Item 1.01. Entry into a Material Definitive Agreement.
On
The Issuer issued
The Notes were offered and sold within
The Collateral
The Notes are secured by the trust estate which consists primarily of all right, title and interest of the Issuer in a portfolio of solar loans made to consumers for the purpose of installing residential photovoltaic and/or energy storage systems.
Events of Default and Amortization Events
The Indenture contains events of default that are customary in nature for solar
securitizations of this type, including, among other things, (a) the non-payment
of interest, (b) material violations of covenants, (c) material breaches of
representations and warranties and (d) certain bankruptcy events. An event of
default will also occur with respect to the Notes if they are not paid in full
at their rated final maturity. The Notes are also subject to amortization events
that are customary in nature for solar securitizations of this type, including
(a) the occurrence of an event of default, (b) the bankruptcy or insolvency of
the Manager, (c) failure to deposit the amount required to be deposited in the
collections account, (d) the amount of funds available for distribution falling
below certain levels and (e) the cumulative default level rising above certain
levels. The occurrence of an amortization event or an event of default could
result in accelerated amortization of the Notes, and the occurrence of an event
of default could, in certain instances, result in the liquidation of the
collateral securing the Notes. In connection with the Transaction,
The foregoing description of the Indenture is qualified in its entirety by
reference to the full text of the Indenture, a copy of which the Company plans
to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter
ending
Use of Proceeds
The Company intends to use the net proceeds from the sale of the notes to finance or refinance, in whole or in part, existing or new Eligible Green Projects, including to simultaneously repay a portion of one or more currently existing financing arrangements of the Company's subsidiaries and for general corporate purposes.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information relating to the Transaction set forth in Item 1.01 above is incorporated herein by reference.
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