Document:

Exhibit 10.1
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EXECUTION VERSION
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MASTER LETTER AGREEMENT
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April 24, 2020
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American Life & Security Corp. 
2900 S. 70th Street
Suite 400
Lincoln, NE 68506
Attention: Michael Salem and Mike Minnich 
Email: [Redacted]
Email: [Redacted]
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Seneca Reinsurance Company, LLC
c/o Amethyst Captive Insurance Solutions
126 College Street, Suite 300
Burlington VT 05401
Email: [Redacted]
Email: [Redacted]
Email : [Redacted]
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This letter agreement (this “Agreement”), effective as of April 24, 2020 (the “Effective Date”), sets forth certain agreements of American Life & Security Corp. (“ALSC”), Seneca Reinsurance Company, LLC (“Seneca Re”) and Crestline Management, L.P. (“Crestline”) (each, a “Party” and collectively the “Parties”) in respect of the documents appended in Appendix A and the assets to be listed in Appendix B. For good and valuable consideration, the receipt and sufficiency of which the Parties acknowledge, the Parties hereby agree as follows:
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1.   Appendix-A Agreements
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(a)       Included in Appendix A are the following forms of agreements (the “Appendix-A Agreements”):
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	A-1

	Flow Letter Agreement

	A-2

	Coinsurance Agreement

	A-3

	Trust Agreement

	A-4

	Investment Management Agreement

	A-5

	Trust Investment Management Agreement

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(b)       Promptly following the Effective Date, ALSC and Seneca Re shall submit to the Nebraska Department of Insurance (the “NDOI”) and the Vermont Department of Financial Regulation (the “VDFR”), respectively, all required applications and other filings necessary for such Parties to enter into the Appendix-A Agreements. Crestline shall have a reasonable opportunity to review and comment upon all such regulatory filings. No statements or information concerning Crestline or its affiliates, partners, members, officers or directors shall be submitted to the NDOI or the VDFR without Crestline’s prior written consent. Following
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the submission of such applications and other filings, the Parties shall endeavor to obtain such approvals and non-disapprovals as promptly as possible.
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(c)        The Parties agree to execute, and to cause the applicable incorporated cell of Seneca to execute, by their duly authorized signatories, the Appendix-A Agreements promptly upon receipt by ALSC of a notice of approval or non-disapproval by the NDOI and the VDFR, except that no Party shall be required to enter into an Appendix-A Agreement if the NDOI and/or VDFR requires, as a condition to granting its approval or non-disapproval, any change to such Appendix-A Agreement that imposes a condition that a Party considers to be materially adverse to such Party (a “Material Regulator Required Change”). If the Parties enter into the Appendix-A Agreements, the “Effective Date” of the Coinsurance Agreement will be the Effective Date of this Agreement.
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(d)       In the event of a Material Regulator Required Change, the Parties shall endeavor to reach a negotiated resolution. If (i) no resolution is reached within thirty (30) days from the date the NDOI and/or VDFR provides notice of the Material Regulator Required Change, then the objecting Party shall be relieved of the obligation to enter into the Appendix-A Agreements or (ii) all approvals and non-disapprovals required to be obtained from the NDOI and the VDFR have not been obtained within ninety (90) days after the Effective Date of this Agreement, then each Party shall be relieved of the obligation to enter into the Appendix-A Agreements (each of clause (i) and (ii), a “Special Termination”).  The Party electing to not enter into the Appendix- A Agreements shall provide notice to the other Parties that it chooses to terminate the relationships established under this Agreement.
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(e)        At the request of Crestline, but subject to the written consent of ALSC (such consent not to be unreasonably withheld, delayed or conditioned), the Parties shall novate the Appendix-A Agreements from Seneca Re, or an incorporated cell thereof, to a reinsurance company established by Crestline and domiciled in the Cayman Islands. The Parties acknowledge and agree that such novation may require the approval or non-disapproval of the NDOI and/or the VDFR and, accordingly, if Crestline requests that the novation occur, ALSC and Seneca Re shall promptly submit to NDOI and VDFR all required applications and other filings necessary for the novation to occur and shall endeavor to obtain such approvals and non- disapprovals as promptly as possible
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2.    The Appendix-B Account
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(a)        Promptly following the execution of this Agreement, Crestline shall transfer to ALSC, for deposit into a segregated account established by ALSC (the “Appendix-B Account”), the sum of [Redacted] (which may be in-kind through the transfer of Permitted Assets (as defined below)). For purposes of this Agreement, “Escrowed Amount” means, as of any date of determination, [Redacted] multiplied by (A) divided by (B), where (A) is the aggregate Statutory Carrying Value of the assets held in the Appendix-B Account as of such date and (B) is the sum of the Statutory Carrying Value of each such asset as of the date of deposit thereof into the Appendix-B Account. The Parties acknowledge and agree that ALSC shall hold the Escrowed Assets in an escrow capacity and not in an ownership capacity. For purposes of this Agreement, “Permitted Assets” means assets which conform to the Investment Guidelines set
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forth in the Transitional Investment Management Agreement (as defined below). For purposes of this Agreement, “Escrowed Assets” means a pro rata allocation of each asset held in the Appendix-B Account resulting from the Escrowed Amount divided by the aggregate Statutory Carrying Value of the assets held in the Appendix-B Account as of such date.
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(b)       From time to time following the Effective Date of this Agreement, ALSC shall purchase Permitted Assets identified by Crestline up to the Appendix-B Investment Cap and such assets shall be held in the Appendix-B Account. The “Appendix-B Investment Cap” shall be the lesser of (i)  [Redacted] and (ii) the sum of [Redacted] of MYGA premiums and [Redacted] of FIA premiums received by ALSC over the two-month period commencing on the Effective Date of this Agreement. Such purchases shall occur from time to time promptly following the issuance by ALSC of such MYGA and FIA policies. The MYGA and FIA policies to be so issued shall be those that would have satisfied clause (ii) of the definition of “Reinsured Policies” as set forth in the Coinsurance Agreement had the Coinsurance Agreement been in effect on the Effective Date.
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(c)        Permitted Assets held in the Appendix-B Account shall be listed by ALSC in Appendix B (by amount and CUSIP number), which shall be updated and transmitted to Crestline promptly following each purchase.
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(d)       The Appendix-B Account shall be credited with all cash and accrued income received on each asset held therein, and the balance of the Appendix-B Account shall be reduced by all payments, commissions, allowances and other charges that would be applied as if the Coinsurance Agreement appended in Appendix A-2 were in effect as of the Effective Date of this Agreement and the Appendix-B Account were both the Funds Withheld Account and ModCo Deposit Account established thereunder. For the avoidance of doubt, the balance of the Appendix-B Account at any time shall be equal to the sum of (i) that amount which would be the sum of the balances of the Funds Withheld Account and ModCo Deposit Account if the Coinsurance Agreement appended in Appendix A-2 were in effect as of the Effective Date of this Agreement (disregarding any transfers from the Funds Withheld Account and the ModCo Deposit Account to the Trust that would have occurred pursuant to the Coinsurance Agreement) with the settlements in Section 7.03 of the Coinsurance Agreement occurring on each day, plus
(ii) the Escrowed Amount.
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(e)        Concurrently with the execution of this Agreement, ALSC and Crestline are entering into an investment management agreement in the form attached at Appendix A-6 (the “Transitional Investment Management Agreement”). The assets in the Appendix-B Account shall be invested in accordance with the Transitional Investment Management Agreement. In connection with the Transitional Investment Management Agreement, Crestline intends to appoint Good Hill Partner LP as a sub-advisor to manage a portion of the assets held in the Appendix-B Account.
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3.    Transfers from the Appendix-B Account
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(a)        If the Parties enter into the Appendix-A Agreements, then:
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(i)         ALSC shall release the Escrowed Assets in the Appendix-B Account to Crestline or an affiliate thereof for immediate deposit into the Trust;
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(ii)        ALSC shall calculate the “Initial Settlement Amount” due under the Coinsurance Agreement;
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(iii)      ALSC shall transfer assets from the Appendix-B Account to the Funds Withheld Account and/or ModCo Deposit Account having a Statutory Carrying Value equal to the Initial Settlement Amount as calculated pursuant to clause (ii) above, which transfer shall constitute the payment of the Initial Settlement Amount for purposes of the Coinsurance Agreement; and
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(iv)       to the extent any assets remain in the Appendix-B Account after giving effect to clause (iii) above, such remaining assets shall be retained by ALSC or transferred to Crestline, as applicable, to the extent such remaining assets are properly allocable to such Party in accordance with Section 2(d) of this Agreement.
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“Statutory Carrying Value” means the carrying value amount permitted to be carried by ALSC as an admitted asset consistent with Nebraska Statutory Accounting Principles in its statutory financial statements.
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(b)       If a Special Termination occurs, then:
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(i)         ALSC shall transfer the Escrowed Assets from the Appendix-B Account to Crestline; and
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(ii)        ALSC shall retain all other assets in the Appendix-B Account.
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4.   Representations and Warranties.
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Each Party hereby represents and warrants to the other Parties as follows:
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(a)       Organization and Qualification. Such Party is a corporation duly incorporated, validly existing and in good standing under the Laws of its jurisdiction of domicile and has all requisite corporate power and authority to operate its business as now conducted, and is duly qualified as a foreign corporation to do business, and, to the extent legally applicable, is in good standing, in each jurisdiction where the character of its owned, operated or leased properties or the nature of its activities makes such qualification necessary, except for failures to be so qualified or be in good standing that, individually or in the aggregate, do not have, and would not reasonably be expected to have, a material adverse effect on such Party’s ability to perform its obligations under this Agreement.
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(b)       Authorization. Such Party has all requisite corporate power to enter into, consummate the transactions contemplated by and carry out its obligations under, this Agreement.  The execution and delivery by such Party of this Agreement, and the
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consummation by such Party of the transactions contemplated by, and the performance by such Party of its obligations under, this Agreement have been duly authorized by all requisite corporate action on the part of such Party. This Agreement has been duly executed and delivered by such Party, and (assuming due authorization, execution and delivery by the other Parties) this Agreement constitutes the legal, valid and binding obligation of such Party, enforceable against it in accordance with its terms, subject to the effect of any applicable bankruptcy, reorganization, insolvency, moratorium, or similar Laws relating to or affecting creditors’ rights generally and  to general principles of equity..
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(c)       No Conflict. The execution, delivery and performance by such Party of, and the consummation by such Party of the transactions contemplated by, this Agreement do not and will not (i) violate or conflict with the organizational documents of such Party, (ii) conflict with or violate any Law or Permit (as defined below) of any Governmental Entity applicable to such Party or by which it or its properties or assets is bound or subject, or (iii) result in any breach of, or constitute a default (or event which, with the giving of notice or lapse of time, or both, would become a default) under, or give to any Person any rights of termination, acceleration or cancellation of, any agreement, lease, note, bond, loan or credit agreement, mortgage, indenture or other instrument, obligation or contract of any kind to which such Party or any of its subsidiaries is a party or by which such Party or any of its subsidiaries or any of their respective properties or assets is bound or affected, except, in the case of clause (iii), any such conflicts, violations, breaches, loss of contractual benefits, defaults or rights that, individually or in the aggregate, do not have, and would not reasonably be expected to have, a material adverse effect on such Party’s ability to perform its obligations under this Agreement. “Permit” means any license, certificate of authority or other similar certificate, registration, franchise, permit, approval or other similar authorization issued by a Governmental Entity.
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5.   Remedies and Waiver.
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All remedies of any Party are cumulative. Failure of any Party to exercise any right, privilege, power or remedy at law or in equity, or in existence by virtue of this Agreement or to otherwise insist upon strict compliance with any of the terms, provisions and conditions of this Agreement, or the obligations of any other Party, will not constitute a waiver of such right, privilege, power, remedy, term, provision, condition, or obligation. Moreover, the failure of any Party to enforce any part of this Agreement shall not be deemed to be an act of ratification or consent. No prior transactions or dealings between or among the Parties shall be deemed to establish any custom or usage waiving or modifying any provision of this Agreement.
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6.   Amendments.
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This Agreement may not be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Parties, and any such waiver, amendment or modification that is not agreed to in writing by the Parties shall be null and void ab initio.
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7.   Notices.
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(a)       All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy or email with PDF attachment, as follows:
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(i)         if to ALSC, to:
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American Life & Security Corp. 2900 S. 70th Street
Suite 400
Lincoln, NE 68506
Attention: Michael Salem and Mike Minnich Email: [Redacted]
Email: [Redacted]
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(ii)        if to Seneca Re, to:
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Seneca Reinsurance Company, LLC
c/o Amethyst Captive Insurance Solutions 126 College Street, Suite 300
Burlington VT 05401
Email: [Redacted]
Email: [Redacted]
Email: [Redacted]
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(iii)      if to Crestline, to:
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Crestline Management, L.P. 201 Main Street Suite 1900 Fort Worth Texas 76102 Attention: John Cochran
Email: [Redacted]
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(b)       Any Party may change its address (street or email) for notices and other communications hereunder by written notice to the other Parties. All notices and other communications given in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt.
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8.   Third-Party Beneficiaries.
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It is expressly agreed that nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person other than the Parties, their respective successors and assigns permitted hereby, any legal or equitable right, remedy or claim under or by reason of this Agreement.
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9.   Successors and Assigns.
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This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. This Agreement shall not be assigned by any Party without the prior written consent of each of the non-assigning Parties, and any such assignment that is not agreed to in writing by such other Parties shall be null and void ab initio.
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10. Integration; Effectiveness.
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This Agreement constitutes the entire contract among the Parties relating to the subject matter hereof and supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
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11. Severability.
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If any provision of this Agreement is held to be invalid, illegal or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby and (b) the Parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
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12. Governing Law; Jurisdiction; Consent to Service of Process.
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(a)       This Agreement will be governed by, and construed in accordance with, the Laws of the State of New York, without regard to any principles of conflicts of law thereof that are not mandatorily applicable by Law and would permit or require the application of the Laws of another jurisdiction.
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(b)       Each of the Parties hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court of the Southern District of New York, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the Parties hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such federal court. Each of the Parties agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law.
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(c)       Each of the Parties irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the Parties hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
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(d)       Each Party irrevocably consents to service of process in the manner provided for notices in Section 7. Nothing in this Agreement will affect the right of any Party to this Agreement to serve process in any other manner permitted by law.
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(e)       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 ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY 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 AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
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13. Headings.
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Section headings used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.
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14. Mutual Drafting.
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This Agreement has been drafted with input from and the participation by all Parties, and as such no drafting presumption   or construction shall be applied to the any Party.
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15. Counterparts; Signatures.
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This Agreement may be executed in counterparts, with each counterpart constituting an original and all of such counterparts constituting but one and the same instrument, and facsimile and/or electronic signatures shall be deemed originals. Signatures may be exchanged by facsimile or by an email scanned PDF signature page. Each Party agrees that it will be bound by its own facsimiled or PDF-scanned or electronic signature and that it accepts such signatures of the other Parties.
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[Remainder of page intentionally left blank. Signature pages to follow.]
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	Very truly yours,

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	CRESTLINE MANAGEMENT, L.P.

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	By:
	Crestline Investors, Inc., its General Partner

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	By:
	/s/ John S. Cochran

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	Name:
	John S. Cochran

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	Title:
	Vice President

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[Signature Page to Master Letter Agreement]

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	ACCEPTED AND AGREED:
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	AMERICAN LIFE & SECURITY CORP.
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	By:
	/s/ Mike Minnich
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	Name:
	Mike Minnich
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	Title:
	President
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	ACCEPTED AND AGREED:
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	SENECA REINSURANCE COMPANY. LLC
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	By:
	/s/ A. Michael Salem
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	Name:
	A. Michael Salem
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	Title:
	Director
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[Signature Page to Master Letter Agreement]

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APPENDIX A-1
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Flow Letter Agreement
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FILING VERSION
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LETTER AGREEMENT
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[•], 2020
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American Life & Security Corp. 2900 S. 
70th Street
Suite 400
Lincoln, NE 68506
Attention: Michael Salem and Mike Minnich
Email: [Redacted]
Email: [Redacted]
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Midwest Holdings Inc.
[•]
Attention: [•]
Email: [•]
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This letter agreement (this “Agreement”) sets forth the agreements of American Life & Security Corp. (“ALSC”), Midwest Holding Inc. (“MWH”) and Crestline Management, L.P. (“Crestline”) (collectively the “Parties”) with regard to a flow annuity reinsurance and related asset management arrangement.  The Parties hereby agree as follows:
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Section 1.        Flow Reinsurance Two-Way Commitment
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(a)       During the Commitment Period (as defined below), ALSC shall cede to the Initial Crestline Reinsurer (as defined below) and one or more other reinsurers formed by Crestline from time to time (collectively, “Crestline Reinsurers”), and Crestline shall cause the Crestline Reinsurers to reinsure, a quota share percentage of [Redacted] (the “Quota Share”) of liabilities of ALSC arising under multi-year guaranteed annuity and fixed-index annuity contracts to be issued by ALSC (collectively “Annuity Contracts”).  In furtherance of the foregoing, [on the date hereof], ALSC and CL Seneca, an incorporated cell of Seneca Reinsurance Company, LLC (the “Initial Crestline Reinsurer”) shall enter into the Funds Withheld Coinsurance and Modified Coinsurance Agreement substantially in the form attached hereto at Exhibit A (the “Initial Reinsurance Agreement”) together with the related transaction documents contemplated to be entered into in connection with the Initial Reinsurance Agreement.
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(b)       The terms of the reinsurance agreements to be entered into between ALSC and other Crestline Reinsurers from time to time (together with the Initial Reinsurance Agreement, the “Reinsurance Agreements”) shall be substantially similar to the terms of the Initial Reinsurance Agreement (except that the crediting rates, pricing and other economic terms in respect of the Annuity Contracts will vary based on market conditions), except for such changes as are reasonably agreed among the Parties.  If ALSC desires to cede to Crestline Reinsurers any multi-year guaranteed annuity or fixed-index annuity contracts issued by ALSC before the
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date of this Agreement, such reinsurance shall be on terms reasonably acceptable to ALSC and Crestline, and the form of Reinsurance Agreement shall include such additional representations, warranties and covenants as are customary and appropriate for the cession of inforce business.
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(c)        ALSC’s obligation to continue to cede the Quota Share of newly issued Annuity Contracts to the Crestline Reinsurers, and Crestline’s obligation to continue to cause Crestline Reinsurers to accept and reinsure such risks, shall expire on the third (3rd) anniversary of the date of this Agreement (such three-year period, as may be modified as set forth below in this Section 1, the “Commitment Period”).  The Commitment Period shall be automatically extended for successive one-year periods unless ALSC or Crestline notifies the other Party of its election to not extend the Commitment Period for such additional period, with such notice provided at least one hundred eighty (180) calendar days prior to the commencement of a such additional one-year period. Each Reinsurance Agreement with each Crestline Reinsurer, if required by applicable law, will be subject to non-disapproval by the Nebraska Department of Insurance (the “NDOI”) on Form D, except that neither ALSC nor such Crestline Reinsurer shall be required to enter into such Reinsurance Agreement if the NDOI requires, as a condition to granting its approval or non-objection to such Reinsurance Agreement, any change to such Reinsurance Agreement or any agreement related thereto, or imposes any other condition, that, in each case, ALSC or Crestline considers to be materially adverse to such Party (or in the case of Crestline, would be materially adverse to the applicable Crestline Reinsurer).
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(d)       Notwithstanding Section 1(c), the Commitment Period shall expire as follows:
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(i)         if ALSC at any time (including, for the avoidance of doubt, during the initial three years of the Commitment Period) offers rates on newly issued Annuity Contracts that are ≥[Redacted] higher than the average of the two highest crediting rates offered by Comparable Annuity Issuers with respect to MYGA policies of the same term offered by them in one or more states in the United States (under an approved rate and form in that state), then Crestline, in its sole discretion, shall be permitted, on not less than ten (10) days’ prior written notice to ALSC, to immediately terminate the Commitment Period. In such circumstance, the Commitment Period shall expire on the effective date specified in Crestline’s written notice. “Comparable Annuity Issuer” shall mean, as of any date of determination, a life and annuity insurer that as of such date (i) is domiciled and licensed in an NAIC-accredited jurisdiction and (ii) has been assigned a credit rating by AM Best that is no lower than B+.
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(ii)        if ALSC and Crestline cannot agree on those terms of a Reinsurance Agreement that are subject to negotiation with each new Reinsurance Agreement, including but limited to: pricing and economic terms; investment guidelines; leverage measure; and required capital to be held by the applicable Crestline Reinsurer;
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(iii)       if the credit rating assigned to ALSC by A.M. Best is lower than “B+”, then Crestline, in its sole discretion, shall be permitted, on not less than ten
(10) days’ prior written notice to ALSC, to immediately terminate the
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Commitment Period. In such circumstance, the Commitment Period shall expire on the effective date specified in Crestline’s written notice.
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(iv)       ALSC or Crestline shall be permitted to terminate the Commitment Period for Cause, in which case the Commitment Period shall expire effective immediately on written notice to the other Party.  “Cause” means:
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(A)  in the case of termination by Crestline, conduct by ALSC or MWH that constitutes fraud, bad faith, gross negligence or willful misconduct under this Agreement, any Reinsurance Agreement or any other agreement entered into between Crestline on the one hand and MWH and/or ALSC or any of their affiliates on the other hand as finally adjudicated pursuant to the dispute resolutions hereunder or thereunder, as applicable; and
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(B)  in the case of termination by ALSC, one or more of the conditions giving rise to ALSC’s right to recapture business ceded under any Reinsurance Agreement has occurred (regardless of whether ALSC has exercised its right to recapture).
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(v)        upon thirty (30) days’ written notice by ALSC or Crestline following the receipt of a written order, judgment, decree, decision or ruling of the Nebraska Department of Insurance requiring the termination of this Agreement and the Reinsurance Agreements and the transactions contemplated hereby and thereby.
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(e)        If the Commitment Period expires for any reason, each Reinsurance Agreement entered into prior to the expiration of the Commitment Period (unless such Reinsurance Agreement shall have previously been recaptured in accordance with its terms) and each agreement entered into in connection therewith shall remain in full force and effect, subject to their respective terms and conditions including the obligation under any such Reinsurance Agreement to continue to reinsure new business to the related Crestline Reinsurer.
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(f)        Crestline acknowledges that ALSC is relying on the availability of Crestline’s funding, and ALSC acknowledges that Crestline is relying on the availability of ALSC’s capacity and distribution network, to be provided under the Reinsurance Agreements. Accordingly, both Parties will act in good faith to resolve any differences that may arise in the negotiation of specific terms applicable to each Reinsurance Agreement and will not act intentionally to undermine or circumvent the execution of such Reinsurance Agreements during the Commitment Period. To the extent the provisions of this Section 1(f) conflict with the provisions of Section 1(b), the provisions of Section 1(b) shall control.
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(g)       At any time upon not less than six (6) months’ prior notice, Crestline may request to increase its Quota Share under Reinsurance Agreements to up to [Redacted] and ALSC shall consider such request in good faith.
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Section 2.         Third Party Investment Management
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(a)        MWH and Crestline agree that during the Commitment Period they intend to enter into a referral arrangement pursuant to which MWH, directly, or through its affiliate, 1505 Capital LLC (“1505 Capital”), will introduce potential advisory clients, including potential reinsurance companies (each, a “Prospect”) to Crestline (the “Referral Arrangement”). MWH and Crestline agree that such Referral Arrangement is intended to comply with Rule 206(4)-3 (the “Solicitation Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”), and will be memorialized in a separate written agreement that shall include commercially reasonable representations and warranties, indemnification, and other provisions.
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(b)       MWH and Crestline agree in principle that in consideration of MWH and/or 1505 Capital providing the services under the Referral Arrangement, Crestline shall pay or cause to be paid to MWH, or to 1505 Capital, a fee with respect to each Prospect that enters into an investment management agreement with Crestline during the Commitment Period, in an amount equal to (each a “Referral Fee”):
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(i)        [Redacted] of the base asset management fee (i.e., excluding any promote fee, performance fee, or carried interest) received by Crestline under such investment management agreement in the case of a Non-Reinsurer Referral. A “Non-Reinsurer Referral” is an investor that invests in a Crestline managed fund or account outside the context of a reinsurance agreement related to ALSC or its affiliates.
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(ii)       [Redacted] of the total asset management fee (including any promote fee, performance fee, or carried interest) received by Crestline under such investment management agreement in the case of an MWH Arranged Reinsurer. An “MWH Arranged Reinsurer” is a situation in which there is a reinsurance agreement and both (A) the funds in the modified coinsurance account, funds withheld account or other collateral account, and (B) the capital held by the reinsurer, are managed by Crestline and are from MWH or ALSC, or sources introduced by MWH or ALSC.
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(iii)      [Redacted] of the total asset management fee (including any promote fee, performance fee, or carried interest) received by Crestline with respect to any Warehoused Assets under such investment management agreement in the case of a Crestline Arranged Reinsurer. A “Crestline Arranged Reinsurer” is a situation in which there is a Reinsurance Agreement and (A) funds in the modified coinsurance account, funds withheld account or other collateral account which is managed by Crestline are from MWH, ALSC, or sources introduced by either of them, and (B) the capital held by the Reinsurer is from a source or sources introduced by Crestline. “Warehoused Asset” means any asset originated or sourced by Crestline that is acquired by MWH, ALSC or any affiliate thereof with the intention of depositing such asset into such modified coinsurance account, funds withheld account or other collateral account.
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4

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MWH and Crestline acknowledge and agree that the separate written agreement memorializing the Referral Arrangement will provide further clarification regarding the calculation and payment of Referral Fees, including a provision that no Referral Fees may be paid that would cause Crestline to violate the Solicitation Rule, the Advisers Act, or any other rules thereunder, or any rules, regulations or policies applicable to the relevant Prospect, and in the event of any conflict between the provisions of such separate written agreement and this Agreement, such separate written agreement shall control.
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(c)        MWH and Crestline intend that the expiration of the Commitment Period shall not affect the respective rights and obligations of MWH and Crestline with respect to unpaid Referral Fees, if any, that (i) have accrued before expiration of the Commitment Period or (ii) arise after expiration of the Commitment Period with regard to those Prospects that shall have entered into investment management agreements with Crestline during the Commitment Period; provided, however, that MWH shall have no right to unpaid Referral Fees attributable to periods after the end of the Commitment Period if Crestline terminates the Commitment Period  pursuant to clause (iii) of Section 1(c) of this Agreement.
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(d)       MWH and ALSC understand and acknowledge that (i) Crestline may, in its sole discretion, accept or reject, in whole or in part, any Prospect referred to Crestline and (ii) the Referral Arrangement will be entered into on a non-exclusive basis, and Crestline is permitted in its sole discretion to, at any time and from time to time, appoint other persons to provide similar services to Crestline, and MWH shall not entitled to any Referral Fee or other compensation with respect to any activities conducted by any such other persons.
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(e)        To the extent the Crestline and MHW jointly develop any intellectual property for risk management or similar purposes which is utilized for managing the risks associated with investments hereunder, the Crestline and MHW will work together in good faith to assign such intellectual property to a shared entity or repository and shall have the rights to use such intellectual property as they determine.
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Section 3.         MWH and ALSC Investment in Crestline-Originated Assets
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(a)        During the Commitment Period, MWH and ALSC shall reasonably consider investing in the following investments, as presented by Crestline to MWH and ALSC from time to time: (i) investment assets originated and underwritten by Crestline or its affiliates, including direct lending assets, that are offered to MWH and ALSC and to other potential investors (“Crestline-Originated Assets”) and (ii) investment assets that are originated and underwritten by Crestline or its affiliates specifically for MWH and/or ALSC and are not intended to be held in an investment fund (“Crestline-Originated Unique Assets”).
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(b)       If MWH and/or ALSC elect to invest in Crestline-Originated Assets, the amount of fees they shall owe to Crestline shall be set at a rate equal to the aggregate rate of fees and other charges (including management fees) Crestline charges to other investors in such assets
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5

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(the “Fee Rate”), and Crestline will not charge MWH and/or ALSC a separate management fee in connection therewith.
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(c)         If MWH and/or ALSC elect to invest in Crestline-Originated Unique Assets, the amount of fees they shall owe to Crestline shall be set at a rate equal to the Fee Rate and, in addition, they shall owe Crestline a one-time upfront due diligence fee (expected to be built into cost basis of MWH and/or ALSC) computed based on marketed fees to investors as agreed between MWH and/or ALSC (as applicable) and Crestline.
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(d)       Any investment by MWH and/or ALSC in Crestline-Originated Assets and/or Crestline-Originated Unique Assets shall be effected in accordance with applicable Law (including applicable securities law compliance) and pursuant to definitive documents containing customary terms and conditions. “Law” means any law, statute, ordinance, written rule or regulation, order, injunction, judgment, decree, principle of common law, constitution or treaty enacted, promulgated, issued, enforced or entered by any foreign, federal, state, local or other governmental, legislative, judicial, administrative or regulatory authority, agency, commission, board, body, court or entity or any instrumentality thereof or any self-regulatory body or arbitral body or arbitrator (each a “Governmental Entity”).
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Section 4.        Representations and Warranties.  Each Party hereby represents and warrants to the other Parties as follows:
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(a)        Organization and Qualification. Such Party is a corporation duly incorporated, validly existing and in good standing under the Laws of its jurisdiction of domicile and has all requisite corporate power and authority to operate its business as now conducted, and is duly qualified as a foreign corporation to do business, and, to the extent legally applicable, is in good standing, in each jurisdiction where the character of its owned, operated or leased properties or the nature of its activities makes such qualification necessary, except for failures to be so qualified or be in good standing that, individually or in the aggregate, do not have, and would not reasonably be expected to have, a material adverse effect on such Party’s ability to perform its obligations  under this Agreement.
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(b)        Authorization. Such Party has all requisite corporate power to enter into, consummate the transactions contemplated by and carry out its obligations under, this Agreement. The execution and delivery by such Party of this Agreement, and the consummation by such Party of the transactions contemplated by, and the performance by such Party of its obligations under, this Agreement have been duly authorized by all requisite corporate action on the part of such Party. This Agreement has been duly executed and delivered by such Party, and (assuming due authorization, execution and delivery by the other Parties) this Agreement constitutes the legal, valid and binding obligation of such Party, enforceable against it in accordance with its terms, subject to the effect of any applicable bankruptcy, reorganization, insolvency, moratorium, or similar Laws relating to or affecting creditors’ rights generally and  to general principles of equity..
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(c)        No Conflict. The execution, delivery and performance by such Party of, and the consummation by such Party of the transactions contemplated by, this Agreement do not and will not (i) violate or conflict with the organizational documents of such Party, (ii) conflict with or violate any Law or Permit (as defined below) of any Governmental Entity applicable to such Party
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6

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or by which it or its properties or assets is bound or subject, or (iii) result in any breach of, or constitute a default (or event which, with the giving of notice or lapse of time, or both, would become a default) under, or give to any Person any rights of termination, acceleration or cancellation of, any agreement, lease, note, bond, loan or credit agreement, mortgage, indenture or other instrument, obligation or contract of any kind to which such Party or any of its subsidiaries is a party or by which such Party or any of its subsidiaries or any of their respective properties or assets is bound or affected, except, in the case of clause (iii), any such conflicts, violations, breaches, loss of contractual benefits, defaults or rights that, individually or in the aggregate, do not have, and would not reasonably be expected to have, a material adverse effect on such Party’s ability to perform its obligations under this Agreement.  “Permit” means any license, certificate of authority  or other similar certificate, registration, franchise, permit, approval or other similar authorization issued by a Governmental Entity.
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Section 5.        Remedies and Waiver.  All remedies of any Party are cumulative. Failure of either any Party to exercise any right, privilege, power or remedy at law or in equity, or in existence by virtue of this Agreement or to otherwise insist upon strict compliance with any of the terms, provisions and conditions of this Agreement, or the obligations of any other Party, will not constitute a waiver of such right, privilege, power, remedy, term, provision, condition, or obligation. Moreover, the failure of any Party to enforce any part of this Agreement shall not be deemed to be an act of ratification or consent. No prior transactions or dealings between or among the Parties shall be deemed to establish any custom or usage waiving or modifying any provision of this Agreement.
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Section 6.        Amendments.  This Agreement may not be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Parties, and any such waiver, amendment or modification that is not agreed to in writing by the Parties shall be null and void ab initio.
​
Section 7.        Notices.
​
(a)       All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy or email with PDF attachment, as follows:
​
(i)         if to ALSC, to:
​
American Life & Security Corp. 2900 S. 70th Street
Suite 400
Lincoln, NE 68506
Attention: Michael Salem and Mike Minnich Email: [Redacted]
Email: [Redacted]
​
(ii)        if to MWH, to:
​
Midwest Holdings Inc.
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​

7

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[•]
Attention: [•]
Email: [•]
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(iii)      if to Crestline, to:
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Crestline Management, L.P.
[•]
Attention: [•]
Email: [•]
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(b)       Any Party may change its address (street or email) for notices and other communications hereunder by written notice to the other Parties. All notices and other communications given in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt.
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Section 8.        Third-Party Beneficiaries.  It is expressly agreed that nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person other than the Parties, their respective successors and assigns permitted hereby, any legal or equitable right, remedy or claim under or by reason of this Agreement.
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Section 9.        Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. This Agreement shall not be assigned by any Party without the prior written consent of each of the non-assigning Parties, and any such assignment that is not agreed to in writing by such other Parties shall be null and void ab initio.
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Section 10.      Integration; Effectiveness.  This Agreement constitutes the entire contract among the Parties relating to the subject matter hereof and supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
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Section 11.      Severability.  If any provision of this Agreement is held to be invalid, illegal or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby and (b) the Parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
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Section 12.      Governing Law; Jurisdiction; Consent to Service of Process.
​
(a)       This Agreement will be governed by, and construed in accordance with, the Laws of the State of New York, without regard to any principles of conflicts of law thereof that are not mandatorily applicable by Law and would permit or require the application of the Laws of another jurisdiction.
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(b)       Each of the Parties hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court of the Southern
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8

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District of New York, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the Parties hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such federal court. Each of the Parties agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law.
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(c)       Each of the Parties irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section 12. Each of the Parties hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
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(d)       Each Party irrevocably consents to service of process in the manner provided for notices in Section 7. Nothing in this Agreement will affect the right of any Party to this Agreement to serve process in any other manner permitted by law.
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Section 13.      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 ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY 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 AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 13.
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Section 14.      Headings.  Section headings used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.
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Section 15.      Mutual Drafting.  This Agreement has been drafted with input from and the participation by all Parties, and as such no drafting presumption or construction shall be applied to the any Party.
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Section 16. Counterparts; Signatures. This Agreement may be executed in counterparts, with each counterpart constituting an original and all of such counterparts constituting but one and the same instrument, and facsimile and/or electronic signatures shall be deemed originals. Signatures may be exchanged by facsimile or by an email scanned PDF signature page. Each Party agrees that it will be bound by its own facsimiled or PDF-scanned or electronic signature and that it accepts such signatures of the other Parties.
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[Remainder of page intentionally left blank. Signature pages to follow.]
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	Very truly yours,

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	CRESTLINE MANAGEMENT, L.P.

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	By:
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	Name:
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	Title:
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	ACCEPTED AND AGREED:
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	AMERICAN LIFE & SECURITY CORP.
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	By:
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	Name:
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	Title:
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	ACCEPTED AND AGREED:
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	MIDWEST HOLDING INC.
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	By:
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[Signature Page to flow Letter Agreement]

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APPENDIX A-2
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Coinsurance Agreement
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FILING VERSION
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FUNDS WITHHELD COINSURANCE AND MODIFIED COINSURANCE AGREEMENT
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(MYGA and FIA BUSINESS)
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between
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CL SENECA of SENECA REINSURANCE COMPANY, LLC
and
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AMERICAN LIFE & SECURITY CORP.
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effective as of [•]
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Treaty Number 01
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TABLE OF CONTENTS
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	Page

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	ARTICLE I
	GENERAL PROVISIONS
	1

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	Section 1.01
	Defined Terms
	1

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	Section 1.02
	Other Definitional Provisions
	8

	ARTICLE II
	COVERAGE
	9

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	Section 2.01
	Scope and Basis of Reinsurance
	9

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	Section 2.02
	Policy Changes
	9

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	Section 2.03
	Reinstatement of Surrendered Policies
	9

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	Section 2.04
	Misstatement of Fact
	10

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	Section 2.05
	Non-Guaranteed Elements
	10

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	Section 2.06
	Crediting Rates
	10

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	Section 2.07
	Programs of Internal Replacement
	10

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	Section 2.08
	Conservation Program
	10

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	Section 2.09
	Net Retention
	10

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	Section 2.10
	Asset Reserves
	11

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	Section 2.11
	Valuation of Liabilities
	11

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	Section 2.12
	Credit For Reinsurance
	11

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	Section 2.13
	ModCo Reserves Allocation
	11

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	Section 2.14
	Options Budget and Payoff for FIA
	11

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	Section 2.15
	FATCA
	12

	ARTICLE III
	REINSURANCE PREMIUMS
	12

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	Section 3.01
	Reinsurance Premiums.
	12

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	Section 3.02
	Initial Settlement Amount
	13

	ARTICLE IV
	CEDING COMMISSION
	13

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	Section 4.01
	Ceding Commission
	13

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	Section 4.02
	Excise Tax
	13

	ARTICLE V
	ADMINISTRATION FEE
	14

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	Section 5.01
	Policy Expenses
	14

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​

i

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TABLE OF CONTENTS
(continued)
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	Page

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	ARTICLE VI 
	REINSURED LIABILITIES
	14

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	Section 6.01
	Reinsured Liabilities
	14

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	Section 6.02
	Claims Settlement
	14

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	Section 6.03
	Recoveries
	14

	ARTICLE VII
	REPORTING AND SETTLEMENTS
	14

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	Section 7.01
	Ceding Company Reporting
	14

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	Section 7.02
	Reinsurer Reporting
	15

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	Section 7.03
	Settlements & Adjustments.
	16

	ARTICLE VIII
	THE MODCO DEPOSIT, THE FUNDS WITHHELD ACCOUNT, THE TRUST ACCOUNT, AND INVESTMENT MANAGEMENT AGREEMENT
	18

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	Section 8.01
	ModCo Deposit
	18

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	Section 8.02
	Funds Withheld Account
	19

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	Section 8.03
	Trust Account
	20

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	Section 8.04
	Excess Withdrawals
	21

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	Section 8.05
	Investment Management Agreement
	21

	ARTICLE IX
	RESERVED
	22

	ARTICLE X
	ADMINISTRATION
	22

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	Section 10.01
	Policy Administration
	22

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	Section 10.02
	Record-Keeping
	23

	ARTICLE XI
	TERM AND TERMINATION
	23

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	Section 11.01
	Duration of Agreement
	23

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	Section 11.02
	Recapture
	23

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	Section 11.03
	Recapture Payment
	25

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	Section 11.04
	Survival
	26

	ARTICLE XII
	ERRORS AND OMISSIONS
	26

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	Section 12.01
	Errors and Omissions
	26

	ARTICLE XIII
	DISPUTE RESOLUTION
	26

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ii

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TABLE OF CONTENTS
(continued)
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	Page

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	Section 13.01
	Negotiation
	26

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	Section 13.02
	Arbitration; Waiver of Trial by Jury
	27

	ARTICLE XIV
	INSOLVENCY
	28

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	Section 14.01
	Insolvency
	28

	ARTICLE XV
	TAXES
	29

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	Section 15.01
	Taxes
	29

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	Section 15.02
	DAC Tax Election.
	29

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	Section 15.03
	US Taxpayer
	30

	ARTICLE XVI
	REPRESENTATIONS, WARRANTIES AND COVENANTS
	30

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	Section 16.01
	Representations and Warranties of the Ceding Company
	30

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	Section 16.02
	Representations and Warranties of the Ceding Company in Respect of the In Force Reinsured Policies
	32

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	Section 16.03
	Covenants of the Ceding Company
	33

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	Section 16.04
	Representations and Warranties of the Reinsurer
	34

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	Section 16.05
	Covenants of the Reinsurer
	36

	ARTICLE XVII
	MISCELLANEOUS
	37

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	Section 17.01
	Currency
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	Section 17.02
	Interest
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	Section 17.03
	Right of Setoff and Recoupment
	37

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	Section 17.04
	No Third-Party Beneficiaries
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	Section 17.05
	Amendment
	37

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	Section 17.06
	Notices
	37

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	Section 17.07
	Consent to Jurisdiction
	38

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	Section 17.08
	Service of Process
	39

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	Section 17.09
	Inspection of Records
	39

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	Section 17.10
	Confidentiality
	39

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iii

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TABLE OF CONTENTS
(continued)
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	Section 17.11
	Successors
	40

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	Section 17.12
	Entire Agreement
	40

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	Section 17.13
	Severability
	41

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	Section 17.14
	Construction
	41

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	Section 17.15
	Non-Waiver
	41

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	Section 17.16
	Further Assurances
	41

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	Section 17.17
	Governing Law
	41

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	Section 17.18
	Counterparts
	41

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iv

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FUNDS WITHHELD COINSURANCE AND MODIFIED COINSURANCE AGREEMENT
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(MYGA and FIA BUSINESS)
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This    FUNDS   WITHHELD    COINSURANCE   and    MODIFIED   COINSURANCE
AGREEMENT (this “Agreement”), effective as of April [24], 2020 (the “Effective Date”), is made by and between American Life & Security Corp., an insurance company organized under the laws of the State of Nebraska (the “Ceding Company”), and CL Seneca (the “Reinsurer”), an incorporated cell of Seneca Reinsurance Company, LLC, a sponsored captive insurance company formed as a limited liability company under the Laws of the State of Vermont.
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W I T N E S S E T H:
WHEREAS, the Ceding Company, Seneca Reinsurance Company, LLC and Crestline Management, L.P. have entered into that certain letter agreement, dated as of April 24, 2020 (the “Master Letter Agreement”), pursuant to which (i) the Ceding Company established a segregated account (the “Appendix-B Account”) to hold assets that support the liabilities arising under the MYGA and FIA contracts that the Ceding Company issued in accordance with the Master Letter Agreement and (ii) Crestline Management, L.P. delivered to the Ceding Company funds to support the capital of the Reinsurer, which funds were held by the Ceding Company in the Appendix-B Account, pending transfer in accordance with the Master Letter Agreement;
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WHEREAS, subject to the terms, conditions and limitations contained herein, the Ceding Company desires to cede, on a funds withheld coinsurance and modified coinsurance basis1, and the Reinsurer desires to accept, a Quota Share of certain liabilities with respect to certain MYGA and FIA business of the Ceding Company (the “Reinsurance Treaty”);
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WHEREAS, the parties have entered into a letter of intent with respect to the Reinsurance
Treaty with an effective date of [•];
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NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the Ceding Company and the Reinsurer hereby agree as follows:
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ARTICLE I
GENERAL PROVISIONS
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Section 1.01 Defined Terms. As used in this Agreement, the following terms shall have the following meanings:
“3rd Party Actuary” shall initially mean a member of the Academy of Actuaries that meets the Academy of Actuaries Qualifications Standards for issuing an actuarial opinion related to the matters of this Agreement to be mutually agreed-upon by the parties no later than thirty (30)
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1 Subject to approval from the Nebraska Department of Insurance, the Accounts will be custody accounts established pursuant to custody agreements and account control agreements and the Reinsurer shall be granted a first priority, perfected security interest in the Accounts and the assets held therein and shall have the rights of a secured party with respect thereto. American Life shall covenant to maintain such security interests for the duration of the Agreement.
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calendar days following the Initial Settlement Date but may be replaced by the Ceding Company with the consent of the Reinsurer (such consent not to be unreasonably withheld).
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“Accounts” shall mean collectively the ModCo Deposit and the Funds Withheld Account, each one an “Account.”
“Account Adjustment” shall mean a payment made pursuant to Section 7.03(b). “Accounts Balance” shall mean the aggregate of book value the ModCo Deposit Balance
and Funds Withheld Account Balance, as of any date of determination, as such book value is determined in accordance with Nebraska SAP.
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“Accounts Required Reserves” shall mean Accounts Required Reserves-Funds Withheld plus Accounts Required Reserves-ModCo, as of any date of determination.
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“Accounts Required Reserves-Funds Withheld” shall mean an amount equal to the Quota Share of the Net Statutory Reserves times the Funds Withheld Allocation Percentage plus the Asset Reserves for assets included in the Funds Withheld Account, as of any date of determination.
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“Accounts Required Reserves-ModCo” shall mean an amount equal to the Quota Share of the Net Statutory Reserves times the ModCo Allocation Percentage plus the Asset Reserves for assets included in the ModCo Deposit, as of any date of determination.
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“Action” shall mean (a) any civil, criminal or administrative action, suit, claim, litigation, arbitration or similar proceeding, in each case, before a Governmental Entity, or (b) any investigation or written inquiry by a Governmental Entity other than any examination by a taxing authority, including a tax audit.
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“Affiliate” shall mean, with respect to any Person, another Person that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with, such first Person, and the term “Affiliated” shall have a correlative meaning. For the purposes of this definition, “control”, when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly through the ownership of voting securities, and the terms “controlling” and “controlled” have the meanings correlative to the foregoing. For the avoidance of doubt, the Ceding Company and the Reinsurer shall not be deemed “Affiliates” for purposes of this Agreement.
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“Agreement” shall have the meaning specified in the Preamble hereto.
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“Allocation Percentage” shall mean the percentages set forth in Schedule VIII for the ModCo Deposit and the Funds Withheld Account.
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“Appendix-B Account” shall have the meaning specified in the Recitals hereto. “Asset Reserves” shall have the meaning specified in Schedule XI.
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“Authorized Representative” shall have the meaning specified in Section 14.01(a)(i).
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2

