Document:

EX-10.9

 Exhibit 10.9 

INVESTMENT AGREEMENT 

THIS INVESTMENT AGREEMENT (this “Agreement”) is made as of December 22, 2014 (the “Effective
Date”), by and among SunEdison Emerging Markets Yield, LLC, a Delaware limited liability company (“EM LLC”), SunEdison, Inc., a Delaware corporation (“SunEdison”), and SunEdison Holdings Corporation, a
Delaware corporation (“SunEdison Holdings”). 
 RECITALS 

A. SunEdison Holdings, which is a wholly-owned subsidiary of SunEdison, owns 100% of the outstanding equity interests in EM LLC. 

B. SunEdison, through SunEdison Holdings, has agreed to make investments in EM LLC to be used by EM LLC in preparation for a planned initial
public offering by its affiliate, SunEdison Emerging Markets Yield, Inc., a Delaware corporation (“EM Inc.”), which is indirectly one hundred percent (100%) owned by SunEdison and is expected to own one hundred percent
(100%) of EM LLC immediately prior to its initial public offering. 
 C. SunEdison has agreed to contribute certain solar power
projects to EM LLC or its subsidiaries in furtherance of the initial public offering of EM Inc. 
 D. EM LLC is the borrower under that
certain Credit and Guaranty Agreement, to be dated on or about the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among EM LLC, as borrower, the guarantors
named therein, JPMorgan Chase Bank, National Association, as administrative agent (in such capacity, the “Agent”) and collateral agent (in such capacity, the “Collateral Agent”), and the lenders named therein. 

E. Borrowings under the Credit Agreement are to be used by EM LLC to acquire solar and wind power projects from third parties and to repay
indebtedness of certain projects it owns or will own, in each case in furtherance of the initial public offering of EM Inc. 
 F. In order
to facilitate a successful initial public offering of EM Inc., SunEdison desires to provide support with respect to the interest payment obligations of EM LLC with respect to the bridge loans made under the Credit Agreement (the “Bridge
Loans”), and EM LLC wishes to accept such support. 
 G. SunEdison expects to benefit from a successful initial public offering of
EM Inc. 

  
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 NOW THEREFORE, in consideration of the mutual covenants and agreements contained in this
Agreement and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows: 

AGREEMENT 
 1.
Definitions. 
 (a) “Affiliate” means, with respect to a person, any other person that, directly or indirectly,
through one or more intermediaries, controls or is controlled by such person, or is under common control of a third person. 
 (b)
“Business Day” means every day except a Saturday or Sunday, or a legal holiday in the City of New York on which banking institutions are authorized or required by law, regulation or executive order to close. 

(c) “End Date” means the date on which payment in full of all Obligations (as defined in the Credit Agreement) (other than
contingent or indemnification obligations for which no claim has been made and obligations in respect of any Hedge Agreement) and the cancellation or termination of the Commitments (as defined in the Credit Agreement) has occurred. 

(d) “Governing Instruments” means (i) the certificate of incorporation and bylaws in the case of a corporation,
(ii) the articles of formation and operating agreement in the case of a limited liability company (iii) the partnership agreement in the case of a partnership, and (iv) any other similar governing document under which an entity was
organized, formed or created and/or operates. 
 (e) “Interest Payment Amount” means, with respect to each Interest Payment
Date, the amount of interest payable on the Bridge Loans by EM LLC on such Interest Payment Date under the Credit Agreement (including any default interest (whether or not owing following acceleration of the Bridge Loans under the Credit
Agreement)). 
 (f) “Interest Payment Date” means “Interest Payment Date” (as such term is defined in the Credit
Agreement). 
 2. Support Payments. 

(a) SunEdison shall, or shall cause one of its Affiliates (other than EM LLC and its subsidiaries) to: 

 

	 	(i)	at least five (5) Business Days prior to each Interest Payment Date, deposit into an account of EM LLC an amount equal to the Interest Payment Amount, and EM LLC shall use such funds solely to pay the Interest
Payment Amount in accordance with the terms of the Credit Agreement on or prior to the Interest Payment Date; or 

  

	 	(ii)	on or prior to each Interest Payment Date, pay (on behalf of EM LLC) the Interest Payment Amount in accordance with the terms of the Credit Agreement. 

