Document:

Exhibit 4.8

 

 

Abengoa, S.A.

 

5.125% Exchangeable Notes due 2017

 

Registration Rights Agreement

 

March 5, 2015

 

Citigroup Global Markets Limited

HSBC Bank plc

Merrill Lynch International

Morgan Stanley & Co. International plc

Together, the Managers

c/o Citigroup Global Markets Limited

Canada Square

Canary Wharf

London E14 5LB

United Kingdom

 

Ladies and Gentlemen:

 

Abengoa, S.A., a company incorporated
under the laws of the Kingdom of Spain, having its registered office at Campus Palmas Altas, calle Energía, 41014
Seville, Spain (the “Issuer”), proposes to issue and sell to certain managers (the
“Managers”) its 5.125% Exchangeable Notes due 2017 (the “Notes”), upon the terms set
forth in the Subscription Agreement by and among the Issuer and the Managers, dated as of February 26, 2015 (the
“Subscription Agreement”), relating to the subscription (the “Subscription”) of the
Notes. In certain circumstances, the Notes will be exchangeable for ordinary shares, par value $0.10 per share (the
“Common Stock”), of Abengoa Yield plc, a public limited company incorporated under the laws of England and
Wales (the “Company”), in accordance with the terms of the Notes and the Agency Agreement (as defined
below). To induce the Managers to enter into the Subscription Agreement and to satisfy their obligations thereunder, the
holders of the Notes will have the benefit of this registration rights agreement by and among the Issuer, the Company and the
Managers whereby the Company agrees with you for your benefit and the benefit of the holders from time to time of the Notes
and the Registrable Securities (including, in each case, the Managers) (each a “Holder” and,
collectively, the “Holders”), as follows:

 

1.         
Definitions. Capitalized terms used herein without definition shall have their respective meanings set forth in
the Subscription Agreement. As used in this Agreement, the following capitalized defined terms shall have the following meanings:

 

    	 

    	 

    

“Act” shall mean the
Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

“Affiliate” shall have
the meaning specified in Rule 405 under the Act and the terms “controlling” and “controlled” shall have
meanings correlative thereto.

 

“Agency Agreement” shall
mean the principal paying, transfer and exchange agency agreement with Citibank, N.A. as fiscal agent and as principal paying,
transfer and exchange agent and Bondholders, S.L. as commissioner of the Syndicate of Noteholders.

 

“Automatic Shelf Registration Statement”
shall mean a Registration Statement filed by a Well-Known Seasoned Issuer which shall become effective upon filing thereof pursuant
to General Instruction I.C for Form F-3.

 

“Broker-Dealer” shall
mean any broker or dealer registered as such under the Exchange Act.

 

“Business Day” shall
mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized
or obligated by law to close in New York City.

 

“Closing Date” shall
mean the date of the first issuance of the Notes.

 

“Commission” shall mean
the United States Securities and Exchange Commission.

 

“Common Stock” shall
have the meaning set forth in the preamble hereto.

 

“Company” shall have
the meaning set forth in the preamble hereto.

 

“Deferral Period” shall
have the meaning indicated in Section ‎3(i) hereof.

 

“Exchange Act” shall
mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

“Final Memorandum” shall
mean the final offering memorandum, dated February 26, 2015, relating to the Notes, including any and all annexes thereto and any
information incorporated by reference therein as of such date.

 

“FINRA” shall mean the
Financial Industry Regulatory Authority or any successor agency thereto.

 

“Holder” shall have the
meaning set forth in the preamble hereto.

 

“Issuer” shall have the
meaning set forth in the preamble hereto.

 

“Losses” shall have the
meaning set forth in Section ‎5(e) hereof.

 

    	 

    	 

    

“Majority Holders” shall
mean, on any date, Holders of a majority of the Common Stock registered under the Shelf Registration Statement.

 

“Managers” shall have
the meaning set forth in the preamble hereto.

 

“Managing Underwriters”
shall mean the investment banker or investment bankers and manager or managers that administer an underwritten offering, if any,
conducted pursuant to Section ‎6 hereof.

 

“Note” shall have the
meaning set forth in the preamble.

 

“Notice and Questionnaire”
shall mean a written notice delivered to the Company substantially in the form attached as Annex III to the Final Memorandum.

 

“Notice Holder” shall
mean, on any date, any Holder of Registrable Securities that has delivered a properly completed Notice and Questionnaire to the
Company on or prior to such date.

 

“Prospectus” shall mean
a prospectus included in the Shelf Registration Statement (including, without limitation, a prospectus that discloses information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A or Rule 430B
under the Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion
of the Common Stock covered by the Shelf Registration Statement, and all amendments and supplements thereto, including any and
all exhibits thereto and any information incorporated by reference therein.

 

“Registrable Securities”
shall mean shares of Common Stock issued and delivered in exchange for the Notes initially sold to the Managers pursuant to the
Subscription Agreement other than those that have (i) been registered under the Shelf Registration Statement and disposed of in
accordance therewith, (ii) become eligible to be sold without restriction as contemplated by Rule 144 under the Act or any successor
rule or regulation thereto that may be adopted by the Commission, (iii) ceased to be outstanding, whether as a result of redemption,
repurchase, cancellation, exchange or otherwise, or (iv) been sold to the public pursuant to Rule 144 under the Act.

 

“Shelf Registration Period”
shall have the meaning set forth in Section ‎2(c) hereof.

 

“Shelf Registration Statement”
shall mean a “shelf” registration statement of the Company pursuant to the provisions of Section ‎2
hereof which covers some or all of the Common Stock on an appropriate form under Rule 415 under the Act, or any similar rule that
may be adopted by the Commission, amendments and supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein.

 

“Subscription” shall
have the meaning set forth in the preamble hereto.

 

    	 

    	 

    

“Subscription Agreement”
shall have the meaning set forth in the preamble hereto.

 

“Syndicate of Noteholders”
shall have the meaning set forth in the Agency Agreement.

 

“Terms and Conditions of the Notes”
shall mean the terms and conditions set out in Schedule 1 to the Agency Agreement as amended, supplemented or modified from time
to time.

 

“underwriter” shall mean
any underwriter of Common Stock in connection with an offering thereof under the Shelf Registration Statement.

 

“Well-Known Seasoned Issuer”
shall have the meaning set forth in Rule 405 under the Act.

 

2.         
Shelf Registration. (a) The Company shall as promptly as practicable (but in no event more than 180 days after the
Closing Date) file with the Commission a Shelf Registration Statement (which shall be, if the Company is then a Well-Known Seasoned
Issuer, an Automatic Shelf Registration Statement) providing for the registration of, and the sale on a continuous or delayed
basis by the Holders of, all of the Registrable Securities, from time to time in accordance with the methods of distribution elected
by such Holders, pursuant to Rule 415 under the Act or any similar rule that may be adopted by the Commission.

 

(b)    
If the Shelf Registration Statement is not an Automatic Shelf Registration Statement, the Company shall use its commercially
reasonable efforts to cause the Shelf Registration Statement to become or be declared effective under the Act no later than 210
days after the Closing Date.

 

(c)    
The Company shall use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective,
supplemented and amended as required by the Act, in order to permit the Prospectus forming part thereof to be usable by Holders
for a period (the “Shelf Registration Period”) from the date the Shelf Registration Statement is declared effective
by the Commission (or becomes effective in the case of an Automatic Shelf Registration Statement) until the earlier of (i) the
20th trading day immediately following the maturity date of the Notes or (ii) the date upon which there are no Notes or Registrable
Securities outstanding. The Company shall be deemed not to have used its commercially reasonable efforts to keep the Shelf Registration
Statement effective during the Shelf Registration Period if it voluntarily takes any action that would result in Holders of Registrable
Securities not being able to offer and sell such Common Stock at any time during the Shelf Registration Period, unless such action
is (x) required by applicable law or otherwise undertaken by the Company in good faith and for valid business reasons (not including
avoidance of the Company’s obligations hereunder), including the acquisition or divestiture of assets, and (y) permitted
by Section ‎3(i) hereof. None of the Company, the Issuer or any of their respective
securityholders (other than Holders of Registrable Securities) shall have the right to include any securities of the Company or
the Issuer in any Shelf Registration Statement other than Registrable Securities.