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“Business Day” shall mean any day other than a Saturday, Sunday or any other day on which banking institutions are authorized or required by Law to close in New York, New York or Vermont.
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“Ceding Commission” shall mean the percentage initially as set forth on Schedule VII, as may be amended by mutual agreement of the parties from time to time.
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“Ceding Company” shall have the meaning specified in the Preamble hereto.
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“Code” shall mean the Internal Revenue Code of 1986, as amended.
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“Covered Business” shall have the meaning specified in Section 2.01(b)(i).
​
“Crediting Rate” shall be the percentage determined based on the procedures set forth on Schedule V.
​
“Custodian” shall have the meaning specified in Section 8.01.
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“Delayed Payment Rate” shall have the meaning set forth in Section 17.02.
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“Effective Date” shall have the meaning specified in the Preamble hereto.
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“Escrowed Assets” shall have the meaning specified in the Master Letter Agreement.
​
“Excess Withdrawal” shall have the meaning specified in Section 8.04(a).
​
“Excess Withdrawal Amount” shall have the meaning specified in Section 8.04(b).
​
“Excluded Liabilities” shall mean, without duplication, (a) any Losses or other liabilities arising or attributable to periods prior to the Effective Date, (b) all Extra-Contractual Obligations other than Reinsurer Extra-Contractual Obligations, (c) any liabilities resulting from any change to the terms of any Reinsured Policy after the Effective Date, unless such change is required by an act, order or decree of a Governmental Entity, a change in applicable Law or by the express terms of the Reinsured Policies, or has been approved in writing in advance by the Reinsurer and (d) any ex gratia payments made by the Ceding Company (i.e., payments the Ceding Company is not required to make under the terms of the Reinsured Policies) unless such payment has been approved in writing in advance by the Reinsurer, or is set forth in Schedule IV.
​
“Extra-Contractual Obligations” shall mean any and all costs, expenses, damages, liabilities or obligations of any kind or nature which arise out of, result from or relate to any act, error or omission of the Ceding Company (inclusive of its agents and Affiliates), whether or not in bad faith, intentional, willful, negligent, reckless, careless or otherwise, in connection with a Reinsured Policy, and which are not contractually covered by the terms and conditions of the Reinsured Policy.
​
“Factual Information” shall have the meaning specified in Section 16.01(d).
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“Fair Market Value” means with respect to any asset, and as of any date of determination, the price that would be received in a sale of such asset in accordance with GAAP accounting at the determination date (the “Price”), determined as: (i) for liquid assets, the Price for such asset as published by a nationally recognized pricing service where such prices are available and (ii) otherwise, the Price for such asset as determined by a qualified independent securities valuation firm, each pricing service or valuation firm to be selected by the Investment Manager with the consent of the Ceding Company, such consent not to be unreasonably withheld, conditioned or delayed. In the event that the Ceding Company and the Investment Manager cannot agree on a valuation firm, such valuation firm shall be Houlihan Lokey. The “Fair Market Value” of any asset shall include any accrued but unpaid interest or dividend on such asset.
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“Funds Withheld Account” shall have the meaning specified in Section 8.02(a).
​
“Funds Withheld Account Balance” shall mean, as of any date of determination, the sum of (a) the Statutory Carrying Value of assets in the Funds Withheld Account, including all paid or accrued investment income thereon, plus (b) the amount of any Excess Withdrawal Amount outstanding as of such date plus (c) the sum of all undisputed amounts owing to the Reinsurer under the terms of this Agreement (including amounts owing due to breaches of representations, warranties or covenants or indemnification payments) which have not been paid by the Ceding Company as of such date.
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“GAAP” means generally accepted accounting principles in effect in the United States, consistently applied.
​
“Governmental Entity” shall mean any foreign, federal, state, local or other governmental, legislative, judicial, administrative or regulatory authority, agency, commission, board, body, court or entity or any instrumentality thereof or any self-regulatory body or arbitral body or arbitrator.
​
“Hedge”  and  “Hedges”  shall  have  the  meaning  specified  in  Section  2.14(a).  
​
“Initial Reserve Amount” means the Quota Share of the Net Statutory Reserves attributable to the In Force Reinsured Policies (if any) as of the Effective Date.
​
“Initial Settlement Amount” means (a) minus (b) minus (c) plus (d), where:
​
(a)        is the sum of Reinsurance Premiums received in respect of the period from the Effective Date through and including the Initial Settlement Date;
​
(b)        is the sum of Reinsured Liabilities incurred and settled during the period from the Effective Date through and including the Initial Settlement Date;
​
(c)        is the sum of (i) Acquisition and Administrative Expenses, (ii) Commission Expense Allowances, (iii) Product Development Fees, and (iv) Ceding Commissions accumulated during the period from the Effective Date through and including the Initial Settlement Date; and
​
(d)        is the aggregate amount of investment income and realized gains on the assets held in the Appendix-B Account (other than the Escrowed Assets).
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“Initial Settlement Date” shall mean [the date on which this Agreement is executed and delivered by the Parties].
​
“Investment Guidelines” means the investment guidelines attached to the Investment Management Agreement and the Trust IMA, as such investment guidelines may be amended from time to time.
​
“Investment  Manager” shall have the meaning specified in Schedule XIV. 
​
“Investment Management Agreement” shall have the meaning specified in Section 8.05 (as may be amended or supplemented from time to time).
​
“Investment Manager” shall have the meaning specified in Section 8.05 and in the Investment Management Agreement.
​
“Law” shall mean any law, statute, ordinance, written rule or regulation, order, injunction, judgment, decree, principle of common law, constitution or treaty enacted, promulgated, issued, enforced or entered by any Governmental Entity.
​
“Leverage Measure” and “Minimum Leverage Measure” shall have the meanings set forth in Schedule X.
​
“Liquid IG Assets” has the meaning set forth in Schedule X.
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“Loss” or “Losses” shall mean (i) claim payments made by the Ceding Company arising under the express terms of the Reinsured Policies (including returns of premium in accordance with the terms of the applicable Reinsured Policy) and (ii) guaranty fund assessments incurred by the Ceding Company to the extent relating to premiums received by the Ceding Company with respect to the Reinsured Policies and attributable to periods on and after the Effective Date, as determined by, the Ceding Company in good faith but in any event excluding Extra Contractual Obligations other than Reinsurer Extra Contractual Obligations.
​
“Master Letter Agreement” shall have the meaning specified in the Recitals hereto. 
​
“ModCo Deposit” shall have the meaning specified in Section 8.01(a). 
​
“ModCo Deposit Balance” shall mean the Statutory Carrying Value of assets in the ModCo Deposit, as of any date of determination.
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“Monthly Accounting Period” shall have the meaning specified in Section 7.01(a). 
​
“Monthly Settlement” shall mean the making of all payments and adjustments specified in Section 7.03, including, without limitation, Account Adjustments and Reinsurer Top-Up Payments.
​
“NAIC” shall mean the National Association of Insurance Commissioners.
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“Nebraska SAP” shall mean the statutory accounting principles and practices prescribed for Nebraska domiciled life insurance companies by the Nebraska Department of Insurance, provided that, if the Ceding Company redomesticates to a different domicile (the “Redomesticated Domicile”), the Redomesticated Domicile’s statutory accounting principles and practices shall apply, except that if the Redomesticated Domicile’s statutory accounting principles and practices are adverse to the Reinsurer, then Nebraska’s statutory accounting principles and practices will continue to apply in respect of those principles and practices which are adverse to the Reinsurer.
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“Net Statutory Reserves” shall mean the statutory reserves of the Ceding Company in respect of the Reinsured Policies, which shall be calculated in good faith in accordance with Nebraska SAP and determined in a manner consistent with the Ceding Company’s historical practices; provided, however, that Net Statutory Reserves shall not include (a) any asset valuation reserves (as used in connection with Nebraska SAP) established by the Ceding Company, (b) any interest maintenance reserves (as used in connection with Nebraska SAP) established by the Ceding Company, (c) any additional actuarial reserves (as used in connection with Nebraska SAP), if any, established by the Ceding Company as a result of its annual cash flow testing or (d) any other reserve not directly attributable to specific Reinsured Policies.
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“Non-Guaranteed Elements” shall have the meaning specified in Schedule XV.
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“Non-Public Personal Information” shall have the meaning specified in Section 17.10. 
​
“Option Budget” shall have the meaning specified in Section 2.14(b).
​
“Permits” shall mean any licenses, certificates of authority or other similar certificates, registrations, franchises, permits, approvals or other similar authorizations issued to a Person by a Governmental Entity.
​
“Permitted Assets” shall mean any asset which: (i) is a permitted asset under applicable Law, (ii) is an admitted asset of the Ceding Company under the applicable Laws of the State of Nebraska and (iii) is permitted under the Investment Guidelines set forth in the Investment Management Agreement and the Trust IMA (as applicable) (it being agreed that compliance with the Investment Guidelines shall be measured in aggregate against the assets in the Accounts and the Trust Account) , and (iv) solely with respect to the Accounts, is a permissible asset to provide credit for reinsurance with respect to the ModCo Deposit or Funds Withheld Account (as the case may be) under Nebraska SAP.
​
“Person” shall mean an individual, corporation, partnership, joint venture, limited liability company, association, trust, unincorporated organization, Governmental Entity or other entity.
​
“Policy Expenses” shall have the meaning specified in Section 5.01. 
​
“Proprietary Information” shall have the meaning specified in Section 17.10(a).
​
“Quota Share” shall have the meaning specified in Schedule V.
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“Recapture Effective Date” shall mean the date on which the liability of the Reinsurer with respect to all of the Reinsured Liabilities is terminated pursuant to Section 11.02 or the effective date of the rejection of this Agreement by any Receiver or of a recapture in full.
​
“Reallocation Payment” shall mean a payment made pursuant to Section 7.03(a)(iii). “Receiver” shall have the meaning specified in Section 11.03(a).
“Reinsurance Premiums” shall mean the Quota Share of the premiums and other fees, amounts, payments and collections received by the Ceding Company with respect to the Reinsured Policies, except for amounts received from Third Party Reinsurers.
​
“Reinsurance Treaty” shall have the meaning specified in the Recitals hereto. “Reinsured Block” shall have the meaning specified in Section 2.01(b)(ii).
“Reinsured Liabilities” shall mean the Quota Share of (a) Losses, (b) the Reinsurer Extra- Contractual Obligations divided by the applicable Quota Share and (c) trail commissions payable to producers with respect to the Reinsured Policies, and other commissions payable with respect to premiums received by the Ceding Company, in each case after the Effective Date and paid to the Reinsurer; provided, that in no event shall “Reinsured Liabilities” include any Excluded Liabilities.
​
“Reinsured Policies” shall mean (i) the insurance policies of the Ceding Company in force on the Effective Date and listed on Schedule IX and, in connection with such insurance policies, any riders that are listed on Schedule I and any amendments or endorsements attached to such policies, all as disclosed in writing to the Reinsurer on or prior to the Effective Date (the “In Force Reinsured Policies”) and (ii) all insurance policies of the Ceding Company issued after the Effective Date that are written on the policy forms that are listed on Schedule I, and any riders that are listed on Schedule I and any amendments or endorsements attached to such policies, all as disclosed in writing to the Reinsurer on or prior to the Effective Date, and ceded in accordance with the provisions of this Agreement (including without limitation Schedule V).
​
“Reinsurer” shall have the meaning specified in the Preamble hereto.
​
“Reinsurer Extra-Contractual Obligations” shall mean Extra-Contractual Obligations relating to the Reinsured Policies to the extent caused by, arising from or related to any act of the Reinsurer or any of its Affiliates following the Effective Date.
​
“Reinsurer Top-Up Payment” shall have the meaning specified in Section 7.03(c). 
​
“Replacement Reinsured FIA Policy” shall have the meaning set forth in Schedule VII. 
​
“Statutory Carrying Value” shall mean, with respect to any asset, as of the relevant date of determination, the carrying value amount permitted to be carried by the Ceding Company as an admitted asset consistent with Nebraska SAP in its statutory financial statements.
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“Substitute Administrator” shall have the meaning specified in Section 10.01
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“Terminal Accounting Report” shall have the meaning specified in Section 11.03(a).
​
“Third-Party Reinsurer” shall mean any Person (other than any Affiliate of the Ceding Company) to which the Ceding Company has or will cede Losses or liabilities arising under the Reinsured Policies.
​
“Treasury Regulations” shall mean all proposed, temporary and final regulations promulgated under the Code, as such regulations may be amended from time to time.
​
“Trust Account” shall have the meaning specified in Section 8.03 and attached as Exhibit
B.
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“Trust Account Balance” shall mean the Statutory Carrying Value of assets in the Trust
Account, as of any date of determination.
​
“Trust IMA” shall have the meaning specified in Section 8.05 (as may be amended or supplemented from time to time).
​
“Trustee” shall have the meaning specified in Section 8.03. 
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Section 1.02   Other Definitional Provisions.
​
(a)        For purposes of this Agreement, the words “hereof,” “herein,” “hereby” and other words of similar import refer to this Agreement as a whole, including all Schedules and Exhibits to this Agreement, unless otherwise indicated.
​
(b)        Whenever the singular is used herein, the same shall include the plural, and whenever the plural is used herein, the same shall include the singular, where appropriate.
​
(c)        The term “including” means “including but not limited to.”
​
(d)        Whenever used in this Agreement, the masculine gender shall include the feminine and neutral genders and vice versa.
​
(e)        The Schedules and Exhibits hereto are hereby incorporated by reference into the body of this Agreement.
​
(f)        All references herein to Articles, Sections, Subsections, Paragraphs, Exhibits and Schedules shall be deemed references to Articles and Sections and Subsections and Paragraphs of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require.
​
(g)        All terms defined in this Agreement shall have the defined meaning when used in any Schedule, Exhibit, certificate, report or other documents attached hereto or made or delivered pursuant hereto unless otherwise defined therein.
​
(h)        Any reference to an agreement, statute, regulation or rule is to the same as amended from time to time, and at any time.
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ARTICLE II COVERAGE
​
Section 2.01    Scope and Basis of Reinsurance.
​
(a)        This Agreement shall be effective as of 12:00:01 a.m. Eastern Time on the Effective Date.
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(b)        Cession:
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(i)         Subject to the terms, conditions and limits of this Agreement (including the exclusion from coverage of Excluded Liabilities), the Ceding Company shall automatically cede, and the Reinsurer shall automatically reinsure, on a funds withheld coinsurance and a modified coinsurance basis, respectively based on the Allocation Percentage, the Reinsured Liabilities (the “Covered Business”).
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(ii)        Subject to the terms, conditions and limits of this Agreement (including the exclusion from coverage of Excluded Liabilities), the Ceding Company shall cede, and the Reinsurer shall reinsure, on a funds withheld coinsurance and a modified coinsurance basis, respectively based on the Allocation Percentage, the Reinsured Liabilities attributable to those Reinsured Policies described in clause (i) of the definition of “Reinsured Policies” (the “Reinsured Block”).
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(c)        Subject to the terms, conditions and limits of this Agreement (including the exclusion from coverage of Excluded Liabilities), the Reinsurer shall follow the fortunes of the Ceding Company, and to that end the Reinsurer’s liability for the Reinsured Policies shall be identical to that of the Ceding Company and shall be subject to the same risks, terms, conditions, interpretations, waivers, modifications, alterations and cancellations to which the Ceding Company is subject with respect to the Reinsured Policies, subject in each case to the Ceding Company’s duty to adhere to its obligations pursuant to Article X.
​
(d)        Notwithstanding anything to the contrary herein, the Reinsurer shall not be liable for any Excluded Liabilities.
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Section 2.02    Policy Changes.
​
(a)        The Ceding Company shall not, without the prior written consent of the Reinsurer, terminate, amend, modify or waive any provision or provisions of the Reinsured Policies, except to the extent required by applicable Law or the express terms of the Reinsured Policies.
​
(b)        Any such terminations, amendments, modifications or waivers made without the prior written consent of the Reinsurer shall be disregarded for purposes of this Agreement, and the reinsurance with respect to the affected Reinsured Policy will continue as if such termination, amendment, modification or waiver had not been made.
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Section 2.03    Reinstatement of Surrendered Policies.  If a Reinsured Policy that has been surrendered (other than in connection with a surrender upon maturity) is reinstated according to
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its terms and the Ceding Company’s reinstatement policies, the Reinsurer will, upon notification, automatically reinstate the reinsurance with respect to such Reinsured Policy; provided, that, to the extent that the reinstatement of such Reinsured Policy requires payment of premiums in arrears or reimbursement of claims paid, the Ceding Company shall pay to the Reinsurer all Reinsurance Premiums in arrears and Reinsurer shall pay all reimbursements of Reinsured Liabilities paid on such Reinsured Policy.
​
Section 2.04  Misstatement of Fact. In the event of a change in the amount payable under a Reinsured Policy due to a misstatement of fact, the Reinsurer’s liability with respect to such Reinsured Policy will change proportionately. Such Reinsured Policy will be rewritten from commencement on the basis of the adjusted amounts using premiums and such other terms based on the correct facts, and the proper adjustment for the difference in Reinsurance Premiums, without interest, will be made.
​
Section 2.05 Non-Guaranteed Elements. The Ceding Company will be responsible for determining the Non-Guaranteed Elements of the Reinsured Policies in good faith and consistent with its standard business practices, subject to the Renewal Crediting Rate limitation set forth in Schedule XV; provided, that the Reinsurer shall be permitted to provide recommendations regarding the Non-Guaranteed Elements and, to the extent such recommendations comply with applicable Law, generally accepted actuarial standards of practice and the terms of the Reinsured Policies, the Ceding Company shall not unreasonably take any actions that contravene such recommendations and shall promptly incorporate such recommendations. Except as set forth in Schedule XV where Reinsurer consent is not required, (i) if the Ceding Company fails to adopt such recommendations in any material respect, then the Ceding Company shall promptly notify the Reinsurer in writing of such failure and (ii) the Reinsurer shall not be responsible or liable for any Reinsured Liabilities resulting from the Ceding Company’s failure or refusal to adopt such recommendations. Crediting Rates shall be subject to Section 2.06 exclusively and not to this Section 2.05.
​
Section 2.06 Crediting Rates. The Ceding Company and the Reinsurer shall establish the Crediting Rate on any date of determination as set forth based on the procedures in Schedule V.
​
Section 2.07  Programs of Internal Replacement.  The Ceding Company shall not solicit, or allow any of its Affiliates to solicit, directly or indirectly, policy holders of the Reinsured Policies in connection with any program of internal replacement without the prior written consent of the Reinsurer. The term “program of internal replacement” means any program sponsored or supported by the Ceding Company or any of its Affiliates that is offered to a class of policy owners and in which a Reinsured Policy or a portion of a Reinsured Policy is exchanged for another policy that is written by the Ceding Company or any Affiliate of the Ceding Company or any successor or assignee of any of them.
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Section 2.08 Conservation Program. Upon the request of the Reinsurer, the Ceding Company shall reasonably cooperate and work with the Reinsurer in good faith to develop and implement a conservation program with respect to the Reinsured Policies.
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Section 2.09 Net Retention. The Ceding Company shall retain net for its own account  and unreinsured at least [Redacted] of the Net Statutory Reserves associated with each
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Reinsured Policy, provided that reinsurance with an Affiliate including a Protected Cell of Seneca Reinsurance Company, LLC in which the capital and surplus is contributed or otherwise supplied by an Affiliate of the Ceding Company, shall be treated as net for the Ceding Company’s own account and unreinsured for purposes of this Section 2.09.
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Section 2.10 Asset Reserves. The Ceding Company and the Reinsurer agree that the  Asset Reserves shall be ceded to the Reinsurer and maintained in the ModCo Deposit and/or Funds Withheld Account (as the case may be).
​
Section 2.11 Valuation of Liabilities. The Ceding Company shall calculate the Net Statutory Reserves with respect to the Reinsured Policies in good faith in accordance with Nebraska SAP and determined in a manner consistent with the Ceding Company’s historical practices; provided, that, the Ceding Company shall provide the Reinsurer supporting information promptly upon request and in the event there is a disagreement with respect to the calculation, the Dispute Resolution procedures herein shall be applied.
​
Section 2.12 Credit For Reinsurance. In the event the Ceding Company does not receive credit for reinsurance in its statutory financial statements for the Reinsured Liabilities in the Ceding Company's state of domicile, the Reinsurer shall consent to any commercially reasonable amendments to this Agreement, and take such commercially reasonable actions as are required, to provide the Ceding Company with full credit for the reinsurance ceded hereunder in the Ceding Company’s state of domicile (it being agreed that if the Ceding Company is no longer domiciled in the State of Nebraska and the credit for reinsurance requirements in the Redomesticated Domicile are in any material respect more burdensome on the Reinsurer than those in the State of Nebraska, then the Reinsurer’s obligations in this sentence shall be determined with reference to the State of Nebraska rather than the Redomesticated Domicile). If, notwithstanding the Reinsurer’s commercially reasonable efforts as described in the preceding sentence, the Ceding Company does not receive credit for reinsurance in its statutory financial statements for the Reinsured Liabilities, the Ceding Company’s sole remedy shall be to recapture the Reinsured Policies pursuant to Section 11.02(d)(v).
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Section 2.13 ModCo Reserves Allocation. The Ceding Company shall retain a proportional amount of reserves related to the Reinsured Liabilities equal to the Accounts Required Reserves-ModCo.
​
Section 2.14    Options Budget and Payoff for FIA.
​
(a)        With respect to FIA Reinsured Policies, the Ceding Company shall purchase derivatives in respect of the Reinsured Policies (each, a “Hedge” and collectively, the “Hedges”), in the form of futures contracts and equity index options, to hedge any index risk associated with the Reinsured Policies.
​
(b)        The Reinsurer shall pay to the Ceding Company for each accounting period, in accordance with Section 7.03, the Quota Share of all amounts becoming due in connection with the purchase of derivatives by the Ceding Company (the “Option Budget”), as determined in accordance with Schedule XII.
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(c)        The Ceding Company shall pay to the Reinsurer for each accounting period, in accordance with Section 7.03, the Quota Share of all amounts becoming due and payable to the Ceding Company during the applicable period in connection with the exercise by the Ceding Company or maturity of any Hedges, whether or not collected (the “Option Payoff”), as defined in Schedule XII.
​
(d)        The Option Budget payable by the Reinsurer to the Ceding Company pursuant to subsection (b) above shall be paid without regard to the actual costs paid by the Ceding Company for the Hedges purchased. The Option Payoff payable by the Ceding Company to the Reinsurer pursuant to subsection (c) above shall be paid without regard to the actual proceeds received by the Ceding Company with respect to the Hedges collected. The Ceding Company shall have no obligation to pay to the Reinsurer any portion of the actual proceeds received by the Ceding Company with respect to the Hedges, or any other amounts in respect of the Hedges, other than the Option Payoff amounts. For the avoidance of doubt, the Reinsurer has no liability for any hedge effectiveness and hedging is assumed to be [Redacted] effective for purposes of Settlement.
​
(e)        The Ceding Company shall use reasonable care in its hedging activities with respect to the Reinsured Policies, and such activities shall (a) be conducted in good faith and (b) conform with applicable Law.
​
(f)        For the avoidance of doubt, with respect to a FIA Fixed Interest Account, the Reinsurer shall pay the Option Budget to the Ceding Company and the Ceding Company shall pay an Option Payoff to the Reinsurer equal to the actual fixed interest rate for such FIA Fixed Interest Account established by the Ceding Company.
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Section 2.15    FATCA.
​
(a)        Prior to any payment being made under this Agreement, the Reinsurer shall provide to the Ceding Company (or the applicable withholding agent, as defined in Treasury Regulation Section 1.1471-1(b)(147) a valid IRS Form W-8BEN-E or other documentation establishing that they are not subject to any withholding requirement pursuant to the Foreign Account Tax Compliance Act (Sections 1471-1474 of the Code) (“FATCA”).
​
(b)        The Reinsurer shall update the forms or other documentation referenced herein upon a change in facts or circumstance rendering such previously supplied information incorrect. If the Reinsurer has not provided the Ceding Company with updated documentation attesting to its FATCA compliance within thirty (30) calendar days prior to any premium due date, or becomes non-compliant with FATCA at any later date, the withholding agent (as defined in Treasury Regulation Section 1.1471-1(b)(147)) shall be entitled to [Redacted]  (or such other percentage as required by law) of any premium payment to the Reinsurer under this Agreement and shall promptly notify the Reinsurer of such withholding.
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ARTICLE III REINSURANCE PREMIUMS
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Section 3.01    Reinsurance  Premiums.    The  payment  of  Reinsurance  Premiums  is  a condition  precedent  to  the liability of the Reinsurer under   this Agreement.  All Reinsurance
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Premiums shall be payable in accordance with Section 3.02 on the Initial Settlement Date (if applicable) and in accordance with Section 7.03.
​
Section 3.02    Initial Settlement Amount.
​
(a)        On the Initial Settlement Date, if applicable, the Ceding Company shall transfer to the Funds Withheld Account and/or the ModCo Deposit (in accordance with the Allocation Percentage) an amount equal to the sum of the Initial Reserve Amount (if any) plus the Initial Settlement Amount.
​
(b)        The payment required under Section 3.02(a), if any, shall be effected as
follows:
​
(i)         With regard to the Allocation Percentage attributable to the Funds Withheld Account, the Ceding Company shall pay to the Reinsurer an amount equal to such Allocation Percentage of the Initial Reserve Amount (if any) plus the Initial Settlement Amount (being $[•]) and the Reinsurer shall simultaneously pay to the Ceding Company an initial funds withheld reserve adjustment equal to such amount. The foregoing net payment shall be effected by the Ceding Company depositing into the Funds Withheld Account, not later than the close of business on the Initial Settlement Date, assets set forth in Paragraph A of Schedule III-B, the aggregate Statutory Carrying Value of which as of the Effective Date is equal to the relevant Allocation Percentage of the Initial Reserve Amount (if any) plus the Initial Settlement Amount, free and clear of all liens; and
​
(ii)        With regard to the Allocation Percentage attributable to the ModCo Deposit, the Ceding Company shall transfer to the ModCo Deposit an amount equal to such Allocation Percentage of the Initial Reserve Amount (if any) plus the Initial Settlement Amount (being $[•]). The foregoing deposit shall be effected by the Ceding Company depositing into the ModCo Deposit, not later than the close of business on the Initial Settlement Date, assets set forth set forth in Paragraph B of Schedule III-B, the aggregate Statutory Carrying Value of which as of the Effective Date is equal to the relevant Allocation Percentage of the Initial Reserve Amount (if any) plus the Initial Settlement Amount, free and clear of all liens.
​
(c)        If a payment is due in accordance with Section 3.02(a), any amount paid and/or deposited pursuant to this Section 3.02 that was calculated using estimated data shall be subject to a customary true-up adjustment promptly after actual data becomes available.
​
ARTICLE IV 
CEDING COMMISSION
​
Section 4.01 Ceding Commission. Except as set forth below in this Section 4.01, the Reinsurer shall pay to the Ceding Company the Ceding Commission on all Reinsurance Premiums paid to the Reinsurer (including on the Initial Settlement Date).
​
Section 4.02 Excise Tax. In the event that any excise tax is due with respect to any amounts payable by the Ceding Company to the Reinsurer under this Agreement, the Ceding
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Company shall pay the     entire amount of such excise tax.      The Reinsurer shall  reimburse the Ceding Company for any such excise tax paid by the Ceding Company.
​
ARTICLE V
 ADMINISTRATION FEE
​
Section 5.01 Policy Expenses. The Reinsurer shall pay the ceding company an administrative expense fee (“Policy Expenses”) to cover the cost of providing all administrative and other services necessary or appropriate in connection with the administration and distribution (including the product development fee) of the Reinsured Policies and the Reinsured Liabilities, determined in accordance with Schedule II attached hereto and paid on a monthly basis in accordance with Section 7.03.
​
ARTICLE VI 
REINSURED LIABILITIES
​
Section 6.01 Reinsured Liabilities. Subject to Sections 6.02 and 6.03, the Reinsurer shall pay to the Ceding Company all Losses on Reinsured Liabilities.
​
Section 6.02    Claims Settlement.
​
(a)        Subject to Section 6.02(b) and 6.03, the Ceding Company shall be responsible for the settlement of claims with respect to the Reinsured Liabilities in accordance with Article X, applicable Law and the terms and conditions of the Reinsured Policies.
​
(b)        The Ceding Company shall notify the Reinsurer in writing if the Ceding Company determines that a claim for payment under a Reinsured Policy either requires investigation or should be contested or denied. The Reinsurer and the Ceding Company shall consult in good faith regarding the disposition of any such claim. The Reinsurer may, but shall not be required to, recommend to the Ceding Company how to handle such claim. In the event of any disagreement between the Ceding Company and the Reinsurer as to the validity or amount of such a claim, the Ceding Company shall have final authority over the disposition of such claim, provided that the Reinsurer may discharge its payment obligation in respect of such claim by paying the Quota Share Percentage of the claim as originally presented to the Ceding Company,
​
Section 6.03 Recoveries. Subject to Section 6.02(b), if the Ceding Company obtains any recoveries in respect of a claim with respect to the Reinsured Liabilities paid by it in accordance with the terms of any Reinsured Policy, the Ceding Company shall promptly pay to the Reinsurer such recoveries (“Recoveries”).
​
ARTICLE VII 
REPORTING AND SETTLEMENTS
​
Section 7.01    Ceding Company Reporting.
​
(a)        Within ten (10) Business Days of the Initial Settlement Date and within five (5)  Business Days following the end of each calendar month following the Initial Settlement Date, the Ceding Company shall deliver to the  Reinsurer  a monthly accounting    report  (a  “Monthly
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Accounting Report”) substantially in the form set forth in Exhibit A for such calendar month (a “Monthly Accounting Period”). The parties shall from time to time amend Exhibit A as necessary to appropriately effectuate the terms and conditions of this Agreement and to ensure the accounting and settlements made hereunder are correctly computed. The net amount due as set forth in such Monthly Accounting Report shall be due within five (5) Business Days following the date of delivery of such Monthly Accounting Report.
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(b)        Within ten (10) Business Days following the end of each calendar quarter and any Recapture Effective Date, the Ceding Company shall deliver to the Reinsurer a report setting forth the Asset Reserves as of the end of such calendar quarter or such Recapture Effective Date, as applicable.
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(c)        Within ten (10) Business Days following the end of each Monthly Accounting Period or Recapture Effective Date, the Ceding Company shall deliver to the Reinsurer, as of the end of such Monthly Accounting Period or the Recapture Effective Date, as applicable, a report of the Reinsured Policies in the form as mutually agreed by the parties.
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(d)        The Ceding Company shall deliver to the Reinsurer, as of the end of such Monthly Accounting Period or the Recapture Effective Date, as applicable, within ten (10) Business Days following the end of each Monthly Accounting Period or the Recapture Effective Date, an investment accounting report of the assets held in the Funds Withheld Account, the ModCo Deposit and the Trust Account which shall include the holdings, Statutory Carrying Value, and such other information agreed to by the parties in each case, on a CUSIP level.
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(e)        The Ceding Company shall deliver to the Reinsurer: (i) within five (5) Business Days following the filing of the Ceding Company’s unaudited annual statement with the Nebraska Department of Insurance but no later than March 20 of each year, a copy of such unaudited annual statement; (ii) within five (5) Business Days of the filing of the Ceding Company’s audited annual statutory financial statements with the Nebraska Department of Insurance but no later than June 20 of each year, a copy of such annual statutory financial statements; and (iii) within five (5) Business Days following the filing of the Ceding Company’s unaudited quarterly statutory financial statements with the Nebraska Department of Insurance but no later than sixty (60) calendar days following the end of each calendar quarter, a copy of such unaudited quarterly statutory financial statements.
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(f)        Upon request, the Ceding Company will, within a reasonable timeframe, promptly provide the Reinsurer with any additional information related to the Reinsured Policies reasonably available to the Ceding Company and not reasonably available to the Reinsurer which the Reinsurer requires in order to complete its financial statements or is otherwise required to comply with regulatory requirements. The Reinsurer will identify and communicate any such requests to the Ceding Company sufficiently in advance of any required deadlines such that the applicable information and timing for the provision thereof can be mutually agreed by the parties.
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Section 7.02    Reinsurer Reporting.
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(a)        The Reinsurer shall deliver to the Ceding Company: (i) within five (5) Business Days of the filing of the Reinsurer’s audited annual financial statements with the
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Vermont Department of Financial Regulation (“VT DFR”) but no later than June 20 of each year, a copy of such annual financial statements; (ii) within fifteen (15) Business Days following the end of each calendar quarter a calculation of its Leverage Measure, and (iii) within five (5) Business Days following the filing of the Reinsurer’s unaudited quarterly financial statements with VT DFR but no later than sixty (60) calendar days following the end of each calendar quarter, a copy of such unaudited quarterly financial statements.
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(b)        Upon request, the Reinsurer will, within a reasonable timeframe, provide the Ceding Company with any additional information related to the Reinsured Policies available to the Reinsurer and not reasonably available to the Ceding Company which the Ceding Company reasonably requires in order to complete its financial statements or is otherwise required to comply with regulatory requirements (if any). The Ceding Company will identify and communicate any such requests to the Reinsurer sufficiently in advance of any required deadlines such that the applicable information and timing for the provision thereof can be mutually agreed by the parties.
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Section 7.03    Settlements & Adjustments.
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(a)        Following the Initial Settlement Date, there shall be an adjustment to the Accounts based on the following:
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(i)         Investment Performance; Transfers. On a monthly basis, the Funds Withheld Account Balance and the ModCo Deposit Balance, as determined as of the end of the immediately preceding Monthly Accounting Period shall be:
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(A)       increased by the amount of any increase in Statutory Carrying Value of the investments in the applicable Account and any transfers from the Trust Account as set forth in 7.03(b)(i); and
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(B)       decreased by the amount of any reductions in Statutory Carrying Value of the investments in the applicable Account and any transfers to the Trust Account as set forth in 7.03(b)(ii).
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(ii)        Additional Premiums and Other Recoveries. On a weekly basis, the Ceding Company shall deliver into the Accounts the Reinsurance Premiums and Recoveries received in connection with the Covered Business and Reinsured Block (allocation between the Funds Withheld Account and the ModCo Deposit shall be in accordance with the Allocation Percentage) and each of the Funds Withheld Account Balance and the ModCo Deposit Balance, as the case may be, shall be increased by such allocation of Reinsurance Premiums and Recoveries.
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(iii)      Reallocation Payments. On any day that the Allocation Percentage changes, the Ceding Company may reallocate funds between the Accounts by making a transfer from one Account to the other and such reallocation shall be reflected in the Funds Withheld Account Balance and the ModCo Deposit Balance.
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(iv)       Payments due from Reinsurer. On any day the Ceding Company may apply funds from the Accounts to pay any net amount due from the Reinsurer in connection with Losses and as such the Accounts Balance will be decreased by an amount
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equal to any payments due from the Reinsurer to the Ceding Company hereunder, such deductions to be allocated between the Accounts according to the Allocation Percentage. All such deductions will be effectuated in cash or by the liquidation of assets (at the direction of the Investment Manager) in the applicable Account(s) into cash (in the event there is insufficient cash in the account) in an amount sufficient to pay all amounts owed by the Reinsurer to the Ceding Company and the transfer of such cash to the Ceding Company in settlement of the payments due from the Reinsurer to the Ceding Company.
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(b)        At the end of each Monthly Accounting Period, following the delivery of each Monthly Accounting Report:
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(i)         Top-Up of Accounts.
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(A)       In the event the Accounts Required Reserves-Funds Withheld is greater than the Funds Withheld Account Balance, the Reinsurer shall pay the absolute value of such difference to the Ceding Company within ten (10) Business Days of a demand by the Ceding Company, and the Ceding Company shall deposit such amounts into the Funds Withheld Account. If the Reinsurer fails to make such payment within ten (10) Business Days of such demand, the Ceding Company may withdraw the absolute value of such difference from the Trust Account (in accordance with the terms of the Trust Agreement) and the Ceding Company shall deposit such drawn amounts into the Funds Withheld Account. Any assets other than cash that are withdrawn from the Trust Account and deposited into the Funds Withheld Account must satisfy clause (iv) of the definition of Permitted Asset and shall be valued according to Fair Market Value.
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(B)       In the event the Accounts Required Reserves-ModCo is greater than the ModCo Deposit Balance, the Reinsurer shall pay the absolute value of such difference to the Ceding Company within ten (10) Business Days of a demand by the Ceding Company, and the Ceding Company shall deposit such amounts into the ModCo Deposit. If the Reinsurer fails to make such payment within ten (10) Business Days of such demand, the Ceding Company may withdraw the absolute value of such difference from the Trust Account (in accordance with the terms of the Trust Agreement) and the Ceding Company shall deposit such drawn amounts into the ModCo Deposit. Any assets other than cash that are withdrawn from the Trust Account and deposited into the ModCo Deposit must satisfy clause (iv) of the definition of Permitted Asset and shall be valued according to Fair Market Value.
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(ii)        Over-Funding of Accounts Balance.
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(A)       In the event the Funds Withheld Account Balance is greater than the Accounts Required Reserves-Funds Withheld, the absolute value of such difference shall be paid to the Trust Account at the direction of the Reinsurer; provided any payment made hereunder in assets other than cash shall be at the Fair Market Value of such asset.
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(B)       In the event the ModCo Deposit Balance is greater than the Accounts Required Reserves-ModCo, the absolute value of such difference shall be paid to the Trust Account at the direction of the Reinsurer; provided any payment made hereunder in assets other than cash shall be at the Fair Market Value of such asset.
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(c)        Reinsurer’s Top-Up Obligation. In the event there are insufficient funds in the Trust Account to pay an amount required to be withdrawn under Section 7.03(b)(i) above, the Reinsurer shall pay the amount of such insufficiency to the Ceding Company promptly and in any event, within fifteen (15) Business Days, to the account or accounts designated by the Ceding Company; provided however, in the event the Reinsurer disputes any determinations made by the Ceding Company, then the Reinsurer shall pay the full amount and the Ceding Company shall deposit such disputed amounts into the Funds Withheld Account or ModCo Deposit (as applicable) until the calculation is re-determined by the 3rd Party Actuary and the determinations of the 3rd Party Actuary shall be conclusive absent manifest error (any such payment by the Reinsurer under this Section 7.03(c), a “Reinsurer Top-Up Payment”).
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(d)        Other.
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(i)         The Reinsurer may at any time withdraw amounts from the Trust Account in accordance with Section 8.03 and the terms of the Trust Agreement, such amounts to be limited such that after the withdrawal the Leverage Measure will be equal to or greater than the Minimum Leverage Measure.
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(ii)        Except as otherwise set forth herein, any amount due under this Agreement shall be paid by wire transfer of immediately available funds to the account or accounts designated by the recipient thereof.
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ARTICLE VIII
THE MODCO DEPOSIT, THE FUNDS
WITHHELD ACCOUNT, THE TRUST ACCOUNT, AND INVESTMENT MANAGEMENT AGREEMENT
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Section 8.01    ModCo Deposit.
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(a)        Prior to the Initial Settlement Date, the Ceding Company shall establish a modified coinsurance account (the “ModCo Deposit”) to hold the modified coinsurance deposit on the books and records of the Ceding Company, which shall consist of a custody account established by the Ceding Company with Wells Fargo Bank N.A. (as custodian of such custody account, the “Custodian”).
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(b)        The ModCo Deposit and the assets maintained therein will be owned and maintained by the Ceding Company and will be used exclusively for the purposes set forth in this Agreement. The assets maintained in the ModCo Deposit shall be invested by the Investment Manager and consist only of Permitted Assets, and the Permitted Assets shall be valued, for the purposes of this Agreement, according to their Statutory Carrying Value. For so long as one or more assets in the ModCo Deposit do not comply with the definition of Permitted Assets as a result of the downgrade of such asset or assets, the Reinsurer shall not be permitted to effect
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substitutions of any assets in the ModCo Deposit or withdraw any funds or assets from the Trust Account without the Ceding Company’s prior written consent.
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(c)        Notwithstanding any other provision hereof, assets held in the ModCo Deposit may be withdrawn by the Ceding Company at any time and shall be utilized and applied by the Ceding Company or any of its successors in interest by operation of law, including any liquidator, rehabilitator, receiver or conservator of the Ceding Company, without diminution because of insolvency on the part of the Ceding Company or the Reinsurer, only in accordance with Section 7.03.
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(d)        Determinations of statutory impairments of assets maintained in the ModCo Deposit shall be made by the Ceding Company and shall be (i) based upon the statutory rules and guidelines and the impairment policy used by the Ceding Company and its auditors for purposes of calculating statutory impairments reflected in the Ceding Company’s statutory financial statements and (ii) subject to consultation between the Investment Manager, the Reinsurer and the Ceding Company. The Ceding Company shall promptly notify the Reinsurer in writing if the Ceding Company determines that any assets maintained in the ModCo Deposit have become impaired for purposes of determining Statutory Carrying Value. Such notice shall describe any such assets, the reason for the impairment and the effect on Statutory Carrying Value of such assets.
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(e)        The Ceding Company shall bear the administrative costs and expenses related to the establishment and maintenance of the ModCo Deposit, including the fees of the Custodian to the extent relating to the ModCo Deposit.
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(f)        The performance of the assets maintained in the ModCo Deposit, including of all investment income paid or accrued, investment gains or losses, defaults and/or statutory impairments, will inure to the sole benefit or cost of the Reinsurer.
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Section 8.02    Funds Withheld Account.
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(a)        Prior to the Initial Settlement Date, the Ceding Company shall establish a funds withheld account (the “Funds Withheld Account”) to secure the payment liability of the Reinsurer on the books and records of the Ceding Company, which shall consist of a custody account established by the Ceding Company with the Custodian. For avoidance of doubt, the balance of the Funds Withheld Account shall be considered a payable to the Reinsurer and as an amount held on behalf of the Reinsurer. The Reinsurer shall consider such amount as a receivable.
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(b)        The Funds Withheld Account and the assets maintained therein will be owned and maintained by the Ceding Company and will be used exclusively for the purposes set forth in this Agreement. The assets maintained in the Funds Withheld Account shall be invested by the Investment Manager and consist only of Permitted Assets, and the Permitted Assets shall be valued, for the purposes of this Agreement, according to their Statutory Carrying Value. For  so long as one or more assets in the Funds Withheld Account do not comply with the definition of Permitted Assets as a result of the downgrade of such asset or assets, the Reinsurer shall not be permitted to effect substitutions of any assets in the Funds Withheld Account or withdraw any funds or assets from the Trust Account without the Ceding Company’s prior written consent..
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(c)        Notwithstanding any other provision hereof, assets held in the Funds Withheld Account may be withdrawn by the Ceding Company at any time and shall be utilized and applied by the Ceding Company or any of its successors in interest by operation of law, including any liquidator, rehabilitator, receiver or conservator of the Ceding Company, without diminution because of insolvency on the part of the Ceding Company or the Reinsurer, only in accordance with Section 7.03.
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(d)        Determinations of statutory impairments of assets maintained in the Funds Withheld Account shall be made by the Ceding Company and shall be (i) based upon the statutory rules and guidelines and the impairment policy used by the Ceding Company and its auditors for purposes of calculating statutory impairments reflected in the Ceding Company’s statutory financial statements and (ii) subject to consultation between the Investment Manager, the Reinsurer and the Ceding Company. The Ceding Company shall promptly notify the Reinsurer in writing if the Ceding Company determines that any assets maintained in the Funds Withheld Account have become impaired for purposes of determining Statutory Carrying Value. Such notice shall describe any such assets, the reason for the impairment and the effect on Statutory Carrying Value of such assets.
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(e)        The Ceding Company shall bear the administrative costs and expenses related to the establishment and maintenance of the Funds Withheld Account, including the fees of the Custodian to the extent relating to the Funds Withheld Account.
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(f)        The performance of the assets maintained in the Funds Withheld Account, including of all investment income paid or accrued, investment gains or losses, defaults and/or statutory impairments, will inure to the sole benefit or cost of the Reinsurer.
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Section 8.03    Trust Account.
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(a)        Prior to the Initial Settlement Date, the Ceding Company and the Reinsurer shall establish a trust account (the “Trust Account”) with Wells Fargo Bank N.A. (as trustee of such Trust Account, the “Trustee”) with the Reinsurer as grantor thereof, and the Ceding Company as beneficiary. The Trust Account shall initially contain certain capital assets of the Reinsurer (which prior to the Initial Settlement Date shall be set out in Schedule XIII and such additional amounts as distributed in accordance with Section 7.03.
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(b)        The Reinsurer expects to contribute additional amounts to the Trust Account as set out in Schedule XIII. The maximum amount the Reinsurer is required to deposit into the Trust Agreement, inclusive of any amount deposited as of the Effective Date or the date of execution of this Agreement, is [Redacted].
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(c)        The assets maintained in the Trust Account shall be invested by the Investment Manager and consist only of Permitted Assets. For so long as an asset or assets in the Trust Account do not comply with the definition of Permitted Assets as a result of the downgrade of such asset or assets, the Reinsurer shall not be permitted to effect substitutions of assets in the Trust Account or withdraw funds or assets from the Trust Account without the Ceding Company’s prior written consent.
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(d)        Subject to the requirements of the Trust Agreement, assets held in the Trust Account may be withdrawn by the Reinsurer at any time, and from time to time for any lawful purpose, in accordance with the Trust Agreement.
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(e)        The administrative costs and expenses related to the establishment and maintenance of the Trust Account shall be paid out of the assets of the Trust Account.
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(f)        The performance of the assets maintained in the Trust Account, including of all investment income paid or accrued, investment gains or losses, defaults and/or statutory impairments, will inure to the sole benefit or cost of the Reinsurer.
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(g)        The Reinsurer shall be obligated to deposit assets into the Trust Account as required by the Trust Agreement. Assets may be withdrawn from the Trust Account only in accordance with the provisions of the Trust Agreement.
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Section 8.04    Excess Withdrawals.
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(a)        The Ceding Company shall return to the Funds Withheld Account, ModCo Deposit and/or Trust Account (as applicable), amounts which are withdrawn in excess of amounts required or permitted under Section 7.03 or otherwise in this Agreement (“Excess Withdrawals”) immediately upon becoming aware of such Excess Withdrawal. In the event of an Excess Withdrawal, the Ceding Company shall return to the Account or Trust Account from which such amounts were withdrawn the specific assets withdrawn in excess of the amounts required or permitted under Section 7.03, together with any realized interest or other income thereon, all in a manner such that the Reinsurer is restored to the position it would have been in if the Excess Withdrawal had not occurred. To the extent that the Excess Withdrawal was composed of cash, the Ceding Company shall return the amount of such cash plus interest thereon at a rate per annum equal to Delayed Payment Rate, from the date of withdrawal to but excluding the date on which the Excess Withdrawal is returned to the Funds Withheld Account, ModCo Deposit and/or Trust Account (as applicable). Until such amounts are so returned, such amounts shall be deemed to be held in trust by the Ceding Company for the benefit of the Reinsurer.
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(b)        The balance of the amount held or required to be so held in trust separate and apart as of any date of determination shall be an amount (the “Excess Withdrawal Amount”) equal to (i) the amount withdrawn from the Funds Withheld Account, ModCo Deposit and/or Trust Account (as applicable) in excess of amounts required or permitted under Section 7.03 minus (ii) any amounts applied by the Ceding Company therefrom for purposes required or permitted under Section 7.03 or returned to the Funds Withheld Account, ModCo Deposit and/or Trust Account (as applicable) plus (iii) any realized interest or other income on the withdrawn assets plus interest on any cash amount as determined in accordance with Section 8.04(a).
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Section 8.05    Investment Management Agreement.
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(a)        Pursuant to an investment management agreement (the “Investment Management Agreement”), the Ceding Company shall appoint the Investment Manager as investment manager to provide investment management services with respect to the assets maintained in the ModCo Deposit and the Funds Withheld Account. The Ceding Company shall not amend, modify or change the terms of the Investment Management Agreement, including the
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Investment Guidelines attached as an exhibit thereto, or remove or replace the Investment Manager without the prior written consent of the Reinsurer, such consent not to be unreasonably withheld. If the Ceding Company and the Reinsurer agree to any amendments, modifications or changes to the investment management agreement, then the Ceding Company shall propose such changes in writing to the Investment Manager in accordance with the terms of the Investment Management Agreement. The Ceding Company shall not propose any additional limitations (including with respect to asset allocations) on the assets maintained in the ModCo Deposit or the Funds Withheld Account without the prior written consent of the Reinsurer. In the event that the Investment Manager is removed or resigns, the Ceding Company and the Reinsurer shall mutually agree (in good faith) on a replacement investment manager. The replacement investment manager shall accept its appointment by entering into an investment management agreement in a form acceptable to the Ceding Company and the Reinsurer.
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(b)        Pursuant to an investment management agreement (the “Trust IMA”), the Reinsurer shall appoint the Investment Manager to provide investment management services with respect to the assets maintained in the Trust Account. The Reinsurer shall not amend, modify or change the terms of the Trust IMA, including the Investment Guidelines attached as an exhibit thereto, or remove or replace the Investment Manager without the prior written consent of the Ceding Company, such consent not to be unreasonably withheld. If the Ceding Company and the Reinsurer agree to any amendments, modifications or changes to the investment management agreement, then the Reinsurer shall propose such changes in writing to the Investment Manager in accordance with the terms of the Trust IMA. The Reinsurer shall not propose any additional limitations (including with respect to asset allocations) on the assets maintained in the Trust Account without the prior written consent of the Ceding Company. In the event that the Investment Manager is removed or resigns, the Ceding Company and the Reinsurer shall mutually agree (in good faith) on a replacement investment manager. The replacement investment manager shall accept its appointment by entering into an investment management agreement in a form acceptable to the Ceding Company and the Reinsurer.
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ARTICLE IX
RESERVED
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ARTICLE X 
ADMINISTRATION
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Section 10.01 Policy Administration. The Ceding Company shall provide all required, necessary and appropriate claims, administrative and other services, including reporting under Article VII, with respect to the Reinsured Policies and the Accounts. The Ceding Company shall conduct its administration and claims practices with respect to the Reinsured Policies (a) with a level of skill, diligence and expertise that would reasonably be expected from experienced and qualified personnel performing such duties in similar circumstances, (b) in accordance with applicable Law and the terms of the Reinsured Policies, and (c) in a manner no less favorable to the Reinsurer and the Reinsured Policies than those used by the Ceding Company with respect to other policies of the Ceding Company not reinsured by the Reinsurer hereunder or other hedges of the Ceding Company. The Ceding Company shall not outsource any administrative functions or claims administration to a non-Affiliate with respect to the Reinsured Policies or this Agreement without the prior written consent of the Reinsurer, such consent not to be unreasonably withheld.
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If the Reinsurer consents to any outsourcing of any administrative functions or claims administration with respect to the Reinsured Policies or this Agreement, the Ceding Company shall secure the Reinsurer’s right to audit and inspect the party performing such outsourced services. If the Ceding Company is adjudicated pursuant to the Dispute Resolution provisions of this Agreement to have persistently and materially breached its administration obligations set forth in this Section 10.01, the Reinsurer may require the Ceding Company to appoint and retain, at the Ceding Company’s expense, a professional third party administrator that is acceptable to the Reinsurer and has appropriate experience in the administration of annuity reinsurance claims (a “Substitute Administrator”) to perform such administration obligations on behalf of the Ceding Company; provided that the Reinsurer shall have obtained the prior written unanimous approval of all Third-Party Reinsurers of the appointment and retention of the Substitute Administrator. Any Substitute Administrator shall provide written evidence that it has obtained (and maintains in force) errors & omissions insurance policies with insurance coverage of at least [Redacted].
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Section 10.02 Record-Keeping.
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(a)        Each of the Ceding Company and Reinsurer shall maintain all records and correspondence for services performed by such party hereunder relating to the Reinsured Policies in accordance with industry standards of insurance record- keeping. In addition, such records shall be made available for examination, audit, and inspection by the other party, or the department of insurance of any jurisdiction within which either the Ceding Company or the Reinsurer operates. The Ceding Company and the Reinsurer further agree that in the event of the termination of this Agreement, any such records in the possession of the Reinsurer shall promptly be duplicated and forwarded to the Ceding Company unless otherwise instructed.
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(b)        The Ceding Company shall establish and maintain an adequate system of internal controls and procedures for financial reporting relating to the Reinsured Policies and the Accounts, including associated documentation, and shall make such documentation available for examination and inspection by the Reinsurer. All reports provided by the Ceding Company pursuant to Article VII shall be prepared in accordance with such system and procedures and shall be consistent with the Ceding Company’s books and records.
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ARTICLE XI
TERM AND TERMINATION
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Section 11.01  Duration of Agreement.  This Agreement shall continue in force until:
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(a)        Such time as the Ceding Company has no further liabilities or obligations with respect to the Reinsured Liabilities;
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(b)        Such time as this Agreement is terminated as to new business as set forth in
Schedule V; or
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(c)        The Agreement is terminated by mutual agreement of the parties.
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Section 11.02 Recapture.
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(a)        Neither party shall be permitted to cause a recapture of the Reinsured Policies except in accordance with this Section 11.02. For the avoidance of doubt, neither party shall be permitted to cause a partial recapture of the Reinsured Policies pursuant to this Section
11.02 other than as set out in Section 11.02(c).
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(b)        Recapture for Non-Payment. Either party may cause the Reinsured Policies to be recaptured in full and this Agreement to be terminated as to all Reinsured Policies if the other party fails to pay any amounts due under this Agreement within thirty (30) calendar days following written notice of non-payment from the non-defaulting party.
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(c)        Recapture of Renewals. In the event that this Agreement has been terminated with respect to new business under Section 11.01(b), the Ceding Company may recapture any Reinsured Policy under this Agreement that is either subject to a renewal under its terms for MYGAs (starting on the 10th anniversary of each MYGA policy) or out of its surrender charge period for FIAs; provided the Ceding Company must provide notice to the Reinsurer no later than ten (10) Business Days prior to the maturity date of each such Reinsured Policy. If the Ceding Company so elects to recapture, it must recapture all future renewed Reinsured Policies.
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(d)        Recapture by Ceding Company for Other Material Breach. In addition to all of the other recapture rights set forth in this Agreement, the Ceding Company may terminate this Agreement and recapture all of the Reinsured Policies, if:
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(i)         the Reinsurer ceases doing business;
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(ii)        the Reinsurer fails to be authorized for reinsurance in its country of domicile;
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(iii)      the Reinsurer (A) is held guilty or liable for fraud, embezzlement, or other intentional wrongful acts or (B) is found by a Governmental Entity after exhaustion or cessation of all avenues of appeal and review to have violated a material regulatory requirement imposed by the insurance supervisory authority in its country of domicile;
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(iv)       the Reinsurer fails to make any payment, funding or contribution required hereunder (including a failure to make a Reinsurer Top-Up Payment) within the cure period specified in Section 7.03(c); or
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(v)        the Ceding Company does not receive full credit for reinsurance of the Reinsured Liabilities in its state of domicile.
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(e)        Recapture for Insolvency of Reinsurer. The Ceding Company may terminate this Agreement and recapture all of the Reinsured Policies in the event that the Reinsurer becomes insolvent (as set forth in Article XIV) by promptly providing the Reinsurer or its Authorized Representative with written notice of recapture, to be effective as of the date on which the Reinsurer’s insolvency is established by the authority responsible for such determination. Any requirement for a notification period prior to the termination of this Agreement shall not apply under such circumstances.
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Section 11.03  Recapture Payment.
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(a)        In the event the Reinsured Policies are recaptured in full (including if this Agreement is rejected by any liquidator, receiver, rehabilitator, trustee or similar Person acting on behalf of the Ceding Company (a “Receiver”)), a net accounting and settlement as to any balance due under this Agreement shall be undertaken by the Ceding Company which calculations shall be as of the Recapture Effective Date in an amount equal to the net result of the following, in each case calculated as of the Recapture Effective Date (the “Recapture Payment”):
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(i)         the net amount due to the Ceding Company or the Reinsurer, as applicable, pursuant to Sections 7.03(a) and (b); and
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(ii)        if the Ceding Company is electing to recapture solely pursuant to Section 11.02(d)(v) and there is no basis to recapture under Section 11.02(b) or clauses (i), (ii), (iii) or (iv) of Section 11.02(d), an amount payable to the Reinsurer equal to the aggregate amount of Ceding Commissions paid by the Reinsurer that are unearned by the Ceding Company as of the Recapture Effective Date, where Ceding Commissions shall be considered earned on a straight-line basis and considered fully earned on the scheduled maturity date of the applicable Reinsured Policy (or renewal thereof, if applicable).
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(b)        Within ten (10) Business Days following the later of the Recapture Effective Date or becoming aware that a recapture event has occurred, the Ceding Company shall deliver to the Reinsurer a final Monthly Accounting Report starting as of the prior Monthly Accounting Report and ending on the Recapture Effective Date together with the amount calculated pursuant to clause (ii) of the preceding sentence (as applicable) (the “Terminal Accounting Report”), and all amounts required to be paid in connection with the final settlement (including all Account Adjustments and Reinsurer Top-Up Payments) set forth in such Terminal Accounting Report shall be paid in accordance with Section 7.03 as if the Recapture Effective Date were the end of the month. In addition to all amounts required to be paid in connection with the final settlement, the Reinsurer shall pay an amount equal to the Accounts Required Reserves to the Ceding Company, such payment to be effectuated by the Ceding Company retaining assets in the Accounts with an aggregate Statutory Carrying Value equal to the Accounts Required Reserves. Following the making of all payments required to be made by the Reinsurer hereunder (including any Account Adjustments and/or Reinsurer Top-Up Payments and the payment of the Accounts Required Reserves to the Ceding Company) any remaining assets in the Accounts or the Trust Account shall be delivered to one or more accounts as directed by the Reinsurer.
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(c)        Either party’s right to terminate the reinsurance provided hereunder will not prejudice its right to collect amounts owed to it hereunder, including applicable interest as specified in Section 17.02, for the period during which such reinsurance was in force, through and including any notice period.
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(d)        In the event of a renewal recapture under Section 11.02(c), the Reinsured Liability with respect to such Reinsured Policy shall be extinguished upon the Reinsurer’s settlement of those items in Section 7.03 and the payment of the Quota Share of the Net Statutory Reserves with respect to the recaptured policy (such payment to be effectuated by the Ceding
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Company retaining assets in the Accounts with an aggregate book value equal to the Net Statutory Reserves), and in each case, solely related to such Reinsured Policy.
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(e)        For the avoidance of doubt, in the event this Agreement terminates for new business pursuant to Section 11.01 Reinsurer shall remain liable for the Reinsured Policies ceded hereunder in accordance with the terms of this Agreement. Reinsurer shall not be liable for any risks arising after the recapture date of any recaptured Reinsured Policies as provided for in Section 11.02.
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Section 11.04 Survival. All provisions of this Agreement will survive any termination of this Agreement and recapture of the Reinsured Policies to the extent necessary to carry out the purpose of this Agreement.
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ARTICLE XII
 ERRORS AND OMISSIONS
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Section 12.01 Errors and Omissions. Any unintentional or accidental failure to comply with the terms of this Agreement which can be shown to be the result of an oversight or clerical error relating to the administration of reinsurance by either party will not constitute a breach of this Agreement; provided, that, upon discovery, the error shall be promptly corrected so that both parties are restored to the position they would have occupied had the oversight or clerical error not occurred. In the event a payment is corrected, the party receiving the payment shall be entitled to interest in accordance with Section 17.02. Should it not be possible to restore both parties to this position, the party responsible for the oversight or clerical error will be responsible for any resulting liabilities and expenses.
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ARTICLE XIII
 DISPUTE RESOLUTION
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Section 13.01 Negotiation.
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(a)        Within fifteen (15) calendar days after the Reinsurer or the Ceding Company has given the other party written notification of a specific dispute arising out of or relating to this Agreement, each party will appoint a designated officer of its company to attempt to resolve such dispute. The officers will meet at a mutually agreeable time and location as soon as reasonably possible and as often as reasonably necessary in order to gather and furnish the other with all appropriate and relevant information concerning the dispute. Any such meetings may be held by telephone or video conference. The officers will discuss the matter in dispute and will negotiate in good faith without the necessity of formal arbitration proceedings. During the negotiation process, all reasonable requests made by one officer to the other for information will be honored.  The specific format for such discussions will be decided by the designated officers.
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(b)        If the officers cannot resolve the dispute within thirty (30) calendar days of their first meeting, the dispute will be submitted to formal arbitration pursuant to Section 13.02, unless the parties agree in writing to extend the negotiation period for an additional thirty (30) calendar days.
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Section 13.02  Arbitration; Waiver of Trial by Jury.
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(a)        It is the intention of the Reinsurer and the Ceding Company that the customs and practices of the insurance and reinsurance industry will be given full effect in the operation and interpretation of this Agreement. If the Reinsurer and the Ceding Company cannot mutually resolve a dispute that arises out of or relates to this Agreement, including the validity of this Agreement, and the dispute cannot be resolved through the negotiation process, then the dispute will be finally settled by arbitration in accordance with the provisions of this Section 13.02.
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(b)        To initiate arbitration, either the Ceding Company or the Reinsurer will notify the other party by certified mail of its desire to arbitrate, stating the nature of the dispute and the remedy sought.
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(c)        Any arbitration pursuant to this Section 13.02 will be conducted before a panel of three (3) arbitrators who will be current or former officers of life insurance or reinsurance companies other than officers or directors of the parties to this Agreement, their Affiliates or subsidiaries, or other professionals with experience in life insurance or reinsurance; provided, that such professionals shall not have performed services for either party or its Affiliates within the previous three (3) years. Each of the arbitrators will be familiar with the prevailing customs and practices for reinsurance in the life insurance and reinsurance industry in the United States. Each of the parties will appoint one arbitrator and the two (2) so appointed will select the third arbitrator who shall be independent and impartial. If either party refuses or fails to appoint an arbitrator within sixty (60) calendar days after the other party has given written notice to such party of its arbitrator appointment, the party that has given notice may appoint the second arbitrator. If the two (2) arbitrators do not agree on a third arbitrator within thirty (30) calendar days of the appointment of the second arbitrator, then the third arbitrator shall be selected by the ARIAS-U.S. Umpire Selection Procedure (available at www.ARIAS-US.org), subject to the arbitrator qualification requirements of this paragraph.
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(d)        Each arbitration hearing under this Agreement will be held on the date set by the arbitrators at a mutually agreed upon location.  In no event will this date be later than six (6)  months after the appointment of the third arbitrator. As soon as possible, the arbitrators will establish arbitration procedures as warranted by the facts and issues of the particular case. Notwithstanding Section 17.17, the arbitration and this Section 13.02 shall be governed by Title 9 (Arbitration) of the United States Code.
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(e)        The arbitrators will base their decision on the terms and conditions of this Agreement and the customs and practices of the insurance and reinsurance industries rather than on strict interpretation of the law. The decision of the arbitrators will be made by majority rule and will be final and binding on both parties, unless (i) the decision was procured by corruption, fraud or other undue means; (ii) there was evident partiality by an arbitrator or corruption in any of the arbitrators or misconduct prejudicing the rights of any party; or (iii) the arbitrators exceeded their powers. Subject to the preceding sentence, neither party may seek judicial review of the decision of the arbitrators. The arbitrators shall enter an award which shall do justice between the parties and the award shall be supported by written opinion. The parties agree that the federal courts in the State of Nebraska, or the State courts of such State, have jurisdiction to hear any matter relating to compelling arbitration or enforcing the judgment of an arbitral panel, and the
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parties hereby consent to such jurisdiction. Each party hereby waives, to the fullest extent permitted by Law, any objection it may now or hereafter have to the laying of such venue, or any claim that a proceeding has been brought in an inconvenient forum. In addition, the Ceding Company and the Reinsurer hereby consent to service of process out of such courts at the addresses set forth in Section 17.06.
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(f)        Unless the arbitrators decide otherwise, each party will bear the expense of its own arbitration activities, including its appointed arbitrator and any outside attorney and witness fees.  The parties will jointly bear the expense of the third arbitrator.
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(g)        Waiver of Trial by Jury. THE REINSURER AND THE CEDING COMPANY HEREBY WAIVE ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT.
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ARTICLE XIV 
INSOLVENCY
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Section 14.01 Insolvency.
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(a)        A party to this Agreement will be deemed “insolvent” when it:
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(i)         applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator or statutory successor (the “Authorized Representative”) of its properties or assets;
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(ii)        is adjudicated as bankrupt or insolvent;
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(iii)      files or consents to the filing of a petition in bankruptcy, seeks reorganization or an arrangement with creditors or takes advantage of any bankruptcy, dissolution, liquidation, rehabilitation, conservation or similar Law;
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(iv)       becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the party’s domicile.
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(v)        In the event of the insolvency of either party, the rights or remedies of this Agreement will remain in full force and effect.
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(b)        Insolvency of the Ceding Company. In the event of the insolvency, liquidation or rehabilitation of the Ceding Company or the appointment of a liquidator, receiver or statutory successor of the Ceding Company, the reinsurance coverage provided hereunder shall be payable by the Reinsurer directly to the Ceding Company or to its liquidator, receiver or statutory successor except (1) when the contract or other written agreement specifically provides another payee of such reinsurance in the event of the insolvency of the ceding insurer or (2) when the assuming insurer, with the consent of the direct insured, has assumed such policy obligations of the ceding insurer as direct obligations of the assuming insurer to the payees under such policies and in substitution for the obligations of the ceding insurer to such payees, on the basis of the liability of the Ceding Company for the Reinsured Liabilities without diminution because of such insolvency, liquidation, rehabilitation or appointment or because such liquidator, receiver or
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statutory successor has failed to pay any claims or any portion thereof. In any such event, the reinsurance being provided hereunder shall be payable immediately upon demand, with reasonable provision for verification, on the basis of claims allowed against the Ceding Company by any court of competent jurisdiction or by any liquidator, receiver or statutory successor. In any such event, the liquidator, receiver or statutory successor of the Ceding Company shall give written notice to the Reinsurer of the pendency of each claim against the Ceding Company with respect to such Reinsured Liabilities within a reasonable time after each such claim is filed in the insolvency, liquidation or rehabilitation proceeding. During the pendency of any such claims, the Reinsurer may, at its own expense, investigate such claim and interpose in the proceeding in which such claim is to be adjudicated any defense or defenses that the Reinsurer may reasonably deem available to the Ceding Company or its liquidator, receiver or statutory successor. For the avoidance of doubt, the Reinsurer will be liable only for benefits reinsured as benefits become due under the terms of the Reinsured Policies and will not be or become liable for any amounts or reserves to be held by the Ceding Company as to the Reinsured Policies or for any damages or payments resulting from the termination or restructuring of the Reinsured Policies, in each case, that are not otherwise expressly covered by this Agreement.
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ARTICLE XV 
TAXES
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Section 15.01 Taxes. No taxes, allowances, or other expenses will be paid by the Reinsurer to the Ceding Company for any Reinsured Policy, except as specifically referred to in this Agreement.
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Section 15.02  DAC Tax Election.
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(a)        The Ceding Company and the Reinsurer agree to elect, pursuant to U.S. Treasury Regulations Section 1.848-2(g)(8), to determine specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1) of the Code (the "DAC Tax Election").
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(b)        This DAC Tax Election will be effective for the first taxable year in which this Agreement is effective and for all years for which this Agreement remains in effect, and each party agrees that is will take no action to revoke such DAC Tax Election.
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(c)        The party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1) of the Code.
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(d)        The parties agree to sign the DAC Tax Election in the format provided in Schedule VI upon the execution of this Agreement.
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(e)        The parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. If requested, the Ceding Company will provide supporting information reasonably requested by the Reinsurer. (The term "net consideration" means "net consideration" as defined in Regulation Section 1.848-2(f)).
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(f)        The Ceding Company and the Reinsurer will each attach a schedule to their respective federal income tax returns filed for the first taxable year for which this DAC Tax Election is effective, and each year thereafter. Such schedules will identity the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.8482(g)(8) has been made.
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(g)        The Ceding Company and the Reinsurer represent and warrant that each is respectively subject to U.S. taxation under with the provision of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 of the Code.
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Section 15.03 US Taxpayer. Both the Ceding Company and the Reinsurer are U.S. taxpayers that are corporations for United States federal income tax purposes and are “United States persons” within the meaning of Section 7701(a)(30) of the Code.
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ARTICLE XVI 
REPRESENTATIONS, WARRANTIES AND COVENANTS
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Section 16.01 Representations and Warranties of the Ceding Company. The Ceding Company hereby represents and warrants to the Reinsurer, as of the Effective Date, as follows:
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(a)        Organization and Qualification. The Ceding Company is a corporation duly incorporated, validly existing and in good standing under the Laws of the State of Nebraska and has all requisite corporate power and authority to operate its business as now conducted, and is duly qualified as a foreign corporation to do business, and, to the extent legally applicable, is in good standing, in each jurisdiction where the character of its owned, operated or leased properties or the nature of its activities makes such qualification necessary, except for failures to be so qualified or be in good standing that, individually or in the aggregate, do not have, and would not reasonably be expected to have, a material adverse effect on the Ceding Company’s ability to perform its obligations under this Agreement.
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(b)        Authorization. The Ceding Company has all requisite corporate power to enter into, consummate the transactions contemplated by and carry out its obligations under, this Agreement. The execution and delivery by the Ceding Company of this Agreement, and the consummation by the Ceding Company of the transactions contemplated by, and the performance by the Ceding Company of its obligations under, this Agreement have been duly authorized by all requisite corporate action on the part of the Ceding Company. This Agreement has been duly executed and delivered by the Ceding Company, and (assuming due authorization, execution and delivery by the Reinsurer) this Agreement constitutes the legal, valid and binding obligation of the Ceding Company, enforceable against it in accordance with its terms, subject to the effect of any applicable bankruptcy, reorganization, insolvency, moratorium, or similar Laws relating to or affecting creditors’ rights generally.
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(c)        No Conflict. The execution, delivery and performance by the Ceding Company of, and the consummation by the Ceding Company of the transactions contemplated by, this Agreement do not and will not (i) violate or conflict with the organizational documents of the Ceding Company, (ii) conflict with or violate any Law or Permit of any Governmental Entity applicable to the Ceding Company or by which it or its properties or assets is bound or subject, or
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(iii)  result in any breach of, or constitute a default (or event which, with the giving of notice or lapse of time, or both, would become a default) under, or give to any Person any rights of termination, acceleration or cancellation of, any agreement, lease, note, bond, loan or credit agreement, mortgage, indenture or other instrument, obligation or contract of any kind to which the Ceding Company or any of its subsidiaries is a party or by which the Ceding Company or any of its subsidiaries or any of their respective properties or assets is bound or affected, except, in the case of clause (iii), any such conflicts, violations, breaches, loss of contractual benefits, defaults or rights that, individually or in the aggregate, do not have, and would not reasonably be expected to have, a material adverse effect on the Ceding Company’s ability to perform its obligations under this Agreement.
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(d)        Factual Information Relating to the Reinsured Policies. The information relating to the business reinsured under this Agreement and the Reinsured Policies that was supplied by or on behalf of the Ceding Company to the Reinsurer or any of the Reinsurer’s representatives in connection with this Agreement, including information with respect to the historical practices of the Ceding Company (such information, the “Factual Information”), as of the date supplied (or if later corrected or supplemented prior to the date hereof, as of the date corrected or supplemented), was complete and accurate in all material respects taken as a whole, as of the date of such information, provided that the Ceding Company makes no representation or warranty with respect to any projection, model, methodology, forecasting, analysis, assumption or estimate other than that the projections, models, methodologies, forecasts, analyses, assumptions or estimates on the basis of which such projection, model, methodology, forecasting, analysis, assumption or estimate were prepared (i) are reasonable and (ii) were prepared in good faith and in accordance with sound actuarial principles. The Ceding Company makes no representation or warranty as to the sufficiency or adequacy of any reserves or the future profitability of the Reinsured Policies. Any actuarial data included in the Factual Information was compiled in accordance with generally accepted actuarial principles in all material respects given the intended purpose at the time compiled. The Factual Information was compiled in a commercially reasonable manner given its intended purpose. The Ceding Company is not aware of any omissions, errors, changes or discrepancies that would materially affect the Factual Information since such date of supply, correction or supplement.
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(e)        Solvency. The Ceding Company is and will be Solvent on a statutory basis immediately after giving effect to this Agreement. For the purposes of this Section 16.01(e), “Solvent” means that: (i) the aggregate assets of the Ceding Company are greater than the aggregate liabilities of the Ceding Company, in each case determined in accordance with Nebraska SAP; (ii) the Ceding Company does not intend to, and does not believe that it will, incur debts or other liabilities beyond its ability to pay such debts and other liabilities as they come due; and (iii) the Ceding Company is not engaged in a business or transaction, and does not contemplate engaging in a business or transaction, for which the Ceding Company’s assets would constitute unreasonably insufficient capital.
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(f)        Governmental Licenses. The Ceding Company has all Permits necessary to conduct its business as currently conducted and execute and deliver, and perform its obligations under, this Agreement, except in such cases where the failure to have a Permit has not had and would not reasonably be expected to have a material adverse effect on the Ceding Company’s
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ability to perform its obligations under this Agreement. All Permits that are material to the conduct of the Ceding Company’s business are valid and in full force and effect.
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(g)        Actions. The Ceding Company has not received any notice from any Governmental Entity alleging any violation of any applicable Law by the Ceding Company that would, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Reinsured Policies or the Ceding Company’s ability to satisfy its obligations hereunder. The Ceding Company is not subject to any pending Action or, to the knowledge of the Ceding Company, any threatened Action that seeks the revocation, suspension, termination, modification or impairment of any Permit that, if successful, would reasonably be expected to have, or with the passage of time become, a material adverse effect on the Ceding Company’s ability to perform its obligations under this Agreement. There is no outstanding order, decree (including a consent decree), judgment, writ, injunction, directive, decision, award, stipulation, or ruling by or with any Governmental Entity, arbitrator or arbitration board binding upon the Ceding Company, except as would not reasonably be expected to have a material adverse effect on the Reinsured Policies or the Ceding Company’s ability to satisfy its obligations hereunder.
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(h)        Accounts. Each Account has been maintained in accordance with applicable Law. No plan of operations with respect to the Accounts was required to be filed and approved by any Governmental Entity.
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(i)         Broker Fees. No intermediary, broker or finder has acted directly or indirectly for the Ceding Company, nor has the Ceding Company incurred any obligations to pay any intermediary, brokerage or finder’s fee or other commission, in connection with the transactions contemplated by this Agreement.
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Section 16.02 Representations and Warranties of the Ceding Company in Respect of the In Force Reinsured Policies. In respect of, and limited to, the In Force Reinsured Policies (if any), the Ceding Company hereby represents and warrants to the Reinsurer, as of the Effective Date, as follows:
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(a)        Accuracy of Data. The Ceding Company is not aware of any material errors inaccuracies or discrepancies in respect of the data described in Schedule IX.
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(b)        Statutory Reserves. Subject to the next sentence, the Net Statutory Reserves as of the Effective Date (i) have been computed by the Ceding Company for purposes hereof in accordance with generally accepted actuarial principles and practices applicable to the Ceding Company, consistently applied, and are fairly stated in accordance with Nebraska SAP; (ii) are based on actuarial assumptions which produce reserves at least as great as those called for in any In Force Reinsured Policy provision; and (iii) include provision for all actuarial reserves and related statement items which ought to be established by the Ceding Company pursuant to Nebraska SAP, including additional reserves for benefits that may be included in rider provisions. On certain monthly reports, the Ceding Company uses estimates for Net Statutory Reserves, which are adjusted and trued up quarterly based on its actuary’s calculations.
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(c)        Form of Contracts. All In Force Reinsured Policies have been issued substantially in the form of one of the specimen policy forms provided to the Reinsurer and listed
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in Schedule I, without any riders thereto or other deviations therefrom except as expressly disclosed to the Reinsurer in writing. All In Force Reinsured Policies comply with applicable Laws in all material respects, including with respect to applicable rate and form filing requirements under applicable Law.
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(d)        Administration. The Ceding Company has administered and provided policy holders and claims servicing with respect to the In Force Reinsured Policies since their respective dates of issuance in a manner consistent in all material respects in accordance with the standards set forth in the second sentence of Section 10.1.
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(e)        Compliance with Applicable Law. The Ceding Company has filed all material reports, registrations, filings or submissions required to be filed with any Governmental Entity with respect to the In Force Reinsured Policies or the issuance or administration thereof. All such reports, registrations, filings or submissions were in compliance in all material respects with applicable Law when filed or as amended or supplemented, and no material deficiencies have been asserted by any such Governmental Entity with respect to such registrations, filings or submissions that have not been satisfied or resolved, except in each case as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Reinsured Policies or the Ceding Company’s ability to satisfy its obligations hereunder. The Ceding Company has endeavored in good faith to furnish to the Reinsurer all correspondence with respect to the In Force Reinsured Policies between the Ceding Company and any Governmental Entity, including all state insurance regulatory authorities, regarding any material violations of applicable Law.
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(f)        No Governmental Orders or Investigations. There is no investigation or proceeding pending or, to the knowledge of the Ceding Company, threatened by, any Governmental Entity against the Ceding Company with respect to any In Force Reinsured Policies, except as would not reasonably be expected to have a material adverse effect on the Reinsured Policies or the Ceding Company’s ability to satisfy its obligations hereunder.
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(g)        Title to Assets. The Ceding Company has good and marketable title to the asset set forth on Schedule III-B, free and clear of all liens.
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(h)        Broker Fees. There are no fees or commissions which are unpaid, due and owing to any agent, broker or intermediary in respect of the In Force Reinsured Policies.
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Section 16.03  Covenants of the Ceding Company.
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(a)        Investigations. To the extent permitted by applicable Law, the Ceding Company shall promptly notify the Reinsurer, in writing, of any and all investigations of the Ceding Company conducted by any Governmental Entity commencing after the date hereof, other than routine State insurance department examinations that do not relate to the business reinsured pursuant to this Agreement or would not otherwise reasonably be expected to adversely affect the performance by the Ceding Company of its obligations under this Agreement.
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(b)        Statutory Accounting Principles. The Ceding Company shall prepare its financial statements as required by, and in accordance with, Nebraska SAP in all material respects.
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(c)        Existence; Conduct of Business. The Ceding Company shall do or cause to be done all things reasonably necessary to preserve, renew and keep in full force and effect its legal existence and the rights, Permits and privileges material to the conduct of its business.
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(d)        Compliance with Law. The Ceding Company shall comply with all Laws applicable to, and all Permits issued by any Governmental Entity to, the Ceding Company or by which it or its properties or assets is bound or subject, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a material adverse effect on the Ceding Company’s ability to perform its obligations, or on the Reinsurer’s rights or obligations, under this Agreement.
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(e)        Governmental Notices. The Ceding Company shall provide the Reinsurer, within five (5) Business Days after receipt thereof, copies of any material written notice or report from any Governmental Entity with respect to the business reinsured under this Agreement and a written summary of any material oral communication with any Governmental Entity with respect to the business reinsured under this Agreement.
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(f)        Restrictions on Liens. The Ceding Company shall not create, incur, assume or suffer to exist any material liens on the assets in the ModCo Deposit or the Funds Withheld Account or on any interest therein or the proceeds thereof.
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(g)        Reliance. The Ceding Company hereby represents, warrants and covenants that it has not relied, and shall not rely, on any representation, warranty or statement or duty of the Reinsurer other than the representations and warranties contained in Section 16.04 and the covenants contained in Section 16.05 and elsewhere in this Agreement. The Reinsurer makes no representations or warranties in connection herewith other than those contained in Section 16.04, and makes no covenants other than those contained in Section 16.05 and elsewhere in this Agreement.
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Section 16.04 Representations and Warranties of the Reinsurer. The Reinsurer hereby represents and warrants to the Ceding Company, as of the Effective Date, as follows:
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(a)        Organization and Qualification. (i)The Reinsurer is an incorporated cell of Seneca Reinsurance Company, LLC and (ii) Seneca Reinsurance Company, LLC is a sponsored captive insurance company formed as a limited liability company, in the case of (i) and (ii), validly existing and in good standing under the Laws of Vermont and has all requisite corporate power and authority to operate its business as now conducted, and is duly qualified as a foreign corporation to do business, and, to the extent legally applicable, is in good standing, in each jurisdiction where the character of its owned, operated or leased properties or the nature of its activities makes such qualification necessary, except for failures to be so qualified or be in good standing that, individually or in the aggregate, do not have, and would not reasonably be expected to have, a material adverse effect on the Reinsurer’s ability to perform its obligations under this Agreement.
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(b)        Authorization. The Reinsurer has all requisite corporate power to enter into, consummate the transactions contemplated by and carry out its obligations under, this Agreement. The execution and delivery by the Reinsurer of this Agreement, and the consummation by the
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Reinsurer of the transactions contemplated by, and the performance by the Reinsurer of its obligations under, this Agreement have been duly authorized by all requisite corporate action on the part of the Reinsurer. This Agreement has been duly executed and delivered by the Reinsurer, and (assuming due authorization, execution and delivery by the Ceding Company) this Agreement constitutes the legal, valid and binding obligation of the Reinsurer, enforceable against it in accordance with its terms, subject to the effect of any applicable bankruptcy, reorganization, insolvency, moratorium, or similar Laws relating to or affecting creditors’ rights generally.
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(c)        No Conflict. The execution, delivery and performance by the Reinsurer of, and the consummation by the Reinsurer of the transactions contemplated by, this Agreement do not and will not (i) violate or conflict with the organizational documents of the Reinsurer, (ii) conflict with or violate any Law or Permit of any Governmental Entity applicable to the Reinsurer or by which it or its properties or assets is bound or subject, or (iii) result in any breach of, or constitute a default (or event which, with the giving of notice or lapse of time, or both, would become a default) under, or give to any Person any rights of termination, acceleration or cancellation of, any agreement, lease, note, bond, loan or credit agreement, mortgage, indenture or other instrument, obligation or contract of any kind to which the Reinsurer or any of its subsidiaries is a party or by which the Reinsurer or any of its subsidiaries or any of their respective properties or assets is bound or affected, except, in the case of clause (iii), any such conflicts, violations, breaches, loss of contractual benefits, defaults or rights that, individually or in the aggregate, do not have, and would not reasonably be expected to have, a material adverse effect on the Reinsurer’s ability to perform its obligations under this Agreement.
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(d)        Solvency. The Reinsurer is and will be Solvent on a statutory basis immediately after giving effect to this Agreement. For the purposes of this Section 16.04(d), “Solvent” means that: (i) the aggregate assets of the Reinsurer are greater than the aggregate liabilities of the Reinsurer, in each case determined in accordance with the laws of the State of Vermont; (ii) the Reinsurer does not intend to, and does not believe that it will, incur debts or other liabilities beyond its ability to pay such debts and other liabilities as they come due; and (iii) the Reinsurer is not engaged in a business or transaction, and does not contemplate engaging in a business or transaction, for which the Reinsurer’s assets would constitute unreasonably insufficient capital.
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(e)        Governmental Licenses. The Reinsurer has all Permits necessary to conduct its business as currently conducted and execute and deliver, and perform its obligations under, this Agreement, except in such cases where the failure to have a Permit has not had and would not reasonably be expected to have a material adverse effect on the Reinsurer’s ability to perform its obligations under this Agreement. All Permits that are material to the conduct of the Reinsurer’s business are valid and in full force and effect.
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(f)        Actions. The Reinsurer has not received any notice from any Governmental Entity alleging any violation of any applicable Law by the Reinsurer that would, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Reinsurer’s ability to satisfy its obligations hereunder. The Reinsurer is not subject to any pending Action or, to the knowledge of the Reinsurer, any threatened Action that seeks the revocation, suspension, termination, modification or impairment of any Permit that, if successful, would reasonably be expected to have, or with the passage of time become, a material adverse effect on the Reinsurer’s
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ability to perform its obligations under this Agreement. There is no outstanding order, decree (including a consent decree), judgment, writ, injunction, directive, decision, award, stipulation, or ruling by or with any Governmental Entity, arbitrator or arbitration board binding upon the Reinsurer, except as would not reasonably be expected to have a material adverse effect on the Reinsured Policies or the Reinsurer’s ability to satisfy its obligations hereunder.
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(g)        Broker Fees. No intermediary, broker or finder has acted directly or indirectly for the Reinsurer, nor has the Reinsurer incurred any obligations to pay any intermediary, brokerage or finder’s fee or other commission, in connection with the transactions contemplated by this Agreement.
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Section 16.05  Covenants of the Reinsurer.
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(a)        Investigations. To the extent permitted by applicable Law, the Reinsurer shall promptly notify the Ceding Company, in writing, of any and all investigations of the Reinsurer conducted by any Governmental Entity commencing after the date hereof, other than routine State insurance department examinations that do not relate to the business reinsured pursuant to this Agreement or would not otherwise reasonably be expected to adversely affect the performance by the Reinsurer of its obligations under this Agreement.
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(b)        Statutory Accounting Principles. The Reinsurer shall prepare its financial statements as required by, and in accordance with GAAP.
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(c)        Existence; Conduct of Business. The Reinsurer shall do or cause to be done all things reasonably necessary to preserve, renew and keep in full force and effect its legal existence and the rights, Permits and privileges material to the conduct of its business.
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(d)        Compliance with Law. The Reinsurer shall comply with all Laws applicable to, and all Permits issued by any Governmental Entity to, the Reinsurer or by which it or its properties or assets is bound or subject, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a material adverse effect on the Reinsurer’s ability to perform its obligations, or on the Ceding Company’s rights or obligations, under this Agreement.
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(e)        Governmental Notices. The Reinsurer shall provide the Ceding Company, within five (5) Business Days after receipt thereof, copies of any written notice or report from any Governmental Entity with respect to the business reinsured under this Agreement and a written summary of any material oral communication with any Governmental Entity with respect to the business reinsured under this Agreement.
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(f)        Reliance. The Reinsurer hereby represents, warrants and covenants that it has not relied, and shall not rely, on any representation, warranty or statement or duty of the Ceding Company other than the representations and warranties contained in Sections 16.01 and 16.02 and the covenants contained in Section 16.03 and elsewhere in this Agreement. The Ceding Company makes no representations or warranties in connection herewith other than those contained in Sections 16.01 and 16.02, and makes no covenants other than those contained in Section 16.05 and elsewhere in this Agreement.
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ARTICLE XVII 
MISCELLANEOUS
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Section 17.01 Currency. All payments due under this Agreement shall be made in U.S. Dollars.
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Section 17.02 Interest. All amounts due and payable by the Ceding Company or the Reinsurer under this Agreement that remain unpaid for more than fifteen (15) calendar days from the date due hereunder will incur interest from the date due hereunder. Except as otherwise set forth in this Agreement, such interest shall accrue at the rate equal to [Redacted] per annum (the “Delayed Payment Rate”).
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Section 17.03  Right of Setoff and Recoupment.
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(a)        Each of the Ceding Company and the Reinsurer shall have, and may exercise at any time and from time to time, the right to setoff or recoup any balance or balances, whether on account of Reinsurance Premiums, allowances, credits, Reinsured Liabilities or otherwise, due from one party to the other under this Agreement and may setoff or recoup such balance or balances against any balance or balances due to the former from the latter under this Agreement.
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(b)        The parties’ setoff rights may be enforced notwithstanding any other provision of this Agreement including the provisions of Article XIV.
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Section 17.04 No Third-Party Beneficiaries. This Agreement is an indemnity reinsurance agreement solely between the Ceding Company and the Reinsurer. The acceptance of risks under this Agreement by the Reinsurer will create no right or legal relation between the Reinsurer and the insured, owner, beneficiary, or assignee of any insurance policy of the Ceding Company. In addition, nothing expressed or implied in this Agreement is intended to or shall confer remedies, obligations or liabilities upon any Person other than the parties hereto and their respective administrators, successors, legal representatives and permitted assigns or relieve or discharge the obligation or liability of any third party to any party to this Agreement.
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Section 17.05 Amendment. This Agreement may not be changed or modified or in any way amended except by a written instrument duly executed by the proper officers of both parties to this Agreement, and any change or modification to this Agreement will be null and void unless made by amendment to this Agreement and duly executed by the proper officers of both parties to this Agreement.
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Section 17.06 Notices.
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(a)        All demands, notices, reports and other communications provided for herein shall be delivered by the following means: (i) hand-delivery; (ii) overnight courier service (e.g., FedEx, Airborne Express, or DHL); (iii) registered or certified U.S. mail, postage prepaid and return receipt requested; or (iv) facsimile transmission or e-mail; provided, that the fax or e-mail is confirmed by delivery using one of the three (3) methods identified in clauses (i) through (iii). All such demands, notices, reports and other communications shall be delivered to the parties as follows:
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if to the Ceding Company:
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American Life & Security Corp. 
2900 S. 70th Street
Suite 400
Lincoln, NE 68506
Attn: Michael Salem and Mike Minnich 
Tel: [Redacted]
Email: [Redacted]
if to the Reinsurer:
CL Seneca
Seneca Reinsurance Company, LLC
c/o Amethyst Captive Insurance Solutions 
126 College Street, Suite 300
Burlington VT 05401
Email: [Redacted]
Email: [Redacted]
Email:  [Redacted]
With a copy to:
[•]
With a copy to the Investment Manager: Crestline Management, L.P.
[•]
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(b)        Either party hereto may change the names or addresses where notice is to be given by providing notice to the other party of such change in accordance with this Section 17.06.
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(c)        If either party hereto becomes aware of any change in applicable Law restricting the transmission of notices or other information in accordance with the foregoing, such party shall notify the other party hereto of such change in Law and such resulting restriction.
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Section 17.07 Consent to Jurisdiction. Subject to the terms and conditions of Article XIII, each party hereto hereby irrevocably and unconditionally submits to the non-exclusive jurisdiction of any United States court sitting in Nebraska and of any Nebraska state court for purposes of all legal proceedings arising out of or relating to this Agreement or for recognition and enforcement of any judgment in respect thereof. In any action, suit or other proceeding, each party hereby irrevocably waives, to the fullest extent permitted by applicable Law, any objection that it may now or hereafter have to the laying of the venue of any such proceedings brought in such court and any claim that any such proceeding brought in such a court has been brought in an inconvenient
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forum. Each party hereto also agrees that any final and nonappealable judgment against a party in connection with any action, suit or other proceeding shall be conclusive and binding on such party and that such award or judgment may be enforced in any court of competent jurisdiction, either within or outside of the United States. A certified or exemplified copy of such award or judgment shall be conclusive evidence of the fact and amount of such award or judgment. Each party hereto agrees that any process or other paper to be served in connection with any action or proceeding under this Agreement shall, if delivered, sent or mailed in accordance with Section 17.06, constitute good, proper and sufficient service thereof. This Section 17.07 is not intended to conflict with or override Article XIII.
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Section 17.08 Service of Process. The Reinsurer hereby designates the CT Corporation, located at [address to be inserted], as its true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the Ceding Company. A copy of any such process shall be delivered to the Reinsurer in accordance with Section 17.06. This Section 17.08 is not intended to conflict with or override Article XIII.
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Section 17.09  Inspection of Records.
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(a)        Upon giving at least five (5) Business Days’ prior written notice, the Reinsurer, or its duly authorized representatives, will have the right to audit, examine and copy, electronically or during regular business hours, at the home office of the Ceding Company, any and all books, records, statements, correspondence, reports, and other documents that relate to the Reinsured Policies, the assets maintained in the Funds Withheld Account, the assets maintained in the ModCo Deposit or this Agreement, subject to the confidentiality provisions contained in this Agreement and preservation of attorney-client privilege . In the event the Reinsurer exercises its inspection rights, the Ceding Company must provide a reasonable work space for such audit, examination or copying, cooperate fully and faithfully, and produce any and all materials reasonably requested to be produced, subject to confidentiality provisions contained in this Agreement. The expenses related to any two (2) such inspections in any calendar year shall be borne by the Ceding Company; provided, that if any breach of this Agreement by the Ceding Company has occurred, the expenses relating to all such inspections shall be borne by the Ceding Company.
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(b)        The Reinsurer’s right of access as specified above will survive until all of the Reinsurer’s obligations under this Agreement have terminated or been fully discharged.
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Section 17.10 Confidentiality.
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(a)        The parties will keep confidential and not disclose or make competitive use of any shared Proprietary Information, as defined below, unless:
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(i)         The information becomes publicly available or is obtained other than through unauthorized disclosure by the party seeking to disclose or use such information;
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(ii)        The information is independently developed by the recipient; or
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(iii)      The disclosure is required by Law; provided, that, if applicable, the party required to make such disclosure will allow the other party to seek an appropriate protective order.
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“Proprietary Information” includes, but is not limited to, underwriting manuals and guidelines, applications, policy forms, agent lists and premium rates and allowances of the Reinsurer and the Ceding Company, but shall not include the existence of this Agreement and the identity of the parties. Additionally, Proprietary Information may be shared by either party on a need-to-know basis with its officers, directors, employees, Affiliates, third-party service providers, auditors, consultants or retrocessionaires, or in connection with the dispute process specified in this Agreement.
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(b)        Except as embedded in records during an audit as set forth in 17.09, the Ceding Company shall not provide to the Reinsurer, and the Reinsurer shall have no right to access, any Non-Public Personal Information except to the extent (i) necessary for purposes of administration of this Agreement and (ii) requested in writing by a duly authorized representative of the Reinsurer. The Reinsurer and its representatives and service providers will protect the confidentiality and security of Non-Public Personal Information (as defined below) provided to it hereunder by:
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(i)         holding all Non-Public Personal Information in strict confidence;
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(ii)        maintaining appropriate measures that are designed to protect the security, integrity and confidentiality of Non-Public Personal Information; and
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(iii)      disclosing and using Non-Public Personal Information received under this Agreement solely for purposes of carrying out the Reinsurer’s obligations under this Agreement, for purposes of retrocession (provided that the retrocessionaire has agreed to maintain the confidentiality of such Non-Public Personal Information to the same extent as the Reinsurer hereunder), or as may be required or permitted by Law, in each case solely to the extent permitted by Law.
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“Non-Public Personal Information” is personally identifiable medical, financial, and other personal information about proposed, current and former applicants, policy owners, contract holders, insureds, annuitants, claimants, and beneficiaries of Reinsured Policies or contracts issued by the Ceding Company, and their representatives, that is not publicly available. Non-Public Personal Information does not include de-identified personal data, i.e., information that does not identify, or could not reasonably be associated with, an individual.
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Section 17.11 Successors. This Agreement will be binding upon the parties hereto and their respective successors and assigns including any Authorized Representative of either party. Neither party may effect any novation or assignment of this Agreement without the prior written consent of the other party and the Nebraska Department of Insurance.
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Section 17.12 Entire Agreement. This Agreement and the Schedules and Exhibits hereto constitute the entire agreement between the parties with respect to the business reinsured hereunder and supersede any and all prior representations, warranties, prior agreements or understandings between the parties pertaining to the subject matter of this Agreement. There are no
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understandings between the parties other than as expressed in this Agreement and the Schedules and Exhibits hereto. In the event of any express conflict between this Agreement and the Schedules and Exhibits hereto, the Schedules and Exhibits hereto will control.
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Section 17.13 Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or entity or any circumstance, is found by a court or other Governmental Entity of competent jurisdiction to be invalid or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.
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Section 17.14 Construction. This Agreement will be construed and administered without regard to authorship and without any presumption or rule of construction in favor of either party. This Agreement is between sophisticated parties, each of which has reviewed this Agreement and is fully knowledgeable about its terms and conditions.
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Section 17.15 Non-Waiver. Neither the failure nor any delay on the part of the Ceding Company or the Reinsurer to exercise any right, remedy, power, or privilege under this Agreement shall operate as a waiver thereof. No single or partial exercise of any right, remedy, power or privilege shall preclude the further exercise of that right, remedy, power or privilege or the exercise of any other right, remedy, power or privilege. No waiver of any right, remedy, power or privilege with respect to any occurrence shall be construed as a waiver of that right, remedy, power or privilege with respect to any other occurrence. No prior transaction or dealing between the parties will establish any custom, usage or precedent waiving or modifying any provision of this Agreement. No waiver shall be effective unless it is in writing and signed by the party granting the waiver.
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Section 17.16 Further Assurances. From time to time, as and when requested by a party hereto, the other party hereto shall execute and deliver all such documents and instruments and shall take all actions as may be reasonably necessary to consummate the transactions contemplated by this Agreement.
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Section 17.17 Governing Law. This Agreement will be governed by and construed in accordance with the Laws of the State of Nebraska without giving effect to any principles of conflicts of law thereof that are not mandatorily applicable by Law and would permit or require the application of the Laws of another jurisdiction.
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Section 17.18 Counterparts. This Agreement may be executed in counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party hereto and delivered to the other party. Each party hereto may deliver its signed counterpart of this Agreement to the other party by means of electronic mail or any other electronic medium utilizing image scan technology, and such delivery will have the same legal effect as hand delivery of an originally executed counterpart.  When this
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Agreement has been fully executed by the Ceding Company and the Reinsurer, it will become effective as of the Effective Date.
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[Remainder of Page Intentionally Blank]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed effective as of the Effective Date.
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	AMERICAN LIFE & SECURITY CORP.

