Sunnova energy international inc.'s subsidiary enter into amendment to the credit agreement

On december 2, 2019, a wholly owned subsidiary (the tep borrower) of sunnova energy international inc. entered into that certain first amendment to the credit agreement, which amends that certain credit agreement, dated as of september 6, 2019 (the tep credit agreement), by and among the tep borrower, certain other subsidiaries of the company, credit suisse ag, new york branch, as agent, and the lenders and other financial institutions party thereto. the tep amendment amended the tep credit agreement to, among other things, (i) modify borrowing base eligibility criteria for certain solar assets relating to the timing of the expected first payments from such solar assets, (ii) modify the calculation of the amount required to be deposited into the liquidity reserve account, (iii) delay the application of concentration limits for an additional 90 days, (iv) temporarily increase the borrowing base applied to certain solar assets and (v) include additional provisions regarding qualified financial contract rules. on december 4, 2019, a wholly owned subsidiary (the sla borrower) of the company entered into that certain amendment no. 3 to the amended and restated credit agreement (the sla amendment), which amends that certain amended and restated credit agreement, dated as of march 27, 2019 (the sla credit agreement), by and among the sla borrower, certain other subsidiaries of the company, credit suisse ag, new york branch, as agent, and the lenders and other financial institutions party thereto. the sla amendment amended the sla credit agreement to, among other things, (i) modify the calculation of the amount required to be deposited into the liquidity reserve account, (ii) increase the advance rate applied to certain solar loans relating to property located in a state of the united states, (iii) temporarily increase the advance rate applied to certain solar loans for which the underlying solar equipment is not yet installed, (iv) include additional provisions regarding qualified financial contract rules and (v) increase the interest rate payable thereunder to adjusted libor plus either 2.35% or 3.35% per annum depending on the date of the most recent takeout transaction in respect of assets securing the sla credit agreement.
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