Document:

scty-ex1019x_653.htm

Exhibit 10.19x

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.

ADMINISTRATIVE AGENT ACTION NO. 25

This ADMINISTRATIVE AGENT ACTION NO. 25 (this “Action”), dated as of September 30, 2016 (the “Effective Date”), is entered into by and among Megalodon Solar, LLC, a Delaware limited liability company (“Borrower”), [***], a Delaware limited liability company (“[***]”), and Bank of America, N.A., as the Administrative Agent (the “Administrative Agent”) and the Collateral Agent (the “Collateral Agent” and together with the Administrative Agent, the “Agents”) under the Loan Agreement, dated as of May 4, 2015 (as amended, the “Loan Agreement”), by and among the Borrower, the Agents, each of the Lenders and the other parties from time to time parties 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.[***] has granted a security interest in substantially all of its assets to the Collateral Agent under the Borrower Subsidiary Party Security Agreement.

B.Pursuant to the Maintenance Services Agreement, dated as of [***], by and between [***] and SolarCity Corporation, as maintenance services provider (“SolarCity”), [***] conveyed and transferred its right, title and interest in and to the SRECs generated by its PV Systems to SolarCity to the extent necessary to permit SolarCity to perform operations and maintenance services with respect to the PV Systems and use commercially reasonable efforts to sell the SRECs on behalf of [***].

C.Pursuant to that certain Limited Termination Agreement dated as of the date hereof (the “Limited Termination Agreement”) by and between [***] and SolarCity, SolarCity has relinquished all right, title and interest in and to a certain portion of the SRECs, and all such right, title and interest in and to such SRECs have reverted to [***] (the “Reverted SRECs”).

D.Immediately upon the effectiveness of the Limited Termination Agreement, [***] intends to sell, convey, assign and transfer the Reverted SRECs pursuant to that certain Assignment Agreement ([***]) dated as of the date hereof (the “Assignment Agreement”), by and among SolarCity Corporation, [***] and [***], a Delaware limited liability company (“[***]”), a copy of which is attached hereto as Exhibit 1.

E.[***] is an Affiliate of [***].

F.The disposition of SRECs contemplated under the Assignment Agreement is permitted without the consent of either Agent or any Lender subject to the terms and conditions set forth in Sections 6.4(c), 6.10(d) and 6.16 of the Loan Agreement.

G.Pursuant to Section 9.10(a)(ii) of the Loan Agreement, the Administrative Agent is authorized to instruct the Collateral Agent to release any Lien on any property granted to or held by the Collateral Agent under any Financing Document that is sold or otherwise disposed of 

Administrative Agent Action No. 25

 

[***] 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.

 

or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted under any Financing Document.

H.The Borrower has requested that the Collateral Agent release its lien on all of the “Assigned Rights” described in the Assignment Agreement (the “Released Assets”), effective immediately upon execution of 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.Release; Covenants.  Upon satisfaction of the condition precedent set forth in Section 3 on the Effective Date, without any further action by any party:

	
(a)
	
the security interest granted to the Collateral Agent by [***] pursuant to the Borrower Subsidiary Party Security Agreement with respect to the Released Assets (and any related rights and assets described in the Assignment Agreement) shall automatically terminate and be released and all rights to the Released Assets shall revert to [***];

	
(b)
	
the Collateral Agent authorizes the Borrower, [***] or any other party on behalf of the Borrower or [***], to file a UCC financing statement amendment relating to the Released Assets in the form attached hereto as Exhibit 2; and

	
(c)
	
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 release of the Released Assets.

Section 2.Condition Precedent.  This Action shall be effective upon the Administrative Agent’s receipt of counterparts of this Action, executed and delivered by each of the other parties hereto.

Section 3.Representations and Warranties.  The Borrower hereby represents and warrants as of the Effective Date that (a) the transactions contemplated by the Assignment Agreement are permitted under Sections 6.4(c), 6.10(d) and 6.16 of the Loan Agreement and (b) the Assignment Agreement (i) does not contain any provisions for liquidated damages, contingent liabilities or other damages, or the posting of collateral or other security and (ii) is entered into in the ordinary course of business at prices and on terms and conditions not less favorable to [***] than could be obtained on arm’s-length basis from unrelated third parties.

Section 4.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.

2Administrative Agent Action No. 25

 

[***] 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 5.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), 10.14 (Successors and Assigns) and 10.16 (Binding Effect; Counterparts) of the Loan Agreement are hereby incorporated by reference herein, mutatis mutandis.

Section 6.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 7.Construction. The rules of interpretation specified in Section 1.2 of the Loan Agreement also apply to this Action, mutatis mutandis.

