terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument,
any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its
consequences; provided, however, that no such waiver and no such amendment, supplement or modification
shall:

 

(A)          Forgive the principal amount or extend the final scheduled date of maturity of any Loan,
reduce the stated rate of any interest or fee payable hereunder (except in connection with the waiver of applicability of any post-default
increase in interest rates (which waiver shall be effective with the consent of the Required Lenders)) or extend the scheduled
date of any payment thereof, or increase the amount or extend the expiration date of any Lender’s Commitment, in each case
without the written consent of each Lender directly affected thereby;

 

(B)          
eliminate or reduce the voting rights of any Lender under this Section 9.1 without
the written consent of such Lender;

 

(C)          
(i) consent to the assignment or transfer by the Borrower of any of its rights and obligations
under this Agreement and the other Loan Documents, or (ii) release a material portion of the Collateral, including any of the Power
Blocks or any of the Material Project Documents or, in each case without the written consent of all Lenders;

 

(D)          amend, modify or waive any provision of Sections 2.17(b), 2.17(c) or 6.22
without the written consent of all Lenders;

 

(E)          
reduce the percentage specified in the definition of Required Lenders without the written
consent of all Lenders;

 

(F)          
amend, modify or waive any provision of Article 8, Section 9.5 or any other
provision of any Loan Document that affects the Agents without the written consent of the applicable Agent;

 

(G)          amend, modify or waive any provision of Sections
2.3, 2.5, 2.6, 2.8, 2.9, 2.10 or 2.16 or any other provision of any Loan Document that uniquely affects the Issuing
Banks (solely in their capacity as Issuing Bank) without the consent of the applicable Issuing Bank(s) (including an amendment
of this Section 9.1);

 

(H)           amend, modify or waive any provision of any Loan Document related to the priority of payment
upon an Event of Default without the written consent of the Lenders; 

 

(I)          
change the provisions of any Loan Document in a manner that by its terms adversely
affects the rights in respect of payments due to Lenders holding Loans of one Class differently from the rights of Lenders holding
Loans 

 

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of
any other Class without the prior consent of Lenders holding a majority in interest of the outstanding Loans and unused
Commitments of each adversely affected Class; or

 

(J)          
amend, modify or waive any provision of the Equity Contribution Agreement or any Acceptable
Credit Support without the written consent of all Lenders.

 

(b)         
Notwithstanding anything to the contrary contained in this Section 9.1, any Loan
Document, this Agreement or any related document may be amended, supplemented or waived with the consent of the Administrative
Agent at the request of the Borrower without the need to obtain the consent of any other Lender if such amendment, supplement or
waiver is delivered in order (i) to cure omissions, mistakes or defects or (ii) to cause such Loan Document or other document to
be consistent with this Agreement and the other Loan Documents.

 

(c)         
Notwithstanding anything to the contrary contained in this Section 9.1 or any other
Loan Document, neither the Borrower nor any Affiliate of the Borrower shall be included in the determination of Required Lenders
or any consent or other direction of the applicable Lenders or Secured Parties as a result of having Obligations or Secured Obligations
registered in the name of, or beneficially owned by, the Borrower or any Affiliate of the Borrower, and such Obligations and Secured
Obligations will be deemed not to be outstanding for such purpose.

 

(d)         
Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right
to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires
the consent of (a) all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting
Lenders or (b) the Required Lenders may be effected with the consent of 50% or more of the Lenders that are not Defaulting Lenders),
except that (A) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and
(B) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects
any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.

 

9.2         
Addresses.
All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy),
and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three (3) Business
Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when received, addressed as follows
in the case of the Borrower, the Administrative Agent and the Collateral Agent, and as set forth in an administrative questionnaire
delivered to the Administrative Agent in the case of the Lenders, or to such other address as may be hereafter notified by the
respective parties hereto:

 

		Borrower:	77 Rio Robles

San Jose, California 95134

Telecopy: 510-540-0552

Attention: Legal Department 

 

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		 	With a copy to
 SunPower Capital Services,
LLC
 2900 Esperanza Crossing, Floor 2
 Austin, TX 78758
 Telecopy: (512) 681-0288
 Attention: Financing Operations

  

		Administrative Agent:	Mizuho Bank, Ltd.,

			as Administrative Agent

			1251 Avenue of the Americas

			New York, NY 10020

			Attention: Francisco Casas

			Telecopy: 212-282-3618

			Telephone: 212-282-4866

 

		Collateral Agent:	Mizuho Bank (USA),

			as Collateral Agent

			1251 Avenue of the Americas

			New York, NY 10020

			Attention: Francisco Casas

			Telecopy: 212-282-3618

			Telephone: 212-282-4866

 

provided that any notice, request
or demand to or upon the Administrative Agent, the Collateral Agent or the Lenders shall not be effective until received during
such recipient’s normal business hours.

 

Notices and other communications
to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative
Agent; provided that the foregoing shall not apply to (x) notices pursuant to Article 2 unless otherwise agreed by the Administrative
Agent and the applicable Lender and (y) Goldman Sachs Bank USA shall not be required to issue a Letter of Credit by electronic
communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications
to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures
may be limited to particular notices or communications.

 

9.3          
No Waiver; Cumulative Remedies.
No failure to exercise and no delay in exercising, on the part of any Agent or any Lender, any right, remedy, power or privilege
hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by law.

 

9.4          
Survival of Representations and Warranties.
All representations and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement

 

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delivered
pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans
and other extensions of credit hereunder.

 

9.5          
Payment of Expenses and Taxes.
Whether or not the transactions contemplated hereby shall be consummated, the Borrower agrees (a) to pay or reimburse each of the
Agents for all of such Agent’s reasonable fees, costs and expenses incurred in connection with the development, preparation
and execution of, and any amendment, supplement or modification to, this Agreement and the other Loan Documents and any other documents
prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and
thereby, including the reasonable fees and disbursements of one set of transaction and local counsel to the Administrative Agent
on behalf of the Lenders, the reasonable fees and disbursements of the Independent Consultants and filing and recording fees and
expenses, the reasonable fees and disbursements of counsel to the Collateral Agent, with statements with respect to the foregoing
to be submitted to the Borrower prior to the Signing Date (in the case of amounts to be paid on the Signing Date) and from time
to time thereafter on a quarterly basis or such other periodic basis as each such Agent shall deem appropriate, (b) to pay or reimburse
each Lender and each Agent for all its costs, fees and expenses incurred in connection with the enforcement or preservation of
any rights under this Agreement, the other Loan Documents and any such other documents, including the fees and disbursements of
counsel (including the allocated fees and expenses of in-house counsel) to each Lender and of counsel to each Agent and the costs
and expenses in connection with the establishment and the use of an electronic data room to manage documentation associated with
the Loans, (c) to pay, indemnify, and hold each Lender and each Agent harmless from, any and all recording and filing fees and
any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other Taxes, if any, that may
be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of any
of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect
of, this Agreement, the other Loan Documents and any such other documents, and (d) to pay, indemnify, and hold each Lender, including
for the avoidance of doubt any Issuing Bank, and each Agent and their respective officers, directors, employees, affiliates, agents,
advisors and controlling persons (each, an “Indemnitee”) harmless from and against any and all other liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, fees, expenses or disbursements of any kind or nature
whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement, the other Loan
Documents and any such other documents, including any of the foregoing relating to the use of proceeds of the Loans and Letters
of Credit, Acceptable Credit Support, any of the transactions contemplated by the Operative Documents or the non-compliance by
any party with the provisions thereof or the violation of, noncompliance with or liability under, any Environmental Law applicable
to the operations of any Loan Party or any of the Mortgaged Property and the reasonable fees and expenses of legal counsel in connection
with claims (including Environmental Claims), actions or proceedings by any Indemnitee against any Loan Party under any Loan Document
(all the foregoing in this clause (d), collectively, the “Indemnified Liabilities”), provided, that the
Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified
Liabilities are found by a final and non-appealable decision of a court of competent jurisdiction to have resulted from (I) to
the extent the Indemnitee or the Lender through whom the Indemnitee is making its claim is a Defaulting Lender, a material breach
of such Defaulting Lender’s obligations under this 

 

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Agreement (II) the gross negligence or willful misconduct of such Indemnitee.
Without limiting the foregoing, and to the extent permitted by applicable law, the Borrower agrees not to assert, and hereby waives,
all rights for contribution or any other rights of recovery with respect to all claims, demands,
penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental
Laws, that any of them might have by statute or otherwise against any Indemnitee. All amounts due under this Section 9.5
shall be payable not later than ten (10) days after written demand therefor. The agreements in this Section 9.5 shall survive
repayment of the Loans and all other amounts payable hereunder.

 

9.6         
Attorney In Fact.

 

(a)         
For the purpose of allowing the Administrative Agent to exercise its rights and remedies
provided in Article 7 following the occurrence and during the continuation of any Event of Default, the Borrower (on behalf
of itself and each Borrower Party) hereby constitutes and appoints the Administrative Agent its true and lawful attorney-in-fact,
with full power of substitution, to complete any part or all of each applicable Project in the name of the Borrower or the applicable
Borrower Party, and hereby empowers such attorney or attorneys, following the occurrence and during the continuation of any Event
of Default, as follows:

 

(i)           
To use any unadvanced proceeds of the Loans for the purpose of completing, operating or
maintaining any or all of each applicable Project as required by the applicable Material Project Documents and the applicable Plans
and Specifications.

 

(ii)          
 To employ such contractors, subcontractors, Agents, architects and inspectors as reasonably
shall be required for such purposes;

 

(iii)           To pay, settle or compromise all bills and claims which may be or become Liens or security
interests against any or all of each applicable Project or the Collateral, or any part thereof, unless a bond or other security
satisfactory to the Administrative Agent has been provided;

 

(iv)          To execute applications and certificates in the name of the Borrower which reasonably may
be required by the Loan Documents or any other agreement or instrument executed by or on behalf of the Borrower in connection with
any or all of each applicable Project;

 

(v)          
To prosecute and defend all actions or proceedings in connection with any or all of each
applicable Project or the Collateral or any part thereof and to take such action and require such performance as such attorney
reasonably deems necessary under any performance and payment bond and the Loan Documents;

 

(vi)          To do any and every lawful act which the might do on its behalf with respect to the Collateral
or any part thereof or any or all of each applicable Project and to exercise any or all of the Borrower’s (or each Borrower
Party’s as applicable) rights and remedies under any or all of the Material Project Documents; and

 

(vii)         To use any funds contained in any Collateral Account, to pay interest and principal on the
Loans.

 

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(b)         
This power of attorney shall be deemed to be a power coupled with an interest and shall
be irrevocable.

 

9.7         
Successors and Assigns; Participations and Assignments.

 

(a)         
The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer
any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer
by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or
obligations hereunder except in accordance with this Section.

 

(b)         
(i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign
to one or more assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitments and the Loans at the time owing to it) with the prior written consent of:

 

(A)          the Borrower (such consent not to be unreasonably withheld or delayed; provided,
if Borrower does not respond to such consent request in writing within ten (10) Business Days, the Borrower shall have been deemed
to have consented to such request), provided that no consent of the Borrower shall be required (1) for an assignment to a Lender,
an affiliate of a Lender or an Approved Fund (as defined below) provided, further that with respect to any assignment of
Construction Loan Commitments to an affiliate of a Lender (excluding any assignment by Goldman Sachs Bank USA to Goldman Sachs
Lending Partners LLC), (a) such affiliate shall have a combined capital surplus of at least $250,000,000 or (b) such affiliate’s
obligations shall be fully guaranteed by such Lender or (2) if an Event of Default has occurred and is continuing; and

 

(B)         
the Administrative Agent (such consent not to be unreasonably withheld or delayed), provided
that no consent of the Administrative Agent shall be required for an assignment to a Lender, an affiliate of a Lender or an Approved
Fund (as defined below); provided, further that with respect to any assignment of Construction Loan Commitments to
an affiliate of a Lender (excluding any assignment by Goldman Sachs Bank USA to Goldman Sachs Lending Partners LLC), (a) such affiliate
shall have a combined capital surplus of at least $250,000,000 or (b) such affiliate’s obligations shall be fully guaranteed
by such Lender.

 

(ii)         
Assignments shall be subject to the following additional conditions:

 

(A)          except in the case of an assignment to a Lender, an affiliate of a Lender or an Approved
Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitments or Loans, the amount of the Commitments
or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000 unless 

 

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each of the Borrower
and the Administrative Agent otherwise consent, provided that (1) no such consent of the Borrower shall be required if an Event
of Default has occurred
and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its affiliates or Approved Funds, if
any;

 

(B)          (1) the parties to each assignment shall execute and deliver to the Administrative Agent
an Assignment and Assumption, together with a processing and recordation fee of $3,500 payable by the assigning Lender and (2)
the assigning Lender shall have paid in full any amounts owing by it to the Administrative Agent;

 

(C)         
the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an
administrative questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information
(which may contain material non-public information about the Borrower and its Affiliates and their related parties or their respective
securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures
and applicable laws, including Federal and state securities laws; 

 

(D)          no Lender (including any assignee of any Lender) may assign any portion of its Commitment
to a new lender if such assignment would result, at the time of such transfer only, in claims made by such new lender for costs
pursuant to Section 2.21 hereof in excess of those which could be made by the assigning Lender were it not to make such
assignment, unless such new lender waives its right to claim such costs; and

 

(E)          
no assignments shall be made to a natural person.

 

For the purposes of this Section 9.7,
“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding
or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or
managed by (a) a Lender, (b) an affiliate of a Lender or (c) an entity or an affiliate of an entity that administers or manages
a Lender.

 

(iii)       Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below, from and
after the effective date specified in each Assignment and Assumption the Assignee thereunder shall be a party hereto and, to the
extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released
from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to
the benefits of Sections 2.19, 2.20, 2.21, and 9.5). Any assignment or transfer by a Lender of rights
or obligations under this Agreement that does not comply with this Section 9.7 shall be treated for purposes of this

 

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Agreement
as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section.

 

 (iv)          The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain
at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names
and addresses of the Lenders, and the Commitments of, and principal amount (and stated interest) of the Loans owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive
absent manifest error, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded
in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to
the contrary.

 

 (v)           Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender
and an Assignee, the Assignee’s completed administrative questionnaire (unless the Assignee shall already be a Lender hereunder),
the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required
by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information
contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded
in the Register as provided in this paragraph.

 

(c)          
(i) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell
participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s
rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing to it); provided
that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent and the other
Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement. Any agreement pursuant to which a Lender sells such a participation shall provide that such Lender shall
retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
provided that such agreement may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby pursuant to Section
9.1(a) and (2) directly affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.19, 2.20 and 2.21 to the same extent as if it
were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by
law, each Participant also shall be entitled to the benefits of Section 9.8(b) as though it were a Lender, provided such
Participant shall be subject to Section 9.8(a) as though it were a Lender. Each Lender that sells a participation shall,
acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register agent on which it enters the name
and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans
or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any
obligation to disclose all or any portion of the Participant Register to any

 

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    AGREEMENT (SunPower HoldCo)

 

     

     

    

 

Person
(including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans,
or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such
Commitment, Loan, or other obligation is in registered from under Section 5f.103-1(c) of the United States Treasury Regulations.
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose
name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding
any notice to the contrary.

 

 (ii)          
A Participant shall not be entitled to receive any greater payment under Sections 2.19
or 2.20 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrower’s prior written consent or except to the
extent such entitlement to receive a greater payment results from a change in law that occurs after the Participant acquired the
applicable participation. Any Participant that is a Non-U.S. Lender shall not be entitled to the benefits of Section 2.20
unless such Participant complies with Section 2.20(e). In no event shall the Borrower be responsible for any costs or expenses
of any counsel engaged by a Participant.

 

(d)          
Any Lender may at any time, without notice, pledge or assign a security interest in all
or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure
obligations to a Federal Reserve Bank or a central bank purporting to have jurisdiction over such Lender, and this Section shall
not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security
interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such Lender
as a party hereto.

 

(e)          
The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes
to any Lender requiring Notes to facilitate transactions of the type described in paragraph (d) above.

 

(f)          
Notwithstanding the foregoing, any Conduit Lender may assign any or all of the Loans it
may have funded hereunder to its designating Lender without the consent of the Borrower or the Administrative Agent and without
regard to the limitations set forth in Section 9.7(b). Each of the Borrower, each Lender and the Administrative Agent hereby
confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one
year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided,
however, that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto
for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during
such period of forbearance.

 

(g)          
Notwithstanding anything herein to the contrary, any corporation into which the Collateral
Agent may be merged or converted or with which it may be consolidated or any corporation resulting from any merger, conversion
or consolidation to which the Collateral

 

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    AGREEMENT (SunPower HoldCo)

 

     

     

    

 

Agent
shall be a party, or any corporation succeeding to the corporate trust business of the Collateral Agent, shall be the successor
of the Collateral Agent hereunder without the execution or filing of any paper with any party hereto or any further act on the
part of any of the parties hereto except where an instrument of transfer or assignment is required by law to effect such succession;
provided that the Collateral Agent shall forthwith notify the parties hereto in writing of any such event.

 

9.8          
Adjustments; Set-off.

 

(a)          
Except to the extent that this Agreement, any other Loan Document or a court order expressly
provides for payments to be allocated to a particular Lender or to the Lenders, if any Lender (a “Benefited Lender”)
shall receive any payment of all or part of the Obligations owing to it (other than in connection with an assignment made pursuant
to Section 9.7), or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant
to events or proceedings of the nature referred to in Section 7.5, or otherwise), in a greater proportion than any such
payment to or collateral received by any other Lender, if any, in respect of the Obligations owing to such other Lender, such Benefited
Lender shall purchase for cash from the other Lenders a participating interest in such portion of the Obligations owing to each
such other Lender, or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause
such Benefited Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders; provided,
however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender,
such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest;
provided, further, that in the event that any Defaulting Lender shall exercise any such right of set-off, (x) all
amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions
of Section 2.24 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed
held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly
to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which
it exercised such right of set-off.

 

(b)          
In addition to any rights and remedies of the Lenders provided by law, each Lender shall
have the right, without notice to the Borrower, any such notice being expressly waived by the Borrower to the extent permitted
by applicable law, upon any Obligations becoming due and payable by the Borrower (whether at the stated maturity, by acceleration
or otherwise), to apply to the payment of such Obligations, by setoff or otherwise, any and all deposits (general or special, time
or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case
whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender, any affiliate
thereof or any of their respective branches or agencies to or for the credit or the account of the Borrower. Each Lender agrees
promptly to notify the Borrower and the Administrative Agent after any such application made by such Lender, provided that
the failure to give such notice shall not affect the validity of such application.

 

9.9          
Independent Consultants.
(a) The Administrative Agent and the Required Lenders, in their reasonable discretion, may remove from time to time, any one or
more of the

 

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    AGREEMENT (SunPower HoldCo)

 

     

     

    

 

Independent
Consultants and appoint replacements reasonably acceptable to the Borrower. Notice of any replacement Independent Consultant shall
be given by the Administrative Agent to the Borrower, the Lenders and to the Independent Consultant being replaced. All reasonable
fees and expenses of the Independent Consultants (whether the original Independent Consultants or replacements) shall be paid
by the Borrower; provided, however, that unless an Event of Default shall have occurred and be continuing, the Administrative
Agent shall request that each such Independent Consultant provide the Borrower with its proposed scope of work and proposed budget
therefor, and the Administrative Agent shall consult with the Borrower with regard to the matters contained therein.

 

(b)          
Each Independent Consultant (other than the Independent Engineer, which consultants were
hired directly by the Borrower) shall be contractually obligated to the Administrative Agent to carry out the activities required
of it in this Agreement and as otherwise requested by the Administrative Agent and shall be responsible solely to the Administrative
Agent for these activities. The Borrower acknowledges that it shall not have any cause of action or claim against any Independent
Consultant resulting from any decision made or not made, any action taken or not taken or any advice given by such Independent
Consultant in the due performance in good faith of its duties to the Administrative Agent hereunder.

 

9.10        
Entire Agreement.
This Agreement and the other Loan Documents represent the entire agreement of Pledgor, the Borrower, the other Loan Parties, the
Administrative Agent, the Collateral Agent and the Lenders with respect to the subject matter hereof and thereof, and there are
no promises, undertakings, representations or warranties by the Administrative Agent, the Collateral Agent or any Lender relative
to the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents.

 

9.11       
Governing Law.
THIS AGREEMENT, AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT, SHALL BE GOVERNED BY, AND CONSTRUED
UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO CONFLICTS OF LAWS PROVISIONS THEREOF (OTHER THAN SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

9.12         
 

 

9.13        
Submission To Jurisdiction; Waivers.
The Borrower hereby irrevocably and unconditionally:

 

(a)          
submits for itself and its property in any legal action or proceeding relating to this Agreement
and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to
the exclusive (subject to Section 9.12(e)) general jurisdiction of the courts of the State of New York sitting in the Borough of
Manhattan, the courts of the United States for the Southern District of New York sitting in the Borough of Manhattan, and appellate
courts from any thereof;

 

(b)          
consents that any such action or proceeding may be brought in such courts and waives any
objection that it may now or hereafter have to the venue of any such action or

 

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    AGREEMENT (SunPower HoldCo)

 

     

     

    

 

proceeding
in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the
same;

 

(c)          
agrees that service of process in any such action or proceeding may be effected by mailing
a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to Pledgor or the
Borrower or the applicable Borrower Party, as the case may be at its address set forth in Section 9.2 or at such other address
of which the Administrative Agent and the Collateral Agent shall have been notified pursuant thereto; 

 

(d)          
agrees that nothing herein shall affect the right to effect service of process in any other
manner permitted by law or shall limit the right to sue in any other jurisdiction; and

 

(e)          
agrees that a non-appealable final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law and that nothing in this
Agreement or any other Loan Document shall affect any right that the Arranger, the Agents, the Issuing Banks or the Lenders may
otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against it or any of its
assets in the courts of any jurisdiction.

 

9.14        
Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

9.15        
Headings.
Paragraph headings and a table of contents have been inserted in this Agreement as a matter of convenience for reference only and
it is agreed that such paragraph headings are not a part of this Agreement and shall not be used in the interpretation of any provision
of this Agreement.

 

9.16        
Acknowledgements.
The Borrower hereby acknowledges that:

 

(a)          
each Lender and their affiliates may have economic interests that conflict with those
of the Borrower;

 

(b)          
it has been advised by counsel in the negotiation, execution and delivery of this Agreement
and the other Loan Documents and the Lenders and the Borrower may have conflicting economic interests;

 

(c)          
None of the Administrative Agent, the Collateral Agent or any Lender has any fiduciary relationship
with or duty to the Borrower arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship
between Administrative Agent, the Collateral Agent and Lenders, on the one hand, and the Borrower, on the other hand, in connection
herewith or therewith is solely that of debtor and creditor; and

 

(d)          
no joint venture is created hereby or by the other Loan Documents or otherwise exists by
virtue of the transactions contemplated hereby among the Lenders or among the Borrower and the Lenders.

 

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    AGREEMENT (SunPower HoldCo)

 

     

     

    

 

9.17         Deed of Trust/Security Documents.
The Loans and the other Obligations are secured in part by a Deed of Trust encumbering the Project Site for the applicable Project
set forth on Schedule 1.1B. Reference is hereby made to each such Deed of Trust and the other Security Documents for the provisions,
among others, relating to the nature and extent of the security provided thereunder, the rights, duties and obligations of the
Borrower and the rights of the Agents, the Depositary Bank and the Lenders with respect to such security.

 

9.18         Limitation on Liability.
NO CLAIM SHALL BE MADE BY THE BORROWER OR ANY OF ITS AFFILIATES, DIRECTORS, EMPLOYEES, ATTORNEYS OR AGENTS AGAINST ANY OTHER PARTY
HERETO OR ANY OF ITS AFFILIATES, DIRECTORS, EMPLOYEES, ATTORNEYS OR AGENTS FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE
DAMAGES (WHETHER OR NOT THE CLAIM THEREFOR IS BASED ON CONTRACT, TORT, DUTY IMPOSED BY LAW OR OTHERWISE), IN CONNECTION WITH, ARISING
OUT OF OR IN ANY WAY RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR THE OTHER OPERATIVE DOCUMENTS OR ANY ACT OR
OMISSION OR EVENT OCCURRING IN CONNECTION THEREWITH; AND EACH PARTY HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE UPON ANY SUCH
CLAIM FOR ANY SUCH SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED
TO EXIST IN ITS FAVOR.

 

9.19         Waiver of Jury Trial.
THE BORROWER, THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL
BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

9.20         Usury.
Nothing contained in this Agreement or the Notes shall be deemed to require the payment of interest or other charges by the Borrower
or any other Person in excess of the amount which the holders of the Notes may lawfully charge under any applicable usury laws.
In the event that the holders of the Notes shall collect moneys which are deemed to constitute interest which would increase the
effective interest rate to a rate in excess of that permitted to be charged by applicable law, all such sums deemed to constitute
interest in excess of the legal rate shall, upon such determination, at the option of the holder of the Notes, be returned to the
Borrower or credited against the principal balance of the Notes then outstanding.

 

9.21         Confidentiality.
Each of the Agents and each Lender agrees to keep confidential all non-public information provided to it by any Loan Party, any
Agent or any Lender pursuant to or in connection with this Agreement that is designated by the provider thereof as confidential;
provided that nothing herein shall prevent the Agents or any Lender from disclosing any such information (a) to another
Agent, any other Lender or any affiliate thereof, (b) subject to an agreement to comply with the provisions at least as restrictive
as the provisions of this Section, to any actual or prospective Transferee, (c) to its employees, directors, agents, attorneys,
accountants and other professional advisors or those of any of its affiliates, (d) upon the request or demand of any Governmental
Authority, (e) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to
any Legal Requirement, (f) if requested or required to do so in connection with any litigation or similar proceeding, (g) that

 

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    AGREEMENT (SunPower HoldCo)

 

     

     

    

 

has
been publicly disclosed, (h) to the National Association of Insurance Commissioners or any similar organization or any nationally
recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings
issued with respect to such Lender, (i) in connection with the exercise of any remedy hereunder or under any other Loan Document,
or (j) if agreed by the Borrower in its sole discretion, to any other Person.

 

Each Lender acknowledges
that information furnished to it pursuant to this Agreement or the other Loan Documents may include material non-public information
concerning the Borrower and its Affiliates and their related parties or their respective securities, and confirms that it has developed
compliance procedures regarding the use of material non-public information and that it will handle such material non-public information
in accordance with those procedures and applicable law, including Federal and state securities laws.

 

All information, including
requests for waivers and amendments, furnished by the Borrower or the Agents pursuant to, or in the course of administering, this
Agreement or the other Loan Documents will be syndicate-level information, which may contain material non-public information about
the Borrower and its Affiliates and their related parties or their respective securities. Accordingly, each Lender represents to
the Borrower and the Agents that it has identified in its administrative questionnaire a credit contact who may receive information
that may contain material non-public information in accordance with its compliance procedures and applicable law, including Federal
and state securities laws.

 

9.22        
Counterparts.
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all
of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature
page of this Agreement by email or facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.
A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent.

 

9.23        
Third Party Beneficiaries.
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, any participants to the extent provided in Section 9.7(c) of this Agreement,
and any other Person entitled to indemnification under Section 9.5) any legal or equitable right, remedy, benefit, interest
or claim under or by reason of this Agreement.

 

9.24        
Patriot Act Compliance.
The Administrative Agent hereby notifies the parties hereto that, pursuant to the requirements of the Patriot Act, it and the Collateral
Agent, and any Lender shall be required to obtain, verify and record information that identifies the party, which information includes
the names and addresses and other information that will allow it, the Collateral Agent or any Lender to identify the party in accordance
with the requirements of the Patriot Act. The party shall promptly deliver information described in the immediately preceding sentence
when requested by the Administrative Agent, any other Agent or any Lender in writing pursuant to the requirements of the Patriot
Act.

 

9.25        
Limited Recourse.
Anything herein to the contrary notwithstanding, the obligations of the Borrower under this Agreement and the other Loan Documents,
and any certificate, notice, instrument or document delivered pursuant hereto or thereto are obligations of

 

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	 	 	CREDIT
    AGREEMENT (SunPower HoldCo)

 

     

     

    

 

the
Borrower and do not constitute a debt or obligation of (and no recourse shall be had with respect thereto to) SunPower Corporation
or any of its Affiliates, other than the Borrower, each other Borrower Party, and the Pledgor (to the extent set forth in the
Pledge Agreement) or any shareholder, partner, member, officer, director or employee of the SunPower Corporation or such Affiliates,
other than the Borrower, each Borrower Party and the Pledgor (to the extent set forth in the Pledge Agreement) (collectively,
the “Nonrecourse Parties”), except to the extent of the obligations of any such Nonrecourse Parties expressly
provided for in any of the Loan Documents. Except as provided in the Loan Documents to which they are a party, no action shall
be brought against the Nonrecourse Parties, and no judgment for any deficiency upon the obligations hereunder or under the other
Loan Documents, shall be obtainable by any Secured Party against the Nonrecourse Parties; provided, that nothing contained in
this Section 9.24 shall be deemed to release any Nonrecourse Party from liability for its own fraudulent actions or willful
misconduct.

 

[THE REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK]

 

	 	131	 
	 	 	CREDIT
    AGREEMENT (SunPower HoldCo)

 

     

     

    

 

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

	 	 	 	 
	 	SunPower Revolver
HoldCo I, LLC
	 	 
	 	By:	 	/s/ Natalie Jackson
	 	Name: 	Natalie Jackson
	 	Title: 	Vice President

 

[Signature Page to Credit Agreement]

 

     

     

    

 

	 	 	 	 
	 	MIZUHO BANK, LTD., as Lead Arranger, Lender, Administrative
Agent. Issuing Bank and Documentation Agent
	 	 
	 	By:	 	/s/ Christopher Stolarski
	 	Name: 	Christopher Stolarski
	 	Title: 	Deputy General Manager

	 	 	 	 
	 	MIZUHO BANK (USA), as Collateral Agent
	 	 
	 	By:	 	/s/ Christopher Stolarski
	 	Name: 	Christopher Stolarski
	 	Title: 	Deputy General Manager

	 	 	 	 
	 	GOLDMAN SACHS BANK USA, as Lender and Issuing Bank
	 	 
	 	By:	 	/s/ Rebecca Kratz
	 	Name: 	Rebecca Kratz
	 	Title: 	Authorized Signatory

 

[Signature Page to Credit Agreement]

 

     

     

    

 

	 Annex 1
	Lender	Lending Office	Account
	Mizuho Bank, Ltd.	
        Mizuho Bank, Ltd.

        1251 Avenue of the Americas

        New York, NY 10020

        Attention: Barry Liu; Francisco Casas

        Telecopy: 212-282-3618

        Telephone:
212-282-3931; 212-282-4866

        Email: barry.liu@mizuhocbus.com;
francisco.casas@mizuhocbus.com

         
	
        Bank Name: MIZUHO BANK, LTD., NEW
YORK BRANCH

        Account Name: LAU ISA

        Account Number: H79-740-222205

        SWIFT: MHCB US33

        ABA
No.: 026 004 307

        Attn:
LTFAU / Lois Swain

        Ref:
SunPower Revolver HoldCo I, LLC

	Goldman Sachs Bank USA	
        GOLDMAN SACHS BANK USA

        200 West Street

        New York, NY 10282

        Fax: (917)977-3966

        Tel: (212)902-1099

        Email:  gs-sbd-admin-contacts@ny.email.gs.com

         

         
	
        BANK NAME: CITIBANK N.A.

        ENTITY NAME: GOLDMAN SACHS BANK USA

        A/C #: 30627664

        SWIFT CODE: CITIUS33

        ABA: 021000089

        CITY: NEW YORK

        REF:  SUNPOWER

         

 

    Annex 1 

     

    

 

FINAL FORM

 

EXHIBIT A-1

 

FORM OF
CONSTRUCTION LOAN NOTICE OF BORROWING

 

		To:	Mizuho Bank, Ltd., as Administrative Agent 

1251 Avenue of the Americas

New York, NY 10020

 

		Attention:	[Francisco Casas]

 

		Fax:	[212-282-3618]

 

__, 20__

 

Ladies and Gentlemen:

 

Reference is made to
the Credit Agreement, dated as of [_____] (as amended, amended and restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”),
by and among SunPower Revolver HoldCo I, LLC (the “Borrower”) and Mizuho Bank, Ltd. as the Administrative Agent and
Issuing Bank, Mizuho Bank (USA) as the Collateral Agent, the financial institutions from time to time party thereto as Lenders
and the other Agents and Persons party thereto. Capitalized terms used herein and not otherwise defined herein shall have
the meanings assigned to such terms in the Credit Agreement.

 

The Borrower hereby
requests a borrowing of Construction Loans to be made on the terms set forth below:

 

		(A)	Borrowing date (the “Borrowing Date”)	__________________________________________

 

		(B)	Project	__________________________________________

 

		(C)	Principal amount	__________________________________________

 

		(D)	Type of Loan	__________________________________________

 

		(E)	Interest Period	__________________________________________1]

 

The Borrower hereby requests that the proceeds
of Construction Loans described in this Borrowing Notice be applied in accordance with Section 5.7 of the Credit Agreement and
directed to the following Collateral Accounts or Persons, as applicable, in the amounts specified below:

 

			Person
and Account Information	Amount

  

		(1)	[Construction Account [____]	__________________________________________]

 

		(2)	[	__________________________________________]

 

 

1
NTD: Use Interest Period if LIBOR Loans are requested.

 

     

     

    

  

The Borrower hereby represents that:

 

(a)          Each representation and warranty of the Loan Parties set forth in the Loan Documents will be true and correct in all material
respects as of the date the Borrowings requested hereby are funded (or, if any representation or warranty is stated to have been
made as of a specific date, as of such specific date).

 

(b)          No Default or Event of Default has occurred and is continuing on the Borrowing Date or shall occur as a result of the borrowing
of such Construction Loans.

 

(c)          As of the date the Borrowings requested hereby are funded, all other conditions set forth in Sections 3.2 and 3.3
of the Credit Agreement will have been satisfied or waived in accordance with the terms of the Credit Agreement.

	 	 	 
	 	SunPower Revolver HoldCo I, LLC, as Borrower
	 	 	 
	 	By:	 
	 	 

                    Name:

	 	Title:

	 	 	 
	 	2	 
	 	 	Exhibit A-1 to
	 	 	Credit Agreement (SunPower Revolver HoldCo I, LLC)

 

     

     

    

 

FINAL
FORM

 

EXHIBIT A-3

 

FORM OF NOTICE OF CONVERSION OR CONTINUATION

 

NOTICE
OF CONVERSION OR CONTINUATION

 

Mizuho Bank, Ltd.

251 Avenue of the Americas

New York, NY. 10020 

Attn: [Francisco Casas]

 

Re: SunPower Revolver HoldCo
I, LLC

 

Ladies and Gentlemen:

 

This Notice of Continuation
or Conversion is delivered to you pursuant to Section 2.11[(a)/(b)] of the Credit Agreement,
dated as of [_____] (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among SunPower Revolver HoldCo I, LLC (the “Borrower”)
and Mizuho Bank, Ltd. as the Administrative Agent and Issuing Bank, Mizuho Bank (USA) as the Collateral Agent, the financial institutions
from time to time party thereto as Lenders and the other Agents and Persons party thereto. Terms used herein, unless otherwise
defined herein, have the meanings provided in the Credit Agreement.

 

The Borrower hereby
requests that on _________________ , 20__:

 

(a)          $ ______ of the presently outstanding principal amount of the Loans originally made on ________, 20__,
presently being maintained as [Base Rate Loans] [LIBOR Loans],

 

(b)          be [converted into] [continued as],

 

(c)          [LIBOR Loans having an interest Period of [1] [2] [3] [6] month(s)] [Base Rate Loans].

 

IN WITNESS WHEREOF,
the Borrower has caused this Notice of Continuation or Conversion to be executed and delivered, and the certifications and warranties
contained herein to be made, by its duly Authorized Officer this ___day of __, 20__.

	 	 	 
	 	SunPower Revolver HoldCo I, LLC
	 	 	 
	 	By:	 
	 	 	Name: 

        
Title:

	 	 
	 	Exhibit A-3 to
	 	Credit Agreement (SunPower Revolver HoldCo I, LLC)

 

     

     

    

  

FINAL FORM

 

EXHIBIT C-1

 

FORM OF CONSTRUCTION LOAN NOTE

 

THIS CONSTRUCTION LOAN
NOTE (“NOTE”) AND THE OBLIGATIONS REPRESENTED HEREBY MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS
AND PROVISIONS OF THE CREDIT AGREEMENT REFERRED TO BELOW. TRANSFERS OF THIS NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MUST BE
RECORDED IN THE REGISTER MAINTAINED BY THE ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF SUCH CREDIT AGREEMENT.

 

	$[_________________]	New York, New York
	 	Date:__________, ____,

 

FOR VALUE RECEIVED,
the undersigned, SUNPOWER REVOLVER HOLDCO I, LLC, a Delaware limited liability company
(the “Borrower”), hereby unconditionally promises to pay to [_____] (the “Lender”) or its
registered assigns at the office specified in the Credit Agreement (as hereinafter defined) in lawful money of the United States
and in immediately available funds, on the Construction Loan Maturity Date the principal amount of (a) $[ ], or, if less, (b) the
aggregate unpaid principal amount of all Construction Loans made by the Lender under the Credit Agreement. The principal amount
shall also be paid in the amounts and on the dates specified in Sections 2.2, 2.7, 2.8, and 2.9 of the Credit Agreement. The Borrower
further agrees to pay interest in like money at such office specified in the Credit Agreement on the unpaid principal amount hereof
from time to time outstanding at the rates and on the dates specified in Section 2.13 of the Credit Agreement.

