Document:

tsla-ex103_121.htm

Exhibit 10.3

 

SIXTEENTH AMENDMENT TO
THE AMENDED AND RESTATED 
CREDIT AGREEMENT

THIS SIXTEENTH AMENDMENT TO THE AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of May 5, 2017 (the “Amendment Effective Date”), is by and among SOLARCITY CORPORATION, a Delaware corporation (the “Borrower”), the Lenders party hereto and BANK OF AMERICA, N.A., as administrative agent (in such capacity, the “Administrative Agent”).  Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.

W I T N E S S E T H

WHEREAS, the Borrower, the Subsidiaries of the Borrower from time to time party thereto (the “Guarantors”), certain banks and financial institutions from time to time party thereto as lenders (the “Lenders”), the Administrative Agent, and Bank of America Merrill Lynch, as sole lead arranger and sole book manager, are parties to that certain Amended and Restated Credit Agreement dated as of November 1, 2013 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”);

WHEREAS, the Loan Parties have requested that the Required Lenders amend certain provisions of the Credit Agreement; and

WHEREAS, the Required Lenders are willing to make such amendments to the Credit Agreement, in accordance with and subject to the terms and conditions set forth herein, it being agreed that, except as expressly amended hereby, the terms and provisions of the Credit Agreement and each other Loan Document (including all collateral and guaranty requirements thereof) remain in effect without modification;

NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

Article I.
AMENDMENTS TO CREDIT AGREEMENT

Section 1.01New Definition.  The following defined term is hereby added to Section 1.01 (Defined Terms) of the Credit Agreement in the appropriate alphabetical order:

“‘Sixteenth Amendment Effective Date’ means May 5, 2017.”

Section 1.02Amendments to Section 1.01 (Defined Terms). The following defined terms set forth in Section 1.01 (Defined Terms) of the Credit Agreement are hereby amended and restated in their entirety to read as follows:

“‘Consolidated’ means, when used with reference to financial statements or financial statement items of Tesla and its Subsidiaries, the Borrower and its 

Subsidiaries or any other Person, such statements or items on a consolidated basis in accordance with the consolidation principles of GAAP.”

“‘True-Up Liability” means Borrower’s liability to any Tax Equity Investor (as measured in Dollars) due to a reduction of fair market value of Projects already Tranched with such Tax Equity Investor, as set forth in the financial statements of the Borrower and its Subsidiaries (or, from and after the Sixteenth Amendment Effective Date, the financial statements of Tesla and its Subsidiaries) and as may be reduced from time to time by the Tranching of such Projects pursuant to the applicable Tax Equity Documents.”

Section 1.03Amendments to Section 1.01 (Defined Terms). 

(a)The definition of “Cost of Acquisition” is hereby amended by adding “(or, from and after the Sixteenth Amendment Effective Date, the financial statements or Tesla and its Subsidiaries) ” following “financial statements of the Borrower and its Subsidiaries ” in each of sub-sections (d) and (e) therein.

(b)The definition of “Interest Charges” set forth in Section 1.01 of the Credit is hereby deleted in its entirety.

(c)The definition of “Interest Coverage Ratio” set forth in Section 1.01 of the Credit is hereby deleted in its entirety

(d)The definition of “Permitted Acquisition” is hereby amended by adding the words “(or, from and after the Sixteenth Amendment Effective Date, of Tesla and its Subsidiaries) ” following “income statements of the Borrower and its Subsidiaries ” in each of sub-sections (d)(iv) therein. 

Section 1.04Amendment to Section 5.05 (Financial Statements; No Material Adverse Effect).  Clause (c) of Section 5.05 (Material Adverse Effect) is hereby amended and restated in its entirety as follows:

“Material Adverse Effect.  Since the date of the Audited Financial Statements (and, in addition, after delivery of the most recent annual audited financial statements required to have been delivered pursuant to Section 6.01, since the date of such annual audited financial statements), there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.”

Section 1.05Amendments to Section 6.01 (Financial Statements).  

