| Schedule of Debt |
As of June 30, 2016, debt consisted of the following (in thousands):
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Unused |
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Annual |
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Carrying Values, net of |
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Borrowing |
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Contractual |
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Interest |
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Maturity |
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debt discount |
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Capacity |
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Interest Rate |
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Rate |
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Date |
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Current |
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Long Term |
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Total |
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Recourse debt: |
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Bank line of credit |
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$ |
— |
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$ |
242,400 |
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$ |
242,400 |
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$ |
6 |
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Varies (1) |
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3.70% - 5.75% |
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April 2018 |
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Total recourse debt |
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$ |
— |
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$ |
242,400 |
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$ |
242,400 |
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$ |
6 |
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Non-recourse debt: |
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Line of credit
(Aggregation
Facility) |
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— |
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131,900 |
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131,900 |
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8,600 |
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Varies (2) |
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2.93% - 3.06% |
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December 2020 |
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Term Loan A |
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|
666 |
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147,872 |
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148,538 |
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5,000 |
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LIBOR + 2.75% |
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3.04% - 3.21% |
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December 2021 |
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Bank term loan due in
September 2022 |
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|
728 |
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21,607 |
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|
22,335 |
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|
1,116 |
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LIBOR +2.25% |
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|
2.71 |
% |
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September 2022 |
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Bank term loan due in
April 2022 |
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1,247 |
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28,350 |
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29,597 |
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— |
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4.50% |
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|
4.50 |
% |
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April 2022 |
|
Solar asset-backed
notes |
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3,610 |
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100,295 |
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103,905 |
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— |
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4.40% - Class A |
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4.40 |
% |
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July 2024 |
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5.38% - Class B |
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5.38 |
% |
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July 2024 |
|
Term Loan and Term
Loan B |
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|
117 |
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41,075 |
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41,192 |
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1,300 |
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LIBOR + 5.00% |
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|
6.00 |
% |
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December 2020
and 2021 |
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Note payable |
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— |
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34,819 |
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34,819 |
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— |
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12.00% |
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|
12.00 |
% |
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December 2018 |
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Total non-recourse
debt |
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6,368 |
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|
505,918 |
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|
512,286 |
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|
16,016 |
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Total debt |
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$ |
6,368 |
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$ |
748,318 |
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$ |
754,686 |
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$ |
16,022 |
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As of December 31, 2015, debt consisted of the following (in thousands):
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Unused |
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Annual |
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Carrying Values, net of |
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|
Borrowing |
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Contractual |
|
Interest |
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Maturity |
|
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|
debt discount |
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|
Capacity |
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Interest Rate |
|
Rate |
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|
Date |
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Current |
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Long Term |
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Total |
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Recourse debt: |
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Bank line of credit |
|
$ |
— |
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|
$ |
197,000 |
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|
$ |
197,000 |
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|
$ |
6,571 |
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Varies (1) |
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|
3.67 |
% |
|
April 2018 |
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Total recourse debt |
|
$ |
— |
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|
$ |
197,000 |
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$ |
197,000 |
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$ |
6,571 |
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Non-recourse debt: |
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Term Loan A |
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|
589 |
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146,625 |
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|
147,214 |
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|
5,600 |
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LIBOR + 2.75% |
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|
3.07 |
% |
|
December 2021 |
|
Bank term loan due in
April 2022 |
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|
1,159 |
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|
29,580 |
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|
30,739 |
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— |
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6.25% |
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|
6.25 |
% |
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April 2022 |
|
Solar asset-backed
notes |
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|
2,858 |
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|
|
102,042 |
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|
104,900 |
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|
|
— |
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4.40% - Class A |
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|
4.40 |
% |
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July 2024 |
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5.38% - Class B |
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|
5.38 |
% |
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July 2024 |
|
Term Loan B |
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|
116 |
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|
22,014 |
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|
22,130 |
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|
|
— |
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|
LIBOR + 5.00% |
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|
6.00 |
% |
|
December 2021 |
|
Note payable |
|
|
— |
|
|
|
32,781 |
|
|
|
32,781 |
|
|
|
— |
|
|
12.00% |
|
|
12.00 |
% |
|
December 2018 |
|
Total non-recourse
debt |
|
|
4,722 |
|
|
|
333,042 |
|
|
|
337,764 |
|
|
|
5,600 |
|
|
|
|
|
|
|
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|
Total debt |
|
$ |
4,722 |
|
|
$ |
530,042 |
|
|
$ |
534,764 |
|
|
$ |
12,171 |
|
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(1) |
Loans under the facility bear interest at LIBOR + 3.25% or the Base Rate + 2.25%. The Base Rate is the highest of the Federal Funds Rate + 0.50%, the Prime Rate, or LIBOR + 1.00%. |
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(2) |
Loans under the facility bear interest at LIBOR + 2.50% for the initial three-year revolving availability period, stepping up to LIBOR + 2.75% in the following two-year period. |
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