 

The holder of this
Note is authorized to endorse on the schedules annexed hereto and made a part hereof or on a continuation thereof which shall be
attached hereto and made a part hereof the date, Type and amount of the Construction Loan and the date and amount of each payment
or prepayment of principal with respect thereto, each conversion of all or a portion thereof to another Type, each continuation
of all or a portion thereof as the same Type and, in the case of LIBOR Loans, the length of each Interest Period with respect thereto.
Each such endorsement shall constitute prima facie evidence of the accuracy of the information endorsed. The failure to
make any such endorsement or any error in any such endorsement shall not affect the obligations of the Borrower in respect of the
Construction Loan.

 

This Note (a) is one
of the promissory notes relating to Construction Loans referred to in the Credit Agreement, dated as of [_____] (as amended, amended
and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the
Borrower, Mizuho Bank, Ltd. as the Administrative Agent and Issuing Bank, Mizuho Bank (USA) as the Collateral Agent, the financial
institutions from time to time party thereto as Lenders and the other Agents and Persons party thereto, (b) is subject to the provisions
of the Credit Agreement and (c) is subject to optional and mandatory prepayment in whole or in part as provided in the Credit Agreement.
This Note is secured as provided in the Security Documents. Reference is

 

     

     

    

 

hereby
made to the Security Documents for a description of the properties and assets in which a security interest has been granted, the
nature and extent of the security, the terms and conditions upon which the security interests were granted and the rights of the
holder of this Note in respect thereof.

 

Upon the occurrence
of any one or more Events of Default, all principal and accrued interest then remaining unpaid on this Note shall become, or may
be declared to be, immediately due and payable, all as provided in the Credit Agreement.

 

All parties now and
hereafter liable with respect to this Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment,
demand, protest and all other notices of any kind.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

NOTWITHSTANDING ANYTHING
TO THE CONTRARY CONTAINED HEREIN OR IN THE CREDIT AGREEMENT, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AND IN ACCORDANCE
WITH THE REGISTRATION AND OTHER PROVISIONS OF SECTION 9.7 OF THE CREDIT AGREEMENT.

 

THIS AGREEMENT,
AND ANY INSTRUMENT OR AGREEMENT REQUIRED HEREUNDER (TO THE EXTENT NOT EXPRESSLY PROVIDED FOR THEREIN), SHALL BE GOVERNED BY, AND
CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO CONFLICTS OF LAWS PROVISIONS THEREOF (OTHER THAN SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

	 	 	 
	 	SUNPOWER REVOLVER HOLDCO I, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

	 	2	 
	 	 	Exhibit C to 
	 	 	Credit Agreement (SunPower Revolver HoldCo I, LLC)

 

     

     

    

 

Schedule A to

Exhibit C

 

LOANS, CONVERSIONS AND REPAYMENTS OF BASE
RATE LOANS

 

	Date	Amount of Base Rate Loans	Amount Converted to Base Rate Loans	Amount of Principal of Base Rate Loans Repaid	Amount of Base Rate Loans Converted to LIBOR Loans	Unpaid Principal Balance of Base Rate Loans	Notation Made By
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

	 	3	 

 

     

     

    

 

Schedule B

to Exhibit C

 

LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS
OF LIBOR LOANS

 

	Date	Amount of LIBOR Loans	Amount Converted to LIBOR Loans	Interest Period and LIBOR Rate with Respect Thereto	Amount of Principal of LIBOR Loans Repaid	Amount of LIBOR Loans Converted to Base Rate Loans	Unpaid Principal Balance of LIBOR Loans	Notation Made By
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

4

 

     

     

    

 

FINAL FORM

 

EXHIBIT C-2

 

FORM OF LC LOAN NOTE

 

THIS LC LOAN NOTE (“NOTE”)
AND THE OBLIGATIONS REPRESENTED HEREBY MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS AND PROVISIONS OF THE CREDIT
AGREEMENT REFERRED TO BELOW. TRANSFERS OF THIS NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MUST BE RECORDED IN THE REGISTER MAINTAINED
BY THE ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF SUCH CREDIT AGREEMENT.

 

	$[_________________]	New York, New York
	 	Date:__________, ____,

 

FOR VALUE RECEIVED,
the undersigned, SUNPOWER REVOLVER HOLDCO I, LLC, a Delaware limited liability company
(the “Borrower”), hereby unconditionally promises to pay to [_____] (the “Lender”) or its
registered assigns at the office specified in the Credit Agreement (as hereinafter defined) in lawful money of the United States
and in immediately available funds, on the LC Loan Maturity Date the principal amount of (a) $[ ], or, if less, (b) the aggregate
unpaid principal amount of all LC Loans made by the Lender under the Credit Agreement. The principal amount shall also be paid
in the amounts and on the dates specified in Sections 2.2, 2.7, 2.8, and 2.9 of the Credit Agreement. The Borrower further agrees
to pay interest in like money at such office specified in the Credit Agreement on the unpaid principal amount hereof from time
to time outstanding at the rates and on the dates specified in Section 2.13 of the Credit Agreement.

 

The holder of this
Note is authorized to endorse on the schedules annexed hereto and made a part hereof or on a continuation thereof which shall be
attached hereto and made a part hereof the date, Type and amount of the LC Loan and the date and amount of each payment or prepayment
of principal with respect thereto, each conversion of all or a portion thereof to another Type, each continuation of all or a portion
thereof as the same Type and, in the case of LIBOR Loans, the length of each Interest Period with respect thereto. Each such endorsement
shall constitute prima facie evidence of the accuracy of the information endorsed. The failure to make any such endorsement
or any error in any such endorsement shall not affect the obligations of the Borrower in respect of the LC Loan.

 

This Note (a) is one
of the promissory notes relating to LC Loans referred to in the Credit Agreement, dated as of [_____] (as amended, amended and
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower,
Mizuho Bank, Ltd. as the Administrative Agent and Issuing Bank, Mizuho Bank (USA) as the Collateral Agent, the financial institutions
from time to time party thereto as Lenders and the other Agents and Persons party thereto, (b) is subject to the provisions of
the Credit Agreement and (c) is subject to optional and mandatory prepayment in whole or in part as provided in the Credit Agreement.
This Note is secured as provided in the Security Documents. Reference is hereby made to the Security Documents for a description
of the properties and assets in which a security interest has been granted, the nature and extent of the security, the terms and
conditions upon

 

     

     

    

 

which
the security interests were granted and the rights of the holder of this Note in respect thereof.

 

Upon the occurrence
of any one or more Events of Default, all principal and accrued interest then remaining unpaid on this Note shall become, or may
be declared to be, immediately due and payable, all as provided in the Credit Agreement.

 

All parties now and
hereafter liable with respect to this Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment,
demand, protest and all other notices of any kind.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

NOTWITHSTANDING ANYTHING
TO THE CONTRARY CONTAINED HEREIN OR IN THE CREDIT AGREEMENT, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AND IN ACCORDANCE
WITH THE REGISTRATION AND OTHER PROVISIONS OF SECTION 9.7 OF THE CREDIT AGREEMENT.

 

THIS AGREEMENT,
AND ANY INSTRUMENT OR AGREEMENT REQUIRED HEREUNDER (TO THE EXTENT NOT EXPRESSLY PROVIDED FOR THEREIN), SHALL BE GOVERNED BY, AND
CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO CONFLICTS OF LAWS PROVISIONS THEREOF (OTHER THAN SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

	 	 	 
	 	SUNPOWER REVOLVER HOLDCO I, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	2	 
	 	 	Exhibit C to
	 	 	Credit Agreement (SunPower Revolver HoldCo I, LLC)

 

     

     

    

    

Schedule A to

Exhibit C-2

 

LOANS, CONVERSIONS AND REPAYMENTS OF BASE
RATE LOANS

 

	Date	Amount of Base Rate Loans	Amount Converted to Base Rate Loans	Amount of Principal of Base Rate Loans Repaid	Amount of Base Rate Loans Converted to LIBOR Loans	Unpaid Principal Balance of Base Rate Loans	Notation Made By
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

3

 

     

     

    

 

Schedule B

to Exhibit C-2

 

LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS
OF LIBOR LOANS

 

	Date	Amount of LIBOR Loans	Amount Converted to LIBOR Loans	Interest Period and LIBOR Rate with Respect Thereto	Amount of Principal of LIBOR Loans Repaid	Amount of LIBOR Loans Converted to Base Rate Loans	Unpaid Principal Balance of LIBOR Loans	Notation Made By
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

4

 

     

     

    

 

FINAL FORM

 

EXHIBIT D

 

FORM OF ASSIGNMENT
AND ASSUMPTION AGREEMENT

 

This Assignment and
Assumption Agreement dated as of the Effective Date set forth below is entered into by and between [Insert name of Assignor]
(the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not
defined herein shall have the meaning given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”),
receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment Agreement as if set forth herein
in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions set forth in Annex 1 attached hereto and the
Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s
rights and obligations in its capacity as a Lender [(including as an Issuing Bank)] under the Credit Agreement and any other documents
or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of
such outstanding rights and obligations of the Assignor under the Credit Agreement and (ii) to the extent permitted to be assigned
under applicable law, all claims, suits, causes of action, and any other right of the Assignor (in its capacity as a Lender) against
any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments
delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing,
including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to
the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant
to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interests”). Such sale and assignment
is without recourse to the Assignor and, except as expressly provided in this Assignment Agreement, without representation or warranty
by the Assignor.

 

		1.	Assignor:	__________________________________

 

		2.	Assignee:	__________________________________

[and as an Affiliate/ Approved Fund of 

[identify Lender]1

 

		3.	Borrower:	SunPower Revolver HoldCo I, LLC

 

		4.	Administrative Agent:	Mizuho Bank, Ltd., as
the administrative agent under the

  

 

		1	NTD:
                                         Select as Applicable

 

	 	1	
	 	 	Exhibit D to
	 	 	Credit Agreement (SunPower Revolver HoldCo I, LLC)

 

     

     

    

 

Credit Agreement (in such capacity, the “Administrative Agent”)

 

5.             Credit Agreement: Credit Agreement, dated as of [_____] (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among SunPower Revolver HoldCo I, LLC
(the “Borrower”) and Mizuho Bank, Ltd. as the Administrative Agent and Issuing Bank, Mizuho Bank (USA) as the Collateral
Agent, the financial institutions from time to time party thereto as Lenders and the other Agents and Persons party thereto.

 

6.             Assigned Interest:

 

	Aggregate Amount of Commitment (including Construction Loan Commitments and LC Loan Commitments)/Loans for all Lenders (including Construction Loans and LC Loans)	Amount of Commitment (including Construction Loan Commitments and LC Loan Commitments)/Loans Assigned (including Construction Loans and LC Loans)	Percentage Assigned of Commitment (including Construction Loan Commitments and LC Loan Commitments)/Loans (including Construction Loans and LC Loans)2
	$	$	$

 

Effective Date: _____________________

 

The Assignee, if it
shall not be a Lender, agrees to deliver to the Administrative Agent a completed administrative questionnaire, in the form supplied
by the Administrative Agent, in which the Assignee designates one or more contacts to whom all syndicate-level information (which
may contain material non-public information about the Borrower and its Affiliates and their related parties or their respective
securities) will be made available and who may receive such information in accordance with the Assignee’s compliance procedures
and applicable laws, including federal and state securities laws.

 

[THE REMAINDER OF THIS
PAGE INTENTIONALLY LEFT BLANK]

 

 

2
NTD: Set forth, to at least 9 decimals, as a percentage of the
Commitment/Loans of all Lenders thereunder.

 

	 	2	
	 	 	Exhibit D to
	 	 	Credit Agreement (SunPower Revolver HoldCo I, LLC)

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Assignment Agreement to be executed by their respective officers thereunto duly authorized,
as of the date first above written.

 

	 	[NAME OF ASSIGNOR] as Assignor
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 	 
	 	 	 
	 	[NAME OF ASSIGNEE], as Assignee
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

	 	3	
	 	 	Exhibit D to
	 	 	Credit Agreement (SunPower Revolver HoldCo I, LLC)

 

     

     

    

  

[Consented to and]3
Accepted:

 

	SunPower Revolver HoldCo I, LLC	 
	as Borrower	 
	 	 	 
	By:	 	 
	Name:	 
	Title:	 
	 	 	 
	MIZUHO BANK, LTD.,	 
	as Administrative Agent	 
	 	 	 
	By:	 	 
	Name:	 
	Title:	 

 

 

3   NTD:
To be added if consent is required under Section 9.7(b) of the Credit Agreement. Note that consent is required for
Affiliates of Lenders under certain circumstances as described in Section 9.7(b) of the Credit Agreement.

 

	 	4	
	 	 	Exhibit D to
	 	 	Credit Agreement (SunPower Revolver HoldCo I, LLC)

 

     

     

    

   

ANNEX I TO THE ASSIGNMENT AND
ASSUMPTION AGREEMENT:

 

STANDARD TERMS AND CONDITIONS

FOR ASSIGNMENT AND ASSUMPTION AGREEMENT

 

1.          Representations
and Warranties.

 

1.1       Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment Agreement and to consummate the transactions contemplated hereby;
and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with
the Credit Agreement or any other Loan Documents, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency
or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries
or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower,
any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

 

1.2        Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Credit
Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it
in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the
provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations
of a Lender thereunder, (iv) it has received and/or had the opportunity to review a copy of the Credit Agreement to the extent
it has in its sole discretion deemed necessary, together with copies of the most recent financial statements delivered pursuant
to the Credit Agreement thereof, as applicable and such other documents and information as it has in its sole discretion deemed
appropriate to make its own credit analysis and decision to enter into this Assignment Agreement and to purchase the Assigned Interest
on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or
any other Lender, and (v) if it is a Non-U.S. Lender, attached to the Assignment Agreement is any documentation required to be
delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that
(i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by
the terms of the Loan Documents are required to be performed by it as a Lender.

  

	 	5	
	 	 	Annex I to Exhibit D to
	 	 	Credit Agreement (SunPower Revolver HoldCo I, LLC)

 

     

     

    

 

2.          Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees, and other amounts) to the Assignor for amounts which have accrued to but excluding the
Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date.

 

3.          General Provisions.
This Assignment Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors
and assigns. This Assignment Agreement may be executed in any number of counterparts, which together shall constitute one instrument.
Delivery of an executed counterpart of a signature page of this Assignment Agreement by telecopy shall be effective as delivery
of a manually executed counterpart of this Assignment Agreement. THIS ASSIGNMENT AGREEMENT, AND ANY INSTRUMENT OR AGREEMENT REQUIRED
HEREUNDER (TO THE EXTENT NOT EXPRESSLY PROVIDED FOR THEREIN), SHALL BE GOVERNED BY, AND CONSTRUED UNDER, THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REFERENCE TO CONFLICTS OF LAWS PROVISIONS THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE
NEW YORK GENERAL OBLIGATIONS LAW).

 

	 	6	
	 	 	Annex I to Exhibit D to
	 	 	Credit Agreement (SunPower Revolver HoldCo I, LLC)

 

     

     

    

 

EXHIBIT
E

 

FORM
OF CONSTRUCTION BUDGET AND SCHEDULE

 

	 	Budget
    Item	 Total
    Lender

    Approved Budget 	 
	 	 	 $	 
	 	 	 (input)
    	 
	 	Financing	 	 
	 	IDC
    and Commitment Fees	 $	 
	 	Financing
    Legal & Other	 $	 
	 	Development
    	 	 
	 	Project
    Development	 $	 
	 	Transmission
    & Interconnection	 	 
	 	Interconnection
    - Reimbursable	 $                                  	 
	 	Interconnection
    - Non-Reimbusable	 $	 
	 	EPC
    & Other	 	 
	 	EPC	 $	 
	 	Contingency	 $                                 	 
	 	Owner
    Cost During Construction	 $	 
	 	Initial
    Funded Working Capital	 $	 
	 	 	 	 
	 	Totals	 $                                   	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

    	 

     

    

 

PROJECT
SCHEDULE

 

	Item	Milestone	Date
	1	Pile
    Installation Complete	 
	2	Mounting
    System Installation Complete	 
	3	AC
    Station Installation Complete	 
	4	PV
    Installation Complete	 
	5	O&M
    Building Complete (if applicable)	 
	6	Site
    Substation Ready to Energize 	 
	7	Array
    Commissioning Complete	 
	8	Guaranteed
    Substantial Completion (EPC) 	 

 

    	 

     

    

 

Final Form

 

EXHIBIT F 

 

Tax Equity Forbearance Terms

 

The
Lenders agree to use commercially reasonable, good faith efforts to agree to customary interparty rights with any Tax Equity Investor
for the period between when such Tax Equity Investor funds its 20% investment for a Project and when the Tax Equity Investor funds
the remaining 80% of its investment for such Project (subject to the Lenders’ receipt of any required credit approvals in
respect of such interparty rights). In addition, Collateral granted by any Project Company (and the pledge of the membership interests
in such Project Company pledged by the direct owner of such Project Company) will only be released on the applicable Project Discharge
Date in accordance with the Credit Agreement. In no event shall any Collateral be released for any Project when the Tax Equity
Investor otherwise makes any funding or capital contribution in respect of a Project if the related Project Discharge Date has
not occurred as of such date. For the avoidance of doubt, the Lenders and Agents may exercise remedies against the Collateral
upon the occurrence of an Event of Default, subject to the first sentence hereof and the immediately succeeding sentence. The
purpose of the interparty agreement described in this Exhibit F is to agree with the Tax Equity Investor (i) that the Lenders
will not foreclose on the assets or membership interests of a Project once the Tax Equity Investor has made its 20% investment
in such Project for defaults under the Credit Agreement related to other Projects, (ii) to provide copies of all notices of Events
of Defaults and other material notices delivered to the Borrower under the Credit Agreement by the Administrative Agent to the
Tax Equity Investor, and (iii) to provide the Tax Equity Investor with an opportunity to purchase (for a limited, customary time
period), during the continuance of an Event of Default, the Borrower’s outstanding Obligations under the Credit Agreement
in a manner that would cause the Project Discharge Date to occur in respect of the relevant Project owned in part by such Tax
Equity Investor and to cure any Events of Defaults under the Loan Documents. It is understood that any such interparty agreement
may be combined, for the sake of simplification, with a Forbearance Agreement (as defined below).  

 

In
addition, to the extent a Tax Equity Investor makes its final funding for a Project, i.e., the Tax Equity Investor has funded
100% of its required investment for a Project pursuant to the Tax Equity Documents related to such Project (the “100%
Funding”), however, the Construction Loan and related Obligations in respect of such Project (including any LC Loans,
LC Commitments and Letters of Credit) have not been fully repaid, (i) no Collateral related to such Project (including the membership
interests pledged in such Project Company that owns such Project and the assets of such Project) shall be released until the occurrence
of the Project Discharge Date for such Project; (ii) the Credit Agreement and the Collateral granted thereunder remains in full
force and effect and the Lenders and the Agents may exercise remedies against the Collateral upon the occurrence of an Event of
Default; (iii) if required by a Tax Equity Investor, the Collateral Agent and Administrative Agent (acting on the instructions
of the Lenders) shall enter into a forbearance agreement (“Forbearance Agreement”) with such Tax Equity Investor
on mutually agreed terms for the time period from and after when the Tax Equity Investor has made its 100% Funding; (iv) Forbearance
Agreements may be entered into for no more than the lesser of (A) three individual Projects and (B) 10% of the total expected
aggregate nameplate capacity of all Projects that have been allocated Loans and Commitments hereunder as of the Signing Date;
and (v) pursuant to the Forbearance Agreement, from and after the Tax Equity Investor’s 100% Funding and prior to the earlier
to occur of a Construction Loan Maturity Date and LC Loan Maturity Date, the Collateral Agent (acting on behalf of the Lenders)
will agree to (A) not foreclose on the assets of such Project or the membership interests in the Project Company that owns such
Project in a manner that will result in recapture of the investment tax credit to such Tax Equity Investor, solely to the extent
that a payment related or bankruptcy related default under the Credit Agreement has not occurred, (B) provide copies of 

  

    	 

     

    

 

Final Form

 

all notices of Events of Default and other material notices
delivered to the Borrower under the Credit Agreement by the Administrative Agent and requested by the Tax Equity Investor, in each
such case, to the Tax Equity Investors, and (C) provide each Tax Equity Investor with an opportunity to purchase (for a limited,
customary time period), during the continuance of an Event of Default, the Borrower’s outstanding Obligations under the Credit
Agreement, in a manner that would cause the Project Discharge Date to occur in respect of the relevant Project owned in part by
such Tax Equity Investor and to cure any Event of Defaults under the Loan Documents.

 

    	 

     

    

 

EXHIBIT G

 

FORM OF LC ISSUANCE NOTICE

 

NOTICE OF LC ISSUANCE

 

Date: ________ __, ____

Mizuho Bank, Ltd.,

as Administrative Agent

1251 Avenue of the Americas

New York, NY 10020

Attention: Francisco Casas

Telecopy: 212-282-3618

Telephone: 212-282-4866

 

Mizuho Bank, Ltd.,

as Issuing Bank

1251 Avenue of the Americas

New York, NY 10020

Attention: Francisco Casas

Telecopy: 212-282-3618

Telephone: 212-282-4866

 

[Goldman Sachs Bank USA,

as Issuing Bank

200 West Street

New York, NY 10282

Fax: (917) 977-3966

Tel: (212) 902-1099]

 

		Re:	SunPower Revolver HoldCo I, LLC

 

Ladies and Gentlemen:

 

Reference is made to the
Credit Agreement, dated as of May 4, 2016 (as amended, amended and restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”),
by and among SunPower Revolver HoldCo I, LLC (the
“Borrower”), Mizuho Bank, Ltd., as the Lead Arranger, Administrative Agent, and Documentation Agent, Mizuho
Bank (USA), as the Collateral Agent, Mizuho Bank, Ltd. and Goldman Sachs Bank USA, as Issuing Banks, and the financial institutions
from time to time party thereto as Lenders. Capitalized terms used herein and not otherwise defined herein shall have the
meanings assigned to such terms in the Credit Agreement.

1.          
Request for LC Activity. Pursuant to Section 2.16 of the
Credit Agreement, the Borrower hereby requests the issuance of [the DSR Letters of Credit] [a Project
Letter of Credit] 

Exhibit G to

Credit Agreement (SunPower Revolver HoldCo I, LLC)

    	 

     

    

 

in accordance with the applicable terms and conditions of the Credit Agreement on [______________________] (the
“Credit Event Date”).

	(a)	Date of issuance:	 
	 	(which is a Business Day)	 
	 	 	 
	(b)	Date of expiration of Letter of Credit1:	 
	 	 	 
	(c)	Amount of Letter of Credit:	 
	 	 	 
	(d)	Name of beneficiary of  	 
	 	Letter of Credit:	 
	 	 	 
	 	Address of beneficiary of  	 
	 	Letter of Credit:	 
	 	 	 
	 	 	 
	 	 	 
	(e)	Purpose of Letter of Credit2:	 

Upon request, the Borrower
will make available any other information as shall be necessary to prepare such Letter of Credit.

2.        
  Certifications. The Borrower hereby
certifies to the [DSR Issuing Bank] [and the] [Project LC Issuing Bank] that the following statements are accurate and
complete as of the date hereof and shall be accurate and complete as of the proposed Credit Event Date after giving effect to
the requested Letter of Credit:

		(a)	Each representation and warranty of the Loan Parties set forth in the Loan Documents is true and
correct in all material respects as if made on such 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), except if such representation
is already qualified by reference to materiality, Material Adverse Effect, or a similar materiality qualifier, in which case such
representation and warranty shall be true and correct without regard to materiality.

		(b)	All conditions precedent to the issuance of such Letter of Credit in Article 3 of the Credit Agreement
have been satisfied as of the date hereof.

		(c)	No Default or Event of Default has occurred and is continuing or will result from the issuance
of such Letter of Credit.

[Signature page follows]

 

 

		1	NTD: If such letter of credit will include automatic renewals, please also indicate the requested final expiration date after
giving effect to all such extensions.

		2	NTD: Attach requested form.

 

2

Exhibit G to

Credit Agreement (SunPower Revolver HoldCo I, LLC)

 

    	 

     

    

 

IN WITNESS WHEREOF, the Borrower
has caused this LC Issuance Notice to be duly executed and delivered by a Responsible Officer of the Borrower as of the date first
written above.

	 	 	 	 	 
	 	SUNPOWER REVOLVER HOLDCO I, LLC,
	 	as the Borrower
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Exhibit
G to

Credit Agreement (SunPower Revolver HoldCo I, LLC)

 

    	 

     

    

 

	

FINAL
FORM

 

EXHIBIT
H-1

 

FORM
OF EXEMPTION CERTIFICATE

 

(For
Non-U.S. Lenders That Are Not Partnerships for U.S. Federal Income Tax Purposes)

 

Reference is made to the Credit
Agreement, dated as of [_____] (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among SunPower Revolver HoldCo I, LLC
(the “Borrower”) and Mizuho Bank, Ltd. as the Administrative Agent and Issuing Bank, Mizuho Bank (USA) as the Collateral
Agent, the financial institutions from time to time party thereto as Lenders and the other Agents and Persons party thereto.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in
the Credit Agreement.

 

Pursuant to the provisions of
Section 2.20(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of
the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not
a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within
the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to the Borrower as described
in Section 881(c)(3)(C) of the Code and (v) the interest payments in question are not effectively connected with the undersigned’s
conduct of a U.S. trade or business.

 

The undersigned has furnished
the Administrative Agent and the Borrower with a certificate of its non-U.S. person status on Internal Revenue Service Form W-8BEN
or, if applicable, an Internal Revenue Service Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if
the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative
Agent and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.

	 	 	 	 
	[NAME OF LENDER]
	 	 
	By:	 	 
	 	Name: 
	 	Title:
	 	 

Date: __________

 

1

 Exhibit H-1 to 

Credit Agreement (SunPower
Revolver HoldCo I, LLC)

    

    	 

     

    

 

FINAL
FORM

 

EXHIBIT
H-2

 

FORM OF EXEMPTION
CERTIFICATE

 

(For
Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is made to the Credit
Agreement, dated as of [_____] (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among SunPower Revolver HoldCo I, LLC
(the “Borrower”) and Mizuho Bank, Ltd. as the Administrative Agent and Issuing Bank, Mizuho Bank (USA) as the Collateral
Agent, the financial institutions from time to time party thereto as Lenders and the other Agents and Persons party thereto.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in
the Credit Agreement.

 

Pursuant to the provisions of
Section 2.20(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as
well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its partners/members are
the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension
of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its partners/members
is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten percent shareholder of the Borrower within
the meaning of Section 871(h)(3)(B) of the Code, (v) none of its partners/members is a controlled foreign corporation related to
the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected
with the undersigned’s or its partners’/members’ conduct of a U.S. trade or business.

 

The undersigned has furnished
the Administrative Agent and the Borrower with Internal Revenue Service Form W-8IMY accompanied by one of the following forms from
each of its partners/members claiming the portfolio interest exemption: (i) an Internal Revenue Service Form W-8BEN or, if applicable,
an Internal Revenue Service Form W-8BEN-E or (ii) an Internal Revenue Service Form W-8IMY accompanied by an Internal Revenue Service
Form W-8BEN or, if applicable, an Internal Revenue Service Form W-8BEN-E from each of such partner’s/member’s beneficial
owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative
Agent and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.

  

[Signature page follows]

1

Exhibit H-2 to 

Credit Agreement (SunPower Revolver HoldCo I, LLC)

 

    	 

     

    

 

	 	 	 	 	 	 
	[NAME OF LENDER]
	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 

Date: __________

 

2

Exhibit H-2 to 

Credit Agreement (SunPower Revolver HoldCo I, LLC)

 

    	 

     

    

 

final
form

 

EXHIBIT
H-3

 

FORM OF EXEMPTION
CERTIFICATE

 

(For
Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is made to the Credit
Agreement, dated as of [_____] (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among SunPower Revolver HoldCo I, LLC
(the “Borrower”) and Mizuho Bank, Ltd. as the Administrative Agent and Issuing Bank, Mizuho Bank (USA) as the Collateral
Agent, the financial institutions from time to time party thereto as Lenders and the other Agents and Persons party thereto.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in
the Credit Agreement.

 

Pursuant to the provisions of
Section 2.20(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of
the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A)
of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code,
(iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (v)
the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business.

 

The undersigned has furnished
its participating Lender with a certificate of its non-U.S. person status on Internal Revenue Service Form W-8BEN or, if applicable,
an Internal Revenue Service Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided
on this certificate changes, the undersigned shall promptly so inform such Lender in writing and (2) the undersigned shall have
at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in
which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

	 	 	 	 
	[NAME OF PARTICIPANT]
	 	 
	By:	 	 
	 	Name: 
	 	Title:

 

Date:
__________,20[ ]

 

1

Exhibit H-3 to 

Credit Agreement (SunPower
Revolver HoldCo I, LLC)

 

    	 

     

    

 

final
form

 

EXHIBIT
H-4

 

FORM
OF EXEMPTION CERTIFICATE

 

(For
Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is made to the Credit
Agreement, dated as of [_____] (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among SunPower Revolver HoldCo I, LLC
(the “Borrower”) and Mizuho Bank, Ltd. as the Administrative Agent and Issuing Bank, Mizuho Bank (USA) as the
Collateral Agent, the financial institutions from time to time party thereto as Lenders and the other Agents and Persons party
thereto. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings
given to them in the Credit Agreement.

 

Pursuant to the provisions of
Section 2.20(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation
in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such participation,
(iii) with respect such participation, neither the undersigned nor any of its partners/members is a bank extending credit pursuant
to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of
the Code, (iv) none of its partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B)
of the Code, (v) none of its partners/members is a controlled foreign corporation related to the Borrower as described in Section
881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the undersigned’s
or its partners’/members’ conduct of a U.S. trade or business.

 

The undersigned has furnished
its participating Lender with Internal Revenue Service Form W-8IMY accompanied by one of the following forms from each of its partners/members
claiming the portfolio interest exemption: (i) an Internal Revenue Service Form W-8BEN or, if applicable, an Internal Revenue Service
Form W-8BEN-E or (ii) an Internal Revenue Service Form W-8IMY accompanied by an Internal Revenue Service Form W-8BEN or, if applicable,
an Internal Revenue Service Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the
portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this
certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished
such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is
to be made to the undersigned, or in either of the two calendar years preceding such payments.

	 	 	 	 
	[NAME OF PARTICIPANT]
	 	 
	By:	 	 
	 	Name: 
	 	Title:

 

Date: __________

 

Exhibit H-4 to 

Credit Agreement (SunPower
HoldCo I, LLC)

 

    	 

     

    

 

EXHIBIT I

 

INITIAL PROJECT CONSTRUCTION LOAN DATE CERTIFICATE

 

June [], 2016

 

I, Natalie Jackson, am the duly
elected, qualified and acting President of SunPower Revolver Holdco I, LLC, a Delaware limited liability company (the “Company”).
I am delivering this Initial Project Construction Loan Date Certificate pursuant to Section 3.2(o) of the Credit
Agreement, dated as of May 4, 2016 (as amended, amended and restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among the Borrower, Mizuho Bank (USA), as the Collateral Agent, Mizuho Bank, Ltd.,
as the Administrative Agent and Documentation Agent, Mizuho Bank, Ltd. and Goldman Sachs Bank USA, as Issuing Banks, and
the financial institutions or entities from time to time parties thereto as Lenders. Capitalized terms not otherwise defined in
this Initial Project Construction Loan Date Certificate shall have the meanings set forth in the Credit Agreement.

 

I hereby certify in my capacity
as a representative of the Borrower, and not individually on behalf of the Company as follows:

 

		1.	Each representation and warranty set forth in the Loan Documents is true and correct on the Initial
Project Construction Loan Date (or, if any representation or warranty is stated to have been made as of a specific date, as of
such specific date).

 

		2.	No Default or Event of Default has occurred and is continuing on the applicable Initial Project
Construction Loan Date or will result from the funding of the initial Construction Loans with respect to the applicable Project
on the Initial Project Construction Loan Date for such Project.

 

		3.	The Material Project Documents (including any supplements or amendments thereto), available to
the Administrative Agent in the SunPower data room provided by or on behalf of the Borrower (the “Data Room”)
as of June [], 2016 pursuant to Section 3.2(m) of the Credit Agreement in respect of the Projects, are true, complete and
correct copies and are in full force and effect as of the date hereof. To the best of my knowledge no party to any Material Project
Document is, or but for the passage of time or giving of notice or both will be, in breach of any obligation thereunder which could
reasonably be expected to have a Material Adverse Effect. The form of the Material Project Documents (excluding any Tax Equity
Document) for the Small Projects that are the subject of the Construction Loan on the date hereof are in the form attached to the
Credit Agreement as Exhibit O.

 

		4.	The insurance policies required for the construction phase of each Borrower Party’s applicable
Small Project are in full force and effect, are not subject to cancellation without thirty (30) days’ prior notice (ten (10)
days for non-payment of premiums) and otherwise materially conform with the insurance requirements set forth in Section 5.4(a)
and Schedule 5.4 of the Credit Agreement and the Material Project Documents.

 

    	 

     

    

 

		5.	All insurance premium payments due and payable as of the date hereof have been paid or will be
paid from proceeds of the initial Construction Loan, and the Company’s insurance materially complies with the requirements
of Section 5.4 of the Credit Agreement, Schedule 5.4 of the Credit Agreement and the Material Project Documents.

 

		6.	The Applicable Permits, available to the Administrative Agent in the Data Room as of June [], 2016
pursuant to Section 3.3(i) of the Credit Agreement, are true, complete and correct copies thereof.

 

		7.	No Material Adverse Effect and no event, condition or circumstance that would reasonably be expected
to constitute a Material Adverse Effect has occurred and is continuing on the date hereof.

 

		8.	No action, suit, proceeding or investigation
has been instituted or threatened by any Governmental Authority, nor
has any rule, regulation, order, judgment or decree been issued or proposed to be issued by any Governmental Authority that, (i)
could, if such action, suit, proceeding or investigation were adversely determined, reasonably be expected to have a Material Adverse
Effect on any applicable Project or any Loan Party or (ii) solely as a result of the Borrower Party’s
construction, ownership, leasing or operation of each applicable Project, the sale of electricity therefrom by the applicable Borrower
Party, or the applicable Borrower Party’s entering into of any
Operative Document or any transaction contemplated hereby or thereby, would cause or deem (1) the Administrative Agent or
the other Lenders or any Affiliate of any of them to be subject to, or not exempt from, regulation under the FPA, PUHCA 2005 or
any financial, organizational or rate regulation as a “public utility” or “electric utility” under applicable
state laws and regulations respecting the rates or the financial or organizational regulation of electric utilities, except as
set forth in the proviso set forth in Section 4.10(b)
of the Credit Agreement; or (2) any Borrower Party to be subject to, or not
exempt from, the federal access to books and records provisions of PUHCA 2005 or under any applicable state laws and regulations
respecting the rates or the financial or organizational regulation of electric utilities except, with respect to an Affiliate of
any Borrower Party, any such state laws or regulations that would not result in a Material Adverse Effect. 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

	 	2	 

  

    	 

     

    

 

IN WITNESS WHEREOF, the undersigned
has hereunto signed her name on behalf of the Company as of the date first written above. 