(a)Clause (a) of Section 6.01 (Audited Financial Statements) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“(a)Audited Financial Statements.  As soon as available, but in any event within one hundred twenty (120) days after the end of each fiscal year of the Borrower (or, from and after the Sixteenth Amendment Effective Date, Tesla), a 

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Consolidated balance sheet of the Borrower and its Subsidiaries (or, from and after the Sixteenth Amendment Effective Date, of Tesla and its Subsidiaries) as at the end of such fiscal year, and the related Consolidated statements of income or operations, changes in shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, (i) such Consolidated statements to be audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Administrative Agent, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit, and (ii) such Consolidated statements to be certified by the chief executive officer, chief financial officer, treasurer or controller that is a Responsible Officer of the Borrower to the effect that such statements are fairly stated in all material respects when considered in relation to the Consolidated financial statements of the Borrower and its Subsidiaries (or, from and after the Sixteenth Amendment Effective Date, the Consolidated financial statements of Tesla and its Subsidiaries).”

(b)Clause (b) of Section 6.01 (Quarterly Financial Statements) of the Credit Agreement is hereby amended by adding the words “(or, from and after the Sixteenth Amendment Effective Date, Tesla)” following the words “each fiscal quarter of the Borrower” thereto.

(c)Sub-clause (b)(i) of Section 6.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“(i)A Consolidated and consolidating balance sheet of the Borrower and its Subsidiaries (or, from and after the Sixteenth Amendment Effective Date, Tesla and its Subsidiaries) as at the end of such fiscal quarter, and the related Consolidated and consolidating statements of income or operations, changes in shareholders’ equity and cash flows for such fiscal quarter and for the portion of the Borrower’s (or, from and after the Sixteenth Amendment Effective Date, Tesla’s) fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP and including management discussion and analysis of operating results inclusive of operating metrics in comparative form, such Consolidated statements to be certified by the chief executive officer, chief financial officer, treasurer or controller who is a Responsible Officer of the Borrower as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries (or, from and after the Sixteenth Amendment Effective Date, of Tesla and its Subsidiaries), subject only to normal year-end audit adjustments and the absence of footnotes and such consolidating statements to be certified by the chief executive officer, chief financial officer, treasurer or controller that is a Responsible Officer of the Borrower to the effect that such statements are fairly stated in all material respects 

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when considered in relation to the Consolidated financial statements of the Borrower and its Subsidiaries (or, from and after the Sixteenth Amendment Effective Date, the Consolidated financial statements of Tesla and its Subsidiaries); and”

Section 1.06Amendments to Section 6.02 (Certificates; Other Information).

(a)Clause (a) of Section 6.02 (Accountants’ Certificate) of the Credit Agreement is hereby amended by adding the words “(or, from and after the Sixteenth Amendment Effective Date, Tesla’s)” following “delivery of the Borrower’s ” thereto.

(b)Clause (b) of Section 6.02 (Compliance Certificate) of the Credit Agreement is hereby amended by adding the words “(or, from and after the Sixteenth Amendment Effective Date, Tesla’s)” following “delivery of the Borrower’s ” thereto. 

(c)Clause (d) of Section 6.02 (Calculations) of the Credit Agreement is hereby amended by adding the words “(or, from and after the Sixteenth Amendment Effective Date, Tesla’s)” following “delivery with the Borrower’s ” thereto. 

(d)Clause (g) of Section 6.02 (Annual Reports; Etc.) of the Credit Agreement is hereby amended by adding the words “(or, from and after the Sixteenth Amendment Effective Date, of Tesla)” following “sent to the stockholders of the Borrower ” thereto

Section 1.07Amendment to Section 7.11 (Financial Covenants).  Clause (a) of Section 7.11 (Interest Coverage Ratio) is hereby deleted in its entirety and replaced with “[Reserved].”

Article II.
CONDITIONS TO EFFECTIVENESS

Section 2.01Conditions to Effectiveness.  This Amendment shall become effective as of the Amendment Effective Date upon the receipt by the Administrative Agent of a copy of this Amendment, in form and substance reasonably acceptable to the Administrative Agent, duly executed by Borrower, the Required Lenders and Administrative Agent.