 

    	 

    	 

    

(d)    
The Company shall cause the Shelf Registration Statement and the related Prospectus and any amendment or supplement thereto,
as of the effective date of the Shelf Registration Statement or such amendment or supplement, (i) to comply in all material respects
with the applicable requirements of the Act; and (ii) not to contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary in order to make the statements therein (in the case of the Prospectus,
in the light of the circumstances under which they were made) not misleading.

 

(e)    
The Company shall issue a press release through a reputable national newswire service announcing the anticipated effective
date of the Shelf Registration Statement at least 15 Business Days prior to the anticipated effective date thereof. Each Holder
of Registrable Securities agrees to deliver a Notice and Questionnaire and such other information as the Company may reasonably
request in writing, if any, to the Company at least ten Business Days prior to the anticipated effective date of the Shelf Registration
Statement as announced in the press release. If a Holder does not timely complete and deliver a Notice and Questionnaire or provide
the other information the Company may reasonably request in writing, that Holder will not be named as a selling securityholder
in the Prospectus and will not be permitted to sell its Registrable Securities under the Shelf Registration Statement. From and
after the effective date of the Shelf Registration Statement, the Company shall use commercially reasonable efforts, as promptly
as is practicable after the date a Notice and Questionnaire is delivered, and in any event within 20 Business Days after such
date, (i) if required by applicable law, to file with the Commission a post-effective amendment to the Shelf Registration Statement
or to prepare and, if permitted or required by applicable law, to file a supplement to the related Prospectus or an amendment
or supplement to any document incorporated therein by reference or file any other required document so that the Holder delivering
such Notice and Questionnaire is named as a selling securityholder in the Shelf Registration Statement and the related Prospectus,
and so that such Holder is permitted to deliver such Prospectus to purchasers of the Registrable Securities in accordance with
applicable law and, if the Company shall file a post-effective amendment to the Shelf Registration Statement, use its commercially
reasonable efforts to cause such post-effective amendment to be declared effective under the Act as promptly as is practicable;
provided, that the Company shall not be required to file more than one post-effective amendment in any 90-day period in
accordance with this Section ‎2(e)(i); (ii) provide such Holder, upon request,
copies of any documents filed pursuant to Section ‎2(e)(i) hereof; and (iii) notify
such Holder as promptly as practicable after the effectiveness under the Act of any post-effective amendment filed or the filing
of any supplement to the related Prospectus, pursuant to Section ‎2(e)(i) hereof;
provided, that if such Notice and Questionnaire is delivered during a Deferral Period, the Company shall so inform the
Holder delivering such Notice and Questionnaire and shall take the actions set forth in clauses ‎(i),
‎(ii) and ‎(iii) above upon expiration
of the Deferral Period in accordance with Section ‎3(i) hereof. Notwithstanding
anything contained herein to the contrary, the Company shall be under no obligation to name any Holder that is not a Notice Holder
as a selling securityholder in the Shelf Registration Statement or related Prospectus; provided, however, that any
Holder that becomes a Notice Holder pursuant to the provisions of this Section ‎2(e)
(whether or not such Holder was a Notice Holder at the effective date of the Shelf Registration Statement) shall be named as a
selling securityholder in the Shelf Registration Statement or related Prospectus in accordance with the requirements of this Section
‎2(e). Notwithstanding the foregoing, if the Notes are called for redemption or
exchange as provided for under “Redemption and Purchase” in the Terms and Conditions of the Notes, then the Company
shall use commercially reasonable efforts to file a post-effective amendment or supplement to the related Prospectus within five
Business Days of the Redemption Date (as defined in the Agency Agreement), naming as a selling securityholder therein all Notice
Holders that have completed and delivered a Notice and Questionnaire and provided the other information reasonably requested in
writing by the Company, in each case on or before such Redemption Date.

 

    	 

    	 

    

3.         
Registration Procedures. The following provisions shall apply in connection with the Shelf Registration Statement.

 

(a)    
The Company shall:

 

(i)                       
furnish to each of the Managers and to counsel for the Notice Holders (as appointed in accordance with Section ‎4),
not less than five Business Days prior to the filing thereof with the Commission, a copy of the Shelf Registration Statement and
each amendment thereto and each amendment or supplement, if any, to the Prospectus included therein (including all documents incorporated
by reference therein after the initial filing) and shall use its commercially reasonable efforts to reflect in each such document,
when so filed with the Commission, such comments as the Managers reasonably propose; and

 

(ii)                       
include information regarding the Notice Holders and the methods of distribution they have elected for their Registrable
Securities provided to the Company in Notices and Questionnaires as necessary to permit such distribution by the methods specified
therein.

 

(b)    
The Company shall ensure that:

 

(i)                       
the Shelf Registration Statement and any amendment thereto and any Prospectus forming part thereof and any amendment or
supplement thereto complies in all material respects with the Act; and

 

(ii)                       
the Shelf Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading.

 

(c)    
The Company shall advise the Managers, the Notice Holders and any underwriter that has provided in writing to the Company
a telephone or facsimile number and address for notices, and confirm such advice in writing (which notice pursuant to clauses
‎(ii) through ‎(v) hereof shall
be accompanied by an instruction to suspend the use of the Prospectus until the Company shall have remedied the basis for such
suspension):

 

(i)                       
when the Shelf Registration Statement and any amendment thereto has been filed with the Commission and when the Shelf Registration
Statement or any post-effective amendment thereto has become effective;

 

(ii)                       
of any request by the Commission for any amendment or supplement to the Shelf Registration Statement or the Prospectus
or for additional information;

 

(iii)                       
of the issuance by the Commission of any stop order suspending the effectiveness of the Shelf Registration Statement or
the institution or threatening of any proceeding for that purpose;

 

(iv)                       
of the receipt by the Company of any notification with respect to the suspension of the qualification of the Common Stock
included therein for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose; and

 

(v)                       
of the happening of any event that requires any change in the Shelf Registration Statement or the Prospectus so that, as
of such date, they (A) do not contain any untrue statement of a material fact and (B) do not omit to state a material fact required
to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in the light of the circumstances
under which they were made) not misleading.

 

    	 

    	 

    

(d)    
The Company shall use its commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness
of the Shelf Registration Statement or the qualification of the securities therein for sale in any jurisdiction and, if issued,
to obtain as soon as possible the withdrawal thereof. The Company shall undertake additional reasonable actions as required to
permit unrestricted resales of the Common Stock in accordance with the terms and conditions of this Agreement.

 

(e)    
Upon request, the Company shall furnish to each Notice Holder, without charge, at least one copy of the Shelf Registration
Statement and any post-effective amendment thereto, including all material incorporated therein by reference, and, if a Notice
Holder so requests in writing, all exhibits thereto (including exhibits incorporated by reference therein).

 

(f)    
During the Shelf Registration Period, the Company shall promptly deliver to each Manager, each Notice Holder, and any sales
or placement agents or underwriters acting on their behalf, without charge, as many copies of the Prospectus (including the preliminary
Prospectus, if any) included in the Shelf Registration Statement and any amendment or supplement thereto as any such person may
reasonably request. The Company consents to the use of the Prospectus or any amendment or supplement thereto by each of the foregoing
in connection with the offering and sale of the Common Stock.

 

(g)    
Prior to any offering of Common Stock pursuant to the Shelf Registration Statement, the Company shall (i) arrange for the
qualification of the Common Stock for sale under the laws of such jurisdictions as any Notice Holder shall reasonably request
and shall maintain such qualification in effect so long as required, and (ii) cooperate with the Holders in connection with any
filings required to be made with FINRA; provided that in no event shall the Company be obligated to qualify to do business
in any jurisdiction where it is not then so qualified or to take any action that would subject it to service of process in suits,
other than those arising out of the Subscription or any offering pursuant to the Shelf Registration Statement, in any jurisdiction
where it is not then so subject.