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	By:
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	Name:
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	Title:
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	CL SENECA of SENECA REINSURANCE COMPANY, LLC

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	By:
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	Name:
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	Title:
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[Signature Page to Coinsurance Agreement]
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Ex-B-1

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APPENDIX A-3
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Trust Agreement
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FILING VERSION
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TRUST AGREEMENT
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This Trust Agreement (the “Trust Agreement”) is made and entered into as of this [•] day of [•], 2020 among AMERICAN LIFE & SECURITY CORP., a Nebraska- domiciled insurance company (the “Beneficiary”), CL SENECA, an incorporated cell of Seneca Reinsurance Company, LLC, a sponsored captive insurance company formed as a limited liability company under the Laws of Vermont (the “Grantor”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Trustee (the “Trustee”).
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RECITALS
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A.         The Grantor and the Beneficiary have entered into the reinsurance agreement listed on Exhibit B hereto (the “Reinsurance Agreement”), and the Grantor desires to secure its obligations to the Beneficiary in connection with the Reinsurance Agreement as provided in this Trust Agreement.
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B.         The Grantor desires to establish this Trust Agreement for the sole benefit of the Beneficiary.
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C.         The Trustee desires to serve as directed trustee in accordance with the terms and conditions set forth in this Trust Agreement.
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D.         The Beneficiary and the Grantor acknowledge that the Trustee is not a party to, is not bound by, and has no duties or obligations under, the Reinsurance Agreement, that all references in this Trust Agreement to the Reinsurance Agreement are solely for the benefit of the Beneficiary and the Grantor, and that the Trustee shall have no implied duties beyond the express duties set forth in this Trust Agreement.
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NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Beneficiary, the Grantor and the Trustee agree as follows:
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1.         Definitions. Unless otherwise provided herein, the following terms shall have the following meanings for all purposes of this Trust Agreement:
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“Beneficiary” shall have the meaning specified in the Preamble hereto.
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“Business Day” means any day other than a Saturday, a Sunday, any other day on which banking institutions are authorized or required by law to close in New York, New York or the Burlington, Vermont, and any other day on which the Trustee is closed.
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“Fair Market Value” means with respect to any asset, and as of any date of determination, the price that would be received in a sale of such asset in accordance with
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GAAP accounting at the determination date (the “Price”), determined as: (i) for liquid assets, the Price for such asset as published by a nationally recognized pricing service where such prices are available and (ii) otherwise, the Price for such asset as determined by a qualified independent securities valuation firm, each pricing service or valuation firm to be selected by the Investment Advisor with the consent of the Beneficiary, such consent not to be unreasonably withheld, conditioned or delayed. In the event that the Beneficiary and the Investment Advisor cannot agree on a valuation firm, such valuation firm shall be Houlihan Lokey. The “Fair Market Value” of any asset shall include any accrued but unpaid interest or dividend on such asset. The Trustee is not responsible for the valuation of non-traded (or nonmarket-traded) assets, including but not limited to those valued pursuant to (ii) above.
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“Guidelines” means the investment guidelines for the Assets agreed by the Grantor, the Investment Advisor and the Beneficiary in the Trust Investment Management Agreement, dated [•], 2020 between the Grantor and the Investment Advisor.  The Beneficiary and the Grantor hereto acknowledge that the Trustee (i) is not a party to, is not bound by, and has no duties or obligations under the Guidelines and that all references in this Trust Agreement to the Guidelines are for the convenience of the Grantor and Beneficiary; (ii) that the Trustee shall be under no duty or responsibility whatsoever to confirm that any investments constitute or continue to be Permitted Investments or are in compliance with the Guidelines, nor shall the Trustee have any duty or obligation whatsoever to monitor asset quality, allocation, diversity, composition, value, returns, restrictions or other characteristics for any reason, including compliance with the Reinsurance Agreement, the Guidelines or any other agreements to which the Beneficiary and Grantor are parties.
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“Grantor” shall have the meaning specified in the Preamble hereto.
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“Permitted Investments” means (A) cash (United States legal tender), and any depository assets held through DTC or  Federal Reserve, including securities Trustee customarily holds through an agent; and (B) any asset that is a permitted asset under applicable law and is permitted under the Guidelines. Depository assets held through Euroclear and Great Britain legal tender may be added as Permitted Investments upon ten days’ written notice from Grantor or the Investment Advisor to the Trustee; no additional consent or agreement from the Beneficiary is required.
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“Reinsurance Agreement” shall have the meaning specified in Recital A.
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“Statutory Carrying Value” shall mean, with respect to any Asset, as of the relevant date of determination, the carrying value amount permitted to be carried by the Beneficiary as an admitted asset consistent with Nebraska SAP (as defined in the Reinsurance Agreement) in its statutory financial statements.
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“Termination Date” means the date this Trust Agreement shall be deemed terminated pursuant to the provisions of Section 8(a) hereof.
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“Trust Account” means the trust account (and any sub-accounts), created and established with the Trustee pursuant to Section 2(b) hereof.
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“Trustee” means Wells Fargo Bank, National Association, or any successor serving as Trustee hereunder in accordance with Section 7(d) hereof.
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2.         Deposit of Assets.
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(a)  This Trust Agreement has been established for the sole use and benefit of the Beneficiary.
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(b)   There is hereby created and established by the Grantor with the Trustee a trust account (the “Trust Account”) into which all assets to be deposited hereunder (the “Assets”) shall be received and held by the Trustee.
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(c)  Upon execution of this Trust Agreement, the Grantor shall transfer to the Trustee, for deposit in the Trust Account, the Assets listed on Exhibit A hereto, and may transfer to the Trustee, for deposit to the Trust Account, such other Assets as it may from time to time desire or be required. The Trustee shall not be responsible to monitor, collect or enforce collection of contributions to the Account.
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(d)   The Beneficiary shall be permitted from time to time to deliver Assets to the Trustee for deposit into the Trust Account as permitted by Section 7.03(b)(ii) of the Reinsurance Agreement. All Assets delivered by the Beneficiary for deposit into the Trust Account shall be considered deposited on behalf of the Grantor and the Grantor shall be considered the grantor of such Assets for all purposes of this Agreement.
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(e)  All Assets deposited with the Trustee shall be held in the Trust Account by the Trustee in a safe place at the Trustee’s offices in The United States of America, including in any book-entry accounts maintained by the Trustee with any Federal Reserve Bank or with any nationally recognized securities depository such as the Depository Trust Company or the Participants Trust Company. Assets may be held in the name of a nominee maintained by the Trustee.
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(f)  Upon receipt of any Assets that the Trustee holds in a depository account (i.e., DTC, Federal Reserve System, Euroclear), the Trustee shall determine that the Assets are in such form that the Beneficiary or the Trustee, upon written direction of the Beneficiary may, whenever necessary, negotiate any such Assets, without consent or signature from the Grantor or any other person or entity other than Trustee’s agent. The Grantor covenants and agrees that prior to depositing any Assets with the Trustee, it will have executed assignments, endorsements in blank, or transferred legal title to the Trustee of all shares, obligations or any other Assets requiring assignments, in order that the Beneficiary, or the Trustee upon the written direction of the Beneficiary may whenever necessary negotiate any such Assets without consent or signature from the Grantor or any other entity.
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(g)    The Trustee shall furnish to the Grantor and the Beneficiary a statement of all Assets held in the Trust Account upon inception of this Trust Agreement and at intervals no less frequent than the end of each calendar quarter thereafter.
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3.         Withdrawal of Assets by Beneficiary or Grantor
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(a)(i) The Beneficiary shall have the right, at any time and from time to time, to withdraw from the Trust Account upon written notice to the Trustee in the form of Exhibit C (a “Beneficiary Withdrawal Notice”) such Assets as are specified in the Beneficiary Withdrawal Notice; provided that the Beneficiary shall certify in such Beneficiary Withdrawal Notice that one of the conditions specified in Section 7.03(b)(i) of the Reinsurance Agreement which allows the Beneficiary to make a withdrawal request has occurred, that the amount requested to be withdrawn does not exceed the amount permitted to be withdrawn pursuant to such Section 7.03(b)(i), and that concurrently with the delivery of the Beneficiary Withdrawal Notice to the Trustee, the Beneficiary has delivered to the Grantor a complete and accurate copy of the Beneficiary Withdrawal Notice (including all attachments thereto). The concurrent delivery by the Beneficiary of a copy of each Beneficiary Withdrawal Notice to the Grantor is a material inducement for the Grantor to enter into this Agreement.  The Beneficiary need present no statement or document in addition to a Beneficiary Withdrawal Notice in order to withdraw any Assets; nor is said right of withdrawal or any other provision of this Trust Agreement subject to any conditions or qualifications not contained in this Trust Agreement. The Beneficiary hereby covenants to the Grantor that it shall deliver a Beneficiary Withdrawal Notice only in the circumstances permitted by Section 7.03(b)(i) of the Reinsurance Agreement and that the amount requested to be withdrawn thereby shall not exceed the amount permitted to be withdrawn pursuant to such Section 7.03(b)(i).
(a)(ii) The Grantor shall have the right, at any time and from time to time, upon written notice in the form of Exhibit D from the Grantor to the Trustee and the Beneficiary (the “Grantor Withdrawal Notice”) to withdraw Assets to be specified as indicated in such Grantor Withdrawal Notice from the Trust.  The Grantor need present no statement or document in addition to a Grantor Withdrawal Notice in order to withdraw any Assets; nor is said right of withdrawal by the Grantor or any other provision of this Trust Agreement subject to any conditions or qualifications not contained in this Trust Agreement. The Grantor may withdraw the Assets and apply any such amounts withdrawn for any lawful purpose.
(a)(iii) For the convenience of Beneficiary and Grantor (as the case may be), the Exhibits hereto may contain certifications by the Beneficiary for the benefit of Grantor and Grantor for the benefit of Beneficiary pursuant to separate agreements to which the Trustee is not a party. Trustee shall have no duty or responsibility whatsoever with respect to the
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certifications, including but not limited to reviewing the certifications or assessing the need for or sufficiency of the certifications.
(b)  Upon a receipt of a Beneficiary Withdrawal Notice or a Grantor Withdrawal Notice (as the case may be), the Trustee shall take reasonable steps within the ordinary course of its business practices to transfer all right, title and interest in the Assets held in a depository account (i.e., DTC, Federal Reserve, Euroclear) specified in the Beneficiary Withdrawal Notice or Grantor Withdrawal Notice (as the case may be) held in the Trust Account to the Beneficiary or the Grantor (as the case may be); provided, however, that in the case of a Beneficiary Withdrawal Notice the Trustee shall not transfer any Assets prior to the fifth (5th) Business Day after the Trustee’s receipt of such Beneficiary Withdrawal Notice. The Trustee shall be protected in relying upon any Beneficiary Withdrawal Notice or Grantor Withdrawal Notice for such withdrawal.
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(c)  The Trustee shall notify the Grantor and the Beneficiary, within ten (10) calendar days, of any withdrawal or distribution of Assets from the Trust Account.
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(d)  The Trustee shall have no responsibility to determine whether any Assets withdrawn from the Trust Account have been or will be used and applied as provided in this Trust Agreement.
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(e) The Trustee shall not allow any Beneficiary or Grantor withdrawals of Assets from the Trust Account except as provided in this Section 3.
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(f) The specifics of withdrawal transactions under this Section 3 and of substitutions under Section 4 shall be provided to Trustee on forms the Trustee provides to the parties for these purposes, which forms may be changed from time to time by the Trustee.
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4.         Investment and Substitution of Assets.
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(a)  The Trustee shall at the written direction of the Grantor or its designated investment advisor, (or any successor thereto, the “Investment Advisor” or “designated investment advisor” ) invest Assets held in the Trust Account. The Grantor initially designates Crestline Management L.P. as the Investment Advisor hereunder and shall provide the Trustee notice (in the manner prescribed herein) of any substitution of the Investment Advisor. Any deposit or investment directed by the Grantor or its Investment Advisor shall constitute a certification to the Trustee that the assets deposited or to be purchased pursuant to such directions are Permitted Investments in compliance with the Guidelines. However, notwithstanding the foregoing, the Trustee shall be under no duty or responsibility whatsoever to confirm that any investments constitute or continue to be Permitted Investments or are in compliance with the Guidelines, nor shall the Trustee have any duty or obligation whatsoever to monitor asset quality, allocation, diversity, composition, value, returns, restrictions or other characteristics for any reason, including compliance with the Reinsurance Agreement, the Guidelines or any other agreements to which the Beneficiary and Grantor are parties. The Beneficiary and the Grantor
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acknowledge that the Trustee is not providing investment supervision, recommendations, or advice.
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(b)   The Trustee shall, at the written direction of the Grantor or its designated investment advisor on a form attached hereto as Exhibit E, accept substitutions of any Assets held in the Trust Account. The Trustee shall not allow any other substitutions of Assets in the Trust Account. The Trustee shall have no responsibility whatsoever to determine the value of such substituted securities or that such substituted securities constitute Permitted Investments.
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(c)  The Investment Advisor shall have the full and unqualified right to vote any shares of stock held by the Trustee in the Trust Account
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(d)   Assets deposited and held in the Trust Account shall be valued according to their current Statutory Carrying Value; provided, however, that if the Beneficiary withdraws any Asset from the Trust Account as permitted by this Trust Agreement, then such Asset, as of the time of withdrawal, shall be valued at its Fair Market Value.
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(e)  The Grantor represents and warrants to the Trustee and the Beneficiary that any Assets delivered to the Trustee shall consist only of Permitted Investments, and that it, and its designated investment advisor, shall direct and instruct the Trustee in writing to invest any funds held in the Trust Account only in Permitted Investments.
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(f)  The Trustee shall have no responsibility or liability to the Grantor, the Beneficiary, or to any other person or entity for any investment losses resulting from any investment of Assets made in accordance with the terms of this Trust Agreement. Any loss incurred from any investment shall be borne exclusively by the Trust Account.
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(g)   The Trustee shall not be responsible for any act or omission, or for the solvency, of any agent or broker.
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(h)   The Trustee is authorized and directed to (i) invest money or assets of the Account in any registered investment company to which the Trustee or an affiliate of the Trustee provides services and receives compensation for providing such services as such investment may be directed by Grantor or an agent of Grantor and (ii) invest available cash in the Account, pending disbursement or investment, in a cash management vehicle as designated by the Grantor or an agent of Grantor. The Grantor and Beneficiary understand and agree that cash management vehicles made available by the Trustee may include deposit accounts of the Trustee or an affiliate, and that such deposit vehicles are specifically authorized for use in the Trust Account.
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5.         Concerning the Trustee. The Trustee hereby accepts the trusts imposed upon it by this Trust Agreement and agrees to perform said trusts, but only upon and subject to the following terms and conditions:
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(a)        The Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Trust Agreement and no implied duties or obligations shall be read into this Trust Agreement against the Trustee.
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(b)        No provision in this Trust Agreement shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers.
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(c)        The Trustee may execute any of the trusts or powers hereof and perform the duties required of it hereunder either directly or by or through attorneys or agents and shall be entitled to rely on advice of or on an opinion of counsel concerning all matters of trust and its duty hereunder and shall not be liable for any action taken or not taken by it in reliance on such advice or on such opinion of counsel.
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(d)         The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution notice, request, consent, certificate, order, entitlement order, affidavit, letter, facsimile transmission, electronic mail or other paper or document believed by it to be genuine and to have been signed or sent by the proper person or persons. The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, notice, consent, request, certificate, order, entitlement order, affidavit, letter, facsimile transmission, electronic mail or other paper or document.
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(e)        The permissive right of the Trustee to do things enumerated in this Trust Agreement shall not be construed as a duty. The Trustee shall not be liable, directly or indirectly, for any (i) damages, losses or expenses arising out of the services provided hereunder, other than damages, losses or expenses which have been finally adjudicated to have directly resulted from the Trustee’s negligence, willful misconduct, or lack of good faith or (ii) special, incidental, indirect, punitive, or consequential damages or losses of any kind whatsoever (including without limitation lost profits), whether or not foreseeable, even if the Trustee has been advised of the possibility of such losses or damages and regardless of the form of action.
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(f)       The Trustee shall not be required to give any bond or surety in respect of the execution of the said trusts and powers or otherwise in respect of the premises.
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(g)       The Trustee shall not be accountable for the use or application by the Grantor or the Beneficiary or any other party of any funds or Assets which the Trustee has released in accordance with the terms of this Trust Agreement.
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(h)       The Trustee makes no representations as to the validity or sufficiency of the Assets and the Trust Account for any particular purpose and shall incur no responsibility in respect thereof, other than in connection with the duties or obligations assigned to or imposed upon it as provided herein.
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(i)         The Trustee shall not be responsible for the perfection, priority or enforceability of any lien or security interest in any of the Assets or in the Trust Account.
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(j)         In accepting the trusts hereby created, the Trustee acts solely as trustee and not in its individual capacity and all persons having any claim against the Trustee arising from this Trust Agreement, shall look only to the funds and accounts held by the Trustee hereunder for payment except as otherwise provided herein.
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(k)        The Trustee shall not be considered in breach of or in default in its obligations hereunder in the event of delay in the performance of such obligations due to unforeseeable causes beyond its control (including, but not limited to, any act or provision of any present or future law or regulation or governmental authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or other wire or communication facility).
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(l)         Any corporation or association into which the Trustee may be merged or converted, or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its institutional retirement trust business (provided that such company shall be eligible under Section 7(a) hereof) shall be the successor to the Trustee without the execution or filing of any paper or further act.
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(m)     The Trustee shall accept and open all mail directed to the Grantor or the Beneficiary in care of the Trustee.
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(n)       Upon reasonable prior written request of the Grantor or the Beneficiary, the Trustee shall promptly permit the Grantor or the Beneficiary, their respective agents, employees or independent auditors to examine, audit, excerpt, transcribe and copy, at the requestor’s expense, during the Trustee’s normal business hours, any books, documents, papers and records relating to the Trust Account or the Assets.
​
(o)      No provision of this Trust Agreement shall require the Trustee to take any action that in the Trustee’s reasonable judgment would result in any violation of this Trust Agreement or applicable law.
​
(p)      If, during the administration of the provision of this Trust Agreement, the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering any action to be taken hereunder, then such matter shall be deemed to be conclusively proved and established by a certificate signed by the Beneficiary and the Grantor, and delivered to the Trustee. The Trustee shall not be liable for any action taken, suffered or omitted by it in reliance on such certificate.
​
(q)    If any conflict, disagreement or dispute arises between, among, or involving any of the parties hereto concerning the meaning or validity of any provision hereunder or concerning any other matter relating to this Trust Agreement, or the Trustee is in doubt as to the action to be taken hereunder, the Trustee may, at its option, retain the Assets until the Trustee (i) receives a final non-appealable order of a court of competent jurisdiction or a final non-appealable arbitration decision directing delivery of the Assets, (ii) receives a written agreement executed by each of the parties involved in such disagreement or dispute directing delivery of the Assets, in which event the Trustee shall be authorized to disburse the Assets in accordance with such final court order, arbitration decision, or agreement, or
​
​