Article III.
MISCELLANEOUS

Section 3.01Amended Terms.  On and after the Amendment Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment.  Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

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Section 3.02Representations and Warranties of Loan Parties.  Each of the Loan Parties represents and warrants as follows:

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

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

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

(d)the representations and warranties set forth in Article V of the Credit Agreement and the other Loan Documents are true and correct in all material respects (except for (A) those which expressly relate to an earlier date, including for the avoidance of doubt, Sections 5.05 (which shall refer to the most recent statements furnished pursuant to Section 6.01 of the Credit Agreement, as applicable), 5.19, 5.20, and 5.21(b) through (h) and (B) Section 5.09(c), which inaccuracy could not reasonably be expected to have a Material Adverse Effect).

(e)Immediately before and after giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default.

(f)After giving effect to this Amendment, the Collateral Documents continue to create a valid security interest in, and Lien upon, the Collateral, in favor of the Administrative Agent, for the benefit of the Lenders, which security interests and Liens are perfected in accordance with the terms of the Collateral Documents and prior to all Liens other than Permitted Liens.

(g)The Obligations are not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims.

Section 3.03Reaffirmation of Obligations.  Each Loan Party hereby ratifies the Credit Agreement and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement applicable to it and (b) that it is responsible for the observance and full performance of its respective Obligations.

Section 3.04Loan Document.  This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.

Section 3.05Expenses.  The Borrower agrees to promptly upon receipt of an invoice therefor, pay all reasonable costs and expenses of the Administrative Agent in connection with 

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the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of the Administrative Agent’s legal counsel. 

Section 3.06Further Assurances.  The Loan Parties agree to promptly take such action, upon the request of the Administrative Agent, as is necessary to carry out the intent of this Amendment.

Section 3.07Continuing Effect.  Except as expressly amended, waived or otherwise modified hereby, the Credit Agreement shall continue to be and shall remain in full force and effect in accordance with its terms.  This Amendment shall not constitute an amendment, consent, waiver or other modification of any provision of the Credit Agreement not expressly referred to herein and shall not be construed as an amendment, consent, waiver or other modification of any action on the part of the Borrower or  the other Loan Parties that would require an amendment, consent or waiver of the Administrative Agent or the Lenders except as expressly stated herein, or be construed to indicate the willingness of the Administrative Agent or the Lenders to further amend, waive or otherwise modify any provision of the Credit Agreement amended, waived or otherwise modified hereby for any other period, circumstance or event.  Except as expressly set forth herein, each Lender and the Administrative Agent reserves all of its rights, remedies, powers and privileges under the Credit Agreement, the other Loan Documents, applicable law and/or equity.

Section 3.08Entirety.  This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.

Section 3.09Counterparts; Telecopy.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Amendment or any other document required to be delivered hereunder, by fax transmission or e-mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.  Without limiting the foregoing, upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.

Section 3.10No Actions, Claims, Etc.  As of the date hereof, each of the Loan Parties hereby acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent, the Lenders, or the Administrative Agent’s or the Lenders’ respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Credit Agreement on or prior to the date hereof.

Section 3.11GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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Section 3.12Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

Section 3.13Consent to Jurisdiction; Service of Process; Waiver of Jury Trial.  The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 11.14 and 11.15 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis.

[SIGNATURE PAGES TO FOLLOW]

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

			
	
BORROWER:
	
SOLARCITY CORPORATION,

a Delaware corporation

	
 
	
 

	
 
	
By:
	
/s/ Lyndon Rive

	
 
	
Name:
	
Lyndon Rive

	
 
	
Title:
	
Chief Executive Officer

	
 
	
 
	
 

	
ADMINISTRATIVE AGENT:
	
BANK OF AMERICA, N.A.,

in its capacity as Administrative Agent

	
 
	
 

	
 
	
By:
	
/s/ Reneé Marion

	
 
	
Name:
	
Reneé Marion

	
 
	
Title:
	
Assistant Vice President

	
 
	
 
	
 

	
LENDERS:
	
BANK OF AMERICA, N.A.,

in its capacity as Lender, L/C Issuer and Swingline Lender

	
 
	
 

	
 
	
By:
	
/s/ G. Christopher Miller

	
 
	
Name:
	
G. Christopher Miller

	
 
	
Title:
	
Senior Vice President

	
 
	
 

	
 
	
CREDIT SUISSE AG, NEW YORK BRANCH,

as a Lender

	
 