 

(h)    
Upon the occurrence of any event contemplated by subsections ‎(c)‎(ii)
through ‎(v) above, the Company shall promptly (or within the time period provided
for by Section ‎3(i) hereof, if applicable) prepare a post-effective amendment
to the Shelf Registration Statement or an amendment or supplement to the related Prospectus or file any other required document
so that, as thereafter delivered to the Managers of the securities included therein, the Prospectus will not include an untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading.

 

    	 

    	 

    

(i)    
Upon the occurrence or existence of any pending corporate development, public filing with the Commission or any other material
event that, in the reasonable judgment of the Company, makes it appropriate to suspend the availability of the Shelf Registration
Statement and the related Prospectus, the Company shall give notice (without notice of the nature or details of such events) to
the Notice Holders that the availability of the Shelf Registration Statement is suspended and, upon receipt of any such notice,
each Notice Holder agrees not to sell any Registrable Securities pursuant to the Shelf Registration Statement until such Notice
Holder’s receipt of copies of the supplemented or amended Prospectus provided for in Section ‎3(h)
hereof, or until it is advised in writing by the Company that the Prospectus may be used, and has received copies of any additional
or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. The period during which
the availability of the Shelf Registration Statement and any Prospectus is suspended (the “Deferral Period”)
shall not exceed 45 days in any 90-day period or 90 days in any 360-day period; provided, that, if the event triggering
the Deferral Period relates to a proposed or pending material business transaction, the disclosure of which the board of directors
of the Company determines in good faith would be reasonably likely to impede the ability to consummate the transaction or would
otherwise be seriously detrimental to the Company and its subsidiaries taken a whole, the Company may extend the Deferral Period
from 45 days to 60 days in any 90-day period or from 90 days to 120 days in any 360-day period.

 

(j)    
The Company shall comply with all applicable rules and regulations of the Commission and shall make generally available
to its securityholders an earnings statement satisfying the provisions of Section 11(a) of, and Rule 158 under, the Act as soon
as practicable after the effective date of the Shelf Registration Statement and in any event no later than 45 days after the end
of a 12-month period (or 90 days, if such period is a fiscal year) beginning with the first month of the Company’s first
fiscal quarter commencing after the effective date of the Shelf Registration Statement.

 

(k)    
The Company may require each Holder of Common Stock to be sold pursuant to the Shelf Registration Statement to furnish
to the Company such information regarding the Holder and the distribution of such Common Stock as the Company may from time to
time reasonably require for inclusion in the Shelf Registration Statement. The Company may exclude from the Shelf Registration
Statement the Common Stock of any Holder that unreasonably fails to furnish such information within ten Business Days after receiving
such request.

 

(l)    
Subject to Section ‎6 hereof, the Company shall enter into customary agreements
(including, if requested, an underwriting agreement in customary form) and take all other appropriate actions in order to expedite
or facilitate the registration or the disposition of the Common Stock, and in connection therewith, if an underwriting agreement
is entered into, cause the same to contain customary indemnification provisions and procedures.

 

    	 

    	 

    

(m)    
Subject to Section ‎6 hereof, the Company shall:

 

(i)                       
make reasonably available for inspection by the Holders of Common Stock to be registered thereunder, any underwriter participating
in any disposition pursuant to the Shelf Registration Statement, and any attorney, accountant or other agent retained by the Holders
or any such underwriter all relevant financial and other records and pertinent corporate documents of the Company and its subsidiaries;

 

(ii)                       
cause the Company’s officers, directors, employees, accountants and auditors to supply all relevant information reasonably
requested by the Holders or any such underwriter, attorney, accountant or agent in connection with the Shelf Registration Statement
as is customary for similar due diligence examinations;

 

(iii)                       
make such representations and warranties to the Holders of Common Stock registered thereunder and the underwriters, if
any, in form, substance and scope as are customarily made by issuers to underwriters in primary underwritten offerings and covering
matters including, but not limited to, those set forth in the Subscription Agreement;

 

(iv)                       
obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance)
shall be reasonably satisfactory to the Managing Underwriters, if any) addressed to each selling Holder and the underwriters,
if any, covering such matters as are customarily covered in opinions requested in underwritten offerings and such other matters
as may be reasonably requested by such Holders and underwriters;

 

(v)                       
obtain “comfort” letters and updates thereof from the independent certified public accountants of the Company
(and, if necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired
by the Company for which financial statements and financial data are, or are required to be, included in the Shelf Registration
Statement), addressed to each selling Holder of Common Stock registered thereunder and the underwriters, if any, in customary
form and covering matters of the type customarily covered in “comfort” letters in connection with primary underwritten
offerings; and

 

(vi)                       
deliver such documents and certificates as may be reasonably requested by the Majority Holders or the Managing Underwriters,
if any, including those to evidence compliance with Section ‎3(i) hereof and with any customary conditions contained
in the underwriting agreement or other agreement entered into by the Company.

 

The actions set forth in clauses ‎(iii)
through ‎(vi) of this paragraph ‎(m)
shall be performed in connection with any underwriting or similar agreement as and to the extent required thereunder.

 

(n)    
In the event that any Broker-Dealer shall underwrite any Common Stock or participate in a public offering (within the meaning
of the rules of FINRA) as a member of an underwriting syndicate or selling group, whether as a Holder of such Common Stock or
as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company shall assist
such Broker-Dealer in complying with the applicable rules and regulations of FINRA.

 

(o)    
The Company shall use its commercially reasonable efforts to take all other steps necessary to effect the registration
of the Common Stock covered by the Shelf Registration Statement.

 

    	 

    	 

    

4.         
Registration Expenses. The Issuer shall bear all expenses incurred in connection with the performance by the Company
of its obligations under Sections ‎2 and ‎3
hereof and shall reimburse the Holders for the reasonable fees and disbursements of one firm or counsel to act as counsel for
the Holders in connection therewith; provided, however, that such expenses shall not include, and the Issuer shall
not have any obligation to pay, any underwriting fees, discounts or commissions attributable to the sale of such Registrable Securities,
or any fees and expenses of any Broker-Dealer or other financial intermediary engaged by any Holder. In addition, the Issuer shall
pay to the Company a fee of $5,000 per annum, pro rate during the period in which any Notes are outstanding.

 

5.         
Indemnification and Contribution. (a) The Company (to the fullest extent permitted by law) and the Issuer, jointly
and severally, agree (a) to indemnify and hold harmless each Holder of Common Stock covered by the Shelf Registration Statement,
each Manager, the directors, officers, employees, Affiliates and agents of each such Holder or Manager and each person who controls
any such Holder or Manager within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages
or liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange Act or other U.S.
federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material
fact contained in the Shelf Registration Statement as originally filed or in any amendment thereof, or in any preliminary Prospectus
or the Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case
of any preliminary Prospectus or the Prospectus, in the light of the circumstances under which they were made) not misleading,
and (b) to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by it in connection
with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company
and the Issuer will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of
or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance
upon and in conformity with written information furnished to the Company by or on behalf of the party claiming indemnification
specifically for inclusion therein. This indemnity agreement shall be in addition to any liability that the Company and the Issuer
may otherwise have to the indemnified party.

 

The Company and the Issuer also agree to
indemnify as provided in this Section ‎5(a) or contribute as
provided in Section ‎5(e) hereof to Losses of each underwriter,
if any, of Common Stock registered under the Shelf Registration Statement, its directors, officers, employees, Affiliates or agents
and each person who controls such underwriter on substantially the same basis as that of the indemnification of the Managers and
the selling Holders provided in this paragraph ‎(a) and shall,
if requested by any Holder, enter into an underwriting agreement reflecting such agreement, as provided in Section ‎3(l)
hereof.

 

    	 

    	 

    

(b)The Issuer agrees to
indemnify and hold harmless the Company, each of its directors, each of its officers who signs the Shelf Registration Statement,
each Holder of Common Stock covered by the Shelf Registration Statement, each Manager, the directors, officers, employees and agents
of each such Holder or Manager and each person who controls any such Holder or Manager within the meaning of either the Act or
the Exchange Act and each affiliate of any Holder or Manager within the Meaning of the Exchange Act, to the same extent as the
foregoing indemnity from the Company to each Holder or Manager, but only with reference to written information furnished to the
Company by or on behalf of the Issuer specifically for inclusion in the documents referred to in the foregoing indemnity. This
indemnity agreement will be in addition to any liability that the Issuer may otherwise have to the indemnified party.