[Signature Pages Follow]

 

 

3Administrative Agent Action No. 25

 

[***] 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

	
 

 

[***],

	
as a Subject Fund

	
 

	
 

	
By: /s/ Lyndon Rive

	
Name: Lyndon Rive

	
Title: President

	
 

 

Signature Page to Administrative Agent Action No. 25

 

[***] 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.

 

		
		
	
BANK OF AMERICA, N.A.,

	
as the Administrative Agent and the Collateral Agent

	
 

	
 

	
By: /s/ Darleen R. DiGrazia

	
Name:Darleen R. DiGrazia

	
Title:Vice President

	
 

 

Signature Page to Administrative Agent Action No. 25

 

[***] 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.

Execution Version

EXHIBIT 1

ASSIGNMENT AGREEMENT

ASSIGNMENT AGREEMENT

([***])

 

This ASSIGNMENT AGREEMENT (this “Agreement”) is entered into as of September 30, 2016 (the “Effective Date”) by and among SolarCity Corporation, a Delaware corporation (“SolarCity”), [***], a Delaware limited liability company (the “Company” and the “Assignor”) and [***], a Delaware limited liability company (the “Assignee” and together with SolarCity and the Company, the “Parties”).  Capitalized terms used in this Agreement and not otherwise defined herein have the respective meanings assigned to such terms in Annex A to this Agreement.

 

WITNESSETH

 

WHEREAS, the Company is the owner of the PV Systems listed on Schedule 1 attached hereto;

 

WHEREAS, pursuant to that certain Maintenance Services Agreement dated as of June 26, 2015 (the “Services Agreement”) by and between the Company and SolarCity, as maintenance services provider (in such capacity, “Provider”), Company has engaged SolarCity to provide certain operations and maintenance services with respect to the PV Systems, including the sale of RECs generated by such PV Systems (the “SREC Services”);

 

WHEREAS, in connection with the performance of such SREC Services, pursuant to the Services Agreement, Company conveyed and transferred its right, title and interest in and to the RECs generated by its PV Systems, including, without limitation, the Assigned Rights, to SolarCity to the extent necessary to permit SolarCity to perform the SREC Services and use commercially reasonable efforts to sell the RECs on behalf of the Company;

 

WHEREAS, pursuant to that certain Limited Termination Agreement dated as of September 30, 2016 (the “Limited Termination Agreement”) by and between the Company and Provider, SolarCity has relinquished all right, title and interest in and to that certain portion of the RECs to be generated by the PV Systems, as specified on Schedule 1 attached hereo, and all such right, title and interest in and to such RECs have reverted to the Company; 

 

WHEREAS, Company desires to absolutely and irrevocably assign, convey and transfer collectively the entire interest in the Assigned Rights to the Assignee.

 

WHEREAS, this Agreement and the transactions hereunder are being entered into in contemplation of a loan to be extended to Assignee pursuant to the Term Loan Agreement (the “Credit Agreement”), dated as of [***], among Assignee, as Borrower, [***], as Lender, and [***], as Administrative Agent and Collateral Agent (in its capacity as Administrative Agent, the “Third Party Beneficiary”, and in its capacity as the Collateral Agent, the “Collateral Agent”).

Administrative Agent Action No. 25

 

[***] 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.

 

NOW, THEREFORE, for value received, in consideration of the mutual agreements herein contained and other good and valuable consideration, receipt and sufficiency thereof being hereby acknowledged, the parties hereto hereby agree as follows:

 

1.Irrevocable Assignment.

 

(a)The Company, hereby absolutely and irrevocably sells, conveys, transfers, assigns and delivers unto the Assignee, without recourse to the Company, any and all of the Company’s right, title and interest in and to the Assigned Rights.  The Assignee hereby irrevocably purchases and accepts the Assigned Rights and assumes, to the extent accruing from and after the Effective Date, any and all duties, obligations, responsibilities, claims, demands and other commitments with respect to or otherwise in connection with the Assigned Rights.

 

(b)It is the intention of the Parties that the Assigned Rights transferred by the Company to the Assignee pursuant to this Agreement shall not be part of the Company’s estate in the event of the filing of a bankruptcy petition by or against the Company under any bankruptcy or similar law.  On and after the Effective Date hereunder, the Assignee shall own the Assigned Rights transferred by the Assignor to the Assignee, and the Assignor shall not take any action inconsistent with such ownership and shall not claim any ownership interest in the Assigned Rights.