  
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 (b) Any payments made by SunEdison or any of its Affiliates described in
Section 2(a)(i) or (ii) shall be treated as a contribution by SunEdison (or its applicable Affiliate) to the capital of SunEdison Holdings, followed by a contribution by SunEdison Holdings to the capital of EM LLC. However,
none of SunEdison, SunEdison Holdings or their respective Affiliates shall have any rights, at any time, to reimbursement of any payments made by SunEdison or its Affiliates pursuant to Section 2(a). 

(c) EM LLC shall provide notice to SunEdison of each Interest Payment Date at least ten (10) Business Days prior to such Interest Payment
Date, provided that failure to provide such notice shall not release SunEdison of its obligations under Section 2(a). 
 3.
Failure to Pay When Due. Any amount payable by SunEdison under Section 2 which is not remitted when so due (an “Overdue Amount”) will remain due (whether on demand or otherwise) and interest will accrue on such
Overdue Amount at a rate per annum equal to the interest rate then applicable under the Credit Agreement (including default interest). 
 4.
Repayment of Bridge Loan. EM LLC shall use commercially reasonable efforts to repay in full the Bridge Loans under the Credit Agreement on or prior to the Maturity Date (as defined in the Credit Agreement). 

5. Contribution of Projects. 

(a) SunEdison hereby agrees to contribute, or cause to be contributed, to EM LLC or its designated subsidiaries each of the solar power
projects identified in Schedule I hereto (each, a “Project”). In the event that SunEdison fails to receive all governmental, regulatory, third party and other consents and approvals required for the transfer of a Project, SunEdison
shall contribute a substitute project that (a) constitutes a Permitted Acquisition (as defined in the Credit Agreement) and (b) has a fair market value (as determined by the Agent in its sole discretion) and projected Project CAFD (as
defined in the Credit Agreement), in each case, greater than or equal to the fair market value and projected Project CAFD of the Project that such substitute project is replacing (such substitute project, a “Substitute Organic
Project”). 
 (b) SunEdison shall contribute each Project (or a Substitute Organic Project) to EM LLC or its designated
subsidiaries by the target contribution date set forth in Schedule I hereto. 
 6. Representations and Warranties. Each of EM LLC,
SunEdison and SunEdison Holdings hereby represents and warrants to the other that: 
 (a) it is validly organized and existing under the
laws of the State of Delaware; 
 (b) it has the power, capacity and authority to enter into this Agreement and to perform its duties and
obligations hereunder; 
 (c) it has taken all necessary action to authorize the execution, delivery and performance of this Agreement; 

  
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 (d) the execution and delivery of this Agreement by it and the performance by it of its duties
obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments, or under any mortgage, lease, agreement or other legally binding instrument, permit or applicable law to which it is a party or by
which any of its properties or assets may be bound, except for any such contravention, breach or default which would not have a material adverse effect on its business, assets, financial condition or results of operations taken as a whole; 

(e) no authorization, consent or approval, or filing with or notice to any governmental body or authority or other person is required in
connection with the execution, delivery or performance by it of this Agreement; and 
 (f) this Agreement constitutes its valid and legally
binding obligation, enforceable against it in accordance with its terms, subject to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of
creditors’ rights and remedies generally; and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies,
whether such principles are considered in a proceeding at law or in equity. 
 7. Covenant. SunEdison shall contribute a Substitute
Organic Project in replacement of any Project constituting an Initial Acquisition (as defined in the Credit Agreement) (a) located in South Africa where SunEdison has failed to obtain all necessary change of control consents with respect
thereto or (b) located in Malaysia where such Initial Acquisition is subject to a shareholder voting arrangement that is not satisfactory to Collateral Agent in its sole discretion, in each case on or prior to the date on which such Initial
Acquisition shall have been required to be contributed pursuant to Schedule I hereto. For the avoidance of doubt, a Substitute Organic Project need not be located in the same country as the Project it replaces. 