	
 

	
 
	
By:
	
/s/ Mikhail Faybusovich

	
 
	
Name:
	
Mikhail Faybusovich

	
 
	
Title:
	
Authorized Signatory

	
 
	
 
	
 

	
 
	
By:
	
/s/ Warren Van Heyst

	
 
	
Name:
	
Warren Van Heyst

	
 
	
Title:
	
Authorized Signatory

	
 
	
 
	
 

	
 
	
SILICON VALLEY BANK,

as a Lender

	
 
	
 

	
 
	
By:
	
/s/ Mona Maitra

	
 
	
Name:
	
Mona Maitra

	
 
	
Title:
	
Vice President

	
 
	
 
	
 

Signature Page – Sixteenth Amendment to Amended and Restated Credit Agreement 

			
	
 
	
DEUTSCHE BANK AG NEW YORK BRANCH,

as a Lender

	
 
	
 

	
 
	
By:
	
/s/ Anca Trifan

	
 
	
Name:
	
Anca Trifan

	
 
	
Title:
	
Managing Director

	
 
	
 
	
 

	
 
	
By:
	
/s/ Peter Cucchiara

	
 
	
Name:
	
Peter Cucchiara

	
 
	
Title:
	
Vice President

	
 
	
 
	
 

	
 
	
GOLDMAN SACHS BANK USA,

as a Lender

	
 
	
 

	
 
	
By:
	
/s/ Ushma Dedhiya

	
 
	
Name:
	
Ushma Dedhiya

	
 
	
Title:
	
Authorized Signatory

	
 
	
 

	
 
	
CITIBANK, N.A.

as Administrative Agent and Collateral Agent

	
 
	
 

	
 
	
By:
	
/s/ Sarah Terner

	
 
	
Name:
	
Sarah Terner

	
 
	
Title:
	
Senior Vice President

	
 
	
 

	
 
	
NY GREEN BANK,

a division of the New York State Energy Research & Developmental Authority, as Additional Lender

	
 
	
 

	
 
	
By:
	
/s/ Alfred Griffin

	
 
	
Name:
	
Alfred Griffin

	
 
	
Title:
	
President

 

 

 

Signature Page – Sixteenth Amendment to Amended and Restated Credit Agreement 

GUARANTOR CONSENT

Each of the undersigned (each a “Guarantor”) consents to the foregoing Amendment to Credit Agreement and other Loan Documents (“Amendment”) and the transactions contemplated thereby and reaffirms its obligations under Article X (Continuing Guaranty) of the Credit Agreement (as the same may be amended, modified, supplemented or replaced from time to time, the “Guaranty”).

Each Guarantor reaffirms, to the extent a party thereto, that its obligations under the Guaranty are separate and distinct from Borrower’s obligations and reaffirms its waivers, as set forth in the Guaranty, of each and every one of the possible defenses to such obligations.

Furthermore, each Guarantor acknowledges and agrees that any reference to the term “Credit Agreement” in the Guaranty shall mean the Credit Agreement dated of even date with the Guaranty together with all amendments, increases or modifications thereto.

			
	
Agreed and Acknowledged:
	
POPPY ACQUISITION LLC

	
 
	
 

	
 
	
By:
	
/s/ Lyndon Rive

	
 
	
Name:
	
Lyndon Rive

	
 
	
Title:
	
Chief Executive Officer

	
 
	
 
	
 

	
 
	
ZEP SOLAR LLC

	
 
	
 

	
 
	
By:
	
/s/ Lyndon Rive

	
 
	
Name:
	
Lyndon Rive

	
 
	
Title:
	
Chief Executive Officer

	
 
	
 
	
 

	
 
	
SILEVO, LLC

	
 
	
 

	
 
	
By:
	
/s/ Lyndon Rive

	
 
	
Name:
	
Lyndon Rive

	
 
	
Title:
	
President

	
 
	
 

 

Guarantor Consent – Sixteenth Amendment to Amended and Restated Credit Agreementtsla-ex104_125.htm

Exhibit 10.4

 