 

(c)This sub-paragraph shall be of no force and effect with respect to an assignment of an Assigned Right unless there has been a final determination in a bankruptcy proceeding where the Assignor is the debtor, that an assignment referred to in this paragraph is not an absolute assignment of the Assigned Right, and all appeal periods (after such final determination) have lapsed without appeal.  In the event that the transfer of the Assigned Rights by the Assignor to the Assignee pursuant to this Agreement is deemed to be a secured financing (or is otherwise determined not to be an absolute assignment of all of Assignor’s right, title and interest in, to and under or transfer of all of Assignor’s equitable interest in, to and under the Assigned Rights transferred, or purportedly transferred hereunder), then (i) the Assignor shall be deemed hereunder to have granted to the Assignee, and the Assignor does hereby grant to the Assignee, a security interest in all of the Assignor’s right, title and interest in, to and under such Assigned Rights, whether now owned or hereafter acquired and (ii) this Agreement shall constitute a security agreement under applicable law.  For the avoidance of doubt: (i) in the event that a court determines that the transfer of the Assigned Rights is not an absolute assignment of the Assigned Rights or a “true sale” and such a determination is appealed, the Assignee shall be deemed to have the benefit of the security interest grant during the pendency of such appeals and (ii) if the appeals court holds, on a final, non-appealable basis that the Assigned Rights is an absolute assignment or a “true sale” then such security grant shall be deemed to have never been granted and shall have no force and effect.

 

Signature Page to Administrative Agent Action No. 25

 

[***] 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.

2.Purchase Price.

 

(a)The purchase price for all of the Assigned Rights conveyed to the Assignee under this Agreement shall be the amount of $[***] (the “Purchase Price”), payable or to be provided on the Effective Date by payment in cash in immediately available funds.

 

(b)The Purchase Price shall be paid to the Company, in consideration of the Assigned Rights transferred by the Company. 

 

3.Representations and Warranties of SolarCity and the Company.  Each of SolarCity and the Company hereby represents and warrants to the Assignee with respect to itself as follows:

 

(a)It (i) is duly organized and validly existing under the laws of its jurisdiction of organization, (ii) is in good standing under such laws, and (iii) has full power and authority to execute, deliver and perform its obligations under this Agreement.  

 

(b)Its execution, delivery and performance of this Agreement have been duly authorized and this Agreement has been duly executed and delivered and constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms hereof, except as enforceability may be limited by bankruptcy, insolvency and other legal principles pertaining to creditors’ rights.

 

(c)The Assigned Rights to be conveyed to the Assignee hereunder are, immediately prior to their conveyance hereunder owned by the Company, collectively, free and clear of any adverse claim or restrictions on transferability and the Company has the full right, organizational power and lawful authority to convey its respective portion of the same and interests therein and, upon conveyance thereof hereunder, the Assignee will have acquired good and marketable title to and a valid ownership interest in such Assigned Rights, free and clear of any adverse claim or restrictions on transferability.  No effective financing statement or other instrument similar in effect covering all or any part of any Assigned Rights conveyed hereunder is on file in any filing office, except such as may have been filed in favor of the Assignee as “Secured Party” or “Assignee”.

 

(d)Other than as previously provided for in the Services Agreement (as supplemented by the Limited Termination Agreement), the Assigned Rights are not subject to any prior sale, transfer, assignment or participation or any agreement with respect to the same. 

 

(e)No consent, approval, order or authorization of, and no filing with or notice to, any party is required which has not been obtained in connection with the authorization, execution, delivery or performance by it of this Agreement or under the transactions contemplated hereunder, including, without limitation, the transfer of the Assigned Rights to Assignee.

Signature Page to Administrative Agent Action No. 25

 

[***] 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.

 

(f)Company is solvent and will not become insolvent as a result of the transactions contemplated by this Agreement and, after giving effect to the transactions contemplated by this Agreement, it will not have unreasonably small capital to conduct its business as now conducted or as planned.

 

(g)For accounting purposes, Company will treat the transactions effected by this Agreement as sales of assets to the Assignee in accordance with GAAP. Its financial records shall reflect that the assets conveyed hereunder have been conveyed to the Assignee, are no longer owned by it.

 

(h)No tax lien or similar adverse claim has been filed against Company, and no claim is being asserted against it, with respect to any such tax, assessment or other governmental charge. Any taxes, fees and other governmental charges payable by it in connection with the execution and delivery of this Agreement and the transactions contemplated hereby or thereby that are due have been paid.

 

(i)There is not now, nor will there be at any time in the future, any agreement or understanding between Company and the Assignee (other than as expressly set forth herein) providing for the allocation or sharing of obligations to make payments or otherwise in respect of any taxes, fees, assessments or other governmental charges.