 

(c)    
Each Holder of securities covered by the Shelf Registration Statement (including each Manager that is a Holder, in such
capacity) severally and not jointly agrees to indemnify and hold harmless the Company and the Issuer, each of its directors, each
of its officers who signs the Shelf Registration Statement and each person who controls the Company or the Issuer within the meaning
of either the Act or the Exchange Act, to the same extent as the foregoing indemnity from the Company and the Issuer to each such
Holder, but only with reference to written information relating to such Holder furnished to the Company by or on behalf of such
Holder specifically for inclusion in the documents referred to in the foregoing indemnity. This indemnity agreement shall be acknowledged
by each Notice Holder that is not a Manager in such Notice Holder’s Notice and Questionnaire and shall be in addition to
any liability that any such Manager or Notice Holder may otherwise have to the Company or the Issuer.

 

(d)    
Promptly after receipt by an indemnified party under this Section  5 of
notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the
indemnifying party under this Section  5, notify the indemnifying party in writing
of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under
paragraph  (a),  (b) or (c) above
unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying
party of substantial rights and defenses; and (ii) will not, in any event, relieve the indemnifying party from any obligations
to any indemnified party other than the indemnification obligation provided in paragraph  (a),
 (b) or (c) above. The indemnifying party shall be entitled to appoint counsel
of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action
for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and
expenses of any separate counsel retained by the indemnified party or parties except as set forth below); provided, however,
that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election
to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate
counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate
counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel
with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified
party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available
to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party; (iii)
the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified
party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize
the indemnified party to employ separate counsel at the expense of the indemnifying party. It is understood and agreed that the
indemnifying party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for
the fees and expenses of more than one separate firm (in addition to any local and/or regulatory counsel) for all indemnified
parties, and that all such fees and expenses shall be paid or reimbursed as they are incurred. An indemnifying party will not,
without the prior written consent of the indemnified party, settle or compromise or consent to the entry of any judgment with
respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may
be sought hereunder (whether or not the indemnified party is an actual or potential parties to such claim or action) unless such
settlement, compromise or consent includes an unconditional release of such indemnified party from all liability arising out of
such claim, action, suit or proceeding.

 

    	 

    	 

    

(e)    
In the event that the indemnity provided in paragraph (a), (b) or (c) of this Section 5 is unavailable to or insufficient
to hold harmless an indemnified party for any reason, then each applicable indemnifying party shall (in the case of the Company,
to the fullest extent permitted by law) have a joint and several obligation to contribute to the aggregate losses, claims, damages
and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending the same)
(collectively “Losses”) to which such indemnified party may be subject in such proportion as is appropriate
to reflect the relative benefits received by such indemnifying party, on the one hand, and such indemnified party, on the other
hand, from the Subscription and the Shelf Registration Statement which resulted in such Losses; provided, however,
that in no case shall any Manager be responsible, in the aggregate, for any amount in excess of the commission applicable to the
Notes, as set forth in the Final Memorandum, nor shall any underwriter be responsible for any amount in excess of the underwriting
discount or commission applicable to the securities purchased by such underwriter under the Shelf Registration Statement which
resulted in such Losses. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the indemnifying
party and the indemnified party shall contribute in such proportion as is appropriate to reflect not only such relative benefits
but also the relative fault of such indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection
with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits
received by the Company and the Issuer shall be deemed to be equal to the total net proceeds from the Subscription (before deducting
expenses) received by it, as set forth in the Final Memorandum. Benefits received by the Managers shall be deemed to be equal
to the total commissions as set forth in the Final Memorandum, and benefits received by any other Holders shall be deemed to be
equal to the value of receiving Common Stock registered under the Act. Benefits received by any underwriter shall be deemed to
be equal to the total underwriting discounts and commissions, as set forth on the cover page of the Prospectus forming a part
of the Shelf Registration Statement which resulted in such Losses. Relative fault shall be determined by reference to, among other
things, whether any untrue or any alleged untrue statement of a material fact or omission or alleged omission to state a material
fact relates to information provided by the indemnifying party, on the one hand, or by the indemnified party, on the other hand,
the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue
statement or omission. The parties agree that it would not be just and equitable if contribution were determined by pro rata allocation
(even if the Holders were treated as one entity for such purpose) or any other method of allocation which does not take account
of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (e), no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. For purposes of this Section 5, each person who controls a Holder within the meaning
of either the Act or the Exchange Act and each director, officer, employee and agent of such Holder shall have the same rights
to contribution as such Holder, and each person who controls the Company or the Issuer within the meaning of either the Act or
the Exchange Act, each officer of the Company or the Issuer who shall have signed the Shelf Registration Statement and each director
of the Company or the Issuer shall have the same rights to contribution as the Company and the Issuer, subject in each case to
the applicable terms and conditions of this paragraph (e).

 

(f)    
The provisions of this Section 5 shall remain in full force and effect, regardless of any investigation made by or on behalf
of any Holder or the Company or the Issuer or any of the indemnified persons referred to in this Section 5, and shall survive
the sale by a Holder of securities covered by the Shelf Registration Statement.

 

    	 

    	 

    

6.         
Underwritten Registrations. (a) In no event will the method of distribution of Registrable Securities take the form
of an underwritten offering without the prior written consent of the Company.

 

(b)    
If any shares of Common Stock covered by the Shelf Registration Statement are to be sold in an underwritten offering, the
Managing Underwriters shall be selected by the Company, subject to the prior written consent of the Majority Holders, which consent
shall not be unreasonably withheld.

 

(c)    
No person may participate in any underwritten offering pursuant to the Shelf Registration Statement unless such person
(i) agrees to sell such person’s shares of Common Stock on the basis reasonably provided in any underwriting arrangements
approved by the persons entitled hereunder to approve such arrangements; and (ii) completes and executes all questionnaires, powers
of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting
arrangements.

 

7.         
No Inconsistent Agreements. Neither the Company nor the Issuer has entered into, and each agrees not to enter into,
any agreement with respect to its securities that is inconsistent with the registration rights granted to the Holders herein.

 

8.         
Rule 144A and Rule 144. So long as any Registrable Securities remain outstanding, the Company shall use its commercially
reasonable efforts to file the reports required to be filed by it under Rule 144A(d)(4) under the Act and the Exchange Act in
a timely manner and, if at any time the Company is not required to file such reports, it will, upon the written request of any
Holder of Registrable Securities, make publicly available other information so long as necessary to permit sales of such Holder’s
Registrable Securities pursuant to Rules 144 and 144A of the Act. The Company covenants that it will take such further action
as any Holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such Holder
to sell Registrable Securities without registration under the Act within the limitation of the exemptions provided by Rules 144
and 144A (including, without limitation, the requirements of Rule 144A(d)(4)). Upon the written request of any Holder of Registrable
Securities, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements.
Notwithstanding the foregoing, nothing in this Section  8 shall be deemed to require
the Company or the Issuer to register any of its securities pursuant to the Exchange Act.

 

    	 

    	 

    

9.         
Listing. So long as any Registrable Securities are outstanding, the Company shall use its commercially reasonable
efforts to maintain the approval of the Common Stock for listing on the NASDAQ Global Select Market or such other exchange or
trading market as the Common Stock is then listed.

 

10.         
Amendments and Waivers. The provisions of this Agreement may not be amended, qualified, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written
consent of the Majority Holders; provided that, with respect to any matter that directly or indirectly affects the rights
of any Manager hereunder, the Company shall obtain the written consent of each such Manager against which such amendment, qualification,
supplement, waiver or consent is to be effective; provided, further, that the provisions of this Section  10
may not be amended, qualified, modified or supplemented, and waivers or consents to departures from the provisions hereof may
not be given, unless the Company has obtained the written consent of the Managers and each Holder.