	 	
	 	Name: Natalie Jackson
	 	Title: President
	 	 

[Signature Page to Initial Project Construction
Loan Certificate SunPower Revolver Holdco I, LLC]

  

    	 

     

    

 

EXHIBIT J

 

EXECUTION VERSION

	 

  

PLEDGE AGREEMENT

 

between

 

SUNPOWER REVOLVER HOLDCO I PARENT, LLC

 

and

 

MIZUHO BANK (USA),

as Collateral Agent

 

dated as of June [__], 2016 

	 

  

     

     

    

 

TABLE OF CONTENTS

  

	 	Page
	ARTICLE I. DEFINITIONS	1
	Section 1.01   Defined Terms	1
	Section 1.02   Rules of Interpretation	3
	Section 1.03   UCC Definitions	3
	ARTICLE II. PLEDGED COLLATERAL	3
	Section 2.01   Pledge	3
	Section 2.02   Delivery of Certificates and Instruments	4
	Section 2.03   Voting; Distributions	4
	Section 2.04   Secured Parties Not Liable	5
	Section 2.05   Attorney-in-Fact	6
	Section 2.06   Performance by Collateral Agent	7
	Section 2.07   Reasonable Care	7
	Section 2.08   Security Interest Absolute; Waivers	7
	Section 2.09   Financing Statements	10
	ARTICLE III. REPRESENTATIONS AND WARRANTIES	10
	Section 3.01   Organization; Power and Authority	10
	Section 3.02   Authorization; No Conflict	10
	Section 3.03   Enforceability	11
	Section 3.04   Valid Security Interest	11
	Section 3.05   Title	11
	Section 3.06   Other Financing Statements	11
	Section 3.07   Consents	11
	Section 3.08   Chief Executive Office, Etc	12
	Section 3.09   LLC Interests.	12
	Section 3.10   Litigation	12
	Section 3.11   Investment Company Act	12
	Section 3.12   Indebtedness	12
	Section 3.13   Regulation	12
	Section 3.14   Loan Documents	12
	ARTICLE IV. COVENANTS	13
	Section 4.01   Maintenance of Existence	13
	Section 4.02   Sale of Pledged Collateral	13
	Section 4.03   No Other Liens	13
	Section 4.04   Chief Executive Office, Etc	13
	Section 4.05   Supplements; Further Assurances	13
	Section 4.06   Termination or Amendment of Operating Agreement	14
	Section 4.07   Certificates and Instruments	14

 

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	 	 	Pledge Agreement (SunPower Revolver) 

 

      

     

    

 

	Section 4.08   Records; Statements and Schedules	14
	Section 4.09   Improper Distributions	14
	Section 4.10   Taxes	14
	Section 4.11   Notices	15
	Section 4.12   Filing Fees	15
	Section 4.13   Bankruptcy; Dissolution	15
	Section 4.14   Compliance with Operating Agreement	16
	Section 4.15   Compliance with Laws	16
	Section 4.16   No Merger or Consolidation	16
	Section 4.17   Separate Existence	16
	Section 4.18   Access and Inspection	16
	Section 4.19   Additional Pledgor Covenants	16
	ARTICLE V. REMEDIES	17
	Section 5.01   Remedies Generally	17
	Section 5.02   Sale of Pledged Collateral	17
	Section 5.03   Purchase of Pledged Collateral	18
	Section 5.04   Application of Proceeds; Deficiency	18
	Section 5.05   Notice	19
	Section 5.06   Enforcement Expenses	19
	ARTICLE VI. MISCELLANEOUS	19
	Section 6.01   No Waiver; Remedies Cumulative	19
	Section 6.02   Notices	20
	Section 6.03   Amendments and Waivers	20
	Section 6.04   Successors and Assigns	20
	Section 6.05   Survival; Reliance	20
	Section 6.06   Effectiveness; Continuing Nature of this Agreement	21
	Section 6.07   Entire Agreement	21
	Section 6.08   Agents, Etc	21
	Section 6.09   Severability	21
	Section 6.10   Counterparts	21
	Section 6.11   Headings	21
	Section 6.12   Governing Law	21
	Section 6.13   Jurisdiction; Consent to Service of Process	21
	Section 6.14   Waiver of Jury Trial	22
	Section 6.15   Specific Performance	22
	Section 6.16   Release; Termination	22
	Section 6.17   Reinstatement	22
	Section 6.18   No Third Party Beneficiaries	23
	Section 6.19   Collateral Agent	23
	Section 6.20   Independent Security	23
	Section 6.21   Independent Obligations	23
	Section 6.22   Subrogation	24
	Section 6.23   Enforcement Expenses; Indemnification	24

 

	 	ii	 
	 	 	Pledge Agreement (SunPower Revolver) 

 

      

     

    

 

	Section 6.24   Acknowledgements	24
	Section 6.25   Patriot Act Documentation	25

 

Schedule I:   LLC Interests 

Schedule II:  Knowledge Parties

 

	 	iii	 
	 	 	Pledge Agreement (SunPower Revolver) 

 

      

     

    

 

PLEDGE AGREEMENT

 

This PLEDGE AGREEMENT
(this “Agreement”), dated as of June [ ], 2016, is made by and between SUNPOWER REVOLVER HOLDCO I PARENT, LLC,
a Delaware limited liability company (the “Pledgor”), and MIZUHO BANK (USA) as collateral agent for the Secured
Parties (in such capacity, together with any successor collateral agent appointed pursuant to Section 8.9 of the Credit Agreement
referred to below, the “Collateral Agent”).

 

WITNESSETH:

 

WHEREAS, SunPower Revolver
Holdco I, LLC, a Delaware limited liability company (the “Borrower”) proposes to acquire certain subsidiaries
and affiliates that will develop, construct, finance and operate various solar photovoltaic power projects (as more fully described
in the Credit Agreement, the “Projects”);

 

WHEREAS, in order to
finance the costs of the development, construction and ownership of the Projects, the Borrower entered into that certain Credit
Agreement, dated as of May 4, 2016, by and among the Borrower, the Administrative Agent, the Collateral Agent, the Issuing Banks,
and the financial institutions from time to time party thereto as Lenders (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”);

 

WHEREAS, the Pledgor
owns 100% of the Capital Stock of the Borrower; and

 

WHEREAS, in order to
secure the obligations of the Borrower under the Loan Documents, the Pledgor is willing to pledge and grant a first priority security
interest in 100% of the Capital Stock of the Borrower pursuant to this Agreement;

 

NOW, THEREFORE, in
consideration of the premises and the agreements, provisions and covenants herein contained, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

AGREEMENT:

 

ARTICLE
I.

DEFINITIONS

 

Section 1.01          Defined
Terms. Each capitalized term used and not otherwise defined herein (including the introductory paragraph and recitals)
shall have the meaning assigned to such term (whether directly or by reference to another agreement or document) in the Credit
Agreement. In addition to the terms defined in the Credit Agreement, the following terms shall have the meanings specified below:

 

“Administrative
Agent” shall mean Mizuho Bank, Ltd., in its capacity as the Administrative Agent under the Credit Agreement, together
with any successor administrative agent appointed pursuant to Section 8.9 of the Credit Agreement.

 

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	 	 	Pledge Agreement (SunPower Revolver) 

 

     

     

    

 

“Agreement”
shall have the meaning given to such term in the introductory paragraph of this Agreement.

 

“Bankruptcy
Code” shall mean Title 11 of the United States Code, as amended from time to time, and any other federal or state insolvency,
reorganization, moratorium or similar law for the relief of debtors, or any successor statute.

 

“Borrower
Obligations” shall have the meaning given to the term “Obligations” in the Credit Agreement.

 

“Collateral
Agent” shall have the meaning given to such term in the introductory paragraph of this Agreement.

 

“Credit Agreement”
shall have the meaning given to such term in the recitals to this Agreement.

 

“Discharge
Notice” shall have the meaning given to such term in Section 6.16.

 

“Financing
Statements” shall mean all financing statements, continuation statements, recordings, filings or other instruments of
registration necessary or appropriate to perfect a Lien by filing in any appropriate filing or recording office in accordance with
the UCC or any other relevant applicable law.

 

“Insolvency
Proceeding” shall mean any proceeding in respect of bankruptcy, insolvency, winding up, receivership, dissolution or
assignment for the benefit of creditors, in each of the foregoing events whether under the Bankruptcy Code or similar federal,
state or foreign bankruptcy, insolvency, reorganization, receivership or similar law.

 

“Knowledge”
shall mean the actual knowledge of any person listed on Schedule II.

 

“LLC Interests”
shall have the meaning given to such term in Section 2.01(a).

 

“Operating
Agreement” shall mean the Amended and Restated Limited Liability Company Agreement of the Borrower, dated as of May 2,
2016, as amended, amended and restated, supplemented or otherwise modified from time to time.

 

“Pledged Collateral”
shall have the meaning given to such term in Section 2.01.

 

“Pledgor”
shall have the meaning given to such term in the introductory paragraph of this Agreement.

 

“Pledgor Obligations”
shall mean all obligations and liabilities of the Pledgor which may arise under or in connection with this Agreement (including,
without limitation, Section 2) or any other Loan Document to which the Pledgor is a party, in each case whether on account
of guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation,
all fees and disbursements of counsel to the Administrative Agent, the Collateral Agent or the Lenders that are required to be
paid by the Pledgor pursuant to the terms of this Agreement or any other Loan Document).

 

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	 	 	Pledge Agreement (SunPower Revolver) 

 

     

     

    

 

“Projects”
shall have the meaning given to such term in the recitals to this Agreement.

 

“Secured Obligations”
shall mean the collective reference to (a) the Borrower Obligations and (b) the Pledgor Obligations.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended.

 

Section 1.02          Rules
of Interpretation. For all purposes of this Agreement, except as otherwise expressly provided or unless the context
otherwise requires, the rules of interpretation set forth in Section 1.2 of the Credit Agreement are hereby incorporated by reference,
mutatis mutandis, as if fully set forth herein.

 

Section 1.03          UCC
Definitions. All terms defined in the UCC shall have the respective meanings given to those terms in the UCC, except
where the context otherwise requires. As used in this Agreement, “proceeds” of Pledged Collateral shall mean (a) all
“proceeds” as defined in Article 9 of the UCC, (b) payments or distributions made with respect to any Pledged Collateral
and (c) whatever is receivable or received when Pledged Collateral or proceeds are sold, leased, licensed, exchanged, collected
or otherwise disposed of, whether such disposition is voluntary or involuntary.

 

ARTICLE
II.

PLEDGED COLLATERAL

 

Section
2.01          Pledge. As collateral security
for the prompt and complete payment and performance when due, whether at stated maturity, by acceleration or otherwise, of
all of the Secured Obligations, whether now existing or hereafter arising and howsoever evidenced, the Pledgor hereby
pledges, grants, assigns, hypothecates, transfers and delivers to the Collateral Agent, for the ratable benefit of the
Secured Parties, a first priority security interest in all of the property of the Pledgor identified below, in each case,
wherever located and now owned or hereafter acquired by the Pledgor or in which the Pledgor now has or at any time in the
future may acquire any right, title or interest (collectively, the “Pledged Collateral”):

 

(a)           all
of the Pledgor’s limited liability company interests in the Borrower described on Schedule I and all after acquired
limited liability company interests in the Borrower (collectively, the “LLC Interests”), and all of the Pledgor’s
rights to acquire limited liability company interests in the Borrower in addition to or in exchange or substitution for the LLC
Interests;

 

(b)           all
of the Pledgor’s rights, privileges, authority and powers as a member of the Borrower under the Operating Agreement;

 

(c)           all
certificates or other documents representing any and all of the foregoing in clauses (a) and (b);

 

(d)           all
dividends, distributions, cash, securities, instruments and other property or proceeds of any kind to which the Pledgor may be
entitled in its capacity as member of the Borrower by way of distribution, return of capital or otherwise;

 

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(e)           without
affecting any obligations of the Pledgor or the Borrower under any of the other Loan Documents, in the event of any consolidation
or merger in which the Borrower is not the surviving Person, all ownership interests of any class or character in the successor
Person formed by or resulting from such consolidation or merger;

 

(f)            any
other claim which the Pledgor now has or may in the future acquire in its capacity as member of the Borrower against the Borrower
and its property; and

 

(g)           all
proceeds, products and accessions of and to any of the property described in the preceding clauses (a) through (f),
including all rents, profits, income and benefits and all proceeds of insurance and all condemnation awards and all other compensation
for any event of loss with respect to all or any part of the other Pledged Collateral (together with all rights to recover and
proceed with respect to the same), and all substitutions for and replacements of all or any part of the other Collateral.

 

Section 2.02          Delivery
of Certificates and Instruments. All certificates and instruments representing or evidencing any of the Pledged Collateral
shall be delivered to and be held by or on behalf of the Collateral Agent in accordance with Section 4.07 and shall be in
suitable form for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment in blank,
all in form and substance reasonably satisfactory to the Collateral Agent. The Collateral Agent shall have the right, at any time
following the occurrence and during the continuation of an Event of Default, without prior notice to the Pledgor, to transfer to
or to register in its name or in the name of any of its nominees any or all of the Pledged Collateral. In the event of such a transfer,
the Collateral Agent shall within a reasonable period of time thereafter give the Pledgor notice of such transfer or registration;
provided, however, that (a) failure to give such notice shall have no effect on the rights of the Collateral Agent
hereunder and (b) the Collateral Agent shall not be required to deliver any such notice if the Pledgor is the subject of an Insolvency
Proceeding or the delivery of such notice is otherwise prohibited by applicable law. In addition, the Collateral Agent shall have
the right at any time to exchange certificates or instruments representing or evidencing any of the LLC Interests for certificates
or instruments of smaller or larger denominations.

 

Section 2.03          Voting;
Distributions.

 

(a)           Unless
an Event of Default shall have occurred and be continuing and the Collateral Agent shall have given notice to the Pledgor of the
Collateral Agent’s intent to exercise its rights under this Section 2.03(a) (it being acknowledged and agreed that
the Collateral Agent shall not be required to deliver any such notice if the Pledgor is the subject of an Insolvency Proceeding,
which in the case of an involuntary proceeding has not been dismissed within sixty (60) days of its filing), the Pledgor shall
be entitled to exercise all voting and other rights with respect to the Pledged Collateral; provided, however, that
no vote with respect to the Pledged Collateral shall be cast, right exercised or other action taken which would be inconsistent
with, or result in any violation of, any provision of any of this Agreement or any other Loan Documents. Upon the occurrence and
during the continuation of an Event of Default and after notice thereof from the Collateral Agent to the Pledgor (it being acknowledged
and agreed that the Collateral Agent shall not be required to deliver any such notice if the Pledgor is the subject of an Insolvency
Proceeding, which in the case of an

 

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involuntary proceeding has not been dismissed within sixty (60) days of its filing), all voting
and other rights of the Pledgor with respect to the Pledged Collateral which the Pledgor would otherwise be entitled to exercise
pursuant to the terms of this Agreement or otherwise shall cease, and all such rights shall be vested in the Collateral Agent which
shall thereupon have the sole right to exercise such rights.

 

(b)           Distributions.
Any and all distributions paid in respect of the LLC Interests shall be paid only to the extent permitted, and then strictly in
accordance with, the Loan Documents. To the extent that such distributions and payments are made in accordance with the terms of
the Loan Documents, the further distribution or payment of such monies shall not give rise to any claims or causes of action on
the part of any of the Secured Parties against the Borrower or the Pledgor seeking the return or disgorgement of any such distributions
or other payments unless the distributions or payments involve or result from the fraud or willful misconduct of the Borrower or
the Pledgor. Upon the occurrence and during the continuation of an Event of Default, all rights of the Pledgor to receive and retain
any such distributions shall cease, and all such rights shall be vested in the Collateral Agent, which shall thereupon have the
sole right to exercise such rights.

 

(c)           Turnover.
All distributions and other amounts which are received by the Pledgor contrary to the provisions of this Agreement shall be received
in trust for the benefit of the Collateral Agent on behalf of the Secured Parties, shall be segregated from other funds of the
Pledgor, and shall be forthwith paid over to the Collateral Agent as Pledged Collateral in the same form as so received (with any
necessary endorsement).

 

(d)           Authorization.
At any time after the occurrence and during the continuance of an Event of Default, the Pledgor hereby authorizes the Borrower
to (i) comply with any instructions received by it from the Collateral Agent in writing that (A) state that an Event of Default
has occurred and is continuing and (B) are otherwise in accordance with the terms of this Agreement, without any other or further
instructions from the Pledgor, and (ii) unless otherwise expressly permitted hereby, pay any distribution or other payments in
respect of the Pledged Collateral directly to the Collateral Agent.

 

Section 2.04          Secured
Parties Not Liable.

 

(a)           Notwithstanding
any other provision contained in this Agreement, the Pledgor shall remain liable under the Operating Agreement to observe and perform
all of the conditions and obligations to be observed and performed by the Pledgor thereunder. None of the Collateral Agent, any
other Secured Party or any of their respective directors, officers, employees, Affiliates or agents shall have any obligations
or liability under or with respect to any Pledged Collateral by reason of or arising out of this Agreement, except as set forth
in Section 9-207(a) of the UCC, nor shall any of the Collateral Agent, any other Secured Party or any of their respective directors,
officers, employees, Affiliates or agents be obligated in any manner to (i) perform any of the obligations of the Pledgor under
or pursuant to the Operating Agreement or any other agreement to which the Pledgor is a party, (ii) make any payment or inquire
as to the nature or sufficiency of any payment or performance with respect to any Pledged Collateral, (iii) present or file any
claim or collect the payment of any amounts or take

 

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any action to enforce any performance
with respect to the Pledged Collateral or (iv) take any other action whatsoever with respect to the Pledged Collateral.

 

(b)           Notwithstanding
any other provision contained in this Agreement, (i) the Pledgor shall remain liable under each of the Loan Documents to which
it is a party to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if
this Agreement had not been executed and (ii) the exercise by the Collateral Agent or the other Secured Parties (or any of their
respective directors, officers, employees, Affiliates or agents) of any of their rights, remedies or powers hereunder shall not
release the Pledgor from any of its duties or obligations under any of the Loan Documents to which it is a party.

 

Section 2.05          Attorney-in-Fact.

 

(a)           Without
limiting any rights or powers granted by this Agreement to the Collateral Agent, the Pledgor hereby appoints the Collateral Agent,
on behalf of the Secured Parties, or any Person, officer or agent whom the Collateral Agent may designate, as its true and lawful
attorney-in-fact and proxy, with full irrevocable power and authority in the place and stead of the Pledgor and in the name of
the Pledgor or in its own name, at the Pledgor’s sole cost and expense, from time to time to take any action and to execute
any instrument which may be necessary or reasonably advisable to enforce its rights under this Agreement upon and during the continuation
of an Event of Default. This appointment as attorney-in-fact is irrevocable and coupled with an interest. Without limiting the
generality of the foregoing, the Pledgor hereby gives the Collateral Agent the power and right, on behalf of the Pledgor, without
notice to or assent by the Pledgor, upon the occurrence and during the continuation of an Event of Default, (i) to ask, demand,
collect, sue for, recover, receive and give receipt and discharge for amounts due and to become due under and in respect of all
or any part of the Pledged Collateral, (ii) to file any claims or take any action or proceeding that the Collateral Agent may deem
necessary or advisable for the collection of all or any part of the Pledged Collateral, (iii) to execute, in connection with any
sale or disposition of the Pledged Collateral under Article V, any endorsements, assignments or other instruments of conveyance
or transfer with respect to all or any part of the Pledged Collateral, (iv) direct any party liable for any payment under any Pledged
Collateral to make payment of any monies due or to become due thereunder directly to the Collateral Agent or as the Collateral
Agent shall direct, (v) commence and prosecute any suit, action or proceeding at law or in equity in any court of competent jurisdiction
to collect any Pledged Collateral and to enforce any other right in respect of any Pledged Collateral, (vi) defend any suit, action
or proceeding brought against the Pledgor with respect to any Pledged Collateral, (vii) settle, compromise or adjust any such suit,
action or proceeding and, in connection therewith, give such discharges or releases as the Collateral Agent may deem appropriate,
and (viii) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any Pledged Collateral
as fully and completely as though the Collateral Agent were the absolute owner thereof for all purposes, and do, at the Collateral
Agent’s option and the Pledgor’s expense, at any time, or from time to time, all acts and things that the Collateral
Agent reasonably deems necessary to protect, preserve or realize upon the Pledged Collateral and the Collateral Agent’s and
the other Secured Parties’ Liens thereon and to effect the intent of this Agreement, all as fully and effectively as the
Pledgor might do.

 

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(b)           The
Pledgor hereby ratifies all that said attorney shall lawfully do or cause to be done by virtue hereof, in each case pursuant to
the powers granted hereunder. The Pledgor hereby acknowledges and agrees that the Collateral Agent shall have no fiduciary duties
to the Pledgor in acting pursuant to this power-of-attorney and the Pledgor hereby waives any claims or rights of a beneficiary
of a fiduciary relationship hereunder.

 

Section 2.06          Performance
by Collateral Agent. If the Pledgor fails to perform any agreement contained herein after receipt of a written request
to do so from the Collateral Agent, the Collateral Agent (acting at the direction of the Administrative Agent on behalf of the
Required Lenders) may (but shall not be obligated to) cause performance of such agreement, and the reasonable and documented fees
and expenses of the Collateral Agent, including such fees and expenses of its outside counsel, incurred in connection therewith
shall be payable by the Pledgor; provided, however, that if an Insolvency Proceeding shall have occurred with respect
to the Pledgor, the written request described in this Section 2.06 shall not be required.

 

Section 2.07          Reasonable
Care.

 

(a)           The
Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in
its possession if the Pledged Collateral is accorded treatment substantially equivalent to that which the Collateral Agent accords
its own property of the type of which the Pledged Collateral consists, it being understood that the Collateral Agent shall have
no responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other
matters relative to any Pledged Collateral, whether or not the Collateral Agent has or is deemed to have knowledge of such matters,
(ii) taking any necessary steps to preserve rights against any parties with respect to any Pledged Collateral (except, in the case
of clauses (i) and (ii), to the extent the same constitutes gross negligence or willful misconduct on the part of
the Collateral Agent) or (iii) filing any Financing Statements or recording any documents or maintaining the perfection of any
security interests in the Pledged Collateral.

 

(b)           The
Collateral Agent shall not be responsible for (i) the existence, genuineness or value of any of the Pledged Collateral, (ii) the
validity, perfection, priority or enforceability of the Liens in any of the Pledged Collateral, whether impaired by operation of
law or by reason of any action or omission to act on its part hereunder (except to the extent such action or omission constitutes
gross negligence or willful misconduct on the part of the Collateral Agent), (iii) the validity or sufficiency of the Pledged Collateral
or any agreement or assignment contained therein, (iv) the validity of the title of the Pledgor to the Pledged Collateral, (v)
insuring the Pledged Collateral, (vi) the payment of taxes, charges, assessments or Liens upon the Pledged Collateral or (vii)
any other maintenance of the Pledged Collateral.

 

Section 2.08          Security
Interest Absolute; Waivers.

 

(a)           To
the maximum extent permitted by law, all rights and security interests of the Collateral Agent purported to be granted hereunder
and all obligations of the Pledgor hereunder shall be absolute and unconditional irrespective of:

 

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(i)          any
lack of validity or enforceability of any of the Loan Documents or any other agreement or instrument relating thereto;

 

(ii)         any
change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations or any other
amendment or waiver of or any consent to any departure from the Loan Documents or any other agreement or instrument relating thereto;
provided that no such amendment shall increase any obligations of the Pledgor without its consent;

 

(iii)        any
exchange, release or non-perfection of any other collateral or any release (excluding any release pursuant to Section 6.16),
amendment or waiver of, or consent to any departure from, any guaranty for, all or any of the Secured Obligations;

 

(iv)        any
judicial or non-judicial foreclosure or sale of, or other election of remedies with respect to, any interest in real property or
other collateral serving as security for all or any part of the Secured Obligations, even though such foreclosure, sale or election
of remedies may impair the subrogation rights of the Borrower or the Pledgor or may preclude the Borrower or the Pledgor from obtaining
reimbursement, contribution, indemnification or other recovery from the Borrower or the Pledgor and even though the Borrower or
the Pledgor may or may not, as a result of such foreclosure, sale or election of remedies, be liable for any deficiency;

 

(v)         any
act or omission of the Collateral Agent or any other Person (other than payment of the Secured Obligations) that directly or indirectly
results in or aids the discharge or release of the Pledgor or any part of the Secured Obligations or any security or guarantee
(including any letter of credit) for all or any part of the Secured Obligations by operation of law or otherwise;

 

(vi)        the
election by the Collateral Agent, in any bankruptcy proceeding of any Person, of the application or non-application of Section
1111(b)(2) of the U.S. Bankruptcy Code;

 

(vii)       any
extension of credit or the grant of any Lien under Section 364 of the U.S. Bankruptcy Code;

 

(viii)      any
use of cash collateral under Section 363 of the U.S. Bankruptcy Code;

 

(ix)        any
agreement or stipulation with respect to the provision of adequate protection in any bankruptcy proceeding of any Person;

 

(x)         the
avoidance of any Lien in favor of the Collateral Agent for any reason;

 

(xi)        any
Insolvency Proceeding in respect of any Person, including any discharge of, or bar or stay against collecting, all or any part
of the Secured Obligations

 

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 (or any
interest on all or any part of the Secured Obligations) in or as a result of any such proceeding; or

 

 (xii)       any
other circumstance which might otherwise constitute a defense available to, or a discharge of, the Pledgor, except as otherwise
provided herein.

 

(b)           The
Pledgor hereby expressly waives, to the maximum extent permitted by law, (i) promptness, diligence, presentment, demand for payment
or performance and protest, (ii) filing of claims with any court, (iii) any proceeding to enforce any provision of the Loan Documents,
(iv) notice of acceptance of and reliance on this Agreement by any Secured Party, (v) notice of the creation of any Secured Obligations,
and (except with respect to any notice required by the Loan Documents relating to the Secured Obligations) any other notice whatsoever,
(vi) any requirement that the Collateral Agent exhaust any right, power or remedy, or proceed or take any other action against
the Pledgor under any Loan Document to which the Pledgor is a party or any Lien on, or any claim of payment against, any property
of the Pledgor or any other agreement or instrument referred to therein, or any other Person under any guarantee of, or Lien securing,
or claim for payment of, any of the Secured Obligations, (vii) any right to require a proceeding by the Collateral Agent first
against the Borrower, whether to marshal any assets or to exhaust any right or take any action against the Borrower or any other
Person or any collateral or otherwise, or any diligence in collection or protection for realization upon any Secured Obligations,
(viii) any obligation hereunder or any collateral security for any of the foregoing, (ix) any claims of waiver, release, surrender,
alteration or compromise, and (x) all other defenses, set-offs counterclaims, recoupments, reductions, limitations, impairments
or terminations, whether arising hereunder or otherwise. The Pledgor further waives (A) any requirement that any other Person be
joined as a party to any proceeding for the enforcement by the Collateral Agent of any Secured Obligations and (B) the filing of
claims by the Collateral Agent in the event of an Insolvency Proceeding in respect of the Borrower or the Pledgor.

 

(c)           The
Pledgor hereby expressly waives, to the maximum extent permitted by applicable law:

 

 (i)          any
claim that, as to any part of the Pledged Collateral, a public sale is, in and of itself, not a commercially reasonable method
of sale for the Pledged Collateral;

 

 (ii)         the
right to assert in any action or proceeding between it and the Collateral Agent any offsets or counterclaims that it may have;

 

 (iii)        except
as otherwise provided in this Agreement, NOTICE OR JUDICIAL HEARING IN CONNECTION WITH THE COLLATERAL AGENT TAKING POSSESSION OF,
OR DISPOSITION OF, ANY OF THE PLEDGED COLLATERAL INCLUDING ANY AND ALL PRIOR NOTICE AND HEARING FOR ANY PREJUDGMENT REMEDY OR REMEDIES
AND ANY SUCH RIGHT THAT THE PLEDGOR WOULD OTHERWISE HAVE UNDER THE CONSTITUTION OR ANY STATUTE OF THE UNITED STATES OR OF ANY STATE,
AND ALL OTHER REQUIREMENTS AS TO THE TIME, PLACE AND TERMS OF SALE OR OTHER

 

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REQUIREMENTS WITH RESPECT TO THE ENFORCEMENT OF THE
COLLATERAL AGENT’S RIGHTS HEREUNDER;

 

 (iv)       all
rights of redemption, appraisement, valuation, stay and extension or moratorium; and

 

 (v)        all
other rights the exercise of which would, directly or indirectly, prevent, delay or inhibit the enforcement of any of the rights
or remedies of the Collateral Agent and the other Secured Parties under this Agreement or the absolute sale of the Pledged Collateral,
now or hereafter in force under any applicable law, and the Pledgor, for itself and all who may claim under it, insofar as it or
they now or hereafter lawfully may, hereby waives the benefit of all such laws and rights.

 

Section 2.09          Financing
Statements. The Pledgor authorizes the Collateral Agent to file (but the Collateral Agent shall not be so obligated
to file) such Financing Statements in such offices as are or shall be necessary or appropriate to create, perfect and establish
the priority of the Liens granted by this Agreement in any and all of the Pledged Collateral, to preserve the validity, perfection
or priority of the Liens granted by this Agreement in any and all of the Pledged Collateral or to enable the Collateral Agent to
exercise its remedies, rights, powers and privileges under this Agreement.

 

ARTICLE
III.

REPRESENTATIONS AND WARRANTIES

 

The Pledgor represents
and warrants to the Collateral Agent, for the benefit of the Secured Parties, as follows, which representations and warranties
shall survive the execution and delivery of this Agreement:

 

Section 3.01          Organization;
Power and Authority. The Pledgor (a) is duly formed, validly existing and in good standing under the laws of the State
of Delaware, (b) has all requisite limited liability company power and authority to own its property and assets and to carry on
its business as now conducted, (c) is qualified to do business and is in good standing in each other jurisdiction where such qualification
is required for the Pledgor to grant the Liens on the Pledged Collateral intended to be granted hereby or otherwise perform its
obligations hereunder, and (d) has the limited liability company power and authority to execute, deliver and perform its obligations
under this Agreement and to grant the Liens on the Pledged Collateral intended to be granted hereunder.

 

Section 3.02          Authorization;
No Conflict. The execution, delivery and performance by the Pledgor of this Agreement and the granting of the Liens
on the Pledged Collateral intended to be granted hereunder (a) have been duly authorized by all limited liability company action
required to be taken or obtained by the Pledgor and (b) will not (i) violate (A) any provision of any Legal Requirement or of the
operating agreement or any other constitutive documents of the Pledgor, or (B) any applicable order of any court or any rule, regulation
or order of any Governmental Authority, (ii) be in conflict with, violate, result in a breach of or constitute (alone or with notice
or lapse of time or both) a default under, give rise to a right of, or result in any cancellation or acceleration of any right
or obligation (including any payment) or to a loss of a

 

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material benefit under any indenture, lease, agreement or other instrument
to which the Pledgor is a party or by which it or any of its property is or may be bound, or (iii) result in the creation or imposition
of any Lien upon or with respect to any property or assets now owned or hereafter acquired by the Pledgor, other than the Liens
intended to be granted hereunder.

 

Section 3.03          Enforceability.
This Agreement has been duly executed and delivered by the Pledgor and constitutes a legal, valid and binding obligation of the
Pledgor enforceable against the Pledgor in accordance with its terms, subject to (a) the effects of bankruptcy, insolvency, moratorium,
reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (b) general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (c) implied covenants
of good faith and fair dealing.

 

Section 3.04          Valid
Security Interest. Subject to the immediately following sentence, upon the proper filing thereof by or on behalf of
the Collateral Agent of forms of UCC-1 in the office of the Secretary of State of the State of Delaware, all filings, registrations
and recordings necessary to create, preserve, protect and perfect the Liens granted to the Collateral Agent hereby in respect of
the Pledged Collateral shall have been accomplished. Possession by the Collateral Agent of the notes, certificates or instruments
representing Pledged Collateral and possession of the proceeds thereof are the only actions necessary to perfect or protect the
Collateral Agent’s Liens (for the benefit of the Secured Parties) in the Pledged Collateral represented by such notes, certificates
or instruments and the proceeds thereof under the UCC, and upon delivery to the Collateral Agent of the certificate evidencing
the LLC Interests described on Schedule I, together with an instrument of transfer duly endorsed in blank, the Liens granted to
the Collateral Agent pursuant to this Agreement in and to the Pledged Collateral constitute valid and enforceable perfected security
interests therein superior and prior to the rights of all other Persons therein and, in each case, subject to no other Liens, sales,
assignments, conveyances, settings over or transfers other than Liens permitted under Section 6.2 of the Credit Agreement
which arise by operation of law and the Liens to be created pursuant to this Agreement.

 

Section 3.05          Title.
The Pledgor is the sole beneficial owner of the property in which the Pledgor purports to grant a Lien pursuant to this Agreement.

 

Section 3.06          Other
Financing Statements. There is no Financing Statement (or similar statement or instrument of registration under the
law of any jurisdiction) covering or purporting to cover any interest of any kind in the Pledged Collateral, except Financing Statements
filed or to be filed in respect of and covering the Liens granted hereby by the Pledgor.

 

Section 3.07          Consents.
No consent, authorization, approval or other action by, and no notice to or filing with, any Governmental Authority or any other
Person is required either (a) for the pledge by the Pledgor of the Pledged Collateral pursuant to this Agreement or for the due
execution, delivery or performance of this Agreement by the Pledgor or (b) for the exercise by the Collateral Agent of the voting
or other rights provided for in this Agreement or of the remedies in respect of the Pledged Collateral pursuant to this Agreement,
except (i) in each case, such as have been made or obtained and are in full force and effect and (ii) in the case of clause
(b), such as may be required in connection with the sale, transfer or other disposition of the Pledged Collateral by laws
affecting the offering and sale of securities generally.

 

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Section 3.08          Chief
Executive Office, Etc.

 

(a)           The
chief executive office of the Pledgor and the office where the Pledgor keeps its records concerning the Pledged Collateral is located
at:

 

 SunPower Revolver Holdco I Parent, LLC 

 c/o SunPower Corporation 

 77 Rio Robles 

 San Jose, CA 95134 

 

(b)           The
Pledgor has not, since its date of formation, (i) changed its location (as defined in Section 9-307(a) of the UCC), (ii) changed
its name or (iii) become a “new debtor” (as defined in Section 9-102(a)(56) of the UCC).

 

Section 3.09          LLC
Interests.

 

(a)           The
LLC Interests identified on Schedule I comprise 100% of the authorized, issued and outstanding Capital Stock of the Borrower;
such LLC Interests are duly authorized, validly existing, fully paid and non-assessable; and no transfer of those LLC Interests
in the manner contemplated by this Agreement is subject to any contractual restriction, including any restriction under the limited
liability company agreement of the Pledgor or the Operating Agreement.

 

(b)           The
LLC Interests are “certificated securities” as such term is defined in Article 8 of the UCC.

 

Section 3.10          Litigation.
There are no actions, suits, investigations or proceedings at law or in equity or by or on behalf of any Governmental Authority
or in arbitration now pending against, or, to the Knowledge of the Pledgor, threatened in writing against or affecting, the Pledgor
or any business, property or rights of the Pledgor which, individually or in the aggregate, could reasonably be expected to have
a Material Adverse Effect or a material adverse effect on the Pledgor’s ability to grant the Liens on the Pledged Collateral
intended to be granted hereby or otherwise perform its obligations hereunder.

 

Section 3.11         Investment
Company Act. The Pledgor is not an “investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940, as amended.

 

Section 3.12          Indebtedness.
The Pledgor does not have outstanding any Indebtedness which is or purports to be senior in priority to the Pledgor’s obligations
under this Agreement.

 

Section 3.13         Regulation.
The business activities of the Pledgor are not subject to any special or industry-specific regulation or governmental oversight
or review, other than the Delaware Limited Liability Company Act.

 

Section 3.14         Loan
Documents. The Pledgor has reviewed and is familiar with the terms of the Loan Documents that are material to its obligations
hereunder. Pledgor confirms the representations and warranties contained in Article 4 of the Credit Agreement relating to Pledgor

 

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as if made herein as of the date hereof, which representations and warranties are incorporated herein by reference as if fully
set forth herein for the benefit of the Collateral Agent.

 

ARTICLE
IV.

COVENANTS

 

The Pledgor hereby
covenants and agrees from and after the Closing Date until the termination of this Agreement in accordance with the provisions
of Section 6.16:

 

Section 4.01          Maintenance
of Existence. Except as otherwise expressly permitted by this Agreement, the Pledgor shall (a)(i) maintain and preserve
its existence as a Delaware limited liability company in good standing and (ii) maintain its qualification to do business in each
other jurisdiction where such qualification is necessary to perform its obligations hereunder and (b) engage only in businesses
consistent with the Loan Documents.

 

Section 4.02          Sale
of Pledged Collateral. The Pledgor shall not, without the prior written consent of the Collateral Agent (acting at the
direction of the Administrative Agent acting at the direction of the Required Lenders), sell or otherwise dispose of, or grant
any option or warrant with respect to, any of the Pledged Collateral, except to the extent such disposition remains subject to
the pledge in favor of the Collateral Agent hereunder.

 

Section 4.03          No
Other Liens. The Pledgor shall not create, incur or permit to exist, shall defend the Pledged Collateral against and
shall take such other action as is reasonably necessary to remove, any Lien or claim on or to the Pledged Collateral, other than
Liens which arise by operation of law and the Liens created pursuant to this Agreement, and shall defend the right, title and interest
of the Collateral Agent and the other Secured Parties in and to the Pledged Collateral against the claims and demands of all Persons
whomsoever.

 

Section 4.04          Chief
Executive Office, Etc.

 

(a)           The
Pledgor shall promptly notify the Collateral Agent of any new location for its chief executive office or at which the records concerning
the Pledged Collateral are kept. The Pledgor shall clearly describe such new location and shall take all action necessary in connection
therewith to maintain the Liens of the Collateral Agent in the Pledged Collateral intended to be granted hereby at all times fully
perfected and in full force and effect.

 

(b)           The
Pledgor shall not change its name until (i) it has given to the Collateral Agent not less than ten (10) days’ prior written
notice of its intention to do so, clearly specifying such new name, and (ii) with respect to such new name, it shall have taken
all action necessary to maintain the Liens of the Collateral Agent in the Pledged Collateral intended to be granted hereby at all
times fully perfected and in full force and effect.

 

Section 4.05          Supplements;
Further Assurances. The Pledgor shall at any time and from time to time, at its own cost and expense, promptly execute
and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that the
Collateral Agent may reasonably request in writing, in order to perfect and protect any Lien granted or purported to be granted
hereby or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Pledged
Collateral.

 

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Section 4.06          Termination
or Amendment of Operating Agreement. Unless otherwise expressly permitted by the terms of the Loan Documents, the Pledgor
shall not, without the prior written consent of the Collateral Agent (acting at the direction of the Administrative Agent on behalf
of the Required Lenders), agree to or permit the amendment (other than immaterial amendments), cancellation or termination of the
Operating Agreement.

 

Section 4.07          Certificates
and Instruments.