 

(j)Company has not conveyed any interest in any Assigned Rights to the Assignee with any intent to hinder, delay or defraud any of Assignor’s creditors.

 

(k)Company has received reasonably equivalent value in exchange for the conveyance of the Assigned Rights conveyed hereunder.

 

4.Representations and Warranties of Assignee.  The Assignee hereby represents and warrants to SolarCity and the Company that the Assignee (a) is duly organized and validly existing under the laws of its jurisdiction of organization, (b) is in good standing under such laws, (c) has full power and authority to execute, deliver and perform its obligations under this Agreement and (d) has given fair consideration and reasonably equivalent value in exchange for the conveyance of the Assigned Rights conveyed hereunder.

 

5.Representations of SolarCity.  SolarCity hereby represents and warrants to each of the Company and the Assignee that it has performed all of its duties and obligations under the Services Agreement arising prior to the Effective Date with respect to the Assigned Rights.

 

6.Metering Data.  SolarCity shall make available to Assignee all data reasonably available to SolarCity that is necessary for Assignee to monitor, measure, verify, calculate, disclose and claim for the benefit of Assignee any matter respecting the RECs included in the Assigned Rights or any aspects thereof pursuant to any present or future protocol, standard, or guidance.  Such data shall include but not be limited to any meter data available from the PV Systems related to the Assigned Rights.  In the event SolarCity is unable to provide such data to 

Signature Page to Administrative Agent Action No. 25

 

[***] 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.

Assignee pursuant to this Section 6, SolarCity will use commercially reasonable efforts to ensure that any replacement services provider under the Services Agreement (or any new maintenance services agreement entered into by the Company in replacement of the Services Agreement) will make such data available to Assignee.

 

7.Consent to Collateral Assignment.  Assignee may, and Assignor hereby acknowledges that Assignee may, pledge, grant a security interest in, and collaterally assign all of its rights under this Agreement to the Collateral Agent as security for the obligations of Assignee under the Credit Agreement and the related financing documents.  Assignor irrevocably consents to any such pledge, grant and collateral assignment by Assignee.  In the event that the Collateral Agent elects to exercise its security interest in this Agreement, the Collateral Agent may by notice to the Assignor assume (or transfer its rights and interests to a designee or assignee that shall assume) all rights of Assignee under this Agreement, and Assignor consents to such assumption or transfer and agrees that upon such assumption the Collateral Agent (or such designee or assignee) shall have the right to exercise directly all rights of Assignee under this Agreement.

 

8.Indemnity.  SolarCity shall defend, indemnify and hold harmless the Assignee and the Third Party Beneficiary (each an “Indemnified Person”) from and against any and all costs, expenses, losses, damages, claims, and liabilities, suffered or sustained by any Indemnified Person (including reasonable fees and expenses of counsel and other professionals) arising out of or resulting from:  (i) the defense of an action, proceeding, motion or other objection in which the sale, conveyance, transfer, assignment and delivery of the Assigned Rights contemplated hereunder is asserted to be any transaction other than a true sale of the Assigned Rights and (ii) with respect to the enforcement or protection of all of Assignee’s and Third Party Beneficiary’s claims and rights under this Agreement, including as part of any restructuring or bankruptcy.

 

9.Acknowledgements and Agreements.  Each of SolarCity and the Company hereby agrees and acknowledges that, (a) from and after the Effective Date, it shall have no right, title or interest whatsoever in or to the Assigned Rights and (b) the lien and security interest referenced in Section 2.12(e) of the Services Agreement are hereby terminated and released to the extent of the Assigned Rights.

 

10.Third Party Beneficiary.  The Third Party Beneficiary shall be entitled to rely upon, shall be an express third party beneficiary of, and shall be entitled to enforce, the provisions of this Agreement, including without limitation, Section 8 and this Section 10.  For the avoidance of doubt, the Agreement shall not be terminated, cancelled, amended, modified, supplemented or changed, or any provision, default, breach or performance waived, or any assignment or novation made in a manner without written consent of the Third Party Beneficiary (to be granted or withheld in its sole discretion).  Notwithstanding any other provision hereof, this Section 10 shall terminate upon the Discharge Date (as defined in the Credit Agreement). The Parties hereto agree that the Third Party Beneficiary shall be an express third-party beneficiary of this Agreement as provided herein.

 

Signature Page to Administrative Agent Action No. 25

 

[***] 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.

11.Successor and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

12.Further Assurances.  Each Party shall cooperate with the other and execute such instruments or documents and take such other actions as may reasonably be requested from time to time in order to carry out, evidence or confirm their rights or obligations or as may be reasonably necessary or helpful to give effect to this Agreement.

