Document:

Exhibit

Exhibit 4.7

FORM OF WAIVER AGREEMENT
THIS WAIVER AGREEMENT is made and entered into as of September ____, 2017, by and among Enstar Group Limited (the “Company”) and the securityholder party hereto (the “Securityholder”).
WHEREAS, the Securityholder is party to that certain registration rights agreement (the “Registration Rights Agreement”) dated as of [•] among the Company and certain shareholders of the Company.
WHEREAS, pursuant to Section [2(a)][3(a)] (Right to Piggyback) of the Registration Rights Agreement, the Securityholder has the right to elect to include its Registrable Securities (as defined in the Registration Rights Agreement) in certain registration statements filed with the United States Securities and Exchange Commission (the “Commission”) relating to certain of the Company’s securities, including its ordinary shares, par value $1.00 per share (the “Shares”).
WHEREAS, the Company plans to file with the Commission a universal shelf registration statement (the “Universal Shelf”) on Form S-3ASR for the registration and sale under Rule 415 of the United States Securities Act of 1933, as amended, of certain of the Company’s securities, including its Shares.
NOW THEREFORE, the Securityholder and the Company hereby agree as follows:
		
	(A)
	In consideration of the Company’s agreements hereunder, the Securityholder hereby (1) waives its rights under Section [2][3] (Piggyback Registrations) of the Registration Rights Agreement in connection with the registration of Company securities, including pursuant to the Universal Shelf, for as long as the Resale Shelf remains effective; and (2) acknowledges and agrees that it shall not have any piggyback rights in connection with any offering pursuant to the Universal Shelf.

		
	(B)
	In exchange for the Securityholder’s agreement and waiver pursuant to the preceding paragraph, the Company hereby agrees, as promptly as reasonably practicable following the filing of the Universal Shelf with the Commission, to file a resale registration statement on Form S-3 (the “Resale Shelf”) to register for resale the Securityholder’s Registrable Securities set forth on Schedule 1 hereto. 

		
	(C)
	The Company and the Securityholder each hereby acknowledge and agree that the obligation not to effect certain sales or distributions of Registrable Securities set forth in Section [8][9] (Lock Up Agreements) of the Registration Rights Agreement shall be deemed to apply in the case of an offering of securities by the Company, and not in the case of a registration that does not contemplate an offering.  The 90-day period referred to therein shall begin on the pricing date of any offering of securities. 

		
	(D)
	In order to facilitate the filing of the Resale Shelf with the Commission, the Securityholder hereby provides the information set forth in the questionnaire attached hereto as Schedule 2 to the Company and represents and warrants that such information is complete and accurate. The Securityholder acknowledges and agrees that such information may be included in the Resale Shelf or otherwise disclosed to the extent required by law or the rules or requirements of the Commission or NASDAQ. The Company agrees that it shall provide the Securityholder a reasonable opportunity to review a draft of the Resale Shelf prior to filing with the Commission, and shall give reasonable consideration to the Securityholder’s comments, if any, thereon.

    
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IN WITNESS WHEREOF, the parties hereto have caused this Waiver Agreement to be executed as of the date written above.    

ENSTAR GROUP LIMITED

By: ______________________
Name:
Title:

[SECURITYHOLDER]
                            
By: ______________________
Name:
Title:

Schedule 1

Registrable Securities to be included on Resale Shelf:

________________________________

________________________________

________________________________

Schedule 2EX-10.1

 Exhibit 10.1 

CONSENT AND FIFTH AMENDMENT TO 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

THIS CONSENT AND FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of
October 3, 2017 by and among the lenders identified on the signature pages hereof (such lenders, together with their respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and
collectively as “Lenders”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with
its successors and assigns in such capacity, “Agent”), POWER SOLUTIONS INTERNATIONAL, INC., a Delaware corporation (“Parent”), PROFESSIONAL POWER PRODUCTS, INC., an Illinois corporation
(“PPPI”), POWERTRAIN INTEGRATION ACQUISITION, LLC, an Illinois limited liability company (“PIA”), BI-PHASE TECHNOLOGIES, LLC, a Minnesota limited liability company (“Bi-Phase”; Parent,
PPPI, PIA and Bi-Phase are referred to hereinafter each individually as a “Borrower”, and individually and collectively, jointly and severally, as the “Borrowers”), and each of the parties listed on the signature
pages hereto as Loan Parties (together with Parent and Borrowers, collectively, jointly and severally, “Loan Parties” and each, individually, a “Loan Party”). 