8

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(i)    files an interpleader action in any court of competent jurisdiction, and upon the filing thereof, the Trustee shall be relieved of all liability as to the Assets and shall be entitled to recover attorneys’ fees, expenses and other costs incurred in commencing and maintaining any such interpleader action. The Trustee shall be entitled to act on any such agreement, court order, or arbitration decision without further question, inquiry, or consent.
​
(r)   In the event that any Assets shall be attached, garnished or levied upon by any court order, or the delivery thereof shall be stayed or enjoined by an order of a court, or any order, judgment or decree shall be made or entered by any court order affecting the Assets, the Trustee is hereby expressly authorized, in its sole discretion, to respond as it deems appropriate or to comply with all writs, orders or decrees so entered or issued, or which it is advised by legal counsel of its own choosing is binding upon it, whether with or without jurisdiction. In the event that the Trustee obeys or complies with any such writ, order or decree it shall not be liable to any of the parties or to any other person, firm or corporation, should, by reason of such compliance notwithstanding, such writ, order or decree be subsequently reversed, modified, annulled, set aside or vacated.
​
6.         Fees, Charges and Expenses of Trustee; Indemnification of Trustee.
​
(a)  The Trustee shall (i) receive fees for its services at rates agreed between the Trustee and the Grantor in a separate written agreement from time to time and (ii) be paid or reimbursed for any expenses (including reasonable fees and expenses of its counsel) incurred in connection with the administration of this Trust Agreement.  All such amounts shall be paid by Grantor and may be paid from the Account if not paid by the Grantor within thirty (30) calendar days after Trustee mails a written invoice to Grantor. The fees and charges set forth above for the Trustee’s services will be considered compensation for its ordinary services as contemplated by this Trust Agreement. The Trustee’s compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust.
​
(b)   In consideration of the Trustee’s acceptance of this Trust Agreement, or if any controversy arises in connection with it, or if the Trustee renders any service not provided for in this Trust Agreement, the Grantor and the Beneficiary shall, jointly and severally, reimburse the Trustee for its reasonable costs of providing such extraordinary services, reimburse the Trustee for all reasonable costs, attorneys’ fees and expenses occasioned thereby, and indemnify, defend and hold the Trustee (and its directors, officers and employees) harmless from and against any loss, liability, damage, cost and expense of any nature arising out of or in connection with this Trust Agreement or with the performance of its duties hereunder, including, among other things, reasonable attorneys’ fees and court costs, except to the extent such loss, liability, damage, cost and expense shall have been finally adjudicated to have been directly caused by the Trustee’s own negligence, willful misconduct or lack of good faith.
​
(c)  The Trustee shall have a first lien, superior to the interests of any other persons or entities, and shall be entitled to deduct its unpaid fees, non-reimbursed expenses and unsatisfied indemnification, on any funds held in the Account to secure the payment of any amounts owing to it under this Section 6.  The Grantor and the
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​

9

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Beneficiary acknowledge that the rights and indemnities of the Trustee set forth in this Section 6 and Section 7 shall survive the resignation or removal of the Trustee or the termination of this Trust Agreement. The Grantor and Beneficiary agree that the Trustee shall have a continuing lien and security interest in any property then held by the Trustee hereunder and/or for the benefit of Grantor to the extent of any overdraft (daylight or overnight) or indebtedness to Trustee.
​
7.         Trustee Qualifications, Resignation and Removal.
​
(a)  The Trustee and any successor thereto shall be a member of the Federal Reserve System, or a New York State-chartered bank or trust company. The Trustee shall not be a parent, subsidiary or affiliate of the Grantor or the Beneficiary.
​
(b)   The Trustee may resign upon delivery of a written notice of resignation, effective not less than sixty (60) calendar days after receipt by the Beneficiary and the Grantor of such written notice.
​
(c)  The Trustee may be removed by the Grantor by delivery to the Trustee and the Beneficiary of written notice of removal, effective not less than sixty (60) calendar days after receipt by the Trustee and the Beneficiary of such written notice.
​
(d)   No resignation or removal of the Trustee shall be effective hereunder until a successor trustee has been duly appointed and approved by the Beneficiary and the Grantor, all Assets in the Trust Account have been duly transferred to the successor Trustee and all outstanding fees and expenses of the Trustee are paid to the Trustee in full. In the event that the Grantor and the Beneficiary fail to appoint a successor trustee within sixty (60) calendar days following receipt of the Trustee’s notice of resignation, the Trustee may, in its sole discretion and at the expense of the Grantor and the Beneficiary, petition any court of competent jurisdiction for the appointment of a successor trustee or for other appropriate relief, and any such resulting appointment shall be binding upon all the parties.
​
8.         Termination.
​
(a)  This Trust Agreement may be terminated by the Grantor and the Beneficiary delivering a joint written notice to the Trustee specifying a proposed termination date (the “Termination Date”), which notice shall be delivered to the Trustee not less than forty- five (45) calendar days prior to the proposed Termination Date. Upon receipt of such written notice, the Trustee shall, at least thirty (30) calendar days, but not more than forty-five (45) calendar days, prior to the Termination Date, deliver written notification of such termination to the Grantor and Beneficiary.
​
(b)   Upon termination of the Trust Agreement, all Assets held in the Trust Account shall be delivered in accordance with the instructions set forth in the joint notice delivered by the Grantor and the Beneficiary.
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​

10

​
9.         Tax-Related Terms.
​
(a)  Grantor and Beneficiary agree that, for tax reporting purposes, all interest or other income earned from the investment of the Assets in any tax year shall be allocated to Grantor.
​
(b)  For certain payments made pursuant to this Trust Agreement, the Trustee may be required to make a “reportable payment” or “withholdable payment” and in such cases the Trustee shall have the duty to act as a payor or withholding agent, respectively, that is responsible for any tax withholding and reporting required under Chapters 3, 4, and 61 of the United States Internal Revenue Code of 1986, as amended (the “Code”). The Trustee shall have the sole right to make the determination as to which payments are “reportable payments” or “withholdable payments.” All parties to this Trust Agreement shall provide an executed IRS Form W-9 or appropriate IRS Form W-8 (or, in each case, any successor form) to the Trustee prior to closing, and shall promptly update any such form to the extent such form becomes obsolete or inaccurate in any respect. The Trustee shall have the right to request from any party to this Trust Agreement, or any other person entitled to payment hereunder, any additional forms, documentation or other information as may be reasonably necessary for the Trustee to satisfy its reporting and withholding obligations under the Code. To the extent any such forms to be delivered under this Section 9(b) are not provided prior to or by the time the related payment is required to be made or are determined by the Trustee to be incomplete and/or inaccurate in any respect, the Trustee shall be entitled to withhold on any such payments hereunder to the extent withholding is required under Chapters 3, 4, or 61 of the Code, and shall have no obligation to gross up any such payment. As of the date hereof, the Grantor is the owner for U.S. federal income tax purposes of funds in the Trust Account until such funds are released in accordance with the terms hereof.
​
10.     Written Direction; Notices. If a provision of this Trust Agreement requires that a communication or document be provided to Trustee in writing or written form, that requirement may also be satisfied by a facsimile transmission, electronic mail or other electronic transmission of text (including electronic records attached thereto), if Trustee reasonably believes such communication or document has been signed, sent or presented (as applicable) by any person or entity authorized to act on behalf of the Grantor or Beneficiary; provided however, that where this Trust Agreement specifies that direction is to be provided on a specific form (such as in the form of an Exhibit hereto), the direction shall be provided on such form. If this Trust Agreement requires that a communication or document be signed, an electronic signature satisfies that requirement. Any electronic mail or other electronic transmission of text will be deemed signed by the sender if the sender’s name or electronic address appears as part of, or is transmitted with, the electronic record. Trustee will not incur any liability to anyone resulting from actions taken in good faith reliance on such communication or document. Nor shall Trustee incur any liability in executing instructions from any person or entity authorized to act on behalf of the Grantor or Beneficiary prior to receipt by it of notice of the revocation of the written authority of such person or entity. Notice shall be provided:
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​

11

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If to Grantor:                                  Seneca Reinsurance Company, LLC
c/o Amethyst Captive Insurance Solutions 126 College Street, Suite 300
Burlington VT 05401
Email: [Redacted]
Email: [Redacted]
Email: [Redacted]
​
If to Beneficiary:                   American Life & Security Corp.
2900 S. 70th Street Suite 400
Lincoln, NE 68506
Attention: Michael Salem and Mike Minnich Telephone:
Email:[Redacted]
and
[Redacted]
​
If to Trustee:                         Wells Fargo Bank, National Association 666 Walnut Street
MAC F8200-036
Des Moines, IA 50309 Tel: [Redacted]
Email: [Redacted]
​
or to such other address as a party to whom notice is to be given has furnished to the other parties in the manner provided above. Payments by the Trustee from the Trust Account shall be sent by mail in the manner set forth above, addressed to Beneficiary in the case of payments to Beneficiary, or Grantor, in the case of payments to Grantor, unless the Trustee is otherwise directed in writing. Payments may also be made by wire transfer pursuant to instructions received in writing by the Trustee.
​
(b) Grantor and Beneficiary each agree to provide to, and maintain on file with, the Trustee a written certification containing the names and specimen signature of all persons duly authorized by it to sign, communicate and act on its behalf under this Trust Agreement. The Trustee is authorized to follow and rely upon all instructions given by individuals and officers named in such certificates furnished to the Trustee from time to time by the Grantor and the Beneficiary, respectively.
​
11.       Miscellaneous.
​
(a)  This Trust Agreement is not subject to any conditions or qualifications outside of this Trust Agreement.
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12

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(b)   This Trust Agreement shall be subject to and governed by the laws of the State of New York.
​
(c)  Except as otherwise provided herein, neither this Trust Agreement nor any rights or obligations under this Trust Agreement may be assigned, hypothecated or otherwise transferred by any party without the prior written consent of the other parties hereto.
​
(d)   This Trust Agreement will be binding upon and inure to the benefit of the respective successors and permitted assigns of the parties hereto. The provisions of this Trust Agreement are for the sole benefit of the parties hereto, and their successors and permitted assigns.
​
(e)  This Trust Agreement may be executed in counterparts, with each counterpart constituting an original and all of such counterparts constituting but one and the same instrument, and facsimile and/or electronic signatures shall be deemed originals. Signatures may be exchanged by facsimile or by an email scanned PDF signature page. Each party agrees that it will be bound by its own facsimiled or PDF-scanned or electronic signature and that it accepts such signatures of the other parties.
​
(f)  Neither this Trust Agreement nor any provision hereof may be amended, waived or modified without the prior written approval of all of the parties to this Trust Agreement. No course of conduct shall constitute a waiver of any of the terms and conditions of this Trust Agreement, unless such waiver is specified in writing, and then only to the extent so specified. A waiver of any of the terms and conditions of this Trust Agreement on one occasion shall not constitute a waiver of the other terms of this Trust Agreement, or of such terms and conditions on any other occasion.
​
(g)   Any provision of this Trust Agreement which is invalid or unenforceable shall be ineffective to the extent of such invalidity or unenforceability without invalidating or rendering unenforceable the remaining provisions hereof, and such invalidity or unenforceability shall not invalidate or render unenforceable such provision.
​
(h)   EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF OR RELATED TO THIS TRUST AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS TRUST AGREEMENT.
​
[signature page to follow]
​
​

13

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IN WITNESS WHEREOF, the parties have caused this Trust Agreement to be executed as of the date first written above.
​
​
	​
	GRANTOR

	​
	​

	​
	CL SENECA of SENECA REINSURANCE COMPANY, LLC

	​
	​

	​
	​

	​
	By:
	​

	​
	​
	Name:
	​

	​
	​
	Title:
	​

​
​
	​
	BENEFICIARY

	​
	​

	​
	AMERICAN LIFE & SECURITY CORP.

	​
	​

	​
	​

	​
	By:
	​

	​
	​
	Name:
	​

	​
	​
	Title:
	​

​
​
	​
	TRUSTEE

	​
	​

	​
	WELLS FARGO BANK, NATIONAL

	​
	ASSOCIATION, solely in its capacity as trustee hereunder

	​
	​

	​
	​

	​
	By:
	​

	​
	​
	Name:
	​

	​
	​
	Title:
	​

​
Signature Page to Trust Agreement
​
​

14

​
EXHIBIT A
​
LIST OF INITIAL ASSETS TO BE DEPOSITED
​
USD $[•]
​
​

15

​
EXHIBIT B
​
Funds Withheld Coinsurance and Modified Coinsurance Agreement (MYGA and FIA Business) between Grantor and American Life & Security Corp. with an effective date as of [•], 2020
​
​

16

​
EXHIBIT C
​
Form of Beneficiary Withdrawal Notice
​
[DATE]
American Life & Security Corp.
2900 S. 70th Street Suite 400
Lincoln, NE 68506
​
Wells Fargo Bank, National Association (the “Trustee”)
666 Walnut Street MAC F8200-036
Des Moines, IA 50309 Attention: Matthew Dwenger
​
With a concurrent copy delivered to:
​
Seneca Reinsurance Company, LLC
c/o Amethyst Captive Insurance Solutions 126 College Street, Suite 300
Burlington VT 05401
Email:  [Redacted]
Email: [Redacted]
Email:  [Redacted]
Dear sirs:
Reference is made to the Trust Agreement, dated as of [•], 2020, by and among American Life & Security Corp., CL Seneca, an incorporated cell of Seneca Reinsurance Company, LLC, and Wells Fargo Bank, National Association (the “Trust Agreement”). Capitalized terms used in this letter and not defined have the meaning set forth in the Trust Agreement.
​
This is a Beneficiary Withdrawal Notice.
​
The Beneficiary hereby exercises its right to make a withdrawal from the Trust Account in the amount of: [USD      ]The specifics of the withdrawal appear on the appropriate form(s) provided for this purpose.
​
The Trustee is instructed to transfer the Assets specified in this Beneficiary Withdrawal Notice immediately upon receipt of this Beneficiary Withdrawal Notice.
​
​

17

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The Trustee is instructed to deliver the following Assets to Account No. [ ][Note to draft: insert account number/wire instructions for Funds Withheld Account]: [insert description of Assets, or state “None”].
​
The Trustee is instructed to deliver the following Assets to Account No. [ ][Note to draft: insert account number/wire instructions for Modco Account]: [insert description of Assets, or state “None”].
​
The Beneficiary hereby certifies that (i) the withdrawal requested by this Beneficiary Withdrawal Notice is permitted by Section 3(a)(i) of the Trust Agreement, (ii) one of the conditions specified in Section 7.03(b)(i) of the Reinsurance Agreement which allows the Beneficiary to make a withdrawal request has occurred, (iii) that the amount requested to be withdrawn hereby does not exceed the amount permitted to be withdrawn pursuant to such Section 7.03(b)(i), and (iv) concurrently with the delivery of this Beneficiary Withdrawal Notice to the Trustee, the Beneficiary has delivered to the Grantor a complete and accurate copy of this Beneficiary Withdrawal Notice (including all attachments hereto).
​
For the convenience of Beneficiary and Grantor, this Beneficiary Withdrawal Notice contains certifications by the Beneficiary to Grantor pursuant to separate agreements to which the Trustee is not a party. Trustee shall have no duty or responsibility whatsoever with respect to the certifications, including but not limited to reviewing the certifications or assessing the accuracy, need for or sufficiency of the certifications.
​
Sincerely,
American Life & Security Corp.
​
	​

	​

	​

	​

	​

	​

	By:
	​
	​
	​

	Name:
	​
	​
	Title:
	​
	​

​
​

18

​
EXHIBIT D
​
Form of Grantor Withdrawal Notice
​
[DATE]
CL Seneca
Seneca Reinsurance Company, LLC c/o Amethyst Captive Insurance Solutions
126 College Street, Suite 300
Burlington VT 05401
Email: [Redacted]
Email: [Redacted]
Email: [Redacted]
​
Wells Fargo Bank, National Association (the “Trustee”)
666 Walnut Street MAC F8200-036
Des Moines, IA 50309 Attention: Matthew Dwenger
​
To the Trustee:
​
Reference is made to the Trust Agreement, dated as of [•], 2020, by and among American Life & Security Corp., CL Seneca, an incorporated cell of Seneca Reinsurance Company, LLC, and Wells Fargo Bank, National Association (the “Trust Agreement”). Capitalized terms used in this letter and not defined have the meaning set forth in the Trust Agreement.
​
This is a Grantor Withdrawal Notice.
​
Each of the undersigned certifies that he or she is an authorized representative of Grantor or Beneficiary, as applicable, with full power and authority to execute this Grantor Withdrawal Notice.
​
Grantor hereby requests a withdrawal from the Trust Account in the amount of: [USD
]
​
The specifics of the withdrawal appear on the appropriate form(s) provided for this purpose.
​
The Beneficiary consents, accepts and agrees to the withdrawal. 
​
Sincerely,
​
​

19

​
	CL Seneca of Seneca Reinsurance Company, LLC
	​

	​
	​

	​
	​

	By:
	​
	​

	Name:
	​
	​

	Title:
	​
	​

​
​
	​

	​

	​

	AGREED AND ACCEPTED:
	​

	​
	​

	American Life & Security Corp.
	​

	​
	​

	By:
	​
	​

	Name:
	​
	​

	Title:
	​
	​

​
​

20

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EXHIBIT E
​
Form of Investment Substitution Notice
​
[DATE]
Crestline Management L.P.
[•]
​
Wells Fargo Bank, National Association
(the “Trustee”)
666 Walnut Street, MAC F8200-036 
Des Moines, IA 50309
Attention: Matthew Dwenger 
​
To the Trustee:
​
Reference is made to the Trust Agreement, dated as of [•], 2020, by and among American Life & Security Corp., CL Seneca, an incorporated cell of Seneca Reinsurance Company, LLC, and Wells Fargo Bank, National Association (the “Trust Agreement”). Capitalized terms used in this letter and not defined have the meaning set forth in the Trust Agreement.
​
The Investment Advisor hereby directs the following asset to be acquired: [See Attached Trade Ticket]
​
The Investment Advisor hereby requests the following asset to be sold. [See Attached Trade Ticket]
​
The specifics of the withdrawal appear on the appropriate form(s) provided for this purpose.
The Investment Advisor certifies on behalf of itself and the Grantor that the acquisition / sale above complies with the Guidelines.
​
Sincerely,
​
Crestline Management L.P.
​
By:_                                                     Name:                       Title:
​
​
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21

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APPENDIX A-4
​
Investment Management Agreement
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​

​

​
APPENDIX A-5
​
Trust Investment Management Agreement

​Exhibit
10.1

 

AMENDMENT
AND RESTATEMENT AGREEMENT

 

This
AMENDMENT AND RESTATEMENT AGREEMENT (this “Agreement”), dated as of May 14, 2020, is among BABCOCK
& WILCOX ENTERPRISES, INC., a Delaware corporation (the “Borrower”), BANK OF AMERICA, N.A.,
in its capacity as administrative agent for the Lenders (as defined in the Credit Agreement described below) (in such capacity,
the “Administrative Agent”), and each of the Lenders party hereto, and, for purposes of Sections 1,
5, 6, and 8 hereof, acknowledged and agreed by certain Subsidiaries of the Borrower, as Guarantors.

 

W
I T N E S S E T H:

 

WHEREAS,
the Borrower, the Administrative Agent and the Lenders have entered into that certain Credit Agreement, dated as of May 11, 2015
(as amended by Amendment No. 1 to Credit Agreement, dated as of June 10, 2016, Amendment No. 2 to Credit Agreement, dated as of
February 24, 2017, Amendment No. 3 to Credit Agreement, dated as of August 9, 2017, Amendment No. 4 to Credit Agreement, dated
as of September 20, 2017, Amendment No. 5 to Credit Agreement, dated as of March 1, 2018, Amendment No. 6 to Credit Agreement,
dated as of April 10, 2018, Consent and Amendment No. 7 to Credit Agreement, dated as of June 1, 2018, Amendment No. 8 to Credit
Agreement, dated as of August 9, 2018, Amendment No. 9 and Consent to Credit Agreement, dated as of September 14, 2018, Amendment
No. 10 to the Credit Agreement, dated as of September 28, 2018, Amendment No. 11 to the Credit Agreement, dated as of October
4, 2018, Amendment No. 12 to the Credit Agreement, dated as of October 31, 2018, Amendment No. 13 to the Credit Agreement, dated
as of December 19, 2018, Amendment No. 14 to the Credit Agreement, dated as of January 15, 2019, Amendment No. 15 and Limited
Waiver to the Credit Agreement, dated as of March 19, 2019, Amendment No. 16 to the Credit Agreement, dated as of April 5, 2019,
Amendment No. 17 to the Credit Agreement, dated as of August 7, 2019, Amendment No. 18 to the Credit Agreement, dated as of December
31, 2019, Amendment No. 19 to the Credit Agreement, dated as of January 17, 2020, Amendment No. 20 to the Credit Agreement, dated
as of January 31, 2020, and Amendment No. 21 to the Credit Agreement, dated as of March 27, 2020 and from time to time further
amended, supplemented, restated, amended and restated or otherwise modified the “Credit Agreement”); capitalized
terms used in this Agreement not otherwise defined herein shall have the respective meanings given thereto in the Credit Agreement
(as amended and restated hereby), pursuant to which the Revolving Credit Lenders have provided the Revolving Credit Facility to
the Borrower and the Term Loan Lenders have provided the Term Loan Facility to the Borrower; and

 

WHEREAS,
the Borrower has requested that (i) the Administrative Agent and the Lenders agree to, among other items, amend and restate the
Credit Agreement to effectuate the 2020 Refinancing and (ii) the Administrative Agent, the L/C Issuers and the Lenders agree to
amend and restate the Credit Agreement in the form attached hereto as Annex A.

 

     

     

    

 

NOW,
THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

 

	1.	Amendment
and Restatement of the Credit Agreement.

 

	 	(a)	The
Credit Agreement is hereby amended and restated in its entirety (other than the exhibits and schedules attached thereto) in the
form set out in Annex A hereto (the “A&R Credit Agreement”).
	 	 	 
	 	(b)	Schedule
2.01 (Commitments and Applicable Percentages) to the Credit Agreement is hereby amended and restated in its entirety in
the form set out on Annex B hereto.
	 	 	 
	 	(c)	Exhibit
    A (Committed Loan Notice) to the Credit Agreement is hereby amended and restated in its entirety in the form set out
    on Annex C hereto.
	 	 	 
	 	(d)	Exhibit
    D (Compliance Certificate) to the Credit Agreement is hereby amended and restated in its entirety in the form set out
    on Annex D hereto.
	 	 	 
	 	(e)	Exhibit
    E-1 (Assignment and Assumption) to the Credit Agreement is hereby amended and restated in its entirety in the form
    set out on Annex E hereto. 
	 	 	 
	 	(f)	Schedule
    4.02(iii) (Mortgaged Properties) to the Credit Agreement is hereby amended and restated in its entirety in the form
    set out on Annex F hereto.
	 	 	 
	 	(g)	Schedule
    5.03 (Ownership of Subsidiaries) to the Credit Agreement is hereby amended and restated in its entirety in the form
    set out on Annex G hereto. 
	 	 	 
	 	(h)	Schedule
    5.19(b) (Real Property) to the Credit Agreement is hereby amended and restated in its entirety in the form set out
    on Annex H hereto. 

 

	2.	Joinder

 

From
and after the Restatement Effective Date, pursuant to Section 10.01 of the Credit Agreement, each Tranche A-6 Term Loan Lender
executing this Agreement shall become a party to the Credit Agreement (to the extent not already a party) and have the rights
and obligations of a Term Loan Lender thereunder and under the other Loan Documents and shall be bound by the provisions thereof.

 

    	 	2	 

     

    

 

	3.	Effectiveness;
    Conditions Precedent.

 

The
amendment and restatement and other amendments contained herein shall only be effective upon the satisfaction or waiver of each
of the following conditions precedent (the date of satisfaction or waiver, the “Restatement Effective Date”):

 

	 	(a)	counterparts
    of this Agreement executed by the Loan Parties, the Administrative Agent, and the Lenders;
	 	 	 
	 	(b)	the
    occurrence of each of the “Conditions Precedent” in Section 4.01 (Conditions of Restatement Effective Date)
    of the A&R Credit Agreement attached as Annex A hereto;
	 	 	 
	 	(c)	The
    Tranche A-6 Term Loan Lender shall have made the full amount of the Tranche A-6 Term Loans to be made on the Restatement Effective
    Date available to the Administrative Agent in immediately available funds to the Administrative Agent not later than 1:00
    p.m. Eastern time (or such later time as the Administrative Agent may agree in its sole discretion) on the Restatement Effective
    Date.

 

The
Administrative Agent agrees that it will, upon the satisfaction or waiver of the conditions contained in this Section 3,
promptly provide written notice to the Borrower, and the Lenders of the effectiveness of this Agreement.

 

	4.	Representations
    and Warranties.

 

In
order to induce the Administrative Agent and the Lenders to enter into this Agreement, the Borrower represents and warrants to
the Administrative Agent and the Lenders, for itself and for each other Loan Party, as follows:

 

	 	(a)	that
    both immediately prior to and immediately after giving effect to this Agreement, no Default or Event of Default exists;
	 	 	 
	 	(b)	the
    representations and warranties contained in the A&R Credit Agreement are true and correct in all material respects on
    and as of the date hereof (except to the extent that such representations and warranties (i) specifically refer to an earlier
    date, in which case they shall be true and correct in all material respects as of such earlier date and (ii) contain a materiality
    or Material Adverse Effect qualifier, in which case such representations and warranties shall be true and correct in all respects);
	 	 	 
	 	(c)	the
    execution, delivery and performance by the Borrower and the other Loan Parties of this Agreement and the consummation of the
    transactions contemplated hereby have been duly authorized by all necessary corporate, limited liability company or partnership
    action, including the consent of shareholders, partners and members where required, do not contravene any Loan Party or any
    of its Subsidiaries’ respective Constituent Documents, do not violate any Requirement of Law applicable to any Loan
    Party or any order or decree of any Governmental Authority or arbiter applicable to any Loan Party and do not require the
    consent of, authorization by, approval of, notice
to, or filing or registration with, any Governmental Authority or any other Person in order to be effective and enforceable;

 

    	 	3	 

     

    

 

	 	(d)	this
    Agreement has been duly executed and delivered on behalf of the Borrower and the other Loan Parties;
	 	 	 
	 	(e)	this
    Agreement constitutes a legal, valid and binding obligation of the Borrower and the other Loan Parties enforceable against
    the Borrower and the other Loan Parties in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency,
    reorganization, moratorium, Debtor Relief Laws or similar laws affecting the enforcement of creditors’ rights generally
    and by general principles of equity; and
	 	 	 
	 	(f)	as
    of the date hereof, all Liens, security interests, assignments and pledges encumbering the Collateral, created pursuant to
    and/or referred to in the Credit Agreement or the other Loan Documents, are valid, enforceable, duly perfected to the extent
    required by the Loan Documents, non-avoidable, first priority liens, security interests, assignments and pledges (subject
    to Liens permitted by Section 7.02 of the Credit Agreement), continue unimpaired, are in full force and effect and secure
    and shall continue to secure all of the obligations purported to be secured in the respective Security Instruments pursuant
    to which such Liens were granted.

 

	5.	Consent,
    Acknowledgement and Reaffirmation of Indebtedness and Liens.

 

By
its execution hereof, each Loan Party, in its capacity under each of the Loan Documents to which it is a party (including the
capacities of debtor, guarantor, grantor and pledgor, as applicable, and each other similar capacity, if any, in which such party
has granted Liens on all or any part of its properties or assets, or otherwise acts as an accommodation party, guarantor, indemnitor
or surety with respect to all or any part of the Obligations), hereby:

 

	 	(a)	expressly
    consents to the amendment and restatement of the Credit Agreement and other amendments effected hereby;
	 	 	 
	 	(b)	expressly
    confirms and agrees that, notwithstanding the effectiveness of this Agreement, each Loan Document to which it is a party is,
    and all of the obligations and liabilities of such Loan Party to the Administrative Agent, the Lenders and each other Secured
    Party contained in the Loan Documents to which it is a party (in each case, as amended and modified by this Agreement), are
    and shall continue to be, in full force and effect and are hereby reaffirmed, ratified and confirmed in all respects and,
    without limiting the foregoing, agrees to be bound by and abide by and operate and perform under and pursuant to and comply
    fully with all of the terms, conditions, provisions, agreements, representations, undertakings, warranties, indemnities,
guaranties, grants of security interests and covenants contained in the Loan Documents;
	 	 	 
	 	(c)	to
    the extent such party has granted Liens or security interests on any of its properties or assets pursuant to any of the Loan
    Documents to secure the prompt and complete payment, performance and/or observance of all or any part of its Obligations to
    the Administrative Agent, the Lenders, and/or any other Secured Party, acknowledges, ratifies, remakes, regrants, confirms
    and reaffirms without condition, all Liens and security interests granted by such Loan Party to the Administrative Agent for
    their benefit and the benefit of the Lenders, pursuant to the Credit Agreement and the other Loan Documents, and acknowledges
    and agrees that all of such Liens and security interests are intended and shall be deemed and construed to continue to secure
    the Obligations under the Loan Documents, as amended, restated, supplemented or otherwise modified and in effect from time
    to time, including but not limited to, the Loans made by, and Letters of Credit provided by, the Administrative Agent and
    the Lenders to the Borrower and/or the other Loan Parties under the Credit Agreement, and all extensions renewals, refinancings,
    amendments or modifications of any of the foregoing;
	 	 	 
	 	(d)	agrees
    that this Agreement shall in no manner impair or otherwise adversely affect any of the Liens and security interests granted
    in or pursuant to the Loan Documents; and
	 	 	 
	 	(e)	acknowledges
    and agrees that: (i) the Guaranty and any obligations incurred thereunder, have been provided in exchange for “reasonably
    equivalent value” (as such term is used under the Bankruptcy Code and applicable state fraudulent transfer laws) and
    “fair consideration” (as such term is used under applicable state fraudulent conveyance laws) and (ii) each grant
    or perfection of a Lien or security interest on any Collateral provided in connection with Loan Documents, this Agreement
    and/or any negotiations with the Administrative Agent and/or the Lenders in connection with a “workout” of the
    Obligations is intended to constitute, and does constitute, a “contemporaneous exchange for new value” (as such
    term is used in Section 547 of the Bankruptcy Code).

 

    	 	4	 

     

    

 

	6.	Releases;
    Waivers. 

 

		(a)	By
its execution hereof, each Loan Party (on behalf of itself and its Affiliates) and its successors-in-title, legal representatives
and assignees and, to the extent the same is claimed by right of, through or under any Loan Party, for its past, present and future
employees, agents, representatives, officers, directors, shareholders, and trustees (each, a “Releasing Party”
and collectively, the “Releasing Parties”), does hereby remise, release and discharge, and shall be deemed
to have forever remised, released and discharged, the Administrative Agent, the Lenders and each of the other Secured Parties,
and the Administrative Agent’s, each Lenders’ and each other Secured Party’s respective successors-in-title,
legal representatives and assignees, past, present and future officers, directors, affiliates, shareholders, trustees, agents,
employees, consultants, experts, advisors, attorneys and other professionals and all other persons and entities to whom any of
the foregoing would be liable if such persons or entities were found to be liable to any Releasing Party, or any of them (collectively
hereinafter, the “Lender Parties”), from any and all manner of action and actions, cause and causes of action,
claims, charges, demands, counterclaims, suits, covenants, controversies, damages, judgments, expenses, liens, claims of liens,
claims of costs, penalties, attorneys’ fees, or any other compensation, recovery or relief on account of any liability,
obligation, demand or cause of action of whatever nature, whether in law, equity or otherwise (including, without limitation,
any so called “lender liability” claims, claims for subordination (whether equitable or otherwise), interest or other
carrying costs, penalties, legal, accounting and other professional fees and expenses and incidental, consequential and punitive
damages payable to third parties, or any claims arising under 11 U.S.C. §§ 541-550 or any claims for avoidance or recovery
under any other federal, state or foreign law equivalent), whether known or unknown, fixed or contingent, joint and/or several,
secured or unsecured, due or not due, primary or secondary, liquidated or unliquidated, contractual or tortious, direct, indirect,
or derivative, asserted or unasserted, foreseen or unforeseen, suspected or unsuspected, now existing, heretofore existing or
which may heretofore have accrued against any of the Lender Parties under the Credit Agreement or any of the other Loan Documents,
whether held in a personal or representative capacity, and which are based on any act, fact, event or omission or other matter,
cause or thing occurring at or from any time prior to and including the date hereof, in all cases of the foregoing in any way,
directly or indirectly arising out of, connected with or relating to the Credit Agreement or any other Loan Document and the transactions
contemplated thereby, and all other agreements, certificates, instruments and other documents and statements (whether written
or oral) related to any of the foregoing (each, a “Claim” and collectively, the “Claims”),
in each case, other than Claims arising from Lender Parties’ gross negligence, fraud, or willful misconduct. Each Releasing
Party further stipulates and agrees with respect to all Claims, that it hereby waives, to the fullest extent permitted by applicable
law, any and all provisions, rights, and benefits conferred by any applicable U.S. federal or state law, or any principle of common
law, that would otherwise limit a release or discharge of any unknown Claims pursuant to this Section 6.
	 	 	 
	 	(b)	By
    its execution hereof, each Loan Party hereby (i) acknowledges and confirms that there are no existing defenses, claims, subordinations
    (whether equitable or otherwise), counterclaims or rights of recoupment or setoff against the Administrative Agent, the Lenders
    or any other Secured Parties in connection with the Obligations or in connection with the negotiation, preparation, execution,
    performance or any other matters relating to the Credit Agreement, the other Loan Documents or this Agreement and (ii) expressly
    waives any setoff, counterclaim, recoupment, defense or other right that such Loan Party now has against the Administrative
    Agent, any Lender or any of their respective affiliates, whether in connection with this Agreement, the Credit Agreement and
    the other Loan Documents, the transactions contemplated by this Agreement or the Credit Agreement and the Loan Documents,
    or any agreement or instrument relating thereto.

 

    	 	5	 

     

    

 

	7.	Entire
    Agreement.

 

This
Agreement, the Credit Agreement (including giving effect to the amendment and restatement and the other amendments set forth in
Section 1 above), and the other Loan Documents (collectively, the “Relevant Documents”), set forth the entire
understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations
and agreements among the parties relating to such subject matter. No promise, condition, representation or warranty, express or
implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise,
condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the
Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to any other
party in relation to the subject matter hereof or thereof. None of the terms or conditions of this Agreement may be changed, modified,
waived or cancelled orally or otherwise, except in writing and in accordance with Section 10.01 of the Credit Agreement.

 

	8.	Full
    Force and Effect of Credit Agreement.

 

This
Agreement is a Loan Document (and the Borrower and the other Loan Parties agree that the “Obligations” secured by
the Collateral shall include any and all obligations of the Loan Parties under this Agreement). Except as expressly modified
hereby, all terms and provisions of the Credit Agreement and all other Loan Documents remain in full force and effect and
nothing contained in this Agreement shall in any way impair the validity or enforceability of the Credit Agreement or the
Loan Documents, or alter, waive, annul, vary, affect, or impair any provisions, conditions, or covenants contained therein or
any rights, powers, or remedies granted therein. This Agreement shall not constitute a modification of the Credit Agreement
or any of the other Loan Documents or a course of dealing with Administrative Agent or the Lenders at variance with the
Credit Agreement or the other Loan Documents such as to require further notice by Administrative Agent or any Lender to
require strict compliance with the terms of the Credit Agreement and the other Loan Documents in the future, except in each
case as expressly set forth herein. The Borrower acknowledges and expressly agrees that Administrative Agent and the Lenders
reserve the right to, and do in fact, require strict compliance with all terms and provisions of the Credit Agreement and the
other Loan Documents (subject to any qualifications set forth therein), as amended herein.

 

	9.	Counterparts;
    Effectiveness.

 

This
Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. Except as provided in Section 3 above,
this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative
Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.
Delivery of an executed counterpart of a signature page of this Agreement by facsimile, electronic email or other electronic imaging
means (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this
Agreement.

 

    	 	6	 

     

    

 

	10.	Governing
    Law; Jurisdiction; Waiver of Jury Trial.

 

THIS
AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING
OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK. Sections 10.04, 10.14 and 10.15 of the Credit Agreement are hereby incorporated herein
by this reference.

 

	11.	Severability.

 

If
any provision of this Agreement is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Agreement shall not be affected or impaired thereby and (b) the parties shall endeavour in
good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision
in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

	12.	References.

 

All
references in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of
like import referring to the Credit Agreement and each reference to the “Credit Agreement”, (or the defined term “Agreement”,
“thereunder”, “thereof” of words of like import referring to the Credit Agreement) in the other Loan Documents
shall mean and be a reference to the Credit Agreement as amended and restated hereby and giving effect to the amendment and restatement
contained in this Agreement.

 

	13.	Successors
    and Assigns.

 

This
Agreement shall be binding upon the Borrower, the Lenders and the Administrative Agent and their respective successors and assigns,
and shall inure to the benefit of the Borrower, the Lenders and the Administrative Agent and the respective successors and assigns
of the Borrower, the Lenders and the Administrative Agent.

 

[Signature
pages follow]

 

    	 	7	 

     

    

 

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

 

	BABCOCK & WILCOX ENTERPRISES, INC.	 
	 	 
	By:	/s/ Dwayne M. Petish	 
	Name:	Dwayne M. Petish	 
	Title: 	Treasurer	 

 

Acknowledged
and Agreed for purposes of Sections 1, 5, 6 and 8 of the Agreement:

 

AMERICON
EQUIPMENT SERVICES, INC.

AMERICON,
LLC

BABCOCK
& WILCOX CONSTRUCTION CO., LLC

BABCOCK
& WILCOX EBENSBURG POWER, LLC 

BABCOCK
& WILCOX EQUITY INVESTMENTS, LLC

BABCOCK
& WILCOX HOLDINGS, LLC

BABCOCK
& WILCOX INDIA HOLDINGS, INC.

BABCOCK
& WILCOX INTERNATIONAL SALES AND SERVICE CORPORATION

BABCOCK
& WILCOX INTERNATIONAL, INC.

BABCOCK
& WILCOX CANADA CORP.

BABCOCK
& WILCOX SPIG, INC.

BABCOCK
& WILCOX TECHNOLOGY, LLC

DELTA
POWER SERVICES, LLC

DIAMOND
OPERATING CO., INC.

DIAMOND
POWER AUSTRALIA HOLDINGS, INC.

DIAMOND
POWER CHINA HOLDINGS, INC.

DIAMOND
POWER EQUITY INVESTMENTS, INC.

DIAMOND
POWER INTERNATIONAL, LLC

DPS
ANSON, LLC

DPS
BERLIN, LLC

DPS
CADILLAC, LLC

DPS
FLORIDA, LLC

DPS
GREGORY, LLC

DPS
MECKLENBURG, LLC

DPS
PIEDMONT, LLC

EBENSBURG
ENERGY, LLC

O&M
HOLDING COMPANY

 

     

     

    

 

POWER
SYSTEMS OPERATIONS, INC.

 

SOFCO
EFS HOLDINGS LLC

 

	THE BABCOCK & WILCOX COMPANY	 
	 	 
	By:	 /s/ Dwayne M. Petish	 
	Name:	Dwayne M. Petish	 
	Title: 	Treasurer	 

 

     

     

    

 

	BABCOCK & WILCOX DE MONTERREY, S.A. DE C.V.	 
	 	 
	By:	 /s/ Victor Alfonso Muñoz Pérez	 
	Name:  	Victor Alfonso Muñoz Pérez	 
	Title:	Authorized Person	 

 

     

     

    

 

Administrative
Agent: 

 

	BANK OF AMERICA, N.A., as	 
	Administrative Agent	 
	 	 
	By:	/s/ Bridgett J. Manduk Mowry	 
	Name:  	Bridgett J. Manduk Mowry	 
	Title:	Vice President	 

 

     

     

    

 

BANK
OF AMERICA, N.A., as Lender

 

	By:	/s/ Stefanie Tanwar	 
	Name:  	Stefanie Tanwar	 
	Title:	Director	 

 

     

     

    

 

	BANK OF AMERICA, N.A.,
    as L/C Issuer	 
	 	 
	By:	/s/ Stefanie Tanwar	 
	Name:  	 Stefanie Tanwar	 
	Title:	Director	 

 

     

     

    

 

	Banc of America Credit Products,
    as Lender	 
	 	 
	By:	/s/ Miles Hanes	 
	Name:  	Miles Hanes	 
	Title:	Authorized Signatory	 

 

     

     

    

 

	B. Riley Financial, Inc., as Lender	 
	 	 
	By:	/s/ Bryant R. Riley	 
	Name:  	Bryant R. Riley	 
	Title:	Co-CEO	 

 

     

     

    

 

	B. Riley FBR, Inc. as Lender	 
	 	 
	By:	 /s/ Michael McCoy	 
	Name:  	Michael McCoy	 
	Title:	CFO	 

 

     

     

    

 

	THE BANK OF NOVA SCOTIA,
    as Lender	 
	 	 
	By:	/s/ Hiliary Lai	 
	Name:  	Hiliary Lai	 
	Title:	Senior Manager	 

 

     

     

    

 

	BBVA USA, as Lender	 
	 	 
	By:	/s/ Bruce Bingham	 
	Name:  	Bruce Bingham	 
	Title:	Vice President	 

 

     

     

    

 

	BNP PARIBAS, as Lender and L/C Issuer	 
	 	 
	By:	 /s/ Pierre Nicholas Rogers	 
	Name:  	Pierre Nicholas Rogers	 
	Title:	Managing Director	 
	 	 
	By:	 /s/ Joseph Mack	 
	Name:	 Joseph Mack	 
	Title:	Vice President	 

 

     

     

    

 

	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as Lender	 
	 	 
	By:	/s/ Yuriy A Tsyganov	 
	Name:  	 Yuriy A Tsyganov	 
	Title:	Director	 
	 	 
	By:	/s/ Kathleen Sweeney	 
	Name:	Kathleen Sweeney	 
	Title:	Managing Director	 

 

     

     

    

 

	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as L/C Issuer	 
	 	 
	By:	 /s/ Yuriy A Tsyganov	 
	Name:  	Yuriy A Tsyganov	 
	Title:	Director	 
	 	 
	By:	/s/ Kathleen Sweeney	 
	Name:	 Kathleen Sweeney	 
	Title:	Managing Director	 

 

     

     

    

 

	Citizens Bank, N.A.,
    as Lender	 
	 	 
	By:	/s/ David W. Stack	 
	Name:  	David W. Stack	 
	Title:	Senior Vice President	 

 

     

     

    

 

	HANCOCK WHITNEY BANK, as Lender	 
	 	 
	By:	/s/ Eric K. Sander	 
	Name:  	Eric K. Sander	 
	Title:	Vice President	 

 

     

     

    

 

	JPMORGAN CHASE BANK, N.A., as Lender	 
	 	 
	By:	/s/ Antje Focke	 
	Name:  	Antje Focke	 
	Title:	Executive Director	 

 

     

     

    

 

	JPMORGAN CHASE BANK, N.A., as L/C Issuer	 
	 	 
	By:	/s/ Antje Focke	 
	Name:  	Antje Focke	 
	Title:	Executive Director	 

 

     

     

    

 

	MUFG Bank, Ltd., as
    Lender	 
	 	 
	By:	/s/ David Helffrich	 
	Name:  	David Helffrich	 
	Title:	Director	 

 

     

     

    

 

	The Northern Trust Co,
    as Lender	 
	 	 
	By:	 /s/ Robert P. Veltman	 
	Name:	Robert P. Veltman	 
	Title:	Vice President	 

 

     

     

    

 

	PNC Bank, National Association,
    as Lender	 
	 	 
	By:	/s/ Jamie Chioda	 
	Name:	Jamie Chioda	 
	Title:	 Senior Vice President	 

 

     

     

    

 

	TD Bank, N.A., as Lender	 
	 	 
	By:	 /s/ Bethany H. Buitenhuys	 
	Name:	Bethany H. Buitenhuys	 
	Title:	Vice President	 

 

     

     

    

 

	TD Bank, N.A., as L/C Issuer	 
	 	 
	By:	 /s/ Bethany H. Buitenhuys	 
	Name:	Bethany H. Buitenhuys	 
	Title:	Vice President	 

 

     

     

    

 

	U.S. Bank, N.A., as
    Lender	 
	 	 
	By:	/s/ David C. Heyson	 
	Name:	David C. Heyson	 
	Title:	Senior Vice President	 

 

     

     

    

 

	UniCredit Bank, AG New York Branch, as Lender	 
	 	 
	By:	/s/ Michael D. Novellino	 
	 	Michael D. Novellino	 
	 	Director	 
	 	 
	By:	/s/ Scott Obeck	 
	 	Scott Obeck	 
	 	Director	 

 

     

     

    

 

	Vintage Capital Management LLC,	 
	as Lender	 
	 	 
	By:	/s/ Brian Kahn	 
	Name:	Brian Kahn	 
	Title:	Manager	 

 

     

     

    

 

	WELLS FARGO BANK N.A.,
    as Lender	 
	 	 
	By:	/s/ Constantin E. Chepurny	 
	Name:	Constantin E. Chepurny	 
	Title:	EVP	 

 

     

     

    

 

	WELLS FARGO BANK N.A.,
    as L/C Issuer	 
	 	 
	By:	/s/ Constantin E. Chepurny	 
	Name:	Constantin E. Chepurny	 
	Title:	EVP	 

 

     

     

    

 

Annex
A

 

A&R
Credit Agreement

 

[Please
see attached]

 

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM
TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

 

     

     

    

 

Published
CUSIP Number: 056147AA1

 

Revolving
Credit CUSIP Number: 05614TAB9

 

AMENDED
AND RESTATED CREDIT AGREEMENT

 

dated
as of May 14, 2020

 

among

 

BABCOCK
& WILCOX ENTERPRISES, INC.,

 

as
the Borrower,

 

BANK
OF AMERICA, N.A.,

 

as
Administrative Agent,

 

and
an L/C Issuer,

 

and

 

The
Other Lenders Party Hereto

 

     

     

    

 

TABLE
OF CONTENTS

 

	Section	Page
	 	 
	ARTICLE
    I DEFINITIONS AND ACCOUNTING TERMS	2
	1.01	Defined
    Terms	2
	1.02	Other
    Interpretive Provisions	56
	1.03	Accounting
    Terms	57
	1.04	Rounding	58
	1.05	Exchange
    Rates; Currency Equivalents	58
	1.06	Alternative
    Currencies	58
	1.07	Times
    of Day; Rates	59
	1.08	Letter
    of Credit Amounts	59
	1.09	Surviving
    Provisions Perpetual	59
	ARTICLE
    II THE COMMITMENTS AND CREDIT EXTENSIONS	60
	2.01	Revolving
    Credit Loans	60
	2.01A	[Reserved]	60
	2.01B	[Reserved]	60
	2.01C	Tranche
    A-3 Term Loans	60
	2.01D	Tranche
    A-4 Term Loans	61 
	2.01E	Tranche
    A-5 Term Loans	61
	2.01F	Tranche
    A-6 Term Loans	62
	2.01G	Tranche
    A-7 Term Loans	62
	2.02	Borrowings,
    Conversions and Continuations of Loans	63
	2.03	Letters
    of Credit	65
	2.04	[Reserved]	77
	2.05	Prepayments	77
	2.06	Termination
    or Reduction of Commitments	81
	2.07	Repayment
    of Loans	83
	2.08	Interest	84
	2.09	Fees	85
	2.10	Computation
    of Interest and Fees	88
	2.11	Evidence
    of Debt	89
	2.12	Payments
    Generally; Administrative Agent’s Clawback	90
	2.13	Sharing
    of Payments by Lenders	92
	2.14	[Reserved]	93
	2.15	Cash
    Collateral	93
	2.16	Defaulting
    Lenders	95
	ARTICLE
    III TAXES, YIELD PROTECTION AND ILLEGALITY	97
	3.01	Taxes	97
	3.02	Illegality	102
	3.03	Inability
    to Determine Rates	103
	3.04	Increased
    Costs; Reserves on Eurocurrency Rate Loans	107
	3.05	Compensation
    for Losses	105
	3.06	Mitigation
    Obligations	110
	3.07	Survival	111

 

    i

     

    

 

TABLE
OF CONTENTS (continued)

 

	3.08	No
    Payment to Term Loan Lenders	111
	ARTICLE
    IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	111
	4.01	Conditions
    of Restatement Effective Date	111
	4.02	[Reserved]	115
	4.03	Conditions
    to Revolving Credit Extensions	115
	4.04	Conditions
                                         to Tranche A-5 Term Loan Borrowing

        
	116
	4.05	Conditions
                                         to Tranche A-6 Term Loan Borrowing

        
	116
	4.06	Conditions
                                         to Tranche A-7 Term Loan Borrowing

        
	117
	ARTICLE
    V REPRESENTATIONS AND WARRANTIES	117
	5.01	Corporate
    Existence, Compliance with Law	117
	5.02	Corporate
    Power; Authorization; Enforceable Obligations	118
	5.03	Ownership
    of Borrower; Subsidiaries	119
	5.04	Financial
    Statements	119
	5.05	Material
    Adverse Change	120
	5.06	Solvency	120
	5.07	Litigation	120
	5.08	Taxes	120
	5.09	Full
    Disclosure	121
	5.10	Margin
    Regulations	121
	5.11	No
    Burdensome Restrictions; No Defaults	121
	5.12	Investment
    Company Act	121
	5.13	Use
    of Proceeds	122
	5.14	Insurance	122
	5.15	Labor
    Matters	123
	5.16	ERISA	123
	5.17	Environmental
    Matters	125
	5.18	Intellectual
    Property	125
	5.19	Title;
    Real Property	126
	5.20	Security
    Instruments	127
	5.21	OFAC	127
	5.22	Anti-Corruption
    Laws	127
	5.23	EEA
    Financial Institutions	127
	5.24	Budget	127
	ARTICLE
    VI AFFIRMATIVE COVENANTS	128
	6.01	Financial
    Statements	128
	6.02	Collateral
    Reporting Requirements	130
	6.03	Default
    and Certain Other Notices	131
	6.04	Litigation	131
	6.05	Labor
    Relations	132
	6.06	Tax
    Returns	132
	6.07	Insurance	132
	6.08	ERISA
    Matters	132
	6.09	Environmental
    Matters	133
	6.10	Patriot
    Act Information	134
	6.11	Other
    Information	134
	6.12	Preservation
    of Corporate Existence, Etc.	134

 

    ii

     

    

 

TABLE
OF CONTENTS (continued)

 

	6.13	Compliance
    with Laws, Etc.	135
	6.14	Conduct
    of Business	135
	6.15	Payment
    of Taxes, Etc.	135
	6.16	Maintenance
    of Insurance	135
	6.17	Access	135
	6.18	Keeping
    of Books	136
	6.19	Maintenance
    of Properties, Etc.	136
	6.20	Application
    of Proceeds	136
	6.21	Environmental	136
	6.22	Additional
    Collateral and Guaranties	138
	6.23	Real
    Property	139
	6.24	Further
    Assurances	140
	6.25	Anti-Corruption
    Laws; Sanctions	140
	6.26	Post-Closing
    Covenants	141
	6.27	[Reserved]	141
	6.28	Consultant	141
	6.29	Variance
    and Cash Flow Reporting	142
	6.30	Account
    Control Agreements	142
	6.31	Information
    Updates	142
	6.32	[Reserved]	142
	6.33	Chief
    Implementation Officer	142
	6.34	[Reserved]	143
	6.35	[Reserved]	143
	6.36	Foreign
    Collateral; Pledges of Stock and Stock Equivalents	143
	ARTICLE
    VII NEGATIVE COVENANTS	143
	7.01	Indebtedness	144
	7.02	Liens	146
	7.03	Investments	149
	7.04	Asset
    Sales	151
	7.05	Restricted
    Payments	152
	7.06	Fundamental
    Changes	153
	7.07	Change
    in Nature of Business	154
	7.08	Transactions
    with Affiliates	154
	7.09	Burdensome
    Agreements	155
	7.10	[Reserved]	156
	7.11	Fiscal
    Year	156
	7.12	Use
    of Proceeds	156
	7.13	Sale
    Leasebacks	156
	7.14	No
    Speculative Transactions	156
	7.15	Anti-Corruption
    Laws	156
	7.16	Financial
    Covenants	156
	7.17	Sanctions	156
	7.18	Minimum
    Liquidity	157
	7.19	[Reserved]	157
	7.20	Capital
    Expenditures	157

 

    iii

     

    

 

TABLE
OF CONTENTS (continued)

 

	ARTICLE
    VIII EVENTS OF DEFAULT AND REMEDIES	157
	8.01	Events
    of Default	157
	8.02	Remedies
    Upon Event of Default	161
	8.03	Application
    of Funds	161
	8.04	Right
    to Cure	163
	ARTICLE
    IX ADMINISTRATIVE AGENT	165
	9.01	Appointment
    and Authority	165
	9.02	Rights
    as a Lender	166
	9.03	Exculpatory
    Provisions	166
	9.04	Reliance
    by Administrative Agent	167
	9.05	Delegation
    of Duties	168
	9.06	Resignation
    of Administrative Agent	168
	9.07	Non-Reliance
    on Administrative Agent and Other Lenders	170
	9.08	[Reserved]	171
	9.09	Administrative
    Agent May File Proofs of Claim	171
	9.10	Collateral
    and Guaranty Matters	173
	9.11	Secured
    Cash Management Agreements and Secured Hedge Agreements	174
	ARTICLE
    X MISCELLANEOUS	175
	10.01	Amendments,
    Etc.	175
	10.02	Notices;
    Effectiveness; Electronic Communication	178
	10.03	No
    Waiver; Cumulative Remedies; Enforcement	181
	10.04	Expenses;
    Indemnity; Damage Waiver	182
	10.05	Payments
    Set Aside	185
	10.06	Successors
    and Assigns	186
	10.07	Treatment
    of Certain Information; Confidentiality	192
	10.08	Right
    of Setoff	193
	10.09	Interest
    Rate Limitation	194
	10.10	Counterparts;
    Integration; Effectiveness	194
	10.11	Survival
    of Representations and Warranties	195
	10.12	Severability	195
	10.13	Replacement
    of Lenders	195
	10.14	Governing
    Law; Jurisdiction; Etc.	196
	10.15	Waiver
    of Jury Trial	198
	10.16	No
    Advisory or Fiduciary Responsibility	198
	10.17	Electronic
    Execution of Assignments and Certain Other Documents	199
	10.18	Judgment
    Currency	200
	10.19	Acknowledgement
    and Consent to Bail-In of EEA Financial Institutions	200
	10.20	Parallel
    Debt	201
	10.21	Acknowledgement
    Regarding Any Supported QFCs	203
	10.22	Amendment
    and Restatement	204
	ARTICLE
    XI ADDITIONAL SUBORDINATION TERMS	205
	11.01	Payment
    Subordination	205
	11.02	Turnover	205
	11.03	Financing
    Matters	206
	11.04	Adequate
    Protection	207
	11.05	Voting
    Matters	207
	11.06	Right
    to Appear	207
	11.07	Indemnification;
    Release	208
	11.08	Enforceability	208
	11.09	Article
    XI; Generally	208
	 	 	 
	 	SIGNATURES	S-1

 

    iv

     

    

 

SCHEDULES

 

	1.01(a)	Affiliate
    Agreements 	 
	 	 	 
	1.01(b)	Initial
    Guarantors	 
	 	 	 
	2.01	Commitments
    and Applicable Percentages	 
	 	 	 
	4.02(a)(iii)	Mortgaged
    Properties	 
	 	 	 
	5.02 	Consents	 
	 	 	 
	5.03 	Ownership of Subsidiaries	 
	 	 	 
	5.04 	Supplement to Financial Statements	 
	 	 	 
	5.07 	Litigation	 
	 	 	 
	5.19(b) 	Real Property	 
	 	 	 
	6.36	Pledges of Stock and Stock Equivalents; Account Control Agreements	 
	 	 	 
	7.01 	Existing Indebtedness	 
	 	 	 
	7.02	Existing Liens	 
	 	 	 
	7.03 	Existing Investments	 
	 	 	 
	10.02 	Administrative Agent’s Office; Certain Addresses for Notices	 

 

    v

     

    

 

EXHIBITS

 

	 	Form of	 
	 	 	 
	A 	Committed Loan Notice	 
	 	 	 
	B 	[Reserved]	 
	 	 	 
	C 	Note	 
	 	 	 
	D 	Compliance Certificate	 
	 	 	 
	E-1 	Assignment and Assumption	 
	 	 	 
	E-2 	Administrative Questionnaire	 
	 	 	 
	F 	[Reserved]	 
	 	 	 
	G 	[Reserved]	 
	 	 	 
	H 	Forms of U.S. Tax Compliance Certificates	 

 

    vi

     

    

 

AMENDED
AND RESTATED CREDIT AGREEMENT

 

This
AMENDED AND RESTATED CREDIT AGREEMENT is entered into as of May 14, 2020, among BABCOCK & WILCOX ENTERPRISES, INC., a Delaware
corporation, as the borrower hereunder (the “Borrower”), each lender from time to time party hereto (collectively,
the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative
Agent and an L/C Issuer.

