Document:

EX-10.7

 EXHIBIT 10.7 

SECOND AMENDMENT AND WAIVER 

SECOND AMENDMENT AND WAIVER, dated as of November 25, 2013 (this “Amendment and Waiver”), to the SECOND AMENDED AND
RESTATED FIVE-YEAR REVOLVING CREDIT AGREEMENT, dated as of May 30, 2012 (as amended by the First Amendment, dated as of May 15, 2013, and as may be further amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among IBERDROLA USA, INC., a New York corporation (the “Borrower”), CITIBANK, N.A., as administrative agent (the “Administrative Agent”), the several banks and other financial
institutions or entities from time to time parties thereto (the “Lenders”) and the other parties named therein. 

RECITALS 
 WHEREAS,
the Borrower, the Lenders, the Administrative Agent, and the other parties named therein are party to the Credit Agreement; 

WHEREAS, the Borrower has requested certain amendments to the Credit Agreement to permit the replacement of GAAP and implementation of
the Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board; 
 WHEREAS,
the Borrower has requested that the Lenders waive compliance with Section 6.01(a) of the Credit Agreement as set forth herein; and 

WHEREAS, the Required Lenders have agreed to such amendments and waiver on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and
valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

1. Defined Terms. Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Credit
Agreement. 
 2. Accounting Amendment. Subject to the satisfaction of the conditions precedent set forth in Section 4 below, on
the Amendment and Waiver Effective Date (as defined below), it is agreed that the Credit Agreement shall be amended as follows: 
 (a) All
references to “GAAP” (other than the definition of “GAAP” in Section 9.01 of the Credit Agreement and as set forth in Section 2(d) of this Amendment) and “generally accepted accounting principles” in the
Credit Agreement shall be deleted and replaced with “IFRS”. 
 (b) Section 9.01 of the Credit Agreement is hereby amended by
inserting the following definitions in the correct alphabetical positions: 
 ““Second Amendment and Waiver Effective
Date” shall have the meaning provided in the Second Amendment, dated as of November 25, 2013, among the Borrower, certain Lenders and the Administrative Agent.” 

 ““IFRS” shall mean the International Financial Reporting Standards issued
by the International Accounting Standards Board, as in effect from time to time.” 
 (c) clause (iii) of the definition of
“Reorganization” appearing in Section 9.01 of the Credit Agreement is hereby amended by replacing the phrase “Iberdrola Networks, Inc.” with the following: 

“Iberdrola USA Networks, Inc. (or such other name as may be disclosed to the Administrative Agent prior to formation)”. 

(d) the last sentence of Section 9.02 is hereby amended by inserting immediately prior to the period thereof the following: 

“provided that it is agreed and understood that any calculation or determination made prior to the Second Amendment and Waiver
Effective Date using reference to GAAP shall remain as previously calculated or determined in accordance with such GAAP”. 
 3.
Waiver to the Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 4 below, as of the Amendment and Waiver Effective Date, the Lenders hereby waive compliance with Section 6.01(a) of
the Credit Agreement solely with respect to the fiscal year of the Borrower ended December 31, 2013; provided that the foregoing waiver shall not be deemed to modify or affect the obligations of the Borrower and its Subsidiaries to
comply with each and every obligation, covenant, duty, or agreement under the Credit Agreement and the other Loan Documents, in each case as amended, restated, supplemented or otherwise modified, from and after the date hereof (after giving effect
to this Amendment and Waiver). 
 4. Conditions to Effectiveness of the Amendment and Waiver. The Amendment and Waiver shall become
effective as of the date (the “Amendment and Waiver Effective Date”) when, and only when, each of the following conditions precedent shall have been satisfied: 

(a) The Administrative Agent shall have received an executed counterpart hereof from the Borrower and the Required Lenders; 

(b) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, the audited consolidated
balance sheet of Iberdrola Renewables Holdings, Inc. and its consolidated Subsidiaries as at the last day of the fiscal year ending December 31, 2013, and the related audited consolidated statements of income and of cash flows for such fiscal
year, setting forth in each case in comparative form the figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by Pricewaterhouse
Coopers LLP or other independent certified public accountants of nationally recognized standing, and all financial statements delivered pursuant to this Section 4(b) shall be complete and correct in all material respects and shall be prepared
in reasonable detail in accordance with IFRS applied (except as approved by such accountants or officer, as the case may be, and disclosed in reasonable detail therein) consistently throughout the periods reflected therein and with prior periods;