WHEREAS, Borrowers, Agent, and Lenders are parties to that certain Second Amended and Restated Credit Agreement dated as of June 28, 2016
(as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 
 WHEREAS, Borrowers
have notified Agent that Parent desires to consummate the Specified Acquisition (as defined in that certain Fifth Amendment Side Letter dated as of the date hereby by Borrowers in favor of Agent (the “Fifth Amendment Side Letter”));
and 
 WHEREAS, Borrowers, Agent and Lenders have agreed to modify the Credit Agreement and consent to the Specified Acquisition, in each
case subject to the terms and provisions hereof; 
 NOW THEREFORE, in consideration of the premises and mutual agreements herein contained,
the parties hereto agree as follows: 
 1.        Defined Terms. Unless otherwise defined
herein, capitalized terms used herein shall have the meanings ascribed to such terms in the Credit Agreement. 

2.        Consent. Subject to the satisfaction of the conditions set forth in
Section 6 below and in reliance upon the representations and warranties of Borrowers set forth in Section 7 below, Lenders hereby consent to the consummation of the Specified Acquisition in accordance with the Specified
Purchase Agreement (as defined in the Fifth Amendment Side Letter) so long as (x) the Specified Acquisition is consummated on or prior to November 30, 2017, (y) after giving effect to the consummation of the Specified Acquisition,
Excess Availability is not less than $1,000,000 and (z) the Purchase Price does not exceed $6,000,000. This is a limited consent and shall not be deemed to constitute a consent to any other modification of the Loan

 
Documents, and shall not be deemed to prejudice any right or rights which Agent or the Lenders may now have or may have in the future under or in connection with any Loan Documents or any of the
instruments or agreements referred to therein, as the same may be amended from time to time. 

3.        Amendments to Credit Agreement. Subject to the satisfaction of the conditions set
forth in Section 6 below and in reliance upon the representations and warranties of the Loan Parties set forth in Section 7 below, the Credit Agreement is amended as follows: 

(a)        The definition of “Availability Block” set forth in Schedule 1.1 to the Credit
Agreement is hereby amended and restated in its entirety as follows: 
 “Availability Block” means an
amount equal to $12,500,000 less an amount equal to the lesser of (x) $6,250,000 and (y) the amount equal to the Borrowing Base less the Maximum Revolver Amount (which amount shall be deemed to be not less than $0). 

4.        Continuing Effect. Except as expressly set forth in Section 2 of this
Amendment, nothing in this Amendment shall constitute a modification or alteration of the terms, conditions or covenants of the Credit Agreement or any other Loan Document, or a waiver of any other terms or provisions thereof, and the Credit
Agreement and the other Loan Documents shall remain unchanged and shall continue in full force and effect, in each case as amended hereby. 

5.        Reaffirmation and Confirmation. Each Loan Party hereby ratifies, affirms,
acknowledges and agrees that the Credit Agreement and the other Loan Documents represent the valid, enforceable and collectible obligations of such Loan Party, and further acknowledges that there are no existing claims, defenses, personal or
otherwise, or rights of setoff whatsoever with respect to the Credit Agreement or any other Loan Document. Each Loan Party hereby agrees that this Amendment in no way acts as a release or relinquishment of the Liens and rights securing payments of
the Obligations. The Liens and rights securing payment of the Obligations are hereby ratified and confirmed by the Loan Parties in all respects. 