 

(a)           The
Pledgor shall deliver all certificates or other documents representing the Pledged Collateral to the Collateral Agent with all
necessary and appropriate instruments of transfer or assignment duly endorsed in blank on the Closing Date. In the event the Pledgor
obtains possession of any certificates or any securities or instruments forming a part of the Pledged Collateral, the Pledgor shall
promptly deliver the same to the Collateral Agent together with all necessary and appropriate instruments of transfer or assignment
duly endorsed in blank. Prior to any such delivery, any Pledged Collateral in the Pledgor’s possession shall be held by the
Pledgor in trust for the Collateral Agent.

 

(b)           The
Pledgor shall at all times cause the LLC Interests to be “certificated securities” as such term is defined in Article
8 of the UCC.

 

Section 4.08          Records;
Statements and Schedules. The Pledgor shall keep and maintain, at its own cost and expense, records of the Pledged Collateral
owned by it, including records of all payments received with respect thereto, and it shall make the same available to the Collateral
Agent for inspection at the Pledgor’s chief executive office, at the Pledgor’s cost and expense, upon reasonable notice
(except after the occurrence and during the continuance of an Event of Default), at any time during normal business hours. The
Pledgor shall furnish to the Collateral Agent from time to time statements and schedules further identifying and describing the
Pledged Collateral and such other reports in connection with the Pledged Collateral as the Collateral Agent may reasonably request
in writing, all in reasonable detail.

 

Section 4.09          Improper
Distributions. Notwithstanding any other provision contained in this Agreement, the Pledgor shall not accept any distributions,
dividends or other payments (or any collateral in lieu thereof) in respect of the Pledged Collateral, except to the extent the
same are expressly permitted by the terms of this Agreement and the other Loan Documents.

 

Section 4.10          Taxes.
The Pledgor shall pay, or cause to be paid, as and when due and prior to delinquency, all taxes, assessments and governmental charges
of any kind that may at any time be lawfully assessed or levied against or with respect to the Pledgor, the Borrower or the LLC
Interests except to the extent non-compliance could not reasonably be expected to have a Material Adverse Effect; provided,
however, that the Pledgor may contest or cause to be contested in good faith any such taxes, assessments and other charges
and, in such event, may permit the taxes, assessments or other charges so contested to remain unpaid during any period, including
appeals, when the Pledgor is in good faith contesting or causing to be contested the same by appropriate proceedings, so long as
(a) reserves consistent with GAAP have been established on the Pledgor’s books in an amount sufficient to pay any such taxes,
assessments or other charges, accrued interest thereon and potential penalties or other costs relating thereto, or other provision
for the payment thereof reasonably satisfactory to the Administrative Agent shall

 

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have been made, (b) enforcement of the contested
tax, assessment or other charge is effectively stayed for the entire duration of such contest and (c) any tax, assessment or other
charge determined to be due, together with any interest or penalties thereon, is immediately paid after resolution of such contest.

 

Section 4.11          Notices.
Promptly upon the Pledgor obtaining Knowledge of (a) any action, suit or proceeding at law or in equity by or before any Governmental
Authority, arbitral tribunal or other body pending or threatened against the Pledgor which could reasonably be expected to result
in a Material Adverse Effect or a material adverse effect on the Pledgor’s ability to grant the Liens on the Pledged Collateral
intended to be granted hereby or otherwise perform its obligations hereunder, (b) the occurrence of any other circumstance, act
or condition (including the adoption, amendment or repeal of any Legal Requirement or notice (whether formal or informal, written
or oral) of the failure to comply with the terms and conditions of any Legal Requirement) which could reasonably be expected to
result in a Material Adverse Effect or a material adverse effect on the Pledgor’s ability to grant the Liens on the Pledged
Collateral intended to be granted hereby or otherwise perform its obligations hereunder, or (c) the occurrence of any Event of
Default relating solely to the Pledgor, in each case the Pledgor shall furnish to the Collateral Agent a notice of such event
describing the same in reasonable detail and, together with such notice or as soon thereafter as possible, a written description
of the action that the Pledgor has taken or proposes to take with respect thereto.

 

Section 4.12          Filing
Fees. The Pledgor shall pay any applicable filing fees and related expenses in connection with any filing made by the
Collateral Agent in accordance with Section 2.09.

 

Section 4.13          Bankruptcy;
Dissolution. The Pledgor shall not authorize or permit the Borrower to:

 

(a)           except
upon compliance with the requirements of the Operating Agreement as in effect on the date hereof, (i) commence a voluntary case
or other proceeding seeking liquidation, reorganization or other relief with respect to the Borrower or the Borrower’s debts
under the Bankruptcy Code now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or
other similar official of the Borrower or any substantial part of the Borrower’s property, (ii) consent to any such relief
or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against
the Borrower or (iii) make a general assignment for the benefit of the Borrower’s creditors;

 

(b)           commence
or join with any other Person (other than the Collateral Agent and the other Secured Parties) in commencing any proceeding against
the Borrower under the Bankruptcy Code or any other statute now or hereafter in effect in any jurisdiction; or

 

(c)           except
as permitted by the Loan Documents, liquidate, wind-up or dissolve, or sell or lease or otherwise transfer or dispose of all or
any substantial part of its property, assets or business or combine, merge or consolidate with or into any other entity, or change
its legal form, or implement any material acquisition or purchase of assets from any Person.

 

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Section 4.14          Compliance
with Operating Agreement. The Pledgor shall comply in all material respects with the terms of the Operating Agreement.

 

Section 4.15          Compliance
with Laws. The Pledgor shall comply with all applicable Legal Requirements, except such non-compliance as would not
reasonably be expected to have a material adverse effect on the ability of the Pledgor to perform its obligations hereunder.

 

Section 4.16          No
Merger or Consolidation. The Pledgor shall not (a) liquidate, wind-up or dissolve, or (b) combine, merge or consolidate
with or into any other entity, unless, if applicable, the transferee or surviving Person assumes all of its obligations hereunder
by operation of law or otherwise.

 

Section 4.17          Separate
Existence. The Pledgor shall (a) maintain entity records and books of account separate from those of the Borrower; (b)
not commingle its funds or assets with those of the Borrower; and (c) provide that its board of directors or other analogous governing
body will hold all appropriate meetings (or take such other actions permitted under its organizational documents) to authorize
and approve the Pledgor’s actions, which meetings will be separate from those of the Borrower.

 

Section 4.18          Access
and Inspection. The Pledgor hereby grants to the Collateral Agent all rights of access to and inspection and use, at
reasonable times during business hours, of all books, correspondence, credit files, records, invoices, tapes, cards, computer runs
and files and other papers and documents in connection with, but only to the extent relating to, any of the Pledged Collateral
in the possession of or under the control of the Pledgor after reasonable prior written notice to the Pledgor (and subject to reasonable
requirements of confidentiality, safety requirements and other requirements imposed by law or by contract); provided that
the costs and expense of any such visit shall be governed by the provisions of Section 5.6 of the Credit Agreement.

 

Section 4.19          Additional
Pledgor Covenants. The Pledgor shall not (a) conduct, transact or otherwise engage in, or commit to conduct, transact
or otherwise engage in, any business or operations other than those incidental to its ownership of the Capital Stock of the Borrower,
(b) incur, create, assume or suffer to exist any Indebtedness or other liabilities or financial obligations, except (i) nonconsensual
obligations imposed by operation of law, (ii) obligations pursuant to the Loan Documents to which it is a party and (iii) obligations
with respect to its Capital Stock, (c) own, lease, manage or otherwise operate any properties or assets (including cash (other
than cash received in connection with distributions made by the Borrower in accordance with Section 6.7 of the Credit Agreement)
and cash equivalents) other than the ownership of shares of Capital Stock of the Borrower, (d) create, incur, assume or suffer
to exist any Lien upon any of its property, except Liens created pursuant to the Loan Documents, (e) make any Investments other
than Permitted Investments, or (f) create, form or acquire any Subsidiary or enter into any partnership or joint venture. Pledgor
agrees to observe and perform each of the covenants specified to be applicable to Pledgor in the Loan Documents and the other documents
to which any other Secured Obligation is incurred, as applicable, and each such covenant and agreement is hereby incorporated by
reference in this Agreement, mutatis mutandis, as a direct obligation, covenant and agreement of Pledgor with respect to
itself.

 

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ARTICLE
V.

REMEDIES

 

Section 5.01          Remedies
Generally.

 

(a)           Upon
the occurrence and during the continuation of an Event of Default, the Collateral Agent may (but shall not be obligated to), without
notice to the Pledgor (except as required by applicable law) and at such times as the Collateral Agent in its sole judgment may
determine, exercise any or all of the Pledgor’s rights in, to and under, or in any way connected to, the Pledged Collateral,
and the Collateral Agent shall otherwise have and may (but shall not be obligated to) exercise all of the rights, powers, privileges
and remedies of a secured party under the UCC (whether or not the UCC is in effect in the jurisdiction where the rights, powers,
privileges and remedies are asserted) with respect to the Pledged Collateral and such additional rights, powers, privileges and
remedies to which a Secured Party is entitled under the laws in effect in any jurisdiction where any rights, powers, privileges
and remedies hereunder may be asserted, including the right, to the maximum extent permitted by applicable law, to exercise all
voting, consensual and other powers of ownership pertaining to the Pledged Collateral as if the Collateral Agent were the sole
and absolute owner thereof (and the Pledgor agrees to take all such action as may be appropriate to give effect to such right).

 

(b)           Without
limiting the generality of the foregoing, upon the occurrence and during the continuation of an Event of Default:

 

 (i)          the
Collateral Agent in its discretion may require the Pledgor to, and the Pledgor shall, assemble the Pledged Collateral owned by
it at such place or places, reasonably convenient to both the Collateral Agent and the Pledgor, designated in the Collateral Agent’s
request; and

 

 (ii)         the
Collateral Agent in its discretion may, to the fullest extent provided by law, have a court having jurisdiction appoint a receiver,
which receiver shall take charge and possession of and protect, preserve and replace the Pledged Collateral or any part thereof,
and manage and operate the same, and receive and collect all income, receipts, royalties, revenues, issues and profits therefrom
(it being agreed that the Pledgor irrevocably consents and shall be deemed to have hereby irrevocably consented to the appointment
thereof, and upon such appointment, the Pledgor shall immediately deliver possession of such Pledged Collateral to such receiver).

 

Section 5.02          Sale
of Pledged Collateral.

 

(a)           Without
limiting the generality of Section 5.01, if an Event of Default shall have occurred and be continuing, the Collateral Agent
may, without notice except as specified below, sell the Pledged Collateral or any part thereof in one or more parcels at public
or private sale or at any of the Collateral Agent’s corporate trust offices or elsewhere, for cash, on credit or for future
delivery and at such price or prices and upon such other terms as are commercially reasonable, irrespective of the impact of any
such sale on the market price of the Pledged Collateral at any such sale. Each purchaser at any such sale shall hold the property
sold absolutely, free from any claim or right on the part of the Pledgor, and the Pledgor hereby waives

 

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(to the extent permitted
by law) all rights of redemption, stay or appraisal which it now has or may at any time in the future have under any rule of law
or statute now existing or hereafter enacted. The Pledgor agrees that at least ten (10) days’ notice to the Pledgor of the
time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification.
The Collateral Agent shall not be obligated to make any sale of Pledged Collateral regardless of notice of sale having been given.
The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefore
and such sale may, without further notice, be made at the time and place to which it was so adjourned. The Collateral Agent shall
incur no liability as a result of the sale of the Pledged Collateral, or any part thereof, at any public or private sale. The Pledgor
hereby waives any claims against the Collateral Agent arising by reason of the fact that the price at which any Pledged Collateral
may have been sold at such a private sale, if commercially reasonable, was less than the price which might have been obtained at
a public sale, even if the Collateral Agent accepts the first offer received and does not offer the Pledged Collateral to more
than one offeree.

 

(b)           The
Pledgor recognizes that, if an Event of Default shall have occurred and be continuing, the Collateral Agent may elect to sell all
or any part of the Pledged Collateral to one or more purchasers in privately negotiated transactions in which the purchasers will
be obligated to agree, among other things, to acquire the Pledged Collateral for their own account, for investment and not with
a view to the distribution or resale thereof. The Pledgor acknowledges that any such private sales may be at prices and on terms
less favorable than those obtainable through a public sale (including a public offering made pursuant to a registration statement
under the Securities Act) and the Pledgor and the Collateral Agent agree that such private sales shall be made in a commercially
reasonable manner and that the Collateral Agent has no obligation to engage in public sales and no obligation to delay sale of
any Pledged Collateral to permit the issuer thereof to register the Pledged Collateral for a form of public sale requiring registration
under the Securities Act. If the Collateral Agent exercises its right to sell any or all of the Pledged Collateral, upon written
request the Pledgor shall, from time to time, furnish to the Collateral Agent all such information as is necessary in order to
determine the LLC Interests, any other interests in the Pledged Collateral and any other instruments included in the Pledged Collateral
which may be sold by the Collateral Agent as exempt transactions under the Securities Act and rules of the United States Securities
and Exchange Commission thereunder, as the same are from time to time in effect.

 

Section 5.03          Purchase
of Pledged Collateral. The Collateral Agent or any other Secured Party may be a purchaser of the Pledged Collateral
or any part thereof or any right or interest therein at any sale thereof, whether pursuant to foreclosure, power of sale or otherwise
hereunder and the Collateral Agent may apply the purchase price to the payment of the Secured Obligations. Any purchaser of all
or any part of the Pledged Collateral shall, upon any such purchase, acquire good title to the Pledged Collateral so purchased,
free of the security interests created by this Agreement.

 

Section 5.04          Application
of Proceeds; Deficiency. The Collateral Agent shall apply any proceeds from time to time held by it and the net proceeds
of any collection, recovery, receipt, appropriation, realization or sale with respect to the Pledged Collateral to the payment
of the Secured Obligations in the following order:

 

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First,
to pay incurred and unpaid fees and expenses of the Agents under the Loan Documents, pro rata among the Agents according to the
amount of the unpaid fees and expenses then due and owing and remaining unpaid to the Agents;

 

Second,
to the Administrative Agent, for application by it towards payment of amounts then due and owing and remaining unpaid in respect
of the Secured Obligations, pro rata among the Secured Parties according to the amounts of the Secured Obligations then due and
owing and remaining unpaid to the Secured Parties;

 

Third,
to the Administrative Agent, for application by it towards prepayment of the Secured Obligations, pro rata among the Secured Parties
according to the amounts of the Secured Obligations then held by the Secured Parties; and

 

Fourth,
any balance remaining after the Secured Obligations shall have been paid in full and the Commitments shall have terminated shall
be paid over to the Pledgor or to whomsoever may be lawfully entitled to receive the same.

 

For the avoidance of
doubt, it is understood that the Borrower and the Pledgor shall remain liable to the extent of any deficiency between the amount
of proceeds of the Pledged Collateral and the aggregate amount of the Borrower Obligations or Pledgor Obligations, respectively,
in accordance with the Loan Documents.

 

Section 5.05          Notice.
The Collateral Agent shall give the Pledgor notice of any action taken under this Article V within a reasonable period of
time thereafter; provided, however, that (a) failure to give such notice shall have no effect on the rights of the
Collateral Agent hereunder and (b) the Collateral Agent shall not be required to deliver any such notice if the Pledgor is the
subject of an Insolvency Proceeding or if the delivery of such notice is otherwise prohibited by applicable law.

 

Section 5.06          Enforcement
Expenses. The Pledgor agrees to pay or reimburse the Collateral Agent and each Secured Party for all its fees and documented
out-of-pocket expenses (including reasonable and documented legal fees, charges and disbursements) incurred by the Collateral Agent
or such Secured Party, as applicable, in connection with the enforcement and protection of its rights under this Agreement.

 

ARTICLE
VI.

MISCELLANEOUS

 

Section 6.01          No
Waiver; Remedies Cumulative. Neither the Collateral Agent nor any Secured Party shall by any act (except by a written
instrument pursuant to Section 5.05), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy
hereunder or to have acquiesced to any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the
part of the Collateral Agent or any Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No
single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. A waiver by the Collateral Agent or any Secured Party of any right or remedy hereunder
on any one occasion shall not be construed as a bar to any right or remedy which the Collateral Agent or such Secured Party would
otherwise have on any future

 

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occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently
and are not exclusive of any other rights or remedies provided by law.

 

Section 6.02Notices.
All notices, requests and other communications provided for herein (including any modifications of, or waivers or consents under,
this Agreement) shall be given or made in writing in the manner set out in Section 9.2 of the Credit Agreement. Unless changed
in accordance with the Credit Agreement by the respective parties hereto, all notices, requests and other communications to each
party hereto shall be sent to the address of such party set forth in Section 9.2 of the Credit Agreement. Notices to the Pledgor
shall be sent to the following address:

 

SunPower Revolver Holdco I Parent, LLC 

c/o SunPower Corporation 

77 Rio Robles 

San Jose, CA 95134 

Attn: General Counsel 

Facsimile No.: (510) 540-0552 

 

Section 6.03          Amendments
and Waivers. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified
except in accordance with Section 9.1 of the Credit Agreement.

 

Section 6.04          Successors
and Assigns. This Agreement shall be binding upon the successors and assigns of the Pledgor and shall inure to the benefit
of the Collateral Agent and the Secured Parties and their successors and assigns; provided that (a) the Pledgor may not assign,
transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Collateral
Agent, (b) the Collateral Agent shall only transfer or assign its rights under this Agreement in connection with a resignation
or removal of such Person from its capacity as “Collateral Agent” in accordance with the terms of this Agreement and
the Credit Agreement and (c) the Collateral Agent may delegate certain of its responsibilities and powers under this Agreement
as contemplated by Section 6.08 below and Section 8.2 of the Credit Agreement. Notwithstanding anything herein to the contrary,
any corporation into which the Collateral Agent may be merged or converted or with which it may be consolidated or any corporation
resulting from any merger, conversion or consolidation to which the Collateral Agent shall be a party, or any corporation succeeding
to the corporate trust business of the Collateral Agent, shall be the successor of the Collateral Agent hereunder without the execution
or filing of any paper with any party hereto or any further act on the part of any of the parties hereto except where an instrument
of transfer or assignment is required by law to effect such succession; provided that the Collateral Agent shall forthwith
notify the Pledgor in writing in reasonable advance of any such event.

 

Section 6.05          Survival;
Reliance. The representations and warranties of the Pledgor set out in this Agreement or contained in any documents
delivered to the Collateral Agent or any other Secured Party pursuant to this Agreement shall be considered to have been relied
upon by the Secured Parties in entering into the Loan Documents and extending the credit or otherwise performing the transactions
thereunder, notwithstanding any investigation on their respective parts.

 

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Section 6.06          Effectiveness;
Continuing Nature of this Agreement. This Agreement shall become effective as of the date set forth in the preamble.
This is a continuing agreement and any Secured Party may continue, at any time and without notice to any other Person, to extend
credit and other financial accommodations and lend monies to or for the benefit of the Pledgor or the Borrower constituting Secured
Obligations in reliance hereof. The terms of this Agreement shall survive, and shall continue in full force and effect, in any
Insolvency Proceeding. All references to the Pledgor shall include the Pledgor as debtor and debtor-in-possession and any receiver
or trustee for the Pledgor (as the case may be) in any Insolvency Proceeding.

 

Section 6.07          Entire
Agreement. This Agreement constitutes the entire contract between the parties relative to the subject matter hereof.
Any previous agreement among or representations from the parties or their Affiliates with respect to the subject matter hereof
is superseded by this Agreement.

 

Section 6.08          Agents,
Etc. The Collateral Agent may employ agents, experts and attorneys-in-fact in connection herewith and shall not be responsible
for the negligence or misconduct of any such agents, experts or attorneys-in-fact selected by it with reasonable care.

 

Section 6.09          Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

Section 6.10          Counterparts.
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including
by telecopy or PDF), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

Section 6.11          Headings.
Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and
are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

 

Section 6.12          Governing
Law. THIS AGREEMENT, AND ANY INSTRUMENT OR AGREEMENT REQUIRED HEREUNDER (TO THE EXTENT NOT EXPRESSLY PROVIDED FOR THEREIN),
SHALL BE GOVERNED BY, AND CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO CONFLICTS OF LAWS PROVISIONS
THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

Section 6.13          Jurisdiction;
Consent to Service of Process. The Pledgor hereby irrevocably and unconditionally:

 

(a)           submits
for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which
it is a party, or for recognition and

 

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enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction
of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate
courts from any courts thereof;

 

(b)           consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to
the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same;

 

(c)           agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to the Pledgor at its address referred to in Section 9.2 of the Credit
Agreement or at such other address of which the Collateral Agent shall have been notified pursuant thereto;

 

(d)           agrees
that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and

 

(e)           waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred
to in this Section any special, exemplary, punitive or consequential damages.

 

Section 6.14          Waiver
of Jury Trial. THE PLEDGOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

Section 6.15          Specific
Performance. The Collateral Agent may demand specific performance of this Agreement. The Collateral Agent and the Pledgor
hereby irrevocably waive any defense based on the adequacy of a remedy at law and any other defense which might be asserted to
bar the remedy of specific performance in any action which may be brought by the Collateral Agent or any other Secured Parties.

 

Section 6.16         Release;
Termination. Upon the occurrence of the Final Discharge Date, the Administrative Agent shall provide notice to the Collateral
Agent that the Borrower Obligations have been paid in full and that no Commitments or Letters of Credit remain outstanding (the
“Discharge Notice”). Immediately upon delivery of the Discharge Notice, all Liens created pursuant to this Agreement
shall automatically be released and the Collateral Agent, at the sole cost and expense of the Pledgor, (a) shall promptly return
to the Pledgor the original certificates or instruments representing or evidencing the LLC Interests, (b) authorizes the Pledgor
to prepare and file UCC termination statements terminating all of the Financing Statements filed in connection herewith and (c)
agrees, at the request of the Pledgor, to execute and deliver such documents, instruments, certificates, notices or further assurances
as the Pledgor may reasonably furnish as necessary or desirable to effect or evidence such termination and release, including the
execution of a customary pay-off letter.

 

Section 6.17          Reinstatement.
This Agreement and the Liens created hereunder shall automatically be reinstated if and to the extent that for any reason any payment
by or on behalf

 

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of the Pledgor or the Borrower in respect of the Secured Obligations is rescinded or must otherwise be restored
by any Secured Party, whether as a result of any Insolvency Proceeding or reorganization or otherwise, and the Pledgor shall indemnify
the Collateral Agent, each other Secured Party and their respective employees, officers and agents on demand for all reasonable
and documented fees, costs and expenses (including reasonable fees, costs and expenses of counsel) incurred by the Collateral Agent,
such other Secured Party or its respective employees, officers or agents in connection with such reinstatement, rescission or restoration.

 

Section 6.18          No
Third Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the
parties hereto and its respective successors and assigns and shall inure to the benefit of the Collateral Agent and the other Secured
Parties. Nothing in this Agreement shall impair, as between the Pledgor and the Borrower, on the one hand, and the Collateral Agent
and the other Secured Parties, on the other hand, the obligations of the Pledgor and the Borrower to pay principal, interest, fees
and other amounts as provided in the Loan Documents.

 

Section 6.19          Collateral
Agent. Notwithstanding any other provision contained in this Agreement, the Collateral Agent shall be afforded all of
the rights, powers, immunities and indemnities of the Collateral Agent set forth in the Loan Documents, as if such rights, powers,
immunities and indemnities were specifically set forth herein. The Pledgor hereby acknowledges the appointment of the Collateral
Agent pursuant to the Credit Agreement. The rights, privileges, protections and benefits given to the Collateral Agent, including
its right to be indemnified, are extended to, and shall be enforceable by, the Collateral Agent in its capacity hereunder, and
to each agent, custodian and other Person employed by the Collateral Agent in accordance herewith to act hereunder.

 

Section 6.20          Independent
Security. The security provided for in this Agreement shall be in addition to and shall be independent of every other
security which the Secured Parties may at any time hold for any of the Secured Obligations hereby secured, whether or not under
the Loan Documents. The execution of any other Loan Document shall not modify or supersede the security interest or any rights
or obligations contained in this Agreement and shall not in any way affect, impair or invalidate the effectiveness and validity
of this Agreement or any term or condition hereof. The Pledgor hereby waives its right to plead or claim in any court that the
execution of any other Loan Document is a cause for extinguishing, invalidating, impairing or modifying the effectiveness and validity
of this Agreement or any term or condition contained herein. The Collateral Agent shall be at liberty to accept further security
from the Pledgor or from any third party and/or release such security without notifying the Pledgor and without affecting in any
way the obligations of the Pledgor or the Borrower under the other Loan Documents. The Collateral Agent (acting at the direction
of the Required Lenders) shall determine if any security conferred upon the Secured Parties under the Loan Documents shall be enforced
by the Collateral Agent as well as the sequence of securities to be so enforced.

 

Section 6.21          Independent
Obligations. The obligations of the Pledgor under this Agreement are independent of those of the Borrower. The Collateral
Agent may bring a separate action against the Pledgor without first proceeding against the Borrower or any other Person or any
other security held by the Collateral Agent and without pursuing any other remedy.

 

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Section 6.22          Subrogation.
Notwithstanding any payment or payments made by the Pledgor or the exercise by the Collateral Agent of any of the remedies provided
under this Agreement or any other Loan Document, until the Loans and the Secured Obligations shall have been paid in full and the
Commitments have been terminated, the Pledgor shall not have any claim (as defined in 11 U.S.C. § 101(5)) of subrogation to
any of the rights of the Collateral Agent against the Borrower, the Pledged Collateral or any guaranty held by the Collateral Agent
for the satisfaction of any of the Secured Obligations, nor shall the Pledgor have any claims (as defined in 11 U.S.C. § 101(5))
for reimbursement, indemnity, exoneration or contribution from the Borrower in respect of payments made by the Pledgor hereunder.
Notwithstanding the foregoing, if any amount shall be paid to the Pledgor on account of such subrogation, reimbursement, indemnity,
exoneration or contribution rights at any time, such amount shall be held by the Pledgor in trust for the Collateral Agent segregated
from other funds of the Pledgor, and shall be turned over to the Collateral Agent in the exact form received by the Pledgor (duly
endorsed by the Pledgor to the Collateral Agent if required) to be applied against the Secured Obligations in such amounts and
in such order as the Collateral Agent may elect.

 

Section 6.23           Enforcement
Expenses; Indemnification.

 

(a)           The
Pledgor agrees to pay or reimburse each Secured Party and the Collateral Agent for all its fees, costs and expenses incurred in
collecting against the Pledgor or otherwise enforcing or preserving any rights under this Agreement and the other Loan Documents
to which the Pledgor is a party, including, without limitation, the fees and disbursements of counsel (including the allocated
fees and expenses of in-house counsel) to each Secured Party and of counsel to the Collateral Agent.

 

(b)           The
Pledgor agrees to pay, and to save the Collateral Agent and the Secured Parties harmless from, any and all liabilities with respect
to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to
be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement.

 

(c)           The
Pledgor agrees to pay, and to save the Collateral Agent and the Secured Parties harmless from, any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect
to the execution, delivery, enforcement, performance and administration of this Agreement.

 

(d)           The
agreements in this Section 6.23 shall survive repayment of the Obligations and all other amounts payable under the Credit
Agreement and the other Loan Documents, and any resignation or removal of the Collateral Agent.

 

Section 6.24           Acknowledgements.
The Pledgor hereby acknowledges that:

 

(a)           it
has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents to which
it is a party;

 

(b)           neither
the Collateral Agent nor any Secured Party has any fiduciary relationship with or duty to the Pledgor arising out of or in connection
with this Agreement or

 

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any of the other Loan Documents, and the relationship between the Pledgor, on the one hand, and the Collateral
Agent and Secured Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(c)           no
joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby
among the Secured Parties or among the Pledgor and the Secured Parties.

 

Section 6.25           Patriot
Act Documentation. The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act and other
similar laws and regulations in any other applicable jurisdiction, the Collateral Agent is required to obtain, verify and record
information that identifies each person or legal entity that establishes a relationship or opens an account with the Collateral
Agent. The parties to this Agreement agree that they will provide the Collateral Agent with such information as it may reasonably
request in order for the Collateral Agent to satisfy such requirements.

 

(Signature pages follow)

 

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

	 	 	 
	 	SUNPOWER REVOLVER HOLDCO I PARENT, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	MIZUHO BANK (USA), not in its individual capacity but solely
        as Collateral Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Signature Page to Pledge Agreement (SunPower
Revolver) 

 

     

     

    

 

SCHEDULE I

 

INTERESTS 

 

500 Units (equal to 100%
of the limited liability company membership interests) of SunPower Revolver HoldCo I, LLC, a Delaware limited liability company,
represented by Certificate Number 1.

 

Schedule I

Pledge Agreement (SunPower Revolver)

  

     

     

    

 

SCHEDULE II

 

KNOWLEDGE PARTIES

 

Brooks Friedeman 

Christopher Lafley 

Jim Parker 

Scott Piscitello 

Bill Kelly

 

Schedule II

Pledge Agreement (SunPower Revolver)

 

     

     

    

 

EXHIBIT K

 

Execution Version

 

SECURITY AGREEMENT

 

between

 

Sunpower revolver
holdco i, llc, as borrower,

 

and

 

MIZUHO BANK (USA),
as collateral agent

 

Dated
as of June [  ], 2016 

 

     

     

    

 

TABLE OF
CONTENTS

	 	 	 	 
	 	 	 	Page
	 	 	 	 
	Section 1.1	Defined Terms	 	1
	Section 1.2	Rules of Interpretation	 	4
	Section 1.3	UCC Definitions	 	4
	Section 2.1	Inventory and Equipment	 	5
	Section 2.2	Location; Records	 	5
	Section 2.3	Certificated Securities and Instruments; Receivables	 	5
	Section 2.4	Changes in Circumstances	 	5
	Section 2.5	Intellectual Property	 	5
	Section 2.6	Commercial Tort Claims	 	5
	Section 2.7	Equity Collateral	 	5
	Section 3.1	Grants of Security Interests	 	6
	Section 3.2	Performance of Obligations	 	8
	Section 4.1	Delivery and Other Perfection Activities	 	8
	Section 4.2	Intellectual Property	 	9
	Section 4.3	Commercial Tort Claims	 	10
	Section 4.4	Other Financing Statements and Liens	 	10
	Section 4.5	Preservation of Rights	 	10
	Section 4.6	Special Provisions Relating to Certain Collateral	 	10
	Section 4.7	Custody and Preservation	 	13
	Section 4.8	Rights to Preserve and Protect	 	13
	Section 4.9	Remedies Generally	 	14
	Section 4.10	Deficiency	 	16
	Section 4.11	Change of Name or Location	 	16
	Section 4.12	Private Sale	 	16
	Section 4.13	Application of Proceeds	 	16
	Section 4.14	Attorney-in-Fact	 	17
	Section 4.15	Perfection	 	19
	Section 4.16	Release of Liens	 	19
	Section 5.1	Collateral Agent’s Right to Perform on Borrower’s Behalf	 	20
	Section 5.2	Set-Off	 	20
	Section 5.3	No Waiver; Remedies Cumulative	 	20

 

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	Section 5.4	Notices	 	21
	Section 5.5	Amendments, Etc	 	21
	Section 5.6	Successors and Assigns	 	21
	Section 5.7	Survival; Reliance	 	21
	Section 5.8	Effectiveness; Continuing Nature of this Agreement	 	21
	Section 5.9	Integration	 	22
	Section 5.10	Agents, Etc	 	22
	Section 5.11	Severability	 	22
	Section 5.12	Counterparts	 	22
	Section 5.13	Headings	 	22
	Section 5.14	Governing Law	 	22
	Section 5.15	Submission To Jurisdiction; Waivers	 	22
	Section 5.16	Acknowledgements	 	23
	Section 5.17	Waiver of Jury Trial	 	23
	Section 5.18	Security Interest Absolute	 	23
	Section 5.19	Release; Termination	 	25
	Section 5.20	Reinstatement	 	26
	Section 5.21	No Third Party Beneficiaries	 	26
	Section 5.22	Enforcement Expenses; Indemnification	 	26
	Section 5.23	Collateral Agent	 	26
	Section 5.24	Specific Performance	 	27

 

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SECURITY AGREEMENT

 

This SECURITY AGREEMENT,
dated as of June [ ], 2016 (this “Agreement”), is made by and between SUNPOWER REVOLVER HOLDCO I, LLC, a Delaware
limited liability company (the “Borrower”), MIZUHO BANK (USA), not in its individual capacity but as collateral
agent for the Secured Parties (in such capacity, together with any successor collateral agent appointed pursuant to Section 8.9
of the Credit Agreement referred to below, the “Collateral Agent”).

 

WITNESSETH:

 

WHEREAS, the Borrower
proposes to own subsidiaries that are in the business of developing, constructing, and operating Projects;

 

WHEREAS, in order to
finance a portion of the costs of the development and construction of the Projects, the Borrower is entering into that certain
Credit Agreement, dated as of May 4, 2016 (as amended, amended and restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), by and among the Borrower, the Administrative Agent, the Collateral Agent, the Issuing
Banks, and the financial institutions from time to time party thereto as Lenders;

 

WHEREAS, in order to
secure its obligations under the Loan Documents, the Borrower is granting a first priority security interest in the Collateral
(as defined herein) pursuant to this Agreement to the Collateral Agent for the benefit of the Secured Parties.

 

NOW, THEREFORE, in
consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

AGREEMENT:

 

ARTICLE
I DEFINITIONS

 

Section 1.1     Defined
Terms. Except as set forth in Section 1.3, each capitalized term used and not otherwise defined herein (including
the introductory paragraph and recitals) shall have the meaning assigned to such term (whether directly or by reference to another
agreement or document) in the Credit Agreement. In addition to the terms defined in the Credit Agreement, the following terms shall
have the meanings specified below:

 

“Administrative
Agent” shall mean Mizuho Bank, Ltd., not in its individual capacity but as administrative agent under the Credit Agreement
(in such capacity, together with any successor administrative agent appointed pursuant to Section 8.9 of the Credit Agreement.

 

“Agreement”
shall have the meaning given to such term in the introductory paragraph of this Agreement.

 

“Assigned
Agreements” shall mean all agreements, contracts and documents, including the Equity Contribution Agreement and the ECCA
Guaranty and each Material Project

 

1

 

     

     

    

 

Document to which the Borrower is a party (including all exhibits and schedules thereto), as
each such agreement, contract and document may be amended, supplemented or modified and in effect from time to time, including
(i) all rights of the Borrower to receive moneys due and to become due under or pursuant to the Assigned Agreements, (ii) all rights
of the Borrower to receive proceeds of any insurance, bond, indemnity, warranty, letter of credit or guaranty with respect to the
Assigned Agreements, (iii) all claims of the Borrower for damages arising out of or for breach of or default under the Assigned
Agreements and (iv) all rights of the Borrower to terminate, amend, supplement, modify or waive performance under the Assigned
Agreements, to perform thereunder and to compel performance and otherwise to exercise all remedies thereunder.

 

“Bankruptcy
Code” shall mean Title 11 of the United States Code, as amended from time to time, and any other federal or state insolvency,
reorganization, moratorium or similar law for the relief of debtors, or any successor statute.

 

“Borrower”
shall have the meaning given to such term in the introductory paragraph of this Agreement.

 

“Collateral”
shall have the meaning given to such term in Section 3.1(a).

 

“Collateral
Agent” shall have the meaning given to such term in the introductory paragraph of this Agreement.

 

“Copyright
Licenses” shall mean any written agreement naming the Borrower as licensor or licensee, granting any right under any
Copyright, including, without limitation, the grant of rights to manufacture, distribute, exploit and sell materials derived from
any Copyright.

 

“Copyrights”
shall mean (i) all copyrights arising under the laws of the United States, any other country or any political subdivision thereof,
whether registered or unregistered and whether published or unpublished, all registrations and recordings thereof, and all applications
in connection therewith, including, without limitation, all registrations, recordings and applications in the United States Copyright
Office, and (ii) the right to obtain all renewals thereof.

 

“Credit Agreement”
shall have the meaning given to such term in the recitals to this Agreement.

 

“Deposit Account”
shall have the meaning as defined in the UCC of any applicable jurisdiction and, in any event, including, without limitation, any
demand, time, savings, passbook or like account maintained with a depositary institution.

 

“Equity Collateral”
has the meaning assigned to that term in Section 3.1(xvii).

 

“Excluded
Assets” shall mean any property to the extent that a grant of a security interest in such property is prohibited by
any Legal Requirements of a Governmental Authority, requires a consent not obtained of any Governmental Authority pursuant to
such Legal Requirements or is prohibited by, or constitutes a breach or default under or results in the termination of, or grants
any Person (other than the Borrower) the right to terminate its obligations thereunder, or constitutes or results in the abandonment,
invalidation or unenforceability of any right, title or

 

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interest of the Borrower therein, or requires any consent not obtained
under, any lease, contract, Permit, license, agreement, instrument or other document evidencing or giving rise to such property,
except to the extent that such Legal Requirements or the term in such lease, contract, Permit, license, agreement, instrument or
other document providing for such prohibition, breach, default or termination or requiring such consent is ineffective under applicable
law (including, without limitation, pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the UCC); provided that any such
property shall constitute an Excluded Asset only to the extent and for so long as the consequences specified above shall exist
and shall cease to be an Excluded Asset and shall become subject to the Lien of the Security Documents immediately and automatically,
at such time as such consequence shall no longer exist.

 

“Financing
Statements” shall mean all financing statements, continuation statements, recordings, filings or other instruments of
registration necessary or appropriate to perfect a Lien by filing in any appropriate filing or recording office in accordance with
the New York UCC or any other relevant applicable law.