8. Term; Termination. 

(a) Term. This Agreement shall become effective as of the Effective Date and shall terminate on the End Date, unless terminated earlier
as set forth in this Agreement. 
 (b) Termination. Notwithstanding Section 8(a), this Agreement shall automatically
terminate upon the earlier to occur of: 
  

	 	(i)	the repayment in full of all outstanding Bridge Loans under the Credit Agreement; or 

  

	 	(ii)	SunEdison contributing each of the Projects (or the applicable Substitute Organic Projects) as required pursuant to Section 5 and 7 hereof. 

9. Amendment; Waiver. The parties may amend this Agreement only by a written agreement signed by the parties and that identifies itself
as an amendment to this Agreement. No waiver of any provision of this Agreement will constitute a waiver of any other provision nor will any waiver of any provision of this Agreement constitute a continuing waiver unless

  
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otherwise expressly provided. A party’s failure or delay in exercising any right under this Agreement will not operate as a waiver of that right. A single or partial exercise of any right
will not preclude a party from any other or further exercise of that right or the exercise of any other right. 
 10. Notices. Any
notice, demand or other communication to be given under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by facsimile
if sent during normal business hours of the recipient; but if not, then on the next Business Day, (iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three Business Days
after it is mailed to the recipient by first class mail, return receipt requested. Such notices, demands and other communications shall be sent to the addresses specified below, or at such address or to the attention of such other person as the
recipient party has specified by prior written notice to the sending party. Any party may change such party’s address for receipt of notice by giving prior written notice of the change to the sending party as provided herein. Notices and other
communications will be addressed as follows: 
 If to EM LLC: 

SunEdison Emerging Markets Yield, LLC 

13736 Riverport Drive, Suite 180 

Maryland Heights, Missouri 63043 

Attn: General Counsel 

Facsimile: (866) 773-0791 

If to SunEdison or SunEdison Holdings: 

SunEdison, Inc. 
 13736
Riverport Drive, Suite 180 
 Maryland Heights, Missouri 63043 

Attn: General Counsel 

Facsimile: (866) 773-0791 

11. Assignment. Neither party may assign or otherwise transfer this Agreement without the prior written consent of the other party.
Notwithstanding the foregoing, each party shall have the right to assign or otherwise transfer this Agreement, without the prior written consent of the other party, to any of its Affiliates so long as such person remains an Affiliate of such party;
provided that, (i) such transferring party shall provide written notice to the other party of such assignment, and (ii) such assignment shall not relieve the transferring party of its obligations hereunder. 

12. Successors; No Third Party Beneficiaries. This Agreement will be binding upon the parties hereto and their respective successors
and permitted assigns. The provisions of this Agreement are enforceable solely by the parties to the Agreement and their respective successors and permitted assigns and no other person shall have the right, separate and apart from the parties
hereto, to enforce any provisions of this Agreement or to compel any party to comply with the terms of this Agreement. 

  
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 13. Consent to Jurisdiction and Service of Process. EACH OF THE PARTIES IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE CITY AND COUNTY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER
PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH
PARTY’S RESPECTIVE ADDRESS SET FORTH ABOVE SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY
AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM. 
 14. Mutual Waiver of Jury Trial. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO
TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS
CONTEMPLATED HEREBY. 
 15. Governing Law. The internal law of the State of New York will govern and be used to construe this
Agreement without giving effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby. 

16. Invalidity of Provisions. Each of the provisions contained in this Agreement is distinct and severable and a declaration of
invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction will not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable law, the parties waive any
provision of law which renders any provision of this Agreement invalid or unenforceable in any respect. The parties will engage in good faith negotiations to replace any provision which is declared invalid or unenforceable with a valid and
enforceable provision, the economic effect of which comes as close as possible to that of the invalid or unenforceable provision which it replaces. 