 

11.         
Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery,
first-class mail, telex, telecopier or air courier guaranteeing overnight delivery:

 

(a)    
if to a Holder, at the most current address given by such holder to the Company in accordance with the provisions of the
Notice and Questionnaire;

 

(b)    
if to the Managers, initially at the address or addresses set forth in the Subscription Agreement; and

 

(c)    
if to the Company or the Issuer, initially at its address set forth in the Subscription Agreement.

 

All such notices and communications shall
be deemed to have been duly given when received.

 

The Managers, the Company or the Issuer
by notice to the other parties may designate additional or different addresses for subsequent notices or communications.

 

Notwithstanding the foregoing, notices given
to Holders (i) holding Notes in book-entry form may be given through the facilities of DTC or any successor depository and (ii)
may be given by e-mail at the e-mail address provided by such Holder in accordance with the provisions of the Notice and Questionnaire.

 

    	 

    	 

    

12.         
Remedies. Each Holder, in addition to being entitled to exercise all rights provided to it herein, in the Subscription
Agreement or in the Terms and Conditions of the Notes or granted by law, including recovery of liquidated or other damages, will
be entitled to specific performance of its rights under this Agreement. The Company and the Issuer agree that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach by them of the provisions of this Agreement and
hereby agree to waive in any action for specific performance the defense that a remedy at law would be adequate.

 

13.         
Successors. This Agreement shall inure to the benefit of and be binding upon the parties hereto, their respective
successors and assigns, including, without the need for an express assignment or any consent by the Company or the Issuer thereto,
subsequent Holders of Registrable Securities, and the indemnified persons referred to in Section  5
hereof. The Company and the Issuer hereby agree to extend the benefits of this Agreement to any Holder of Registrable Securities,
and any such Holder may specifically enforce the provisions of this Agreement as if an original party hereto.

 

14.         
Counterparts. This Agreement may be signed in one or more counterparts, each of which shall constitute an original
and all of which together shall constitute one and the same agreement.

 

15.         
Headings. The section headings used herein are for convenience only and shall not affect the construction hereof.

 

16.         
Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York applicable to contracts made and to be performed in the State of New York. The parties hereto each hereby waive any right
to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement.

 

17.         
Severability. In the event that any one of more of the provisions contained herein, or the application thereof in
any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability
of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired or affected
thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted
by law.

 

18.         
Common Stock Held by the Company, etc. Whenever the consent or approval of Holders of a specified percentage of
Common Stock is required hereunder, Common Stock held by the Company or its Affiliates (other than subsequent Holders of Common
Stock if such subsequent Holders are deemed to be Affiliates solely by reason of their holdings of such Common Stock) shall not
be counted in determining whether such consent or approval was given by the Holders of such required percentage.

 

    	 

    	 

    

If the foregoing is in accordance with your
understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance
shall represent a binding agreement by and among the Company, the Issuer and the several Managers.

 

	 	Very truly yours,
	 	 	 	 
	 	ABENGOA, S.A.
	 	 	 	 
	 	By:	/s/ Daniel Alaminos
	 	 	Name:	Daniel Alaminos
	 	 	Title:	General Secretary
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	ABENGOA YIELD PLC
	 	 	 	 
	 	By:	/s/ Santiago Seage

	 	 	Name:	Santiago Seage
	 	 	Title:	CEO

 

 

[Signature Page to Registration
Rights Agreement]

 

    	 

    	 

    

 

 

The foregoing Agreement is hereby confirmed
and accepted as of the date first above written.

 

 

	 	CITIGROUP GLOBAL MARKETS LIMITED
	 	 	 	 
	 	By:	/s/ Jack Paris
	 	 	Name:	Jack Paris
	 	 	Title:	Managing Director
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	MERRILL LYNCH INTERNATIONAL
	 	 	 	 
	 	By:	
	 	 	Name:	 
	 	 	Title:	Managing Director
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	HSBC BANK PLC
	 	 	 	 
	 	By:	/s/ Philippe Dischampe
	 	 	Name:	Philippe Dischampe
	 	 	Title:	Managing Director
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	MORGAN STANLEY & CO. INTERNATIONAL PLC
	 	 	 	 
	 	By:	/s/ Tom Thorne
	 	 	Name:	Tom Thorne
	 	 	Title:	Executive Director

 

 

[Signature Page to Registration
Rights Agreement]Exhibit 10.1

 

EXECUTION VERSION

 

LIMITED WAIVER AND SIXTH AMENDMENT TO CREDIT AGREEMENT

 

THIS LIMITED WAIVER AND SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Limited Waiver”), dated as of June 30, 2015, is among GLOBAL POWER EQUIPMENT GROUP INC., a Delaware corporation (the “Borrower”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent for the Lenders, Swingline Lender and Issuing Lender (the “Administrative Agent”), and the LENDERS (as defined in the Credit Agreement defined below) signing this Limited Waiver.

 

BACKGROUND

 

A.                                    The Borrower, the Lenders and the Administrative Agent are parties to that certain Credit Agreement, dated as of February 21, 2012, as amended by that certain First Amendment to Credit Agreement and First Amendment to Security Agreement, dated as of April 25, 2012, that certain Second Amendment to Credit Agreement dated as of July 19, 2012, that certain Third Amendment and Limited Waiver to Credit Agreement and Second Amendment to Security Agreement, dated as of March 4, 2013, but effective as of December 7, 2012, that certain Lender Joinder Agreement, effective as of December 17, 2013, that certain Fourth Amendment and Limited Waiver to Credit Agreement, dated as of December 22, 2014 and that certain Fifth Amendment and Limited Waiver to Credit Agreement, dated as of May 28, 2015 (as amended, the “Credit Agreement”).  The terms defined in the Credit Agreement and not otherwise defined herein shall be used herein as defined in the Credit Agreement.

 

B.                                    The Borrower has informed the Administrative Agent and the Lenders that (i) the previously delivered audited financial statements for the Fiscal Year ending December 31, 2014 and accompanying Officer’s Compliance Certificate were incorrect, (ii) the representations set forth in Section 6.26 of the Credit Agreement regarding such financial statements and accompanying Officer’s Compliance Certificate were incorrect each time such representations were made and (iii) as a result of such incorrect financial statements, the Borrower has failed to keep proper books, records and accounts in accordance with Section 7.7 of the Credit Agreement.  The failure to keep proper books, records and accounts and the delivery of incorrect financial statements for the Fiscal Year ending December 31, 2014, together with an inaccurate Officer’s Compliance Certificate constitute a breach of Sections 6.26, 7.1(a), 7.2(a) and 7.7 of the Credit Agreement, and constitute Events of Default under Sections 9.1(c), (d) and (e) of the Credit Agreement (collectively, the “Existing Events of Default”).

 

C.                                    In connection with the Fifth Amendment and Limited Waiver to Credit Agreement, dated as of May 28, 2015, the Required Lenders agreed to waive the Existing Events of Default and consented to an extension of time until June 30, 2015 for the delivery of (i) the restated audited financial statements for the Fiscal Year ending December 31, 2014 and accompanying Officer’s Compliance Certificate and (ii) the quarterly financial statements for the first fiscal quarter of the 2015 Fiscal Year and accompanying Officer’s Compliance Certificate; provided such waivers and consent automatically expire and are of no further force or effect if the Borrower fails to deliver the items set forth in clauses (i) and (ii) above on or prior to June 30, 2015.

 

 

D.                                    The Borrower has requested that the Lenders consent to an extension of time until to August 31, 2015 to (i) deliver the restated audited financial statements for the Fiscal Year ending December 31, 2014 and a corrected Officer’s Compliance Certificate, (ii) deliver the quarterly financial statements for the fiscal quarter ending March 31, 2015 and accompanying Officer’s Compliance Certificate and (iii) deliver the quarterly financial statements for the fiscal quarter ending June 30, 2015 and accompanying Officer’s Compliance Certificate.

 

E.                                     Until such financial statements and certificates are received by the Administrative Agent, the Borrower is willing to agree to certain additional limitations on certain of its actions.

 

F.                                      The Required Lenders are willing to agree to the requested waivers and consents subject to the provisions and additional limitations of this Limited Waiver.