  
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 (c) The Administrative Agent shall have received, in form and substance satisfactory to the
Administrative Agent, the audited consolidated balance sheet of a Maine corporation that will be formed in connection with the Reorganization and is currently intended to be named Iberdrola USA Networks, Inc. (“IUSA Networks”), and
its consolidated Subsidiaries as at the last day of the fiscal year ending December 31, 2013, and the related audited consolidated statements of income and of cash flows for such fiscal year, setting forth in each case in comparative form the
figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by Pricewaterhouse Coopers LLP or other independent certified public
accountants of nationally recognized standing, and all financial statements delivered pursuant to this Section 4(c) shall be complete and correct in all material respects and shall be prepared in reasonable detail in accordance with GAAP
applied (except as approved by such accountants or officer, as the case may be, and disclosed in reasonable detail therein) consistently throughout the periods reflected therein and with prior periods; 

(d) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, the unaudited consolidated
balance sheets of the Borrower and its consolidated Subsidiaries, Iberdrola USA Networks and its consolidated Subsidiaries and Iberdrola Renewables Holdings, Inc. and its consolidated Subsidiaries, in each case as at the last day of the fiscal year
ending December 31, 2013 and the related unaudited consolidated statements of income and of cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous year, certified by the principal financial
officer of the Borrower as being fairly stated in all material respects (subject to normal year-end audit adjustments), and all financial statements delivered pursuant to this Section 4(d) shall be complete and correct in all material respects
and shall be prepared in reasonable detail in accordance with IFRS applied (except as approved by such accountants or officer, as the case may be, and disclosed in reasonable detail therein) consistently throughout the periods reflected therein and
with prior periods; 
 (e) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, a
one-time reconciliation of the balance sheet and income statement of the Borrower reflecting the material changes resulting from the adoption of IFRS for the fiscal year ended December 31, 2013; 

(f) Concurrently with the delivery of the financial statements pursuant to Sections 4(b), (c) and (d) above, a
Compliance Certificate (i) stating that to the best of such officer’s knowledge, the Borrower during the fiscal year ending December 31, 2013 has observed or performed in all material respects all of its covenants and other
agreements, and satisfied every condition contained in the Credit Agreement to be observed, performed or satisfied by it, and that such officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate and
(ii) containing information and calculations for determining compliance by the Borrower with the provisions of the Credit Agreement referred to therein (including Section 7.01 of the Credit Agreement) as of the last day of the fiscal year
of the Borrower ending December 31, 2013; 
 (g) On the Amendment and Waiver Effective Date, the representations and warranties set
forth in Section 5 below shall be true and correct in all material respects; and 

  
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 (h) Since December 31, 2012, both immediately before and after giving effect to this
Amendment and Waiver, there has not occurred any event, development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect. 

5. Representations and Warranties. The Borrower hereby represents and warrants, on and as of the Amendment and Waiver Effective Date,
that (i) the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the Amendment and Waiver Effective Date, both immediately before and after
giving effect to this Amendment and Waiver (except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such representation or warranty shall be true and correct in all material
respects as of such date), (ii) this Amendment and Waiver has been duly authorized, executed and delivered by the Borrower and constitutes the legal, valid and binding obligation of the Borrower enforceable against it in accordance with its
terms and (iii) no Event of Default shall have occurred and be continuing on the Amendment and Waiver Effective Date, both immediately before and after giving effect to this Amendment and Waiver. 

6. Acknowledgement and Confirmation of the Borrower. The Borrower hereby confirms and agrees that, after giving effect to this
Amendment and Waiver, the Credit Agreement and the other Loan Documents to which it is a party remain in full force and effect and enforceable against the Borrower in accordance with their respective terms and shall not be discharged, diminished,
limited or otherwise affected in any respect, and represents and warrants to the Lenders that it has no knowledge of any claims, counterclaims, offsets, or defenses to or with respect to its obligations under the Loan Documents, or if the
Borrower has any such claims, counterclaims, offsets, or defenses to the Loan Documents or any transaction related to the Loan Documents, the same are hereby waived, relinquished, and released in consideration of the execution of this Amendment and
Waiver. This acknowledgement and confirmation by the Borrower is made and delivered to induce the Administrative Agent and the Lenders to enter into this Amendment and Waiver, and the Borrower acknowledges that the Administrative Agent and the
Lenders would not enter into this Amendment and Waiver in the absence of the acknowledgement and confirmation contained herein. This Amendment and Waiver shall constitute a Loan Document under the terms of the Credit Agreement. 