  
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 17. Entire Agreement. This Agreement constitutes the entire agreement between the parties
pertaining to the subject matter set forth herein. There are no warranties, conditions, or representations (including any that may be implied by statute) and there are no agreements in connection with such subject matter except as specifically set
forth or referred to in this Agreement. No reliance is placed on any warranty, representation, opinion, advice or assertion of fact made either prior to, contemporaneous with, or after entering into this Agreement, by any party to this Agreement or
its directors, officers, employees or agents, to any other party to this Agreement or its directors, officers, employees or agents, except to the extent that the same has been reduced to writing and included as a term of this Agreement, and none of
the parties to this Agreement has been induced to enter into this Agreement by reason of any such warranty, representation, opinion, advice or assertion of fact. Accordingly, there will be no liability, either in tort or in contract, assessed in
relation to any such warranty, representation, opinion, advice or assertion of fact, except to the extent contemplated above. 
 18.
Further Assurances. Each of the parties hereto will promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as the other party hereto may reasonably require from
time to time for the purpose of giving effect to this Agreement and will use reasonable efforts and take all such steps as may be reasonably within its power to implement to their full extent the provisions of this Agreement. 

19. Counterparts. This Agreement may be signed in counterparts and each of such counterparts will constitute an original document and
such counterparts, taken together, will constitute one and the same instrument. 
 [Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

			
	SUNEDISON, INC.
		
	By:		 
	Name:		Brian Wuebbels
	Title:		Executive Vice President and Chief Financial Officer
	
	SUNEDISON HOLDINGS CORPORATION
		
	By:		 
	Name:		Martin Truong
	Title:		Secretary
	
	SUNEDISON EMERGING MARKETS YIELD, LLC
		
	By:		 
	Name:  		Steve O’Rourke
	Title:		Chief Executive Officer

  
 Signature Page
—Investment Agreement 

 SCHEDULE I 

Projects 
  

									
	 Country
	  	 Project
	  	MWp	 	  	 Target Contribution
Date

	 India
	  	NSM 24 (Chint JV)	  	 	24	  	  	15 Apr 2015
		  	Raj 5 (NVVN 5)	  	 	5	  	  	15 Apr 2015
		  	NSM Suryalabh	  	 	39	  	  	30 June 2015
		  	NSM L’Volta	  	 	26	  	  	30 June 2015
		  	NSM Sitara	  	 	31	  	  	30 June 2015
		  	Brakes India	  	 	8	  	  	15 Apr 2015
	 S. Africa
	  	Soutpan	  	 	31	  	  	30 June 2015
		  	Witkop	  	 	33	  	  	30 June 2015
		  	Boshoff	  	 	66	  	  	30 June 2015
	 Malaysia
	  	Corp Season	  	 	4	  	  	1 April 2015
		  	Fortune 11	  	 	5	  	  	1 April 2015
		  	Silverstar	  	 	10	  	  	1 April 2015EX-10.10

 Exhibit 10.10 

DIRECT AGREEMENT 

This DIRECT AGREEMENT (this “Agreement”), dated as of December 22, 2014, by and among SunEdison, Inc., a Delaware
corporation (the “Parent”), SunEdison Holdings Corporation, a Delaware corporation (“SunE Holdings” and, together with the Parent, the “Obligors” and each an “Obligor”), SunEdison
Emerging Markets Yield, LLC, a Delaware limited liability company (the “Company”) and JPMorgan Chase Bank, National Association, as collateral agent (in such capacity, the “Collateral Agent”). 

W I T N E S S E T H : 

WHEREAS, the Parent is the indirect owner of one hundred percent (100%) of the membership interests in the Company; 

WHEREAS, the Obligors have agreed, subject to the terms and conditions of the Investment Agreement, dated as of December 22, 2014 (the
“Investment Agreement”), among the Company and the Obligors, to make cash equity contributions to the Company and to contribute certain renewable energy projects to the Company; 