 

“Insolvency
Proceeding” shall mean any proceeding in respect of bankruptcy, insolvency, winding up, receivership, dissolution or
assignment for the benefit of creditors, in each of the foregoing events whether under the Bankruptcy Code or similar federal,
state or foreign bankruptcy, insolvency, reorganization, receivership or similar law.

 

“Intellectual
Property” shall mean the collective reference to all rights, priorities and privileges relating to intellectual property,
whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, the Copyrights,
the Copyright Licenses, the Patents, the Patent Licenses, the Trademarks and the Trademark Licenses, and all rights to sue at law
or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom.

 

“Investment
Property” shall mean the collective reference to (i) all “investment property” as such term is defined in
Section 9-102(a)(49) of the New York UCC and (ii) whether or not constituting “investment property” as so defined,
(x) all promissory notes issued to or held by the Borrower and (y) all Capital Stock owned by the Borrower, together with any other
shares, stock certificates, options, interests or rights of any nature whatsoever in respect of the Capital Stock of any Person
that may be issued or granted to, or held by, the Borrower while this Agreement is in effect.

 

“New York
UCC” shall mean the Uniform Commercial Code as from time to time in effect in the State of New York.

 

“Non-Delivered
Instruments” shall have the meaning given to such term in Section 2.3.

 

“Patent Licenses”
shall mean all agreements, whether written or oral, providing for the grant by or to the Borrower of any right to manufacture,
use or sell any invention covered in whole or in part by a Patent.

 

“Patents”
shall mean (i) all letters patent of the United States, any other country or any political subdivision thereof, all reissues and
extensions thereof and all goodwill associated

 

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therewith, (ii) all applications for letters patent of the United States or any
other country and all divisions, continuations and continuations-in-part thereof, and (iii) all rights to obtain any reissues or
extensions of the foregoing.

 

“Proceeds”
shall mean all “proceeds” as such term is defined in Section 9-102(a)(64) of the New York UCC and, in any event, shall
include, without limitation, all dividends or other income from the Investment Property and any other Collateral, collections thereon
or distributions or payments with respect thereto, and whatever is receivable or received when Collateral or proceeds are sold,
leased, licensed, exchanged, collected or otherwise disposed of, whether such disposition is voluntary or involuntary.

 

“Project”
shall have the meaning given to such term in the recitals of this Agreement.

 

“Receivable”
shall mean any right to payment for goods sold or leased or for services rendered, whether or not such right is evidenced by an
Instrument or Chattel Paper and whether or not it has been earned by performance (including, without limitation, any Account).

 

“Secured Obligations”
shall have the meaning given to the term “Obligations” in the Credit Agreement.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended.

 

“Trademark
License” shall mean any agreement, whether written or oral, providing for the grant by or to the Borrower of any right
to use any Trademark.

 

“Trademarks”
shall mean (i) all trademarks, trade names, domain names, corporate names, company names, business names, fictitious business names,
trade styles, service marks, logos and other source or business identifiers, and all goodwill associated therewith, now existing
or hereafter adopted or acquired, all registrations and recordings thereof, and all applications in connection therewith, whether
in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or
any other country or any political subdivision thereof, or otherwise, and all common-law rights related thereto, and (ii) the right
to obtain all renewals thereof.

 

Section 1.2     Rules
of Interpretation. For all purposes of this Agreement, except as otherwise expressly provided or unless the context
otherwise requires, the rules of interpretation set forth in Section 1.2 of the Credit Agreement are hereby incorporated by reference,
mutatis mutandis, as if fully set forth herein.

 

Section 1.3     UCC
Definitions. All terms defined in the New York UCC shall have the respective meanings given to those terms in the New
York UCC, except where the context otherwise requires, including the following terms: Accounts, Certificated Security, Chattel
Paper, Commercial Tort Claims, Documents, Equipment, Fixtures, General Intangibles, Instruments, Inventory, Letter-of-Credit Rights
and Supporting Obligations.

 

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ARTICLE
II REPRESENTATIONS AND WARRANTIES

 

The Borrower represents
and warrants to the Collateral Agent, for the benefit of the Secured Parties, as follows, which representations and warranties
shall survive the execution and delivery of this Agreement:

 

Section 2.1     Inventory
and Equipment. All existing Inventory and Equipment owned by the Borrower (other than such Inventory and Equipment in
transit or in the possession of third parties in the ordinary course of business) is located at the addresses set forth in Schedule
3 or at the Project.

 

Section 2.2     Location;
Records. The place of business or, if there is more than one place of business, the chief executive office of the Borrower
is located at the Borrower’s address for notices set forth in Section 9.2 of the Credit Agreement, and the Borrower has no
books and records concerning the Collateral at any location other than at the address set forth on Schedule 4 of this Agreement.
The Borrower is duly organized as a Delaware limited liability company and is not organized under the laws of any other jurisdiction.

 

Section 2.3     Certificated
Securities and Instruments; Receivables. The Borrower has delivered to the Collateral Agent, on the date hereof, without
exception, all (a) Collateral that is represented by Certificated Securities, including the Equity Collateral; (b) Collateral that
consists of Instruments or Chattel Paper (other than Instruments and Chattel Paper deposited or to be deposited for collection
(collectively, “Non- Delivered Instruments”)), including any Receivable that is evidenced by any Instrument
or Chattel Paper. No obligor on any Receivables with a value in excess of $100,000 is a Governmental Authority except as notified
in writing to the Collateral Agent. All Collateral consisting of Instruments, Chattel Paper or Certificated Securities (other than
Non-Delivered Instruments) and owned by the Borrower as of the Effective Date, to the actual knowledge of the Borrower, is listed
on Schedule 1 hereto.

 

Section 2.4     Changes
in Circumstances. Since the date of its formation, the Borrower has not (i) changed its jurisdiction of formation, (ii)
changed its name or (iii) become a “new debtor” (as defined in Section 9-102(a)(56) of the UCC).

 

Section 2.5      Intellectual
Property. The Borrower owns no material Copyrights, Patents or Trademarks in its own name.

 

Section 2.6     Commercial
Tort Claims. As of the Effective Date, except to the extent listed in Schedule 2, the Borrower has no rights
in any Commercial Tort Claim with potential value in excess of $100,000.

 

Section 2.7     Equity
Collateral. The Equity Collateral identified in Schedule 5 (as it may be updated from time to time) is, and all
other Equity Collateral in which the Borrower shall hereafter grant a security interest pursuant to this Agreement will be, duly
authorized, validly existing, fully paid and nonassessable, and is owned by the Borrower free and clear of all Liens (subject to
no other Liens except Permitted Liens; provided that no such Permitted Liens shall have a higher priority than or equal
priority to the liens granted pursuant to this Agreement, except as and to the extent any such Permitted Lien is entitled to a
higher priority pursuant to

 

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applicable law) than or equal priority to the liens granted by this Agreement), and none of the Equity
Collateral is or will be subject to any contractual restriction, or any restriction under the organizational documents of any Project
Company, as applicable, upon the transfer of such Equity Collateral (except for any such restriction contained in the Loan Documents).

 

(a)          The
Equity Collateral identified in Schedule 5 constitutes all of the issued and outstanding equity interests or other interests
of any class or character in each Project Company (whether or not registered in the name of such Project Company, as applicable),
and Schedule 5 correctly identifies the Equity Collateral and the respective number (and registered owners) of the interests
identified therein.

 

(b)          No
Person other than the Borrower is the registered owner of the Equity Collateral.

 

ARTICLE
III COLLATERAL

 

Section 3.1           Grants
of Security Interests.

 

(a)          Collateral.
The Borrower hereby assigns and transfers to the Collateral Agent, and hereby grants to the Collateral Agent, for the ratable benefit
of the Secured Parties, a security interest in, all of the following property now owned or at any time hereafter acquired by the
Borrower or in which the Borrower now has or at any time in the future may acquire any right, title or interest, in each case to
the extent of the Borrower’s full right, title and interest therein (collectively, the “Collateral”),
as collateral security for the prompt and complete payment and performance when due (whether at stated maturity, by acceleration
or otherwise) of the Secured Obligations:

 

(i)         all
Accounts;

 

(ii)        all
Assigned Agreements;

 

(iii)       all
Chattel Paper;

 

(iv)       all
Deposit Accounts;

 

(v)        all
Documents;

 

(vi)       all
Equipment;

 

(vii)      all
Fixtures;

 

(viii)     all
General Intangibles;

 

(ix)       all
Instruments;

 

(x)        all
Intellectual Property;

 

(xi)       all
Inventory;

 

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(xii)        all
Investment Property;

 

(xiii)       all
Letter-of-Credit Rights;

 

(xiv)       all
Permits now or hereafter held in the name, or for the benefit of, the Borrower;

 

(xv)        all
Commercial Tort Claims listed on Schedule 2;

 

(xvi)       all
books and records pertaining to the Collateral;

 

(xvii)      all
membership interests in each Project Company identified in Schedule 5 and all other membership interests of whatever class
or character of such Project Company, now or hereafter owned by the Borrower, and all certificates evidencing the same, if any
(the “Equity Collateral”), together with:

 

(A)          all
membership interests, securities, moneys or property representing a dividend on any of the Equity Collateral, or representing a
distribution or return of capital upon or in respect of the Equity Collateral, or resulting from a split-up, revision, reclassification
or other like change of the Equity Collateral or otherwise received in exchange therefore, and any subscription, warrants, rights
or options issued to the holders of, or otherwise in respect of the Equity Collateral; and

 

(B)          without
affecting the obligations of the Borrower under any provision prohibiting such action hereunder or under any Loan Document or other
document pursuant to which any other Secured Obligation is incurred, as applicable, in the event of any consolidation or merger
in which such Project Company, as applicable, is not the surviving entity, all ownership interests of any class or character of
the successor entity (unless that successor entity is the Borrower itself), formed by or resulting from that consolidation or merger
(the Equity Collateral, together with all other certificates, shares, securities, properties or moneys as may from time to time
be pledged hereunder pursuant to this clause (B) and clause (A) above.

 

(xviii)     to
the extent not otherwise included above, all other personal property relating to any of the foregoing (other than any property
specifically excluded from any clause in this section above, and any property specifically excluded from any defined term used
in any clause of this section above); and

 

(xix)       to
the extent not otherwise included above, all Proceeds, Supporting Obligations and products of any and all of the foregoing and
all collateral security and guarantees given by any Person with respect to any of the foregoing;

 

provided that
in no event shall the Collateral include (i) any Excluded Assets or (ii) any right, title or interest in any of the items in Section
3.1(a)(i) – (xix) that have been released from the Liens created hereunder pursuant to Section 4.16 or Section
5.19 hereof.

 

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(b)          Certain
Limitations. The Borrower and the Collateral Agent hereby acknowledge and agree that the Liens created hereby in the Collateral
are not, in and of themselves, to be construed as a grant of a fee interest (as opposed to a Lien) in any Intellectual Property.

 

(c)          Security
for Secured Obligations. This Agreement, and the Liens granted and created herein in the Collateral, secure the payment and
the performance of all Secured Obligations now or hereafter in effect, whether direct or indirect, absolute or contingent, and
including all amounts that constitute part of the Secured Obligations and would be owed by the Borrower but for the fact that they
are unenforceable or not allowed due to a pending Insolvency Proceeding.

 

Section 3.2           Performance
of Obligations.

 

(a)          Notwithstanding
anything herein to the contrary, (i) the Borrower shall remain liable for all obligations under and in respect of the Collateral
and nothing contained herein is intended or shall be a delegation of duties to the Collateral Agent or any other Secured Party,
(ii) the Borrower shall remain liable under each of the contracts and agreements included in the Collateral, including the Assigned
Agreements, to perform all of the obligations undertaken by it thereunder all in accordance with and pursuant to the terms and
provisions thereof and neither the Collateral Agent nor any other Secured Party shall have any obligation or liability under any
of such contracts and agreements by reason of or arising out of this Agreement or any other document related hereto nor shall the
Collateral Agent or any other Secured Party have any obligation to make any inquiry as to the nature or sufficiency of any payment
received by it or have any obligation to take any action to collect or enforce any rights under any contract or agreement included
in the Collateral, including the Assigned Agreements, and (iii) the exercise by the Collateral Agent of any of its rights hereunder
shall not release the Borrower from any of its duties or obligations under the contracts and agreements included in the Collateral,
including the Assigned Agreements.

 

(b)          Notwithstanding
anything herein to the contrary, (i) the Borrower shall remain liable under each of the Loan Documents to which it is a party to
the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had
not been executed and (ii) the exercise by the Collateral Agent or the other Secured Parties (or any of their respective directors,
officers, employees, affiliates or agents) of any of their rights, remedies or powers hereunder shall not release the Borrower
from any of its duties or obligations under each of the Loan Documents to which it is a party.

 

ARTICLE
IV CERTAIN ASSURANCES; REMEDIES

 

In furtherance of the
grant of the Liens on the Collateral pursuant to Section 3.1, the Borrower agrees with the Collateral Agent (for the benefit
of the Secured Parties) as follows:

 

Section 4.1           Delivery
and Other Perfection Activities. The Borrower shall:

 

(a)          deliver
to the Collateral Agent any and all Instruments and Chattel Paper (other than the Non-Delivered Instruments), and Certificated
Securities (including the Equity

 

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Collateral), endorsed and/or accompanied by instruments of assignment and transfer in such form
and substance as the Collateral Agent may reasonably request; provided that so long as no Event of Default shall have occurred
and be continuing, the Collateral Agent shall, promptly upon request of the Borrower and approval of the Administrative Agent,
make appropriate arrangements for making any Instrument or Chattel Paper pledged by the Borrower and held by the Collateral Agent
available to the Borrower for purposes of presentation, collection or renewal (any such arrangement to be effected, to the extent
requested by the Collateral Agent, against trust receipt or like document);

 

(b)          maintain
the Liens created by this Agreement as a perfected security interest having at least the priority described in Section 4.33 of
the Credit Agreement and, at the sole cost and expense of the Borrower, (i) give, execute, deliver, file and/or record any Financing
Statement (A) to create, preserve, perfect or validate and maintain the Liens granted pursuant hereto or (B) to enable the Collateral
Agent to exercise and enforce its rights hereunder with respect to such Liens; provided that notices to account debtors
in respect of any Accounts or Instruments shall be subject to the provisions of clause (d), and (ii) in the case of Investment
Property, Deposit Accounts, Letter-of-Credit Rights and any other relevant Collateral, take any actions necessary to enable the
Collateral Agent to obtain “control” (within the meaning of the applicable Uniform Commercial Code) with respect thereto;

 

(c)          promptly
notify the Collateral Agent upon the acquisition after the date hereof by the Borrower of any Equipment covered by a warehouse
receipt (other than Equipment with a fair market value of $250,000 or less individually), and upon the request of the Collateral
Agent (acting at the direction of the Administrative Agent), cause the Collateral Agent to be listed as the lienholder on such
warehouse receipt and within sixty (60) days of the acquisition thereof deliver evidence of the same to the Collateral Agent;

 

(d)          upon
request of the Collateral Agent (upon the occurrence and during the continuation of any Event of Default and acting at the direction
of the Administrative Agent), promptly notify (and the Borrower hereby authorizes the Collateral Agent so to notify) each account
debtor in respect of any Accounts or Instruments that such Collateral has been assigned to the Collateral Agent hereunder, and
that any payments due or to become due in respect of such Collateral are to be made directly to the Collateral Agent, with a copy
of such notice to the Borrower; and

 

(e)          upon
request of the Collateral Agent (acting at the direction of the Administrative Agent) upon the occurrence and during the continuation
of any Event of Default, furnish to the Collateral Agent from time to time statements and schedules further identifying and describing
the assets and properties of the Borrower and such other reports in connection therewith that the Collateral Agent may reasonably
request, all in reasonable detail.

 

Section 4.2           Intellectual
Property. Whenever the Borrower, either by itself or through any agent, employee, licensee or designee, shall file an
application for the registration of any Intellectual Property with the United States Patent and Trademark Office, the United States
Copyright Office or any similar office or agency in any other country or any political subdivision thereof, and the loss of such
Intellectual Property could reasonably be expected to have a Material Adverse Effect, the Borrower shall report such filing to
the Collateral Agent within

 

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thirty (30) Business Days after the last day of the fiscal quarter in which such filing occurs. Subject
to Sections 4.16 and 5.19, at the request of the Collateral Agent (at the direction of the Administrative Agent on
behalf of the Required Lenders), the Borrower shall execute and deliver, and have recorded, any and all agreements, instruments,
documents, and papers as the Collateral Agent may request to evidence the Collateral Agent’s and the Secured Parties’
security interest in any Copyright, Patent or Trademark and the goodwill and general intangibles of the Borrower relating thereto
or represented thereby.

 

Section 4.3           Commercial
Tort Claims. If the Borrower shall obtain an interest in any Commercial Tort Claim with a potential value in excess
of $100,000, the Borrower shall within thirty (30) days of obtaining such interest sign and deliver documentation acceptable to
the Collateral Agent (acting at the direction of the Administrative Agent) granting a security interest under the terms and provisions
of this Agreement in and to such Commercial Tort Claim.

 

Section 4.4           Other
Financing Statements and Liens. Except with respect to Liens permitted under Section 6.2 of the Credit Agreement, without
the prior written consent of the Collateral Agent (acting at the direction of the Administrative Agent on behalf of the Required
Lenders), the Borrower shall not file or authorize to be filed in any jurisdiction, any effective Financing Statement or like instrument
with respect to the Collateral in which the Collateral Agent is not named as the sole secured party for the benefit of the Secured
Parties.

 

Section 4.5           Preservation
of Rights. The Collateral Agent shall not be required to take any steps to preserve any rights against prior parties
to any of the Collateral.

 

Section 4.6           Special
Provisions Relating to Certain Collateral.

 

(a)          Adverse
Claims. The Borrower shall defend, all at its own cost and expense, the Borrower’s title and the existence, perfection
and priority of the Collateral Agent’s (for the benefit of the Secured Parties) security interests in the Collateral against
all adverse claims (subject to any Liens permitted under Section 6.2 of the Credit Agreement).

 

(b)          Assigned
Agreements.

 

(i)         Upon
the request of the Collateral Agent (acting at the direction of the Administrative Agent) at any time after the occurrence and
the continuance of an Event of Default, the Borrower shall notify the parties to any Assigned Agreement that is not subject to
a Consent or a consent to collateral assignment entered into pursuant to Section 6.10 of the Credit Agreement that such Assigned
Agreement has been assigned to the Collateral Agent for the benefit of the Secured Parties and that payments in respect thereof
shall be made directly to the Collateral Agent.

 

(ii)        In
the event of a default by the Borrower in the performance of any of its obligations under any Assigned Agreement, or upon the occurrence
or non-occurrence of any event or condition under any such Assigned Agreement that would immediately or with the passage of any
applicable grace period or the giving of notice, or both, enable another party of such Assigned Agreement to terminate or suspend
its performance under such Assigned Agreement, the Collateral Agent (acting at the

 

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direction of the Administrative Agent acting
at the direction of the Required Secured Parties) may (but shall not be obligated to), with prior written notice to the Borrower
(it being acknowledged and agreed that the Collateral Agent shall not be required to deliver any such notice if the Borrower is
the subject of an Insolvency Proceeding or if the delivery of such notice is otherwise prohibited by applicable law), cause the
performance of such obligations (to the extent contemplated by the applicable Consent or consent referred to above, if any), and
the reasonable and documented fees, costs and expenses (including fees and expenses of outside counsel) of the Collateral Agent
incurred in connection therewith shall be payable by or on behalf of the Borrower.

 

(c)          Intellectual
Property.

 

(i)         For
the purpose of enabling the Collateral Agent to exercise rights and remedies under Section 4.10 at such time as the Collateral
Agent shall be lawfully entitled to exercise such rights and remedies (for the avoidance of doubt, only during the continuation
of an Event of Default), and for no other purpose, the Borrower hereby grants to the Collateral Agent, to the extent assignable,
an irrevocable, non-exclusive world-wide license (exercisable without payment of royalty or other compensation to the Borrower)
to use, assign, license or sublicense any of the Intellectual Property now owned or hereafter acquired by the Borrower, wherever
the same may be located, including in such license reasonable access to all media in which any of the licensed items may be recorded
or stored and to all computer programs used for the compilation or printout thereof.

 

(ii)        Notwithstanding
anything herein to the contrary, but subject to the provisions of the Loan Documents that limit the rights of the Borrower to dispose
of its property, so long as no instruction by the Required Lenders has been delivered in connection with an Event of Default that
has occurred and is continuing, the Borrower will be permitted to exploit, use, enjoy, protect, license, sublicense, assign, sell,
dispose of or take other actions with respect to the Intellectual Property in the ordinary course of the business of the Borrower.
In furtherance of the foregoing, so long as no instruction by the Required Lenders has been delivered in connection with an Event
of Default that has occurred and is continuing, the Collateral Agent shall from time to time, upon the request and at the sole
cost and expense of the Borrower, execute and deliver any instruments, certificates or other documents, in the form so requested,
that the Borrower shall have certified are appropriate (in its judgment) to allow it to take any action permitted above. Further,
upon the release of the Collateral Agent’s Liens on the Collateral pursuant to Section 4.16 or 5.19, the Collateral
Agent shall transfer to the Borrower the license granted pursuant to clause (i) immediately above. The exercise of rights
and remedies under Sections 4.8 and 4.9 by the Collateral Agent shall not terminate the rights of the holders of
any licenses or sublicenses theretofore granted by the Borrower in accordance with the first sentence of this clause (ii).

 

(iii)       Upon
the occurrence and during the continuance of an Event of Default, the Borrower shall, upon the request of the Collateral Agent
(acting at the direction of the Administrative Agent), deliver to the Collateral Agent a schedule listing

 

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all then existing Intellectual
Property and take such other action as the Collateral Agent shall deem necessary to perfect the Liens created hereunder in all
such Collateral.

 

(d)          Special
Provisions Relating to Equity Collateral.

 

(i)         The
Borrower shall cause the Equity Collateral to constitute at all times 100% of the total number of shares, partnership, membership
or other ownership interests of each Project Company then outstanding and owned by the Borrower.

 

(ii)        So
long as no Event of Default has occurred and is continuing and the Collateral Agent shall have given notice to the Borrower of
the Collateral Agent’s intent to exercise its rights under this Section 4.6(d) (it being acknowledged and agreed that
the Collateral Agent shall not be required to deliver any such notice if the Borrower is the subject of an Insolvency Proceeding,
which in the case of an involuntary proceeding has not been dismissed within sixty (60) days of its filing), the Borrower shall
have the right to exercise all voting, consensual and other powers of ownership pertaining to the Equity Collateral for all purposes
not inconsistent with the terms of any Loan Document or other document pursuant to which any other Secured Obligations is incurred;
provided, however, that the Borrower shall not vote the Equity Collateral in any manner that is inconsistent with
the terms of any Loan Document or other document pursuant to which any other Secured Obligation is incurred, as applicable. The
Collateral Agent shall, at the Borrower’s expense, execute and deliver to the Borrower or cause to be executed and delivered
to the Borrower all such proxies, powers of attorney, dividend and other orders and other instruments, without recourse, as the
Borrower may reasonably request for the purpose of enabling the Borrower to exercise the rights and powers that it is entitled
to exercise pursuant to this Section 4.6(d).

 

(iii)       If
an Event of Default has occurred and is continuing and the Collateral Agent shall have given notice to the Borrower of the Collateral
Agent’s intent to exercise its rights under Section 4.6(d) (it being acknowledged and agreed that the Collateral Agent
shall not be required to deliver any such notice if the Borrower is the subject of an Insolvency Proceeding, which in the case
of an involuntary proceeding has not been dismissed within sixty (60) days of its filing), all voting and other rights of the Borrower
with respect to the Equity Collateral that the Borrower would otherwise be entitled to exercise pursuant to the terms of this Agreement
or otherwise shall cease, and all such rights shall be vested in the Collateral Agent, which shall thereupon have the sole right
to exercise such rights.

 

(iv)       So
long as no Event of Default has occurred and is continuing, the Borrower shall be entitled to receive and retain any and all dividends
and distributions on the Equity Collateral, received in accordance with the Loan Documents.

 

(v)        If
any Event of Default has occurred and is continuing, and whether or not the Collateral Agent or any Secured Party exercises any
available right to declare any Secured Obligation due and payable or seeks or pursues any other right, remedy, power or privilege
available to it under applicable law, this Agreement or any other Loan Document or any other document pursuant to which any other
Secured

 

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Obligation is incurred, as applicable, all dividends and other distributions on the Equity Collateral shall be paid directly
to the Collateral Agent and retained by it as part of the Equity Collateral, subject to the terms of this Agreement, and, if the
Collateral Agent so requests, the Borrower shall execute and deliver to the Collateral Agent appropriate additional dividend, distribution
and other orders and instruments to that end.

 

(vi)        The
Borrower, as the sole member of each Project Company and as the owner of all of the issued and outstanding membership interests
of such Project Company, hereby irrevocably consents (for all purposes under the limited liability company agreement of such Project
Company and notwithstanding anything to the contrary set forth in such limited liability company agreement) to the transfer of
the Equity Collateral to any Person upon exercise by the Collateral Agent of its remedies hereunder.

 

Section 4.7           Custody
and Preservation.

 

(a)          Subject
to applicable law, the Collateral Agent’s obligation to use reasonable care in the custody and preservation of the Collateral
shall be satisfied if it uses the same care as it uses in the custody and preservation of its own property. Beyond the exercise
of reasonable care in the custody thereof, the Collateral Agent shall have no duty as to any of the Collateral in its possession
or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against
prior parties or any other rights pertaining thereto, and the Collateral Agent shall not be responsible for filing any financing
or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting
or maintaining the perfection of any security interest in the Collateral.

 

(b)          The
Collateral Agent shall not be responsible for (i) the existence, genuineness or value of any of the Collateral, (ii) the validity,
perfection, priority or enforceability of the Liens on any of the Collateral, whether impaired by the operation of law or by reason
of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes gross negligence
or willful misconduct on the part of the Collateral Agent, (iii) the validity or sufficiency of the Collateral or any agreement
or assignment contained therein, (iv) the validity of the title of the Borrower to the Collateral, (v) insuring the Collateral,
(vi) the payment of taxes, charges, assessments or Liens upon the Collateral or (vii) any other maintenance of the Collateral.

 

Section 4.8           Rights
to Preserve and Protect.

 

After the occurrence
and during the continuation of an Event of Default, the Collateral Agent (acting at the direction of the Administrative Agent on
behalf of the Required Lenders) may, but shall not be obligated to, pay or secure payment of any overdue tax or other claim that
may be secured by or result in a Lien on any Collateral. After the occurrence and during the continuation of an Event of Default,
the Collateral Agent (acting at the direction of the Administrative Agent on behalf of the Required Lenders) may, but shall not
be obligated to, do or cause to be done any other thing that is necessary or desirable to preserve, protect or maintain the Collateral.
The Borrower shall promptly reimburse the Collateral Agent or any other Secured Party for any reasonable and documented fee, payment
or expense (including reasonable fees and

 

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expenses of outside counsel) that the Collateral Agent or such other Secured Party may
incur pursuant to this Section 4.8.

 

Section 4.9           Remedies
Generally.

 

(a)          Upon
the occurrence and during the continuation of an Event of Default:

 

(i)         the
Borrower shall, at the request of the Collateral Agent, assemble movable Collateral owned by it (and not otherwise in the possession
of the Collateral Agent), if any, at such place or places, reasonably convenient to both the Collateral Agent and the Borrower,
designated in such request;

 

(ii)        the
Collateral Agent (acting at the direction of the Required Secured Parties) may (but shall not be obligated to), without notice
to the Borrower (except as required by applicable law) and at such times as the Collateral Agent in its sole judgment may determine,
exercise any or all of the Borrower’s rights in, to and under, or in any way connected to, the Collateral (including the
performance of the Borrower’s obligations, and the exercise of the Borrower’s rights and remedies, under the Assigned
Agreements), and the Collateral Agent shall otherwise have and may (but shall not be obligated to) exercise all of the rights,
powers, privileges and remedies with respect to the Collateral of a secured party under the UCC (whether or not the UCC is in effect
in the jurisdiction where the rights, powers, privileges and remedies are asserted) and such additional rights, powers, privileges
and remedies to which a secured party is entitled under the laws or equity in effect in any jurisdiction where any rights, powers,
privileges and remedies hereunder may be asserted, including the right, to the maximum extent permitted by applicable law, to exercise
all voting, consensual and other powers of ownership pertaining to the Collateral as if the Collateral Agent were the sole and
absolute owner thereof (and the Borrower agrees to take all such action as may be appropriate to give effect to such right);

 

(iii)       the
Collateral Agent may (but shall not be obligated to) make any reasonable compromise or settlement it deems desirable with respect
to any of the Collateral and may (but shall not be obligated to) extend the time of payment, arrange for payment in installments,
or otherwise modify the terms, of all or any part of the Collateral;

 

(iv)       the
Collateral Agent may (but shall not be obligated to), in its name or in the name of the Borrower or otherwise, demand, sue for,
collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral;

 

(v)        (A)
the Collateral Agent may (but shall not be obligated to) sell, lease, assign or otherwise dispose of all or any part of the Collateral,
at such place or places as the Required Secured Parties deem reasonable, and for cash or for credit or for future delivery (without
thereby assuming any credit risk), at public or private sale, without demand of performance or notice of intention to effect any
such disposition or of the time or place thereof (except such notice as is required by applicable statute and

 

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cannot be waived);
(B) if any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable
and proper if given at least ten (10) days before such sale or other disposition; (C) the Collateral Agent or any other Secured
Party or anyone else may be the purchaser, lessee, assignee or recipient of any or all of the Collateral so disposed of at any
public sale (or, to the maximum extent permitted by applicable law, at any private sale) and thereafter hold the same absolutely,
free from any claim or right of whatsoever kind, including any right or equity of redemption (statutory or otherwise), of the Borrower,
any such demand, notice and right or equity being hereby expressly waived and released to the maximum extent permitted by applicable
law; and (D) the Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be
adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or
place to which the sale may be so adjourned; and

 

(vi)        the
Collateral Agent may (but shall not be obligated to), to the full extent provided by law, have a court having jurisdiction appoint
a receiver, which receiver shall take charge and possession of and protect, preserve and replace the Collateral or any part thereof,
and manage and operate the same, and receive and collect all income, receipts, royalties, revenues, issues and profits therefrom
(it being agreed that the Borrower irrevocably consents and shall be deemed to have hereby irrevocably consented to the appointment
thereof, and upon such appointment, it shall immediately deliver possession of such Collateral to such receiver).

 

(b)         The
proceeds of each collection, sale or other disposition under this Agreement shall be applied in accordance with Section 4.13.

 

(c)         The
Borrower recognizes that, if an Event of Default shall have occurred and be continuing, the Collateral Agent may elect to sell
all or any part of the Collateral to one or more purchasers in privately negotiated transactions in which the purchasers will be
obligated to agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to
the distribution or resale thereof. The Borrower acknowledges that any such private sales may be at prices and on terms less favorable
than those obtainable through a public sale (including a public offering made pursuant to a registration statement under the Securities
Act) and the Borrower and the Collateral Agent agree that such private sales shall be made in a commercially reasonable manner
and that the Collateral Agent has no obligation to engage in public sales and no obligation to delay sale of any Collateral to
permit the issuer thereof to register the Collateral for a form of public sale requiring registration under the Securities Act.
If the Secured Parties exercise their right to sell any or all of the Collateral, upon written request the Borrower shall, from
time to time, furnish to the Collateral Agent all such information as is necessary in order to determine the Collateral and any
other instruments included in the Collateral that may be sold by the Collateral Agent as exempt transactions under the Securities
Act and rules of the United States Securities and Exchange Commission thereunder, as the same are from time to time in effect.

 

(d)         The
Collateral Agent shall within a reasonable period of time thereafter give the Borrower notice of any action taken under this Section
4.9; provided, however, that (i) failure to give such notice shall have no effect on the rights of the Collateral
Agent hereunder

 

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and (ii) the Collateral Agent shall not be required to deliver any such notice if the Borrower is the subject of
an Insolvency Proceeding or if the delivery of such notice is otherwise prohibited by applicable law.

 

Section 4.10         Deficiency.
If the proceeds of sale, collection or other realization of or upon the Collateral by virtue of the exercise of remedies under
Section 4.9 are insufficient to cover the costs and expenses of such realization and the payment in full of the Secured
Obligations, the Collateral Agent shall retain all rights and remedies under the Loan Documents, and the Borrower, subject to Section
4.16 and 5.19, shall remain liable with respect to any deficiency to the extent the Borrower is obligated under this
Agreement and the other Loan Documents.

 

Section 4.11         Change
of Name or Location. Without at least thirty (30) days’ prior written notice to the Collateral Agent, the Borrower
shall not change its organizational name from the name shown on the signature pages hereto or its jurisdiction of formation from
the State of Delaware. The Borrower shall not affect any such name change or change in jurisdiction of organization until all necessary
steps have been taken to maintain the perfection and priority of the Liens granted herein or in any other Security Document.

 

Section 4.12         Private
Sale. The Collateral Agent and the other Secured Parties shall incur no liability as a result of the sale of the Collateral,
or any part thereof, at any private sale pursuant to Section 4.9(c) conducted in a commercially reasonable manner. Subject
to and without limitation of the preceding sentence, the Borrower hereby waives, to the maximum extent permitted under applicable
law, any claims against the Collateral Agent or any other Secured Party arising by reason of the fact that the price at which the
Collateral may have been sold at such a private sale to an unrelated third party was less than the price that might have been obtained
at a public sale or was less than the aggregate amount of the Secured Obligations, even if the Collateral Agent accepts the first
offer received and does not offer the Collateral to more than one offeree.

 

Section 4.13         Application
of Proceeds.

 

(a)          Application
of Proceeds. The proceeds of any collection, sale or other realization of all or any part of the Collateral pursuant hereto,
and any other cash at the time held by the Collateral Agent under this Article IV with respect to the Collateral, shall
be held by the Collateral Agent as Collateral hereunder and shall be applied by the Collateral Agent to the payment of the Secured
Obligations in the following order:

 

(i)         First,
to pay incurred and unpaid fees and expenses of the Agents under the Loan Documents, pro rata among the Agents according to the
amounts of such unpaid fees and expenses then due and owing and remaining unpaid to the Agents;

 

(ii)        Second,
to the Administrative Agent, for application by it towards payment of amounts then due and owing and remaining unpaid in respect
of the Secured Obligations, pro rata among the Secured Parties according to the amounts of the Secured Obligations then due and
owing and remaining unpaid to the Secured Parties;

 

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(iii)       Third,
to the Administrative Agent, for application by it towards prepayment of the Secured Obligations, pro rata among the Secured Parties
according to the amounts of the Secured Obligations then held by the Secured Parties; and

 

(iv)       Fourth,
any balance remaining after the Secured Obligations shall have been paid in full and the Commitments shall have terminated shall
be paid over to the Borrower or to whomsoever may be lawfully entitled to receive the same.

 

(b)          Company
Remains Obligated. No sale or other disposition of all or any part of the Collateral pursuant to Section 4.9 shall be
deemed to relieve the Borrower of its obligations under any Loan Document except to the extent the proceeds thereof are applied
to the payment of such obligations.

 

(c)          Purchase
of Collateral. The Collateral Agent or any other Secured Party may be a purchaser of the Collateral or any part thereof or
any right or interest therein at any sale thereof, whether pursuant to foreclosure, power of sale or otherwise hereunder and the
Collateral Agent may apply the purchase price to the payment of the applicable Secured Obligations. Any purchaser of all or any
part of the Collateral shall, upon any such purchase, acquire good title to the Collateral so purchased, free of the Liens created
by this Agreement.

 

Section 4.14         Attorney-in-Fact.

