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Exhibit 10.28C
Execution Version
THIRD AMENDMENT TO CREDIT AGREEMENT
THIRDAMENDMENTTOCREDITAGREEMENT(this“Amendment”),datedasofFebruary9,2016,tothatcertainABLCreditAgreement,
datedasofJune10,2015(asamended,supplementedorotherwisemodifiedthroughthedatehereof,the“CreditAgreement”),amongTeslaMotors,Inc.(the“
Company”,andtogetherwitheachWholly-OwnedDomesticSubsidiaryoftheCompanythatbecomesaU.S.BorrowerpursuanttothetermsoftheCredit
Agreement,collectively,the“U.S.Borrowers”),TeslaMotorsNetherlandsB.V.(“TeslaB.V.”,andtogetherwitheachWholly-OwnedDutchSubsidiaryofTesla
B.V.thatbecomesaDutchBorrowerpursuanttothetermsoftheCreditAgreement,collectively,the“DutchBorrowers”;andtheDutchBorrowers,togetherwith
theU.S.Borrowers,collectively,the“Borrowers”),thelendersfromtimetotimepartythereto(the“Lenders”),DeutscheBankAGNewYorkBranch,as
AdministrativeAgent(the“AdministrativeAgent”)andasCollateralAgent,andtheotheragentspartythereto.
RECITALS:
WHEREAS,theCompanyhasrequestedthattheavailablecommitmentsundertheCreditAgreementbeincreasedfrom$750,000,000to
$1,000,000,000;
WHEREAS,pursuanttoSection13.12oftheCreditAgreement,theCreditAgreementmaybeamendedwiththewrittenconsentoftheRequired
LendersandeachCreditPartypartytotheCreditAgreement;
WHEREAS,pursuanttoSection13.12,anyincreasetotheRevolvingLoanCommitmentofanyLenderrequiresthewrittenconsentofsuchLender
(eachLenderincreasingitsRevolvingLoanCommitmentpursuanttothisAmendment,an“IncreasingLender”);and
WHEREAS,thepartiesnowwishtoamendtheCreditAgreementincertainrespects.
AGREEMENT:
NOW,THEREFORE,inconsiderationofthepremisesandmutualcovenantscontainedherein,thepartiesheretoagreeasfollows:
Section1.DefinedTerms.Unlessotherwisespecificallydefinedherein,eachtermusedherein(includingintherecitalsabove)hasthemeaning
assignedtosuchtermintheCreditAgreement.
Section2.Amendments.
2.1AmendmentstoSection1.1oftheCreditAgreement.
2.1.1ThefollowingdefinedtermshallbeinsertedintoSection1.1oftheCreditAgreementinappropriatealphabeticalorder:
“ThirdAmendmentEffectiveDate”shallmeanFebruary9,2016.
2.1.2Thedefinitionof“TotalRevolvingLoanCommitment”inSection1.1oftheCreditAgreementshallbeamendedand
restatedinitsentiretyasfollows:
“TotalRevolvingLoanCommitment”shallmean,atanytime,thesumoftheRevolvingLoanCommitmentsofeachofthe
Lendersatsuchtime.AsoftheThirdAmendmentEffectiveDate,theTotalRevolvingLoanCommitmentis$1,000,000,000.