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ENTRY INTO A MATERIAL DEFINITIVE

On October 30, 2015, SolarCity Corporation (the Company) initiated the offer and sale of the following new series of Solar Bonds (the Offered Series) pursuant to the Companys previously announced Solar Bond Program.The Solar Bonds of each Offered Series will mature on the date, and bear interest at a rate, as set forth in the table below.The Company will initially offer an aggregate principal amount of each Offered Series up to the maximum principal amount set forth in the table below.However, the Company may increase the maximum principal amount of any Offered Series offered by the Company from time to time, in its sole discretion.

Title of Series of Solar Bonds

Maturity Date

Interest Rate

Initial Maximum < p>Principal Amount

2.00% Solar Bonds, Series 2015/22-1

October 30, 2016

2.00%

$5,000,000

3.00% Solar Bonds, Series 2015/23-3

October 30, 2018

3.00%

$5,000,000

4.00% Solar Bonds, Series 2015/24-5

October 30, 2020

4.00%

$5,000,000

5.00% Solar Bonds, Series 2015/25-10

October 30, 2025

5.00%

$5,000,000

5.75% Solar Bonds, Series 2015/26-15

October 30, 2030

5.75%

$5,000,000

Each Offered Series will be issued pursuant to an indenture, dated as of October 15, 2014 (the Base Indenture), by and between the Company and U.S. Bank National Association, as trustee (the Trustee), as supplemented by a supplemental indenture, dated as of October 30, 2015, by and between the Company and the Trustee, related to such Offered Series (each, a Supplemental Indenture).

The Solar Bonds will be senior unsecured obligations of the Company.In addition, the occurrence of certain events will result in an Event of Default with respect to the Solar Bonds, which may result in the acceleration of the maturity of the Solar Bonds.For a description of (i) the ranking of the Solar Bonds as compared to other indebtedness of the Company, (ii) the types of events that would give rise to an Event of Default, and (iii) the rights of the Trustee or holders upon the occurrence of an Event of Default, see Item 1.01. Entry into a Material Definitive Agreement Solar Bonds Program in our Current Report on Form 8-K, filed with...


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