WHEREAS, the Company is party to that certain Credit and Guaranty Agreement, dated as of December 22, 2014 (as amended, restated,
supplemented, replaced, refinanced or otherwise modified from time to time, the “Credit Agreement” and the loans and other extensions of credit thereunder, the “Bridge Financing”), among the Company, certain
subsidiaries of the Company, the lenders party thereto from time to time (as defined therein, the “Lenders”) and JPMorgan Chase Bank, National Association, as administrative agent and Collateral Agent; 

WHEREAS, pursuant to that certain Pledge and Security Agreement, dated as of December 22, 2014 (the “Security
Agreement”), the Company has agreed, among other things, to assign, as collateral security for its obligations under the Credit Agreement and other documents related to the Credit Agreement, all of its right, title and interest in, to and
under (but not its obligations, liabilities or duties with respect to) the Investment Agreement (such assignment, the “Collateral Assignment”) to Collateral Agent for the benefit of itself and the lenders and each other entity or
person that are provided collateral security under the Security Agreement (the “Secured Parties”); and 
 WHEREAS, the
Obligors expect to derive significant financial gain from the Bridge Financing. 
 NOW, THEREFORE, in consideration of the foregoing
premises and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

 ARTICLE I 

CONSENT TO ASSIGNMENT 

Section 1.1 Consent to Assignment. 

The Obligors each acknowledge the Collateral Assignment referred to above, consent to such assignment and agree with Collateral Agent for the
benefit of the Secured Parties as follows: 
 (a) At any time the Obligors fail to perform their obligations under the
Investment Agreement, Collateral Agent shall be entitled (but not obligated) to exercise all or any portion of the Company’s rights under the Investment Agreement and each Obligor agrees, for the benefit of Collateral Agent and the Secured
Parties, to perform its respective obligations under the Investment Agreement, Collateral Agent and the Secured Parties being made express third party beneficiaries of the Investment Agreement. 

(b) No Obligor shall, without the prior written consent of Collateral Agent (such consent not to be unreasonably withheld),
(i) cancel or terminate the Investment Agreement, or suspend performance thereunder, except as provided in accordance with Section 1(c) hereof, or consent to or accept any cancellation, termination or suspension thereof by the
Company, (ii) sell, assign or otherwise dispose (by operation of law or otherwise) of any part of its interest in the Investment Agreement, or (iii) amend or modify the Investment Agreement (other than any immaterial or ministerial
amendments which do not have a material and adverse effect on the interests of the Secured Parties (provided that, without limiting the foregoing, the applicable Obligor shall provide the Collateral Agent with a copy of any amendment promptly after
the execution thereof). Each Obligor agrees to deliver duplicates or copies of all notices of Default (as defined below) delivered by such Obligor under or pursuant to the Investment Agreement to Collateral Agent, simultaneously with delivery
thereof to the Company under the Investment Agreement. 
 (c) Without limiting the generality of the foregoing provisions,
each Obligor agrees that it will not terminate the Investment Agreement solely by reason of the commencement or pendency of bankruptcy, insolvency, reorganization, or similar proceedings in respect of the Company. In the event that the Investment
Agreement is rejected by a trustee or debtor-in-possession in any bankruptcy or insolvency proceeding, and if, within forty-five (45) days after such rejection or termination, the Collateral Agent or its successors or assigns shall so request,
the relevant Obligor will execute and deliver to the Collateral Agent a new contract, which contract shall be on substantially the same terms and conditions as the original Investment Agreement for the remaining term of the original Investment
Agreement before giving effect to such termination; provided, however, that if a default or breach of or failure to perform by the Company under the Investment Agreement has occurred and is continuing and has not been cured under the
Investment Agreement, the Obligor party to the Investment Agreement may, subject to the provisions of this Agreement, exercise its rights and remedies with respect to such default, breach or failure as set forth in, and in accordance with, the
Investment Agreement. 

  
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 (d) In the event Collateral Agent elects to exercise rights under
Section 1(a) above or enter into a new contract as provided in Section 1(c) above, Collateral Agent, Secured Parties or their designee(s) and assignee(s) shall not have any personal liability to any Obligor for the
performance of such obligations, and the sole remedies of such Obligor in seeking the enforcement of such obligations shall be to such parties’ interest in the Company and its remedies under the Investment Agreement. 