7. Amendment and Limited Waiver. This Amendment and Waiver is a one-time waiver and does not constitute an amendment of any
other provision of the Credit Agreement or the other Loan Documents, a waiver of any other provision of the Credit Agreement or the other Loan Documents, or any other right, power or remedy of the Lenders thereunder. This Amendment and Waiver is
limited as specified herein and shall not constitute a modification, acceptance or waiver of any other provision of the Loan Documents. 

8. Severability. In case any provision of or obligation under this Amendment and Waiver shall be invalid, illegal or unenforceable in
any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

9. Headings. Headings and captions used in this Amendment and Waiver are included for convenience of reference only and shall not be
given any substantive effect. 
 10. Governing Law; Submission To Jurisdiction. This Amendment and Waiver shall be construed in
accordance with and governed by the laws of the State of New York. 

  
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 11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AMENDMENT AND WAIVER OR ANY OTHER LOAN DOCUMENT. 

12. Expenses. The Borrower agrees to pay all reasonable out-of-pocket expenses incurred by the Administrative Agent in connection with
the preparation of this Amendment and Waiver (whether or not the transactions hereby contemplated shall be consummated) including the reasonable fees and disbursements of counsel to the Administrative Agent. 

13. Counterparts; Integration. This Amendment and Waiver may be executed and delivered via facsimile or electronic mail with the same
force and effect as if an original were executed and may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures hereto were upon the same instrument. This Amendment and Waiver
constitutes the entire agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment and Waiver to be duly
executed by their duly authorized officers, all as of the day and year first above written. 
  

			
	IBERDROLA USA, INC.
		
	By:		 /s/ Jose M. Torres

	Name:		Jose M. Torres
	Title:		CFO
		
	By:		 /s/ Robert Kump

	Name:		Robert Kump
	Title:		CEO
	
	 CITIBANK, N.A., as Administrative Agent and as

a Lender

		
	By:		 /s/ Michael Vondriska

	Name:		Michael Vondriska
	Title:		Vice President
	
	Santander Bank, N.A., as a Lender
		
	By:		 /s/ Daniela Hofer-Gautschi

	Name:		Daniela Hofer-Gautschi
	Title:		VP
	
	Bank of America, N.A., as a Lender
		
	By:		 /s/ Jerry Wells

	Name:		Jerry Wells
	Title:		Vice President

  
 SIGNATURE PAGE TO 

AMENDMENT AND WAIVER TO 
 CREDIT
AGREEMENT 

 
			
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	 /s/ Tasvir Hasan

	Name:	 	Tasvir Hasan
	Title:	 	Vice President
	
	BANCO BILBAO VIZCAYA ARGENTARIA, S.A. New York Branch, as a Lender
		
	By:	 	 /s/ Brian Crowley

	Name:	 	Brian Crowley
	Title:	 	Executive Director
		
	By:	 	 /s/ Luca Sacchi

	Name:	 	Luca Sacchi
	Title:	 	Executive Director
	
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd., as a

Lender

		
	By:	 	 /s/ Robert J. MacFarlane

	Name:	 	Robert J. MacFarlane
	Title:	 	Vice President
	
	TD Bank, N.A., as a Lender
		
	By:	 	 /s/ David Perlman

	Name:	 	David Perlman
	Title:	 	Senior Vice President

  
 SIGNATURE PAGE TO 

AMENDMENT AND WAIVER TO 
 CREDIT
AGREEMENT 

 
			