 

(a)          Subject
to Section 4.16 and 5.19, without limiting any rights or powers granted by this Agreement to the Collateral Agent,
the Borrower hereby irrevocably constitutes and appoints the Collateral Agent and any officer or agent thereof, with full power
of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the
Borrower and in the name of the Borrower or in its own name, at the Borrower’s sole cost and expense, for the purpose of
carrying out the provisions of this Agreement upon the occurrence and during the continuation of an Event of Default, or otherwise
as contemplated by Sections 4.6 and 5.1, to (a) take any appropriate action and to execute any document or instrument
that may be necessary or desirable to accomplish the purposes of this Agreement (including taking actions under any Consent or
other consent referred to in Section 4.6(b)(i)), (b) preserve the validity, perfection and priority of the Liens granted
by this Agreement and (c) exercise its rights, remedies, powers and privileges under this Agreement (including taking actions under
any Consent or other consent referred to in Section 4.6(b)(i)). Subject to Section 4.16 and 5.19, this appointment
as attorney-in-fact is irrevocable and coupled with an interest. Subject to Section 4.16 and 5.19, without limiting
the generality of the foregoing, the Borrower hereby gives the Collateral Agent the power and right, on behalf of the Borrower,
without notice to or assent by the Borrower, upon the occurrence and during the continuation of an Event of Default (or as otherwise
provided in Section 4.6 or 5.1) to:

 

(i)         ask,
demand, collect, sue for, recover, receive and give receipt and discharge for amounts due and to become due under and in respect
of all or any part of the Collateral,

 

(ii)        in
the name of the Borrower or its own name or otherwise, take possession of, receive and indorse and collect any check, Account,
Chattel Paper, draft,

 

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note, acceptance or other Instrument for the payment of moneys due under any Account or general intangible,

 

(iii)       file
any claims or take any other action that the Collateral Agent may deem necessary or advisable for the collection of all or any
part of the Collateral,

 

(iv)       execute,
in connection with any sale or disposition of the Collateral under this Agreement, any endorsements, assignments, bills of sale
or other instruments of conveyance or transfer with respect to all or any part of the Collateral,

 

(v)        in
the case of any Intellectual Property, execute and deliver, and have recorded, any agreement, instrument, document or paper as
the Collateral Agent may request to evidence the Collateral Agent’s security interest in such Intellectual Property and the
goodwill and general intangibles of the Borrower relating thereto or represented thereby,

 

(vi)       pay
or discharge Taxes and Liens levied or placed on or threatened against the Collateral (other than Liens permitted under Section
6.2 of the Credit Agreement), effect any repair or pay or discharge any insurance called for by the terms of this Agreement or
the other Loan Documents (including all or any part of the premiums therefor and the costs thereof),

 

(vii)      direct
any party liable for any payment under any Collateral to make payment of any moneys due or to become due thereunder directly to
the Collateral Agent or as the Collateral Agent shall direct,

 

(viii)     sign
and indorse any invoice, freight or express bill, bill of lading, storage or warehouse receipt, draft against debtors, assignment,
verification, notice or other document in connection with any Collateral,

 

(ix)       commence
and prosecute any suit, action or proceeding at law or in equity in any court of competent jurisdiction to collect any Collateral
and to enforce any other right in respect of any Collateral,

 

(x)        defend
any suit, action or proceeding brought against the Borrower with respect to any Collateral,

 

(xi)       settle,
compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the
Collateral Agent may deem appropriate,

 

(xii)      assign
any Copyright, Patent or Trademark (along with the goodwill of the business to which any such Trademark pertains) throughout the
world for such term or terms, on such conditions and in such manner as the Collateral Agent shall in its sole discretion determine,
including the execution and filing of any document necessary to effectuate or record such assignment,

 

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(xiii)     cure
any default by the Borrower under any Assigned Agreement, and

 

(xiv)     generally,
sell, transfer, pledge and make any agreement with respect to or otherwise deal with any Collateral as fully and completely as
though the Collateral Agent were the absolute owner thereof for all purposes, and do, at the Collateral Agent’s option and
the Borrower’s expense, at any time, or from time to time, all acts and things that the Collateral Agent reasonably deems
necessary to protect, preserve or realize upon the Collateral and the Collateral Agent’s and the other Secured Parties’
Liens thereon and to effect the intent of this Agreement, all as fully and effectively as the Borrower might do.

 

(b)          The
Borrower hereby ratifies all that said attorney-in-fact shall lawfully do or cause to be done by virtue hereof, in each case pursuant
to the powers granted hereunder. Upon the occurrence and during the continuation of an Event of Default (or as otherwise provided
in Section 4.6 or 5.1), the Borrower hereby acknowledges and agrees that, subject to Section 4.16 and 5.19,
the Collateral Agent shall have no fiduciary duties to the Borrower in acting pursuant to this power of attorney and the Borrower
hereby waives any claims or rights of a beneficiary of a fiduciary relationship hereunder.

 

Section 4.15        Perfection.
Without relieving it of its obligations under Section 4.1 or otherwise under the Loan Documents, the Borrower authorizes
the Collateral Agent to file (but the Collateral Agent shall not be so obligated to file) such Financing Statements in such offices
as are or shall be necessary or appropriate to create, perfect and establish the priority of the Liens granted by this Agreement
in any and all of the Collateral, to preserve the validity, perfection or priority of the Liens granted by this Agreement in any
and all of the Collateral or to enable the Collateral Agent to exercise its remedies, rights, powers and privileges under this
Agreement. Such Financing Statements may describe the Collateral in the same manner as described herein or may contain an indication
or description of collateral that describes the Collateral in any other manner as the Collateral Agent may determine, as directed
by the Administrative Agent, is necessary, advisable or prudent to ensure the perfection of the security interests in the Collateral
granted to the Collateral Agent hereunder, including describing such property as “all assets whether now owned or hereafter
acquired,” “all assets of the Debtor” or “all personal property whether now owned or hereafter acquired.”
Copies of any such Financing Statement or amendment thereto shall promptly be delivered to the Borrower.

 

Section 4.16         Release
of Liens.

 

(a)          If
any of the Collateral shall be sold or disposed of to any Person in a transaction consented to pursuant to, or contemplated by,
the Loan Documents, such Collateral shall be automatically released from the Liens created hereunder.

 

(b)          Upon
the release of all of the Collateral Agent’s Liens on all of the Collateral of the Borrower pursuant to this Section 4.16
and Section 5.19, this Agreement shall terminate, all rights to the Collateral shall revert to the Borrower, and the Collateral
Agent shall (at the written request and sole cost and expense of the Borrower) promptly cause to be transferred and delivered,
against receipt but without any recourse, warranty or representation

 

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whatsoever, any remaining Collateral and money received in
respect thereof, to or on the order of the Borrower and to be released and cancelled all licenses and rights referred to in Section
4.6. The Collateral Agent shall also (at the written request and sole cost and expense of the Borrower) promptly execute and
deliver to the Borrower upon such termination such UCC termination statements and such other documentation and take such other
action as shall be reasonably requested by the Borrower to effect the termination and release, including the execution of a customary
pay-off letter, of the Liens on the Collateral.

 

ARTICLE
V MISCELLANEOUS

 

Section 5.1          Collateral
Agent’s Right to Perform on the Borrower’s Behalf. Subject to Section 4.16 and 5.19, if the
Borrower shall fail to observe or perform any of the terms, conditions, covenants and agreements to be observed or performed by
it under this Agreement, the Collateral Agent (at the direction of the Administrative Agent on behalf of the Required Lenders)
may (but shall not be obligated to), upon reasonable notice to the Borrower, cause such terms, conditions, covenants and agreements
to be done or performed or observed by experts, agents or attorneys, with reasonable care at the sole cost and expense of the Borrower,
either in the Collateral Agent’s name or in the name and on behalf of the Borrower, and the Borrower hereby authorizes the
Collateral Agent so to do.

 

Section 5.2          Set-Off.
Subject to Section 4.16 and 5.19, in addition to any rights and remedies of the Lenders provided by law, each Lender
shall have the right, without notice to the Borrower, any such notice being expressly waived by the Borrower to the extent permitted
by applicable law, upon any Secured Obligations becoming due and payable by the Borrower (whether at the stated maturity, by acceleration
or otherwise), to apply to the payment of such Secured Obligations, by setoff or otherwise, any and all deposits (general or special,
time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each
case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender, any affiliate
thereof or any of their respective branches or agencies to or for the credit or the account of the Borrower. Each Lender agrees
promptly to notify the Borrower and the Collateral Agent after any such application made by such Lender; provided that the
failure to give such notice shall not affect the validity of such application.

 

Section 5.3          No
Waiver; Remedies Cumulative. Neither the Collateral Agent nor any Secured Party shall by any act (except by a written
instrument pursuant to Section 5.5), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy
hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the
part of the Collateral Agent or any Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No
single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. A waiver by the Collateral Agent or any Secured Party of any right or remedy hereunder
on any one occasion shall not be construed as a bar to any right or remedy that the Collateral Agent or such Secured Party would
otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently
and are not exclusive of any other rights or remedies provided by law.

 

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Section 5.4          Notices.
All notices, requests and demands to or upon the Collateral Agent or the Borrower hereunder shall be effected in the manner provided
for in Section 9.2 of the Credit Agreement; provided that any such notice, request or demand to or upon the Borrower shall
be addressed to the Borrower at its notice address set forth in Section 9.2 of the Credit Agreement.

 

Section 5.5          Amendments,
Etc. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except
in accordance with Section 9.1 of the Credit Agreement.

 

Section 5.6          Successors
and Assigns. Subject to Section 4.16 and 5.19, this Agreement shall be binding upon the successors and
assigns of the Borrower and shall inure to the benefit of the Collateral Agent and the Secured Parties and their successors and
assigns; provided that (a) the Borrower may not assign, transfer or delegate any of its rights or obligations under this
Agreement without the prior written consent of the Collateral Agent, (b) the Collateral Agent shall only transfer or assign its
rights under this Agreement in connection with a resignation or removal of such Person from its capacity as “Collateral Agent”
in accordance with the terms of this Agreement and the Credit Agreement and (c) the Collateral Agent may delegate certain of its
responsibilities and powers under this Agreement as contemplated by Section 5.10 below and Section 8.2 of the Credit Agreement.
Notwithstanding anything herein to the contrary, any corporation into which the Collateral Agent may be merged or converted or
with which it may be consolidated or any corporation resulting from any merger, conversion or consolidation to which the Collateral
Agent shall be a party, or any corporation succeeding to the corporate trust business of the Collateral Agent, shall be the successor
of the Collateral Agent hereunder without the execution or filing of any paper with any party hereto or any further act on the
part of any of the parties hereto except where an instrument of transfer or assignment is required by law to effect such succession;
provided that the Collateral Agent shall forthwith notify the parties hereto in writing in reasonable advance of any such
event.

 

Section 5.7          Survival;
Reliance. The representations and warranties of the Borrower set out in this Agreement or contained in any documents
delivered to the Collateral Agent or any other Secured Party pursuant to this Agreement shall be considered to have been relied
upon by the Secured Parties in entering into the Loan Documents and extending the credit or otherwise performing the transactions
thereunder, notwithstanding any investigation on their respective parts.

 

Section 5.8          Effectiveness;
Continuing Nature of this Agreement. This Agreement shall become effective when executed and delivered by the parties
hereto. This is a continuing agreement and any Secured Party may continue, at any time and without notice to any other Person,
to extend credit and other financial accommodations and lend monies to or for the benefit of the Borrower constituting Secured
Obligations in reliance hereof. The terms of this Agreement shall survive, and shall continue in full force and effect, in any
Insolvency Proceeding. All references to the Borrower shall include the Borrower as debtor and debtor-in-possession and any receiver
or trustee for the Borrower (as the case may be) in any Insolvency Proceeding.

 

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Section 5.9          Integration.
This Agreement and the other Loan Documents represent the agreement of the Borrower, the Collateral Agent and the Lenders with
respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the
Collateral Agent or any Lender relative to subject matter hereof and thereof not expressly set forth or referred to herein or in
the other Loan Documents.

 

Section 5.10        Agents,
Etc. The Collateral Agent may employ agents, experts and attorneys-in-fact in connection herewith and shall not be responsible
for the negligence or misconduct of any such agents, experts or attorneys-in-fact selected by it with reasonable care.

 

Section 5.11        Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
The parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

Section 5.12        Counterparts.
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including
by telecopy or PDF), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

Section 5.13        Headings.
Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and
are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

 

Section 5.14        Governing
Law. THIS AGREEMENT, AND ANY INSTRUMENT OR AGREEMENT REQUIRED HEREUNDER (TO THE EXTENT NOT EXPRESSLY PROVIDED FOR THEREIN),
SHALL BE GOVERNED BY, AND CONSTRUED UNDER, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO CONFLICTS OF LAWS PROVISIONS
THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

Section 5.15        Submission
To Jurisdiction; Waivers. The Borrower hereby irrevocably and unconditionally:

 

(a)         submits
for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which
it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction
of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate
courts from any courts thereof;

 

(b)         consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to
the venue of any such action or

 

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proceeding in any such court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same;

 

(c)          agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to the Borrower at its address referred to in Section 9.2 of the
Credit Agreement or at such other address of which the Administrative Agent shall have been notified pursuant thereto;

 

(d)          agrees
that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and

 

(e)          waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred
to in this Section 5.15 any special, exemplary, punitive or consequential damages.

 

Section 5.16         Acknowledgements.
The Borrower hereby acknowledges that:

 

(a)          it
has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents to which
it is a party;

 

(b)          neither
the Collateral Agent nor any Lender has any fiduciary relationship with or duty to the Borrower arising out of or in connection
with this Agreement or any of the other Loan Documents, and the relationship between the Borrower, on the one hand, and the Collateral
Agent and Lenders, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(c)          no
joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby
among the Lenders or among the Borrower and the Lenders.

 

Section 5.17         Waiver
of Jury Trial. THE BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

Section 5.18         Security
Interest Absolute. To the maximum extent permitted by applicable law, but subject to Section 4.16 and 5.19,
the rights and remedies of the Collateral Agent hereunder, the Liens created hereby, and the obligations of the Borrower under
this Agreement are absolute, irrevocable and unconditional and will remain in full force and effect without regard to, and will
not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever (other than
pursuant to Section 4.16 and 5.19), including:

 

(a)          any
renewal, extension, amendment or modification of, or addition or supplement to or deletion from, any of the Loan Documents or any
other instrument or agreement referred to therein, or any assignment or transfer of any thereof;

 

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(b)          any
waiver of, consent to or departure from, extension, indulgence or other action or inaction under or in respect of any of the Secured
Obligations, this Agreement, any other Loan Document or other instrument or agreement relating thereto, or any exercise or non-exercise
of any right, remedy, power or privilege under or in respect of the Secured Obligations, this Agreement, any other Loan Document
or any such other instrument or agreement relating thereto;

 

(c)          any
furnishing of any additional security for the Secured Obligations or any part thereof to the Collateral Agent or any other Person
or any acceptance thereof by the Collateral Agent or any other Person or any substitution, sale, exchange, release, surrender or
realization of or upon any such security by the Collateral Agent or any other Person or the failure to create, preserve, validate,
perfect or protect any other Lien granted to, or purported to be granted to, or in favor of, the Collateral Agent or any other
Secured Party;

 

(d)          any
invalidity, irregularity or unenforceability of all or any part of the Secured Obligations, any other Loan Document or any other
agreement or instrument relating thereto or any security therefor;

 

(e)          the
acceleration of the maturity of any of the Secured Obligations or any other modification of the time of payment thereof;

 

(f)           any
judicial or nonjudicial foreclosure or sale of, or other election of remedies with respect to, any interest in real property or
other collateral serving as security for all or any part of the Secured Obligations, even though such foreclosure, sale or election
of remedies may impair the subrogation rights of the Borrower or may preclude the Borrower from obtaining reimbursement, contribution,
indemnification or other recovery and even though the Borrower may or may not, as a result of such foreclosure, sale or election
of remedies, be liable for any deficiency;

 

(g)          any
act or omission of the Collateral Agent or any other Person (other than payment of the Secured Obligations) that directly or indirectly
results in or aids the discharge or release of the Borrower or any part of the Secured Obligations or any security or guarantee
(including any letter of credit) for all or any part of the Secured Obligations by operation of law or otherwise;

 

(h)          the
election by the Collateral Agent, in any bankruptcy proceeding of any Person, of the application or non-application of Section
1111 (b)(2) of the U. S. Bankruptcy Code;

 

(i)           any
extension of credit or the grant of any Lien under Section 364 of the U.S. Bankruptcy Code;

 

(j)           any
use of cash collateral under Section 363 of the U. S. Bankruptcy Code;

 

(k)          any
agreement or stipulation with respect to the provision of adequate protection in any bankruptcy proceeding of any Person;

 

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(l)           the
avoidance of any Lien in favor of the Collateral Agent for any reason;

 

(m)         any
bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, liquidation or dissolution proceeding commenced by or
against any Person, including any discharge of, or bar or stay against collecting, all or any part of the Secured Obligations (or
any interest on all or any part of the Secured Obligations) in or as a result of any such proceeding; or

 

(n)          any
other event or circumstance whatsoever that might otherwise constitute a legal or equitable discharge of a surety or a guarantor,
it being the intent of this Section 5.18 that the obligations of the Borrower hereunder shall be absolute, irrevocable and
unconditional under any and all circumstances.

 

Section 5.19         Release;
Termination.

 

(a)          Upon
the occurrence of the Project Discharge Date for any Project, the Administrative Agent shall provide notice to the Collateral Agent
of such payment in full and termination of the Commitments to the extent that they relate to such Project, and (i) all Equity Collateral
in such Project Company shall be automatically released from the Liens created hereunder and all rights in respect thereof and
shall automatically revert to the Borrower, (ii) all powers of attorney and rights of setoff granted hereunder by the Borrower
with respect to the Equity Collateral in such Project Company shall automatically terminate, (iii) the Collateral Agent, at the
sole cost and expense of the Borrower, shall (A) execute and deliver all documentation, UCC termination statements and instruments
as are furnished by the Borrower to release the Liens created with respect to such Equity Collateral pursuant to this Agreement,
(B) upon written notice, authorize the Borrower to prepare and file UCC termination statements terminating all of the Financing
Statements filed solely in connection with such Equity Collateral, as applicable, (C) agrees, at the request of the Borrower, to
furnish, execute and deliver such documents, instruments, certificates, notices or further assurances as the Borrower may reasonably
request, at the sole cost and expense of the Borrower, as necessary or desirable to effect such release and partial termination,
and (D) except as set forth elsewhere in this Agreement, shall return all certificates, instruments, and documents evidencing the
Equity Collateral in such Project.

 

(b)          Upon
the occurrence of the Final Discharge Date, the Administrative Agent shall provide notice to the Collateral Agent of such payment
in full and termination of all Commitments and the Collateral Agent, at the sole cost and expense of the Borrower, shall (i) execute
and deliver all documentation, UCC termination statements and instruments as are furnished by the Borrower to release the Liens
created pursuant to this Agreement, (ii) upon written notice, authorizes the Borrower to prepare and file UCC termination statements
terminating all of the Financing Statements filed in connection herewith, (iii) agrees, at the request of the Borrower, to furnish,
execute and deliver such documents, instruments, certificates, notices or further assurances as the Borrower may reasonably request
as necessary or desirable to effect such release and partial termination, including the execution of a customary pay-off letter,
and (vi) except as set forth elsewhere in this Agreement, upon release and termination under this Agreement, shall return all certificates,
instruments, and documents evidencing the Collateral.

 

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Section 5.20         Reinstatement.
This Agreement and the Liens created hereunder shall automatically be reinstated if and to the extent that for any reason any payment
by or on behalf of the Borrower in respect of the Secured Obligations is rescinded or must otherwise be restored by any Secured
Party, whether as a result of any Insolvency Proceeding or reorganization or otherwise, and the Borrower shall indemnify the Collateral
Agent, each other Secured Party and its respective employees, officers and agents on demand for all reasonable fees, costs and
expenses (including reasonable fees, costs and expenses of counsel) incurred by the Collateral Agent, such other Secured Party
or their respective employees, officers or agents in connection with such reinstatement, rescission or restoration.

 

Section 5.21         No
Third Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the
parties hereto and its respective successors and assigns and shall inure to the benefit of the Collateral Agent and the other Secured
Parties. Nothing in this Agreement shall impair, as between the Borrower and the Collateral Agent and the other Secured Parties,
the obligations of the Borrower to pay principal, interest, fees and other amounts as provided in the Loan Documents.

 

Section 5.22         Enforcement
Expenses; Indemnification.

 

(a)          The
Borrower agrees to pay or reimburse each Secured Party and the Collateral Agent for all its fees, costs and expenses incurred in
collecting against the Borrower or otherwise enforcing or preserving any rights under this Agreement and the other Loan Documents
to which the Borrower is a party, including, without limitation, the fees and disbursements of counsel (including the allocated
fees and expenses of in-house counsel) to each Secured Party and of counsel to the Collateral Agent.

 

(b)          The
Borrower agrees to pay, and to save the Collateral Agent and the Secured Parties harmless from, any and all liabilities with respect
to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes that may be payable or determined to
be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement.

 

(c)          The
Borrower agrees to pay, and to save the Collateral Agent and the Secured Parties harmless from, any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect
to the execution, delivery, enforcement, performance and administration of this Agreement to the extent the Borrower would be required
to do so pursuant to Section 9.5 of the Credit Agreement.

 

(d)          The
agreements in this Section 5.22 shall survive repayment of the Secured Obligations and all other amounts payable under the
Credit Agreement and the other Loan Documents, and any resignation or removal of the Collateral Agent.

 

Section 5.23        Collateral
Agent. Notwithstanding anything herein to the contrary, the Collateral Agent shall be afforded all of the rights, powers,
immunities and indemnities of the Collateral Agent set forth in the Loan Documents, as if such rights, powers, immunities and indemnities
were specifically set forth herein. The Borrower hereby acknowledges the

 

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appointment of the Collateral Agent pursuant to the Credit
Agreement. The rights, privileges, protections and benefits given to the Collateral Agent, including its right to be indemnified,
are extended to, and shall be enforceable by, the Collateral Agent in its capacity hereunder, and to each agent, custodian and
other Person employed by the Collateral Agent in accordance herewith to act hereunder.

 

Section 5.24        Specific
Performance. The Collateral Agent may demand specific performance of this Agreement. The Collateral Agent and the Borrower
hereby irrevocably waive any defense based on the adequacy of a remedy at law and any other defense that might be asserted to bar
the remedy of specific performance in any action that may be brought by the Collateral Agent or any other Secured Parties.

 

(Signature
pages follow)

 

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

	 	 	 
	SUNPOWER REVOLVER HOLDCO I, LLC, as Borrower
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 
	Mizuho Bank (USA), not in its individual capacity, but solely as Collateral Agent
	 	 
	By: 	 	 
	 	Name:	 
	 	Title:	 

 

Signature Page
of Security Agreement (SunPower Revolver HoldCo I, LLC) 

 

     

     

    

 

SCHEDULE
1

INSTRUMENT, CHATTEL PAPER AND CERTIFICATED SECURITIES 

 

[None]

 

Schedule 1 

Security Agreement (SunPower Revolver HoldCo I, LLC)

  

     

     

    

  

SCHEDULE
2

COMMERCIAL
TORT CLAIMS

 

[None]

 

Schedule 2 

Security Agreement (SunPower Revolver HoldCo I, LLC)

 

     

     

    

 

 SCHEDULE
3

LOCATION OF
INVENTORY AND EQUIPMENT

 

[N/A]

 

Schedule 3 

Security Agreement (SunPower Revolver HoldCo I, LLC)

 

 

     

     

    

  

SCHEDULE
4

LOCATION OF
BOOKS AND RECORDS

 

SunPower Revolver HoldCo
I, LLC 

c/o SunPower Corporation 

77 Rio Robles 

San Jose, CA 95134

 

Schedule 4 

Security Agreement (SunPower Revolver HoldCo I, LLC)

 

     

     

    

  

SCHEDULE 5

Equity
Collateral

 

Issuer:

 

		▪	SunPower Revolver Holdco I, LLC

 

Equity Collateral:

 

		▪	100% of the membership interests in Solar Star Arizona XIII, LLC, which represents all of the membership
interests owned by the Borrower in Solar Star Arizona XIII, LLC. The Borrower is the registered owner of such membership interests.

 

		▪	100% of the membership interests in Northstar Macys US West 2016, LLC, which represents all of
the membership interests owned by the Borrower in Northstar Macys US West 2016, LLC. The Borrower is the registered owner of such
membership interests.

 

Schedule 5 

Security Agreement (SunPower Revolver HoldCo I, LLC)

 

     

     

    

 

EXHIBIT L

 

	
	 
	Monthly Solar Portfolio Report	 	 	 
	 	 	 	 
	Customer Name	 	March 2016	 

 

	Report
    Contents

 

	Portfolio Summary
	Important Metrics at a Glance
	
        Sub-Portfolio
Statistical Summaries

	 
	Customer Name_2015
	Customer Name - Project Name
	Customer Name - Project Name
	Customer Name - Project Name
	 
	Customer Name_2016
	Customer Name - Project Name
	Customer Name - Project Name
	Customer Name - Project Name
	 
	Customer Name - Project Name
	Customer Name - Project Name
	Customer Name - Project Name

 

     

    	 

    

  

	
	 
	Monthly Solar Portfolio Report	 	 	 
	 	 	 	 
	Customer Name	 	March 2016	 

 

	Portfolio
    Summary

 

	Important
    Metrics at a Glance

 

	Energy
    Production (kWh)
	 	Energy
    (kWh)	%
    of 

Expected	%
    of Typical
	Current
    Month	 	 	 
	Year
    to Date	 	 	 
	Past
    12 Months	 	 	 

 

 

 

	SUNPOWER
                           SERVICES

                           1414 Harbour Way South

                           Richmond, CA 94804

	Page 2 of 10

	 24
                           Hour Customer Service Hotline

                           1.800.251.9728

 

 

     

    	 

    

 

	
	 
	Monthly Solar Portfolio Report	 	 	 
	 	 	 	 
	Customer Name	 	March 2016	 

  

	Availability
    (%)
	 	Availability	Customer 

Name
	Current Month	 	 
	Year to Date	 	 
	Past 12 Months	 	 

 

	Environmental Benefits
	 	Pounds of CO2 Offset	Homes Powered for a Year	Miles not Driven	Trees Planted
	Current Month	 	 	 	 
	Year to Date	 	 	 	 
	Past 12 Months	 	 	 	 
	
         

        Calculation Notes: 

        Pounds of CO2 Offset: Production
        in kWh x 152.02 pounds of CO2 per 100 kWh generated 

        Home Powered: Production in kWh
        / 12069 kWh generated per Home 

        Miles Not Driven: Production in
        kWh * 166 miles not driven per 100 kWh generated 

        Trees Planted: Production in kWh
        * 1.768 trees grown per 100 kWh generated

         

        Conversions taken from: http://www.epa.gov/energy/ghg-equivalencies-calculator-calculations-and-references

 

	SUNPOWER
                           SERVICES

                           1414 Harbour Way South

                           Richmond, CA 94804

	Page
                                                                       3 of 10

	 24
                           Hour Customer Service Hotline

                           1.800.251.9728

 

  

     

    	 

    

 

	
	 
	Monthly Solar Portfolio Report	 	 	 
	 	 	 	 
	Customer Name	 	March 2016	 

 

	Sub-Portfolio
    Statistical Summaries

 

	Customer
    Name_2015

 

	Expected
    Energy

 

 

 

	Site	Aug

2015	Sep

2015	Oct

2015	Nov

2015	Dec

2015	Jan

2016	Feb

2016	Mar

2016	Trailing Year
	Customer Name – Project Name	 	 	 	 	 	 	 	 	 
	Customer Name - Project Name	 	 	 	 	 	 	 	 	 
	Customer Name - Project Name	 	 	 	 	 	 	 	 	 
	Sub-Portfolio Avg	 	 	 	 	 	 	 	 	 

 

	Monthly
    Energy Production (MWh)

 

	Site	Aug

2015	Sep

2015	Oct

2015	Nov

2015	Dec

2015	Jan

2016	Feb

2016	Mar

2016	Trailing Year
	Customer Name – Project Name	 	 	 	 	 	 	 	 	 
	Customer Name - Project Name	 	 	 	 	 	 	 	 	 
	Customer Name - Project Name	 	 	 	 	 	 	 	 	 
	Sub-Portfolio Avg	 	 	 	 	 	 	 	 	 

 

	SUNPOWER
                           SERVICES

                           1414 Harbour Way South

                           Richmond, CA 94804

	Page 4 of 10

	 24
                           Hour Customer Service Hotline

                           1.800.251.9728

 

 

     

    	 

    

 

	
	 
	Monthly Solar Portfolio Report	 	 	 
	 	 	 	 
	Customer Name	 	March 2016	 

 

	Typical
    Energy

 

  

 

	Site	Aug 2015	Sep 2015	Oct 2015	Nov 2015	Dec 2015	Jan 2016	Feb 2016	Mar 2016	Trailing Year
	Customer Name – Project Name	 	 	 	 	 	 	 	 	 
	Customer Name - Project Name	 	 	 	 	 	 	 	 	 
	Customer Name - Project Name	 	 	 	 	 	 	 	 	 
	Sub-Portfolio Avg	 	 	 	 	 	 	 	 	 

 

	Availability

  

	Site	Aug

2015	Sep

2015	Oct

2015	Nov

2015	Dec

2015	Jan

2016	Feb

2016	Mar

2016	Trailing Year
	Customer Name – Project Name	 	 	 	 	 	 	 	 	 
	Customer Name - Project Name	 	 	 	 	 	 	 	 	 
	Customer Name - Project Name	 	 	 	 	 	 	 	 	 
	Sub-Portfolio Avg	 	 	 	 	 	 	 	 	 

 

	SUNPOWER
                           SERVICES

                           1414 Harbour Way South

                           Richmond, CA 94804

	Page 5 of 10

	 24
                           Hour Customer Service Hotline

                           1.800.251.9728

 

 

     

    	 

    

 

	
	 
	Monthly Solar Portfolio Report	 	 	 
	 	 	 	 
	Customer Name	 	March 2016	 

 

	Customer
    Name_2016

 

	Expected
    Energy

  

	Site	Feb

2016	Mar 

2016	Trailing Year
	Customer Name - Project Name	 	 	 
	Customer Name - Project Name	 	 	 
	Customer Name - Project Name	 	 	 
	 Customer Name - Project Name	 	 	 
	Customer Name - Project Name	 	 	 
	Customer Name - Project Name	 	 	 
	Sub-Portfolio Avg	 	 	 

 

	Monthly
    Energy Production (MWh)

 

	Site	Feb 

2016	Mar 

2016	Trailing Year
	Customer Name - Project Name	 	 	 
	Customer Name - Project Name	 	 	 
	Customer Name - Project Name	 	 	 
	 Customer Name - Project Name	 	 	 
	Customer Name - Project Name	 	 	 
	Customer Name - Project Name	 	 	 
	Sub-Portfolio Avg	 	 	 

 

 

	SUNPOWER
                           SERVICES

                           1414 Harbour Way South

                           Richmond, CA 94804

	Page 6 of 10

	 24
                           Hour Customer Service Hotline

                           1.800.251.9728

 

 

     

    	 

    

 

	
	 
	Monthly Solar Portfolio Report	 	 	 
	 	 	 	 
	Customer Name	 	March 2016	 
	 	 	 	 

	Typical Energy

 

 

	Site	Feb 

2016	Mar

2016	Trailing Year
	Customer Name - Project Name	 	 	 
	Customer Name - Project Name	 	 	 
	Customer Name - Project Name	 	 	 
	 Customer Name - Project Name	 	 	 
	Customer Name - Project Name	 	 	 
	Customer Name - Project Name	 	 	 
	Sub-Portfolio Avg	 	 	 

 

	Availability

 

  

	Site	Feb 

2016	Mar 

2016	Trailing Year
	Customer Name - Project Name	 	 	 
	Customer Name - Project Name	 	 	 
	Customer Name - Project Name	 	 	 
	Customer Name - Project Name	 	 	 
	Customer Name - Project Name	 	 	 

 

	SUNPOWER
                           SERVICES

                           1414 Harbour Way South

                           Richmond, CA 94804

	Page 7 of 10

	 24
                           Hour Customer Service Hotline

                           1.800.251.9728

 

 

     

    	 

    

 

	
	 
	Monthly Solar Portfolio Report	 	 	 
	 	 	 	 
	Customer Name	 	March 2016	 

 

	Customer Name - Project Name	 	 	 
	Sub-Portfolio Avg	 	 	 

 

	SUNPOWER
                           SERVICES

                           1414 Harbour Way South

                           Richmond, CA 94804

	Page 8 of 10

	 24
                           Hour Customer Service Hotline

                           1.800.251.9728

 

 

     

    	 

    

 

	
	 
	Monthly Solar Portfolio Report	 	 	 
	 	 	 	 
	Customer Name	 	March 2016	 

 

	SUNPOWER
                           SERVICES

                           1414 Harbour Way South

                           Richmond, CA 94804

	Page 9 of 10

	 24
                           Hour Customer Service Hotline

                           1.800.251.9728

 

 

     

    	 

    

 

	
	 
	Monthly Solar Portfolio Report	 	 	 
	 	 	 	 
	Customer Name	 	March 2016	 

 

	Comments

 

 

 

 

 

 

 

 

	Footnotes

 

	SUNPOWER
                           SERVICES

                           1414 Harbour Way South

                           Richmond, CA 94804

	Page 10 of 10

	 24
                           Hour Customer Service Hotline

                           1.800.251.9728

 

 

     

    	 

    

 

EXHIBIT M

 

MONTHLY INDEPENDENT ENGINEER REPORT

 

The
Independent Engineer (“IE”) shall provide an IE Monthly Project Report (“IE MPR”), based on the monthly
reports provided by the Contractor and Owner, and the observations made by the IE during the monthly site visit. The IE MPR is
to communicate to the Lenders, the Owner, and Contractor’s progress during the prior month’s performance of the Work. The
IE MPR should include a narrative of what activities occurred during the previous month. 

 

The IE MPR shall be presented
in a form similar to the outline below:

 

		·	Project Scope and
Executive Summary

		·	Current Project
Status

		·	Engineering

		·	Procurement

		·	Construction 

		·	Commissioning

		·	Electrical Interconnection

		·	Environmental (including
Permitting as applicable and only applicable to Large Projects)

		·	Schedule

		·	Project Budget Status
and Change Orders

		·	Miscellaneous

		·	Project Photographs

 

The IE MPR shall address the
following information as applicable:

 

		·	Procurement
planned versus actual materials received.

		·	Engineering
planned versus actual

		·	Planned
versus actual quantities of Work completed by activity.

		·	Equipment
on Site.

		·	Target
critical milestone dates (achievement or extension)

		·	Schedule
update as per the scheduling reporting requirements and opinion of achievement Substantial Completion by the Date Certain.

		·	Construction
budget versus actual spent

		·	Change
Order log.

		·	Issues
of concern both current and foreseeable.

		·	Permitting
and environmental update / status (only applicable for Large Projects)

		·	Commissioning
/ startup schedule and activities

 

M-1

 

     

    	 

    

 

Exhibit O

 

Form of Pre-Approved Project Contracts
for Small Projects

 

Material Project Documents
for Small Projects shall be deemed pre-approved if they conform to the respective precedents listed below, all of which are available
for review in the “Macy’s” folder in the data room for this transaction, and the Borrower certifies to such conformity
in accordance with Section 3.2(m) of the Agreement:

 

		1.	Engineering, Procurement and Construction Agreement, dated as of April 22, 2016, by and between
Northstar Macys US West 2016, LLC and SunPower Corporation, Systems [single Project / site]

 

		2.	Engineering, Procurement and Construction Agreement, dated as of November 10, 2015, by and between
Northstar Macys US West 2016, LLC and SunPower Corporation, Systems [multiple Projects / sites]

 

		3.	Operations & Maintenance Agreement, dated as of June 30, 2016, by and between Northstar Macys
US West 2016, LLC and SunPower Corporation, Systems

 

		4.	Management Agreement, dated as of June 30, 2016, by and between Northstar Macys US West 2016, LLC
and SunPower Capital Services, LLC

 

		5.	Performance Guaranty Agreement, dated as of June 30, 2016, by and between Northstar Macys US West
2016, LLC and SunPower Corporation, Systems

 

		6.	Guaranty Agreement [EPC Agreement], dated as of June 30, 2016, by SunPower Corporation and SunPower
Corporation, Systems in favor of Northstar Macys US West 2016, LLC

 

		7.	Guaranty Agreement [O&M Agreement], dated as of June 30, 2016, by SunPower Corporation in favor
of Northstar Macys US West 2016, LLCExhibit 10.62

 

AMENDED
AND RESTATED CREDIT SUPPORT AGREEMENT

 

This
AMENDED AND RESTATED CREDIT SUPPORT AGREEMENT (together with any Exhibits and Schedules attached hereto, as the same may be amended
from time to time in accordance with the terms hereof, this “Agreement”), dated as of June 29, 2016,
is entered into by and between SunPower Corporation, a Delaware corporation (the “Company”), and Total
S.A., a société anonyme organized under the laws of the Republic of France (the “Guarantor”).

 

RECITALS

 

WHEREAS,
the Company and the Guarantor previously have entered into that Credit Support Agreement dated April 28, 2011, as amended June
7, 2011, December 12, 2011 and December 14, 2012 (as heretofore amended, restated, supplemented or otherwise modified, the “Existing
Agreement”);

 

WHEREAS,
the Company and the Guarantor have agreed to amend and restate in their entirety the agreements contained in the Existing Agreement;

 

WHEREAS,
the Company wishes to secure one or more letter of credit facilities that provide for the issuance of letters of credit denominated
in Dollars, Euros or such other freely-convertible currency as the Guarantor may reasonably approve (“L/Cs”)
by one or more financial institutions (each such financial institution, a “Bank”) in support of the
Company’s UPP and LComm (each as defined below) businesses (whether issued for the account of the Company or a wholly-owned
Subsidiary of the Company (a “Wholly-Owned Subsidiary”)), as well as for other purposes permitted by
this Agreement (collectively, the “Letter of Credit Facilities”), and as to which L/Cs the Company has
either the primary obligation to reimburse draws or is the guarantor of a Wholly-Owned Subsidiary’s primary obligation to
reimburse draws;

 

WHEREAS,
to obtain more favorable terms under the Letter of Credit Facilities, the Company has requested that the Guarantor agree to enter
into a Guaranty Agreement (each a “Guaranty” and collectively, the “Guaranties”)
with respect to one or more Letter of Credit Facilities, pursuant to which the Guarantor will guarantee the payment to the applicable
Bank (such payment to be made after the Bank has notified the Company that an L/C has been drawn and the Company has not repaid
the Bank within the period of time agreed in the Letter of Credit Facility) of the Company’s obligation to reimburse a draw
on an L/C and pay interest thereon in accordance with the Letter of Credit Facility between such Bank and the Company;

 

WHEREAS,
the Company expects that this Agreement will improve the Company’s access to Non-Guaranteed Facilities which include more
favorable terms than it would otherwise be able to obtain, including no collateral or guaranty requirements, minimum cash balance
requirements or other restrictions on the Company’s cash or liquidity;

 

WHEREAS,
through an affiliate, the Guarantor acquired a portion of the equity interests in the Company and both the Guarantor and its affiliate
derive substantial direct and indirect benefit from the Guarantor providing Guaranties that support the Company’s ability
to obtain Letter of Credit Facilities on favorable terms;

 

    	 

     

    

 

WHEREAS,
in order to induce the Guarantor to enter into this Agreement and each Guaranty, the Company has agreed to undertake certain obligations
as more fully set forth below; and

 

WHEREAS,
the Company and the Guarantor each restates, ratifies and reaffirms each and every term and condition set forth in the Existing
Agreement, as amended and restated hereby, effective as of the date hereof.