 

RECITALS

 

WHEREAS,
the Borrower wishes to (i) continue the Revolving Credit Loans and certain Term Loans under and as defined in the Existing Credit
Agreement, (ii) add the Tranche A-6 Term Loan Commitment and other obligations of certain Term Loan Lenders to fund Tranche A-6
Term Loans, and (iii) add certain Term Loan Commitments relating to the issuance of third-party letters of credit (the transactions
set forth in clauses (i) through (iii) all on the terms set forth in this Agreement, the “2020 Refinancing”);

 

WHEREAS,
the Borrower, the Administrative Agent, the L/C Issuers and the Lenders are willing to amend and restate the Existing Credit Agreement
in order to provide for certain amendments thereto and to provide for the making of certain term loans and revolving credit loans
and the extensions of letters of credit, all on the terms set forth in this Agreement, which making of term loans and revolving
credit loans, the extensions of letters of credit and the amendment and restatement in the form of this Agreement shall be subject
to the satisfaction of certain conditions precedent set forth in this Agreement and the occurrence of the Restatement Effective
Date;

 

WHEREAS,
it is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities existing
under the Existing Credit Agreement or evidence payment of all or any of such obligations and liabilities (except for fees owing
to the Revolving Credit Lenders and Term Loan Lenders (as defined in the Existing Credit Agreement) explicitly waived pursuant
to Section 2.09(d)), that this Agreement amend and restate in its entirety the Existing Credit Agreement and renew and
extend the extensions of credit under the Existing Credit Agreement, as so amended and restated, and that from and after the Restatement
Effective Date the Existing Credit Agreement be of no further force or effect except as to evidence the incurrence of the obligations
of Borrower and its Subsidiaries thereunder and as otherwise set forth hereunder;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto hereby amend and completely
restate the Existing Credit Agreement, effective as of the Restatement Effective Date, and do hereby agree as follows:

 

    1

     

    

 

ARTICLE
I

DEFINITIONS AND ACCOUNTING TERMS

 

1.01 Defined
Terms. As used in this Agreement, the following terms shall have the meanings set forth below:

 

“2020
Refinancing” has the meaning specified in the introductory paragraphs hereto.

 

“2020
Refinancing Term Loan Lender Expenses” has the meaning specified in Section 10.04(a).

 

“Acquired
Entity” means a Person to be acquired, or whose assets are to be acquired, in an Acquisition.

 

“Acquisition”
means, by way of any single transaction or a series of related transactions, the acquisition of all or substantially all of (a)
the assets of an Acquired Entity, (b) the assets constituting what is known to the Borrower to be all or substantially all of
the business of a division, branch or other unit operation of an Acquired Entity, or (c) the Stock and Stock Equivalents (other
than director’s qualifying shares and the like, as may be required by applicable Requirements of Law) of, an Acquired Entity.

 

“Administrative
Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor
administrative agent.

 

“Administrative
Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule
10.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit E-2 or any other form
approved by the Administrative Agent.

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.

 

“[***]
Drawing Certificate” means a certificate of the Tranche A-5 Term Loan Lender certifying that (i) an amount equal to
the proposed Tranche A-5 Term Loan Borrowing has been drawn under the [***] Letter of Credit and (ii) the Borrower has reimbursement
obligations due to the Tranche A-5 Term Loan Lender in such amount.

 

    2

     

    

 

“[***]
Letter of Credit” means a letter of credit, bankers acceptance, surety bond, performance bond, bank guarantee or other
similar obligation issued to or obligated to be settled by B. Riley Financial, Inc., in form and substance reasonably satisfactory
to the Administrative Agent and the Revolving Credit Lenders, to secure ordinary course performance obligations of the Borrower
and its Subsidiaries in connection with bidding, procurement, engineering, construction and maintenance for the prospective “[***]”
project located in [***].

 

“Affiliate
Agreements” means, collectively, the agreements listed on Schedule 1.01(a) hereto.

 

“Aggregate
Commitments” means the Commitments of all the Lenders.

 

“Aggregate
L/C Sublimit” means (x) prior to May 1, 2021, $190,000,000 and (y) thereafter, $175,000,000.

 

“Aggregate
Revolving Credit Commitment” means the Revolving Credit Commitments of all the Revolving Credit Lenders.

 

“Aggregate
Term Loan Commitment” means the Term Loan Commitments of all the Term Loan Lenders.

 

“Aggregate
Working Capital Term Loan Commitment” means the Term Loan Working Capital Commitments of all the Tranche A-6 Term Loan
Lenders.

 

“Agreement”
means this Amended and Restated Credit Agreement.

 

“Alternative
Currency” means, with respect to any Letter of Credit, those currencies (other than Dollars) that are approved by the
L/C Issuer issuing such Letters of Credit in accordance with Section 1.06.

 

“Alternative
Currency Equivalent” means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof
in the applicable Alternative Currency as determined by the Administrative Agent or the applicable L/C Issuer, as the case may
be, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of
such Alternative Currency with Dollars.

 

“Alternative
Currency Sublimit” means an amount equal to the lesser of (i) the Revolving Credit Facility and, (ii) prior to May 1,
2021, $125,000,000, and thereafter, $110,000,000. The Alternative Currency Sublimit is part of, and not in addition to, the Revolving
Credit Facility.

 

    3

     

    

 

“Amendment
and Restatement Agreement” means that certain Amendment and Restatement Agreement dated as of the Restatement Effective
Date by and among the Loan Parties, the Administrative Agent and the Lenders.

 

“Amendment
and Restatement Effective Date Fee” has the meaning specified in Section 2.09(c).

 

“Anti-Corruption
Laws” means all laws, rules and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries
from time to time concerning or relating to bribery or corruption, including, without limitation, the United States Foreign Corrupt
Practices Act of 1977 and the UK Bribery Act 2010, each as amended, and any other applicable anti-corruption law in all material
respects.

 

“Applicable
Percentage” means (a) with respect to the Term Loan Facility (and in each case, as may be adjusted for a particular
Tranche, as the context may require), with respect to any Term Loan Lender at any time, the percentage (carried out to the ninth
decimal place) of the Term Loan Facility represented by (i) at any time during the Availability Period in respect of such
Facility, such Term Loan Lender’s Term Loan Commitment at such time, subject to adjustment as provided in Section
2.16, plus the principal amount of such Term Loan Lender’s Term Loans at such time, and (ii) thereafter,
the principal amount of such Term Loan Lender’s Term Loans at such time and (b) in respect of the Revolving Credit
Facility, with respect to any Revolving Credit Lender at any time, the percentage (carried out to the ninth decimal place) of
the Revolving Credit Facility represented by such Lender’s Revolving Credit Commitment at such time, subject to adjustment
as provided in Section 2.16. If the Revolving Credit Commitment of each Lender to make Loans and the obligation of each
L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the Aggregate Revolving Credit
Commitments have expired, then the Applicable Percentage of each Lender in respect to the applicable Facility shall be determined
based on the Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments. The Applicable
Percentage of each Lender as of the Restatement Effective Date in respect of the Term Loan Facility and the Revolving Credit Facility,
respectively, is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant
to which such Lender becomes a party hereto, as applicable.

 

“Applicable
Rate” means a percentage per annum equal to:

 

(a) (x)
at any time the Aggregate Revolving Credit Commitments are equal to or in excess of $200,000,000.00 (i) 7.00%, with respect
to Revolving Credit Loans that are Eurocurrency Rate Loans, and (ii) 6.00%, with respect to Revolving Credit Loans
that are Base Rate Loans, and (y) at any other time (i) 5.00%, with respect to Revolving Credit Loans that are Eurocurrency
Rate Loans, and (ii) 4.00%, with respect to Revolving Credit Loans that are Base Rate Loans; and

 

    4

     

    

 

(b) with
respect to Letter of Credit Fees for Financial Letters of Credit, commercial Letters of Credit and Performance Letter of Credit,
4.00%.

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity
or an Affiliate of an entity that administers or manages a Lender.

 

“Asset
Sale” has the meaning specified in Section 7.04.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially
the form of Exhibit E-1 or any other form (including electronic documentation generated by use of an electronic platform)
approved by the Administrative Agent.

 

“Availability
Period” means (a) in respect of the Revolving Credit Facility, the period from and including the Restatement
Effective Date to the earliest of (i) the Revolving Credit Facility Maturity Date, (ii) the date of termination of the
Aggregate Revolving Credit Commitments pursuant to Section 2.06, and (iii) the date of termination of the
Commitment of each Revolving Credit Lender to make Revolving Credit Loans and of the obligation of the L/C Issuers to make
L/C Credit Extensions pursuant to Section 8.02, (b) in respect of the Tranche A-5 Term Loan Commitment, the period
from and including the Restatement Effective Date to the earlier of (i) the date the Tranche A-5 Term Loan Lender has
provided the Administrative Agent with written notice of the termination of the Tranche A-5 Term Loan Commitment and (ii) the
Term Loan Facility Maturity Date, (c) in respect of the Term Loan Working Capital Commitment, the period from and including
the Restatement Effective Date to the earliest of (i) the Term Loan Facility Maturity Date, (ii) the date of termination of
the Aggregate Term Loan Working Capital Commitments pursuant to Section 2.06, (iii) the date of termination of the
Term Loan Working Capital Commitment of each Tranche A-6 Term Loan Lender to make Working Capital Term Loans pursuant to Section
8.02 and (iv) the date of the reduction of the Term Loan Working Capital Commitment to zero as a result of Term Loan
Borrowings made under Section 2.01F, and (d) in respect of the Tranche A-7 Term Loan Commitment, the period from and
including the Restatement Effective Date to the earlier of (i) the date the Tranche A-7 Term Loan Lender has provided the
Administrative Agent with written notice of the termination of the Tranche A-7 Term Loan Commitment and (ii) the Term Loan
Facility Maturity Date.

 

    5

     

    

 

“B.
Riley Fee Letter” means the certain Fee Letter, dated as of the date hereof between B. Riley Financial, Inc. and the
Borrower (as amended, supplemented or otherwise modified, including any rights or obligations thereunder as may be amended, supplemented
or modified as a result of an amendment, supplement or other modification to the Fee and Interest Equitization Agreement dated
as of the date hereof, among B. Riley Financial, Inc., B. Riley FBR, Inc. and the Borrower, in each case, with the consent of
the Administrative Agent in its sole discretion).

 

“B.
Riley Limited Guaranty” means the certain Limited Guaranty, dated as of the date hereof, between B. Riley Financial,
Inc. and the Administrative Agent (as amended, supplemented or otherwise modified).

 

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect
of any liability of an EEA Financial Institution.

 

“Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which
is described in the EU Bail-In Legislation Schedule.

 

“Bank
of America” means Bank of America, N.A. and its successors.

 

“Base
Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of
1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime
rate” and (c) the Eurocurrency Rate determined in accordance with clause (b) of the definition thereof, plus 1.00%; provided
that if the Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. The “prime
rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return,
general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at,
above, or below such announced rate. Any change in the “prime rate” announced by Bank of America shall take effect
at the opening of business on the day specified in the public announcement of such change.

 

“Base
Rate Loan” means a Revolving Credit Loan that bears interest based on the Base Rate. All Base Rate Loans shall be denominated
in Dollars.

 

    6

     

    

 

“Borrower”
has the meaning specified in the introductory paragraphs hereto.

 

“Borrower
Materials” has the meaning specified in Section 6.01.

 

“Borrower’s
Accountants” means Deloitte & Touche LLP or another firm of independent nationally recognized public accountants.

 

“Borrowing”
means a Revolving Credit Borrowing or a Term Loan Borrowing, as the context may require.

 

“Budget”
means a 13-week cash flow budget of the Borrower and its Subsidiaries, on a consolidated and segment-level basis, in form and
substance satisfactory to the Administrative Agent, as may be updated pursuant to Section 6.29.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under
the Requirements of Law of, or are in fact closed in, the state where the Administrative Agent’s Office with respect to
Obligations denominated in Dollars is located and:

 

(a) if
such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements,
settlements and payments in Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried
out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any such day that is also a London Banking
Day; and

 

(b) if
such day relates to any determination of the Spot Rate pursuant to this Agreement, means any such day on which banks are open
for foreign exchange business in the principal financial center of the country of the relevant Alternative Currency for which
the Spot Rate is being determined.

 

“BWC”
means The Babcock and Wilcox Company (f/k/a Babcock & Wilcox Power Generation Group, Inc.), a Delaware corporation.

 

“Canadian
Guarantee Agreement” means the Canadian Guarantee Agreement, dated as of April 27, 2018 (as amended, supplemented or
otherwise modified), by the Canadian Guarantor and Megtec Turbosonic Inc. in favor of the Administrative Agent for the benefit
of the Secured Parties.

 

“Canadian
Guarantor” means Babcock & Wilcox Canada Corp. (f/k/a Babcock & Wilcox Power Generation Group Canada Corp.).

 

“Canadian
Pledge and Security Agreement” means the Canadian Pledge and Security Agreement, dated as of April 27, 2018 (as
amended, supplemented or otherwise modified), by the Canadian Guarantor and Megtec Turbosonic Inc. to the
Administrative Agent for the benefit of the Secured Parties.

 

    7

     

    

 

“Capital
Expenditures” means, with respect to any Person for any period, the amount of all expenditures by such Person and its
Subsidiaries during such period that are capital expenditures as determined in accordance with GAAP, whether such expenditures
are paid in cash or financed.

 

“Capital
Lease” means, with respect to any Person, any lease of (or other arrangement conveying the right to use) property by
such Person as lessee that would be accounted for as a capital lease on a balance sheet of such Person prepared in conformity
with GAAP.

 

“Capital
Lease Obligations” means, with respect to any Person, the capitalized amount of all obligations of such Person or any
of its Subsidiaries under Capital Leases, as determined on a consolidated basis in conformity with GAAP.

 

“Captive
Insurance Subsidiaries” means, collectively or individually as of any date of determination, those regulated Subsidiaries
of the Borrower primarily engaged in the business of providing insurance and insurance-related services to the Borrower, its other
Subsidiaries and certain other Persons.

 

“Cash
Collateralize” means to pledge and deposit with or deliver directly to an L/C Issuer or to the Administrative Agent,
for the benefit of the Administrative Agent, any L/C Issuer or any Lender, as the context may indicate, as collateral for L/C Obligations,
or obligations of Lenders to fund participations in respect of either thereof (as the context may require), cash or deposit account
balances or, if the L/C Issuer benefitting from such collateral shall agree in its sole discretion, other credit support, in each
case pursuant to documentation in form and substance satisfactory to (a) the Administrative Agent (but only if the Administrative
Agent is a party to such Cash Collateral arrangement) and (b) the applicable L/C Issuer.

 

“Cash
Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral
and other credit support.

 

“Cash
Equivalents” means (a) securities issued or fully guaranteed or insured by the United States government or any
agency thereof, (b) certificates of deposit, eurodollar time deposits, overnight bank deposits and bankers’ acceptances
of (i) any commercial bank organized under the laws of the United States, any state thereof, the District of Columbia, any
foreign bank, or any branch or agency of any of the foregoing, in each case if such bank has a minimum rating at the time of
investment of A-3 by S&P or P-3 by Moody’s, or (ii) any
Lender or any branch or agency of any Lender, (c) commercial paper, (d) municipal issued debt securities, including notes and
bonds, (e) (i) shares of any money market fund that has net assets of not less than $500,000,000 and satisfies the
requirements of rule 2a-7 under the Investment Company Act of 1940 and (ii) shares of any offshore money market fund
that has net assets of not less than $500,000,000 and a $1 net asset mandate, (f) fully collateralized repurchase agreements,
(g) demand deposit accounts and (h) obligations issued or guaranteed by the government or by a governmental agency of Canada,
Japan, Australia, Switzerland or a country belonging to the European Union; provided, however, that (i) all
obligations of the type specified in clauses (c) or (d) above shall have a minimum rating of A-1 or AAA by S&P or P-1 or
Aaa by Moody’s, in each case at the time of acquisition thereof, (ii) the country credit rating of any country issuing
or guaranteeing (or whose governmental agency issues or guarantees) any obligation of the type specified in clause (h) above
shall be AA or higher by S&P or an equivalent rating or higher by another generally recognized rating agency providing
country credit ratings and (iii) the maturities of all obligations of the type described in clause (b) or (h) above shall not
exceed one year from the date of acquisition thereof.

 

    8

     

    

 

“Cash
Interest Expense” means, with respect to any Person for any period, the Interest Expense of such Person for such period
less, to the extent included in the calculation of Interest Expense of such Person for such period, (a) the amount of debt
discount and debt issuance costs amortized, (b) charges relating to write-ups or write-downs in the book or carrying value of
existing Financial Covenant Debt, and (c) interest payable in evidences of Indebtedness or by addition to the principal of the
related Indebtedness.

 

“Cash
Management Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft,
credit or debit card, electronic funds transfer and other cash management arrangements in the ordinary course of business of the
Borrower and its Subsidiaries.

 

“Cash
Management Bank” means (a) any Person that, at the time it enters into a Cash Management Agreement, is a Revolving Credit
Lender or an Affiliate of a Revolving Credit Lender, in its capacity as a party to such Cash Management Agreement, and (b) any
Person that is a party to a Cash Management Agreement at the time it or its relevant Affiliate becomes a Revolving Credit Lender
(whether on the Restatement Effective Date or at a later date pursuant to Section 10.06), in its capacity as a party to
such Cash Management Agreement.

 

“Change
in Law” means the occurrence after the Restatement Effective Date of any of the following: (a) the adoption or
taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the
administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or
issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided
that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and
all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision
(or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to
Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or
issued.

 

    9

     

    

 

“Change
of Control” means an event or series of events by which:

 

(a) any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, but excluding (i) any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its
capacity as trustee, agent or other fiduciary or administrator of any such plan and (ii) underwriters in the course of their distribution
of Voting Stock in an underwritten registered public offering provided such underwriters shall not hold such Stock for longer
than five Business Days) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities
Exchange Act of 1934), directly or indirectly, of more than 30% of the equity securities of the Borrower entitled to vote for
members of the board of directors or equivalent governing body of the Borrower on a fully-diluted basis; provided that
it shall not be deemed to be a Change of Control if Vintage Capital Management, LLC, B. Riley FBR, Inc. or a related “person”
or “group” acceptable to the Administrative Agent and the Required Lenders becomes the beneficial owner of more than
30% of such equity securities of the Borrower pursuant simultaneously with or after the 2020 Refinancing; or

 

(b) during
any period of twelve consecutive calendar months, a majority of the members of the board of directors or other equivalent
governing body of the Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing
body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was
approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a
majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent
governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such
election or nomination at least a majority of that board or equivalent governing body; provided that individuals who
are (A) deemed to be members of the board of directors under clause (i) prior to the Restatement Effective Date pursuant to
clause (b) of the definition of “Change of Control” under the Existing Credit Agreement or (B) appointed by B.
Riley FBR, Inc. or its respective Affiliates as members of the board of directors or other equivalent governing body in
connection with the 2020 Refinancing shall, before and after the date the 2020 Refinancing is consummated, be deemed to be
members of the board of directors or equivalent governing body pursuant to clause (b)(i) above.

 

    10

     

    

 

“CIO”
has the meaning set forth in Section 6.33.

 

“Code”
means the Internal Revenue Code of 1986.

 

“Collateral”
means, collectively, the Pledged Interests and all other personal and real property of the Borrower, any Guarantor or any other
Person in which the Administrative Agent or any Secured Party is granted a Lien under any Security Instrument as security for
all or any portion of the Obligations or any other obligation arising under any Loan Document.

 

“Collateral
Agreement” means, collectively the U.S. Collateral Agreement, the Canadian Pledge and Security Agreement, and the Mexican
Pledge Agreement.

 

“Commitment”
means, as to each Lender, the Revolving Credit Commitment and the Term Loan Commitment (as applicable) of such Lender.

 

“Commitment
Reduction Amount” means (x) for reductions under the Revolving Credit Commitments, (a) with respect to any Prepayment
Event under clause (a) of the definition thereof, an amount equal to 50% of the Net Cash Proceeds of such event required to be
utilized pursuant to Section 2.05(b) to make such a prepayment (including any amount that may be retained by the Borrower pursuant
to Section 2.05(b)(iv)), and (b) with respect to the issuance or other incurrence by the Borrower or any of its Subsidiaries of
any unsecured Indebtedness pursuant to either (x) Section 7.01(i) in an aggregate principal amount outstanding in excess of $25,000,000
or (y) Section 7.01(o), in each case other than any such Indebtedness that constitutes Subordinated Debt, an amount equal to 50%
of the aggregate principal amount of the incurrence such Indebtedness and (y) for reductions under the Term Loan Working Capital
Commitments, with respect to any Prepayment Event under clause (a)(iii) of the definition thereof in connection with Prepayment
Events, an amount equal to 50% of the Net Cash Proceeds of such event required to be utilized pursuant to Section 2.05(b) to make
such a prepayment.

 

“Commitment
Reduction Event” means any event described in the definition of “Commitment Reduction Amount.”

 

    11

     

    

 

“Committed
Loan Notice” means a notice of (a) a Term Loan Borrowing, (b) a Revolving Credit Borrowing, (c) a conversion of Loans
from one Type to the other, or (d) a continuation of Eurocurrency Rate Loans, pursuant to Section 2.02(a), which shall
be substantially in the form of Exhibit A or such other form as may be approved by the Administrative Agent (including
any form on an electronic platform or electronic transmission system, as shall be approved by the Administrative Agent), appropriately
completed and signed by a Responsible Officer of the Borrower.

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and
any successor statute.

 

“Compliance
Certificate” means a certificate substantially in the form of Exhibit D.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise Taxes or branch profits Taxes.

 

“Consolidated
Net Income” means, for any period, the net income (or loss) of the Borrower and its Subsidiaries for such period determined
on a consolidated basis in accordance with GAAP.

 

“Consolidated
Tangible Assets” means, as of any date of determination, the difference of (a) the consolidated total assets of the
Borrower and its Subsidiaries as of such date, determined in accordance with GAAP, minus (b) all Intangible Assets of the
Borrower and its Subsidiaries on a consolidated basis as of such date.

 

“Consortium”
means any joint venture, consortium or other similar arrangement that is not a separate legal entity entered into by the Borrower
or any of its Subsidiaries and one or more third parties, provided that no Loan Party shall, whether pursuant to the Constituent
Documents of such joint venture or otherwise, be under any Contractual Obligation to make Investments or incur Guaranty Obligations
after the Restatement Effective Date, or, if later, at the time of, or at any time after, the initial formation of such joint
venture, consortium or similar arrangement that would be in violation of any provision of this Agreement.

 

“Constituent
Documents” means, with respect to any Person, (a) the articles of incorporation, certificate of incorporation or certificate
of formation (or the equivalent organizational documents) of such Person and (b) the bylaws, partnership agreement or operating
agreement (or the equivalent governing documents) of such Person.

 

    12

     

    

 

“Consultant”
means a consultant of recognized national standing acceptable to the Administrative Agent.

 

“Contaminant”
means any material, substance or waste that is classified, regulated or otherwise characterized under any Environmental Law as
hazardous, toxic, a contaminant or a pollutant or by other words of similar meaning or regulatory effect, including any petroleum
or petroleum derived substance or waste, asbestos and polychlorinated biphenyls.

 

“Contractual
Obligation” of any Person means any obligation, agreement, undertaking or similar provision of any Security issued by
such Person or of any agreement, undertaking, contract, lease, indenture, mortgage, deed of trust or other instrument (excluding
the Loan Documents) to which such Person is a party or by which it or any of its property is bound.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise.

 

“Controlling”
and “Controlled” have meanings correlative thereto.

 

“Control
Agreement” means a deposit account control agreement, securities account control agreement or a commodities account
control agreement, in form and substance reasonably satisfactory to the Administrative Agent, among the Loan Party or Loan Parties
holding the deposit account or deposit accounts, the security account or securities accounts, or the commodity account or commodities
accounts subject to such control agreement, the Administrative Agent and the depositary bank of such deposit account(s), the securities
intermediary maintaining any securities account, or the commodity intermediary maintaining any commodity account.

 

“COVID-19
Relief Indebtedness” means governmental assistance in the form of Indebtedness in connection with COVID-19 relief.

 

“Credit
Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

 

“Cure
Expiration Date” has the meaning specified in Section 8.04.

 

“Cure
Right” has the meaning specified in Section 8.04.

 

    13

     

    

 

“Customary
Permitted Liens” means, with respect to any Person, any of the following Liens:

 

(a) Liens
with respect to the payment of taxes, assessments or governmental charges in each case that are not yet due or that are being
contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions
are being maintained to the extent required by GAAP and, in the case of Mortgaged Property, there is no material risk of forfeiture
of such property;

 

(b) Liens
of landlords arising by statute or lease contracts entered into in the ordinary course, inchoate, statutory or construction liens
and liens of suppliers, mechanics, carriers, materialmen, warehousemen, producers, operators or workmen and other liens imposed
by law created in the ordinary course of business for amounts not yet due or that are being contested in good faith by appropriate
proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained to the extent required
by GAAP;

 

(c) liens,
pledges or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance
or other types of social security benefits, taxes, assessments, statutory obligations or other similar charges or to secure the
performance of bids, tenders, sales, leases, contracts (other than for the repayment of borrowed money) or in connection with
surety, appeal, customs or performance bonds or other similar instruments;

 

(d) encumbrances
arising by reason of zoning restrictions, easements, licenses, reservations, covenants, rights-of-way, utility easements, building
restrictions and other similar encumbrances on the use of Real Property not materially detracting from the value of such Real
Property and not materially interfering with the ordinary conduct of the business conducted at such Real Property;

 

(e) encumbrances
arising under leases or subleases of Real Property that do not, individually or in the aggregate, materially detract from the
value of such Real Property or materially interfere with the ordinary conduct of the business conducted at such Real Property;

 

(f) financing
statements with respect to a lessor’s rights in and to personal property leased to such Person in the ordinary course of
such Person’s business;

 

(g) liens,
pledges or deposits relating to escrows established in connection with the purchase or sale of property otherwise permitted
hereunder and the amounts secured thereby shall not exceed the aggregate consideration in connection with such purchase or sale
(whether established for an adjustment in purchase price or liabilities, to secure indemnities, or otherwise);

 

    14

     

    

 

(h) bankers’
Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents on deposit in one or
more accounts maintained by the Borrower or a Subsidiary, in each case granted in the ordinary course of business in favor of
the bank or banks with which such accounts are maintained, securing amounts owing to such bank with respect to cash management
and operating account arrangements, including those involving pooled accounts and netting arrangements; provided that,
unless such Liens are non-consensual and arise by operation of law, in no case shall any such Liens secure (either directly or
indirectly) the repayment of any Indebtedness; and

 

(i) options,
put and call arrangements, rights of first refusal and similar rights (i) relating to Investments in Subsidiaries, Joint
Ventures and Consortiums or (ii) provided for in contracts or agreements entered into in the ordinary course of business.

 

“Debtor
Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor
relief Requirements of Law of the United States or other applicable jurisdictions from time to time in effect and affecting the
rights of creditors generally.

 

“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time,
or both, would be an Event of Default.

 

“Default
Rate” means (a) when used with respect to Obligations arising under any Loan Document other than Letter of Credit Fees,
an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate applicable to Base Rate Loans plus (iii)
2% per annum; provided, however, that with respect to a Eurocurrency Rate Loan, the Default Rate shall be an interest
rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum, and (b) when
used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate applicable to Letter of Credit Fees plus
2% per annum.

 

    15

     

    

 

“Defaulting
Lender” means, subject to Section 2.16(b), any Lender that (a) has failed to (i) fund all or any portion
of its Loans within three Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies
the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that
one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be
specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any L/C Issuer, or any
other Lender any other amount required to
be paid by it hereunder (including in respect of its participation in Letters of Credit) within three Business Days of the date
when due, (b) has notified the Borrower, the Administrative Agent, any L/C Issuer in writing that it does not intend to comply
with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement
relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s
determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be
specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days
after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower
that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or
(d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law,
(ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or
similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation
or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action;
provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity
interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership
interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from
the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject,
repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent
that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such
status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject
to Section 2.16(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination,
which shall be delivered by the Administrative Agent to the Borrower, each L/C Issuer, and each other Lender promptly following
such determination.

 

“Deferred
PBGC Payments” means pension payments deferred by the Borrower with the consent of the PBGC in an amount no greater
than $25,000,000.

 

    16

     

    

 

“Designated
Jurisdiction” means any country or territory to the extent that such country or territory itself is, or whose government
is, at the time of determination, the subject of any Sanction.

 

“Disqualified
Stock” means with respect to any Person, any Stock that, by its terms (or by the terms of any Security into which it
is convertible or for which it is exchangeable), or upon the happening of any event, matures or is mandatorily redeemable, pursuant
to a sinking fund obligation or otherwise, or is exchangeable for Indebtedness of such Person, or is redeemable at the option
of the holder thereof, in whole or in part.

 

“Disregarded
Entity” means any Person that is disregarded as an entity separate from its owner for U.S. federal income tax purposes.

 

“Dollar”
and “$” mean lawful money of the United States.

 

“Dollar
Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect
to any amount denominated in any Alternative Currency, the equivalent amount thereof in Dollars as determined by the Administrative
Agent or the applicable L/C Issuer, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the
most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency.

 

“Domestic
Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United States.

 

“EBITDA”
means, for any period,

 

(a) Consolidated
Net Income for such period;

 

plus

 

(b) the
sum of, in each case (other than in the case of clause (xii)) to the extent deducted in the calculation of (or, in the case of
clause (vii), otherwise reducing) such Consolidated Net Income but without duplication,

 

(i) any
provision for income taxes,

 

(ii) Interest
Expense,

 

(iii) depreciation
expense,

 

(iv) amortization
of intangibles or financing or acquisition costs,

 

    17

     

    

 

(v) any
aggregate net loss from the sale, exchange or other disposition of business units by the Borrower or its Subsidiaries,

 

(vi) all
other non-cash charges (including impairment of intangible assets and goodwill) and non-cash losses for such period, including
non-cash employee compensation pursuant to any equity-based compensation plan (excluding any non-cash item to the extent it represents
an accrual of, or reserve for, cash disbursements for any period ending prior to the Maturity Date);

 

(vii) realized
and unrealized foreign exchange losses of the Borrower and its Subsidiaries resulting from the impact of foreign currency changes
on the valuation of assets and liabilities;

 

(viii) with
respect to the period commencing on January 1, 2020 through December 31, 2020, non-recurring charges incurred by the Borrower
or its Subsidiaries in respect of business restructurings to the extent disclosed in writing to the Administrative Agent and in
an amount not to exceed $5,000,000; and

 

(ix) with
respect to the period commencing on January 1, 2020 all restructuring-related professional fees and expenses, including but not
limited to this Agreement and the 2020 Refinancing and other matters acceptable to the Administrative Agent to the extent disclosed
in writing to the Administrative Agent, provided that the aggregate amount added back to Consolidated Net Income pursuant to this
clause (ix) for any four consecutive Fiscal Quarter period shall not exceed $28,900,000;

 

provided,
that, to the extent that all or any portion of the income or gains of any Person is deducted pursuant to any of clauses (c)(iv)
and (v) below for a given period, any amounts set forth in any of the preceding clauses (b)(i) through (b)(ix) that are attributable
to such Person shall not be included for purposes of this clause (b) for such period,

 

minus

 

(c) the
sum of, in each case to the extent included in the calculation of such Consolidated Net Income but without duplication,

 

(i) any
credit for income tax,

 

(ii) non-cash
interest income,

 

(iii) any
other non-cash gains or other items which have been added in determining Consolidated Net Income (other than any such gain or
other item that has been deducted in determining EBITDA for a prior period),

 

    18

     

    

 

(iv) the
income of any Subsidiary or Joint Venture to the extent that the declaration or payment of dividends or similar distributions
or transfers or loans by such Subsidiary or Joint Venture, as applicable, of that income is not at the time permitted by operation
of the terms of its charter or any agreement, instrument, judgment, decree, statute, rule or governmental regulation applicable
to such Subsidiary or Joint Venture, as applicable,

 

(v) the
income of any Person (other than a Subsidiary) in which any other Person (other than the Borrower or a Wholly-Owned Subsidiary
or any director holding qualifying shares in accordance with applicable law) has an interest, except to the extent of the amount
of dividends or other distributions or transfers or loans actually paid to the Borrower or a Wholly-Owned Subsidiary by such Person
during such period,

 

(vi) any
aggregate net gains from the sale, exchange or other disposition of business units by the Borrower or any of its Subsidiaries
out of the ordinary course of business,

 

(vii) realized
and unrealized foreign exchange gains of the Borrower and its Subsidiaries resulting from the impact of foreign currency changes
on the valuation of assets and liabilities, and

 

(viii) any
income on account of any settlement of or payment in respect of any property or casualty insurance claim or professional liability
insurance claims or any taking or condemnation proceeding relating to any asset of the Borrower or any Subsidiary.

 

For
any period of measurement that includes any Permitted Acquisition or any sale, exchange or disposition of any Subsidiary or business
unit of the Borrower or any Subsidiary, EBITDA (and the relevant elements thereof) shall be computed on a pro forma basis
for each such transaction as if it occurred on the first day of the period of measurement thereof, so long as the Borrower provides
to the Administrative Agent reconciliations and other detailed information relating to adjustments to the relevant financial statements
(including copies of financial statements of the acquired Person or assets in any Permitted Acquisition) used in computing EBITDA
(and the relevant elements thereof) sufficient to demonstrate such pro forma calculations in reasonable detail.

 

It
is understood and agreed that the definition of EBITDA shall be negotiated in good faith in connection with the negotiation of
the financial covenants contemplated by Section 7.16(a).

 

    19

     

    

 

“EEA
Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member
Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution
established in an EEA Member Country which is a Subsidiary of an institution described in clauses (a) or (b) of this
definition and is subject to consolidated supervision with its parent.

 

“EEA
Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA
Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 10.06(b)(iii) and (v)
(subject to such consents, if any, as may be required under Section 10.06(b)(iii)).

 

“Eligible
Line of Business” means the businesses and activities engaged in by the Borrower and its Subsidiaries on the Closing
Date (as defined in the Existing Credit Agreement), any other businesses or activities reasonably related or incidental thereto
and any other businesses that, when taken together with the existing businesses of the Borrower and its Subsidiaries, are immaterial
with respect to the assets and liabilities of the Borrower and its Subsidiaries, taken as a whole.

 

“Employee
Benefit Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA which is sponsored,
maintained or contributed to by, or required to be contributed to by, the Borrower, any of its Subsidiaries, any Guarantor or
any of their respective ERISA Affiliates or was sponsored, maintained or contributed to by, or required to be contributed to by,
the Borrower, any of its Subsidiaries, any Guarantor or any of their respective ERISA Affiliates with respect to liabilities for
which the Borrower, any such Subsidiary, any such Guarantor or any of their respective ERISA Affiliates could be liable under
the Code or ERISA.

 

“Environmental
Laws” means all applicable Requirements of Law now or hereafter in effect and as amended or supplemented from time
to time, relating to pollution or the regulation and protection of human health, safety, the environment or natural
resources, including the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (42 U.S.C.
§ 9601 et seq.); the Hazardous Material Transportation Act, as amended (49 U.S.C. § 1801 et
seq.); the Federal Insecticide, Fungicide, and Rodenticide Act, as amended (7 U.S.C. § 136 et seq.); the
Resource Conservation and Recovery Act, as amended (42 U.S.C. § 6901 et seq.); the Toxic Substance Control
Act, as amended (15 U.S.C. § 2601 et seq.); the Clean Air Act, as amended (42 U.S.C. § 7401 et seq.);
the Federal Water Pollution Control Act, as amended (33 U.S.C. § 1251 et seq.); the Occupational Safety and
Health Act, as amended (29 U.S.C. § 651 et seq.); the Safe Drinking Water Act, as amended (42 U.S.C. § 300f et
seq.); and each of their state and local counterparts or equivalents.

 

    20

     

    

 

“Environmental
Liabilities and Costs” means, with respect to any Person, all liabilities, obligations, responsibilities, Remedial Actions,
losses, damages, punitive damages, consequential damages, treble damages, costs and expenses (including all fees, disbursements
and expenses of counsel, experts and consultants and costs of investigation and feasibility studies), fines, penalties, sanctions
and interest incurred as a result of any claim or demand by any other Person, whether based in contract, tort, implied or express
warranty, strict liability, criminal or civil statute and arising under any Environmental Law, Permit, order or agreement with
any Governmental Authority or other Person, in each case relating to and resulting from the past, present or future operations
of, or ownership of property by, such Person or any of its Subsidiaries.

 

“Environmental
Lien” means any Lien in favor of any Governmental Authority pursuant to any Environmental Law.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974.

 

“ERISA
Affiliate” means any trade or business (whether or not incorporated) under common control or treated as a single employer
with the Borrower, any of its Subsidiaries or any Guarantor within the meaning of Section 414(b), (c), (m) or (o) of the Code.
Any former ERISA Affiliate of the Borrower, any of its Subsidiaries or any Guarantor shall continue to be considered an ERISA
Affiliate of the Borrower, such Subsidiary or such Guarantor within the meaning of this definition solely with respect to the
period such entity was an ERISA Affiliate of the Borrower, such Subsidiary or such Guarantor and with respect to liabilities arising
after such period for which the Borrower, such Subsidiary or such Guarantor could be liable under the Code or ERISA.

 

“ERISA
Event” means (a) a reportable event described in Section 4043(b) or 4043(c) of ERISA with respect to a Title IV
Plan for which notice has not been waived, (b) the withdrawal of the Borrower, any of its Subsidiaries, any Guarantor or any
ERISA Affiliate from a Title IV Plan subject to Section 4063 or Section 4064 of ERISA during a plan year in which any such
entity was a “substantial employer” (as defined in Section 4001(a)(2) of ERISA) or the termination of any such
Title IV Plan resulting, in either case, in a material liability to any such entity, (c) the “complete or partial
withdrawal” (within the meaning of Sections 4203 and 4205 of ERISA) of the Borrower, any of its Subsidiaries,
any Guarantor or any ERISA Affiliate from any Multiemployer Plan where the Withdrawal Liability is reasonably expected to
exceed $1,000,000 (individually or in the aggregate), (d) notice of reorganization, insolvency, intent to terminate or
termination of a Multiemployer Plan is received by the Borrower, any of its Subsidiaries, any Guarantor or any ERISA
Affiliate, (e) the filing of a notice of intent to terminate a Title IV Plan under Section 4041(c) of ERISA or the
treatment of a plan amendment as a termination under Section 4041(e) of ERISA, where such termination constitutes a
“distress termination” under Section 4041(c) of ERISA, (f) the institution of proceedings to terminate a Title IV
Plan by the PBGC, (g) the failure to make any required contribution to a Title IV Plan or Multiemployer Plan or to meet
the minimum funding standard of Sections 430 and 431 of the Code (in either case, whether or not waived), (h) the imposition
of a Lien with respect to any employee pension plan under the provisions of the Code that relate to such plans or ERISA on
the Borrower, any of its Subsidiaries, any Guarantor or any ERISA Affiliate, (i) any other event or condition that might
reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, any Title IV Plan or Multiemployer Plan or the imposition of any liability under Title IV of ERISA,
other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, (j) any Multiemployer Plan entering
endangered status for purposes of Section 305 of ERISA, (k) the imposition of liability on the Borrower, any of its
Subsidiaries, any Guarantor or any of their respective ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA or by
reason of the application of Section 4212(c) of ERISA, (l) the occurrence of an act or omission which would reasonably be
expected to give rise to the imposition on the Borrower, any of its Subsidiaries, any Guarantor or any of their respective
ERISA Affiliates of fines, penalties, taxes or related charges under Chapter 43 of the Code or under Section 409, Section
502(c), (i) or (l), or Section 4071 of ERISA in respect of any “employee pension plan” (within the meaning of
Section 3(2) of ERISA), (m) receipt from the IRS of notice of the failure of any employee pension plan that is intended to be
qualified under Section 401(a) of the Code so to qualify under Section 401(a) of the Code, or the failure of any trust
forming part of any such employee pension plan to qualify for exemption from taxation under Section 501(a) of the Code or (n)
the occurrence of any non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code involving the
Borrower, any of its Subsidiaries, any Guarantor or any of their respective ERISA Affiliates. Notwithstanding the foregoing
or anything in this Agreement to the contrary, an ‘ERISA Event’ shall not include (a) an application for waiver
of the minimum funding standard under Section 412 of the Code for a Title IV Plan for the 2018 plan year or the 2019 plan
year or (b) the failure to make any required contribution to a Title IV Plan or to meet the minimum funding standard of
Section 430 of the Code with respect to a Title IV Plan for the 2018 plan year or the 2019 plan year.

 

    21

     

    

 

“EU
Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or
any successor person), as in effect from time to time.

 

“Eurocurrency
Rate” means:

 

(a) for
any Interest Period with respect to a Eurocurrency Rate Loan, the rate per annum equal to (i) the London Interbank Offered Rate
(“LIBOR”), as published by Bloomberg (or other commercially available source providing quotations of LIBOR
as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two London Banking
Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period or (ii) if such rate is not available at such time for any reason, the rate per
annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of such
Interest Period in Same Day Funds in the approximate amount of the Eurocurrency Rate Loan being made, continued or converted and
with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch to major banks in the
London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two London Banking Days prior to
the commencement of such Interest Period; and

 

(b) for
any interest calculation of the Eurocurrency Rate with respect to a Base Rate Loan on any date, the rate per annum equal to (i)
LIBOR, at approximately 11:00 a.m., London time determined two London Banking Days prior to such date for Dollar deposits being
delivered in the London interbank market for a term of one month commencing that day or (ii) if such published rate is not available
at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars
for delivery on the date of determination in Same Day Funds in the approximate amount of the Base Rate Loan being made or maintained
and with a term equal to one month would be offered by Bank of America’s London Branch to major banks in the London interbank
eurodollar market at their request at the date and time of determination.

 

Notwithstanding
the foregoing, if the Eurocurrency Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Eurocurrency
Rate Loan” means a Term Loan or Revolving Credit Loan, as the context requires, that bears interest at a rate based
on clause (a) of the definition of “Eurocurrency Rate.”

 

    22

     

    

 

“Event
of Default” has the meaning specified in Section 8.01.

 

“Excluded
Deposit Account” means (a) any deposit account that is used solely for payment of taxes, payroll, bonuses, other compensation
and related expenses, in each case, for employees or former employees, (b) fiduciary or trust accounts, (c) zero-balance accounts,
so long as the balance in such account is zero at the end of each Business Day and (d) any other deposit account with an average
daily balance on deposit not exceeding $100,000 individually or $500,000 in the aggregate for all such accounts excluded pursuant
to this clause (d).

 

“Excluded
Domestic Subsidiary” means any direct or indirect Subsidiary of a Loan Party that is directly or indirectly owned (in
whole or in part) by any Foreign Subsidiary of a Loan Party.

 

“Excluded
Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion
of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or
any Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity
Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s
failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined
after giving effect to any “keepwell, support or other agreement” for the benefit of such Guarantor and any and all
guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the time the Guaranty of such Guarantor, or a
grant by such Guarantor of a security interest, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises
under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation
that is attributable to swaps for which such Guaranty or security interest is or becomes excluded in accordance with the first
sentence of this definition.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender or L/C Issuer, U.S. federal withholding Taxes imposed
on amounts payable to or for the account of such Lender or L/C Issuer (as applicable) with respect to an applicable interest
in a Loan or Commitment or otherwise under a Loan Document pursuant to a law in effect on the date on which (i) such Lender or
L/C Issuer (as applicable) acquires such interest in the Loan or Commitment or becomes a party to this Agreement (other than pursuant
to an assignment request by the Borrower under Section 10.13) or (ii) such Lender or L/C Issuer (as applicable) changes
its Lending Office, except in each case to the extent that, pursuant to Section 3.01(b), amounts with respect to such Taxes
were payable either to such Lender’s or L/C Issuer’s (as applicable) assignor immediately before such Lender or L/C Issuer
(as applicable) became a party hereto or to such Lender or L/C Issuer (as applicable) immediately before it changed its Lending
Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(f) and (d) any U.S. federal
withholding Taxes imposed pursuant to FATCA.

 

    23

     

    

 

“Existing
Credit Agreement” means that certain Credit Agreement, dated as of May 11, 2015 (as amended, supplemented or otherwise
modified prior to the Restatement Effective Date), by and among the Borrower, the Administrative Agent and the lenders party thereto.

 

“Existing
Tranche A-3 Term Loans” has the meaning specified in Section 2.01C.

 

“Existing
Tranche A-4 Term Loans” has the meaning specified in Section 2.01D.

 

“Existing
Tranche A-3 Term Loan Lender” has the meaning specified in Section 2.01C.

 

“Existing
Tranche A-4 Term Loan Lender” has the meaning specified in Section 2.01D.

 

“Facility”
means the Term Loan Facility or the Revolving Credit Facility, as the context may require.

 

“Fair
Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction
not involving distress or necessity of either party; provided that, for any determination of Fair Market Value in connection
with an Asset Sale to be made pursuant to Section 7.04(i) in which the estimated fair market value of the properties disposed
of in such Asset Sale exceeds $10,000,000, the Borrower shall provide evidence reasonably satisfactory to the Administrative Agent
with respect to the calculation of such Fair Market Value.

 

“FASB
ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board.

 

    24

     

    

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof,
any agreements entered into pursuant to Section 1471(b)(1) of the Code, and any intergovernmental agreements that implement or
modify the foregoing (together with any Requirement of Law implementing such agreements).

 

“Federal
Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal
Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business
Day, the Federal Funds Rate for such day shall be such rate on such transactions on the immediately preceding Business Day as
so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day,
the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of
1%) charged to Bank of America on such day on such transactions as determined by the Administrative Agent.

 

“Fee
Letters” means each of (a) the fee letter dated as of the Restatement Effective Date, by and among the Borrower and
Bank of America, (b) the fee letter dated as of April 7, 2015 by and among the Borrower, BWC, BNP Paribas and BNP Paribas Securities
Corp., (c) the fee letter dated as of April 7, 2015 by and among the Borrower, BWC, JPMorgan Chase Bank, N.A. and J.P. Morgan
Securities LLC, (d) the fee letter dated as of April 7, 2015 by and among the Borrower, BWC, Wells Fargo Bank, National Association
and Wells Fargo Securities, LLC. For the avoidance of doubt, the B. Riley Fee Letter shall not be deemed a “Fee Letter”
hereunder.

 

“Financial
Covenant Debt” of any Person means, without duplication, Indebtedness of the type specified in clauses (a), (b), (c),
(d), (e), (f), (g) and (h) of the definition of “Indebtedness”. For the avoidance of doubt, the term “Financial
Covenant Debt” shall not include (a) reimbursement or other obligations with respect to unmatured or undrawn, as applicable,
Performance Guarantees and (b) Indebtedness of the Borrower or any Subsidiary of the Borrower that is owed to the Borrower or
any Subsidiary of the Borrower.

 

“Financial
Covenants” means such financial covenants described in Section 7.16.

 

“Financial
Letter of Credit” means any standby Letter of Credit that is not a Performance Letter of Credit.

 

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“First-Tier
Foreign Subsidiary” mean a Foreign Subsidiary all or any portion of whose Stock is owned directly by the Borrower or
a Domestic Subsidiary that is a Guarantor.

 

“Fiscal
Quarter” means the fiscal quarter of the Borrower ending on March 31, June 30, September 30 or December 31 of the applicable
calendar year, as applicable.

 

“Fiscal
Year” means the fiscal year of the Borrower, which is the same as the calendar year.

 

“Fixed
Rate” means a fixed rate per annum equal to 12.00%;

 

“Fixed
Rate Loans” means those Term Loans that bear interest at the Fixed Rate. All Fixed Rate Loans shall be denominated in
Dollars.

 

“Flood
Requirement Standards” means, with respect to any parcel of owned Real Property to be subject to a Mortgage, (a) the
delivery to the Administrative Agent of a completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood
Hazard Determination with respect to each such parcel of owned real property (together with a notice about special flood hazard
area status and flood disaster assistance duly executed by the applicable Loan Party relating to such parcel of owned Real Property),
(b) maintenance, if available, of fully paid flood hazard insurance on all such owned Real Property that is located in a special
flood hazard area from such providers and on such terms and in such amounts as required by Flood Disaster Protection Act, The
National Flood Insurance Reform Act of 1994 or as otherwise reasonably required by the Administrative Agent and (c) delivery to
the Administrative Agent of evidence of such compliance in form and substance reasonably acceptable to the Administrative Agent.

 

“Foreign
Lender” means a Lender that is not a U.S. Person.

 

“Foreign
Security Provider” means the Foreign Subsidiaries identified by the Administrative Agent from time to time in consultation
with the Borrower, which Foreign Subsidiaries may be located in the following jurisdictions: (i) Canada, (ii) the United Kingdom
and (v) Mexico.

 

“Foreign
Subsidiary” means any Subsidiary that is organized under the laws of a jurisdiction other than the United States, a
State thereof or the District of Columbia.

 

“FRB”
means the Board of Governors of the Federal Reserve System of the United States.

 

    26

     

    

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, with respect to each L/C Issuer, such Defaulting Lender’s
Applicable Percentage of the outstanding L/C Obligations with respect to Letters of Credit issued by such L/C Issuer, other
than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders
or Cash Collateralized in accordance with the terms hereof.

 

“FTI”
means FTI Consulting, Inc.

 

“Fund”
means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its activities.

 

“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in
the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

 

“Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any
supra-national bodies such as the European Union or the European Central Bank).

 

“Guarantors”
means, collectively, (x)(i) each Wholly-Owned Domestic Subsidiary of the Borrower listed on Schedule 1.01(b) hereto, (ii)
Babcock & Wilcox Canada Corp. (f/k/a Babcock & Wilcox Power Generation Group Canada Corp.), (iii) Babcock & Wilcox
de Monterrey, S.A. de C.V. and (iv) each other Person that is or becomes a party to the Guaranty (including by (x) execution of
a Joinder Agreement pursuant to Section 6.22 or (y) otherwise pursuant to this Agreement), but expressly excludes
all Captive Insurance Subsidiaries and B. Riley Financial, Inc.

 

“Guaranty”
means, together, the U.S. Guaranty Agreement and the Canadian Guarantee Agreement.

 

    27

     

    

 

“Guaranty
Obligation” means, as applied to any Person, without duplication, any direct or indirect liability, contingent or
otherwise, of such Person with respect to any Indebtedness of another Person, if the purpose of such Person in incurring such
liability is to provide assurance to the obligee of such Indebtedness that such Indebtedness will be paid or
discharged, or that any agreement relating thereto will be complied with, or that any holder of such Indebtedness will be
protected (in whole or in part) against loss in respect thereof, including (a) the direct or indirect guaranty, endorsement
(other than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with
recourse by such Person of Indebtedness of another Person and (b) any liability of such Person for Indebtedness of another
Person through any agreement (contingent or otherwise) (i) to purchase, repurchase or otherwise acquire such Indebtedness or
any security therefor, or to provide funds for the payment or discharge of such Indebtedness (whether in the form of a loan,
advance, stock purchase, capital contribution or otherwise), (ii) to maintain the solvency or any balance sheet item, level
of income or financial condition of another Person, (iii) to make take-or-pay or similar payments, regardless of
non-performance by any other party or parties to an agreement, (iv) to purchase, sell or lease (as lessor or lessee)
property, or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such
Indebtedness or to assure the holder of such Indebtedness against loss or (v) to supply funds to, or in any other manner
invest in, such other Person (including to pay for property or services irrespective of whether such property is received or
such services are rendered), if (and only if) in the case of any agreement described under clause (b)(i), (ii), (iii), (iv)
or (v) above the primary purpose or intent thereof is to provide assurance to the obligee of Indebtedness of any other Person
that such Indebtedness will be paid or discharged, or that any agreement relating thereto will be complied with, or that any
holder of such Indebtedness will be protected (in whole or in part) against loss in respect thereof. The amount of any
Guaranty Obligation shall be equal to the amount of the Indebtedness so guaranteed or otherwise supported or, if such amount
is not stated or otherwise determinable, the maximum reasonable anticipated liability in respect thereof as determined by the
guaranteeing Person in good faith. For the avoidance of doubt, the term “Guaranty Obligation” shall not include
reimbursement or other obligations with respect to unmatured or undrawn, as applicable, Performance Guarantees.