 

NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are all hereby acknowledged, the Borrower, the Required Lenders and the Administrative Agent covenant and agree as follows:

 

1.                                      LIMITED WAIVERS.

 

(a)                                 Subject to the terms of this Limited Waiver, including, without limitation, compliance by the Borrower with each of the terms of Section 2 below, the Required Lenders hereby agree, until August 31, 2015, to (i) waive the Existing Events of Default, (ii) waive compliance by the Credit Parties with Sections 7.1(a) and 7.2(a) of the Credit Agreement for the Fiscal Year ending December 31, 2014 only and (iii) waive compliance with Sections 7.1(b) and 7.2(a) of the Credit Agreement for the first and second fiscal quarters of the 2015 Fiscal Year only.  This Limited Waiver (x) is limited and does not relate to any other covenant or provision of the Credit Agreement or any other Loan Document, and (y) shall automatically terminate and be of no further force or effect if (1) there exists any other Default or Event of Default or (2) the Borrower fails to comply with any of the terms of Section 2 below.

 

(b)                                 For the avoidance of doubt, the limited waivers provided in Section 1(a) do not waive (i) any other Default or Event of Default (including any Event of Default arising from the Borrower’s failure to comply with the financial covenants set forth in Section 8.15 of the Credit Agreement), (ii) the retroactive adjustment of the Applicable Margin for any period prior to August 31, 2015 in which the Consolidated Total Leverage Ratio reported in any Officer’s Compliance Certificate is found to have been inaccurately reported or (iii) the payment of accrued additional interest and fees owing as a result of any such retroactive adjustment of the Applicable Margin.

 

2.                                      LIMITED AND CONDITIONAL WAIVER; REQUIREMENTS.  The Borrower agrees that the foregoing waiver is subject to, and conditioned upon, the Borrower’s compliance with the each of following:

 

(a)                                 Limitation on Borrowings and Letters of Credit.  The Borrower agrees that during the Waiver Period and notwithstanding any provision in the Credit Agreement to the contrary, (i) the Borrower will not be entitled to borrow more than $70,000,000 in the 

 

 

aggregate principal outstanding amount at any time for all Revolving Credit Loans (and the Credit Parties hereby agree that, during the Waiver Period, the Lenders have no  obligation to make available Revolving Credit Loans to the Borrower in excess of $70,000,000 in the aggregate principal outstanding for all Revolving Credit Loans at any time) and (ii) the Borrower will not be entitled to have more than $15,000,000 in L/C Obligations outstanding at any time (and the Credit Parties hereby agree that, during the Waiver Period, the Issuing Lender shall have no obligation to issue any Letter of Credit if, after giving effect to such issuance, the L/C Obligations would exceed $15,000,000).  “Waiver Period” means the period commencing on June 30, 2015 and ending on the earlier of (x) the date that the Administrative Agent has received the financial statements and Officer’s Compliance Certificates required to be delivered pursuant to Section 2(c)(i) hereof and is in compliance with the requirements of Section 2(c)(ii) hereof and (y) August 31, 2015.

 

(b)                                 No Swingline Loans.  The Borrower shall not have any right to request, and none of the Administrative Agent, the Lenders, or the Swingline Lender shall have any obligation to make, convert to, continue, issue or participate in, any Swingline Loan during the Waiver Period.

 

(c)                                  Delivery of Financial Statements and Officer’s Compliance Certificate.  The Borrower shall:

 

(i)                                     on or prior to August 31, 2015 (the “Required Compliance Date”), deliver (x) the restated audited financial statements for the Fiscal Year ended December 31, 2014 required by Section 7.1(a) of the Credit Agreement and a report and opinion on such financial statements by an independent certified public accounting firm in accordance with Section 7.1(a) of the Credit Agreement, together with the accompanying Officer’s Compliance Certificate required by Section 7.2(a) of the Credit Agreement with respect to such Fiscal Year and (y) the financial statements required by Section 7.1(b) of the Credit Agreement and the related Officer’s Compliance Certificates required by Section 7.2(a) of the Credit Agreement for the fiscal quarter ended March 31, 2015 and for the fiscal quarter ended June 30, 2015,

 

(ii)                                  be in full compliance with Section 7.1(a), Section 7.1(b) and Section 7.2(a) of the Credit Agreement (except for the delay in delivery as permitted hereby) and all other terms of the Credit Agreement and the other Loan Documents by the Required Compliance Date, and

 

(iii)                               upon delivery of the financial statements and related Officer’s Compliance Certificates described above in Section 2(c)(i), pay to the Administrative Agent, for the account of the Lenders, the accrued additional interest and fees owing as a result of any retroactive adjustment of the Applicable Margin for any period prior to August 31, 2015.

 

For the avoidance of doubt and notwithstanding anything in the Credit Agreement to the contrary, the failure (1) on the Required Compliance Date of the Borrower to show that it 

 

 

was at all times during the term of this Agreement in compliance with the terms of the Credit Agreement (except for the delay in delivery as permitted hereby), including without  limitation, the financial covenants set forth in Section 8.15 of the Credit Agreement as of the Fiscal Year ended December 31, 2014 and as of each of the fiscal quarters ended March 31, 2015 and June 30, 2015, as applicable, or (2) of the Borrower to deliver the financial statements and the related Officer’s Compliance Certificates described above in Section 2(c)(i) showing the compliance required in (1) above on or prior to the Required Compliance Date will constitute an immediate Event of Default under the Credit Agreement (without any grace period, cure period or notice of any kind).

 

(d)                                 Delivery of Updated Projections. On or before August 4, 2015, the Borrower shall deliver an updated business plan and operating and capital budget of the Borrower and its Subsidiaries for the 2015 Fiscal Year, such plan to be prepared in accordance with GAAP and to include, on a monthly basis, the following:  a monthly operating and capital budget, a projected Consolidated income statement, statement of cash flows and balance sheet, with calculations demonstrating performance relative to the financial covenants set forth in Section 8.15 of the Credit Agreement and a report containing management’s discussion and analysis of such budget with a reasonable disclosure of the key assumptions and drivers with respect to such budget, accompanied by a certificate from a Responsible Officer of the Borrower to the effect that such budget contains good faith estimates (utilizing assumptions believed by the Borrower to be reasonable at the time of delivery of such budget) of the financial condition and operations of the Borrower and its Subsidiaries for the period covered thereby.

 

(e)                                  Additional Limitations on Certain Actions During Waiver Period.  Borrower and each other Credit Party agrees that during the Waiver Period no Credit Party will, nor will any Credit Party permit any Subsidiary to:

 

1.                                      notwithstanding the provisions of Section 8.1 of the Credit Agreement, create, incur or assume any Indebtedness not owed by a Credit Party prior to the date hereof except (x) Indebtedness permitted by Section 8.1(a) of the Credit Agreement and (y) unsecured intercompany Indebtedness owed by the Borrower to any Foreign Subsidiary (provided, that such Indebtedness shall be subordinated to the Obligations in a manner reasonably satisfactory to the Administrative Agent).  For the avoidance of doubt, the Credit Parties will not, nor will any Credit Party permit any Subsidiary to create, incur or assume any intercompany Indebtedness during the Waiver Period other than as permitted pursuant to clause (y) of the immediately preceding sentence; provided, however, such intercompany Indebtedness owing by the Borrower to any Foreign Subsidiary and any other intercompany Indebtedness owing by the Borrower or any other Credit Party to a Non-Guarantor Subsidiary and outstanding on the date hereof, may not be repaid during the Waiver Period;

 

2.                                      notwithstanding the provisions of Section 8.2 of the Credit Agreement, create, incur, assume, or suffer to exist any Lien not existing prior to the 

 

 

date hereof, except Liens permitted by Sections 8.2(a), (b), (c), (d), (e), (f), (g), (l), (m)(ii) and (o) of the Credit Agreement;

 