CONFIDENTIAL TREATMENT REQUESTED

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

REQUIRED GROUP AGENT ACTION NO. 33

This REQUIRED GROUP AGENT ACTION NO. 33 (this “Action”), dated as of April 21, 2017 is entered into by and among Megalodon Solar, LLC, a Delaware limited liability company (“Borrower”), Bank of America, N.A., as the Administrative Agent (“Administrative Agent”) and as the Collateral Agent for the Secured Parties (“Collateral Agent”) and each of Bank of America, N.A. (“BA Agent”), Credit Suisse AG, New York Branch (“CS Agent”), Deutsche Bank AG, New York Branch (“DB Agent”), ING Capital LLC (“ING Agent”), KeyBank National Association (“KB Agent”), National Bank of Arizona (“NBAZ Agent”), Silicon Valley Bank (“SVB Agent”) and CIT Bank, N.A. (“CIT Agent” and collectively with BA Agent, CS Agent, DB Agent, ING Agent, KB Agent, NBAZ Agent and SVB Agent, the “Group Agents”), as Group Agents party to the Loan Agreement, dated as of May 4, 2015 (as amended, the “Loan Agreement”), by and among the Borrower, the Administrative Agent, the Collateral Agent, the Group Agents, the Lenders and the other parties from time to time party thereto.  As used in this Action, capitalized terms which are not defined herein shall have the meanings ascribed to such terms in the Loan Agreement.

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

B.Pursuant to Section 9.14(a) of the Loan Agreement, the Borrower has requested that the Group Agents provide their consent to the release and removal in accordance with Section 2.10(b) of the Loan Agreement of (i) the [***], (ii) the [***], (iii) the [***], (iv) the [***], (v) the [***] and (vi) the [***] (collectively, the “Released Subject Funds”). 

C.The Lenders are willing to provide their consent to the release and removal of the Released Subject Funds and the Collateral with respect thereto (collectively, the “Applicable Transactions”) on the terms and subject to the conditions set forth in this Action.

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

Section 1.Consent.  Subject to the satisfaction of the Consent Requirements (as defined in Section 3 of this Action), each Agent and Lender party hereto, by its signature below, (i) consents to the Applicable Transactions and (ii) directs the Collateral Agent to execute and deliver each document contemplated to be delivered by the Collateral Agent pursuant to Section 2 of this Action and to otherwise carry out the terms and provisions of this Action. 

			
	
 
	
 
	
Required Group Agent Action No. 33

 

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

 

Section 2.Release; Covenants.  Upon satisfaction of the Consent Requirements, without any further action by any party:

(a)all security interests granted to the Collateral Agent by the Borrower in the Security Agreement with respect to the Equity Interests (and any other rights as specified in Section 3 thereof and together with the Equity Interests, the “Released Borrower Collateral”) of each of [***], [***], [***], [***], [***] and [***] (the “Released Subsidiary Parties”) shall automatically terminate and be released, all rights to the Released Borrower Collateral shall revert to the Borrower, and the Collateral Agent shall promptly deliver or cause to be delivered to the Borrower all Released Borrower Collateral, including original certificates representing all issued and outstanding Equity Interests of the Released Subsidiary Parties along with related blank transfer powers and irrevocable proxies, as applicable;

(b)all security interests granted to the Collateral Agent by each of the Released Subsidiary Parties in the Borrower Subsidiary Party Security Agreement with respect to the Equity Interests (and any other rights as specified in Section 3 thereof and together with the Equity Interests, the “Released Grantor Party Collateral”, and together with the Released Borrower Collateral, the “Released Subsidiary Party Collateral”) shall automatically terminate and be released, all rights to the Released Grantor Party Collateral shall revert to each of the Released Subsidiary Parties, and the Collateral Agent shall promptly deliver or cause to be delivered to each of the Released Subsidiary Parties all Released Grantor Party Collateral, including original certificates representing all issued and outstanding Equity Interests of each Released Subsidiary Party in the applicable Released Subject Funds along with related blank transfer powers and irrevocable proxies, as applicable;

(c)the Collateral Agent authorizes the Borrower or any other party on behalf of the Borrower, to file UCC financing statement amendments relating to the Released Subsidiary Party Collateral in the form attached hereto as Annex 5 and to prepare and file any additional financing statement amendments and other instruments and documents in form and substance reasonably satisfactory to the Collateral Agent evidencing the consummation of the Applicable Transactions;