 

NOW,
THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Company and the Guarantor hereby agree as follows:

 

AGREEMENT

 

Section
1.             Definitions. Capitalized terms used in this Agreement, including
in its preamble and recitals, shall have the following meanings:

 

(a)          “Affiliation
Agreement” means the Affiliation Agreement, dated April 28, 2011, as amended June 7, 2011, December 23, 2011, February
28, 2012 and August 10, 2012, between Total Energies Nouvelles Activités USA, SAS (formerly known as Total Gas & Power
USA, SAS), and the Company, as amended, restated supplemented or otherwise modified from time to time.

 

(b)          “Aggregate
L/C Amount” means, as of any time, the sum, calculated on a Dollar-Equivalent Basis, of (i) the aggregate amount
then-available to be drawn under all L/Cs issued under any Guaranteed Facility, (ii) the then-remaining amount of L/Cs available
to be issued under any Guaranteed Facility (based on the maximum aggregate amount of L/Cs that could from time to time in the
future be issued under any such Guaranteed Facility), and (iii) the aggregate amount of draws (including accrued but unpaid
interest thereon) on any L/Cs issued under any Guaranteed Facility that have not yet been reimbursed by the Company to either
(x) the applicable Bank or (y) the Guarantor (following a payment by the Guarantor to the Bank pursuant to a Guaranty).

 

(c)          “Agreement”
has the meaning given in the Preamble.

 

(d)          “Annual
Operating Plan” means, for any fiscal year, the projected income statement, cash flow statement and balance sheet
of the Company broken out by quarter for such fiscal year and approved by the Company’s Board of Directors following its
review of supporting material such as operational metrics (including regional MW, ASPs and COGS) and credit support requirements.

 

(e)          “Assignment
Fee” means a fee, equal to $10 million as of the date hereof and reduced by $1 million per calendar quarter until such
Assignment Fee is reduced to zero. As an example, the Assignment Fee that would be payable in connection with an assignment that
occurred on October 15, 2016 would be $8 million.

 

(f)          “Available
Facility Amount” means, at any time, the Maximum L/C Amount in effect at such time, less the Aggregate L/C Amount
at such time.

 

    	- 2 - 

     

    

 

(g)          “Bank”
has the meaning given in the Recitals.

 

(h)          “Business
Day” means a day of the year other than (i) Saturdays, (ii) Sundays or (iii) any day on which banks are required
or authorized by law to close in either or both of New York or Paris, France; provided that, when used in connection with the
determination of LIBOR, the term “Business Day” shall also exclude any day on which banks are not open for dealings
in dollar deposits in the London interbank market.

 

(i)           “Commission
Fee” means the annual fees payable by the Company to a Bank on the issued amount of an L/C under a Letter of Credit
Facility.

 

(j)           “Commitment
Fee” means the annual fees payable by the Company to a Bank on the committed (but not issued) amount of an L/C under
a Letter of Credit Facility.

 

(k)          “Company”
has the meaning given in the Preamble.

 

(l)           “Credit
Rating” means, for any proposed assignee, the credit rating of such assignee’s long-term unsecured, unsubordinated
debt as of the proposed assignment date after taking into account the totality of the transactions pursuant to which such assignee
is acquiring the voting power or voting stock of the Company and assuming the rights and obligations of the Guarantor under this
Agreement and if such assignee had a Credit Rating by S&P and/or Moody’s immediately prior to such proposed assignment,
as evidenced by confirmation of rating issued by S&P and/or Moody’s, as applicable, setting forth such Credit Rating
on a prospective basis after giving effect to such transactions. In any reference to a Credit Rating in this Agreement, the first
Credit Rating is the S&P Credit Rating and the second Credit Rating is the Moody’s Credit Rating.

 

(m)         “CSA
Leverage Benchmark” initially means 4.5 to 1.0. If at any time prior to the Termination Date, Section 5.02 of the
Revolving Credit Agreement is amended to increase or decrease the minimum leverage covenant above or below 4.5 to 1.0, the CSA
Leverage Benchmark shall be increased or decreased correspondingly.

 

(n)          “CSA
Leverage Ratio” means the defined term “Leverage Ratio” as set forth in Section 1.01 (entitled “Defined
Terms”) of the Revolving Credit Agreement, which is incorporated into this Agreement by reference.

 

(o)          “CVSR
Project” means the California Valley Solar Ranch in San Luis Obispo County, California.

 

(p)          “Dollar”
and “$” mean lawful money of the United States of America.

 

(q)          “Dollar-Equivalent
Basis” means, for any date of determination, that amounts denominated in a currency other than Dollars are converted
into the equivalent amount of Dollars based on the “Euro foreign exchange reference rate” and such other foreign exchange
reference rate published by the European Central Bank as may be necessary to convert the applicable currency from such currency
to Euros (if necessary) and from Euros to Dollars.

 

(r)          “Effective
Date” means the date of this Agreement.

 

    	- 3 - 

     

    

 

(s)          “Equity
Securities” of any Person means (i) all common stock, preferred stock, participations, shares, partnership
interests or other equity interests in and of such Person (regardless of how designated and whether or not voting or non-voting)
and (ii) all warrants, options and other rights to acquire any of the foregoing.

 

(t)           “Euro”
and “€” mean the official currency of the European Union.

 

(u)          “Examination
Period” means any period during which (a) 10% or more of the initial face amount of all then-outstanding L/Cs
issued under the Guaranteed Facilities has been drawn during the preceding twelve (12) consecutive months and (b) such drawn
L/Cs relate to three (3) or more projects that are developed or owned by at least three (3) unrelated sponsors; provided, that
an Examination Period shall be deemed not to be in effect if, following the satisfaction of the preceding conditions, (x) the
Company has undertaken an executive-level analysis of the reasons that the L/Cs were drawn upon, (y) the Company has proposed
a course of action responding to the reasons for the draws on the L/Cs that, in the reasonable opinion of the Guarantor’s
Authorized Officer, will prevent the occurrence of an Examination Period in the future, and (z) the Company has implemented such
course of action to the reasonable satisfaction of the Guarantor’s Authorized Officer; and provided, further, that the
first L/C that is drawn upon shall not be considered for purposes of the foregoing determination of whether an Examination Period
is in effect if, after the draw on such L/C, (x) the Company has undertaken an executive-level analysis of the reasons that such
L/C was drawn upon, (y) the Company has proposed a course of action responding to the reasons for the draw on such L/C that, in
the reasonable opinion of the Guarantor’s Authorized Officer, will prevent the occurrence of similar draws on L/Cs in the
future, and (z) the Company has implemented such course of action to the reasonable satisfaction of the Guarantor’s Authorized
Officer.

 

(v)          “Existing
Agreement” has the meaning given in the Preamble.

 

(w)         “GAAP”
means generally accepted accounting principles in the United States of America.

 

(x)          “Guarantee
Fee” has the meaning given in Section 3(b).

 

(y)          “Guaranteed
Facility” means a Letter of Credit Facility that is guaranteed by the Guarantor pursuant to a Guaranty.

 

(z)          “Guarantor”
has the meaning given in the Preamble.

 

(aa)        “Guarantor
Commitment Fee” has the meaning given in Section 3(a).

 

(bb)      
“Guarantor’s Authorized Officer” means the Guarantor’s Senior Vice President Affiliates
Financial Operations.

 

(cc)        “Guaranty”
or “Guaranties” has the meaning given in the Recitals.

 

(dd)       “Indebtedness”
means and includes the aggregate amount of, without duplication (i) all obligations for borrowed money, (ii) all obligations
evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations to pay the deferred purchase price
of property or

 

    	- 4 - 

     

    

 

services (other than accounts payable and accrued expenses incurred in the ordinary course of business determined
in accordance with GAAP), (iv) all obligations with respect to capital leases, (v) all obligations created or arising
under any conditional sale or other title retention agreement with respect to property acquired by such Person, (vi) all
non-contingent reimbursement and other payment obligations, contingent or otherwise, in respect of letters of credit and similar
surety instruments (including construction performance bonds), (vii) the face amount of any letter of credit issued under the
Revolving Credit Agreement for the account of that Person or as to which that Person is otherwise liable for reimbursement of
drawings (but only to the extent such letter of credit has not been cash collateralized), (viii) the face amount of any financial
letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings
(but only to the extent such letter of credit has not been cash collateralized), (ix) any obligations with respect to tax equity
or similar financing arrangements, and (x) (1) the direct or indirect guaranty, endorsement (other than for collection or deposit
in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of the obligation
of another, (2) any obligation of such Person the primary purpose or intent of which is to provide assurance to an obligee that
the obligation of the obligor thereof will be paid or discharged, or any agreement relating thereto will be complied with, or
the holders thereof will be protected (in whole or in part) against loss in respect thereof, and (3) any liability (contingent
or otherwise) of such Person for an obligation of another Person with respect to Indebtedness listed in clauses (i) through (x)
above, including any agreement (a) to purchase, repurchase or otherwise acquire such obligation or any security therefor, or to
provide funds for the payment or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital
contributions or otherwise) or (b) to maintain the solvency or any balance sheet item, level of income or financial condition
of such other Person.

 

(ee)        “Interpolated
Rate” means, with respect to LIBOR for any Interest Period, a rate per annum which results from interpolating on
a linear basis between (i) the applicable Screen Rate for the longest maturity for which a Screen Rate is available that is shorter
than such Interest Period and (ii) the applicable Screen Rate for the shortest maturity for which a Screen Rate is available that
is longer than such Interest Period, in each case at approximately 11:00 a.m., London time, on the date that is two Business Days
prior to the commencement of such Interest Period.

 

(ff)         “L/Cs”
has the meaning given in the Recitals.

 

(gg)       “L/C
Threshold” means one or more L/Cs for a single Proposed Project with an aggregate stated amount of $10,000,000.

 

(hh)      
“LComm” means the large commercial portion of the distributed generation business segment of the Company
with projects sold directly to a commercial end-user and not via a dealer.

 

(ii)          “Letter
of Credit Facilities” has the meaning given in the Recitals.

 

(jj)          “LIBOR”
means, as of any date of determination, the London interbank offered rate as administered by the ICE Benchmark Administration
(or any other Person that takes over the administration of such rate for Dollars) for a period equal six months (an “Interest
Period”)

 

    	- 5 - 

     

    

 

as displayed on the Reuters screen page that displays such rate (currently page LIBOR01) or, in the event
such rate does not appear on a page of the Reuters screen, on the appropriate page of such other information service that publishes
such rate as shall be selected by the Agent from time to time in its reasonable discretion (in each case, the “Screen
Rate”), at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period;
provided, that if the Screen Rate shall not be available at such time for such Interest Period with respect to Dollars, then LIBOR
shall be the Interpolated Rate. If LIBOR (as determined pursuant to the foregoing provisions of this definition) for any Interest
Period is below zero, then LIBOR for such Interest Period shall be deemed to be zero.

 

(kk)        “Lien”
means any lien, mortgage, pledge, security interest, or encumbrance of any kind (including any agreement to give any of the foregoing,
any conditional sale or other title retention agreement, and any lease in the nature thereof) and any option, trust or other preferential
arrangement having the practical effect of any of the foregoing.

 

(ll)         
“Make-Whole Amount” means the amount, if any, actually paid by the Company to the Banks that are party
to Guaranteed Facilities and Non-Guaranteed Facilities and to lenders in any revolving credit facility permitted under this Agreement
in increased costs to the Company as a result of Total S.A.’s assignment of its rights and obligations under this Agreement
(as certified to the Guarantor by the Company’s Chief Financial Officer in connection with each invoice for payment before
the Termination Date), calculated as follows:

 

Increased
L/C Costs + Increased Revolver Costs = Make-Whole Amount payable for such quarter, where

 

“Increased
L/C Costs” means, with respect to L/Cs eligible for a Guaranty under this Agreement, Non-Guaranteed Facilities and
Guaranteed Facilities the repayment of which is not guaranteed by Total S.A. under this Agreement (but in each case that would
have been permitted under this Agreement), the positive number, if any, that is the difference between (x) the sum of all Commission
Fees and Guaranty Fees paid by the Company for such calendar quarter under such facilities less (y) the aggregate amount of all
Commission Fees and Guaranty Fees that the Company would have paid for such calendar quarter based on the weighted average Commission
Fees and Guaranty Fees that were payable by the Company over the six-month period immediately prior to the assignment date.

 

“Increased
Revolver Costs” means, with respect to revolving credit facilities up to a maximum of $200,000,000 and otherwise
permitted under this Agreement, the positive number, if any, that is the difference between (x) interest amounts paid by the Company
for such calendar quarter less (y) interest amounts that the Company would have paid pursuant to its revolving credit facility
in effect immediately prior to the assignment date (based in each case on actual borrowings during such calendar quarter and solely
due to a difference in the margin-over-base rate charged before and after the assignment date); provided, that Increased Revolver
Costs will only be paid until the Termination Date.

 

(mm)      “Material
Adverse Effect” means a material adverse effect on (i) the business, assets, operations or financial or other
condition of the Company and its Subsidiaries (including

 

    	- 6 - 

     

    

 

the joint venture with AU Optronics Corp.), when taken as a whole, (ii) the
ability of the Company to pay or perform the Obligations in accordance with the terms of this Agreement, (iii) the rights
and remedies of the Guarantor under this Agreement, or (iv) the validity or enforceability of this Agreement or the rights
and remedies of the Guarantor hereunder.

 

(nn)       “Maximum
L/C Amount” means $500 million, calculated non-cumulatively and on a Dollar-Equivalent Basis;

 

provided,
that (a) in the event that the Company’s Board of Directors approves an Annual Operating Plan for any period that provides
for credit support requirements for the Company’s UPP and LComm businesses in excess of the amounts specified above for
such period, the Guarantor, may, in its sole discretion, increase the Maximum L/C Amount for such period up to an amount equal
to the credit support requirements set forth in such Annual Operating Plan, or (b) in the event that the Company’s
Board of Directors, by Supermajority Board Approval (as defined in the Affiliation Agreement), approves an Annual Operating Plan
for any period that provides for credit support requirements for the Company’s UPP and LComm businesses in amounts less
than 90% of those specified above for such period, the Maximum L/C Amount for such period shall be automatically reduced to an
amount equal to the credit support requirements set forth in such Annual Operating Plan (such reduced amount the “Reduced
Maximum Amount”);

 

provided,
further, that if following a reduction in the Maximum L/C Amount to the Reduced Maximum Amount, the Company’s management
approves UPP and LComm projects that, together with the existing credit support requirements for the Company’s UPP and LComm
businesses, require credit support requirements up to, but not exceeding, 110% of the Reduced Maximum Amount, then the Reduced
Maximum Amount will automatically be increased (without approval by the Guarantor or the Company’s Board of Directors) to
such higher amount (but not to exceed the Maximum L/C Amount for such period as in effect prior to any reduction);

 

provided,
further, that if following a reduction in the Maximum L/C Amount to the Reduced Maximum Amount (and without limiting the
provisions of the immediately preceding proviso), the Company’s Board of Directors approves UPP and LComm projects that,
together with the existing credit support requirements for the Company’s UPP and LComm businesses, require credit support
requirements in excess of the Reduced Maximum Amount, then the Reduced Maximum Amount will automatically be increased (without
approval by the Guarantor) to such higher amount (but not to exceed the Maximum L/C Amount for such period as in effect prior
to any reduction); and

 

provided,
further, that notwithstanding anything herein to the contrary, at no time may the Maximum L/C Amount exceed $500 million.

 

(oo)       “Moody’s”
means Moody’s Investors Service, Inc.

 

(pp)       “Non-Guaranteed
Facility” means a Letter of Credit Facility that provides for the issuance of L/Cs without the benefit of a Guaranty
or collateral or any required minimum cash balance or other restrictions on the Company’s cash or liquidity.

 

    	- 7 - 

     

    

 

(qq)       “Non-Recourse
Indebtedness” means Indebtedness of the Company or any of its Project Finance Subsidiaries, including front and
back leverage, securitizations, tax equity financings (including inverted lease, partnership flip and Sale and Lease Back Transactions)
and other similar financing structures, and as to which the holders of such Indebtedness have recourse only to such Project Finance
Subsidiaries and any other Project Finance Subsidiaries, including such Project Finance Subsidiaries’ assets, but without
recourse to the Company, other than Permitted Project Recourse.

 

(rr)        “Obligations”
means and includes all liabilities and obligations arising in connection with this Agreement and the issuance of, maintenance
of or payment by the Guarantor under any Guaranty, owed by the Company to the Guarantor of every kind and description (whether
or not evidenced by any note or instrument and whether or not for the payment of money), now existing or hereafter arising, including
all interest, fees, charges, expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and
payable by the Company hereunder, in each case, whether direct or indirect, absolute or contingent, due or to become due, and
whether or not arising after the commencement of a proceeding under Title 11 of the United States Code (11 U.S.C. § 101 et
seq.), as amended from time to time (including post-petition interest) and whether or not allowed or allowable as a claim in any
such proceeding.

 

(ss)        “Other
Permitted Purposes” means (i) development obligations or guaranties of the Company or a Wholly-Owned Subsidiary
with respect to project development obligations such as transmission reservations and land options for the Company’s UPP
and LComm businesses, (ii) remediation work, landscaping and other related obligations or guarantees of the Company or a
Wholly-Owned Subsidiary in favor of government entities for reparation of land and surrounding environment after construction
for the Company’s UPP and LComm businesses, (iii) obligations or guarantees of the Company or a Wholly-Owned Subsidiary
with respect to obligations to local tax authorities relating to doing business in that locality with respect to the Company’s
UPP or LComm businesses, and (iv) obligations or guarantees of the Company or a Wholly-Owned Subsidiary with respect to bid for
projects or power purchase agreements in the Company’s UPP and LComm businesses, so long as such L/C is returned upon failure
of award or upon award and replaced by an L/C that is otherwise permitted under this Agreement, subject to the Guarantor’s
prior consent for any new L/C issuance which would increase or leave the aggregate face amount of the L/Cs issued under this clause
(iv), outstanding at any time, beyond $10,000,000.

 

(tt)         “Permitted
Assignee” means a Person that (i) is a subsidiary of Total S.A. and (ii) has a Credit Rating of BBB+/Baa1
or better or, if such Person does not have a Credit Rating from S&P or Moody’s, would have a Credit Rating of at least
BBB+/Baa1 if it were rated by S&P or Moody’s, as determined by a leading investment bank in a letter to the Guarantor
(a copy of which shall be delivered to the Company at the time that the Guarantor provides initial notice of the proposed assignment);
provided, that, in event that such Person has a Credit Rating from both S&P and Moody’s and has a Credit Rating of
BBB+ or better by S&P or Baa1 or better by Moody’s, but not both, such Person shall satisfy the requirements of clause
(ii) if the S&P and Moody’s Credit Ratings do not differ by more than one rating (for example, if the S&P Credit
Rating is BBB+ and the Moody’s Credit Rating is Baa2, such Person would satisfy the requirements of clause (b), but if the
S&P Credit Rating is BBB+ and the Moody’s Credit Rating is Baa3, such Person would not satisfy the requirements of clause
(ii)); provided, further, that,

 

    	- 8 - 

     

    

 

in the case of a proposed assignee that does not have a Credit Rating from S&P or Moody’s,
the Company shall have the option to retain a second leading investment bank to confirm that the proposed assignee’s Credit
Rating, if it were rated by S&P or Moody’s, would be at least BBB+/Baa1, by delivering written notice to the Guarantor
within ten (10) Business Days of the Company’s receipt of the initial notice of the proposed assignment and such second
leading investment bank shall be provided with the same information used by the initial leading investment bank in making its
initial determination of such Credit Rating, including information (including financial projections) from the proposed assignee,
and in the event that such second leading investment bank issues a letter, within thirty (30) days of the second leading investment
bank’s receipt of the required information described above, advising the Company that the proposed assignee’s Credit
Rating, if it were rated by S&P or Moody’s, would not be at least BBB+/Baa1, representatives of each of the Guarantor
and the Company shall confer to resolve the discrepancy between the two leading investment banks (which may include retaining
a third mutually acceptable leading investment bank to resolve such discrepancy).

 

(uu)        “Permitted
Project Recourse” means (i) limited guarantees and side letters from the Company or any of its Subsidiaries which
are not Project Finance Subsidiaries in respect of any Indebtedness of any Project Financing Subsidiary which do not guarantee
obligations for borrowed money (including notes, bonds and other similar instruments), operating lease obligations, capital lease
obligations or reimbursement or other payment obligations in respect of letters of credit (including, without limitation, equipment,
procurement and construction, operations and maintenance, asset management, liquidated damages and managing member and tax indemnity
undertakings), and (ii) pledges of equity interests in Project Finance Subsidiaries (or direct or indirect owners of Project Finance
Subsidiaries) or other limited guarantees or side letters provided that the holders of such Indebtedness have acknowledged that
they will not have any recourse to the assets or equity interests (other than as specified in this clause (ii)) of the Company
or any of its Subsidiaries which are not Project Finance Subsidiaries.

 

(vv)        “Permitted
Secured Indebtedness” means:

 

		(i)	Indebtedness existing on
the date hereof and listed on Schedule IV hereto;

 

		(ii)	Indebtedness of any Person
who becomes a Subsidiary after the Effective Date so long as such Indebtedness exists at the time such Person becomes a Subsidiary
and is not created in contemplation of or in connection with such Person becoming a Subsidiary and is secured solely by the assets
and equity of such Subsidiary;

 

		(iii)	Indebtedness that represents
an extension, refinancing or renewal of any of the Indebtedness described in clauses (i) and (ii); provided, that such extension,
refinancing or renewal may not increase the amount of such Indebtedness or secure such Indebtedness with collateral additional
to the collateral securing such Indebtedness immediately prior to such extension, refinancing or renewal;

 

		(iv)	Non-Recourse Indebtedness;

 

    	- 9 - 

     

    

 

		(v)	Indebtedness to customers
and suppliers incurred in connection with the purchase of equipment, supplies and inventory from such suppliers and customers
under supply agreements, secured only by liens on such equipment, supplies and inventory;

 

		(vi)	Indebtedness with respect
to letters of credit (which shall include any extensions, renewals or replacements thereof) issued with respect to a project for
which the Guarantor has not given its approval under Section 2(c), so long as the aggregate undrawn amount of such letters of
credit (when combined with letters of credit described in clause (vii) below) does not exceed $125,000,000;

 

		(vii)	Indebtedness with respect
to letters of credit (which shall include any extensions, renewals or replacements thereof) that, at the time of the issuance
thereof, could not be issued under a Guaranteed Facility or a Non-Guaranteed Facility, so long as the aggregate undrawn amount
of such letters of credit (when combined with letters of credit described in clause (vi) above) does not exceed $125,000,000;
and

 

		(viii)	other Indebtedness in an
aggregate outstanding principal amount not to exceed $50,000,000.

 

(ww)      “Person”
shall mean and include an individual, a partnership, a corporation (including a business trust), a joint stock company, a limited
liability company, an unincorporated association, a joint venture or other entity or a governmental authority.

 

(xx)         “Potential
Trigger Event” means any event or condition that, with the giving of notice or the passage of time, or both, would
be a Trigger Event.

 

(yy)        “Project
Finance Subsidiary” means a limited purpose Subsidiary established in connection with the construction of a solar
project, or the sale of solar equipment and/or energy.

 

(zz)         “Proposed
Facility” has the meaning given in Section 2(a).

 

(aaa)      “Proposed
Project” means a solar project with a single purchaser under one or more power purchase agreements and owned by
a single Project Finance Subsidiary.

 

(bbb)      “Revolving
Credit Agreement” means the Revolving Credit Agreement dated as of July 3, 2013 among the Company, Credit Agricole
Corporate and Investment Bank, as agent (the “Agent”), and the lenders party thereto, as amended by
(i) the First Amendment to Credit Agreement dated August 26, 2014 among the Company, the Agent and the lenders party thereto,
(ii) the Second Amendment to Revolving Credit Agreement dated February 17, 2016 among the Company, the Agent and the lenders party
thereto, and (iii) the Third Amendment to Revolving Credit Agreement dated March 18, 2016 among the Company, the Agent and the
lenders party thereto, as amended, restated supplemented or otherwise modified from time to time.

 

(ccc)       “S&P”
means Standard & Poor’s Financial Services LLC, a subsidiary of the McGraw-Hill Companies, Inc.

 

    	- 10 - 

     

    

 

(ddd)      “Sale
and Lease Back Transaction” means any operating lease obligations or capital lease obligations, of any property
(whether real, personal or mixed), whether now owned or hereafter acquired, (i) that the Company or any of its Subsidiaries has
sold or transferred or is to sell or transfer to any other Person (other than the Company or any of its Subsidiaries) or (ii)
that the Company or any of its Subsidiaries intends to use for substantially the same purpose as any other property that has been
or is to be sold or transferred by the Company or any of its Subsidiaries to any Person (other than the Company or any of its
Subsidiaries) in connection with any lease.

 

(eee)       “Subsidiary”
means (i) any corporation of which at least 50% of the issued and outstanding Equity Securities having ordinary voting power
to elect a majority of the board of directors of such corporation is at the time directly or indirectly owned or controlled by
the Company, (ii) any partnership, joint venture, or other association of which at least 50% of the equity interest having
the power to vote, direct or control the management of such partnership, joint venture or other association is at the time directly
or indirectly owned and controlled by the Company, or (iii) any other entity included in the financial statements of the
Company on a consolidated basis; provided, that the joint venture with AU Optronics Corp. will not be considered a Subsidiary
for purposes of this Agreement, unless specifically stated otherwise or included in the financial statements of the Company on
a consolidated basis.

 

(fff)         “Termination
Date” means December 31, 2018.

 

(ggg)      “Trigger
Event” has the meaning given in Section 7(a).

 

(hhh)      “Upfront
Fee” means the fees payable by the Company to a Bank upon the issuance of an L/C under a Letter of Credit Facility.

 

(iii)         “UPP”
means the utility and power plant business segment of the Company, which includes power plant project development, construction
and project sales, turn-key engineering, procurement and construction services for power plant construction, and power plant operations
and maintenance services, but excludes component sales.

 

(jjj)          “Wholly-Owned
Subsidiary” has the meaning given in the Recitals.

 

Section
2.              Guaranty.

 

(a)           Request
for Guaranty. At any time from the Effective Date until the Termination Date, the Company may present to the Guarantor a written
request for the Guarantor to provide a Guaranty in support of the Company’s payment obligations with respect to a Letter
of Credit Facility (the “Proposed Facility”), which request shall include copies of all proposed documents
relating to the Proposed Facility. For the avoidance of doubt, the Proposed Facility may be a Letter of Credit Facility that was
in effect as of the Effective Date pursuant to which the Company proposes to arrange for L/Cs to be issued after the Effective
Date that are guaranteed by a Guaranty.

 

(b)           Conditions
to Issuance of Guaranty. The Guarantor shall issue and enter into a Guaranty and such other documents as may be reasonably
requested by the applicable Bank relating to the Proposed Facility (to the extent reasonably acceptable to the Guarantor) as soon
as

 

    	- 11 - 

     

    

 

reasonably practicable after its receipt of the documentation relating to the Proposed Facility and in light of the Company’s
timing needs with respect to the L/Cs to be issued under such Proposed Facility (and in any event within ten (10) Business Days
after its receipt of such documentation); provided, that the following conditions are either satisfied or waived by the Guarantor:

 

(i)          after
giving effect to such requested Guaranty and such Proposed Facility, the Aggregate L/C Amount will not exceed the Maximum L/C
Amount in effect at such time;

 

(ii)         such
Proposed Facility requires the Company to reimburse the Bank for any drawn L/Cs within five (5) Business Days;

 

(iii)        such
Proposed Facility does not permit issuance of L/Cs after the Termination Date or with an expiration date after 15 months after
the Termination Date;

 

(iv)        such
Proposed Facility does not permit the issuance of L/Cs for any obligations of the Company or a Wholly-Owned Subsidiary other than
(A) performance guarantees (for a period of up to two (2) years after completion of the applicable project) and completion guarantees
(until completion of the applicable project) of the Company or such Wholly-Owned Subsidiary with respect to engineering, procurement
and construction services provided in connection with the Company’s UPP and LComm businesses (including replacing unguaranteed
L/Cs in existence as of the Effective Date for such purposes with new L/Cs to be issued under such Proposed Facility), (B) performance
guarantees for engineered hardware packages not including engineering, procurement and construction services for UPP projects
for a period of up to two (2) years after completion of the applicable project, (C) the Other Permitted Purposes for a period
of up to two (2) years, and (D) letters of credit or demand guarantees that relate to the CVSR Project and are listed on Schedule
V attached hereto, including any renewals or replacements thereof, in an aggregate amount outstanding at any time not to exceed
$149,768,161; provided, that, notwithstanding anything to the contrary in this Section 2(b)(iv), the Company will be permitted
to have outstanding at any one time during the period described in Section 2(b)(iii) letters of credit for the purposes described
in clauses (A) and (B) above with a period of between two (2) and three (3) years and for an aggregate initial face amount of
up to fifteen per cent (15%) of the then-applicable Maximum L/C Amount;

 

(v)         no
Trigger Event has occurred and is continuing, or would result from the Company entering into such Proposed Facility and all other
documents contemplated by such Proposed Facility; and

 

(vi)        the
Guaranty required to be provided by the Guarantor in connection with the Proposed Facility is substantially in the form of Exhibit
A hereto or such other form as the Guarantor may agree with the applicable Bank (it being understood that the Guarantor will negotiate
the form of Guaranty with such Bank in good faith), which Guaranty shall, in any case, include (A) a right of the Guarantor
to direct such Bank to suspend the issuance of any additional L/Cs upon the occurrence and during the

 

    	- 12 - 

     

    

 

continuation of a Trigger
Event or following the reduction of the Maximum L/C Amount pursuant to this Agreement and (B) an obligation of such Bank
to notify the Guarantor in writing of each issuance or drawdown of an L/C under the Letter of Credit Facility (including making
a copy thereof available to the Guarantor upon request).

 

(c)           L/C
Threshold.

 

(i)          Until
the L/C Threshold is exceeded for any Proposed Project, the Company will not need the consent of the Guarantor before requesting
the issuance of an L/C under a Guaranteed Facility.

 

(ii)         Once
the L/C Threshold is exceeded for any Proposed Project:

 

		(A)	the Company and the Guarantor
will review the forecast of L/Cs for such Proposed Project and the Company will follow the consent process provided in clause
(iv) below with respect to all L/Cs required for the project; and

 

		(B)	if the L/Cs for such Proposed
Project exceed the forecast that was approved by the Guarantor by an amount equal to or in excess of the lesser of (x) the L/C
Threshold and (y) 10% of the aggregate amount of L/Cs approved in the forecast, the Company will follow the consent process provided
in clause (iv) below with respect to all L/Cs required for the project once again.

 

(iii)        Before
the issuance of the final L/C for any Proposed Project subject to this Section 2(c), the Company and the Guarantor will review
the final forecast of L/Cs for such Proposed Project and the Company will follow the consent process provided in clause (iv) below
once again.

 

(iv)        In
reviewing any Proposed Project subject to this Section 2(c), (A) the Guarantor will endeavor to provide its response to any request
for its consent in connection with any L/C within two (2) weeks after receiving appropriate due diligence documentation relating
to such project, and (B) the Guarantor will be deemed to have consented to the issuance of such an L/C if it has not responded
to any request for its consent within four (4) weeks after receiving all documentation reasonably requested by the Guarantor in
order to evaluate the proposed L/C issuance (it being understood if the Guarantor objects to such proposed issuance of an L/C
within four (4) weeks after receiving all documentation reasonably requested by the Guarantor in order to evaluate the proposed
L/C issuance, the Company shall (subject to clause (vi) of the definition of Permitted Secured Indebtedness) be permitted to obtain
an L/C for such purpose under a Letter of Credit Facility that is not the subject of a Guaranty pursuant to this Agreement, such
Letter of Credit Facility may be secured without the requirement to grant the Guarantor a Lien, and any L/Cs issued thereunder
shall not count toward the calculation of the Aggregate L/C Amount or Maximum L/C Amount for purposes of this Agreement).

 

    	- 13 - 

     

    

 

Section
3.              Fees, Expenses and Interest. In consideration for the Guarantor’s
commitment set forth in this Agreement and for entering into the Guaranties, the Company hereby agrees to make the following payments
to the Guarantor:

 

(a)            Guarantor
Commitment Fee. Within thirty (30) days after the last day of each calendar quarter, the Company shall pay to the Guarantor
a commitment fee (the “Guarantor Commitment Fee”) equal to 0.50% times the average daily Available Facility
Amount for the preceding calendar quarter.

 

(b)           Guarantee
Fee. Within thirty (30) days after the last day of each calendar quarter, the Company shall pay to the Guarantor a guarantee
fee (the “Guarantee Fee”) for each L/C that was the subject of a Guaranty and was outstanding for all
or any part of the preceding calendar quarter calculated as follows:

 

X
times Y times (Z/365)

 

where:

 

(i)             X
is (A) the undrawn amount of such L/C plus (B) the amount drawn on such L/C that has not yet been reimbursed either by the Company
to the applicable Bank or by the Guarantor to the applicable Bank under the Guaranty;

 

(ii)            Y
is the percentage rate set forth in the following table opposite the applicable CSA Leverage Ratio determined in accordance with
such table; and

 

	 

        CSA Leverage
        Ratio is:
	
         

        Fee percentage
rate applicable by tier on each outstanding L/C amount 

($000,000) during a certain number of days:

         

	
        Less
        than 200
	Equal
                                         to or more 

than 200 and less 

than 300
	Equal
                                         to or more 

than 300 and less 

than 400
	Equal
                                         to or more

 than 400 and less 

than or equal to 

500

	
         

        Less
than or equal to the CSA

        Leverage
Benchmark
	  

        2.35%
	  

        2.35%
	  

        2.35%
	  

        2.35%

	 

                                                                                                                                                                                 Greater
                                         than the CSA

        Leverage
        Benchmark
	 

        2.35%
	 

        4.50%
	 

        6.50%
	 

        8.00%

 

    	- 14 - 

     

    

 

 (iii)        Z
is the number of days during such calendar quarter that the L/C was outstanding.

 

Sample
illustrative calculations of the Guarantee are set forth on Schedule VI hereto.

 

(c)           Repayment.
Within thirty (30) days after the date on which the Guarantor makes any payment to a Bank under a Guaranty and the Company’s
receipt of written or electronic notice of such payment from the Guarantor, the Company shall pay to the Guarantor (i) the
full amount of such payment made by the Guarantor plus (ii) interest on such amount, for the period from and including the
date of payment by the Guarantor to the Bank to and including the date of payment by the Company to the Guarantor, at a rate per
annum equal to LIBOR as in effect as of the date of the payment by the Guarantor to the Bank plus 3.00%. Notwithstanding the fact
that the Company may have a Bank issue L/Cs for the account of a Wholly-Owned Subsidiary, the Company shall remain liable to such
Bank for repayments under any such L/Cs (whether as a primary obligor or as a guarantor of such Wholly-Owned Subsidiary’s
repayment obligations) and the Company’s obligations under this Section 3(b) apply to payments under Guaranties that relate
to L/Cs issued for the account of any such Wholly-Owned Subsidiary.

 

(d)           Expenses.

 

 (i)          The
Company shall pay and reimburse the Guarantor for all reasonable out-of-pocket expenses incurred by the Guarantor after the Effective
Date in the performance of its services under this Agreement. The Guarantor will provide the Company with a good faith estimate
of any such expenses to be incurred in connection with a Proposed Facility and will deliver to the Company invoices for such expenses.
All such expenses for which invoices were delivered to the Company during a fiscal quarter of the Company are due and payable
within 15 days after the end of such fiscal quarter.

 

 (ii)          The
Company shall pay all reasonable out-of-pocket attorneys’ fees and expenses incurred by the Guarantor in connection with
(A) the payment to a Bank under a Guaranty or (B) any enforcement or attempt to enforce any of the obligations of the
Company under this Agreement.

 

(e)           Interest
on Overdue Amounts. Any payment obligations of the Company to the Guarantor that are not paid when due shall accrue interest
at a rate equal to LIBOR as in effect as of the time such payment was due plus 5.00% per annum.

 

(f)            Bank
Fees. For the avoidance of doubt, all fees and amounts (other than L/C draw reimbursement obligations and interest thereon),
including but not limited to Commission Fees, Commitment Fees and Upfront Fees, required to be paid by the Company to a Bank pursuant
to a Guaranteed Facility are solely the obligations of the Company and will not be payable by the Guarantor pursuant to a Guaranty
or otherwise.

 

Section
4.              Representations and Warranties.