	HSBC Bank USA, National Association, as a Lender
		
	By:	 	 /s/ Alexander Rea

	Name:	 	Alexander Rea
	Title:	 	Senior Vice President
	
	 Lloyds Bank plc, formerly known as Lloyds TSB

Bank plc, as a Lender

		
	By:	 	 /s/ Stephen Giacolone

	Name:	 	Stephen Giacolone
	Title:	 	Assistant Vice President – G011
		
	By:	 	 /s/ Karen Weich

	Name:	 	Karen Weich
	Title:	 	Vice President – W011

  
 SIGNATURE PAGE TO 

AMENDMENT AND WAIVER TO 
 CREDIT
AGREEMENTEX-10.8

 EXHIBIT 10.8 

THIRD AMENDMENT TO CREDIT AGREEMENT 

THIRD AMENDMENT, dated as of April 1, 2015 (this “Amendment”), to the SECOND AMENDED AND RESTATED FIVE-YEAR REVOLVING
CREDIT AGREEMENT, dated as of May 30, 2012 (as amended by the First Amendment, dated as of May 15, 2013, as further amended by the Second Amendment and Waiver, dated as of November 25, 2013, and as may be further amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among IBERDROLA USA, INC., a New York corporation (the “Borrower”), CITIBANK, N.A., as administrative agent (the “Administrative
Agent”), the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”) and the other parties named therein. 

RECITALS 
 WHEREAS,
the Borrower, the Lenders, the Administrative Agent, and the other parties named therein are party to the Credit Agreement; 

WHEREAS, the Borrower has requested certain amendments to the Credit Agreement to permit the replacement of IFRS and implementation of
GAAP; and 
 WHEREAS, the Required Lenders have agreed to such amendments on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and
valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

1. Defined Terms. Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Credit
Agreement. 
 2. Accounting Amendment. Subject to the satisfaction of the conditions precedent set forth in Section 3 below, on
the Third Amendment Effective Date (as defined below), it is agreed that the Credit Agreement shall be amended as follows: 
 (a) All
references to “IFRS” (other than the definition of “IFRS” in Section 9.01 of the Credit Agreement and as set forth in Section 2(c) of this Amendment) in the Credit Agreement shall be deleted and replaced with
“GAAP”. 
 (b) Section 9.01 of the Credit Agreement is hereby amended by inserting the following definition in the correct
alphabetical position: 
 ““Third Amendment Effective Date” shall have the meaning provided in the Third Amendment,
dated as of April 1, 2015, among the Borrower, certain Lenders and the Administrative Agent.” 

 (c) the proviso to the last sentence of Section 9.02 is hereby deleted in its entirety and
replaced with the following: 
 “provided that it is agreed and understood that any calculation or determination made after the
Second Amendment and Waiver Effective Date but prior to the Third Amendment Effective Date using reference to IFRS shall remain as previously calculated or determined in accordance with such IFRS”. 

3. Conditions to Effectiveness of the Amendment. The Amendment shall become effective as of the date (the “Third Amendment
Effective Date”) when, and only when, each of the following conditions precedent shall have been satisfied: 
 (a) The
Administrative Agent shall have received an executed counterpart hereof from the Borrower and the Required Lenders; 
 (b) On the Third
Amendment Effective Date, the representations and warranties set forth in Section 4 below shall be true and correct in all material respects; and 

(c) Since December 31, 2014, both immediately before and after giving effect to this Amendment, there has not occurred any event,
development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect. 
 4. Representations and
Warranties. The Borrower hereby represents and warrants, on and as of the Third Amendment Effective Date, that (i) the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all
material respects on and as of the Third Amendment Effective Date, both immediately before and after giving effect to this Amendment (except to the extent any such representation or warranty is expressly stated to have been made as of a specific
date, in which case such representation or warranty shall be true and correct in all material respects as of such date), (ii) this Amendment has been duly authorized, executed and delivered by the Borrower and constitutes the legal, valid and
binding obligation of the Borrower enforceable against it in accordance with its terms and (iii) no Event of Default shall have occurred and be continuing on the Third Amendment Effective Date, both immediately before and after giving effect to
this Amendment. 
 5. Acknowledgement and Confirmation of the Borrower. The Borrower hereby confirms and agrees that, after giving
effect to this Amendment, the Credit Agreement and the other Loan Documents to which it is a party remain in full force and effect and enforceable against the Borrower in accordance with their respective terms and shall not be discharged,
diminished, limited or otherwise affected in any respect, and represents and warrants to the Lenders that it has no knowledge of any claims, counterclaims, offsets, or defenses to or with respect to its obligations under the Loan Documents, or
if the Borrower has any such claims, counterclaims, offsets, or defenses to the Loan Documents or any transaction related to the Loan Documents, the same are hereby waived, relinquished, and released in consideration of the execution of this
Amendment. This acknowledgement and confirmation by the Borrower is made and delivered to induce the Administrative Agent and the Lenders to enter into this Amendment, and the Borrower acknowledges that the Administrative Agent and the Lenders would
not enter into this Amendment in the absence of the acknowledgement and confirmation contained herein. This Amendment shall constitute a Loan Document under the terms of the Credit Agreement. 