(d)the signature pages of the Collateral Agent and Administrative Agent to the Termination Agreement attached hereto as Appendix 1, which terminates the Security Agreement with respect to each Released Subsidiary Party, shall be automatically released;

(e)the signature pages of the Collateral Agent, the Administrative Agent and the Depositary to the Termination Agreement attached hereto as Appendix 2, which terminates the CADA with respect to each Released Subsidiary Party, shall be automatically released;

(f)the signature pages of the Collateral Agent and the Administrative Agent to the Termination Agreement attached hereto as Appendix 3, which terminates the Borrower Subsidiary Party Security Agreement with respect to each Released Subsidiary Party, shall be automatically released;

			
	
 
	
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Required Group Agent Action No. 33

 

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

 

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

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

	
[***]
	
[***]

	
[***]
	
[***]

	
[***]
	
[***]

	
[***]
	
[***]

	
[***]
	
[***]

	
[***]
	
[***]

	
[***]
	
[***]

	
[***]
	
[***]

	
[***]
	
[***]

 

(h)Appendix 1 to the Loan Agreement shall be amended by amending and restating clause (i) of the definition of “Advance Rate” as follows:

“(i) For a Subject Fund the following percentages:

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

	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]

”;

(i)Appendix 4 to the Loan Agreement shall be replaced with a revised Appendix 4 to the Loan Agreement in the form attached hereto as Annex 1;

(j)Appendix 5 to the Loan Agreement shall be replaced with a revised Appendix 5 to the Loan Agreement in the form attached hereto as Annex 2; and

			
	
 
	
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Required Group Agent Action No. 33

 

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

 

(k)the Collateral Agent shall, at the sole cost and expense of the Borrower, procure, deliver or execute and deliver to the Borrower, from time to time, all further releases, termination statements, financing statement amendments, certificates, instruments and documents, each in form and substance satisfactory to the Borrower and the Collateral Agent, and take any other actions, as reasonably requested by the Borrower or that are required to evidence the consummation of the Applicable Transactions, including, for the avoidance of doubt, the execution of the “Notice of Change of Loss Payee” with respect to the (i) the Tax Loss Policy of [***], (ii) the Tax Loss Policy of [***], (iii) the Tax Loss Policy of [***], (iv) the Tax Loss Policy of [***], (v) the Tax Loss Policy of [***]and (vi) the Tax Loss Policy of [***].

Section 3.Effectiveness.  This Action shall become effective on the date (the “Effective Date”) on which the following conditions (collectively, the “Consent Requirements”) are satisfied:

(a)the Borrower has paid or has caused to be paid to the Administrative Agent the following (collectively, the “Release Payment”) at or before 5:00 p.m. (Eastern Time) on [***] (the “Payment Time”) to the account set forth in Annex 3 hereto:

(i)        prepayment of $[***] of the outstanding principal amount of the Loans as of the Payment Time, to be allocated among the Lenders by the Administrative Agent as set forth in Annex 4 hereto; and

(ii)        payment of $[***] of the outstanding interest accrued as of the Payment Time with respect to the principal amount described in clause (i) above; 

(b)the Administrative Agent shall have received counterparts of this Action, duly executed and delivered by the Borrower and each Group Agent;

(c)the Borrower shall have delivered a duly completed Borrowing Base Certificate to the Administrative Agent; and

(d)all representations and warranties of the Borrower in Section 4 of this Action and all representations and warranties of the Borrower in the Borrowing Base Certificate delivered pursuant to Section 3(c) of this Action shall be true and correct in all material respects as of the Effective Date, other than those representations and warranties that are modified by materiality by their own terms, which shall be true and correct in all respects as of the Effective Date (unless such representation or warranty relates solely to an earlier date, in which case it shall have been true and correct in all material respects as of such earlier date). 