3.                                      notwithstanding the provisions of Section 8.3 of the Credit Agreement, make any Investments, except (x) Investments permitted by Sections 8.3(b), (d), (e), (f), (k), (n), (o), (p) and (q) of the Credit Agreement and (y) Investments by the Borrower and its Subsidiaries in the form of Capital Expenditures permitted pursuant to the Credit Agreement provided that such Investments shall not exceed $2,000,000 during the Waiver Period.  For the avoidance of doubt, the Credit Parties will not, nor will any Credit Party permit any Subsidiary to make any Investments in any Credit Party or in any Non-Guarantor Subsidiary during the Waiver Period other than Investments in the form of a loan to the Borrower by any Foreign Subsidiary (provided, that the Indebtedness in respect of such loan shall be subordinated to the Obligations in a manner reasonably satisfactory to the Administrative Agent);

 

4.                                      notwithstanding the provisions of Section 8.4 of the Credit Agreement, merge, consolidate or enter into any similar combination with any other Person or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution) except in accordance with the terms of Sections 8.4(a) or (c) of the Credit Agreement;

 

5.                                      notwithstanding the provisions of Section 8.5 of the Credit Agreement, make any Asset Disposition, except (i) the granting of Permitted Liens described in Section 2(e)2. above, (ii) the transfer of assets in connection with a transaction permitted by Section 2(e)4. above, (iii) pursuant to  Section 8.5(j) of the Credit Agreement, and (iv) the making of an Investment permitted by Section 2(e)3. above; and

 

6.                                      notwithstanding the provisions of Section 8.6 of the Credit Agreement, declare, make or pay any Restricted Payments of any kind during the Waiver Period.  For the avoidance of doubt, the Borrower agrees that, notwithstanding any provision of the Credit Agreement or any other Loan Document to the contrary, any declaration, making or payment of any Restricted Payment during the Waiver Period will constitute an immediate Event of Default under the Credit Agreement (without any grace period, cure period or notice of any kind).

 

3.                                      PRICING DURING THE WAIVER PERIOD; LIMITATION ON INTEREST PERIODS.

 

(a)                                 During the Waiver Period, Revolving Credit Loans, Commitment Fees and letter of credit commissions will accrue at Pricing Level V as set forth in the definition of “Applicable Margin” in the Credit Agreement.  Notwithstanding the foregoing, during the Waiver Period, to the extent the outstanding principal amount of all Revolving Credit Loans exceeds $66,000,000, the Applicable Margin with respect to 

 

 

such excess shall be 3.25% for LIBOR Rate Loans (as increased by an amount equal to the applicable Mandatory Cost, if any, for LIBOR Rate Loans that are Alternative Currency Revolving Credit Loans)  and 2.25% for Base Rate Loans.  For the avoidance of doubt and  notwithstanding the limitation on borrowings set forth in Section 2.1(a)(i) hereof, during the Waiver Period, the Commitment Fee shall continue to be calculated at a rate per annum equal to the Applicable Margin on the average daily unused portion of the Revolving Commitment of the Revolving Credit Lenders (other than Defaulting Lenders).

 

(b)                                 Notwithstanding the provisions of Section 4.1(b) of the Credit Agreement, during the Waiver Period, the Borrower may only select an Interest Period of one (1) month in connection with each borrowing of, continuation of or conversion to, a LIBOR Rate Loan.

 

4.                                      AMENDMENT TO CREDIT AGREEMENT.

 

(a)                                 Section 7.1 of the Credit Agreement shall be amended to add a new subsection (f) thereto to read as follows:

 

(f)                                   Cash Flow Forecast.  On or before the fifth Business Day of each calendar month (commencing on July 8, 2015), a rolling 13-week cash flow forecast, in form and detail acceptable to the Administrative Agent, which shall include, without limitation, forecasted cash receipts and disbursements for the next succeeding 13-week period, and a forecast-to-actual comparison for the month just ended.

 

(b)                                 The notice address for Wells Fargo as Administrative Agent set forth in Section 11.1(a) of the Credit Agreement is hereby revised to read as follows:

 

If to Wells Fargo as
 Administrative Agent:

 

Wells Fargo Bank, National Association
 MAC D1109-019
 1525 West W.T. Harris Blvd.
 Charlotte, NC  28262
 Attention of:  Syndication Agency Services
 Telephone No.:  (704) 590-2703
 Facsimile No.:  (704) 590-3481

 

With copies to:

 

Wells Fargo Bank, National Association

MAC N9305-09L

90 S. 7th Street

Minneapolis, MN 55402

 

 

Attention of: Kristine Netjes
  Telephone No.: (612) 316-3008
  Facsimile No.: (612) 316-1491
  E-mail: kristine.b.netjes@wellsfargo.com

 

5.                                      REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT.  By its execution and delivery hereof, the Borrower represents and warrants that, as of the date hereof and after giving effect to the limited waivers set forth in Section 1 hereof:

 

(a)                                 other than the representations and warranties with respect to the previously delivered financial statements for Fiscal Year 2014, 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 date hereof as made on and as of such date, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, in which case such representation and warranty shall be true and correct in all respects on and as of the date hereof as if made on and as of such date, (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier date, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, in which case such representation and warranty shall be true and correct in all respects as of such earlier date);

 

(b)                                 no event has occurred and is continuing which constitutes a Default or an Event of Default;

 

(c)                                  (i) the Borrower has full power and authority to execute and deliver this Limited Waiver, (ii) this Limited Waiver has been duly executed and delivered by the Borrower, and (iii) each of this Limited Waiver and the Credit Agreement, as amended and affected hereby, constitutes the legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies, regardless of whether considered in a proceeding in equity or at law;

 

(d)                                 neither the execution, delivery and performance of this Limited Waiver, nor the consummation of any transactions contemplated herein, will conflict with, result in a breach of or constitute a default under any indenture, agreement or other instrument to which the Borrower is a party or by which any of its properties may be bound or any Governmental Approval relating to Borrower, except to the extent such conflict, breach or default, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect; and

 

(e)                                  no authorization, approval, consent, or other action by, notice to, or filing with, any governmental authority or other Person not already obtained (including the Board of Directors (or other similar governing body) of the Borrower) is required for the execution, delivery or performance by the Borrower of this Limited Waiver.

 

 

6.                                      CONDITIONS TO EFFECTIVENESS.  This Limited Waiver shall be effective as of June 30, 2015 (the “Limited Waiver Effective Date”) subject to satisfaction or completion of the following:

 

(a)                                 the Administrative Agent shall have received counterparts of this Limited Waiver executed by the Required Lenders;

 

(b)                                 the Administrative Agent shall have received counterparts of this Limited Waiver executed by the Borrower and acknowledged by each Subsidiary Guarantor;

 

(c)                                  the Administrative Agent shall have received, for the account of each Lender timely executing this Limited Waiver, a waiver fee equal to ten basis points (0.10%) of the Revolving Credit Commitment of such Lender;

 

(d)                                 the Borrower shall have paid all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent accrued, unpaid and invoiced prior to or on the Limited Waiver Effective Date; and

 

(e)                                  the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent and its counsel, such other documents, certificates and instruments as the Administrative Agent shall reasonably require.

 

7.                                      REFERENCE TO THE CREDIT AGREEMENT.

 

(a)                                 Upon the effectiveness of this Limited Waiver, each reference in the Credit Agreement to “this Agreement”, “hereunder”, or words of like import shall mean and be a reference to the Credit Agreement, as amended and affected hereby.

 

(b)                                 The Credit Agreement, as amended and affected by the Limited Waiver referred to above, shall remain in full force and effect and is hereby ratified and confirmed.

 

8.                                      RELEASE.  As a material part of the consideration for the Administrative Agent and the Lenders entering into this Limited Waiver, the Borrower and each Subsidiary Guarantor (collectively, the “Releasors”) agree as follows (the “Release Provision”):

 

(a)                                 The Releasors, jointly and severally, hereby release and forever discharge the Administrative Agent, the Swingline Lender, the Issuing Lender each Lender and the Administrative Agent’s, the Swingline Lender’s, Issuing Lender’s and each Lender’s predecessors, successors, assigns, officers, managers, directors, shareholders, employees, agents, attorneys and other professionals, representatives, parent corporations, subsidiaries, and affiliates (hereinafter all of the above collectively referred to as the “Lender Group”), from any and all claims, counterclaims, demands, damages, debts, agreements, covenants, suits, contracts, obligations, liabilities, accounts, offsets, rights, actions, and causes of action of any nature whatsoever and whether arising at law or in equity, presently possessed, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, presently accrued, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted arising out of, arising under 

 

 

or related to the Loan Documents (collectively, the “Claims”), that Releasors may have or allege to have against any or all of the Lender Group and that arise from events occurring before the Limited Waiver Effective Date.