6. Severability. In case any provision of or obligation under this Amendment shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

  
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 7. Headings. Headings and captions used in this Amendment are included for convenience of
reference only and shall not be given any substantive effect. 
 8. Governing Law; Submission To Jurisdiction. This Amendment shall
be construed in accordance with and governed by the laws of the State of New York. 
 9. WAIVER OF JURY TRIAL. EACH PARTY
HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AMENDMENT OR ANY OTHER LOAN
DOCUMENT. 
 10. Expenses. The Borrower agrees to pay all reasonable out-of-pocket expenses incurred by the Administrative Agent
in connection with the preparation of this Amendment (whether or not the transactions hereby contemplated shall be consummated) including the reasonable fees and disbursements of counsel to the Administrative Agent. 

11. Counterparts; Integration. This Amendment may be executed and delivered via facsimile or electronic mail with the same force and
effect as if an original were executed and may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures hereto were upon the same instrument. This Amendment constitutes the entire
agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their duly authorized officers, all as of the day and year first above written. 
  

			
	IBERDROLA USA, INC.
		
	By:	 	 /s/ Howard A Coon

	Name:	 	Howard A Coon
	Title:	 	Treasurer
		
	By:	 	 /s/ Pablo Canales

	Name:	 	Pablo Canales
	Title:	 	CFO
	
	 CITIBANK, N.A., as Administrative Agent and as

a Lender

		
	By:	 	 /s/ Richard Rivera

	Name:	 	Richard Rivera
	Title:	 	Vice President
	
	SANTANDER BANK, N.A., as a Lender
		
	By:	 	 /s/ William Maag

	Name:	 	William Maag
	Title:	 	Managing Director

  
 SIGNATURE PAGE TO 

THIRD AMENDMENT TO 
 CREDIT
AGREEMENT 

 
			
	 Bank of America, N.A.,
 as a
Lender

		
	By:	 	 /s/ James B. Meanor

	Name:	 	James B. Meanor
	Title:	 	Managing Director
	
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	 /s/ Tasvir Hasan

	Name:	 	Tasvir Hasan
	Title:	 	Vice President
	
	Banco Bilbao Vizcaya Argentaria, S.A., New York Branch, as a Lender
		
	By:	 	 /s/ Mauricio Benitez

	Name:	 	Mauricio Benitez
	Title:	 	Director
		
	By:	 	 /s/ Veronica Ineera

	Name:	 	Veronica Ineera
	Title:	 	Managing Director
	
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.,

as a Lender

		
	By:	 	 /s/ Robert J. MacFarlane

	Name:	 	Robert J. MacFarlane
	Title:	 	Vice President

  
 SIGNATURE PAGE TO 

THIRD AMENDMENT TO 
 CREDIT
AGREEMENT 

 
			
	TD Bank, N.A., as a Lender
		
	By:	 	 /s/ David Perlman

	Name:	 	David Perlman
	Title:	 	Senior Vice President
	
	HSBC Bank USA N.A., as a Lender
		
	By:	 	 /s/ Alexander Rea

	Name:	 	Alexander Rea
	Title:	 	Senior Vice President
	
	LLOYDS BANK PLC, as a Lender
		
	By:	 	 /s/ Erin Doherty

	Name:	 	Erin Doherty
	Title:	 	Assistant Vice President – D006
		
	By:	 	 /s/ Daven Popat

	Name:	 	Daven Popat
	Title:	 	Senior Vice President – P003

  
 SIGNATURE PAGE TO 

THIRD AMENDMENT TO 
 CREDIT
AGREEMENT

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