(e) Notwithstanding anything to the contrary herein or in the Credit Agreement, Security Agreement or the Investment Agreement,
in the event that the Company fails to enforce its rights under the Investment Agreement, each of the parties hereto acknowledges and agrees that the Collateral Agent on behalf of the other Secured Parties shall have the right to enforce the
Company’s rights under the Investment Agreement (including the delivery of any notices on behalf of the Company required to effect any of the Investment Agreement). 

Section 1.2 Obligations Unconditional. 

(a) The obligations of each Obligor under this Article I are primary, irrevocable, absolute and unconditional,
irrespective of the value, genuineness, validity, regularity or enforceability of any agreement or instrument referred to herein, or any substitution, release or exchange of any other guarantee of, or security for, any of the Credit Documents, and,
to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this
Section 1.2 that the obligations of each Obligor hereunder shall be absolute and unconditional, under any and all circumstances. Without limiting the generality of the foregoing, but subject to the terms of this Agreement, it is agreed
that the occurrence of any one or more of the following shall not alter or impair the liability of each Obligor hereunder which shall remain absolute and unconditional as described above: 

(i) at any time or from time to time, without notice to any Obligor, the time for any performance of, or compliance with, any
of the Credit Documents shall be extended, or such performance or compliance shall be waived; 
 (ii) any of the Credit
Documents shall be modified, supplemented or amended in any respect, or any right under any Credit Document or any other agreement or instrument referred to herein or therein shall be waived or any other guarantee of any of the Credit Documents or
any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; 
 (iii) any lien granted
to, or in favor of, any financing party as security for any of the Credit Documents shall fail to be perfected or shall be released; 

(iv) the performance or failure to perform by any Obligor, Company, and of their respective subsidiaries, or any member or
shareholder of the foregoing of any 

  
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its obligations under any other agreement, or by the condition (financial, legal or otherwise), affairs, status, nature or actions of any Obligor, Company or any of their respective subsidiaries;
or 
 (v) the voluntary or involuntary liquidation, dissolution, sale of assets, marshaling of assets and liabilities,
receivership, conservatorship, custodianship, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, readjustment or similar proceeding affecting any person. 

(b) Each Obligor hereby expressly waives diligence, presentment, demand of payment, protest and all notices whatsoever, and any
requirement that Collateral Agent or any Secured Party exhaust any right, power or remedy or proceed against such Obligor or the Company under this Agreement, the Credit Agreement, any other Credit Document (as defined in the Credit Agreement, a
“Credit Document”) or any other agreement or instrument referred to herein or therein, or against any other person under any Credit Document or other guarantee of, or security for, any of the Credit Documents 

(c) Each Obligor hereby irrevocably waives, to the extent it may do so under applicable Governmental Rules, any protection to
which it may be entitled under Sections 365(c)(1), 365(c)(2) and 365(e)(2) of the U.S. Bankruptcy Code or equivalent provisions of any other Debtor Relief Laws (as defined in the Credit Agreement, “Debtor Relief Laws”), or any
successor provision of any Debtor Relief Law of similar import, in the event of any Event of Default under Section 8.1(f) of the Credit Agreement or any similar event involving the bankruptcy or insolvency the Company (a “Bankruptcy
Event”). Specifically, in the event that the trustee (or similar official) in a Bankruptcy Event with respect to the Company or the debtor-in-possession takes any action (including the institution of any action, suit or other proceeding for
the purpose of enforcing the rights of the Company under the Investment Agreement), no Obligor shall assert any defense, claim or counterclaim denying liability hereunder on the basis that the Investment Agreement is an executory contract or a
“financial accommodation” that cannot be assumed, assigned or enforced or on any other theory directly or indirectly based on Section 365(c)(1), 365(c)(2) or 365(e)(2) of the U.S. Bankruptcy Code or equivalent provisions of any other
Debtor Relief Laws, or any successor provision of any Bankruptcy Law of similar import. If a Bankruptcy Event with respect the company shall occur, each Obligor agrees, after the occurrence of such Bankruptcy Event, to reconfirm in writing, to the
extent permitted by applicable Governmental Rules, its pre-petition waiver of any protection to which it may be entitled under Sections 365(c)(1), 365(c)(2) and 365(e)(2) of the U.S. Bankruptcy Code or equivalent provisions of any other Bankruptcy
Laws, or any successor provision of any Bankruptcy Law of similar import, and, to give effect to such waiver, each Obligor consents, to the extent permitted by applicable law, to the assumption and enforcement of each provision of the Investment
Agreement by the debtor-in-possession or the Company’s trustee in bankruptcy, as the case may be. 
 Section 1.3
Reinstatement. Each Obligor’s obligations under this Article I shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of such Obligor under this Agreement or the Investment Agreement is
rescinded or must 