 

“Hedge
Bank” means (a) any Person that, at the time it enters into a Secured Swap Contract, is a Revolving Credit Lender or
an Affiliate of a Revolving Credit Lender, in its capacity as a party to such Secured Swap Contract, and (b) any Person that is
a party to a Secured Swap Contract at the time it or its relevant Affiliate becomes a Revolving Credit Lender (whether on the
Restatement Effective Date or at a later date pursuant to Section 10.06), in its capacity as a party to such Secured Swap
Contract.

 

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“Immaterial
Subsidiary” means any Subsidiary of the Borrower that, together with its Subsidiaries, (a) contributed less than $1,000,000
to the EBITDA of the Borrower and its Subsidiaries during the most recently-ended four-quarter period of the Borrower (taken as
a single period) and (b) as of any date of determination has assets with an aggregate net book value of $1,000,000 or less.

 

“Indebtedness”
of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such
Person evidenced by promissory notes, bonds, debentures or similar instruments, (c) all matured reimbursement obligations with
respect to letters of credit, bankers’ acceptances, surety bonds, performance bonds, bank guarantees, and other similar
obligations, (d) all other obligations with respect to letters of credit, bankers’ acceptances, surety bonds, performance
bonds, bank guarantees and other similar obligations, whether or not matured, other than unmatured or undrawn, as applicable,
obligations with respect to Performance Guarantees, (e) all indebtedness for the deferred purchase price of property or services,
other than trade payables incurred in the ordinary course of business that are not overdue by more than ninety days or are being
disputed in good faith, (f) all indebtedness of such Person created or arising under any conditional sale or other title retention
agreement (other than operating leases) with respect to property acquired by such Person (even though the rights and remedies
of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (g)
all Capital Lease Obligations of such Person, (h) all Guaranty Obligations of such Person, (i) all obligations of such Person
to purchase, redeem, retire, defease or otherwise acquire for value any Stock or Stock Equivalents of such Person, valued, in
the case of redeemable preferred stock, at the greater of its voluntary liquidation preference and its involuntary liquidation
preference plus accrued and unpaid dividends, (j) net payments that such Person would have to make in the event of an early termination
as determined on the date Indebtedness of such Person is being determined in respect of Swap Contracts of such Person and (k)
all Indebtedness of the type referred to above secured by (or for which the holder of such Indebtedness has an existing right,
contingent or otherwise, to be secured by) any Lien upon or in property (including accounts and general intangibles) owned by
such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness, but limited to the
value of the property owned by such Person securing such Indebtedness. For the avoidance of doubt, the term “Indebtedness”
shall not include reimbursement or other obligations with respect to unmatured or undrawn, as applicable, Performance Guarantees.

 

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“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Indemnitees”
has the meaning specified in Section 10.04(b).

 

“Information”
has the meaning specified in Section 10.07.

 

“Intangible
Assets” means assets that are considered to be intangible assets under GAAP, including customer lists, goodwill, computer
software, copyrights, trade names, trademarks, patents, franchises and licenses.

 

“Intellectual
Property Security Agreement” has the meaning given to such term in the Collateral Agreements, as applicable.

 

“Intercompany
Subordinated Debt Payment” means any payment or prepayment, whether required or optional, of principal, interest or
other charges on or with respect to any Subordinated Debt of the Borrower or any Subsidiary of the Borrower, so long as (a) such
Subordinated Debt is owed to the Borrower or a Subsidiary of the Borrower and (b) no Event of Default under Sections 8.01(a),
(b) or (f) shall have occurred and be continuing.

 

“Interest
Coverage Ratio” means, with respect to the Borrower and its Subsidiaries as of any day, the ratio of (a) EBITDA for
the Borrower and its Subsidiaries for the last four full Fiscal Quarters ending on or prior to such day for which the financial
statements and certificates required by Section 6.01(a) or 6.01(b) have been delivered to (b) the Cash Interest
Expense of the Borrower and its Subsidiaries for the last four full Fiscal Quarters ending on or prior to such day for which the
financial statements and certificates required by Section 6.01(a) or 6.01(b) have been delivered.

 

“Interest
Expense” means, for any Person for any period, total interest expense of such Person and its Subsidiaries for such
period, as determined on a consolidated basis in conformity with GAAP and including, in any event (without duplication for
any period or any amount included in any prior period), (a) net costs under Interest Rate Contracts for such period, (b) any
commitment fee (including, in the case of the Borrower or any of its Subsidiaries, the commitment fees hereunder) accrued,
accreted or paid by such Person during such period, (c) any fees and other obligations (other than reimbursement obligations)
with respect to letters of credit (including, in respect of the Borrower or any of its Subsidiaries, the Letter of Credit
Fees) and bankers’ acceptances (whether or not matured) accrued, accreted or paid by such Person for such period,
(d) the fronting fee with respect to each Letter of Credit and (e) any facility fee accrued, accreted or paid by such
Person during such period. For purposes of the foregoing, interest expense shall (i) be determined after giving effect
to any net payments made or received by the Borrower or any Subsidiary with respect to interest rate Swap Contracts, (ii)
exclude interest expense accrued, accreted or paid by the Borrower or any Subsidiary of the Borrower to the Borrower or any
Subsidiary of the Borrower and (iii) exclude credits to interest expense resulting from capitalization of interest related to
amounts that would be reflected as additions to property, plant or equipment on a consolidated balance sheet of the Borrower
and its Subsidiaries prepared in conformity with GAAP.

 

    30

     

    

 

“Interest
Payment Date” means, (a) as to any Loan other than a Base Rate Loan or a Fixed Rate Loan, the last day of each Interest
Period applicable to such Loan and the Maturity Date of the Facility under which such Loan was made; provided, however,
that if any Interest Period for a Eurocurrency Rate Loan exceeds three months, the respective dates that fall every three months
after the beginning of such Interest Period shall also be Interest Payment Dates; (b) as to any Base Rate Loan or any Fixed Rate
Loan, the last Business Day of each March, June, September and December and the Maturity Date of the Facility under which such
Loan was made; and (c) notwithstanding clauses (a) and (b) above, as to any interest accrued on Revolving Credit Loans from the
Restatement Effective Date through and including August 31, 2020, the last Business Day of each calendar month commencing on January
29, 2021 through June 30, 2021, which interest shall be paid in six (6) equal installments.

 

“Interest
Period” means, as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate Loan is disbursed
or converted to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months thereafter (in each
case, subject to availability), as selected by the Borrower in its Committed Loan Notice or such other period that is twelve months
or less requested by the Borrower and consented to by all the Lenders under the applicable Facility; provided that:

 

(a) any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business
Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the immediately
preceding Business Day;

 

(b) any
Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the
end of such Interest Period; and

 

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(c) no
Interest Period shall extend beyond the Maturity Date.

 

“Interest
Rate Contracts” means all interest rate swap agreements, interest rate cap agreements, interest rate collar agreements
and interest rate insurance.

 

“Investment”
means, as to any Person, (a) any purchase or similar acquisition by such Person of (i) any Security issued by, (ii) a beneficial
interest in any Security issued by, or (iii) any other equity ownership interest in, any other Person, (b) any purchase by such
Person of all or substantially all of the assets of a business conducted by any other Person, or all or substantially all of the
assets constituting what is known to the Borrower to be the business of a division, branch or other unit operation of any other
Person, (c) any loan, advance (other than deposits with financial institutions available for withdrawal on demand, prepaid expenses,
accounts receivable and similar items made or incurred in the ordinary course of business) or capital contribution by such Person
to any other Person, including all Indebtedness of any other Person to such Person arising from a sale of property by such Person
other than in the ordinary course of its business and (d) any Guaranty Obligation incurred by such Person in respect of Indebtedness
of any other Person. For the avoidance of doubt, the term “Investment” shall not include reimbursement or other obligations
with respect to unmatured or undrawn, as applicable, Performance Guarantees.

 

“Inventory”
has the meaning specified in the U.S. Collateral Agreement.

 

“IRS”
means the United States Internal Revenue Service.

 

“ISP”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute
of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

 

“Issuer
Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement
and instrument entered into by the L/C Issuer and the Borrower (or any other Permitted L/C Party) or in favor of the L/C Issuer
and relating to such Letter of Credit.

 

“Joinder
Agreement” means a joinder agreement, in form and substance satisfactory to the Administrative Agent, with respect to
the Guaranty or any Security Instrument.

 

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“Joint
Venture” means any Person (a) in which the Borrower, directly or indirectly, owns any Stock and Stock Equivalents
of such Person and (b) that is not a Subsidiary of the Borrower, provided that (i) the Administrative Agent, on behalf
of the Secured Parties, has a valid, perfected, first priority security interest in the Stock and Stock Equivalents in such joint
venture owned directly by any Loan Party except where (x) the Constituent Documents of such joint venture prohibit such a
security interest to be granted to the Administrative Agent or (y) such joint venture has incurred Non-Recourse Indebtedness
the terms of which either (A) require security interests in such Stock and Stock Equivalents to be granted to secure such
Non-Recourse Indebtedness or (B) prohibit such a security interest to be granted to the Administrative Agent, and (ii)
no Loan Party shall, whether pursuant to the Constituent Documents of such joint venture or otherwise, be under any
Contractual Obligation to make Investments or incur Guaranty Obligations after the Restatement Effective Date, or, if later,
at the time of, or at any time after, the initial formation of such joint venture, that would be in violation of any
provision of this Agreement.

 

“Landlord
Lien Waiver” means a lien waiver signed by a landlord in such form as is reasonably satisfactory to the Administrative
Agent.

 

“L/C
Advance” means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in
accordance with its Applicable Percentage. All L/C Advances shall be denominated in Dollars.

 

“L/C
Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed
on the date when made. All L/C Borrowings shall be denominated in Dollars.

 

“L/C
Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date
thereof, or the increase of the amount thereof.

 

“L/C
Issuer” means Bank of America, each other Lender that is listed on the signature pages hereto as an “L/C Issuer”
and any other Lender that becomes an L/C Issuer in accordance with Section 2.03(l) hereof, each in its respective capacity
as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder (whether pursuant to Section
2.03(l), 2.03(m), 9.06, 10.06 or otherwise), but excluding any Lender that resigns or is removed as an
L/C Issuer pursuant to the terms hereof (except to the extent such Person has continuing rights and/or obligations with respect
to Letters of Credit after such resignation or removal). References to the L/C Issuer herein shall, as the context may indicate
(including with respect to any particular Letter of Credit, L/C Credit Extension, L/C Borrowing or L/C Obligations), mean the
applicable L/C Issuer, each L/C Issuer, any L/C Issuer, or all L/C Issuers.

 

“L/C
Issuer Sublimit” means with respect to each L/C Issuer, such amount as may be separately agreed between such L/C
Issuer and the Borrower from time to time (with specific notice of such amount, and any change thereto, with respect
to each L/C Issuer being promptly communicated to the Administrative Agent), provided that the L/C Issuer Sublimit
with respect to any Person that ceases to be an L/C Issuer for any reason pursuant to the terms hereof shall be $0 (subject
to the Letters of Credit of such Person remaining outstanding in accordance with the provisions hereof).

 

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“L/C
Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all outstanding
Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing
the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.08. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by
its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit
shall be deemed to be “outstanding” in the amount so remaining available to be drawn. The L/C Obligations of (a) any
Lender at any time shall be its Applicable Percentage of the total L/C Obligations at such time, and (b) any particular L/C Issuer
at any time shall mean the L/C Obligations allocable to Letters of Credit issued by such L/C Issuer.

 

“Lender”
has the meaning specified in the introductory paragraphs hereto and, unless the context requires otherwise and, for the avoidance
of doubt, shall exclude B. Riley Financial, Inc. in its capacity as a guarantor under the B. Riley Limited Guaranty.

 

“Lending
Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative
Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent,
which office may include any Affiliate of such Lender or any domestic or foreign branch of such Lender or such Affiliate. Unless
the context otherwise requires each reference to a Lender shall include its applicable Lending Office.

 

“Letter
of Credit” means any letter of credit issued hereunder providing for the payment of cash upon the honoring of a presentation
thereunder, and includes all letters of credit issued under the Existing Credit Agreement that are outstanding on the Restatement
Effective Date and issued for the account of a Permitted L/C Party, which shall in each case be deemed to have been issued hereunder.
A Letter of Credit may be a commercial letter of credit or a standby letter of credit, and a standby Letter of Credit may be a
Performance Letter of Credit or a Financial Letter of Credit.

 

“Letter
of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the
form from time to time in use by the L/C Issuer.

 

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“Letter
of Credit Expiration Date” means the day that is 30 days prior to the Revolving Credit Facility Maturity Date (or, if
such day is not a Business Day, the immediately preceding Business Day).

 

“Letter
of Credit Fee” has the meaning specified in Section 2.03(h).

 

“LIBOR
Successor Rate” has the meaning specified in Section 3.03.

 

“Lien”
means any mortgage, deed of trust, pledge, hypothecation, collateral assignment, charge, deposit arrangement, encumbrance, lien
(statutory or other), security interest or preference, priority or other security agreement or preferential arrangement of any
kind or nature whatsoever intended to assure payment of any Indebtedness or the performance of any other obligation, including
any conditional sale or other title retention agreement, the interest of a lessor under a Capital Lease and any financing lease
having substantially the same economic effect as any of the foregoing, and the filing of any effective financing statement under
the UCC or comparable law of any jurisdiction naming the owner of the asset to which such Lien relates as debtor.

 

“Liquidity”
means at any time the sum of (a) unrestricted cash and Cash Equivalents of the Borrower and the other Loan Parties, subject to
a Control Agreement in favor of the Administrative Agent, (b) unrestricted cash and Cash Equivalents of the Non-Loan Parties in
an amount not to exceed $25,000,000 and (c) the lesser of (x) $205,000,000, less the aggregate outstanding principal amount
of Revolving Credit Loans and (y) the Revolving Credit Facility, less the Total Revolving Outstandings.

 

“Loan”
means an extension of credit by a Lender to the Borrower under Article II in the form of a Revolving Credit Loan or a Term
Loan.

 

“Loan
Documents” means this Agreement, each Note, the Guaranty, the B. Riley Limited Guaranty, each Security Instrument, each
Joinder Agreement, each Committed Loan Notice, each Issuer Document, each Fee Letter, any agreement creating or perfecting rights
in Cash Collateral pursuant to the provisions of Section 2.03 or 2.15 of this Agreement and all other instruments
and documents heretofore or hereafter executed or delivered to or in favor of the Administrative Agent, any Lender or any L/C
Issuer in connection with the Loans made, Letters of Credit issued and transactions contemplated by this Agreement.

 

“Loan
Parties” means, collectively, the Borrower, each Guarantor and any other Person (other than a Lender) providing Collateral
pursuant to any Security Instrument.

 

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“London
Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank
eurodollar market.

 

“Material
Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business,
assets, properties, liabilities (actual or contingent), or condition (financial or otherwise) of the Borrower and its Subsidiaries
taken as a whole; (b) a material impairment of the rights and remedies of the Administrative Agent or any Lender under any Loan
Document or of the ability of any Loan Party to perform its obligations under any Loan Document to which it is a party; or (c)
a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document
to which it is a party; provided, that, the impacts of the COVID-19 pandemic on the operations, business,
assets, properties, liabilities (actual or contingent), or condition of any of the Loan Parties and/or Subsidiaries
that have been disclosed to the Administrative Agent and the Lenders prior to the Restatement Effective
Date, will be disregarded.

 

“Material
Intellectual Property” has the meaning specified in the U.S. Collateral Agreement and/or the Canadian Pledge and Security
Agreement, as applicable.

 

“Material
Real Property” means, any parcel of real property located in the United States and owned by any Loan Party that has
a Fair Market Value in excess of $1,000,000; provided that the Administrative Agent may agree in its sole discretion to
exclude from this definition any parcel of real property (and/or the buildings and contents therein) that is located in a special
flood hazard area as designated by any federal Governmental Authority.

 

“Material
Subsidiary” means, as of any date of determination, any Subsidiary of the Borrower that (a) has assets that
represent more than 10% of the consolidated GAAP value of the assets of the Borrower and its Subsidiaries, inclusive of the
subject Subsidiary, as of such date or (b) contributed more than 10% of the EBITDA of the Borrower and its Subsidiaries,
inclusive of the subject Subsidiary, during the most recently-ended four-quarter period of the Borrower (taken as a single
period), or (c) with respect to any new Person acquired or created by the Borrower, (i) would have contributed more than
10% of the EBITDA of the Borrower and its Subsidiaries, inclusive of the subject Subsidiary, on a pro forma basis as
of the last day of the most recently ended four-quarter period of the Borrower (taken as a single period) or (ii) held more
than 10% of the consolidated GAAP value of the assets of the Borrower and its Subsidiaries, inclusive of the subject
Subsidiary, as of such date, or (d) owns, directly or indirectly, Stock or Stock Equivalents in one or more other
Subsidiaries of the Borrower that, when aggregated with such Subsidiary, (i) contributed more than 10% of the EBITDA of
the Borrower and its Subsidiaries, inclusive of the subject Subsidiary, during the most recently ended four-quarter
period of the Borrower (taken as single period) or (ii) held more than 10% of the consolidated GAAP value of the assets of
the Borrower and its Subsidiaries, inclusive of the subject Subsidiary, as of such date.

 

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“Maturity
Date” means (a) the Revolving Credit Facility Maturity Date or (b) the Term Loan Facility Maturity Date, as the context
requires.

 

“Mexican
Pledge Agreement” means the Pledge Agreement (Contrato De Prenda Sin Transmisión De Posesión),
dated as of June 7, 2018 (as amended, supplemented or otherwise modified) by Babcok & Wilcox de Monterrey, S.A. de C.V. to
the Administrative Agent for the benefit of the Secured Parties.

 

“Minimum
Collateral Amount” means, at any time, (i) with respect to Cash Collateral consisting of cash or deposit account balances
provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 100% of the
Fronting Exposure of each L/C Issuer with respect to Letters of Credit issued by such L/C Issuer and outstanding at such time
and (ii) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions
of Section 2.15(a)(i) or (a)(ii), an amount equal to 105% of the Outstanding Amount of all LC Obligations.

 

“MIRE
Event” means any increase, extension or renewal of any Commitment, or the addition of any new commitment hereunder.

 

“MLPFS”
means Merrill Lynch, Pierce, Fenner & Smith Incorporated.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

“Mortgagee
Policies” has the meaning specified in Section 4.02(a)(iii)(B).

 

“Mortgaged
Properties” mean, initially, (a) each parcel of Real Property and the improvements thereto specified on Schedule
4.02(a)(iii) and (b) shall include each other parcel of Material Real Property and improvements thereto with respect to which
a Mortgage is granted pursuant to Section 6.23.

 

“Mortgages”
mean the fee or leasehold mortgages or deeds of trust, assignments of leases and rents and other security documents
(including any such document delivered in connection with the Existing Credit Agreement, which for the avoidance of doubt
shall include documents delivered prior to May 11, 2015 that remained in effect and secured obligations under the Existing
Credit Agreement and remain in place on the Restatement Effective Date) granting a Lien on any Mortgaged Property to
secure the Obligations, each in form and substance reasonably satisfactory to the Administrative Agent, as the same may be
amended, supplemented, replaced or otherwise modified from time to time in accordance with this Agreement.

 

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“Multiemployer
Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which the Borrower, any of its Subsidiaries,
any Guarantor or any ERISA Affiliate has any obligation or liability, contingent or otherwise.

 

“Net
Cash Proceeds” means:

 

(a) with
respect to any Asset Sale by, or Recovery Event of, the Borrower or any of its Subsidiaries, the excess, if any, of (i) the sum
of cash and Cash Equivalents received in connection with such transaction (including any cash or Cash Equivalents received by
way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received)
over (ii) the sum of (A) the principal amount of any Indebtedness that is secured by the applicable asset and that is required
to be repaid in connection with such transaction (other than Indebtedness under the Loan Documents), (B) the reasonable out-of-pocket
expenses incurred by the Borrower or such Subsidiary in connection with such transaction and (C) Taxes actually paid or withheld
or reasonably expected to be paid or withheld within the twenty-four month period following the date of the relevant transaction
(and Tax distributions or payments under a Tax sharing agreement with respect thereto) in connection with such Asset Sale or Recovery
Event (including any Taxes paid or withheld or reasonably expected to be paid or withheld within the twenty-four month period
following the date of the relevant transaction as a result of any gain recognized in connection therewith or any repatriation
of the resulting cash or Cash Equivalents to the United States); provided that, if the amount of any estimated taxes pursuant
to subclause (C) exceeds the amount of taxes actually required to be paid in cash in respect of such Asset Sale or Recovery Event,
the aggregate amount of such excess shall constitute Net Cash Proceeds;

 

(b) with
respect to the incurrence or issuance of any Indebtedness by the Borrower or any of its Subsidiaries, the excess of (i) the sum
of the cash and Cash Equivalents received in connection with such transaction over (ii) the underwriting discounts and commissions,
and other reasonable and customary out-of-pocket expenses and Taxes, incurred by the Borrower or such Subsidiary in connection
therewith; and

 

(c)
with respect to the issuance of any Stock or Stock Equivalents of the Borrower or contribution to the equity of
the Borrower, the excess of (i) the sum of the cash and Cash Equivalents received in connection with such transaction over
(ii) the reasonable and customary out-of-pocket expenses incurred by the Borrower or such Subsidiary in connection
therewith.

 

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“Non-Cash
Consideration” means the Fair Market Value of non-cash consideration received by the Borrower or a Subsidiary in connection
with an Asset Sale less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection
on such Non-Cash Consideration.

 

“Non-Loan
Parties” means, collectively, the Subsidiaries that are not Loan Parties.

 

“Non-Recourse
Indebtedness” means Indebtedness of a Joint Venture or Subsidiary of the Borrower (in each case that is not a Loan Party)
(a) that, if it is incurred by a Subsidiary of the Borrower, is on terms and conditions reasonably satisfactory to the Administrative
Agent, (b) that is not, in whole or in part, Indebtedness of any Loan Party (and for which no Loan Party has created, maintained
or assumed any Guaranty Obligation) and for which no holder thereof has or could have upon the occurrence of any contingency,
any recourse against any Loan Party or the assets thereof (other than (i) the Stock or Stock Equivalents issued by the Joint Venture
or Subsidiary that is primarily obligated on such Indebtedness that are owned by a Loan Party and (ii) a requirement that
a Loan Party make an Investment of equity in such Joint Venture in connection with the terms of such Indebtedness), (c) owing
to an unaffiliated third-party (which for the avoidance of doubt does not include the Borrower, any Subsidiary thereof, any other
Loan Party, any Joint Venture (or owner of any interest therein) and any Affiliate of any of them) and (d) the source of
repayment for which is expressly limited to (i) the assets or cash flows of such Subsidiary or Joint Venture and (ii) the Stock
and Stock Equivalents of such Subsidiary or Joint Venture securing such Indebtedness in compliance with the provisions of clause
(b) above.

 

“Note”
means a promissory note made by the Borrower in favor of a Lender evidencing Term Loans or Revolving Credit Loans, as the case
may be, made by such Lender, substantially in the form of Exhibit C.

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party (and, with respect to
Secured Cash Management Agreements and Secured Hedge Agreements only, any Subsidiary of the Borrower) arising under any Loan
Document or otherwise with respect to any Loan, Letter of Credit, Secured Cash Management Agreement or Secured Hedge
Agreement, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or
to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or
against any Loan Party (or any Subsidiary of the Borrower solely with respect to Secured Cash Management Agreements
and Secured Hedge Agreements) of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such
proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; provided that the
Obligations shall exclude any Excluded Swap Obligations.

 

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“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Other
Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan
or Loan Document).

 

“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other
Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 10.13).

 

“Outstanding
Amount” means (a) with respect to Term Loans on any date, the aggregate outstanding principal amount thereof after giving
effect to any borrowings and prepayments or repayments of such Term Loans occurring on such date; (b) with respect to Revolving
Credit Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments
or repayments of such Revolving Credit Loans occurring on such date; and (c) with respect to any L/C Obligations on any date,
the Dollar Equivalent amount of the aggregate outstanding amount of such L/C Obligations on such date after giving effect to any
L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date,
including as a result of any reimbursements by the Borrower of Unreimbursed Amounts.

 

“Overnight
Rate” means, for any day, the greater of (a) the Federal Funds Rate and (b) an overnight rate determined by the Administrative
Agent or the L/C Issuer, as the case may be, in accordance with banking industry rules on interbank compensation.

 

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“Patriot
Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)).

 

“Participant”
has the meaning specified in Section 10.06(d).

 

“Participant
Register” has the meaning specified in Section 10.06(d).

 

“PBGC”
means the Pension Benefit Guaranty Corporation or any successor thereto.

 

“Performance
Guarantee” of any Person means (a) any letter of credit, bankers acceptance, surety bond, performance bond, bank guarantee
or other similar obligation issued for the account of such Person to support only trade payables or nonfinancial performance obligations
of such Person, (b) any letter of credit, bankers acceptance, surety bond, performance bond, bank guarantee or other similar obligation
issued for the account of such Person to support any letter of credit, bankers acceptance, surety bond, performance bond, bank
guarantee or other similar obligation issued for the account of a Subsidiary, a Joint Venture or a Consortium of such Person to
support only trade payables or non-financial performance obligations of such Subsidiary, Joint Venture or Consortium, and (c)
any parent company guarantee or other direct or indirect liability, contingent or otherwise, of such Person with respect to trade
payables or non-financial performance obligations of a Subsidiary, a Joint Venture or a Consortium of such Person, if the purpose
of such Person in incurring such liability is to provide assurance to the obligee that such contractual obligation will be performed,
or that any agreement relating thereto will be complied with.

 

“Performance
Letter of Credit” means (a) a standby Letter of Credit issued to secure ordinary course performance obligations in connection
with project engineering, procurement, construction, maintenance and other similar projects (including projects about to be commenced)
or bids for prospective project engineering, procurement, construction, maintenance and other similar projects, and (b) a standby
Letter of Credit issued to back a bank guarantee, surety bond, performance bond or other similar obligation in each case issued
to support ordinary course performance obligations in connection with project engineering, procurement, construction, maintenance
and other similar projects (including projects about to be commenced) or bids for prospective project engineering, procurement,
construction, maintenance and other similar projects.

 

“Permit”
means any permit, approval, authorization, license, variance or permission required from a Governmental Authority under any applicable
Requirements of Law.

 

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“Permitted
Acquisition” means, the Acquisition of an Acquired Entity occurring after the delivery of financial statements and certificates
required by 6.01(b) for the Fiscal Year ending 2020; provided that:

 

(a) such
Acquisition was approved by the board of directors of such Acquired Entity;

 

(b) the
Acquired Entity shall be in an Eligible Line of Business;

 

(c) the
Borrower and its Subsidiaries shall comply with Sections 6.22 and 6.23, as applicable, within the time periods set
forth in such Sections;

 

(d) at
the time of such transaction:

 

(i) both
before and after giving effect thereto, no Default shall have occurred and be continuing;

 

(ii) (a)
the Senior Leverage Ratio of the Borrower shall not exceed 4.00 to 1.00 or (b) if the Acquisition is solely financed by Net Cash
Proceeds received by the Borrower pursuant to (x) issuances of common Stock (or other Stock of the Borrower reasonably acceptable
to the Administrative Agent) or (y) direct equity contributions to the Borrower, the Borrower would be in compliance with the
Senior Leverage Ratio set forth in Section 7.16(b), in each case, as of the last day of the most recently completed four
Fiscal Quarter period ended prior to such transaction for which the financial statements and certificates required by Section
6.01(a) or 6.01(b) have been delivered, after giving pro forma effect to such transaction and to any other event
occurring after such period as to which pro forma recalculation is appropriate as if such transaction had occurred as of
the first day of such period (assuming, for purposes of pro forma compliance with Section 7.16(b), that the
maximum Senior Leverage Ratio permitted at the time by such Section was in fact 0.25 to 1.00 more restrictive than the Senior
Leverage Ratio actually provided for in such Section at such time); and

 

(iii) the
Borrower shall have delivered (prior to or simultaneously with the closing of such Acquisition) a certificate of a Responsible
Officer, certifying as to the foregoing and containing reasonably detailed calculations in support thereof, in form and substance
reasonably satisfactory to the Administrative Agent;

 

(e) if
(i) the Borrower is a party to such transaction, it shall be a surviving entity thereof and shall continue as the Borrower
hereunder, and (ii) if any party to any such transaction is a Guarantor, and the surviving entity of such transaction shall
either be a Guarantor or become a Guarantor pursuant to Section 6.22, provided that, in each case, such surviving
entity shall also be a Domestic Subsidiary, unless the Administrative Agent shall have consented to such Acquisition in its
sole discretion;

 

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(f) 
and such Acquisition is made by a Loan Party that is either the Borrower or a Domestic Subsidiary, provided that such Loan Party
may be a Foreign Subsidiary if the Administrative Agent shall have consented to such Acquisition in its sole discretion.

 

“Permitted
L/C Party” means (a) the Borrower, (b) any Subsidiary of the Borrower, (c) any Joint Venture and (d) any Consortium.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Platform”
has the meaning specified in Section 6.01.

 

“Pledged
Interests” means (a) the Stock and Stock Equivalents of each of the existing or hereafter organized or acquired direct
Domestic Subsidiaries of a Loan Party; and (b) 100% of the Voting Stock (or if the relevant Person shall own less than 100% of
such Voting Stock, then 100% of the Voting Stock owned by such Person) and 100% of the nonvoting Stock and Stock Equivalents of
each existing or hereafter organized or acquired First-Tier Foreign Subsidiary; provided that Pledged Interests shall not
include any Stock or Stock Equivalents in (i) any Captive Insurance Subsidiary, (ii) any Joint Venture to the extent that the
Constituent Documents of such Joint Venture prohibit such a security interest to be granted to the Administrative Agent, or (iii) any
Subsidiary that is not a Loan Party or any Joint Venture (provided that this clause (iii) shall not prohibit or exclude
any pledge of the Stock and Stock Equivalents of any Foreign Subsidiary that is required to be pledged pursuant to this Agreement)
to the extent that such Joint Venture or Subsidiary has incurred Non-Recourse Indebtedness the terms of which either (A) require
security interests in such Stock and Stock Equivalents to be granted to secure such Non-Recourse Indebtedness or (B) prohibit
such a security interest to be granted to the Administrative Agent; provided, further, that the Pledged Interests
(x) shall not include any Stock or Stock Equivalents of a Foreign Subsidiary owned by any Person other than the Borrower or a
Guarantor, and (y) shall not include any Stock or Stock Equivalents of any Excluded Domestic Subsidiary.

 

“Prepayment
Event” means:

 

(a) (i)
any Asset Sale (other than an Asset Sale permitted by any of Section 7.04(a), (b), (c), (e), (f), (g), (h), (j)
or (k)), (ii) any sale and leaseback transaction (whether or not permitted by Section 7.13) resulting in
aggregate Net Cash Proceeds in excess of $3,000,000 for any single transaction or a series of related transactions or
(iii) any Recovery Event; or

 

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(b) the
incurrence by the Borrower or any of its Subsidiaries of any Indebtedness, other than Indebtedness permitted under Section
7.01.

 

“Public
Lender” has the meaning specified in Section 6.01.

 

“Rabbi
Trust” means a “rabbi trust” or other similar arrangement established by the Borrower or any of its Subsidiaries
to hold assets in connection with an employee benefit plan or arrangement.

 

“Real
Property” means all Mortgaged Property and all other real property owned or leased from time to time by any Loan Party
or any of its Subsidiaries.

 

“Recipient”
means the Administrative Agent, any Lender or any L/C Issuer.

 

“Recovery
Event” means any settlement of or payment in respect of any property or casualty insurance claim or professional liability
insurance claims or any taking or condemnation proceeding relating to any asset of the Borrower or any Subsidiary resulting in
aggregate Net Cash Proceeds in excess of $3,000,000 for any single transaction or a series of related transactions.

 

“Register”
has the meaning specified in Section 10.06(c).

 

“Related
Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees,
agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Release”
means, with respect to any Person, any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal,
leaching or migration, in each case, of any Contaminant into the indoor or outdoor environment or into or out of any property
owned by such Person, including the movement of Contaminants through or in the air, soil, surface water, ground water or property
and, in each case, in violation of Environmental Law.

 

“Remedial
Action” means all actions required by any applicable Requirement of Law to (a) clean up, remove, treat or in any
other way address any Contaminant in the indoor or outdoor environment, (b) prevent the Release or threat of Release or
minimize the further Release so that a Contaminant does not migrate or endanger or threaten to endanger public health
or welfare or the indoor or outdoor environment or (c) perform pre remedial studies and investigations and post remedial
monitoring and care.

 

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“Repayment
Deadline” has the meaning set forth in Section 2.05(b)(vi).

 

“Request
for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Term Loans or Revolving Credit
Loans, a Committed Loan Notice, and (b) with respect to an L/C Credit Extension, a Letter of Credit Application.

 

“Required
Lenders” means, as of any date of determination, Lenders holding more than 50% of the sum of (a) the Total Outstandings
(with the aggregate amount of each Revolving Credit Lender’s risk participation and funded participation in L/C Obligations
being deemed “held” by such Lender for purposes of this definition) and (b) the unused Aggregate Commitments. The
Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes
of making a determination of Required Lenders; provided that the amount of any participation in any Unreimbursed Amounts
that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed
to be held by the Lender that is the applicable L/C Issuer, as the case may be, in making such determination.

 

“Required
Term Loan Lenders” means, as of any date of determination, Term Loan Lenders holding more than 50% of the Outstanding
Amount of the Term Loan Facility on such date; provided that the portion of the Term Loan Facility held by any Defaulting
Lender shall be excluded for purposes of making a determination of Required Term Loan Lenders.

 

“Requirement
of Law” means, with respect to any Person, the common law and all federal, state, local and foreign laws, rules and
regulations, orders, judgments, decrees and other determinations of any Governmental Authority or arbitrator, applicable to or
binding upon such Person or any of its property or to which such Person or any of its property is subject.

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer, treasurer or controller of a Loan
Party and, solely for purposes of notices given for Credit Extensions, amendments to Letters of Credit, and continuations and
conversions of Loans, any other officer or employee of the applicable Loan Party so designated by any of the foregoing
officers in a notice to the Administrative Agent (which such notice shall include a specimen signature and incumbency
confirmation reasonably satisfactory to the Administrative Agent). Any document delivered hereunder that is signed by a
Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate,
partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to
have acted on behalf of such Loan Party.

 

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“Restatement
Effective Date” means the first date all the conditions precedent in Section 4.01 are satisfied or waived in
accordance with Section 10.01.

 

“Restricted
Payment” means (a) any dividend, distribution or any other payment whether direct or indirect, on account of any Stock
or Stock Equivalents of the Borrower or any of its Subsidiaries now or hereafter outstanding, except a dividend payable solely
in Stock or Stock Equivalents (other than Disqualified Stock) or a dividend or distribution payable solely to the Borrower or
one or more Guarantors, (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value,
direct or indirect, of any Stock or Stock Equivalents of the Borrower or any of its Subsidiaries now or hereafter outstanding
other than one payable solely to the Borrower or one or more Guarantors, (c) any payment or prepayment of principal, premium (if
any), interest, fees (including fees to obtain any waiver or consent in connection with any Indebtedness) or other charges on,
or redemption, purchase, retirement, defeasance, sinking fund or similar payment with respect to, any Subordinated Debt of the
Borrower or any other Loan Party, other than any Intercompany Subordinated Debt Payment, COVID-19 Relief Indebtedness permitted
under Section 7.01 or any required (in each case) payment, prepayment, redemption, retirement, purchases or other
payments, in each case to the extent permitted to be made by the terms of such Subordinated Debt and (d) any payment in connection
with matured or drawn obligations with respect to the [***] Letter of Credit or Tranche A-7 Letters of Credit, except in the form
of payments or prepayments of Tranche A-5 Term Loans or Tranche A-7 Term Loans, as applicable, in each case subject to the provisions
of Article XI and any other subordination terms set forth herein. For the avoidance of doubt, payments to any Term Loan
Lender, in its capacity as such, under the B. Riley Fee Letter shall not be considered “Restricted Payments” under
this definition.

 

“Revaluation
Date” means, with respect to any Letter of Credit, each of the following: (a) each date of issuance of a Letter of Credit
denominated in an Alternative Currency, (b) each date of an amendment of any such Letter of Credit having the effect of increasing
the amount thereof (solely with respect to the increased amount), (c) each date of any payment by an L/C Issuer under any Letter
of Credit denominated in an Alternative Currency, and (d) such additional dates as the Administrative Agent or the applicable
L/C Issuer shall determine or the Required Lenders shall require.

 

    46

     

    

 

“Revolving
Credit Borrowing” means a borrowing consisting of simultaneous Revolving Credit Loans of the same Type and, in the case
of Eurocurrency Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01.

 

“Revolving
Credit Commitment” means, as to each Revolving Credit Lender, its obligation to (a) make Revolving Loans to the Borrower
pursuant to Section 2.01 and (b) purchase participations in L/C Obligations, in an aggregate principal amount at any one
time outstanding not to exceed the Dollar amount set forth opposite such Lender’s name on Schedule 2.01 or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted
from time to time in accordance with this Agreement.

 

“Revolving
Credit Exposure” means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding
Revolving Credit Loans and such Lender’s participation in L/C Obligations at such time.

 

“Revolving
Credit Facility” means, at any time, the aggregate amount of the Lenders’ Revolving Credit Commitments at such
time. As of the Restatement Effective Date, the aggregate amount of Revolving Credit Facility shall equal $326,922,091.95.

 

“Revolving
Credit Facility Maturity Date” means June 30, 2022.

 

“Revolving
Credit Facility Termination Date” means the date on which (a) the Aggregate Revolving Credit Commitment has been terminated
in accordance with the terms hereof, (b) aggregate principal amount of all Revolving Credit Loans made to the Borrower outstanding
and all other Obligations with respect to the Revolving Credit Facility have been indefeasibly paid in full in cash (other than
contingent indemnification claims as to which no claim has been asserted) or, with respect to Letters of Credit constituting Obligations
with respect to the Revolving Credit Facility, such Letters of Credit have been Cash Collateralized at 105% of face value pursuant
to documentation in form and substance satisfactory to the Administrative Agent and (c) satisfactory arrangements have been made
by the Borrower with the applicable Revolving Credit Lender and/or its Affiliate with respect to all Secured Cash Management Agreements
and Secured Hedge Agreements.

 

“Revolving
Credit Lender” means each Lender that has a Revolving Credit Commitment or holds Revolving Credit Loans or participations
in L/C Obligations.

 

“Revolving
Credit Loan” has the meaning specified in Section 2.01.

 

“Revolving
Funded Debt Sublimit” means the lesser of (a) $205,000,000, plus, in each case, the principal amount of
Revolving Credit Loans made pursuant to Section 2.03(c) (ii) that have not been repaid, and (b) the
Revolving Credit Facility. The Revolving Funded Debt Sublimit is part of, and not in addition to, the Revolving Credit
Facility. For purposes of this definition of “Revolving Funded Debt Sublimit”, repayments and prepayments of
Revolving Credit Loans shall be deemed to be applied, first, to Revolving Credit Loans not made pursuant to Section
2.03(c)(ii) and, second, to Revolving Credit Loans made pursuant to Section 2.03(c)(ii).

 

    47

     

    

 

“S&P”
means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. and any successor thereto.

 

“Same
Day Funds” means (a) with respect to disbursements and payments in Dollars, immediately available funds, and (b) with
respect to disbursements and payments in an Alternative Currency, same day or other funds as may be determined by the Administrative
Agent or the applicable L/C Issuer, as the case may be, to be customary in the place of disbursement or payment for the settlement
of international banking transactions in the relevant Alternative Currency.

 

“Sanction(s)”
means any sanction or trade embargo imposed, administered or enforced at the time of determination by the United States Government
(including without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury, Global
Affairs Canada or other relevant sanctions authority exercising jurisdiction over the Borrower or its Subsidiaries from time to
time, the violation of which constitutes a violation of the law of the United States or, as to any Subsidiary that is organized
under the laws of any non-United States jurisdiction, the law of that jurisdiction.

 

“Scheduled
Term Loan” has the meaning specified in Section 2.01F.

 

“Scheduled
Loan Principal Reduction Certificate” has the meaning specified in Section 4.05(a).

 

“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Secured
Cash Management Agreement” means any Cash Management Agreement that is entered into by and between or among the Borrower
and/or any (or one or more) Subsidiary of the Borrower and any Cash Management Bank.

 

“Secured
Hedge Agreement” means any Secured Swap Contract that is entered into by and between or among the Borrower and/or any
(or one or more) Subsidiary of the Borrower and any Hedge Bank.

 

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“Secured
Parties” means, collectively, the Administrative Agent, the Lenders, each L/C Issuer, the Hedge Banks, the Cash
Management Banks, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05,
and the other Persons the Obligations owing to which are or are purported to be secured by the Collateral under the terms of the
Security Instruments.

 

“Secured
Swap Contracts” means all Swap Contracts entered into by the Borrower and/or any (or one or more) Subsidiary of the
Borrower designed to alter the risks of any Person arising from fluctuations in interest rates, currency values or commodity prices.

 

“Security”
means any Stock, Stock Equivalent, voting trust certificate, bond, debenture, promissory note or other evidence of Indebtedness,
whether secured, unsecured, convertible or subordinated, or any certificate of interest, share or participation in, or any temporary
or interim certificate for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing,
but shall not include any evidence of the Obligations.

 

“Security
Instruments” means, collectively, the U.S. Collateral Agreement, the Canadian Pledge and Security Agreement, the Mexican
Pledge Agreement, the Mortgages, each Intellectual Property Security Agreement, and all other agreements (including Joinder Agreements,
control agreements, supplements, collateral assignments and similar agreements), instruments and other documents, whether now
existing or hereafter in effect, pursuant to which the Borrower, any Subsidiary or other Person (other than a Lender) shall grant
or convey to the Administrative Agent (for the benefit of the Secured Parties) a Lien in, or any other Person shall acknowledge
any such Lien in, property as security for all or any portion of the Obligations or any other obligation under any Loan Document.

 

“Senior
Leverage Ratio” means, with respect to the Borrower and its Subsidiaries as of any day, the ratio of (a) Financial
Covenant Debt of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP as of such day to
(b) EBITDA for the Borrower and its Subsidiaries for the last four full Fiscal Quarters ending on or prior to such day for
which the financial statements and certificates required by Section 6.01(a) or 6.01(b) have been delivered.

 

“Solvent”
means, with respect to any Person, that the value of the assets of such Person (both at fair value and present fair saleable
value) is, on the date of determination, greater than the total amount of liabilities (including contingent and unliquidated
liabilities) of such Person as of such date and that, as of such date, such Person is able to pay all liabilities of such
Person as such liabilities are expected to mature and does not have unreasonably small capital for its then current
business activities. In computing the amount of contingent or unliquidated liabilities at any time, such liabilities shall be
computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that
can reasonably be expected to become an actual or matured liability.

 

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“Specified
Equity Contribution” has the meaning specified in Section 8.04.

 

“Spot
Rate” for a currency means the rate determined by the applicable L/C Issuer, with notice thereof to the Administrative
Agent, to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency
with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business
Days prior to the date as of which the foreign exchange computation is made; provided that the applicable L/C Issuer may
obtain such spot rate from another financial institution designated by such L/C Issuer if the Person acting in such capacity does
not have as of the date of determination a spot buying rate for any such currency; and provided further that such L/C Issuer
may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case of any Letter of Credit
denominated in an Alternative Currency.

 

“Stock”
means shares of capital stock (whether denominated as common stock or preferred stock), partnership or membership interests, equity
participations or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company
or similar business entity, whether voting or non-voting.

 

“Stock
Equivalents” means all securities convertible into or exchangeable for Stock and all warrants, options or other rights
to purchase or subscribe for any Stock, whether or not presently convertible, exchangeable or exercisable.

 

“Subordinated
Debt” means Indebtedness (other than with respect to the Term Loan Facility) of the Borrower or any of its Subsidiaries
pursuant to terms and conditions acceptable to the Administrative Agent and the Required Lenders in their respective sole discretion
that is, by its terms, expressly subordinated to the prior payment of any of the Obligations pursuant to subordination terms and
conditions acceptable to the Administrative Agent and the Required Lenders in their respective sole discretion. The terms of any
Subordinated Debt may permit Intercompany Subordinated Debt Payments.

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a
majority of the shares of securities or other interests having ordinary voting power for the election of directors or other
governing body (other than securities or interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one
or more intermediaries, or both, by such Person; provided that any reference herein or in any other Loan Document to a
“Subsidiary” of the Borrower shall exclude any Person whose financial statements are not consolidated with the
financial statements of the Borrower in accordance with GAAP. Unless otherwise specified, all references herein to a
“Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower.

 

    50

     

    

 

“Swap
Contract” means (a) any and all interest rate swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond
or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap
transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any
combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction
is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations,
which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International
Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any
such master agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement.

 

“Swap
Obligations” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 

“Tax
Affiliate” means, with respect to any Person, (a) any Subsidiary of such Person, and (b) any Affiliate of such Person
with which such Person files or is eligible to file consolidated U.S. federal income tax returns or consolidated, combined,
unitary or similar tax returns for state, local or foreign tax purposes.

 

“Tax
Return” has the meaning specified in Section 5.08.

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or
penalties applicable thereto.

 

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“Term
Loan” means a Tranche A-3 Term Loan, a Tranche A-4 Term Loan, a Tranche A-5 Term Loan, a Tranche A-6 Term Loan or a
Tranche A-7 Term Loan as the context may require.

 

“Term
Loan Borrowing” means any Tranche A-3 Term Loan Borrowing, any Tranche A-4 Term Loan Borrowing, any Tranche A-5 Term
Loan Borrowing, any Tranche A-6 Borrowing or any Tranche A-7 Term Loan Borrowing, as the context may require.

 

“Term
Loan Commitment” means any Tranche A-5 Term Loan Commitment, any Tranche A-6 Term Loan Commitment or any Tranche A-7
Term Loan Commitment, as the context may require.

 

“Term
Loan Facility” means, at any time, the aggregate principal amount of all the Term Loans outstanding at such time.

 

“Term
Loan Facility Maturity Date” means the date that is six (6) calendar months after the Revolving Credit Facility Maturity
Date.

 

“Term
Loan Lender” means each Lender that has a Term Loan Commitment or holds Term Loans.

 

“Term
Loan Working Capital Commitment” means, as to each Tranche A-6 Term Loan Lender, its obligation to make Working Capital
Term Loans to the Borrower pursuant to Section 2.01F in an aggregate principal amount not to exceed the Dollar amount set forth
opposite such Tranche A-6 Term Loan Lender’s name on Schedule 2.01. As of the Restatement Effective Date, the aggregate
amount of the Tranche A-6 Term Loan Lenders’ Term Loan Working Capital Commitments shall equal $5,000,000.00.

 

“Test
Date” has the meaning set forth in Section 2.05(b)(vi).

 

“Title
IV Plan” means an “employee pension benefit plan” (as defined by Section 3(2) of ERISA), other than a Multiemployer
Plan, covered by Title IV of ERISA or Section 412 of the Code and to which the Borrower, any of its Subsidiaries, any Guarantor
or any ERISA Affiliate has any obligation or liability (contingent or otherwise).

 

“Total
L/C Outstandings” means the aggregate Outstanding Amount of all L/C Obligations.

 

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“Total
Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

 

“Total
Revolving Outstandings” means the aggregate Outstanding Amount of all Revolving Credit Loans and all L/C Obligations.

 

“Tranche”
means, with respect to a Term Loan, its character as a Tranche A-3 Term Loan, a Tranche A-4 Term Loan, a Tranche A-5 Term Loan,
a Tranche A-6 Term Loan or a Tranche A-7 Term Loan.

 

“Tranche
A-3 Term Loan” has the meaning specified in Section 2.01C.

 

“Tranche
A-3 Term Loan Borrowing” means the borrowing consisting of a Tranche A-3 Term Loan described in Section 2.01C.

 

“Tranche
A-3 Term Loan Lender” means each Lender that holds Tranche A-3 Term Loans.

 

“Tranche
A-4 Term Loan” has the meaning specified in Section 2.01D.

 

“Tranche
A-4 Term Loan Borrowing” means the borrowing consisting of a Tranche A-4 Term Loan described in Section 2.01D.

 

“Tranche
A-4 Term Loan Lender” means each Lender holds Tranche A-4 Term Loans.

 

“Tranche
A-5 Term Loan” has the meaning specified in Section 2.01E.

 

“Tranche
A-5 Term Loan Borrowing” means a borrowing consisting of a Tranche A-5 Term Loan made pursuant Section 2.01E.

 

“Tranche
A-5 Term Loan Commitment” means, as to the Tranche A-5 Term Loan Lender, the deemed making of Term Loans to the Borrower
pursuant to Section 2.01E in an aggregate principal amount not to exceed the Indebtedness described in Section 7.01(r).

 

“Tranche
A-5 Term Loan Lender” means B. Riley Financial, Inc.

 

“Tranche
A-6 Term Loan” has the meaning specified in Section 2.01F.

 

“Tranche
A-6 Term Loan Borrowing” means a borrowing consisting of a Tranche A-6 Term Loan made pursuant to Section 2.01F.

 

“Tranche
A-6 Term Loan Lender” B. Riley Financial, Inc.

 

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“Tranche
A-6 Term Loan Commitment” means, as to the Tranche A-6 Term Loan Lender, (i) the Term Loan Working Capital Commitment
and (ii) its obligations to make Scheduled Term Loans to the Borrower pursuant to Section 2.01F in an aggregate principal amount
to not exceed the Dollar amount set forth opposite such Tranche A-6 Term Loan Lender’s name on Schedule 2.01; provided
that the aggregate principal amount shall not exceed the amounts listed in Section 2.01F.

 

“Tranche
A-7 Term Loan” has the meaning specified in Section 2.01G.

 

“Tranche
A-7 Term Loan Borrowing” means a borrowing consisting of a Tranche A-7 Term Loan made pursuant to Section 2.01G.

 

“Tranche
A-7 Drawing Certificate” means a certificate of the Tranche A-7 Term Loan Lender certifying that (i) an amount equal
to the proposed Tranche A-7 Term Loan Borrowing has been drawn under a Tranche A-7 Letter of Credit and (ii) the Borrower has
reimbursement obligations due to the Tranche A-7 Term Loan Lender or its affiliate in such amount.

 

“Tranche
A-7 Letter of Credit” means a letter of credit, bankers acceptance, surety bond, performance bond, bank guarantee or
other similar obligation issued to or obligated to be settled by the Tranche A-7 Lender or an affiliate thereof, in form and substance
reasonably satisfactory to the Administrative Agent and the Required Lenders, to secure ordinary course performance obligations
of the Borrower and its Subsidiaries in connection with bidding, procurement, engineering, construction and maintenance.

 

“Tranche
A-7 Term Loan Commitment” means, as to the Tranche A-7 Term Loan Lender, the deemed making of Term Loans to the Borrower
pursuant to Section 2.01G in an aggregate principal amount not to exceed the Indebtedness described in Section 7.01(s).

 

“Tranche
A-7 Term Loan Lender” means B. Riley Financial, Inc.

 

“Trigger
Event” has the meaning set forth in Section 2.05(b)(vi).

 

“Type”
means, with respect to a Loan, its character as a Base Rate Loan, a Eurocurrency Rate Loan or (with respect to Terms Loans only)
a Fixed Rate Loan.

 

“UCC”
has the meaning specified in the U.S. Collateral Agreement.

 

“UCP”
means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of
Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

 

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“United
States” and “U.S.” mean the United States of America.

 

“Universal”
means Babcock & Wilcox Universal, Inc. and its Subsidiaries.

 

“Unreimbursed
Amount” has the meaning specified in Section 2.03(c)(i).

 

“U.S.
Collateral Agreement” means the Pledge and Security Agreement, dated as of June 30, 2015 (as amended, supplemented or
otherwise modified), by the Borrower and the Guarantors to the Administrative Agent for the benefit of the Secured Parties.

 

“U.S.
Guaranty” means the Guaranty Agreement dated as of June 30, 2015 made by the Borrower (solely with respect to Obligations
in the nature of Secured Cash Management Agreements and Secured Hedge Agreements) and by the Guarantors in favor of the Administrative
Agent for the benefit of the Secured Parties, and any Joinder Agreement with respect thereto.

 

“U.S.
Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the
Code.

 

“U.S.
Tax Compliance Certificate” has the meaning specified in Section 3.01(f)(ii)(B)(III).

 

“Vølund
Projects” means projects related to the manufacture, construction, maintenance and operation of renewable energy plants
in [***] by Babcock & Wilcox Vølund A/S, an indirect Subsidiary of the Borrower, and/or one or more Subsidiaries or
Affiliates of Babcock & Wilcox Vølund A/S, including Babcock & Wilcox Vølund A/B.

 

“Voting
Stock” means Stock of any Person having ordinary power to vote in the election of members of the board of directors,
managers, trustees or similar controlling Persons, of such Person (irrespective of whether, at the time, Stock of any other class
or classes of such entity shall have or might have voting power by reason of the happening of any contingency).

 

“Wholly-Owned”
means, in respect of any Subsidiary of any Person, a circumstance where all of the Stock of such Subsidiary (other than director’s
qualifying shares, and the like, as may be required by applicable law) is owned by such Person, either directly or indirectly
through one or more Wholly-Owned Subsidiaries thereof.

 

“Withdrawal
Liability” means, with respect to the Borrower, any of its Subsidiaries or any Guarantor, the aggregate liability incurred
(whether or not assessed) with respect to all Multiemployer Plans pursuant to Section 4201 of ERISA.

 

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“Working
Capital Term Loan” has the meaning specified in Section 2.01F.

 

“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of
such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

1.02 Other
Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein
or in such other Loan Document:

 

(a) The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.”
The word “will” shall be construed to have the same meaning and effect as the word “shall.”
Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including
any Constituent Document) shall be construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set
forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s
successors and assigns, (iii) the words “hereto,” “herein,” “hereof”
and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to
such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan
Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating,
amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer
to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible
and intangible assets and properties, including cash, securities, accounts and contract rights.

 

(b) In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including;” the words “to” and “until” each mean “to but excluding;”
and the word “through” means “to and including.”

 

(c) Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation
of this Agreement or any other Loan Document.

 

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1.03 Accounting
Terms.

 

(a) Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared
in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that
used in preparing the audited financial statements for the Fiscal Year ended December 31, 2014, except as otherwise specifically
prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation
of any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at
100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities
shall be disregarded.