 

13.Governing Law.  This Agreement shall be governed by, and construed in accordance with the laws of the State of New York without regard to principles of conflicts or choice of laws.

 

14.Miscellaneous.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall constitute an original, but all of which counterparts together shall constitute one and the same instrument.  This Agreement cannot be amended, modified or supplemented except by an instrument in writing executed by the Parties (including, for the avoidance of doubt, the Third Party Beneficiary).

 

 

[Signature Page Follows]

 

 

Signature Page to Administrative Agent Action No. 25

 

[***] 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 have each caused this Agreement to be duly executed by their respective officers as of the Effective Date.

 

 

 

SOLARCITY

 

SolarCity Corporation

 

 

By: /s/Lyndon Rive

Name: Lyndon Rive

Title: Chief Executive Officer

 

 

 

COMPANY

 

[***]

 

 

By: /s/Lyndon Rive

Name: Lyndon Rive

Title: President

 

 

 

ASSIGNEE

 

[***]

 

 

By: /s/Lyndon Rive

Name: Lyndon Rive

Title: President

 

 

Signature Page to Administrative Agent Action No. 25

 

[***] 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 A

 

Definitions

 

 

“Assigned Rights” means all right, title and interest in and to any and all RECs that are generated, produced or otherwise created by or from each PV System described on Schedule 1 attached hereto during the period from and including the Effective Date through the applicable “End Date” for such PV System, as set forth on such Schedule 1, including for the avoidance of doubt RECs that are minted on or after the Effective Date as a result of the production of energy by any such PV System prior to the Effective Date.

 

“Code” means the Internal Revenue Code of 1986.

 

“Person” means any individual, partnership, limited liability company, joint venture, corporation, trust, unincorporated organization, or governmental entity or any department or agency thereof.

“PV System” means a photovoltaic system, including, as applicable, photovoltaic panels, racks, wiring and other electrical devices, conduit, weatherproof housings, hardware, one or more inverters, remote performance monitoring equipment, connectors, meters, disconnects and over current devices.  For avoidance of doubt, usage-monitoring equipment, if any, shall not be considered a part of the PV System.

 

“RECs” means solar renewable energy certificates or credits issued under any state renewable portfolio standard or federal renewable energy standard, pollution allowances, carbon credits and similar environmental allowances or credits and green tag or other reporting rights under Section 1605(b) of The Energy Policy Act of 1992 and any present or future federal, state, or local law, regulation or bill, and international or foreign emissions trading program, but excluding, for the avoidance of doubt, (i) investment tax credits under Section 48 of the Code, production tax credits available under Section 45 of the Code or other federal, state or local Tax benefits or credits, (ii) state rebates and performance based incentives and (iii) to the extent accruing prior to the Effective Date, any liabilities, including adverse wildlife or environmental impacts.  

 

 

Administrative Agent Action No. 25

 

[***] 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.

SCHEDULE 1

 

Assigned Rights

[***]

 

													
	
Installation ID
	
Job ID
	
State
	
kW
	
Est Annual kWh
	
Market Type
	
Payment
	
PTO Date
	
Rebate Status
	
State Certification
	
NON ID
	
MA 1
	
End Date

	
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Exhibit 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.

EXHIBIT 2

UCC-3 AMENDMENT STATEMENT

Exhibit 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.scty-ex1019y_652.htm

Exhibit 10.19y

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. 26

This REQUIRED GROUP AGENT ACTION NO. 26 (this “Action”), dated as of October 5, 2016 (the “Effective Date”), 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”), 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, Administrative Agent, 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.The Borrower has requested the Required Group Agents to provide their consent to the addition and inclusion to the Loan Agreement and the other Financing Documents of (the “Subject Fund Transactions”): [***] (“[***]”), as a Subject Fund, and [***] (“[***]”), as a Borrower Subsidiary Party (collectively, [***] and [***], the “New Entities”);

B.The Required Group Agents are willing to provide their consent to the Subject Fund Transactions on the terms and subject to the conditions set forth in this Action; and

C.The Borrower, the Required Group Agents, the Administrative Agent and the Collateral Agent desire to amend the Loan Agreement as set forth herein.

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.Amendments to the Loan Agreement.  Subject to the prior satisfaction of the conditions precedent described in Section 3 hereof, the Loan Agreement will be amended as follows (clauses (a) – (f) below, collectively, the “Loan Agreement Amendments”):

(a)Section 1.1 of the Loan Agreement shall be amended by amending and restating clause (a)(ii) of the definition of “Repeat Tax Equity Structure” in its entirety as follows: 

Required Group Agent Action No. 26

 

[***] 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.