 

(a)           Company
Representations and Warranties. On and as of the date of this Agreement, the Company represents and warrants to the Guarantor
that:

 

    	- 15 - 

     

    

 

(i)          Due
Incorporation, Qualification, etc. The Company is a corporation duly organized, validly existing and in good standing under
the laws of its state of incorporation or formation and has the requisite corporate power and authority to conduct its business
as it is presently being conducted.

 

(ii)         Authority.
The execution, delivery and performance by the Company of this Agreement and the consummation of the transactions contemplated
hereby (A) are within the corporate power and authority of the Company and (B) have been duly authorized by all necessary
corporate actions on the part of the Company.

 

(iii)        Enforceability.
This Agreement has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws
of general application relating to or affecting the enforcement of creditors’ rights generally and general principles of
equity.

 

(iv)        Non-Contravention.
The execution and delivery by the Company of this Agreement and the performance and consummation of the transactions contemplated
hereby do not and will not (A) violate the articles or certificate of incorporation or bylaws of the Company, (B) violate
any judgment, order, writ, decree, statute, rule or regulation applicable to the Company, (C) violate any provision of, or
result in the breach or the acceleration of, or entitle any other person to accelerate (whether after the giving of notice or
lapse of time or both), any material mortgage, indenture, agreement, instrument or contract to which the Company is a party or
by which it is bound, or (D) result in the creation or imposition of any Lien upon any property or asset of the Company (other
than those in favor of the Guarantor), except, in the case of each of clauses (B), (C) and (D) above, for such violations, or
breaches or Liens that could not reasonably be expected to (1) have a Material Adverse Effect or (2) materially impede or delay
the Company’s performance of its obligations under this Agreement.

 

(v)         Approvals.
Other than those already obtained, no consent, approval, order or authorization of, or registration, declaration or filing with,
any governmental authority or other person or entity (including, without limitation, the shareholders of the Company) is required
in connection with the execution and delivery by the Company of this Agreement and the performance and consummation by the Company
of the transactions contemplated hereby and thereby.

 

(vi)        Litigation.
There are no actions, suits, proceedings or investigations pending against the Company or its properties, nor has the Company
received notice of any threat thereof, and the Company is not a party or to its knowledge subject to the provisions of any order,
writ, injunction, judgment or decree of any court or government agency or instrumentality, that question the validity of this
Agreement, or the right of the Company to enter into this Agreement, or to consummate the transactions contemplated hereby, or
that could reasonably be expected to have a Material Adverse Effect or result in any change in the current equity ownership of
the Company, nor is the Company aware that there is any basis for any of the foregoing.

 

    	- 16 - 

     

    

 

(vii)       Full
Disclosure. Neither this Agreement, the exhibits hereto, nor any other document delivered by the Company to the Guarantor
or its attorneys or agents in connection herewith or therewith or with the transactions contemplated hereby or thereby, contains
any untrue statement of a material fact nor omits to state a material fact necessary in order to make the statements contained
herein or therein not misleading in light of the circumstances under which such statements were made.

 

(b)          Guarantor
Representations and Warranties. On and as of the date of this Agreement, the Guarantor represents and warrants to the Company
that:

 

(i)          Due
Incorporation, Qualification, etc. The Guarantor is duly organized, validly existing and in good standing under the laws of
its jurisdiction of incorporation or formation and has requisite power and authority to conduct its business as it is presently
being conducted.

 

(ii)         Authority.
The execution, delivery and performance by the Guarantor of this Agreement and the consummation of the transactions contemplated
hereby (A) are within the corporate power and authority of the Guarantor and (B) have been duly authorized by all necessary
corporate actions on the part of the Guarantor.

 

(iii)        Enforceability.
This Agreement has been duly executed and delivered by the Guarantor and constitutes a legal, valid and binding obligation of
the Guarantor, enforceable against the Guarantor in accordance with its terms, except as limited by bankruptcy, insolvency or
other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general principles
of equity.

 

(iv)        Non-Contravention.
The execution and delivery by the Guarantor of this Agreement and the performance and consummation of the transactions contemplated
hereby do not and will not violate the formative or governing documents of the Guarantor or any material judgment, order, writ,
decree, statute, rule or regulation applicable to the Guarantor.

 

(v)         Approvals.
Other than those already obtained, no consent, approval, order or authorization of, or registration, declaration or filing with,
any governmental authority or other person or entity is required in connection with the execution and delivery by the Guarantor
of this Agreement and the performance and consummation by the Guarantor of the transactions contemplated hereby and thereby.

 

(vi)        Litigation.
There are no actions, suits, proceedings or investigations pending against the Guarantor, nor has the Guarantor received notice
of any threat thereof, and the Guarantor is not a party or to its knowledge subject to the provisions of any order, writ, injunction,
judgment or decree of any court or government agency or instrumentality, that question the validity of this Agreement, or the
right of the Guarantor to enter into this Agreement, or to consummate the transactions contemplated hereby, nor is the Guarantor
aware that there is any basis for any of the foregoing.

 

    	- 17 - 

     

    

 

Section
5.             Covenants of the Company.

 

(a)          Affirmative
Covenants. The Company agrees:

 

(i)          to
give the Guarantor prompt written notice of any Trigger Event under this Agreement or any event of default under any Guaranteed
Facility;

 

(ii)         within
ten (10) days after the last day of each calendar quarter, to give the Guarantor written notice of each L/C is issued under a
Guaranteed Facility (including making a copy of the applicable L/C available upon request);

 

(iii)        to
ensure that the payment obligations of the Company to the Guarantor under this Agreement rank at least equal in right of payment
with all other present and future Indebtedness of the Company other than Permitted Secured Indebtedness; and

 

(iv)        to
follow the consent procedures described in Section 2(c) for the issuance of any L/C under a Guaranteed Facility that would exceed
the L/C Threshold.

 

(b)          Negative
Covenants. From and after the Effective Date, the Company agrees that, without the prior written consent of the Guarantor
(such consent to be given or withheld by the Guarantor’s Authorized Officer and such decision not to be unreasonably delayed),
it will not:

 

(i)          request,
during the continuance of an Examination Period, the issuance of an L/C under a Guaranteed Facility if the Aggregate L/C Amount,
after giving effect to the issuance of such L/C, would be greater than the greater of (A) the Aggregate L/C Amount immediately
prior to the issuance of such L/C plus 25% of the Available Facility Amount immediately prior to the issuance of such L/C and
(B) 50% of the then-applicable Maximum L/C Amount (it being agreed that at any time during the continuance of an Examination
Period, the Guarantor may, after prior notice to the Company, notify the Banks under Guaranteed Facilities of the reduced Available
Facility Amount as provided above);

 

(ii)         request
the issuance of an L/C under a Guaranteed Facility if any Potential Trigger Event or Trigger Event described in Section 7(a)(i),
(iv), (vi) or (vii) has occurred and is continuing;

 

(iii)        amend
any agreements related to any Guaranteed Facility;

 

(iv)        grant
any Lien to secure any Indebtedness (other than Permitted Secured Indebtedness) unless (A) an identical lien is granted to
the Guarantor to secure the Company’s obligations under this Agreement pursuant to such agreements, instruments and other
documents as are reasonably satisfactory to the Guarantor and (B) such other Lien is at all times equal or subordinate to
the priority of the Lien granted to the Guarantor under clause (A) above pursuant to an intercreditor agreement in form and substance
reasonably satisfactory to the Guarantor; and

 

    	- 18 - 

     

    

 

(v)         make
any dividend distributions for so long as it has any outstanding repayment obligation to the Guarantor under this Agreement resulting
from a draw on an L/C that is the subject of a Guaranty.

 

(c)          Reporting
Requirements. The Company agrees to deliver to the Guarantor as of and after the Effective Date:

 

(i)          not
later than fifteen (15) days prior to the beginning of each fiscal year of the Company, a draft Annual Operating Plan for such
fiscal year that includes the aggregate amount of L/Cs anticipated to be issued under Letter of Credit Facilities and guaranteed
pursuant to this Agreement during such fiscal year and promptly when an Annual Operating Plan for a fiscal year is approved by
the Company’s Board of Directors, a copy of such Annual Operating Plan together with copies of all supporting materials
reviewed by the Company’s Board of Directors in connection with such Annual Operating Plan (including regional MW, ASPs
and COGS) and a report substantially in the form of Schedule I hereto, certified by the Chief Financial Officer of the Company;

 

(ii)         within
ten (10) days after the last day of each calendar quarter, a report substantially in the form of Schedule II hereto, detailing
the terms of all Guaranteed Facilities then in effect, certified by the Chief Financial Officer of the Company;

 

(iii)        promptly
upon learning of a draw under an L/C, written notice of such draw, and within five (5) Business Days of such draw a report substantially
in the form of Schedule III hereto, detailing the number and amounts of all draws on L/Cs over the preceding twelve (12) months;

 

(iv)        within
ten (10) days after the last day of each calendar quarter, a report or electronic file detailing the terms of the parent company
guarantees issued by the Company and its Subsidiaries then in effect, certified by the Chief Financial Officer of the Company;

 

(v)         not
later than fifteen (15) days after the filing by the Company of a Form 10-K or Form 10-Q with the United States Securities and
Exchange Commission, a report detailing in the form of Schedule VII hereto the terms of all outstanding Indebtedness of the Company,
certified by the Chief Financial Officer of the Company;

 

(vi)        not
later than fifteen (15) days after the filing by the Company of a Form 10-K with the United States Securities and Exchange Commission,
a report detailing all outstanding Non-Recourse Indebtedness, certified by the Chief Financial Officer of the Company;

 

(vii)       not
later than fifteen (15) days after the filing by the Company of a Form 10-K or Form 10-Q with the United States Securities and
Exchange Commission, a report detailing in the calculation of the CSA Leverage Ratio and evidencing the amount of available cash,
as of the last day of any fiscal quarter, together with a reminder of similar information as of the last day of each of the preceding
four (4) fiscal quarters and a forecast as of the last day of each of the following four (4) fiscal quarters, certified by the
Chief Financial Officer of the Company; and

 

    	- 19 - 

     

    

 

(viii)      such
additional information and documents (including documents relating to Permitted Secured Indebtedness) as may be requested by the
Guarantor for the purpose of verifying the Company’s compliance with its obligations under this Agreement.

 

Section
6.             Covenants of the Guarantor.

 

(a)          The
Guarantor acknowledges that any Liens granted to the Guarantor as provided for in Section 5(b)(iv) shall at all times be junior
and subordinate to the priority of the Liens granted to the holders of Permitted Secured Indebtedness and the Guarantor agrees
to enter into intercreditor agreements with the holders of Permitted Secured Indebtedness to effectuate the foregoing.

 

(b)         On
the Effective Date, the Guarantor will notify the Company of the name and contact information for the Guarantor’s Authorized
Officer and from time to time thereafter will promptly notify the Company of the name and contact information for any replacement
thereof.

 

Section
7.             Trigger Events and Remedies.

 

(a)          Trigger
Events. Each of the following events occurring as of or after the Effective Date shall constitute a “Trigger Event”
for purposes of this Agreement:

 

(i)          the
Company defaults with respect to (A) its reimbursement obligations under Section 3(c) or (B) any other payment obligation
hereunder if such obligation remains unpaid thirty (30) days after the due date therefor and the Guarantor’s written demand
therefor;

 

(ii)         any
representation or warranty made by the Company in this Agreement or as an inducement to the Guarantor to enter into any Guaranty
is false, incorrect, incomplete or misleading in any material respect when made and the Company has failed to cure such misrepresentation
within fifteen (15) days after notice thereof from the Guarantor;

 

(iii)        the
Company fails to observe or perform any other material covenant, obligation, condition or agreement contained in this Agreement
and such failure continues for fifteen (15) days;

 

(iv)        the
Company defaults in the observance or performance of any agreement, term or condition contained in any Guaranteed Facility that
would constitute an event of default or similar event thereunder (other than an obligation to pay any amount the payment of which
is guaranteed by the Guarantor pursuant to a Guaranty), up to or beyond any grace period provided in the Guaranteed Facility;
provided, that if the applicable Bank waives the Company’s failure to observe or perform its obligations under a Guaranteed
Facility, and if the Company wishes the Guarantor to waive the Trigger Event described in this clause (iv) based on the Bank’s
waiver, then the Company shall notify the Guarantor’s Authorized Officer of the Bank’s waiver and the Guarantor’s
Authorized Officer, on behalf of the Guarantor, shall promptly consider in good faith whether to waive the Trigger Event described
in this clause (iv) on the basis that the Company’s default of its obligations under the Guaranteed Facility is immaterial
to the

 

    	- 20 - 

     

    

 

Company’s performance of its obligations under this Agreement and the Guarantor’s rights under this Agreement;

 

(v)         the
Company or any of its Subsidiaries defaults in the observance or performance of any other agreement, term or condition contained
in any bond, debenture, note or other evidence of Indebtedness (other than any Guaranteed Facility), and the effect of such failure
or default is to cause, or permit the holder or holders of such Indebtedness thereof to cause, Indebtedness in an aggregate amount
for all such collective defaults of $25 million or more to become due prior to its stated date of maturity;

 

(vi)        the
Company or any of its Subsidiaries (A) applies for or consents to the appointment of a receiver, trustee, liquidator or custodian
of itself or of all or a substantial part of its property, (B) is unable, or admits in writing its inability, to pay its
debts generally as they mature, (C) makes a general assignment for the benefit of its or any of its creditors, (D) is
dissolved or liquidated, (E) becomes insolvent (as such term may be defined or interpreted under any applicable statute), (F)
commences a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its
debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the
appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against
it, or (G) takes any action for the purpose of effecting any of the foregoing; provided, that to the extent that any of the foregoing
applies only to one or more Subsidiaries of the Company and not to the Company itself, then a Trigger Event shall be deemed to
have occurred only if such event or occurrence could reasonably be expected to have a Material Adverse Effect; and

 

(vii)       proceedings
are commenced (and such proceedings are not dismissed within sixty (60) days of such commencement) for the appointment of a receiver,
trustee, liquidator or custodian of the Company, or of all or a substantial part of its property or any of its Subsidiaries, or
an involuntary case or other proceeding seeking liquidation, reorganization or other relief with respect to the Company or any
of its Subsidiaries or its or their debts under any bankruptcy, insolvency or other similar law now or hereafter in effect; provided, that to the extent that any of the foregoing applies only to one or more Subsidiaries of the Company and not to the Company
itself, then a Trigger Event shall be deemed to have occurred only if such event or occurrence could reasonably be expected to
have a Material Adverse Effect.

 

(b)          Action
Following a Trigger Event.

 

(i)           Following
the occurrence of a Trigger Event and during its continuation, the Guarantor may:

 

(A)          elect
not to enter into any additional Guaranties;

 

(B)          by
written notice to the Company, declare all or any portion of the outstanding amounts owed by the Company to the Guarantor

 

    	- 21 - 

     

    

 

hereunder
to be due and payable, whereupon the full unpaid amount of such amounts shall be and become immediately due and payable, without
further notice, demand or presentment;

 

(C)          after
providing prior written notice to the Company, direct each Bank to immediately halt all issuances of any additional L/Cs under
any Guaranteed Facility;

 

(D)          access
and inspect the Company’s relevant financial records and other documents upon reasonable notice to the Company and make
extracts from and copies of such financial records and other documents; and

 

(E)          exercise
all other rights of the Guarantor under applicable law.

 

(ii)          Any
declaration made by the Guarantor pursuant to Section 8(b) may be rescinded by written notice to the Company or a Bank, as applicable;
provided, that no such rescission or annulment shall extend to or affect any subsequent Trigger Event or impair any right consequent
thereon.

 

(iii)         For
the avoidance of doubt, the occurrence of a Trigger Event will not affect the Guarantor’s obligations to a Bank under any
Guaranty that is then in effect.

 

Section
8.             Termination. This Agreement shall terminate following the
later of (a) the payment in full of all Obligations and (b) the termination or expiration of each Guaranty provided
hereunder following the Termination Date.

 

Section
9.              Miscellaneous.

 

(a)           Notices.
Except as otherwise provided herein, all notices, requests, demands, consents, instructions or other communications to or upon
the Company and the Guarantor under this Agreement shall be in writing and delivered by facsimile, hand delivery, overnight courier
service or certified mail, return receipt requested, to each party at the address set forth below (or to such other address most
recently provided by such party to the other party). All such notices and communications shall be effective (i) when sent
by Federal Express or other overnight service of recognized standing, on the Business Day following the deposit with such service,
(ii) when mailed, by registered or certified mail, first class postage prepaid and addressed as aforesaid through the United
States Postal Service, upon receipt, (iii) when delivered by hand, upon delivery, and (iv) when faxed, upon confirmation
of receipt.

 

    	- 22 - 

     

    

 

The
Guarantor:

Total S.A.

2, place Jean Millier

92400 Courbevoie

France

Attention: Jean-Luc Guiziou, Senior Vice President Affiliates Financial Operations

Telephone: +33 1 47 44 26 95

Facsimile: + 33 1 47 44 50 95

Email: jean-luc.guiziou@total.com

 

With
a copy to:

Total S.A.

2, place Jean Millier

92400 Courbevoie

France

Attention: Jean-Marc Lievens, Vice President Corporate and Project Finance New Energies

Telephone: +33 1 47 44 71 25

Facsimile: +33 1 47 44 47 92

Email: jean-marc.lievens@total.com

 

With
a copy to:

Total S.A.

2, place Jean Millier

92400 Courbevoie

France

Attention: Isabelle Salhorgne, Vice President, Legal Director Mergers, Acquisitions & Finance

Telephone: +33 (0) 1 47 44 28 24

Facsimile: +33 (0)1 47 44 43 05

Email: isabelle.salhorgne@total.com

 

The
Company:

SunPower Corporation

77 Rio Robles

San Jose, CA 95134

Attention: Charles D. Boynton, Executive Vice President and Chief Financial Officer

Telephone: 408-457-2333

Facsimile: 408-240-5400

E-mail: charles.boynton@sunpowercorp.com

 

With
a copy to:

 

    	- 23 - 

     

    

 

SunPower Corporation

77 Rio Robles

San Jose, CA 95134

Attention: Ada Kwan, Treasurer

Telephone: 408-457-2748

Facsimile: 408-240-5400

E-mail: ada.kwan@sunpowercorp.com

 

With
a copy to:

 

SunPower Corporation

77 Rio Robles

San Jose, CA 95134

Attention: Christopher Jaap, Vice President, Deputy General Counsel and Assistant Secretary

Telephone: 510-260-8343

Facsimile: 408-240-5404

E-mail: christopher.jaap@sunpowercorp.com

 

(b)          Nonwaiver.
No failure or delay on the Guarantor’s part in exercising any right hereunder shall operate as a waiver thereof or of any
other right nor shall any single or partial exercise of any such right preclude any other further exercise thereof or of any other
right.

 

(c)          Amendments
and Waivers. This Agreement may not be amended or modified, nor may any of its terms be waived, except by written instruments
signed by the Company and the Guarantor. Each waiver or consent under any provision hereof shall be effective only in the specific
instances for the purpose for which given.

 

(d)          Assignments.

 

(i)          Assignment
by Company. This Agreement may not be assigned by the Company without the prior written consent of the Guarantor, which may
be withheld in the Guarantor’s sole discretion.

 

(ii)          Assignment
by Guarantor.

 

(A)          Total S.A., as the initial Guarantor (but not any assignee of Total S.A.), may assign its rights and obligations under this
Agreement with prior notice to and without consent of the Company to any Permitted Assignee. For the avoidance of doubt, no
assignee of Total S.A. may assign its rights and obligations under this Agreement without the prior written consent of the
Company.

 

(B)           Any assignment by the Guarantor of its rights and obligations under this Agreement will not release such assigning Guarantor
from its obligations to guarantee L/Cs issued pursuant to a Guaranteed Facility and outstanding as of the date of
such

 

    	- 24 - 

     

    

 

assignment,
so long as the Company continues to pay the Guaranty Fee relating to such L/Cs. The Company agrees that the Guarantor may, in
connection with any assignment of its rights and obligations under this Agreement, notify the Banks that have issued such outstanding
L/Cs of the continuing guaranty of such L/Cs as well as that no new L/Cs may be issued under Guaranteed Facilities and guaranteed
by such assigning Guarantor. In addition, the Company agrees not to renew or extend any of such outstanding L/Cs in a manner that
could cause the assigning Guarantor’s guaranty of such L/Cs to be extended beyond the initial stated expiration of such
L/Cs.

 

(C)         In
connection with any assignment to an assignee that is rated lower than A/A2, the Guarantor may either (1) pay to the Company an
Assignment Fee on the assignment date or (2) agree to pay the Company the Make-Whole Amount at the end of each calendar quarter
(pro-rated for partial quarters) from the assignment date through the Termination Date.

 

(D)         In
connection with any assignment at any time by Total S.A. of its rights and obligations under this Agreement, Total S.A. and the
Company agree that, prior to such assignment, this Agreement will be amended and restated in its entirety so as to (1) delete
Section 5(b)(i) if at such time no L/C issued under a Guaranteed Facility has been drawn upon, and (2) delete this Section 9(d)(ii)(D), in each case together with all definitions and Schedules associated therewith that are not otherwise used or referred to in
other provisions of this Agreement.

 

(iii)         Successors
and Assigns. No assignment of this Agreement shall be valid until all of the obligations of the assignor hereunder shall have
been assumed by the assignee by written agreement delivered to the other party. This Agreement shall be binding upon and inure
to the benefit of the Guarantor and the Company and their respective successors and permitted assigns.

 

(e)          Cumulative
Rights, etc. The rights, powers and remedies of the Guarantor under this Agreement shall be in addition to all rights, powers
and remedies given to the Guarantor by virtue of any applicable law, rule or regulation of any governmental authority or any other
agreement, all of which rights, powers, and remedies shall be cumulative and may be exercised successively or concurrently without
impairing the Guarantor’s rights hereunder.

 

(f)           Partial
Invalidity; Reinstatement. If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable
in any respect under the law or any jurisdiction, neither the legality, validity or enforceability of the remaining provisions
of this Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall
in any way be affected or impaired thereby. If claim is ever made upon the Guarantor for rescission, repayment, recovery or restoration
of any amount or amounts received by the

 

    	- 25 - 

     

    

 

Guarantor in payment or on account of any of the Obligations and the Guarantor repays
all or part of said amount by reason of any judgment, decree or order of any court or administrative body having jurisdiction
over the Guarantor or any of its property, then and in such event (A) the Company shall be and remain liable to the Guarantor
hereunder for the amount so repaid or otherwise recovered or restored to the same extent as if such amount had never originally
been received by the Guarantor, and (B) this Agreement shall continue to be effective or be reinstated, as the case may be,
all as if such repayment or other recovery had not occurred.

 

(g)          Entire
Agreement. This Agreement constitutes and contains the entire agreement of the Company and the Guarantor with respect to the
subject matter hereof and supersedes any and all prior agreements, negotiations, correspondence, understandings and communications
among the parties, whether written or oral, respecting the subject matter hereof.

 

(h)          Applicable
Law; Jurisdiction; Etc.

 

(i)          GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED STATES
OF AMERICA, WITHOUT REFERENCE TO CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

(ii)          SUBMISSION
TO JURISDICTION. THE COMPANY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION
OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER FINANCING DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY
AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW
YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES
THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT
ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER FINANCING DOCUMENT SHALL AFFECT
ANY RIGHT THAT ANY PARTY HERETO MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER FINANCING
DOCUMENT AGAINST ANY OTHER PARTY HERETO OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(iii)        WAIVER
OF VENUE. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY OBJECTION THAT IT MAY

 

    	- 26 - 

     

    

 

NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT IN ANY COURT REFERRED TO IN SECTION 10(h)(ii). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING
IN ANY SUCH COURT.

 

(iv)        WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (i) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER FINANCING DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 10(h).

 

(i)            Counterparts
and Electronic Signatures. This Agreement may be executed in one or more counterparts, each of which will be deemed to be
an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.
The facsimile, email or other electronically delivered signatures of the parties shall be deemed to constitute original signatures,
and facsimile or electronic copies hereof shall be deemed to constitute duplicate originals.

 

[Remainder
of page intentionally left blank]

 

    	- 27 - 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Credit Support Agreement to be executed as of the day
and year first written above.

 

	 	SUNPOWER CORPORATION,
 as the Company
	 	 	 
	 	By:	/s/
Charles Boynton
	 	 	Name: Charles Boynton
	 	 	Title: Executive Vice President and Chief Financial Officer
	 	 	 
	 	TOTAL S.A.,
 as the Guarantor
	 	 	 
	 	By:	/s/ Patrick de La Chevardière
	 	 	Name: Patrick de La Chevardière
	 	 	Title: Chief Financial Officer
	 	 	 

 

    	 

     

    

 

Exhibit
A

 

Form of Guaranty

 

This GUARANTY
(the “Guaranty”), dated ___________, ___ is between Total S.A., a société anonyme organized
under the laws of the Republic of France (the “Guarantor”), and [BANK], a ________________________,
having its registered office at ___________________ (the “Bank”).

 

RECITALS

 

A.          SunPower
Corporation (the “Obligor”) wishes to enter into a Letter of Credit Facility Agreement (the “Contract”)
with the Bank, the form of which Contract has been provided to the Obligor and to the Guarantor.

 

B.          It
is a condition precedent to the Bank’s extension of credit under the Contract that the Guarantor guarantee the payment to
the Bank of the Obligor’s payment obligations under the Contract with respect to the reimbursement of draws on letters of
credit and interest thereon.

 

C.          Guarantor
owns a portion of the equity interest in the Obligor and will receive direct and indirect benefits from the Bank’s performance
of the Contract.

 

AGREEMENT

 

For
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound,
the parties hereby agree as follows:

 

1.           Guaranty.
(a) Guarantor unconditionally guarantees and promises to pay to the Bank, in accordance with the payment instructions contained
in the Contract, on demand after the default by the Obligor in the performance of its payment obligations under the Contract,
in lawful money of the United States, any and all Obligations (as hereinafter defined) consisting of payments due to the Bank.
For purposes of this Guaranty, the term “Obligations” means and includes the obligations of the Obligor to
reimburse to the Bank the amount of any draw on any letter of credit issued pursuant to the Contract and all interest accrued
on such reimbursement obligation from the date of such reimbursement until the date paid. For the avoidance of doubt, the term
“Obligations” does not include fees, expenses or other amounts payable by the Obligor to the Bank.

 

(b)         This
Guaranty is absolute, unconditional, continuing and irrevocable, constitutes an independent guaranty of payment and is in no way
conditioned on or contingent upon any attempt to enforce in whole or in part any of the Obligor’s Obligations to the Bank,
the existence or continuance of the Obligor as a legal entity, the consolidation or merger of the Obligor with or into any other
entity, the sale, lease or disposition by the Obligor of all or substantially all of its assets to any other entity, or the bankruptcy
or insolvency of the Obligor, the admission by the Obligor of its inability to pay its debts as they mature, or the making by
the Obligor of a general assignment for the benefit of, or entering into a composition or arrangement with, creditors. If the
Obligor fails to pay or perform any Obligations to the Bank that are subject to this Guaranty as and when they are due, the Guarantor
shall forthwith pay to the Bank all such liabilities or obligations in immediately available funds. Each failure by the Obligor
to pay any Obligations shall give rise to a separate cause of action, and separate suits may be brought hereunder as each cause
of action arises.

 

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(c)         The
Bank may, at any time and from time to time, without the consent of or notice to the Guarantor, except such notice as may be required
by applicable statute that cannot be waived, without incurring responsibility to the Guarantor, and without impairing or releasing
the obligations of the Guarantor hereunder, (i) exercise or refrain from exercising any rights against the Obligor or others (including
the Guarantor) or otherwise act or refrain from acting, (ii) settle or compromise any Obligations hereby guaranteed and/or any
other obligations and liabilities (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof,
and may subordinate the payment of all or any part thereof to the payment of any obligations and liabilities which may be due
to the Bank or others, and (iii) sell, exchange, release, surrender, realize upon or otherwise deal with in any manner or in any
order any property pledged or mortgaged by anyone to secure or in any manner securing the Obligations hereby guaranteed.

 

(d)         The
Bank may not, without the prior written consent of the Guarantor, (i) change the manner, place and terms of payment or change
or extend the time of payment of, renew, or alter any Obligation hereby guaranteed, or in any manner modify, amend or supplement
the terms of the Contract or any documents, instruments or agreements executed in connection therewith, (ii) take and hold security
or additional security for any or all of the obligations or liabilities covered by this Guaranty, or (iii) assign its rights and
interests under this Guaranty, in whole or in part.

 

(e)         No
invalidity, irregularity or unenforceability of the Obligations hereby guaranteed shall affect, impair, or be a defense to this
Guaranty. This is a continuing Guaranty for which Guarantor receives continuing consideration and all obligations to which it
applies or may apply under the terms hereof shall be conclusively presumed to have been created in reliance hereon and this Guaranty
is therefore irrevocable without the prior written consent of the Bank.

 

2.           Representations
and Warranties. The Guarantor represents and warrants to the Bank that (a) the Guarantor is a société anonyme
duly organized, validly, existing and in good standing under the laws of its jurisdiction of incorporation or formation, (b) the
execution, delivery and performance by the Guarantor of this Guaranty are within the power of the Guarantor and have been duly
authorized by all necessary actions on the part of the Guarantor, (c) this Guaranty has been duly executed and delivered by the
Guarantor and constitutes a legal, valid and binding obligation of the Guarantor, enforceable against it in accordance with its
terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement
of creditors’ rights generally, (d) the execution, delivery and performance of this Guaranty do not (i) violate any law,
rule or regulation of any governmental authority, or (ii) result in the creation or imposition of any material lien, charge, security
interest or encumbrance upon any property, asset or revenue of the Guarantor, (e) no consent, approval, order or authorization
of, or registration, declaration or filing with, any governmental authority or other person (including, without limitation, the
shareholders of the Guarantor) is required in connection with the execution, delivery and performance of this Guaranty, except
such consents, approvals, orders, authorizations, registrations, declarations and filings that are so required and which have
been obtained and are in full force and effect, (f) the Guarantor is not in violation of any law, rule or regulation other than
those the consequences of which cannot reasonably be expected to have material adverse effect on the ability of the Guarantor
to perform its obligations under this Guaranty, and (g) no litigation, investigation or proceeding of any court or other governmental
tribunal is pending or, to the knowledge of the Guarantor, threatened against the

 

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Guarantor which, if adversely determined, could
reasonably be expected to have a material adverse effect on the ability of the Guarantor to perform its obligations under this
Guaranty.

 

3.           Waivers.
(a) The Guarantor, to the extent permitted under applicable law, hereby waives any right to require Bank to (i) proceed against
the Obligor or any other guarantor of the Obligor’s obligations under the Contract, (ii) proceed against or exhaust any
security received from the Obligor or any other guarantor of the Obligor’s Obligations under the Contract, or (iii) pursue
any other right or remedy in the Bank’s power whatsoever.

 

(b)         The
Guarantor further waives, to the extent permitted by applicable law, (i) any defense resulting from the absence, impairment or
loss of any right of reimbursement, subrogation, contribution or other right or remedy of the Guarantor against the Obligor, any
other guarantor of the Obligations or any security, (ii) any setoff or counterclaim of the Obligor or any defense which results
from any disability or other defense of the Obligor or the cessation or stay of enforcement from any cause whatsoever of the liability
of the Obligor (including, without limitation, the lack of validity or enforceability of the Contract), (iii) any right to exoneration
of sureties that would otherwise be applicable, (iv) any right of subrogation or reimbursement and, if there are any other guarantors
of the Obligations, any right of contribution, and right to enforce any remedy that the Bank now has or may hereafter have against
the Obligor, and any benefit of, and any right to participate in, any security now or hereafter received by Bank, (v) all presentments,
demands for performance, notices of non-performance, notices delivered under the Contract, protests, notice of dishonor, and notices
of acceptance of this Guaranty and of the existence, creation or incurring of new or additional Obligations and notices of any
public or private foreclosure sale, (vi) the benefit of any statute of limitations, (vii) any appraisement, valuation, stay, extension,
moratorium redemption or similar law or similar rights for marshalling, and (viii) any right to be informed by the Bank of the
financial condition of the Obligor or any other guarantor of the Obligations or any change therein or any other circumstances
bearing upon the risk of nonpayment or nonperformance of the Obligations. The Guarantor has the ability to and assumes the responsibility
for keeping informed of the financial condition of the Obligor and any other guarantors of the Obligations and of other circumstances
affecting such nonpayment and nonperformance risks.

 

4.           Notice
of Issuance of Letters of Credit and Draws Thereon; Block Notice.

 

(a)         Notice
of Issuance of Letter of Credit and Draws Thereon. Within ten (10) days after each issuance of a letter of credit under the
Contract, the Bank will notify the Guarantor of (i) the amount of such letter of credit (including a copy thereof) and (ii) the
aggregate amount of letters of credit that are outstanding under the Contract, after giving effect to such issuance. In addition
the Bank will notify the Guarantor of any draw on any letter of credit (including the date and amount of such draw) issued pursuant
to the Contract within two business days of such draw, even if such draw is reimbursed by the Obligor to the Bank prior to the
delivery of such notice.

 

(b)         Right
of Guarantor to Block Issuances of Letters of Credit.

 

(i)          Delivery
of Block Notice. The Guarantor may (A) suspend the right of the Obligor to obtain additional issuances of letters of credit
under the Contract that are subject to this Guaranty at any time following the occurrence and during the continuance of a Trigger
Event (as defined in the Amended and Restated Credit Support Agreement, dated June 29, 2016, between the Obligor and the Guarantor)
or (B) limit the aggregate undrawn amount of letters of credit that are subject to this Guaranty at any time following a reduction
of the

 

    	A-3 

     

    

 

Maximum L/C Amount or Available Facility Amount pursuant to such Credit Support Agreement, in each case by delivering to
the Bank a written notice to such effect (a “Notice of Block”). Such Notice of Block shall be made and shall
be deemed effective when properly given in the manner specified in Section 5(a) of this Guaranty. The Bank will have no duty to
investigate or make any determination with respect to any Notice of Block received by it and will comply with any Notice of Block
given by the Guarantor. The Bank may rely upon any instructions from any person that it reasonably believes to be an authorized
representative of the Guarantor.

 

(ii)          Compliance
with Notice. From and after the date a Notice of Block is delivered to the Bank pursuant to and in accordance with the provisions
of clause (i) above, and until either (A) the Guarantor delivers to the Bank a written notice rescinding such Notice of Block
or (B) this Guaranty is terminated, no additional letters of credit may be issued by the Bank for the benefit of the Obligor pursuant
to the Contract without the prior written consent of the Guarantor.

 

5.           Miscellaneous.

 

Notices.
All notices, requests, demands and other communications that are required or may be given under this Guaranty shall be in writing
and shall be personally delivered or sent by certified or registered mail. If personally delivered, notices, requests, demands
and other communications will be deemed to have been duly given at time of actual receipt. If delivered by certified or registered
mail, deemed receipt will be at time evidenced by confirmation of receipt with return receipt requested. In each case notice shall
be sent:

 

	if to the Bank, to:	 	 
	 	 	 
	 	 	 
	 	Attention:	 
	 	 	 
	if to the Guarantor, to:	 	 
	 	 	 
	 	 	 
	 	Attention:	 

 

or
to such other place and with such other copies as the Bank or the Guarantor may designate as to itself by written notice to the
other pursuant to this Section 5(a).

 

(b)         Nonwaiver.
No failure or delay on the Bank’s part in exercising any right hereunder shall operate as a waiver thereof or of any other
right nor shall any single or partial exercise of any such right preclude any other further exercise thereof or of any other right.

 

(c)         Amendments
and Waivers. This Guaranty may not be amended or modified, nor may any of its terms be waived, except by written instruments
signed by the Guarantor and the Bank. Each waiver or consent under any provision hereof shall be effective only in the specific
instances for the purpose for which given.

 

    	A-4 

     

    

 

(d)         Assignments.
This Guaranty shall be binding upon and inure to the benefit of the Bank and the Guarantor and their respective successors and
permitted assigns. This Guaranty may not be assigned by the Guarantor without the express written approval of the Bank, which
may not be unreasonably withheld, conditioned or delayed.

 

(e)         Cumulative
Rights, etc. The rights, powers and remedies of the Bank under this Guaranty shall be in addition to all rights, powers and
remedies given to the Bank by virtue of any applicable law, rule or regulation, the Contract or any other agreement, all of which
rights, powers, and remedies shall be cumulative and may be exercised successively or concurrently without impairing the Bank’s
rights hereunder.

 

(f)          Partial
Invalidity. If at any time any provision of this Guaranty is or becomes illegal, invalid or unenforceable in any respect under
the law or any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Guaranty nor
the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected
or impaired thereby.

 

(g)         GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED STATES
OF AMERICA, WITHOUT REFERENCE TO CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

(h)          JURISDICTION.
EACH PARTY (A) IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF
NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF AND (B) WAIVES ANY OBJECTION WHICH SUCH PARTY MAY HAVE TO THE LAYING OF VENUE
OF ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(i)          Jury
Trial. EACH OF THE GUARANTOR AND THE BANK, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES ALL
RIGHT TO TRIAL BY JURY AS TO ANY ISSUE RELATING HERETO IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM ARISING OUT OF OR RELATING TO
THIS GUARANTY.

 

[Remainder of
page intentionally left blank]

 

    	A-5 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Guaranty to be executed as of the day and year first written above.

 

	 	TOTAL S.A.
	 	 	 	 
	 	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 	 
	 	[BANK]
	 	 	 	 
	 	 	By	 
	 	 	Name:
	 	 	Title:

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