 

(b) Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in
any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and
the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light
of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio
or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall
provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or
as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before
and after giving effect to such change in GAAP. Without limiting the foregoing, leases (including leases entered into or renewed
after the Restatement Effective Date) shall be classified and accounted for (and the interest component thereof calculated) on
a basis consistent with that reflected in the audited financial statements for the Fiscal Year ended December 31, 2019 for all
purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a
mutually acceptable amendment addressing such changes, as provided for above.

 

(c) Consolidation
of Variable Interest Entities. All references herein to consolidated financial statements of the Borrower and its Subsidiaries
or to the determination of any amount for the Borrower and its Subsidiaries on a consolidated basis or any similar reference shall,
in each case, be deemed to include each variable interest entity that the Borrower is required to consolidate pursuant to FASB
ASC 810 as if such variable interest entity were a Subsidiary as defined herein.

 

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1.04 Rounding.
Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the
appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio
is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

1.05 Exchange
Rates; Currency Equivalents.

 

(a) The
applicable L/C Issuer shall determine the Spot Rates (and notify the Administrative Agent of the same) as of each Revaluation
Date to be used for calculating Dollar Equivalent amounts of L/C Credit Extensions and Outstanding Amounts denominated in Alternative
Currencies. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting
any amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements
delivered by Loan Parties hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable
amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined
by the Administrative Agent or the applicable L/C Issuer, as applicable.

 

(b) Wherever
in this Agreement in connection with the issuance, amendment or extension of a Letter of Credit, an amount, such as a required
minimum or multiple amount, is expressed in Dollars, but such Letter of Credit is denominated in an Alternative Currency, such
amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative
Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent or the applicable L/C Issuer, as
the case may be.

 

1.06 Alternative
Currencies.

 

(a) The
Borrower may from time to time request that one or more L/C Issuers issue and maintain Letters of Credit denominated in a
currency other than Dollars. Any such request shall be subject to the approval of the L/C Issuer that will be issuing
Letters of Credit in such currency.

 

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(b) Any
such request shall be made by the Borrower to one or more L/C Issuers not later than 11:00 a.m., ten Business Days prior to the
date of the desired issuance of a Letter of Credit in such currency (or such other time or date as may be agreed by any such L/C
Issuer, in its sole discretion).

 

(c) If
any L/C Issuer consents to the issuance of Letters of Credit in such requested currency, such L/C Issuer shall so notify the Borrower
and the Administrative Agent, and such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder
for purposes of any Letter of Credit issuances by each such approving L/C Issuer (but not by any L/C Issuer not approving
such currency).

 

(d) Prior
to the Restatement Effective Date, each L/C Issuer may agree, or may have agreed under the Existing Credit Agreement, with the
Borrower to issue Letters of Credit in particular currencies (other than Dollars) immediately upon, and at all times after, the
Restatement Effective Date, or under the Existing Credit Agreement, and each L/C Issuer and the Borrower shall notify the Administrative
Agent (if not already notified pursuant to the Existing Credit Agreement) of the currencies (other than Dollars) approved by such
L/C Issuer prior to or on the Restatement Effective Date.

 

1.07 Times
of Day; Rates.

 

(a) Unless
otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

 

(b) The
Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect
to, the administration, submission or any other matter related to the rates in the definition of “Eurocurrency Rate”
or with respect to any rate that is an alternative or replacement for or successor to any of such rate (including, without limitation,
any LIBOR Successor Rate) or the effect of any of the foregoing, or of any LIBOR Successor Rate Conforming Changes.

 

1.08 Letter
of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be
the Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; provided, however,
that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides
for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be
the Dollar Equivalent of the maximum stated amount of such Letter of Credit after giving effect to all such increases,
whether or not such maximum stated amount is in effect at such time.

 

1.09 Surviving
Provisions Perpetual. Unless otherwise specified herein, each of the parties hereto expressly intend that any provision herein
stated to survive the payment in full of the Obligations and the termination of this Agreement is of perpetual duration.

 

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ARTICLE
II

THE COMMITMENTS AND CREDIT EXTENSIONS

 

2.01 Revolving
Credit Loans. Subject to the terms and conditions set forth herein, each Revolving Credit Lender severally agrees to make
loans to the Borrower in Dollars (each such loan, a “Revolving Credit Loan”) from time to time, on any Business
Day during the Availability Period for the Revolving Credit Facility, in an aggregate amount not to exceed at any time outstanding
the amount of such Lender’s Revolving Credit Commitment; provided, however, that after giving effect to any
Revolving Credit Borrowing, (i) the Total Revolving Outstandings shall not exceed the Revolving Credit Facility, (ii) the Revolving
Credit Exposure of any Lender shall not exceed such Lender’s Revolving Credit Commitment and (iii) the aggregate outstanding
principal amount of Revolving Credit Loans shall not exceed the Revolving Funded Debt Sublimit. Within the limits of each Lender’s
Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section
2.01, prepay under Section 2.05, and reborrow under this Section 2.01. Revolving Credit Loans may be Base Rate
Loans or Eurocurrency Rate Loans, as further provided herein.

 

2.01A [Reserved]

 

2.01B
 [Reserved]

 

2.01C Tranche
A-3 Term Loans.  The Loan Parties and the Tranche A-3 Lenders acknowledge and agree that as of the date hereof (i)
the aggregate principal amount of “Tranche A-3 Term Loans” under the Existing Credit Agreement (the
“Existing Tranche A-3 Term Loans”) equals $ $113,330,152.36, (ii) the aggregate principal amount of loans
outstanding under the Existing Credit Agreement owing to each “Tranche A-3 Term Loan Lender” (each an
“Existing Tranche A-3 Term Loan Lender”) equals the amount set forth opposite such Existing Tranche A-3
Term Loan Lender set forth opposite such Existing Tranche A-3 Loan Lender’s name on Schedule 2.01 hereto under the
column entitled “Prior Loans” and (iii) all remaining outstanding Existing Tranche A-3 Term Loans are hereby
converted into and continued as Tranche A-3 Term Loans hereunder (the “Tranche A-3 Term Loans”) such that,
immediately after giving effect to such conversion, the outstanding principal amount of Tranche A-3 Term Loans shall be in
the amount set forth opposite such Tranche A-3 Term Loan Lender’s name on Schedule 2.01 under the column entitled
“Tranche A-3 Term Loans”). Tranche A-3 Term Loans shall be Fixed Rate Loans, as further provided herein.
Subject to the other terms and conditions hereof, the Borrower may prepay the Tranche A-3 Term Loans pursuant to Section
2.05, subject to any subordination terms set forth herein. Amounts so prepaid or repaid may not be reborrowed.

 

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2.01D Tranche
A-4 Term Loans. The Loan Parties and the Tranche A-4 Lenders acknowledge and agree that as of the date hereof (i) the aggregate
principal amount of “Tranche A-4 Term Loans” under the Existing Credit Agreement (the “Existing Tranche A-4
Term Loans”) equals $30,000,000, (ii) the aggregate principal amount of loans outstanding under the Existing Credit
owing to each “Tranche A-4 Term Loan Lender” (each an “Existing Tranche A-4 Term Loan Lender”)
equals the amount set forth opposite such Existing Tranche A-4 Term Loan Lender set forth opposite such Existing Tranche A-4 Loan
Lender’s name on Schedule 2.01 hereto under the column entitled “Prior Loans” and (iii) all remaining outstanding
Existing Tranche A-4 Term Loans are hereby converted into and continued as Tranche A-4 Term Loans hereunder (the “Tranche
A-4 Term Loans”) such that, immediately after giving effect to such conversion, the outstanding principal amount of
Tranche A-4 Term Loans shall be in the amount set forth opposite such Tranche A-4 Term Loan Lender’s name on Schedule 2.01
under the column entitled “Tranche A-4 Term Loans”). Tranche A-4 Term Loans shall be Fixed Rate Loans, as further
provided herein. Subject to the other terms and conditions hereof, the Borrower may prepay the Tranche A-4 Term Loans pursuant
to Section 2.05, subject to any subordination terms set forth herein. Amounts so prepaid or repaid may not be reborrowed.

 

2.01E Tranche
A-5 Term Loans. Subject to the terms and conditions set forth herein, each Tranche A-5 Term Loan Lender shall be deemed to
have made loans to the Borrower in Dollars (each such loan, a “Tranche A-5 Term Loan”) on any Business Day
during the Availability Period with respect to the Tranche A-5 Term Loan Commitment (which date shall correspond with the date
that the principal amount of such Tranche A-5 Term Loans was drawn under the [***] Letter of Credit as set forth in a Committed
Loan Notice, and the Borrower shall deliver such a Committed Loan Notice within two (2) Business Days of any such drawing (or
such longer period, not to exceed five (5) Business Days, in the Administrative Agent’s reasonable discretion) with respect
to such Tranche A-5 Term Loan, in an aggregate amount not to exceed such Term Loan Lender’s Tranche A-5 Term Loan Commitment;
provided that the Tranche A-5 Term Loan Lender shall also deliver a [***] Drawing Certificate to the Administrative Agent
certifying that such amounts have been drawn under the [***] Letter of Credit. Tranche A-5 Term Loans shall be Fixed Rate Loans,
as further provided herein. Subject to the other terms and conditions hereof, the Borrower may prepay the Tranche A-5 Term Loans
pursuant to Section 2.05, subject to any subordination terms set forth herein. Amounts so prepaid or repaid may not be reborrowed.
The Administrative Agent shall not be responsible for or have any duty to request any [***] Drawing Certificate or ascertain or
inquire into any [***] Drawing Certificate or the contents of any [***] Drawing Certificate.

 

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2.01F Tranche
A-6 Term Loans. Subject to the terms and conditions set forth herein, each Tranche A-6 Term Loan Lender severally agrees to
make loans to the Borrower in Dollars (each such loan, a “Tranche A-6 Term Loan”) (x) from time to time, on
any Business Day during the Availability Period with respect to the Term Loan Facility, in an aggregate amount not to exceed such
Term Loan Lender’s Term Loan Working Capital Commitment (each such Tranche A-6 Term Loan, a “Working Capital Term
Loan”) and (y) on the dates and in the aggregate amounts set forth below (each such Tranche A-6 Term Loan, a “Scheduled
Term Loan”):

 

	Date	 	Amount	 
	Restatement Effective Date	 	$	30,000,000	 
	November 30, 2020	 	$	10,000,000	 
	March 31, 2021	 	$	5,000,000	 
	June 30, 2021	 	$	5,000,000	 
	September 30, 2021	 	$	5,000,000	 
	December 31, 2021	 	$	5,000,000	 
	March 31, 2022	 	$	5,000,000	 

 

Tranche A-6 Term Loans shall be Fixed Rate Loans, as further provided herein. Subject to the other terms and conditions hereof,
the Borrower may prepay the Tranche A-6 Term Loans pursuant to Section 2.05, subject to any subordination terms set
forth herein. Amounts so prepaid or repaid may not be reborrowed.

 

2.01G Tranche
A-7 Term Loans. Subject to the terms and conditions set forth herein, each Tranche A-7 Term Loan Lender shall be deemed
to have made loans to the Borrower in Dollars (each such loan, a “Tranche A-7 Term Loan”) on any Business
Day during the Availability Period with respect to the Tranche A-7 Term Loan Commitment (which date shall correspond with the
date that the principal amount of such Tranche A-7 Term Loans was drawn under a Tranche A-7 Letter of Credit as set forth in
a Committed Loan Notice, and the Borrower shall deliver such a Committed Loan Notice within two (2) Business Days of any such
drawing (or such longer period, not to exceed five (5) Business Days, in the Administrative Agent’s reasonable
discretion) with respect to such Tranche A-7 Term Loan, in an aggregate amount not to exceed such Term Loan Lender’s
Tranche A-7 Term Loan Commitment; provided that the Tranche A-7 Term Loan Lender shall also deliver a Tranche A-7
Drawing Certificate to the Administrative Agent certifying that such amounts have been drawn under a Tranche A-7 Letter of
Credit. Tranche A-7 Term Loans shall be Fixed Rate Loans, as further provided herein. Subject to the other terms and
conditions hereof, the Borrower may prepay the Tranche A-7 Term Loans pursuant to Section 2.05, subject to any subordination
terms set forth herein. Amounts so prepaid or repaid may not be reborrowed. The Administrative Agent shall not be responsible
for or have any duty to request any Tranche A-7 Drawing Certificate or ascertain or inquire into any Tranche A-7 Drawing
Certificate or the contents of any Tranche A-7 Drawing Certificate.

 

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2.02 Borrowings,
Conversions and Continuations of Loans.

 

(a) Each
Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurocurrency Rate Loans shall be
made upon the Borrower’s irrevocable notice to the Administrative Agent, (which irrevocable notice may be modified in
connection with the delivery of a Scheduled Loan Principal Reduction Certificate in accordance with Section 4.05) which may
be given by (A) telephone or (B) a Committed Loan Notice; provided that any telephonic notice must be confirmed
promptly by delivery to the Administrative Agent of a Committed Loan Notice. Each such notice must be received by the
Administrative Agent not later than 1:00 p.m. (i) three Business Days prior to the requested date of any Revolving Credit
Borrowing of, conversion to or continuation of Eurocurrency Rate Loans or of any conversion of Eurocurrency Rate Loans to
Base Rate Loans, (ii) on the requested date of any Revolving Credit Borrowing of Base Rate Loans and (iii) five Business Days
prior to the requested date of any Term Loan Borrowing of Working Capital Term Loans; provided that if the Borrower
wishes to request Eurocurrency Rate Loans having an Interest Period other than one, two, three or six months in duration as
provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative
Agent not later than 1:00 p.m. four Business Days prior to the requested date of such Borrowing, conversion or
continuation of Eurocurrency Rate Loans, whereupon the Administrative Agent shall give prompt notice to the Lenders under the
applicable Facility of such request and determine whether the requested Interest Period is acceptable to all of them. Not
later than 1:00 p.m., three Business Days before the requested date of such Borrowing, conversion or continuation of
Eurocurrency Rate Loans having an Interest period other than one, two, three or six months in duration as provided in the
definition of “Interest Period”, the Administrative Agent shall notify the Borrower (which notice may be by
telephone) whether or not the requested Interest Period has been consented to by all such Lenders. Each Revolving
Credit Borrowing of, conversion to or continuation of Eurocurrency Rate Loans shall be in a principal amount of $5,000,000 or
a whole multiple of $1,000,000 in excess thereof. Except as provided in Sections 2.03(c), each Revolving Credit
Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in
excess thereof. Each Committed Loan Notice shall specify (i) whether the Borrower is requesting a Revolving Credit Borrowing
and/or a Term Loan Borrowing (and, in the case of a Term Loan Borrowing, the Tranche thereof), a conversion of Loans from one
Type to the other, or a continuation of Eurocurrency Rate Loans, (ii) the requested date of the Borrowing(s), conversion or
continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Revolving Credit Loans and/or
Term Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Loans are to be
converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify
a Type of Revolving Credit Loan in a Committed Loan Notice or if the Borrower fails to give a timely notice requesting a
conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any such automatic
conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the
applicable Eurocurrency Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurocurrency
Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an
Interest Period of one month.

 

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(b) Following
receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its
Applicable Percentage of the Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the
Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans as described in Section
2.02(a). In the case of a Revolving Credit Borrowing, each Lender shall make the amount of its Revolving Credit Loan
available to the Administrative Agent in Same Day Funds at the Administrative Agent’s Office not later than (i) 1:00
p.m. on the Business Day specified in the applicable Committed Loan Notice so long as such Committed Loan Notice was received
prior to the Business Day specified for such Revolving Credit Borrowing in such Committed Loan Notice and (ii) 3:00 p.m. in
the case of any Revolving Credit Borrowing requested in a Committed Loan Notice that was received on the same Business Day as
the Business Day specified for such Revolving Credit Borrowing in the applicable Committed Loan Notice. In the case of a
Tranche A-6 Term Loan Borrowing (other than the Scheduled Term Loans to be funded on the Restatement Effective Date,
which shall be subject to Section 3 of the Amendment and Restatement Agreement), each Tranche A-6 Term Loan Lender shall make
the amount of its Working Capital Term Loan available to the Administrative Agent in Same Day Funds at the Administrative
Agent’s Office not later than (i) 11:00 a.m. on the Business Day specified for such Term Loan Borrowing in the
applicable Committed Loan Notice (or this Agreement as deemed a Committed Loan Notice pursuant to Section 4.05). Upon
satisfaction of the applicable conditions set forth in Sections 4.03 and 4.05 the Administrative Agent shall
make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by
(i) crediting the account of the Borrower on the books of Bank of America with the amount of such funds or (ii) wire
transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the
Administrative Agent by the Borrower; provided, however, that if on the date a Committed Loan Notice with
respect to a Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first,
shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the
Borrower as provided above and, if such Borrowing includes a Term Loan Borrowing of Working Capital Term Loans, to the extent
any Term Loan Borrowing results in a Trigger Event or if a Repayment Deadline exists, proceeds of the applicable Term Loan
Borrowing may be applied to the prepayment of Revolving Credit Loans in amounts equal to the excess of the thresholds set
forth in the definition of “Trigger Event”. For the avoidance of doubt, the Administrative Agent shall have no
obligation to make any amounts available to the Borrower on a proposed date of any Borrowing if such amounts have not been
received by the Administrative Agent from the applicable Lenders.

 

(c) Except
as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest Period
for such Eurocurrency Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as
Eurocurrency Rate Loans without the consent of the Required Lenders.

 

(d) The
Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest
Period for Eurocurrency Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are
outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in Bank of
America’s prime rate used in determining the Base Rate promptly following the public announcement of such change.

 

(e) After
giving effect to all Revolving Credit Borrowings, all conversions of Revolving Credit Loans from one Type to the other, and all
continuations of Revolving Credit Loans as the same Type, there shall not be more than five Interest Periods in effect in respect
of the Revolving Credit Facility.

 

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2.03 Letters
of Credit.

 

(a) The
Letter of Credit Commitment.

 

(i) Subject
to the terms and conditions set forth herein, (A) each L/C Issuer agrees to issue Letters of Credit, (1) from time to
time on any Business Day during the period from the Restatement Effective Date until the Letter of Credit Expiration Date,
denominated in Dollars or in one or more Alternative Currencies applicable to such L/C Issuer for the account of any
Permitted L/C Party, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b)
below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to
participate in Letters of Credit issued for the account of any Permitted L/C Party and any drawings thereunder; provided
that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (u) the Total Revolving
Outstandings shall not exceed the Revolving Credit Facility, (v) the Revolving Credit Exposure of any Revolving Credit Lender
shall not exceed such Lender’s Revolving Credit Commitment, (w) the Outstanding Amount of the L/C Obligations in
Alternative Currencies shall not exceed the Alternative Currency Sublimit, (x) the aggregate Outstanding Amount of all
Financial Letters of Credit and commercial letters of credit at any time shall not exceed $75,000,000, (y) the aggregate
Outstanding Amount of all Letters of Credit and commercial letters of credit at any time shall not exceed the Aggregate L/C
Sublimit and (z) the Outstanding Amount of L/C Obligations of any L/C Issuer shall not exceed the L/C Issuer Sublimit of such
L/C Issuer. Each request by the Borrower or a Permitted L/C Party for the issuance or amendment of a Letter of Credit shall
be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set
forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof,
the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during
the foregoing period listed in subclause (A)(1) of this Section, obtain Letters of Credit to replace Letters of Credit that
have expired or that have been drawn upon and reimbursed. For the avoidance of doubt, all Letters of Credit outstanding under
the Existing Credit Agreement as of the Restatement Effective Date for the account of a Permitted L/C Party shall in
each case be deemed to have been Letters of Credit issued pursuant hereto, and from and after the Restatement Effective Date
shall be subject to and governed by the terms and conditions hereof.

 

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(ii) No
L/C Issuer shall issue any Letter of Credit if the expiry date of such requested Letter of Credit would occur after the date that
is seven Business Days prior to the Revolving Credit Facility Maturity Date.

 

(iii) No
L/C Issuer shall be under any obligation to issue any Letter of Credit if:

 

(A) any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such L/C
Issuer from issuing the Letter of Credit, or any Requirement of Law applicable to such L/C Issuer or any request or directive
(whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit,
or request that such L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular
or shall impose upon such L/C Issuer with respect to the Letter of Credit any restriction, reserve or capital requirement (for
which such the L/C Issuer is not otherwise compensated hereunder) not in effect on the Restatement Effective Date, or shall impose
upon such L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Restatement Effective Date and which
such L/C Issuer in good faith deems material to it;

 

(B) the
issuance of the Letter of Credit would violate one or more policies of such L/C Issuer applicable to letters of credit generally;

 

(C) except
as otherwise agreed by such L/C Issuer, the Letter of Credit is in an initial stated amount less than $100,000, in the case of
a commercial Letter of Credit, or $500,000, in the case of a standby Letter of Credit;

 

(D) except
as otherwise agreed by such L/C Issuer, the Letter of Credit is to be denominated in a currency other than Dollars or an Alternative
Currency applicable to such L/C Issuer;

 

(E) such
L/C Issuer does not, as of the issuance date of such requested Letter of Credit, issue Letters of Credit in the requested currency;
or

 

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(F) any
Revolving Credit Lender is at that time a Defaulting Lender, unless such L/C Issuer has entered into arrangements, including the
delivery of Cash Collateral, satisfactory to such L/C Issuer (in its sole discretion) with the Borrower or such Lender to eliminate
such L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.16(a)(iv)) with respect
to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all
other L/C Obligations as to which such L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion.

 

(iv) No
L/C Issuer shall amend any Letter of Credit if such L/C Issuer would not be permitted at such time to issue the Letter of Credit
in its amended form under the terms hereof.

 

(v) No
L/C Issuer shall be under any obligation to amend any Letter of Credit if (A) such L/C Issuer would have no obligation at such
time to issue the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit
does not accept the proposed amendment to the Letter of Credit.

 

(vi) Each
L/C Issuer shall act on behalf of the Revolving Credit Lenders with respect to any Letters of Credit issued by it and the documents
associated therewith, and each L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent
in Article IX with respect to any acts taken or omissions suffered by such L/C Issuer in connection with Letters of Credit
issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term
“Administrative Agent” as used in Article IX included the L/C Issuers with respect to such acts or omissions,
and (B) as additionally provided herein with respect to the L/C Issuers or any of them.

 

(b) Procedures
for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.

 

(i) Each
Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the applicable
L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed
and signed by a Responsible Officer of the Borrower or the applicable Permitted L/C Party. Such Letter of Credit Application
may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided
by the applicable L/C Issuer, by personal delivery or by any other means acceptable to such L/C Issuer. Such Letter of
Credit Application must be received by the L/C Issuer and the Administrative Agent not later than 11:00 a.m. at least
two Business Days (or such later date and time as the Administrative Agent and the L/C Issuer may agree in a particular
instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case
of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and
detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a
Business Day unless otherwise permitted by such L/C Issuer); (B) the amount and currency thereof; (C) the expiry date
thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case
of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing
thereunder; (G) whether such requested Letter of Credit is a Performance Letter of Credit, a Financial Letter of Credit or a
commercial Letter of Credit; (H) the Permitted L/C Party for whom such Letter of Credit is to be issued; and (I) such other
matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such
Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (A) the Letter of Credit to be
amended; (B) the proposed date of amendment thereof (which shall be a Business Day unless otherwise permitted by such L/C
Issuer); (C) the nature of the proposed amendment; and (D) such other matters as the L/C Issuer may reasonably require.
Additionally, the Borrower shall furnish to the L/C Issuer and the Administrative Agent such other documents and information
pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the
Administrative Agent may reasonably require.

 

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(ii) Promptly
after receipt of any Letter of Credit Application, the applicable L/C Issuer will confirm with the Administrative Agent (by
telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the
Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has
received written notice from any Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the
requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained
in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on
the requested date, issue a Letter of Credit for the account of the applicable Permitted L/C Party or enter into the
applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business
practices. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to
the product of the Applicable Percentage of such Lender times the amount of such Letter of Credit.

 

(iii) If
the Borrower or any Permitted L/C Party so requests in any applicable Letter of Credit Application, the applicable L/C Issuer
may, in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension
Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent
any such extension at least once prior to the then applicable expiration date of such Letter of Credit (without giving effect
to the next ensuing extension thereof) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension
Notice Date”) to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer,
the Borrower shall not be required to make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension
Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit
such extensions of such Letter of Credit; provided, however, that the L/C Issuer shall not permit any such extension
if (A) the L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter
of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section
2.03(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is
seven Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have elected
not to permit such extension or (2) from the Administrative Agent, any Lender or the Borrower that one or more of the applicable
conditions specified in Section 4.03 is not then satisfied, and in each such case directing the L/C Issuer not to permit
such extension.

 

(iv) Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or
to the beneficiary thereof, the L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and complete
copy of such Letter of Credit or amendment.

 

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(c) Drawings
and Reimbursements; Funding of Participations.

 

(i) Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable
L/C Issuer shall notify the Borrower and the Administrative Agent thereof. In the case of any draw under a Letter of Credit
denominated in an Alternative Currency, the L/C Issuer shall notify the Borrower of the Dollar Equivalent of the amount of
the drawing promptly following the determination thereof. The Borrower agrees to pay to the L/C Issuer of any Letter of
Credit that has been drawn upon the amount of all draws thereunder, in Dollars (or the Dollar Equivalent of such
payment if such payment was made in an Alternative Currency), no later than (x) the Business Day on which the L/C Issuer has
provided notice thereof to the Borrower if such notice has been provided prior to 11:00 a.m. on such Business Day, or (y) no
later than 10:00 a.m. on the next succeeding Business Day after the Borrower receives such notice from such L/C Issuer if
such notice is not received prior to 11:00 a.m. on such day (each such date, an “Honor Date”), and such
L/C Issuer shall provide prompt notice to the Administrative Agent of such reimbursement. If the Borrower fails to so
reimburse the applicable L/C Issuer by such time, such L/C Issuer shall promptly notify the Administrative Agent of the Honor
Date and the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the
case of a Letter of Credit denominated in an Alternative Currency) (the “Unreimbursed Amount”), and the
Administrative Agent shall provide such notice, along with the amount of such Lender’s Applicable Percentage thereof,
to each Lender. In such event, the Borrower shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans
to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples
specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized
portion of the Revolving Credit Commitments and the conditions set forth in Section 4.03 (other than the delivery of a
Committed Loan Notice). Any notice given by any L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may
be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation
shall not affect the conclusiveness or binding effect of such notice.

 

(ii) Each
Revolving Credit Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and the Administrative
Agent may apply Cash Collateral provided for this purpose) for the account of the L/C Issuer, in Dollars, at the Administrative
Agent’s Office for Dollar-denominated payments in an amount equal to its Applicable Percentage of the Unreimbursed Amount
not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions
of Section 2.03(c)(iii), each Revolving Credit Lender that so makes funds available shall be deemed to have made a Base
Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer in Dollars.

 

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(iii) With
respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing of Base Rate Loans because
the conditions set forth in Section 4.03 cannot be satisfied or for any other reason, the Borrower shall be deemed to
have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced,
which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate.
In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section
2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C
Advance from such Lender in satisfaction of its participation obligation under this Section 2.03.

 

(iv) Until
each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the applicable
L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of
such amount shall be solely for the account of the applicable L/C Issuer.

 

(v) Each
Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under Letters
of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any
circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against any
L/C Issuer, the Borrower, any Subsidiary or any other Person for any reason whatsoever; (B) the occurrence or continuance of a
Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however,
that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.03(c) is subject to the conditions
set forth in Section 4.03 (other than delivery by the Borrower of a Committed Loan Notice). No such making of an L/C Advance
shall relieve or otherwise impair the obligation of the Borrower to reimburse the applicable L/C Issuer for the amount of any
payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein.

 

(vi) If
any Lender fails to make available to the Administrative Agent for the account of any L/C Issuer any amount required to be
paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section
2.03(c)(ii), then, without limiting the other provisions of this Agreement, the applicable L/C Issuer shall be entitled
to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the
period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at
a rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative, processing or
similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with
interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in
the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A
certificate of the applicable L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any
amounts owing under this clause (vi) shall be conclusive absent manifest error.

 

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(d) Repayment
of Participations.

 

(i) At
any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender’s
L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the
account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from
the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative
Agent will distribute to such Lender its Applicable Percentage thereof in Dollars and in the same funds as those received by the
Administrative Agent.

 

(ii) If
any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(i) is required
to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered
into by the L/C Issuer in its discretion), each Lender shall pay to the Administrative Agent for the account of the L/C Issuer
its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to
the date such amount is returned by such Lender, at a rate per annum equal to the applicable Overnight Rate from time to time
in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination
of this Agreement.

 

(e) Obligations
Absolute. The obligation of the Borrower to reimburse the applicable L/C Issuer for each drawing under each Letter of Credit
and, without duplication, to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly
in accordance with the terms of this Agreement under all circumstances, including the following:

 

(i) any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 

(ii) the
existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at any time
against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such
transferee may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions
contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated
transaction;

 

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(iii) any
draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

(iv) waiver
by the L/C Issuer of any requirement that exists for the L/C Issuer’s protection and not the protection of the Borrower
or any waiver by the L/C Issuer which does not in fact materially prejudice the Borrower;

 

(v) any
payment made by the L/C Issuer in respect of an otherwise complying item presented after the date specified as the expiration
date of, or the date by which documents must be received under such Letter of Credit if presentation after such date is authorized
by the UCC, the ISP or the UCP, as applicable;

 

(vi) any
payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply
with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting
to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative
of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding
under any Debtor Relief Law;

 

(vii) any
adverse change in the relevant exchange rates or in the availability of the relevant Alternative Currency to the Borrower or any
Subsidiary or in the relevant currency markets generally; or

 

(viii) any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, the Borrower or any Subsidiary.

 

The
Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the
event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately
notify the L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its
correspondents unless such notice is given as aforesaid, but only to the extent not prohibited by any applicable Requirement of
Law.

 

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(f) Role
of L/C Issuer. Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, no L/C Issuer
shall have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly
required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the
authority of the Person executing or delivering any such document. None of the L/C Issuers, the Administrative Agent, any of
their respective Related Parties nor any correspondent, participant or assignee of any L/C Issuer shall be liable to any
Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the
Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct;
or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of
Credit or Issuer Document. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee
with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to,
and shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or
transferee at law or under any other agreement. None of the L/C Issuers, the Administrative Agent, any of their respective
Related Parties nor any correspondent, participant or assignee of any L/C Issuer shall be liable or responsible for any of
the matters described in clauses (i) through (viii) of Section 2.03(e); provided, however, that
anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against the applicable L/C Issuer,
and the applicable L/C Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed
to consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused by the L/C
Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay under any Letter of
Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms
and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, each L/C Issuer may accept
documents that appear on their face to be in order, without responsibility for further investigation, regardless of any
notice or information to the contrary, and no L/C Issuer shall be responsible for the validity or sufficiency of any
instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits
thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. The
applicable L/C Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for
Worldwide Interbank Financial Telecommunication (“SWIFT”) message or overnight courier, or any other
commercially reasonable means of communicating with a beneficiary.

 

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(g) Applicability
of ISP and UCP; Limitation of Liability. Unless otherwise expressly agreed by the applicable L/C Issuer and the Borrower when
a Letter of Credit is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the
UCP shall apply to each commercial Letter of Credit. Notwithstanding the foregoing, no L/C Issuer shall be responsible to the
Borrower or any other Permitted L/C Party for, and no L/C Issuer’s rights and remedies against the Borrower or any other
Permitted L/C Party shall be impaired by, any action or inaction of such L/C Issuer required or permitted under any law, order,
or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including any Requirement of
Law or any order of a jurisdiction where the applicable L/C Issuer or the beneficiary is located, the practice stated in the ISP
or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission,
the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of
International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

 

(h) Letter
of Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Revolving Credit Lender
(subject to Section 2.16) in accordance with its Applicable Percentage, in Dollars, a Letter of Credit fee (the
“Letter of Credit Fee”) (i) for each commercial Letter of Credit equal to the Applicable Rate for
commercial Letters of Credit times the Dollar Equivalent of the daily amount available to be drawn under such Letter
of Credit, and (ii) for each standby Letter of Credit equal to the Applicable Rate for such type (Financial Letter of Credit
or Performance Letter of Credit) of such Letter of Credit times the Dollar Equivalent of the daily amount available to
be drawn under such Letter of Credit. For purposes of computing the Dollar Equivalent of the daily amount available to be
drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section
1.08. Letter of Credit Fees (including any Letter of Credit Fees accrued under the Existing Credit Agreement on or prior
to the Restatement Effective Date) shall be (i) due and payable on the tenth Business Day after the last Business Day of each
March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of
Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in
arrears. If there is any change in the Applicable Rate during any quarter, the Dollar Equivalent of the daily amount
available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each
period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained
herein, upon the request of the Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue
at the Default Rate.

 

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(i) Fronting
Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrower shall pay directly to the applicable L/C Issuer
for its own account, in Dollars, a fronting fee (i) with respect to each commercial Letter of Credit, at a rate separately agreed
to between the Borrower and such L/C Issuer, computed on the Dollar Equivalent of the amount of such Letter of Credit, and payable
upon the issuance thereof, (ii) with respect to any amendment of a commercial Letter of Credit increasing the amount of such Letter
of Credit, at a rate separately agreed between the Borrower and such L/C Issuer, computed on the Dollar Equivalent of the amount
of such increase, and payable upon the effectiveness of such amendment, and (iii) with respect to each standby Letter of Credit,
at the rate per annum specified in the applicable Fee Letter or otherwise agreed between such L/C Issuer and the Borrower, computed
on the Dollar Equivalent of the daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears.
Such fronting fee with respect to standby Letters of Credit shall be due and payable on the tenth Business Day after the last
Business Day of each March, June, September and December in respect of the then-ended quarterly period (or portion thereof, in
the case of the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the
Letter of Credit Expiration Date and thereafter on demand. Such fronting fee with respect to commercial Letters of Credit shall
be due and payable as provided in subparts (i) and (ii) above. For purposes of computing the daily amount available to be drawn
under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.08. In
addition, the Borrower shall pay directly to the applicable L/C Issuer for its own account, in Dollars, the customary issuance,
presentation, amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters
of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and
are nonrefundable.

 

(j) Conflict
with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms
hereof shall control.

 

(k) Letters
of Credit Issued for Permitted L/C Parties. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in
support of any obligations of, is for the account of, or the applicant therefor is, a Permitted L/C Party other than the
Borrower, the Borrower shall be obligated to reimburse the L/C Issuer hereunder for any and all drawings under such
Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account, or upon the
application, of Permitted L/C Parties other than the Borrower inures to the benefit of the Borrower, and that the
Borrower’s business derives substantial benefits from the businesses of such Permitted L/C Parties.

 

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(l) Additional
L/C Issuers. In addition to Bank of America and each L/C Issuer listed on the signature pages hereto as an “L/C Issuer,”
the Borrower may from time to time, with notice to the Lenders and the consent of the Administrative Agent and the applicable
Lender being so appointed, appoint additional Lenders to be L/C Issuers hereunder, provided that the total number of L/C
Issuers at any time shall not exceed six Lenders (or such larger number of additional Lenders as the Administrative Agent may
agree to permit from time to time). Upon the appointment of a Lender as an L/C Issuer hereunder such Person shall become vested
with all of the rights, powers, privileges and duties of an L/C Issuer hereunder.

 

(m) Removal
of L/C Issuers. The Borrower may at any time remove Bank of America or any L/C Issuer that is appointed pursuant to subpart
(l) above, if either such Person is at such time a Defaulting Lender or such Person consents to such removal; provided
that (i) such removal shall be made upon not less than 30 days’ prior written notice to such L/C Issuer and the Administrative
Agent (or such shorter time as such L/C Issuer shall agree) and (ii) such removed L/C Issuer shall retain all the rights, powers,
privileges and duties of an L/C Issuer hereunder with respect to all Letters of Credit issued by such L/C Issuer and outstanding
as of the effective date of its removal as L/C Issuer and all L/C Obligations with respect thereto (including the right to require
the Lenders to make Revolving Credit Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)).
Without limiting the foregoing, upon the removal of a Lender as an L/C Issuer hereunder, the Borrower may, or at the request of
such removed L/C Issuer the Borrower shall use commercially reasonable efforts to, arrange for one or more of the other L/C
Issuers to issue Letters of Credit hereunder in substitution for the Letters of Credit, if any, issued by such removed L/C Issuer
and outstanding at the time of such removal, or make other arrangements satisfactory to the removed L/C Issuer to effectively
cause another L/C Issuer to assume the obligations of the removed L/C Issuer with respect to any such Letters of Credit.

 

(n) Reporting
of Letter of Credit Information and L/C Issuer Sublimit. At any time that there is more than one L/C Issuer, then on (i)
the last Business Day of each calendar month, and (ii) each date that an L/C Credit Extension occurs with respect
to any Letter of Credit, each L/C Issuer (or, in the case of part (ii), the applicable L/C Issuer) shall deliver to the
Administrative Agent a report setting forth in form and detail reasonably satisfactory to the Administrative Agent
information with respect to each Letter of Credit issued by such L/C Issuer that is outstanding hereunder, including any
auto-renewal or termination of auto-renewal provisions in such Letter of Credit. In addition, each L/C Issuer shall provide
notice to the Administrative Agent of its L/C Issuer Sublimit, or any change thereto, promptly upon it becoming an L/C
Issuer or making any change to its L/C Issuer Sublimit. No failure on the part of any L/C Issuer to provide such information
pursuant to this Section 2.03(n) shall limit the obligation of the Borrower or any Lender hereunder with respect to
its reimbursement and participation obligations, respectively, pursuant to this Section 2.03.

 

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2.04 [Reserved].

 

2.05 Prepayments.

 

(a) Optional.

 

(i) The
Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Loans in whole or
in part without premium or penalty (except as provided in clause (iv) below); provided that (i) such notice must be in
a form acceptable to the Administrative Agent and be received by the Administrative Agent not later than 11:00 a.m. (A) three
Business Days prior to any date of prepayment of Eurocurrency Rate Loans, (B) on the date of prepayment of Base Rate Loans,
(C) five Business Days prior to any date of prepayment of Fixed Rate Loans; (ii) any prepayment of Eurocurrency Rate Loans
shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; and (iii) any prepayment of
Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each
case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of
such prepayment and the Facility, Type(s) and, if applicable, Tranche, of Loans to be prepaid and, if Eurocurrency Rate Loans
are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its
receipt of each such notice, and of the amount of such Lender’s ratable portion of such prepayment (based on such
Lender’s Applicable Percentage in respect of the Aggregate Revolving Credit Commitment or Aggregate Term Loan
Commitment with respect to the relevant Tranche, as applicable). If such notice is given by the Borrower, the Borrower shall
make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.
Any prepayment of a Eurocurrency Rate Loan shall be accompanied by all accrued interest on the amount prepaid,
together with any additional amounts required pursuant to Section 3.05. Any Additional Term Loan Prepayment of a Fixed Rate
Loan shall be accompanied by all accrued interest on the amount prepaid (including the capitalization of any interest to be
paid-in-kind) to the extent that such interest is permitted to be paid under Section 11.01. Subject to Section
2.16, each such prepayment shall be paid to the Lenders in accordance with their respective Applicable Percentages in
respect of each of the relevant Facilities and Tranches.

 

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(ii) [Reserved.]

 

(iii) Except
as set forth in clause (d) of Section 11.01 and notwithstanding anything to the contrary contained herein, the Borrower
shall not be permitted to prepay the Term Loan Facility (pursuant to Section 2.05(a)(i) or otherwise) until the occurrence
of the Revolving Credit Facility Termination Date, provided that the Administrative Agent, in its sole discretion, may permit
a prepayment in full of the Term Loan Facility on the Revolving Credit Facility Termination Date, provided further that the Administrative
Agent will not release funds paid with respect to the Term Loan Facility to any Term Loan Lender until the Administrative Agent
has deemed, in its reasonable discretion, that the Revolving Credit Facility Termination Date has occurred.

 

(b) Mandatory.

 

(i) In
the event, and on each occasion, that any Net Cash Proceeds are received by or on behalf of the Borrower or any of its Subsidiaries
in respect of any Prepayment Event, the Borrower shall, within five Business Days after such Net Cash Proceeds are received (or,
in the case of a Prepayment Event described in clause (b) of the definition of the term “Prepayment Event”,
on or before the next succeeding Business Day following the occurrence of such Prepayment Event), prepay the Revolving Credit
Facility in an aggregate amount equal to 100% of the amount of such Net Cash Proceeds (such mandatory prepayments to be applied
as set forth in clause (ii) below).

 

(ii) Each
prepayment of the Revolving Credit Facility pursuant to Section 2.05(b)(i) and (vi) shall be applied to the Revolving Credit
Facility (without permanent reduction of the Commitments except as provided in Section 2.06(a)(ii)) in the manner set forth in
clause (iv) or clause (vii), as applicable, of this Section 2.05(b).

 

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(iii) If
(A) the Administrative Agent notifies the Borrower that the aggregate outstanding principal amount of Revolving Credit Loans
exceeds the Revolving Funded Debt Sublimit in effect at such time, then, within two Business Days after receipt of
such notice, the Borrower shall prepay Revolving Credit Loans in an aggregate amount sufficient to reduce such outstanding
principal amount of Revolving Credit Loans as of such date of payment to an amount not to exceed the Revolving Funded Debt
Sublimit then in effect, (B) the Administrative Agent notifies the Borrower at any time that the Total Revolving Outstandings
at such time exceed the Aggregate Revolving Credit Commitment in effect at such time, then, within two Business Days after
receipt of such notice, the Borrower shall prepay Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount
sufficient to reduce such Outstanding Amount as of such date of payment to an amount not to exceed the Aggregate Revolving
Credit Commitment then in effect; provided, however, that the Borrower shall not be required to Cash
Collateralize the L/C Obligations pursuant to this Section 2.05(b)(iii) unless, after the prepayment in full of the
Revolving Credit Loans, the Total Revolving Outstandings exceed the Aggregate Revolving Credit Commitment then in effect or
(C) the Administrative Agent notifies the Borrower at any time that the Total L/C Outstandings at such time exceed the
Aggregate L/C Sublimit in effect at such time, then, within two Business Days after receipt of such notice, the Borrower
shall Cash Collateralize the L/C Obligations in an aggregate amount sufficient to reduce such Outstanding Amount as of such
date of payment to an amount not to exceed the Aggregate L/C Sublimit then in effect. The Administrative Agent may, at any
time and from time to time after the initial deposit of such Cash Collateral, request that additional Cash Collateral be
provided in order to protect against the results of further exchange rate fluctuations.

 

(iv) Except
as otherwise provided in Section 2.16 or clause (vii) below, prepayments of the Revolving Credit Facility made pursuant
to this Section 2.05(b), first, shall be applied ratably to the L/C Borrowings, second, shall be applied
ratably to the outstanding Revolving Credit Loans, and, third, shall be used to Cash Collateralize the remaining L/C Obligations
in full; and, in the case of prepayments of the Revolving Credit Facility required pursuant to clause (i) of this Section
2.05(b), the amount remaining, if any, after the prepayment in full of all L/C Borrowings, and Revolving Credit Loans outstanding
at such time and the Cash Collateralization of the remaining L/C Obligations in full may be retained by the Borrower for use in
the ordinary course of its business. Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held
as Cash Collateral shall be applied (without any further action by or notice to or from the Borrower or any other Loan Party or
any Defaulting Lender that has provided Cash Collateral) to reimburse the applicable L/C Issuer or the applicable Lenders, as
applicable.

 

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(v) Notwithstanding
anything to the contrary contained in any other provision of this Section 2.05(b), to the extent any mandatory prepayment
required pursuant to Section 2.05(b)(i) (without giving effect to this Section 2.05(b)(v)) is attributable to a
Prepayment Event by a Foreign Subsidiary of the Borrower or an Excluded Domestic Subsidiary, no such prepayment (or a portion
thereof) shall be required to be made if such prepayment (or portion thereof, or dividend or distribution to facilitate such prepayment)
shall, at the time it is required to be made, be prohibited by applicable Requirement of Law (including by reason of financial
assistance, corporate benefit, restrictions on upstreaming or transfer of cash intra group and the fiduciary and statutory duties
of the directors of relevant Subsidiaries), provided that the Borrower and its Subsidiaries shall make commercially reasonable
efforts with respect to such Requirement of Law to permit such prepayment (or portion thereof, or dividend or distribution to
facilitate such prepayment) in accordance therewith (it being understood that such efforts shall not require (x) any expenditure
in excess of a nominal amount of funds or (y) modifications to the organizational or tax structure of the Borrower and its Subsidiaries
to permit such prepayment (or portion thereof, or dividend or distribution to facilitate such prepayment)). Notwithstanding anything
in the preceding sentence to the contrary, in the event the limitations or restrictions described therein cease to apply to any
prepayment (or portion thereof, or dividend or distribution to facilitate such prepayment) required under Section 2.05(b)(i),
the Borrower shall make such prepayment in an amount equal to the lesser of (x) the amount of such prepayment previously required
to have been made without having given effect to such limitations or restrictions and (y) the amount of cash and Cash Equivalents
on hand at such time, in each case, less the amount by which the Net Cash Proceeds from the Prepayment Event were previously
used for the permanent repayment of Indebtedness (including any reductions in commitments related thereto).

 

(vi) In
the event, and on each occasion, at the close of any Business Day (the “Test Date”), the aggregate
unrestricted cash and Cash Equivalents (a) of the Borrower and its Subsidiaries exceeds $45,000,000 or (b) of the Non-Loan
Parties exceeds $40,000,000 (a “Trigger Event”), in either case for each of the preceding three Business
Days, the Borrower shall prepay the Revolving Credit Loans in an aggregate amount equal to 100% of the amount of such excess
such that after giving effect to such repayment, the Borrower and its Subsidiaries and/or the Non-Loan Parties, as
applicable, do not hold unrestricted cash and Cash Equivalents in amounts in excess of the above (such mandatory prepayments
to be applied as set forth in clause (ii) above) on or prior to (A) the first Business Day after the Test Date or (B)
the third Business Day after the Test Date solely with respect to any cash held in a deposit account owned by a
Foreign Subsidiary of the Borrower required to be used for such prepayment (each of such dates, a
“Repayment Deadline”) .

 

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2.06 Termination
or Reduction of Commitments.

 

(a) Reductions.

 

(i) Optional.
The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Revolving Credit Commitment, the Tranche A-5
Term Loan Commitment, the Tranche A-7 Term Loan Commitment or the Term Loan Working Capital Commitment, or from time to time permanently
reduce the Aggregate Revolving Credit Commitment, the Tranche A-5 Term Loan Commitment, the Tranche A-7 Term Loan Commitment or
the Term Loan Working Capital Commitment; provided that (a) any such notice shall be received by the Administrative Agent
not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (b) any such partial reduction shall
be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (c) the Borrower shall not terminate
or reduce the Aggregate Revolving Credit Commitment if, after giving effect thereto and to any concurrent prepayments hereunder,
the Total Revolving Outstandings would exceed the Aggregate Revolving Credit Commitment, (d) if, after giving effect to any reduction
of the Revolving Credit Commitment, the Alternative Currency Sublimit exceeds the amount of the Aggregate Revolving Credit Commitment,
such Sublimit shall be automatically reduced by the amount of such excess, (e) [reserved], (f) the Borrower shall have no right
to terminate or reduce the Tranche A-5 Term Loan Commitment without the written consent of the Tranche A-5 Term Loan Lender and
(g) the Borrower shall have no right to terminate or reduce the Tranche A-6 Term Loan Commitment prior to the Revolving Credit
Facility Termination Date, except the Aggregate Term Loan Working Capital Commitment as set forth in clause (ii) below. Except
as provided in the preceding sentence, the amount of any such Revolving Credit Commitment reduction shall not be applied to the
Alternative Currency Sublimit unless otherwise specified by the Borrower.

 

(ii) Mandatory.
In the event, and on each occasion, that a Commitment Reduction Event occurs (after giving effect to any reinvestment period,
and regardless of whether the Borrower is permitted to retain any or all of such Net Cash Proceeds thereof pursuant to the
application of Section 2.05(b)(iv)), the Borrower shall, on or prior to the Business Day (x) the related prepayment is made
(or, if not made, is required to be made) with respect to a Commitment Reduction Event described in clause (a) of the
definition of “Commitment Reduction Amount” or (y) any other Commitment Reduction Event occurs, give notice
thereof, and of the Commitment Reduction Amount with respect thereto (and shall clearly specify the portion of which
is in connection with Recovery Events), to the Administrative Agent. Promptly (and in any event not later than the next
succeeding Business Day) after receiving such notice, the Administrative Agent shall reduce (x) the Aggregate Revolving
Credit Commitment by an amount equal to such applicable Commitment Reduction Amount and (y) the Aggregate Term Loan Working
Capital Commitment by an amount equal to such applicable Commitment Reduction Amount.

 

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(iii) Automatic.
The Aggregate Revolving Credit Commitments shall automatically and permanently be reduced on the below dates and in the corresponding
amounts, without any notice or action of any of the Loan Parties or the Administrative Agent:

 

	Date	 	Amount	 
	November 30, 2020	 	$	10,000,000	 
	March 31, 2021	 	$	5,000,000	 
	June 30, 2021	 	$	5,000,000	 
	September 30, 2021	 	$	5,000,000	 
	December 31, 2021	 	$	5,000,000	 
	March 31, 2022	 	$	5,000,000	 

  

(iv) In
connection with each such reduction under clauses (ii) and (iii) of this Section 2.06(a), the Borrower shall be
required to prepay Revolving Credit Loans and, if the Revolving Credit Loans are paid in full, Cash Collateralize Letters of
Credit to the extent that any such reduction of the Aggregate Revolving Credit Commitment would result in the Total Revolving
Outstandings exceeding the Aggregate Revolving Credit Commitment (as so reduced), including any costs or expenses pursuant to Section
3.05. If, after giving effect to any such reduction of the Aggregate Revolving Credit Commitment, the Alternative
Currency Sublimit, the Revolving Funded Debt Sublimit or the Aggregate L/C Sublimit exceeds the amount of the Aggregate
Revolving Credit Commitment, such sublimit shall be automatically reduced by the amount of such excess. Except as provided in
the preceding sentence, the amount of any such Aggregate Revolving Credit Commitment reduction shall not be applied to the
Alternative Currency Sublimit, the Revolving Funded Debt Sublimit or the Aggregate L/C Sublimit unless otherwise
specified by the Borrower.

 

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(b) Application
of Commitment Reductions; Payment of Fees.

 

(i) The
Administrative Agent will promptly notify the Lenders of any notice of (or mandatory) termination or reduction of the Aggregate
Revolving Credit Commitment. Any reduction of the Aggregate Revolving Credit Commitment shall be applied to the Revolving Credit
Commitment of each Lender according to its Applicable Percentage. All fees in respect of the Revolving Credit Facility accrued
until the effective date of any termination of the Aggregate Revolving Credit Commitment shall be paid on the effective date of
such termination. Any reduction of the Aggregate Term Loan Working Capital Commitment shall be applied to the Term Loan Working
Capital Commitment of each Lender according to its Applicable Percentage.

 

(ii) Notwithstanding
anything to the contrary contained herein, a notice of termination of the Aggregate Revolving Credit Commitments or the Aggregate
Term Loan Commitments and the prepayment in full of the Loans in connection therewith may state that such notice is conditioned
upon the effectiveness of other credit facilities, and if any notice so states it may be revoked by the Borrower by notice to
the Administrative Agent on or prior to the date specified for the termination of the Aggregate Revolving Credit Commitments or
Aggregate Term Loan Commitments, as applicable, and such prepayment that the refinancing condition has not been met and the termination
and prepayment is to be revoked, provided that the Borrower will continue to be responsible for any costs or expenses pursuant
to Section 3.05 in connection with the failure to prepay Loans resulting from such revocation.

 

2.07 Repayment
of Loans.

 

(a) Revolving
Credit Loans. The Borrower shall repay to the Revolving Credit Lenders on the Revolving Credit Facility Maturity Date the
aggregate principal amount of all Revolving Credit Loans made to the Borrower outstanding on such date.

 

(b) [Reserved].

 

(c) Term
Loans. The Borrower shall repay to the Lenders on the Term Loan Facility Maturity Date the aggregate principal amount of all
Term Loans made to the Borrower capitalized as principal outstanding on such date, subject to any subordination terms set forth
herein.

 

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2.08 Interest.

 

(a) Subject
to the provisions of subsection (b) below, (i) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount
thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable
Rate; (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date
at a rate per annum equal to the Base Rate plus the Applicable Rate; and (iii) each Term Loan shall bear interest on the
outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Fixed Rate, including
interest accrued under the Existing Credit Agreement on or prior to the Restatement Effective Date, other than the period from
the Restatement Effective Date through and including December 31, 2020 (during which period each Term Loan Lender hereby waives
the payment of interest payable under this Agreement, provided that, for the avoidance of doubt, the Term Loan Lenders may receive
payments in lieu of such interest pursuant to the B. Riley Fee Letter, subject to the provisions of Article XI and any
other subordination terms set forth herein).

 

(b) (i) If
any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity,
by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times
equal to the Default Rate to the fullest extent permitted by applicable Requirements of Law.

 

(ii) If
any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard
to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required
Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default
Rate to the fullest extent permitted by applicable Requirements of Law.

 

(iii) Upon
the request of the Required Lenders, while any Event of Default exists (other than as set forth in clauses 2.08(b)(i) and
(b)(ii) above), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating
interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Requirements of Law.

 

(iii) Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon the demand of
the Administrative Agent.

 

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(c) Interest
(including interest accrued under the Existing Credit Agreement on or prior to the Restatement Effective Date) on each Loan (including
each Revolving Credit Loan and each Term Loan) shall be due and payable in arrears on each Interest Payment Date applicable thereto
and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof
before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

 

(d) Term
Loan Interest Payments.

 

(i) [Reserved].

 

(ii) Upon
and during the continuance of an Event of Default and until the occurrence of the Revolving Credit Facility Termination Date,
all interest with respect to the Term Loans, including such interest at the Default Rate, shall not be payable, provided that
such interest shall continue to accrue.

 

2.09 Fees.
In addition to certain fees described in subsections (h) and (i) of Section 2.03:

 

(a) Commitment
Fee.