Notwithstanding any failure or inability of the Borrower to satisfy any of the foregoing conditions set forth in Sections 3(c) or (d) of this Action, upon the satisfaction of the conditions set forth in Sections 3(a) and (b) of this Action, (i) all right, title and interest of the Collateral Agent and the Secured Parties in and to the Released Subsidiary Party Collateral shall transfer to and vest in Borrower and any assignee of Borrower without any further action required and (ii) none of the Released Subsidiary Party Collateral shall be “Collateral” under or for purposes of the Loan Agreement or any other Financing Document; provided that the Agents shall 

			
	
 
	
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Required Group Agent Action No. 33

 

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

 

be entitled to assert claims against the Borrower as a result of any breach by the Borrower of any of representations, warranties, covenants or statements made by the Borrower in this Action.

Section 4.Representations and Warranties.  The Borrower hereby represents and warrants as of the Effective Date:

(a)the Borrower has duly authorized, executed and delivered this Action, and neither the Borrower’s execution and delivery hereof nor the performance hereof or the consummation of the Applicable Transactions (i) will be in conflict with or result in a breach of the Borrower’s Organizational Documents, (ii) will materially violate any other Legal Requirement applicable to or binding on the Borrower or any of its respective properties, (iii) will result in any breach of or constitute any default under, or result in or require the creation of any Lien (other than Permitted Liens) upon any of the Collateral under any agreement or instrument to which it is a party or by which the Borrower or any of the Collateral may be bound or affected, or (iv) will require the consent or approval of any Person, which has not already been obtained;

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

(c)no Default or Event of Default has occurred and is continuing or will result from the Release Payment or the consummation of the Applicable Transactions; 

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

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

(f)after giving effect to the Applicable Transactions and the Release Payment, the Borrower is in compliance with the Borrowing Base Requirements.

Section 5.Reference to and Effect on Financing Documents.  Each of the Loan Agreement and the other Financing Documents is and shall remain unchanged and in full force and effect, and, except as expressly set forth herein, nothing contained in this Action shall, by implication or otherwise, limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Administrative Agent or any of the other Secured Parties, or shall alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in each of the Loan Agreement and any other Financing Document.  This Action shall also constitute a “Financing Document” for all purposes of the Loan Agreement and the other Financing Documents.

Section 6.Incorporation by Reference.  Sections 10.5 (Entire Agreement), 10.6 (Governing Law), 10.7 (Severability), 10.8 (Headings), 10.11 (Waiver of Jury Trial), 10.12 (Consent to Jurisdiction; Service of Process), 10.14 (Successors and Assigns) and 10.16 (Binding 

			
	
 
	
5
	
Required Group Agent Action No. 33

 

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

 

Effect; Counterparts) of the Loan Agreement are hereby incorporated by reference herein, mutatis mutandis.

Section 7.Expenses.  The Borrower agrees to reimburse the Administrative Agent in accordance with Section 10.4(b) of the Loan Agreement for its reasonable and documented out-of-pocket expenses in connection with this Action, including reasonable and documented fees and out-of-pocket expenses of legal counsel.

Section 8.Construction.  The rules of interpretation specified in Section 1.2 of the Loan Agreement also apply to this Action, mutatis mutandis.

[Signature Pages Follow]

 

 

			
	
 
	
6
	
Required Group Agent Action No. 33

 

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

 

 

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

		
	
MEGALODON SOLAR, LLC,

as Borrower

	
 

	
By:
	
/s/ Lyndon Rive

	
Name:
	
Lyndon Rive

	
Title:
	
President

	
 
	
 

	
BANK OF AMERICA, N.A.,

as a Group Agent

	
 

	
By:
	
/s/ Sheikh Omer-Farooq

	
Name:
	
Sheikh Omer-Farooq

	
Title:
	
Managing Director

	
 
	
 

	
CIT BANK, N.A.,

as a Group Agent

	
 

	
By:
	
/s/ Joseph Gyurindak

	
Name:
	
Joseph Gyurindak

	
Title:
	
Director

	
 

	
CREDIT SUISSE AG, NEW YORK BRANCH,

as a Group Agent

	
 

	
By:
	
/s/ Erin McCutcheon

	
Name:
	
Erin McCutcheon

	
Title:
	
Vice President

	
 
	
 

	
By:
	
/s/ Patrick J. Hart

	
Name:
	
Patrick J. Hart

	
Title:
	
Vice President

	
 
	
 