6.        Conditions to Effectiveness of Amendment. This Amendment shall become effective as of
the date first written above upon the satisfaction of the following conditions precedent: 

(a)        Each party hereto shall have executed and delivered this Amendment to Agent; 

(b)        All proceedings taken in connection with the transactions contemplated by this Amendment
and all documents, instruments and other legal matters incident thereto shall be reasonably satisfactory to Agent and its legal counsel; and 

(c)        No Default or Event of Default shall have occurred and be continuing. 

  
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 7.        Representations and Warranties. In order
to induce Agent and Lenders to enter into this Amendment, each Loan Party hereby represents and warrants to Agent and Lenders, after giving effect to this Amendment: 

(a)        All representations and warranties contained in the Credit Agreement (other than Sections
4.8 and 4.12 with respect to the facts and circumstances set forth in the RSM Letter) and the other Loan Documents are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date hereof (except to the extent that such representations and warranties relate solely to an earlier date, in which case such
representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof) as of such earlier date); 
 (b)        No Default or Event of Default has occurred and is
continuing; and 
 (c)        This Amendment and the Credit Agreement, as amended hereby, constitute
legal, valid and binding obligations of such Loan Party and are enforceable against such Loan Party in accordance with their respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization,
moratorium, or similar laws relating to or limiting creditors’ rights generally. 

8.        Miscellaneous. 

(a)        Correction. Reference to Section 6.6(a)(i)(E) of the Credit Agreement set forth
in Section 3(q) of that certain Third Amendment, Consent and Waiver to Second Amended and Restated Credit Agreement dated as of March 31, 2017 among Agent, Borrowers, Loan Parties and Lenders is hereby deemed to refer to
Section 6.6(b)(i)(E) of the Credit Agreement. 
 (b)        Expenses. Borrowers agree to
pay on demand all Lender Group Expenses of Agent in connection with the preparation, negotiation, execution, delivery and administration of this Amendment in accordance with the terms of the Credit Agreement. 

(c)        Governing Law. This Amendment shall be a contract made under and governed by, and
construed in accordance with the internal laws of the State of Illinois. 

(d)        Counterparts. This Amendment may be executed in any number of counterparts, and by
the parties hereto on the same or separate counterparts, and each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment. Delivery of an
executed signature page of this Amendment by facsimile transmission or electronic photocopy (i.e. “pdf”) shall be effective as delivery of a manually executed counterpart hereof. 

9.        Release. In consideration of the agreements of Agent and Lenders contained herein and
for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Loan Party, on behalf of itself and its respective successors, assigns, and other legal representatives, hereby absolutely, unconditionally
and irrevocably 

  
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releases, remises and forever discharges Agent and Lenders, and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions, predecessors,
directors, officers, attorneys, employees, agents and other representatives (Agent, each Lender and all such other Persons being hereinafter referred to collectively as the “Releasees” and individually as a
“Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims,
defenses, rights of set-off, demands and liabilities whatsoever (individually, a “Claim” and collectively, “Claims”) of every name and nature, known as of the date of this
Amendment, both at law and in equity, which each Loan Party, or any of its respective successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by
reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Amendment, in each case for or on account of, or in relation to, or in any way in connection with any of the Credit
Agreement, or any of the other Loan Documents or transactions thereunder or related thereto. 
 [Signature pages follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized and delivered as of the date first above written. 
  

									
	BORROWERS:	 		 	POWER SOLUTIONS INTERNATIONAL, INC.,
		 		 	a Delaware corporation
					
		 		 		 	By:	 	/s/ Charles F. Avery, Jr.
		 		 		 	Name:	 	Charles F. Avery, Jr.
		 		 		 	Title	 	CFO
			
		 		 	PROFESSIONAL POWER PRODUCTS, INC.,
		 		 	an Illinois corporation
					
		 		 		 	By:	 	/s/ Charles F. Avery, Jr.
		 		 		 	Name:	 	Charles F. Avery, Jr.
		 		 		 	Title	 	CFO
			
		 		 	POWERTRAIN INTEGRATION ACQUISITION, LLC,
		 		 	an Illinois limited liability company
					