 

“(ii) was previously approved by the Administrative Agent and the Majority Group Agents pursuant to Section 2.10 as a Subject Fund (other than the [***] Subject Fund and the [***] Subject Fund) and”

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

		
	
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

	
[***]
	
[***]

	
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[***]

(c)Appendix 1 of the Loan Agreement shall be amended and restated as set forth in Exhibit 1 attached hereto; 

(d)The definition of “Watched Funds” in Appendix 2 of the Loan Agreement shall be amended by inserting clause (xii) and amending and restating the final paragraph therein as follows: 

“(xii)solely with respect to the [***] Subject Fund, upon the occurrence of any breach or default as set forth in clause (h) of the definition of “Removal Event” in the Limited Liability Company Agreement of [***], dated [***] (the “[***]”), and such breach or default is not cured within ninety (90) days of such breach; provided, however, the [***] Subject Fund shall not be a “Watched Fund” if the Class B Member (as defined in the [***]) waives in writing the foregoing “Removal Event” or otherwise confirms in writing that it will not exercise any right to remove the Class A Member (as defined in the [***]) as the [***] of the [***] Subject Fund.

For the avoidance of doubt, at such time as none of the conditions set forth in clauses (i) through (xii) above is true in respect of any Subject Fund previously classified as a “Watched Fund”, then such Subject Fund shall no longer be a 

2Required Group Agent Action No. 26

 

[***] 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.

 

“Watched Fund” for any purpose under the Loan Agreement to which this Appendix 2 is attached or any other Financing Document referenced therein.”

(e)Appendix 4 of the Loan Agreement shall be amended and restated as set forth in Exhibit 2 attached hereto; and

(f)Appendix 5 of the Loan Agreement shall be amended and restated as set forth in Exhibit 3 attached hereto.

Section 2.Consents.  Subject to the prior satisfaction of the conditions precedent described in Section 3 hereof:

(a)the Required Group Agents consent to the Loan Agreement Amendments, with acknowledgement by each of the Administrative Agent and the Collateral Agent; and

(b)the Administrative Agent and the Required Group Agents consent to the Subject Fund Transactions pursuant to and in accordance with Section 2.10(a) of the Loan Agreement.

Section 3.Conditions Precedent.  This Action shall be effective upon the satisfaction of the following conditions precedent:

(a)The Administrative Agent shall have received counterparts of this Action, executed and delivered by each of the other parties hereto.

(b)The Administrative Agent shall have received a certificate of the Borrower dated as of the Effective Date signed by a Responsible Officer of the Borrower (i) making the Tax Equity Representations with respect to [***] and (ii) certifying that each representation and warranty of the Borrower contained in Article 4 of the Loan Agreement is true and correct in all material 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) 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 respects as of such earlier date).

(c)The Borrower shall have delivered or caused to be delivered to the Administrative Agent a Tax Equity Required Consent from [***] in connection with the Subject Fund Transactions.

(d)Each of the Administrative Agent and each Group Agent shall have received an opinion, dated no earlier than the Effective Date, of Wilson Sonsini Goodrich & Rosati, counsel to the Loan Parties, the Borrower Subsidiary Parties and SolarCity, in form and substance reasonably acceptable to the Administrative Agent, the Collateral Agent and the Majority Group Agents, with respect to the Subject Fund Transactions.

(e)Each of the Administrative Agent and each Group Agent shall have received opinions, dated no earlier than the Effective Date, of Proskauer Rose LLP, special bankruptcy counsel to the Loan Parties, the Borrower Subsidiary Parties and SolarCity, each in form and substance reasonably acceptable to the Administrative Agent, the Collateral Agent and the Majority Group Agents, with respect to the Subject Fund Transactions.

3Required Group Agent Action No. 26

 

[***] 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.

 

(f)The Administrative Agent and the Collateral Agent shall have received (i) searches of UCC filings in the jurisdiction of incorporation or formation, as applicable, of each of the New Entities and the Borrower and each jurisdiction where a filing would need to be made in order to perfect the security interest of the Collateral Agent (for the benefit of the Secured Parties) in the Collateral in respect of the New Entities (the “New Collateral”), (ii) copies of the financing statements on file in such jurisdictions and evidence that no liens exist on the New Collateral pledged by [***] and the Borrower other than Permitted Liens of the type set forth in clauses (b), (c) or (d) of the definition thereof and (iii) copies of tax lien, judgment and bankruptcy searches in such jurisdictions.

