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1/ Short thread with a warning to $TSLA's ABL lenders: you are now on notice that Elon Musk will shimmy his way around loan covenants when convenient. $TSLAQ
2/ After $TSLA's proposed acquisition of SolarCity was announced, Tesla and its secured revolving line lenders (under so-called ABL Agreement) amended the loan terms to allow the acquisition. 
3/ But, the Fourth Amendment came with an important restriction: while $TSLA could downstream money to SolarCity, it could not guarantee any SolarCity obligations:
4/ After the SolarCity acquisition closed, Ernst & Young discovered that, when all obligations of SolarCity were considered, the company was insolvent, and a going-concern qualification was needed:
5/ To avoid the going-concern qualification, $TSLA had to sign a so-called Equity Confirmation Letter, promising to contribute capital to SolarCity over the next 12 months in amounts sufficient to fund SolarCity's on-going operations:
6/ Is there a difference between guaranteeing SolarCity obligations (prohibited by ABL 4th Amendment) & promising to fund SolarCity's on-going operations for the next year?
7/ Perhaps, but it's certainly a very subtle difference. The Equity Confirmation Letter surely violated the spirit of the ABL 4th Amendment.
8/ So, ABL lenders (see below for identities), you are now on notice about the good faith, or lack thereof, of your borrower, $TSLA, and its CEO, Elon Musk.