		 		 		 	By:	 	/s/ Charles F. Avery, Jr.
		 		 		 	Name:	 	Charles F. Avery, Jr.
		 		 		 	Title	 	CFO
			
		 		 	BI-PHASE TECHNOLOGIES, LLC,
		 		 	a Minnesota limited liability company
					
		 		 		 	By:	 	/s/ Charles F. Avery, Jr.
		 		 		 	Name:	 	Charles F. Avery, Jr.
		 		 		 	Title	 	CFO

									
	LOAN PARTIES:	 		 	THE W GROUP, INC.,
		 		 	a Delaware corporation
					
		 		 		 	By:	 	/s/ Charles F. Avery, Jr.
		 		 		 	Name:	 	Charles F. Avery, Jr.
		 		 		 	Title	 	CFO
			
		 		 	POWER SOLUTIONS, INC.,
		 		 	an Illinois corporation
					
		 		 		 	By:	 	/s/ Charles F. Avery, Jr.
		 		 		 	Name:	 	Charles F. Avery, Jr.
		 		 		 	Title	 	CFO
			
		 		 	POWER GREAT LAKES, INC.,
		 		 	an Illinois corporation
					
		 		 		 	By:	 	/s/ Charles F. Avery, Jr.
		 		 		 	Name:	 	Charles F. Avery, Jr.
		 		 		 	Title	 	CFO
			
		 		 	AUTO MANUFACTURING, INC.,
		 		 	an Illinois corporation
					
		 		 		 	By:	 	/s/ Charles F. Avery, Jr.
		 		 		 	Name:	 	Charles F. Avery, Jr.
		 		 		 	Title	 	CFO
			
		 		 	TORQUE POWER SOURCE PARTS, INC.,
		 		 	an Illinois corporation
					
		 		 		 	By:	 	/s/ Charles F. Avery, Jr.
		 		 		 	Name:	 	Charles F. Avery, Jr.
		 		 		 	Title	 	CFO

  
 Signature Page to Fifth Amendment to
Second Amended and Restated Credit Agreement 

									
		 		 	POWER PROPERTIES, L.L.C.,
		 		 	an Illinois limited liability company
			
		 		 	By: The W Group, Inc., as sole managing member
					
		 		 		 	By:	 	/s/ Charles F. Avery, Jr.
		 		 		 	Name:	 	Charles F. Avery, Jr.
		 		 		 	Title	 	CFO
			
		 		 	POWER PRODUCTION, INC.,
		 		 	an Illinois corporation
					
		 		 		 	By:	 	/s/ Charles F. Avery, Jr.
		 		 		 	Name:	 	Charles F. Avery, Jr.
		 		 		 	Title	 	CFO
			
		 		 	POWER GLOBAL SOLUTIONS, INC.,
		 		 	an Illinois corporation
					
		 		 		 	By:	 	/s/ Charles F. Avery, Jr.
		 		 		 	Name:	 	Charles F. Avery, Jr.
		 		 		 	Title	 	CFO
			
		 		 	PSI INTERNATIONAL, LLC,
		 		 	an Illinois limited liability company
					
		 		 		 	By:	 	/s/ Charles F. Avery, Jr.
		 		 		 	Name:	 	Charles F. Avery, Jr.
		 		 		 	Title	 	CFO
			
		 		 	XISYNC LLC,
		 		 	an Illinois limited liability company
			
		 		 	By: The W Group, Inc., as sole managing member
					
		 		 		 	By:	 	/s/ Charles F. Avery, Jr.
		 		 		 	Name:	 	Charles F. Avery, Jr.
		 		 		 	Title	 	CFO

  
 Signature Page to Fifth Amendment to
Second Amended and Restated Credit Agreement 

									
	AGENT:	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		 		 	a national banking association, as Agent, as Lead Arranger, as Book Runner, and as a Lender
					
		 		 		 	By:	 	/s/ Brian Hynds
		 		 		 	Name:	 	Brian Hynds
		 		 		 	Title	 	Vice-President

  
 Signature Page to Fifth Amendment to
Second Amended and Restated Credit Agreement

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