(g)The Collateral Agent shall have received all documentation in connection with the New Collateral, including (i) a Joinder Agreement in the form attached as Exhibit C to the Security Agreement, executed by each of [***], the Collateral Agent and the Borrower, dated as of the Effective Date, (ii) a Joinder Agreement in the form attached as Exhibit B-1 to the CADA, executed by each of [***], the Collateral Agent and the Borrower, dated as of the Effective Date, (iii) a Joinder Agreement in the form attached as Exhibit C to the Borrower Subsidiary Party Security Agreement, executed by each of [***] and the Collateral Agent, dated as of the Effective Date and (iv) any other data, documentation, analysis or report reasonably requested by the Administrative Agent with respect to the New Entities.

(h) (i) The UCC financing statements relating to the New Collateral shall have been duly filed in each office and in each jurisdiction where required in order to create and perfect the first priority Lien and security interest set forth in the Collateral Documents (as supplemented and as such term is defined in the Loan Agreement, as amended) and (ii) the Borrower shall have properly delivered or caused to be delivered to the Collateral Agent all New Collateral in which the Lien and security interest described above is permitted to be perfected by possession or control, including delivery of original certificates representing all issued and outstanding Equity Interests in [***] and the pledged interests in [***] pursuant to the Borrower Subsidiary Party Security Agreement, along with the applicable blank transfer powers and proxies.

(i)Each of the other conditions precedent as set forth in Section 3.4 of the Loan Agreement shall have been satisfied with respect to the Subject Fund Transactions.

(j)The Administrative Agent shall have received for its own account all costs and expenses described in Section 6 of this Action, for which invoices have been presented in connection herewith.

Section 4.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.

 

4Required Group Agent Action No. 26

 

[***] 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 5.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), 10.14 (Successors and Assigns) and 10.16 (Binding Effect; Counterparts) of the Loan Agreement are hereby incorporated by reference herein, mutatis mutandis.

 

Section 6.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 7.Construction. The rules of interpretation specified in Section 1.2 of the Loan Agreement also apply to this Action, mutatis mutandis.

[Signature Pages Follow]

 

 

5Required Group Agent Action No. 26

 

[***] 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

	
 

 

[ Signature Page to Required Group Agent Action No. 26 ]

 

[***] 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.

 

	
	
	
BANK OF AMERICA, N.A.,

	
as a Group Agent

	
 

	
 

	
By: /s/ Sheikh Omer-Farooq

	
Name:Sheikh Omer-Farooq

	
Title:Managing Director

[ Signature Page to Required Group Agent Action No. 26 ]

 

[***] 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.

 

	
	
	
CIT BANK, N.A.,

	
as a Group Agent

	
 

	
 

	
By: /s/ Rhys Marsh

	
Name:Rhys Marsh

	
Title:Director

 

[ Signature Page to Required Group Agent Action No. 26 ]

 

[***] 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.

 

	
	
	
CREDIT SUISSE AG, NEW YORK BRANCH,

	
as a Group Agent

	
 

	
 

	
By: /s/ Erin McCutcheon

	
Name:Erin McCutcheon

	
Title:Vice President

	
 

	
By: /s/ Jason Muncy

	
Name:Jason Muncy

	
Title:Vice President

[ Signature Page to Required Group Agent Action No. 26 ]

 

[***] 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.

 

	
	
	
DEUTSCHE BANK AG, NEW YORK BRANCH,

	
as a Group Agent

	
 

	
 

	
By: /s/ Vinod Mukani

	
Name:Vinod Mukani

	
Title:Director

	
 

	
By: /s/ Gregory Leveto

	
Name:Gregory Leveto

	
Title:Vice President

[ Signature Page to Required Group Agent Action No. 26 ]

 

[***] 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/ Thomas Cantello

	
Name:Thomas Cantello

	
Title:Director

	
 

	
By: /s/ Erwin Thomet

	
Name:Erwin Thomet

	
Title:Managing Director

[ Signature Page to Required Group Agent Action No. 26 ]

 

[***] 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.

 

	
	
	
KEYBANK NATIONAL ASSOCIATION,

	
as a Group Agent

	
 

	
 

	
By: /s/ Benjamin C. Cooper

	
Name:Benjamin C. Cooper

	
Title:Vice President

[ Signature Page to Required Group Agent Action No. 26 ]

 

[***] 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.

 

	
	
	
National Bank of Arizona,

	
as a Group Agent

	
 

	
 

	
By: /s/ Kate Smith

	
Name:Kate Smith

	
Title:Vice President

 

[ Signature Page to Required Group Agent Action No. 26 ]

 

[***] 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.