  
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be otherwise restored by the Company or the Collateral Agent for any reason, and each Obligor agrees that it will indemnify the Collateral Agent and each Secured Party on demand for all
reasonable costs and expenses (including reasonable fees and expenses of counsel) incurred by Collateral Agent or any such Secured Party in connection with such rescission or restoration. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Each Obligor represents and warrants to Company, Collateral Agent and the Secured Parties that: 

Section 2.1 Each Obligor (i) is a corporation duly organized and validly existing under the laws of the State of Delaware,
(ii) is duly qualified, authorized to do business and in good standing in every jurisdiction necessary to perform its obligations under the Investment Agreement to which it is a party and this Agreement, and (iii) has all requisite power
and authority to enter into and to perform its obligations hereunder and under the Investment Agreement to which it is a party, and to carry out the terms hereof and thereof and the transactions contemplated hereby and thereby. 

Section 2.2 The execution, delivery and performance by each Obligor of this Agreement and the Investment Agreement to which it is a party
have been duly authorized by all necessary corporate or other action on the part of such Obligor and do not require any approvals, filings with, or consents of any entity or person which have not previously been obtained or made. 

Section 2.3 Each of this Agreement and each Investment Agreement is in full force and effect, has been duly executed and delivered on its
behalf of each Obligor party thereto by the appropriate officers of such Obligor, and constitutes the legal, valid and binding obligation of such Obligor, enforceable against such Obligor in accordance with its terms, except as the enforceability
thereof may be limited by (i) bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general equitable principles (whether considered in a proceeding in equity or
at law). 
 Section 2.4 No Obligor nor, to the best of any Obligor’s knowledge, any other party to the Investment Agreement, is in
default of any of its obligations thereunder. 
 Section 2.5 Each Obligor affirms that it has no notice of any assignment relative to
the right, title and interest of the Company in, to and under the Investment Agreement to which it is a party other than the assignment referred to in Article I hereof. 

ARTICLE III 

MISCELLANEOUS 

Section 3.1 Notices. All notices and other communications provided for herein (including any modifications of, or waivers,
requests or consents under, this Agreement) shall be given or made in writing (including by fax or email) delivered to the intended recipient at the 

  
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address on its signature page hereto or at such other address as shall be designated by such party in a notice to the other party hereto. Except as otherwise provided in this Agreement, all such
communications shall be deemed to have been duly given upon receipt of a legible copy thereof, in each case given or addressed as aforesaid. 

Section 3.2 Amendments, Etc. This Agreement shall only be modified, amended or supplemented by a written instrument signed by each
party hereto, and any provision of this Agreement may only be waived by a written instrument signed by each of Parent, SunE Holdings, the Company and the Collateral Agent. 

Section 3.3 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns (including any successor Collateral Agent pursuant to any refinancing of or replacement with respect to the Credit Agreement); provided, however, that no party (other than the Collateral
Agent) shall assign or transfer its rights or obligations hereunder without the prior written consent of the other party and any purported assignment without such consent shall be void. 

Section 3.4 Counterparts. This Agreement may be executed in any number of counterparts and in separate counterparts, each of which
when so executed and delivered shall be deemed an original and all of which taken together shall constitute one and the same instrument. Counterparts delivered by facsimile or in electronic PDF format shall be deemed to be originals. 