 

(b)                                 The Releasors agree not to sue any of the Lender Group nor in any way assist any other person or entity in suing the Lender Group with respect to any of the Claims released herein.  The Release Provision may be pleaded as a full and complete defense to,  and may be used as the basis for an injunction against, any action, suit, or other proceeding which may be instituted, prosecuted, or attempted in breach of the release contained herein.

 

(c)                                  The Releasors acknowledge, warrant, and represent to Lender Group that:

 

(i)                                    The Releasors have read and understand the effect of the Release Provision.  The Releasors have had the assistance of independent counsel of their own choice, or have had the opportunity to retain such independent counsel, in reviewing, discussing, and considering all the terms of the Release Provision; and if counsel was retained, counsel for Releasors has read and considered the Release Provision and advised Releasors with respect to the same.  Before execution of this Limited Waiver, the Releasors have had adequate opportunity to make whatever investigation or inquiry they may deem necessary or desirable in connection with the subject matter of the Release Provision.

 

(ii)                                The Releasors are not acting in reliance on any representation, understanding, or agreement not expressly set forth herein.  The Releasors acknowledge that Lender Group has not made any representation with respect to the Release Provision except as expressly set forth herein.

 

(iii)                            The Releasors have executed this Limited Waiver and the Release Provision thereof as a free and voluntary act, without any duress, coercion, or undue influence exerted by or on behalf of any person or entity.

 

(iv)                             The Releasors are the sole owners of the Claims released by the Release Provision, and the Releasors have not heretofore conveyed or assigned any interest in any such Claims to any other person or entity.

 

(d)                                 The Releasors understand that the Release Provision was a material consideration in the agreement of the Administrative Agent, Swingline Lender, Issuing Lender and each Lender to enter into this Limited Waiver.

 

(e)                                  It is the express intent of the Releasors that the release and discharge set forth in the Release Provision be construed as broadly as possible in favor of Lender Group so as to foreclose forever the assertion by the Releasors of any Claims released hereby against Lender Group.

 

 

(f)                                   If any term, provision, covenant, or condition of the Release Provision is held by a court of competent jurisdiction to be invalid, illegal, or unenforceable, the remainder of the provisions shall remain in full force and effect.

 

(g)                                  The Releasors acknowledge that they may hereafter discover facts in addition to or different from those that they now know or believe with respect to the Claims released herein, but the Releasors expressly shall have and intend to fully, finally and forever have  released and discharged any and all such Claims. The Releasors expressly waive any provision of statutory or decisional law to the effect that a general release does not extend to Claims that the releasing party does not know or suspect to exist in such party’s favor at the time of executing the release.

 

9.                                      COSTS, EXPENSES AND TAXES.  The Borrower agrees to pay on demand all costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Limited Waiver and the other instruments and documents to be delivered hereunder (including the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto).

 

10.                               SUBSIDIARY GUARANTOR’S ACKNOWLEDGMENT.  By signing below, each Subsidiary Guarantor (a) acknowledges, consents and agrees to the execution, delivery and performance by the Borrower of this Limited Waiver, (b) acknowledges and agrees that its obligations in respect of its Subsidiary Guaranty Agreement are not released, diminished, waived, modified, impaired or affected in any manner by this Limited Waiver or any of the provisions contemplated herein, (c) ratifies and confirms its obligations under the Subsidiary Guaranty Agreement, and (d) acknowledges and agrees that it has no claims or offsets against, or defenses or counterclaims to, the Subsidiary Guaranty Agreement.

 

11.                               EXECUTION IN COUNTERPARTS.  This Limited Waiver may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument.  For purposes of this Limited Waiver, a counterpart hereof (or signature page thereto) signed and transmitted by any Person party hereto to the Administrative Agent (or its counsel) by facsimile machine, telecopier or electronic mail is to be treated as an original.  The signature of such Person thereon, for purposes hereof, is to be considered as an original signature, and the counterpart (or signature page thereto) so transmitted is to be considered to have the same binding effect as an original signature on an original document.

 

12.                               GOVERNING LAW.  This Limited Waiver and the other Loan Documents and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Limited Waiver or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the law of the State of New York.

 

13.                               WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE 

 

 

LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LIMITED WAIVER OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN  INDUCED TO ENTER INTO THIS LIMITED WAIVER AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

14.                               HEADINGS.  Section headings in this Limited Waiver are included herein for convenience of reference only and shall not constitute a part of this Limited Waiver for any other purpose.

 

15.                               ENTIRE AGREEMENT.  THE CREDIT AGREEMENT, AS AMENDED AND AFFECTED BY THIS LIMITED WAIVER, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL  AGREEMENTS BETWEEN THE PARTIES.  THERE ARE NO UNWRITTEN ORAL  AGREEMENTS BETWEEN THE PARTIES.

 

REMAINDER OF PAGE LEFT INTENTIONALLY BLANK

 

 

 

IN WITNESS WHEREOF, this Limited Waiver is executed as of the date first set forth above.

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GLOBAL   POWER EQUIPMENT GROUP INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Raymond K. Guba
    
	
 
    	
Name:
    	
Raymond   K. Guba
    
	
 
    	
Title:
    	
Chief Financial Officer
    

 

 

	
 
    	
ADMINISTRATIVE   AGENT AND LENDERS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Swingline Lender,   the Issuing Lender and Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kristine Netjes
    
	
 
    	
Name:
    	
Kristine   Netjes
    
	
 
    	
Title:
    	
Senior Vice President
    

 

 

	
 
    	
U.S.   BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as   Syndication Agent and Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Chris Dolence
    
	
 
    	
Name:
    	
Chris   Dolence
    
	
 
    	
Title:
    	
Vice President
    

 

 

	
 
    	
BRANCH   BANKING AND TRUST COMPANY,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Janet L. Wheeler
    
	
 
    	
Name:
    	
Janet   L. Wheeler
    
	
 
    	
Title:
    	
Vice President
    

 

 

	
 
    	
JPMORGAN   CHASE BANK, N.A.,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph T. Nash
    
	
 
    	
Name:
    	
Joseph   T. Nash
    
	
 
    	
Title:
    	
Underwriting Senior   Associate
    

 

 

	
 
    	
ACKNOWLEDGED AND AGREED TO:
    
	
 
    	
 
    
	
 
    	
AS SUBSIDIARY GUARANTORS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WILLIAMS   INDUSTRIAL SERVICES GROUP, L.L.C.
    
	
 
    	
BRADEN   MANUFACTURING, L.L.C.
    
	
 
    	
WILLIAMS   INDUSTRIAL SERVICES, LLC
    
	
 
    	
WILLIAMS   SPECIALTY SERVICES, LLC
    
	
 
    	
WILLIAMS   PLANT SERVICES, LLC
    
	
 
    	
CONSTRUCTION &   MAINTENANCE PROFESSIONALS, LLC
    
	
 
    	
WILLIAMS   GLOBAL SERVICES, INC.
    
	
 
    	
KOONTZ-WAGNER   CUSTOM CONTROLS HOLDINGS LLC
    
	
 
    	
TOG   HOLDINGS, INC.
    
	
 
    	
TOG   MANUFACTURING COMPANY, INC.
    
	
 
    	
GPEG,   LLC
    
	
 
    	
HETSCO   HOLDINGS, INC.
    
	
 
    	
HETSCO, INC.
    
	
 
    	
GLOBAL   POWER TECHNICAL SERVICES, INC.
    
	
 
    	
BRADEN   HOLDINGS, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Raymond K. Guba
    
	
 
    	
Name:
    	
Raymond   K. Guba
    
	
 
    	
Title:
    	
Chief Financial Officer

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