 

	
	
	
SILICON VALLEY BANK,

	
as a Group Agent

	
 

	
 

	
By: /s/ Sayoji Goli

	
Name:Sayoji Goli

	
Title:Vice President

	
	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

[ Signature Page to Required Group Agent Action No. 26 ]

 

[***] 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.

 

EXHIBIT 1

APPENDIX 1

ADVANCE RATE

The “Advance Rate” means

(i) For a Subject Fund the following percentages:

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

	
[***]
	
[***]%

 
	
[***]

	
[***]
	
[***]%

 
	
[***]

	
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[***]%

 
	
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[***]

 

	
 (ii)
	
In respect of any Potential New Fund that becomes a Subject Fund, a percentage as shall be determined in accordance with this Appendix 1 following the completion of due diligence by the Administrative Agent, which by way of example shall be:

				
	
Advance Rate

Exhibit 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.

 

				
	
For each Cash Sweep Fund, Non-Cash Sweep Fund and Other Structure, the Advance Rate will be the percentage determined for each System in such Subject Fund based on the “Type of 

Fund,” in accordance with the table below.

	
Type of Fund
	
 
	
 
	
 

	
Cash Sweep Fund

(baseline: CB (see below))
	
[***]
	
 
	
 

	
Non Cash Sweep
Fund

([***]% baseline)
	
[***]%
	
 
	
 

	
Other Non-Financed Structure 

([***]% baseline)
	
[***]%
	
 
	
 

	
Other Financed Structure
	
[***]%

 
	
 
	
 

“CB” or “Cash Sweep Fund Baseline” means, the lesser of (a) [***]% and (b) the percentage obtained by dividing (i) the maximum amount of debt that can be fully supported by Net Cash Flows distributable to the Managing Member(s) of such Subject Fund assuming interest is accruing at the Default Rate when applying the ITC Downside Case to that particular Subject Fund and only that Subject Fund by (ii) the Discounted Solar Asset Balance of such Subject Fund.

“ITC Downside Case” means a scenario in which a 30% reduction in fair market value occurs in the first month that a Subject Fund is included in the Available Borrowing Base and the Aggregate Advance Model is adjusted to calculate the Net Cash Flows distributable to the Managing Member(s) of such Subject Fund in light of such reduction in fair market value and any applicable Cash Sweep Event (as defined in Appendix 7).

For avoidance of doubt, the amounts set forth in this clause (ii) are indicative subject to final determination by the Administrative Agent at the time such Subject Fund is included in the Available Borrowing Base;

	
(iii)
	
[Reserved].

	
(iv)
	
All PV Systems in any Watched Fund shall have an Advance Rate of [***]% for purposes of calculating the Available Borrowing Base. For avoidance of doubt, this shall include any PV Systems in a Watched Fund that were financed in previous tranches and whose Net Cash Flows were incorporated in previous Available Borrowing Base calculations.

	
(v)
	
To the extent that, despite negotiating in good faith, the Administrative Agent and the Borrower cannot agree on the Advance Rate under clause (ii) of this Appendix 1, the Advance Rate determined by the Administrative Agent, acting at the direction of the Majority Group Agents, shall prevail.

 

Exhibit 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.

 

EXHIBIT 2

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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Exhibit 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.

 

							
	
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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•[***]
	
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•[***]
	
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[***]

 

 

Exhibit 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.

 

EXHIBIT 3

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 [***].

Exhibit 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.

 

	
 
	
•
	
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 [***].

	
 
	
3.
	
[***] Subject Fund

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

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

	
 
	
•
	
Amendment No. 1 to Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity and [***].

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

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

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

	
 
	
4.
	
[***] 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 [***].

Exhibit 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.

 

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

	
 
	
6.
	
[***] 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 [***].

	
 
	
•
	
Amendment No. 1 to Master Development, EPC & Purchase Agreement, dated as of [***], by and between SolarCity and [***].

Exhibit 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.

 

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

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

	
 
	
8.
	
[***] Subject Fund

	
 
	
•
	
Limited Liability Company Agreement of [***], dated as of [***], by and between [***] and [***].

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

	
 
	
•
	
Capital Modification Rights Agreement, dated as of [***], by and among SolarCity, [***] and [***].

	
 
	
•
	
Maintenance 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 [***] and [***].

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

Exhibit 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.

 

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

	
 
	
9.
	
[***] Subject Fund

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

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

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

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

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

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

	
 
	
10.
	
[***] 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 [***].

Exhibit 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.

 

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

	
 
	
11.
	
[***] 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 and between SolarCity Corporation and [On File with Administrative Agent].

	
 
	
12.
	
[***] 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].

Exhibit 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.

 

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

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

	
 
	
13.
	
[***] 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 [***].

 

 

Exhibit 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.

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