Section 3.5 Headings. Captions and section headings 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 3.6
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

Section 3.7 No Waiver; Rights Cumulative. No failure on the part of any party hereto to exercise and no delay in exercising, and
no course of dealing with respect to, any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 

Section 3.8 Submission to Jurisdiction. Each Obligor agrees that any suit, action or proceeding with respect to this Agreement or
any judgment entered by any court in respect thereof may be brought in the United States District Court for the Southern District of New York or the Supreme Court of the State of New York, County of New York, and in the courts of its own corporate
domicile, in respect of actions brought against it as a defendant, and irrevocably submits to the non-exclusive jurisdiction of each such court for the purpose of any such suit, action, proceeding or judgment. 

Section 3.9 Waiver of Venue, Etc. Each Obligor irrevocably waives to the fullest extent permitted by applicable law any objection
that it may now or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this Agreement 

  
 6 

 
brought in the United States District Court for the Southern District of New York or the Supreme Court of the State of New York, County of New York and hereby further irrevocably waives to the
fullest extent permitted by applicable law any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. A final judgment (in respect of which time for all appeals has elapsed) in any such
suit, action or proceeding shall be conclusive and may be enforced in any court the jurisdiction of which such Obligor is or may be subject, by suit upon judgment. 

Section 3.10 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 3.11 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to
such provision and such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other
jurisdiction. 
 [SIGNATURE PAGES FOLLOW] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

			
	SUNEDISON, INC.,
	as the Parent
		
	By:		  

	Name:		Brian Wuebbels
	Title:		Chief Financial Officer

  

	
	Address for Notices:
	
	SunEdison, Inc.
	501 Pearl Drive, P.O. Box 8
	St. Peters, MO 63376
	Attention: Treasurer
	Telephone: (636) 474-5000
	Telecopier: (866) 773-0791
	
	With a copy to:
	
	SunEdison, Inc.
	501 Pearl Drive, P.O. Box 8
	St. Peters, MO 63376
	Attention: General Counsel
	Telephone: (636) 474-5000
	Telecopier: (866) 773-0793

  
 Signature Page to Direct
Agreement 

 
			
	 SUNEDISON HOLDINGS CORPORATION,
 as
SunE Holdings

		
	By:		  

	Name:		Brian Wuebbels
	Title:		Authorized Representative

  

	
	Address for Notices:
	
	SunEdison, Inc.
	501 Pearl Drive, P.O. Box 8
	St. Peters, MO 63376
	Attention: Treasurer
	Telephone: (636) 474-5000
	Telecopier: (866) 773-0791
	
	With a copy to:
	
	SunEdison, Inc.
	501 Pearl Drive, P.O. Box 8
	St. Peters, MO 63376
	Attention: General Counsel
	Telephone: (636) 474-5000
	Telecopier: (866) 773-0793

  
 Signature Page to Direct
Agreement 

 
			
	SUNEDISON EMERGING MARKETS YIELD, LLC,
	as the Company
		
	By:		  

	Name:		Steve O’Rourke
	Title:		Chief Executive Officer

  

	
	Address for Notices:
	
	13736 Riverport Drive
	Suite 1000
	Maryland Heights, MO 63043
	
	With a copy to:
	
	SunEdison, Inc.
	501 Pearl Drive, P.O. Box 8 St. Peters, MO
	63376 Attention: General Counsel
	Telephone: (636) 474-5000
	Telecopier: (866) 773-0793

  
 Signature Page to Direct
Agreement 

 
			
	JPMORGAN CHASE BANK, N.A.,
	as Collateral Agent
		
	By:		  

			Authorized Signatory

  

	
	Address for Notices:
	
	JPMorgan Chase Bank, N.A.
	Loan and Agency Services Group
	500 Stanton Christiana Road, Ops 2 Floor 3
	Newark, DE 19713
	Attention: Siyana Custis
	Fax: (302) 634-1417

  
 Signature Page to Direct
Agreement

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