	
DEUTSCHE BANK AG, NEW YORK BRANCH,

as a Group Agent

	
 

	
By:
	
/s/ Rich Mauro

	
Name:
	
Rich Mauro

	
Title:
	
Vice President

	
 
	
 

	
By:
	
/s/ Evelyn Peters

	
Name:
	
Evelyn Peters

	
Title:
	
Vice President

	
 
	
 

[Signature Page to Required Group Agent Action No. 33]

 

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

 

 

		
	

ING CAPITAL, LLC,

as a Group Agent

	
 

	
By:
	
/s/ Erwin Thomet

	
Name:
	
Erwin Thomet

	
Title:
	
Managing Director

	
 
	
 

	
By:
	
/s/ Mark Parrish

	
Name:
	
Mark Parrish

	
Title:
	
Vice President

	
 
	
 

	
KEYBANK NATIONAL ASSOCIATION,

as a Group Agent

	
 

	
By:
	
/s/ Benjamin C. Cooper

	
Name:
	
Benjamin C. Cooper

	
Title:
	
Vice President

	
 
	
 

	
National Bank of Arizona,

as a Group Agent

	
 

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

	
Name:
	
Robert E. Cooper, Jr.

	
Title:
	
Vice President

	
 
	
 

	
SILICON VALLEY BANK,

as a Group Agent

	
 

	
By:
	
/s/ Sayoji Goli

	
Name:
	
Sayoji Goli

	
Title:
	
Vice President

	
 

	
BANK OF AMERICA, N.A.

as Administrative Agent and Collateral Agent

	
 

	
By:
	
/s/ Darleen R. DiGrazia

	
Name:
	
Darleen R. DiGrazia

	
Title:
	
Vice President

 

 

[Signature Page to Required Group Agent Action No. 33]

 

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

 

 

ANNEX 1

 

APPENDIX 4

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

	
Tax Equity Structure
	
Partnership / 
Lessor Partnership

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

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

	
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Annex 1

 

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

ANNEX 2

 

APPENDIX 5

PROJECT DOCUMENTS

	
 
	
1.
	
[***] Subject Fund

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

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

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

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

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

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

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

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

	
 
	
2.
	
[***] Subject Fund

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

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

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

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

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

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

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

Annex 2

 

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

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

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

	
 
	
•
	
[***].

	
 
	
3.
	
[***] Subject Fund

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

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

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

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

	
 
	
4.
	
[***] Subject Fund

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

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

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

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

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

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

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

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

Annex 2

 

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

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

	
 
	
5.
	
[***] Subject Fund

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

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

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

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

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

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

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

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

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

	
 
	
6.
	
[***] Subject Fund

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

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

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

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

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

Annex 2

 

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

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

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

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

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

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

	
 
	
7.
	
[***] Subject Fund

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

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

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

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

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

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

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

 

	
 
	
8.
	
[***] Subject Fund

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

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

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

Annex 2

 

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

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

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

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

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

	
 
	
9.
	
[***] Subject Fund

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

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

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

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

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

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

 

	
 
	
•
	

Annex 2

 

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

ANNEX 3

 

Account Information

 

		
	
Pay to:
	
[***]

	
Bank
	
[***]

	
ABA No.
	
[***]

	
Account No.
	
[***]

	
Account Name
	
[***]

	
Ref.
	
[***]

 

Annex 3

 

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

ANNEX 4

 

SCHEDULE OF PRINCIPAL PREPAYMENT ALLOCATIONS

 

		
	
Lender
	
Share of Prepayment

	
Bank of America, N.A.
	
$ [***]

	
Credit Suisse AG, Cayman Islands Branch
	
$ [***]

	
ING Capital LLC 
	
$ [***]

	
Deutsche Bank AG, New York Branch
	
$ [***]

	
KeyBank National Association
	
$ [***]

	
National Bank of Arizona
	
$ [***]

	
Silicon Valley Bank
	
$ [***]

	
CIT Bank, N.A.
	
$ [***]

	
Total
	
$ [***]

 

 

Annex 4

 

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

ANNEX 5

 

UCC-3 TERMINATION STATEMENTS

 

Annex 5

 

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

Annex 5

 

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

Annex 5

 

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

Annex 5

 

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

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