 

(i) The
Borrower shall pay to the Administrative Agent for the account of each Revolving Credit Lender (subject to Section 2.16(a)(iii)
with respect to Defaulting Lenders) in accordance with its Applicable Percentage, a commitment fee in Dollars equal to the
Applicable Rate times the actual daily amount by which the Aggregate Revolving Credit Commitment exceeds the sum of (i)
the Outstanding Amount of Revolving Credit Loans and (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as
provided in Section 2.16. The commitment fee with respect to the Revolving Credit Facility shall accrue at all times during
the Availability Period with respect to the Revolving Credit Facility, including at any time during which one or more of the conditions
in Article IV is not met, and shall be due and payable quarterly in arrears on the tenth Business Day after the last Business
Day of each March, June, September and December, commencing with the first such date to occur after the Restatement Effective
Date (and shall include payment of any commitment fees accrued under the Existing Credit Agreement on or prior to the Restatement
Effective Date), and on the last day of the Availability Period for the Revolving Credit Facility.

 

(ii) The
commitment fees set forth in clause (i) above shall be calculated quarterly in arrears, and if there is any change in the
Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by such Applicable Rate
separately for each period during such quarter that such Applicable Rate was in effect.

 

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(b) Other
Fees.

 

(i) The
Borrower shall pay to the Administrative Agent for their own respective accounts, in Dollars, fees in the amounts and at the times
specified in the Fee Letters. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

(ii) Subject
to the provisions of Article XI and any other subordination terms set forth herein, (x) the Borrower shall pay to the Lenders,
in Dollars, such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified and (y)
such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

(c) Amendment
and Restatement Fees.

 

The
Borrower agrees to pay, or cause to be paid, to the Administrative Agent, for the account of each Revolving Credit Lender, an
amendment and restatement fee equal to (i) 75 basis points (0.75%) of the portion of the Revolving Credit Facility held by such
consenting Revolving Credit Lender as of the Restatement Effective Date which fees shall be earned on the Restatement Effective
Date and shall be payable in immediately available funds upon the Restatement Effective Date (the fees under this clause (i),
the “Amendment and Restatement Effective Date Fees”) and (ii) 50 basis points (0.50%) of the portion of the
Revolving Credit Facility held by each Revolving Credit Lender as of the Restatement Effective Date which fees shall be earned
on the Restatement Effective Date and shall be payable on the last day of the Availability Period with respect to the Revolving
Credit Facility.

 

(d) Existing
Credit Agreement Fees.

 

Other
fees owing and accruing under or in respect of the Existing Credit Agreement shall be paid in full in the amounts and at such
times as set forth below, except to the extent explicitly waived herein:

 

(i) for
the account of each Revolving Credit Lender, the “Deferred Facility Fee” (as defined in the Existing Credit Agreement)
in the aggregate amount of $11,675,103.06 (and the Loan Parties and the Revolving Credit Lenders acknowledge and agree that the
amount of the “Deferred Facility Fee” is equal to such amount) shall be payable on the last day of the Availability
Period for the Revolving Credit Facility;

 

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(ii) for
the account of each Revolving Credit Lender who consented to that certain Amendment No. 6, dated as of April 10, 2018, by and
among the Borrower, the Administrative Agent and the Lenders party thereto, and acknowledged and agreed by the Guarantors, the
fees under Section 4(d)(i)(b) of such Amendment No. 6 in the aggregate amount of $540,000.00 (and the Loan Parties and the Revolving
Credit Lenders acknowledge and agree that the amount of the fees under Section 4(d)(i)(b) of such Amendment No. 6 is equal to
such amount) shall be payable on the last day of the Availability Period for the Revolving Credit Facility;

 

(iii) for
the account of Vintage Capital Management, LLC, in its capacity as Tranche A-1 Term Loan Lender (as defined in the Existing Credit
Agreement), the fee under Section 2(b) of Amendment No. 11, dated as of October 4, 2018, by and among the Borrower, the Administrative
Agent and the Lenders party thereto, and acknowledged and agreed by the Guarantors, in the aggregate amount of $120,000 shall
be waived on a permanent basis (and Vintage Capital Management, LLC agrees to such waiver);

 

(iv) for
the account of each Revolving Credit Lender, (x) the “Deferred Ticking Fees” (as defined in the Existing Credit Agreement)
in the aggregate amount of $6,723,651.61 (and the Loan Parties and the Revolving Credit Lenders acknowledge and agree that the
amount of the “Deferred Ticking Fees” is equal to such amount) and (y) the “Other Amendment Fees” (as
defined in that certain Amendment No. 16, dated as of March 19, 2019, by and among the Borrower, the Administrative Agent and
the Lenders party thereto, and acknowledged and agreed by the Guarantors) in the aggregate amount of $13,879,348.26 (and the Loan
Parties and the Revolving Credit Lenders acknowledge and agree that the amount of the “Other Amendment Fees” is equal
to such amount) for the account of each Revolving Credit Lender, shall be paid, waived on a permanent basis (and each Revolving
Credit Lender agrees to such waiver) or maintained, as applicable, to be applied between the two fees in the Administrative Agent’s
discretion, as follows:

 

(A) an
amount equal to $11,602,999.87 shall be payable on the last day of the Availability Period with respect to the Revolving
Credit Facility; provided that (x) $3,500,000 of the Deferred Ticking Fees and Other Amendment Fees (inclusive of any
amount waived on November 30, 2020, March 31, 2021 and/or June 30, 2021 as set forth in clause (y) below) shall be waived if
the Revolving Credit Facility Termination Date occurs on or before June 30, 2021 and, (y) upon each automatic commitment
reduction to the Aggregate Revolving Credit Commitments required under Section 2.06(a)(iii) for which (I) a
corresponding amount of proceeds of Scheduled Term Loans are funded pursuant to Section 2.01F substantially
contemporaneously therewith and received by the Borrower (or as such funding may be replaced with Net Cash Proceeds of the
issuance of Stock or Stock Equivalents of the Borrower or contribution to the equity of the Borrower in accordance with Section
4.05(a)) and (II) no requirement to make any prepayment under Section 2.06(a)(iv) would result from such
commitment reduction, an amount equal to 10% of such automatic commitment reduction will be waived on the date thereof;
and

 

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(B) the
remainder of the outstanding Deferred Ticking Fees and Other Amendment Fees shall be payable on the last day of the Availability
Period with respect to the Revolving Credit Facility; provided that the Deferred Ticking Fees and Other Amendment Fees
shall be waived in the amounts set forth below, if the Revolving Credit Facility Termination Date occurs on or before the date
as set forth below:

 

	Date	 	Aggregate Amount Waived	 
	June 30, 2021	 	$	9,000,000.00	 
	July 31, 2021	 	$	6,000,000.00	 
	August 31, 2021	 	$	3,000,000.00	 
	September 30, 2021	 	$	1,500,000.00	 
	October 31, 2021	 	$	750,000.00	 
	November 30, 2021	 	$	375,000.00	 

 

2.10 Computation
of Interest and Fees.

 

(a) All
computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurocurrency Rate)
shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations
of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or
interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for
the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or
such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject
to Section 2.12(a), bear interest for one day. Each determination by the Administrative Agent of an interest rate or
fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

(b) [reserved].

 

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2.11 Evidence
of Debt.

 

(a) The
Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the
Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each
Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and
the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect
the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict
between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect
of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Promptly
after the request of any Lender to the Borrower made through the Administrative Agent, the Borrower shall execute and deliver
to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans to the Borrower in addition
to such accounts or records. Each Lender may attach schedules to a Note and endorse thereon the date, Type (if applicable), amount
and maturity of its Loans and payments with respect thereto.

 

(b) In
addition to the accounts and records referred to in subsection (a), each Lender and the Administrative Agent shall maintain in
accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in
Letters of Credit. In the event of any conflict between the accounts and records maintained by the Administrative Agent and the
accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control
in the absence of manifest error.

 

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2.12 Payments
Generally; Administrative Agent’s Clawback.

 

(a) General.
All payments to be made by the Borrower shall be made free and clear and without condition or deduction for any counterclaim,
defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder
shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the
Administrative Agent’s Office in Dollars and in Same Day Funds not later than 2:00 p.m. on the date specified herein,
except to the extent any such payment is to be paid-in-kind pursuant to Section 2.08(d). Without limiting the
generality of the foregoing, the Administrative Agent may require that any payments due under this Agreement be made in the
United States. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other
applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s
Lending Office. All payments received by the Administrative Agent or the applicable L/C Issuer after 2:00 p.m. shall be
deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any
payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next
following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

 

(b) (i) Funding
by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a
Revolving Credit Lender prior to the proposed date of any Revolving Credit Borrowing of Eurocurrency Rate Loans (or, in the
case of any Revolving Credit Borrowing of Base Rate Loans, prior to (A) 12:00 noon on the date of such Revolving Credit
Borrowing if such Revolving Credit Borrowing is to be made on a Business Day other than the date the Administrative Agent
received the applicable Committed Loan Notice with respect to such Revolving Credit Borrowing and (B) 2:00 p.m. on the date
of such Revolving Credit Borrowing if such Revolving Credit Borrowing is to be made on the same Business Day as the date the
Administrative Agent received the applicable Committed Loan Notice with respect to such Revolving Credit Borrowing) that such
Lender will not make available to the Administrative Agent such Lender’s share of such Revolving Credit Borrowing, the
Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02
(or, in the case of a Revolving Credit Borrowing of Base Rate Loans, that such Lender has made such share available in
accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to
the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Revolving
Credit Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to
the Administrative Agent forthwith on demand such corresponding amount in Same Day Funds with interest thereon, for each
day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the
Administrative Agent, at (A) in the case of a payment to be made by such Lender, the Overnight Rate, plus any administrative,
processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the
case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such
Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent
shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays
its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such
Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the
Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

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(ii) Payments
by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower
prior to the time at which any payment is due to the Administrative Agent for the account of the Revolving Credit Lenders or the
applicable L/C Issuer hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower
has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders
or the applicable L/C Issuer, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment,
then each of the Revolving Credit Lenders or the applicable L/C Issuer, as the case may be, severally agrees to repay to the Administrative
Agent forthwith on demand the amount so distributed to such Lender or such L/C Issuer, in Same Day Funds with interest thereon,
for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the Overnight Rate.

 

A
notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this subsection (b) shall
be conclusive, absent manifest error.

 

(c) Failure
to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by
such Lender to the Borrower as provided in the foregoing provisions of this Article II, and such funds are not made available
to the Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article
IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like
funds as received from such Lender) to such Lender, without interest.

 

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(d) Obligations
of Lenders Several. The obligations of the Lenders hereunder to make Term Loans and Revolving Credit Loans, to fund participations
in Letters of Credit and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender
to make any Loan, to fund any such participation or to make any payment under Section 10.04(c) on any date required hereunder
shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for
the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 10.04(c).

 

(e) Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or
manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular
place or manner.

 

(f) Insufficient
Funds. Subject to the application of Section 8.03 by its terms, if at any time insufficient funds are received by and
available to the Administrative Agent to pay fully all amounts of principal, L/C Borrowings, interest and fees then due hereunder,
such funds shall be applied (i) first, toward payment of interest and fees then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, toward payment of principal
and L/C Borrowings then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal
and L/C Borrowings then due to such parties; provided that no payments may be made to the Term Loan Lenders pursuant to
this clause (f) until the occurrence of the Revolving Credit Facility Termination Date.

 

2.13 Sharing
of Payments by Lenders. Subject to the turnover provisions set forth in Section 11.02, if any Lender shall, by exercising
any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Revolving
Credit Loans or Term Loans made by it, or the participations in L/C Obligations held by it resulting in such Lender’s receiving
payment of a proportion of the aggregate amount of such Revolving Credit Loans, Term Loans or participations and accrued interest
thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall
(a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Revolving Credit
Loans or Term Loans and subparticipations in L/C Obligations of the other Lenders, or make such other adjustments as shall
be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate
amount of principal of and accrued interest on their respective Revolving Credit Loans, Term Loans and other amounts owing them,
provided that:

 

(i) if
any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without
interest; and

 

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(ii) the
provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of the Borrower pursuant to
and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a
Defaulting Lender or the B. Riley Limited Guaranty), (y) the application of Cash Collateral provided for in Section 2.15,
or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans
or subparticipations in L/C Obligations to any assignee or participant, other than an assignment to the Borrower or any Subsidiary
or Affiliate thereof (as to which the provisions of this Section shall apply).

 

The
Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring
a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with
respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

 

2.14 [Reserved].

 

2.15 Cash
Collateral.

 

(a) Certain
Credit Support Events. If (i) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains
outstanding, (ii) the Borrower shall be required to provide Cash Collateral pursuant to Section 8.02(c), or (iii)
there shall exist a Defaulting Lender with a Revolving Credit Commitment, the Borrower shall immediately (in the case of
clause (ii) above) or within one Business Day (in all other cases) (or such longer period of time permitted by the
Administrative Agent and the applicable L/C Issuer) following any request by the Administrative Agent or the applicable L/C
Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case
of Cash Collateral provided pursuant to clause (iii) above, after giving effect to Section 2.16(a)(iv) and any Cash
Collateral provided by the Defaulting Lender). If at any time the Administrative Agent determines that any funds held as Cash
Collateral pursuant to the preceding sentence are subject to any right or claim of any Person other than the Administrative
Agent or that the total amount of such funds is less than the applicable Minimum Collateral Amount as required by the
preceding sentence, the Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as
additional funds to be deposited as Cash Collateral, an amount equal to the excess of (x) such applicable Minimum
Collateral Amount over (y) the total amount of funds, if any, then held as Cash Collateral that the Administrative Agent
determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on
deposit as Cash Collateral, such funds shall be applied, to the extent permitted under applicable Laws, to reimburse the
applicable L/C Issuer.

 

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(b) Grant
of Security Interest. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained
in blocked, non-interest bearing (unless otherwise agreed by the depositary) deposit accounts at the Administrative Agent or the
relevant L/C Issuer, as applicable. To the extent provided by the Borrower, the Borrower, and to the extent provided by any Lender,
such Lender, hereby grants to (and subjects to the control of) the relevant L/C Issuer or to the Administrative Agent, for the
benefit of the Administrative Agent, the L/C Issuer and the Revolving Credit Lenders, as applicable, and agrees to maintain,
a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided
as collateral pursuant to this Section 2.15, and in all proceeds of the foregoing, all as security for the obligations
to which such Cash Collateral may be applied pursuant to Section 2.15(c). If at any time the Administrative Agent determines
that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or the applicable L/C
Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower
or the relevant Defaulting Lender will, promptly (but in any event within five Business Days) after demand by the Administrative
Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.
The Borrower shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees
and charges in connection with the maintenance and disbursement of Cash Collateral.

 

(c) Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.15
or Sections 2.03, 2.05, 2.16 or 8.02 in respect of Letters of Credit shall be held and applied
to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral
provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral
was so provided, prior to any other application of such property as may be provided for herein.

 

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(d) Release.
Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall
be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto
(including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following
compliance with Section 10.06(b)(vi))) or (ii) the Administrative Agent’s and the applicable L/C Issuer’s good
faith determination that there exists excess Cash Collateral; provided that (x) Cash Collateral furnished by or on behalf
of a Loan Party shall not be released during the continuance of a Default (and following application as provided in this Section
2.15 may be otherwise applied in accordance with Section 8.03), and (y) the Person providing Cash Collateral and the
L/C Issuer, as applicable, may agree that Cash Collateral shall not be released but instead held to support future anticipated
Fronting Exposure or other obligations.

 

2.16 Defaulting
Lenders.

 

(a) Adjustments.
Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such
time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Requirements of Law:

 

(i) Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of “Required Lenders,”, “Required Term
Lenders” and Section 10.01.

 

(ii) Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the
account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise)
or received by the Administrative Agent from a Defaulting Lender pursuant to Section 10.08 shall be applied at such
time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing
by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata
basis of any amounts owing by such Defaulting Lender to the L/C Issuer hereunder; third, to Cash Collateralize the L/C
Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.15; fourth,
as the Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting
Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth,
if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing (unless otherwise
agreed by the depositary) deposit account and released pro rata in order to (x) satisfy such Defaulting
Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the
L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit
issued under this Agreement, in accordance with Section 2.15; sixth, to the payment of any amounts owing to the
Lenders, the L/C Issuer as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the L/C
Issuer against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; seventh, so long as no Default exists, to the payment of any amounts owing to the Borrower as a result of
any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as
otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the
principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its
appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions
set forth in Section 4.03 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C
Obligations owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans
of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in
L/C Obligations are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to Section
2.16(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held)
to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.16(a)(ii) shall be
deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

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(iii) Certain
Fees.

 

(A) No
Defaulting Lender shall be entitled to receive any commitment fee or facility fee payable under Section 2.09(a) for any
period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise
would have been required to have been paid to that Defaulting Lender).

 

(B) Each
Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting
Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which
it has provided Cash Collateral pursuant to Section 2.15.

 

(C) With
respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (B) above, the Borrower
shall (x) pay to each non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect
to such Defaulting Lender’s participation in L/C Obligations that has been reallocated to such non-Defaulting Lender
pursuant to clause (iv) below, (y) pay to the applicable L/C Issuer the amount of any such fee otherwise payable to such Defaulting
Lender to the extent allocable to such L/C Issuer’s Fronting Exposure to such Defaulting Lender, and (z) not be required
to pay the remaining amount of any such fee.

 

(iv) Reallocation
of Applicable Percentages to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in
L/C Obligations shall be reallocated among the non-Defaulting Lenders that are Revolving Credit Lenders in accordance with their
respective Applicable Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent
that such reallocation does not cause the aggregate Revolving Credit Exposure of any non-Defaulting Lender to exceed such non-Defaulting
Lender’s Revolving Credit Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any
party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of
a non-Defaulting Lender as a result of such non-Defaulting Lender’s increased exposure following such reallocation.

 

(b) Defaulting
Lender Cure. If the Borrower, the Administrative Agent and the L/C Issuer agree in writing that a Lender is no longer a
Defaulting Lender (except that during the continuance of an Event of Default, the Borrower’s agreement shall not be
required and the agreement of the L/C Issuer shall not be necessary with respect to a Term Loan Lender), the Administrative
Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any
conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the
extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the
Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of
Credit to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without
giving effect to Section 2.16(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided
that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the
Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise
expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or
release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

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ARTICLE
III

 

TAXES,
YIELD PROTECTION AND ILLEGALITY

 

3.01 Taxes.

 

(a) L/C
Issuer. For purposes of this Section 3.01, the term “Lender” includes any L/C Issuer and the term
“Requirements of Law” includes FATCA.

 

(b) Payments
Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

 

(i) Any
and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction
or withholding for any Taxes, except as required by applicable Requirements of Law. If any applicable Requirements of Law (as
determined in the good faith discretion of the Administrative Agent) require the deduction or withholding of any Tax from any
such payment by the Administrative Agent or a Loan Party, then the Administrative Agent or such Loan Party shall be entitled to
make such deduction or withholding, upon the basis of the information and documentation to be delivered pursuant to subsection
(f) below.

 

(ii) If
any Loan Party or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both
United States Federal backup withholding and withholding taxes, from any payment made hereunder or under any other Loan
Document, then (A) the Administrative Agent shall withhold or make such deductions as are determined in the good faith
discretion of the Administrative Agent to be required based upon the information and documentation it has received pursuant
to subsection (f) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the
relevant Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made
on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after
any required withholding or the making of all required deductions (including deductions applicable to additional sums payable
under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received
had no such withholding or deduction for Indemnified Taxes been made.

 

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(iii) If
any Loan Party or the Administrative Agent shall be required by any applicable Requirements of Law other than the Code to withhold
or deduct any Taxes from any payment made hereunder or under any other Loan Document, then (A) such Loan Party or the Administrative
Agent, as required by such Requirements of Law as determined in the good faith discretion of such Loan Party or the Administrative
Agent (as applicable), shall withhold or make such deductions as are determined by it to be required based upon the information
and documentation it has received pursuant to subsection (f) below, (B) such Loan Party or the Administrative Agent,
to the extent required by such Requirements of Law, shall timely pay the full amount withheld or deducted to the relevant Governmental
Authority in accordance with such Requirements of Law, and (C) to the extent that the withholding or deduction is made on account
of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required
withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section
3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction
for Indemnified Taxes been made.

 

(c) Payment
of Other Taxes by the Borrower. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with
applicable Requirements of Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other
Taxes.

 

(d) Tax
Indemnifications. (i) Each of the Loan Parties shall jointly and severally indemnify each Recipient, within 10 days after
demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or
attributable to amounts payable under this Section 3.01) payable or paid by such Recipient or required to be withheld
or deducted from a payment to such Recipient, and any reasonable expenses arising therefrom or with respect thereto, whether
or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability (setting forth in reasonable detail the basis and calculation of
such payment or liability) delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. Notwithstanding
anything to the contrary in this Agreement or any other Loan Document, the Loan Parties are not indemnifying any Person
for Excluded Taxes, except to the extent provided in the immediately succeeding sentence. Each of the Loan Parties shall
jointly and severally indemnify the Administrative Agent, within 10 days after demand therefor, for any amount which a Lender
for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.01(d)(ii)
below. Upon making such payment to the Administrative Agent, the Borrower shall be subrogated to the rights of the
Administrative Agent pursuant to Section 3.01(d)(ii) below against the applicable defaulting Lender (other than the
right of set off pursuant to the last sentence of Section 3.01(d)(ii)).

 

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(ii) Each
Lender shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days after demand therefor,
(x) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only to the extent that any
Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation
of the Loan Parties to do so), (y) the Administrative Agent and the Loan Parties, as applicable, against any Taxes attributable
to such Lender’s failure to comply with the provisions of Section 10.06(d) relating to the maintenance of a Participant
Register and (z) the Administrative Agent and the Loan Parties, as applicable, against any Excluded Taxes attributable
to such Lender, in each case, that are payable or paid by the Administrative Agent or a Loan Party in connection with any Loan
Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative
Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document
against any amount due to the Administrative Agent under this clause (ii).

 

(e) Evidence
of Payments. Upon request by the Borrower or the Administrative Agent, as the case may be, after any payment of Taxes by the
Borrower or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Borrower shall
deliver to the Administrative Agent or the Administrative Agent shall deliver to the Borrower, as the case may be, the original
or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required
by Requirements of Law to report such payment or other evidence of such payment reasonably satisfactory to the Borrower or the
Administrative Agent, as the case may be.

 

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(f) Status
of Lenders; Tax Documentation.

 

(i) Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as
will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably
requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Requirements of Law
or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to
determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything
to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such
documentation set forth in Section 3.01(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in
the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed
cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

(ii) Without
limiting the generality of the foregoing,

 

(A) any
Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or
the Administrative Agent), and the Administrative Agent shall deliver to the Borrower on or prior to the date it becomes the Administrative
Agent under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), properly completed
and executed originals of IRS Form W-9 certifying that such Lender (or the Administrative Agent, as applicable) is exempt from
U.S. federal backup withholding tax;

 

(B) any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
whichever of the following is applicable:

  

	 	(I)	in
    the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with
    respect to payments of interest under any Loan Document, properly completed and executed originals of IRS Form W-8BEN or W-8BEN-E,
    as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest”
    article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, properly completed
    and executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S.
    federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 

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	 	(II)	properly
    completed and executed originals of IRS Form W-8ECI;
	 	 	 
	 	(III)	in
    the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
    (x) a certificate substantially in the form of Exhibit H-1 to the effect that such Foreign Lender is neither a “bank”
    within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the
    meaning of Section 881(c)(3)(B) of the Code, nor a “controlled foreign corporation” described in Section 881(c)(3)(C)
    of the Code (a “U.S. Tax Compliance Certificate”) and (y) properly completed and executed originals of
    IRS Form W-8BEN or W-8BEN-E, as applicable; or
	 	 	 
	 	(IV)	to
    the extent a Foreign Lender is not the beneficial owner, properly completed and executed originals of IRS Form W-8IMY, accompanied
    by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form
    of Exhibit H-2 or Exhibit H-3, IRS Form W-9, and/or other certification documents from each beneficial owner,
    as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of
    such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate
substantially
in the form of Exhibit H-4 on behalf of each such direct and indirect partner;    

 

(C) any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
properly completed and executed originals of any other form prescribed by applicable Requirements of Law as a basis for claiming
exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation
as may be prescribed by applicable Requirements of Law to permit the Borrower or the Administrative Agent to determine the withholding
or deduction required to be made; and

 

(D) if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed
by Requirements of Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable Requirements of Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional
documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative
Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

(iii) Each
Lender and the Administrative Agent agrees that if any form or certification it previously delivered pursuant to this Section
3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify
the Borrower and the Administrative Agent in writing of its legal inability to do so.

 

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(g) Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a
refund of any Taxes as to which  it has
been indemnified pursuant to this Section 3.01 (including by the payment of additional amounts pursuant to this Section
3.01), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to
such indemnified party the amount paid over pursuant to this subsection (g) (plus any penalties, interest or other
charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such
refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection (g), in no event
will the indemnified party be required to pay any amount to an indemnifying party pursuant to this subsection (g) the
payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party
would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This subsection
(g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information
relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(h) Survival.
Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Aggregate Commitments and the repayment,
satisfaction or discharge of all other Obligations.

 

3.02 Illegality.
If any Lender determines that any Requirement of Law has made it unlawful, or that any Governmental Authority has asserted
that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is
determined by reference to the Eurocurrency Rate, or to determine or charge interest rates based upon the Eurocurrency Rate,
or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to
take deposits of, Dollars in the applicable interbank market, then, on notice thereof by such Lender to the Borrower through
the Administrative Agent, (a) any obligation of such Lender to make or continue Eurocurrency Rate Loans or to convert Base
Rate Loans to Eurocurrency Rate Loans shall be suspended, and (b) if such notice asserts the illegality of such Lender making
or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurocurrency Rate component of
the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be
determined by the Administrative Agent without reference to the Eurocurrency Rate component of the Base Rate, in each case
until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such
determination no longer exist. Upon receipt of such notice, (x) the Borrower shall, upon demand from such Lender (with a copy
to the Administrative Agent), prepay or, if applicable, convert all Eurocurrency Rate Loans of such Lender to Base Rate Loans
(the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the
Administrative Agent without reference to the Eurocurrency Rate component of the Base Rate), either on the last day of the
Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or
immediately, if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans and (y) if such notice asserts
the illegality of such Lender determining or charging interest rates based upon the Eurocurrency Rate, the Administrative
Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the
Eurocurrency Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer
illegal for such Lender to determine or charge interest rates based upon the Eurocurrency Rate. Upon any such prepayment or
conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

 

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3.03 Inability
to Determine Rates.

 

(a) If
in connection with any request for a Eurocurrency Rate Loan or a conversion to or continuation thereof, (i) the
Administrative Agent determines that (A) Dollar deposits are not being offered to banks in the London interbank eurodollar
market for the applicable amount and Interest Period of such Eurocurrency Rate Loan or (B)(x) adequate and reasonable means
do not exist for determining the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency
Rate Loan or in connection with an existing or proposed Base Rate Loan and (y) the circumstances described in Section
3.03(c)(i) do not apply (in each case with respect to this clause (a), “Impacted Loans”), or (ii) the
Required Lenders determine that for any reason the Eurocurrency Rate for any requested Interest Period with respect to a
proposed Eurocurrency Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the
Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to
make or maintain Eurocurrency Rate Loans shall be suspended (to the extent of the affected Eurocurrency Rate Loans or
Interest Periods), and (y) in the event of a determination described in the preceding sentence with respect to the
Eurocurrency Rate component of the Base Rate, the utilization of the Eurocurrency Rate component in determining the Base Rate
shall be suspended, in each case until the Administrative Agent (upon the instruction of the Required Lenders) revokes such
notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or
continuation of Eurocurrency Rate Loans (to the extent of the affected Eurocurrency Rate Loans or Interest Periods)
or, failing that, will be deemed to have converted such request into a request for a Revolving Credit Borrowing of Base Rate
Loans in the amount specified therein.

 

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(b) Notwithstanding
the foregoing, if the Administrative Agent has made the determination described in clause (a)(i) of this Section, the Administrative
Agent, with the consent of the Borrower and in consultation with the affected Lenders, may establish an alternative interest rate
for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until
(1) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (a) of the first sentence
of this Section, (2) the Administrative Agent or the affected Lenders notify the Administrative Agent and the Borrower that such
alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3)
any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful,
for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to
such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority
has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent
and the Borrower written notice thereof.

 

(c) Notwithstanding
anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which determination
shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the Administrative Agent (with, in the
case of the Required Lenders, a copy to Borrower) that the Borrower or Required Lenders (as applicable) have determined, that:

 

(i) adequate
and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, including, without limitation, because
the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or

 

(ii) the
administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made
a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or
used for determining the interest rate of loans, provided that, at the time of such statement, there is no successor administrator
that is satisfactory to the Administrative Agent, that will continue to provide LIBOR after such specific date (such specific
date, the “Scheduled Unavailability Date”), or

 

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(iii) syndicated
loans in the U.S. market currently being executed, or that include language similar to that contained in this Section, are
being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR,
then, reasonably promptly after such determination by the Administrative Agent or receipt by the Administrative Agent of such
notice, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace LIBOR with (x) one or
more SOFR-Based Rates or (y) another alternate benchmark rate, giving due consideration to any evolving or then existing
convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks and, in each
case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then
existing convention for similar U.S. dollar denominated syndicated credit facilities for such benchmarks, which adjustment or
method for calculating such adjustment shall be published on an information service as selected by the Administrative Agent
from time to time in its reasonable discretion and may be periodically updated (the “Adjustment;” and any such
proposed rate, a “LIBOR Successor Rate”), and any such amendment shall become effective at 5:00 p.m. (New
York time) on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders
and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative
Agent written notice that such Required Lenders (A) in the case of an amendment to replace LIBOR with a rate described in
clause (x), object to the Adjustment; or (B) in the case of an amendment to replace LIBOR with a rate described in clause
(y), object to such amendment; provided that for the avoidance of doubt, in the case of clause (A), the Required
Lenders shall not be entitled to object to any SOFR-Based Rate contained in any such amendment.

 

If
no LIBOR Successor Rate has been determined and the circumstances under clause (i) above exist or the Scheduled Unavailability
Date has occurred (as applicable), the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter,
(x) the obligation of the Lenders to make or maintain Eurocurrency Rate Loans shall be suspended, (to the extent of the affected
Eurocurrency Rate Loans or Interest Periods), and (y) the Eurocurrency Rate component shall no longer be utilized in determining
the Base Rate. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation
of Eurocurrency Rate Loans (to the extent of the affected Eurocurrency Rate Loans or Interest Periods) or, failing that, will
be deemed to have converted such request into a request for a Committed Borrowing of Base Rate Loans (subject to the foregoing
clause (y)) in the amount specified therein.

 

Notwithstanding
anything else herein, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be
less than zero for purposes of this Agreement.

 

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In
connection with the implementation of a LIBOR Successor Rate, the Administrative Agent will have the right to make LIBOR Successor
Rate Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document,
any amendments implementing such LIBOR Successor Rate Conforming Changes will become effective without any further action or consent
of any other party to this Agreement.

 

For
the purposes hereof, “LIBOR Screen Rate” means the LIBOR quote on the applicable screen page the Administrative
Agent designates to determine LIBOR (or such other commercially available source providing such quotations as may be designated
by the Administrative Agent from time to time).

 

For
purposes hereof, “LIBOR Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor
Rate, any conforming changes to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making
payments of interest and other administrative or operational matters as may be appropriate, in the discretion of the Administrative
Agent, to reflect the adoption and implementation of such LIBOR Successor Rate and to permit the administration thereof by the
Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that
adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration
of such LIBOR Successor Rate exists, in such other manner of administration as the Administrative Agent determines in consultation
with the Borrower).

 

For
the purposes hereof, “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve
Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank
of New York for the purpose of recommending a benchmark rate to replace LIBOR in loan agreements similar to this Agreement.

 

For
the purposes hereof, “SOFR” with respect to any day means the secured overnight financing rate
published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator)
on the Federal Reserve Bank of New York’s website (or any successor source) and, in each case, that has been selected or
recommended by the Relevant Governmental Body.

 

For
the purposes hereof, “SOFR-Based Rate” means SOFR or Term SOFR.

 

For
the purposes hereof, “Term SOFR” means the forward-looking term rate for any period that is
approximately (as determined by the Administrative Agent) as long as any of the Interest Period options set forth in the
definition of “Interest Period” and that is based on SOFR and that has been selected or recommended by the
Relevant Governmental Body, in each case as published on an information service as selected by the Administrative
Agent from time to time in its reasonable discretion.

 

Without
prejudice to any other provision of this Agreement, each Loan Party acknowledges and agrees for the benefit of each of the other
parties: (a) LIBOR (i) may be subject to methodological or other changes which could affect its value, (ii) may not comply with
applicable laws and regulations (such as the Regulation (EU) 2016/1011 of the European Parliament and of the Council, as amended
(EU Benchmarks Regulation)) and/or (iii) may be permanently discontinued; and (b) the occurrence of any of the aforementioned
events and/or the replacement of LIBOR with a LIBOR Successor Rate may have adverse consequences which may materially impact the
economics of the financing transactions contemplated under this Agreement.

 

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3.04 Increased
Costs; Reserves on Eurocurrency Rate Loans.

 

(a) Increased
Costs Generally. If any Change in Law shall:

 

(i) impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement
contemplated by Section 3.04(e)) or the L/C Issuer;

 

(ii) subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition
of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other
obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii) impose
on any Lender or the L/C Issuer or the London interbank market any other condition, cost or expense (other than Taxes)
affecting this Agreement or Eurocurrency Rate Loans made by such Lender or any Letter of Credit or participation therein; and
the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to or continuing or
maintaining any Loan the interest on which is determined by reference to the Eurocurrency Rate (or of maintaining its
obligation to make any such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or
maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to
reduce the amount of any sum received or receivable by such Lender or the L/C Issuer hereunder (whether of principal,
interest or any other amount) then, upon request of such Lender or the L/C Issuer, the Borrower will pay to such Lender or
the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as
the case may be, for such additional costs incurred or reduction suffered.

 

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(b) Capital
Requirements. If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C Issuer or
any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding capital
or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the L/C Issuer’s
capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of this Agreement,
the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters
of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s or the L/C
Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or
the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding company with respect
to capital adequacy or liquidity), then from time to time the Borrower will pay to such Lender or the L/C Issuer, as the case
may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s
holding company for any such reduction suffered.

 

(c) Certificates
for Reimbursement. A certificate of a Lender or the L/C Issuer setting forth the amount or amounts necessary to compensate
such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section
3.04 and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the L/C
Issuer, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

 

(d) Delay
in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the
foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or the L/C
Issuer’s right to demand such compensation, provided that the Borrower shall not be required to compensate a
Lender or the L/C Issuer pursuant to the foregoing provisions of this Section 3.04 for any increased costs incurred or
reductions suffered more than nine months prior to the date that such Lender or the L/C Issuer, as the case may be, notifies
the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the L/C
Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased
costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the
period of retroactive effect thereof).

 

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(e) Additional
Reserve Requirements. The Borrower shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves
with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits, additional interest on the unpaid
principal amount of each Eurocurrency Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender
(as determined by such Lender in good faith, which determination shall be conclusive), and (ii) as long as such Lender shall be
required to comply with any reserve ratio requirement or analogous requirement of any other central banking or financial regulatory
authority imposed in respect of the maintenance of the Commitments or the funding of the Eurocurrency Rate Loans, such additional
costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the
actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination
shall be conclusive), which in each case shall be due and payable on each date on which interest is payable on such Loan, provided
the Borrower shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional
interest or costs from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such
additional interest or costs shall be due and payable 10 days from receipt of such notice, provided that, with respect
to interest payable on any Interest Payment Date, the Borrower shall not be required to compensate a Lender pursuant to the foregoing
provisions of this Section 3.04(e) for any reserves (or analogous amount) suffered by such Lender more than four months
prior to such Interest Payment Date.

 

3.05 Compensation
for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly
compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

 

(a) any
continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

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(b) any
failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert
any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower;

 

(c) any
failure by the Borrower to make payment of any drawing under any Letter of Credit (or interest due thereon) denominated in an
Alternative Currency on its scheduled due date or any payment thereof in a different currency; or

 

(d) any
assignment of a Eurocurrency Rate Loan on a day other than the last day of the Interest Period therefor as a result of a
request by the Borrower pursuant to Section 10.13; including any loss or expense arising from the liquidation
or reemployment of funds obtained by it to maintain such Loan, or from fees payable to terminate the deposits from which such
funds were obtained, but excluding any loss of profits or margin. The Borrower shall also pay any customary administrative
fees charged by such Lender in connection with the foregoing. A certificate of a Lender setting forth the amount of any such
loss, cost or expense provided for in this Section and delivered to the Borrower shall be conclusive absent manifest
error.

 

For
purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed
to have funded each Eurocurrency Rate Loan made by it at the Eurocurrency Rate for such Loan by a matching deposit or other borrowing
in the offshore interbank market for such currency for a comparable amount and for a comparable period, whether or not such Eurocurrency
Rate Loan was in fact so funded.

 

3.06 Mitigation
Obligations. Each Lender may make any Credit Extension to the Borrower through any Lending Office, provided that the
exercise of this option shall not affect the obligation of the Borrower to repay the Credit Extension in accordance with the
terms of this Agreement. If any Lender requests compensation under Section 3.04, or the Borrower is required to pay
any Indemnified Taxes or any additional amount to any Lender, the L/C Issuer, or any Governmental Authority for the account
of any Lender or the L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section
3.02, then at the request of the Borrower such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to
designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or the L/C Issuer, such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as
the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii)
in each case, would not subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the case may be. The Borrower hereby
agrees to pay all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection with any such
designation or assignment.

 

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3.07 Survival.
All of the Borrower’s obligations under this Article III shall survive termination of the Aggregate Commitments,
repayment of all other Obligations hereunder, and resignation of the Administrative Agent.

 

3.08 No
Payment to Term Loan Lenders. Notwithstanding the above, until the occurrence of the Revolving Credit Facility Termination
Date, no amounts (or portion thereof) owing pursuant to this Article III shall be paid to any Term Loan Lender or Affiliate
thereof (and no Default or Event of Default shall occur as a result of such non-payment), provided that such amounts may accrue.

 

ARTICLE
IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

4.01 Conditions
of Restatement Effective Date. The effectiveness of this Agreement and the occurrence of the Restatement Effective Date is
subject to satisfaction of the following conditions precedent:

 

(a) the
Administrative Agent’s receipt of the following, each of which shall be originals, telecopies or electronic images (e.g.,
“pdf” or “tif”) (followed promptly by originals) unless otherwise specified, each properly executed by
a Responsible Officer of the Borrower (to the extent applicable), each dated the Restatement Effective Date (or, in the case of
certificates of governmental officials, a recent date before the Restatement Effective Date) and each in form and substance reasonably
satisfactory to the Administrative Agent and each of the Lenders:

 

(i) executed
counterparts of the Amendment and Restatement Agreement, sufficient in number for distribution to the Administrative Agent, each
Lender and the Borrower;

 

(ii) a
Note executed by the Borrower in favor of each Lender requesting a Note;

 

(iii) the
B. Riley Limited Guaranty properly executed by B. Riley Financial, Inc. and acknowledged and agreed by the Administrative Agent
and the Loan Parties;

 

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(iv) a
certificate of the secretary or assistant secretary of each of (i) the Loan Parties that are Domestic Subsidiaries, (ii) the
Canadian Guarantor and (iii) Babcock & Wilcox De Monterrey, S.A. DE C.V., certifying and confirming that (i) attached
thereto is a true, correct and complete copy of resolutions duly adopted by the board of directors (or similar
governing body) of each such Loan Party, authorizing (or ratifying, as applicable) the execution, delivery and performance of
this Agreement and the other Loan Documents to which such Loan Party is a party, or is to be, a party, and that such
resolutions have not been amended, rescinded or otherwise modified and are in full force and effect in the form adopted; (ii)
attached thereto is a true, correct and complete copy of the certificate of incorporation or certificate of formation (or the
equivalent organizational documents) of each such Loan Party, together with any amendments thereto, and that the certified
charter has not been revoked, amended, rescinded or modified and remains in full force and effect as of the date thereof;
(iii) attached thereto is a true, correct, and complete copy of the bylaws, partnership agreement or operation agreement (or
the equivalent governing documentation) of each such Loan Party, together with any amendments thereto, and that the bylaws
have not been revoked, amended, rescinded or modified and remain in full force and effect as of the date hereof; and (iv)
attached thereto is a true, correct and complete list of names, offices and true signatures of the duly qualified, acting and
elected or appointed officers of each such Loan Party authorized to sign the Loan Documents to which the such Loan Party is,
or is to be, a party and the other agreements, instruments and documents to be delivered by such Loan Party pursuant to the
Amendment and the Loan Documents;

 

(v) such
documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party that is a Domestic
Subsidiary is duly organized or formed, validly existing, and in good standing in its jurisdiction of organization;

 

(vi) a
certificate of a Responsible Officer of the Borrower either (A) attaching copies of all consents, licenses and approvals required
in connection with the execution, delivery and performance by the Borrower and the validity against the Borrower of this Agreement,
and such consents, licenses and approvals shall be in full force and effect or (B) stating that no such consents licenses or approvals
are so required;

 

(vii) a
certificate of the chief financial officer or treasurer of the Borrower certifying that as of the Restatement Effective Date
(A) all of the representations and warranties (i) in this Agreement and (ii) of each Loan Party in each other Loan Document
are true and correct in all material respects (or, to the extent any such representation and warranty is modified by a
materiality or Material Adverse Effect standard, in all respects) as of such date (except to the extent that such
representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all
material respects (or, to the extent any such representation and warranty is modified by a materiality or Material Adverse
Effect standard, in all respects) as of such earlier date) and (B) no Default or Event of Default shall exist, or
would result from the occurrence of the Restatement Effective Date;

 

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(viii) a
solvency certificate, executed by a Responsible Officer of the Borrower in form and substance reasonably acceptable to the Administrative
Agent, which, among other things, shall certify that the Borrower will be Solvent immediately before and after the occurrence
of the Restatement Effective Date;

 

(ix) the
affirmations of Security Instruments and Guaranty to be entered into by each Foreign Security Provider and First-Tier Foreign
Subsidiaries and each other similar document necessary or reasonably advisable under Canadian, Mexican, English or Luxembourg
law; and

 

(x) [reserved];

 

(b) the
Administrative Agent shall have received a funds flow memorandum, detailing the flow of funds on the Restatement Effective Date
in form and substance reasonable satisfactory to the Administrative Agent;

 

(c) Each
Revolving Credit Lender shall have received, evidence satisfactory to each Lender of flood insurance as may be required to comply
with the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform
Act of 1994 and the Biggert-Waters Flood Insurance Act of 2012, in form and substance satisfactory to each Revolving Credit Lender;

 

(d) the
Administrative Agent shall have received favorable opinions of (i) (A) King & Spalding LLP, counsel to the Loan Parties, (B)
John J. Dziewisz, internal counsel to the Borrower, (B) Norton Rose Fulbright LLP, local Canada counsel to certain of the Loan
Parties, (C) Stewart McKelvey as local counsel in the province of Novia Scotia, and (D) Cornejo, Méndez, González
y Duarte, S.C., local Mexico counsel to certain of the Loan Parties, in each case addressed to the Administrative Agent and each
Lender, in form and substance reasonably satisfactory to the Administrative Agent and addressing such matters concerning the Loan
Parties, this Agreement and the Loan Documents as the Administrative Agent may reasonably request and (ii) Sullivan & Cromwell,
as counsel to B. Riley Financial, Inc. with respect to the B. Riley Limited Guaranty;

 

(e) each
Revolving Credit Lender shall have received a satisfactory environmental assessment as may be required by each such Revolving
Credit Lender;

 

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(f) the
Administrative Agent shall be satisfied with compliance under any applicable “know your customer” and anti-money laundering
rules and regulations, including the Patriot Act;

 

(g) without
prejudice to, or limiting the Borrower’s obligations under, Section 10.04 (Expenses; Indemnity; Damage Waiver) of
this Agreement, all outstanding fees, costs and expenses due to the Administrative Agent and the Revolving Credit Lenders, including
on account of Freshfields Bruckhaus Derringer LLP and FTI Consulting, shall have been paid in full to the extent that the Borrower
has received an invoice therefor (with reasonable and customary supporting documentation) at least two Business Days prior to
the Restatement Effective Date (without prejudice to any post-closing settlement of such fees, costs and expenses to the extent
not so invoiced);

 

(h) the
Administrative Agent shall have received in immediately available funds the Amendment and Restatement Effective Date Fees to apply
to the account of each Revolving Credit Lender;

 

(i) the
termination of the that certain letter regarding the backstop financing commitment, dated January 31, 2020 (as amended, supplemented
or otherwise modified prior to the date hereof), between the Borrower and B. Riley Financial, Inc; and

 

(j) all
outstanding fees, costs and expenses due to B. Riley Financial, Inc. on account of Sullivan & Cromwell, LLP, shall have
been paid in full to the extent that the Borrower has received an invoice therefor (with reasonable and customary supporting
documentation) at least two Business Days prior to the Restatement Effective Date (without prejudice, but subject to Article
XI and any other subordination terms set forth herein, to any post-closing settlement of such fees, costs and expenses to the
extent not so invoiced). Without limiting the generality of the provisions of the last paragraph of Section
9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that
has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document
or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the
Administrative Agent shall have received notice from such Lender prior to the proposed Restatement Effective Date specifying
its objection thereto.

 

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4.02 [Reserved].

 

4.03 Conditions
to Revolving Credit Extensions. The obligation of each Revolving Credit Lender or L/C Issuer to honor any Request for Credit
Extension with respect to the Revolving Credit Facility (other than a Committed Loan Notice requesting only a conversion of Loans
to the other Type, or a continuation of Eurocurrency Rate Loans) is subject to the following conditions precedent:

 

(a) The
representations and warranties of (i) the Borrower contained in Article V and (ii) each Loan Party contained in each other
Loan Document or in any document furnished at any time under or in connection herewith or therewith, shall be true and correct
in all material respects (or, with respect to representations and warranties modified by a materiality or Material Adverse Effect
standard, in all respects) on and as of the date of such Credit Extension, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or, with
respect to representations and warranties modified by a materiality or Material Adverse Effect standard, in all respects) as of
such earlier date, and except that for purposes of this Section 4.03, the representations and warranties contained in subsections
(a) and (b) of Section 5.04 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and
(b), respectively, of Section 6.01.

 

(b) No
Default shall exist, or would result from such proposed Credit Extension or the application of the proceeds thereof.

 

(c) The
Administrative Agent and, if applicable, the L/C Issuer shall have received a Request for Credit Extension in accordance with
the requirements hereof.

 

(d) In
the case of an L/C Credit Extension to be denominated in an Alternative Currency, there shall not have occurred any change in
national or international financial, political or economic conditions or currency exchange rates or exchange controls which in
the reasonable opinion of the applicable L/C Issuer would make it impracticable for such L/C Credit Extension to be denominated
in the relevant Alternative Currency.

 

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(e) (i)
Unless compliance is suspended for such Fiscal Quarter, The Borrower shall be in pro forma compliance with the Senior
Leverage Ratio level in effect for the Fiscal Quarter most recently tested calculated as if such Credit Extension had
occurred on the first day of the four full Fiscal Quarters ending on or prior to such day for which the financial statements
and certificates required by Section 6.01(a) or 6.01(b) have been delivered (including pro forma application of
the proceeds of such Credit Extension) as of the date of such Request for Credit Extension, (ii) no Trigger Event
would result from such Credit Extension (including pro forma application of the proceeds of such Credit Extension) and no
Repayment Deadline exists and (iii) Liquidity, as of the Business Day immediately prior
to each of (x) the date of the applicable Committed Loan Notice and (y) the proposed date of the Credit Extension (which may
be confirmed by electronic mail notice), shall not be, after giving pro forma effect to the application of proceeds of the
good faith intended use of such Credit Extension, less than $30,000,000 Each Request for Credit Extension (other than
a Committed Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurocurrency Rate Loans)
submitted by the Borrower (or with respect to a Letter of Credit Application, any Permitted L/C Party) shall be deemed to be
a representation and warranty of the Borrower that the conditions specified in Sections 4.03(a), (b) and (e)
have been satisfied on and as of the date of the applicable Credit Extension.

 

4.04 Conditions
to Tranche A-5 Term Loan Borrowing. A deemed Tranche A-5 Term Loan Borrowing is subject to the following condition precedent:

 

(a) The
Administrative Agent shall have received a Request for Credit Extension in accordance with the requirements hereof.

 

4.05 Conditions
to Tranche A-6 Term Loan Borrowing.

 

The
obligation of each Tranche A-6 Term Loan Lender to honor each Tranche A-6 Term Loan Borrowing for Scheduled Term Loans or Working
Capital Term Loans is subject to the following condition precedent:

 

(a) The
Administrative Agent shall have received a Request for Credit Extension in accordance with the requirements hereof; provided
that the aggregate principal amount of all Term Loan Borrowings of Scheduled Term Loans (other than the Term Loan Borrowing
scheduled for the Restatement Effective Date) may be reduced if, and only to the extent that, (x) the Borrower shall have received
after the Restatement Effective Date Net Cash Proceeds of the issuance of Stock or Stock Equivalents of the Borrower or contribution
to the equity of the Borrower (other than the issuance of, or on account of, Disqualified Stock) on terms satisfactory to the
Administrative Agent and (y) the Administrative Agent shall have received at least five (5) Business Day prior to any such scheduled
date a certificate of a Responsible Officer certifying that the Borrower has received such Net Cash Proceeds and the amounts and
date of receipt thereof and the Borrower is electing to reduce the principal amount the Term Loan Borrowing of Scheduled Term
Loans with respect to such scheduled date in such amount (a “Scheduled Loan Principal Reduction Certificate”).

 

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4.06 Conditions
to Tranche A-7 Term Loan Borrowing. A deemed Tranche A-7 Term Loan Borrowing is subject to the following condition precedent:

 

(a) The
Administrative Agent shall have received a Request for Credit Extension in accordance with the requirements hereof.

 

ARTICLE
V

REPRESENTATIONS AND WARRANTIES

 

To
induce the Revolving Credit Lenders, the L/C Issuers and the Administrative Agent to enter into this Agreement, the Borrower represents
and warrants each of the following to the Revolving Credit Lenders, the L/C Issuers and the Administrative Agent (and after the
Revolving Credit Facility Termination Date, the Term Loan Lenders), on and as of the Restatement Effective Date and the making
of Credit Extensions after the Restatement Effective Date and on and as of each date as required by Section 4.03 or
on any other date required by any Loan Document (with references in this Article V (other than Sections 5.03,
5.04 and 5.05) to “Subsidiaries” to exclude Captive Insurance Subsidiaries):

 

5.01 Corporate
Existence, Compliance with Law. Each of the Borrower and the Borrower’s Subsidiaries (a) is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization, (b) is duly qualified to do business as
a foreign corporation and in good standing under the laws of each jurisdiction where such qualification is necessary, except where
the failure to be so qualified or in good standing would not have a Material Adverse Effect, (c) has all requisite corporate or
other organizational power and authority and the legal right to own, pledge, mortgage and operate its properties, to lease the
property it operates under lease and to conduct its business as now or currently proposed to be conducted, (d) is in compliance
with its Constituent Documents, (e) is in compliance with all applicable Requirements of Law except where the failure to be in
compliance would not, in the aggregate, have a Material Adverse Effect and (f) has all necessary licenses, permits, consents or
approvals from or by, has made all necessary filings with, and has given all necessary notices to, each Governmental Authority
having jurisdiction, to the extent required for such ownership, operation and conduct, except for licenses, permits, consents,
approvals, filings or notices that can be obtained or made by the taking of ministerial action to secure the grant or transfer
thereof or the failure of which to obtain or make would not, in the aggregate, have a Material Adverse Effect.

 

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5.02 Corporate
Power; Authorization; Enforceable Obligations.

 

(a) The
execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party and the consummation of the
transactions contemplated thereby:

 

(i) are
within such Loan Party’s corporate, limited liability company, partnership or other organizational powers;

 

(ii) have
been duly authorized by all necessary corporate, limited liability company or partnership action, including the consent of shareholders,
partners and members where required;

 

(iii) do
not and will not (A) contravene such Loan Party’s or any of its Subsidiaries’ respective Constituent Documents, (B)
violate any other Requirement of Law applicable to such Loan Party (including Regulations T, U and X of the FRB), or any order
or decree of any Governmental Authority or arbitrator applicable to such Loan Party, (C) conflict with or result in the breach
of, or constitute a default under, or result in or permit the termination or acceleration of, any lawful Contractual Obligation
of such Loan Party or any of its Subsidiaries, other than in the case of this clause (C) any such conflict, breach, default, termination
or acceleration that could not reasonably be expected to have a Material Adverse Effect, or (D) result in the creation or imposition
of any Lien upon any property of such Loan Party or any of its Subsidiaries, other than those in favor of the Secured Parties
pursuant to the Security Instruments; and

 

(iv) do
not require the consent of, authorization by, approval of, notice to, or filing or registration with, any Governmental Authority
or any other Person, other than (A) routine tax filings, of which the failure to so file will not result in any Loan Document
being unenforceable against, or the performance of any Loan Document being impaired in any way with respect to, any Loan Party
and (B) those listed on Schedule 5.02 or that have been or will be, prior to the Restatement Effective Date, obtained or
made, copies of which have been or will be delivered to the Administrative Agent pursuant to Section 4.01, and each of
which on the Restatement Effective Date will be in full force and effect.

 

(b) This
Agreement has been, and each of the other Loan Documents will have been upon delivery thereof pursuant to the terms of this Agreement,
duly executed and delivered by each Loan Party who is a party thereto. This Agreement is, and the other Loan Documents will be,
when delivered, the legal, valid and binding obligation of each Loan Party who is a party thereto, enforceable against such Loan
Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding
in equity or at law.

 

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5.03 Ownership
of Borrower; Subsidiaries.

 

(a) All
of the outstanding capital stock of the Borrower is validly issued, fully paid and non-assessable.

 

(b) Set
forth on Schedule 5.03 is a complete and accurate list showing, as of the Restatement Effective Date, all Subsidiaries
of the Borrower and, as to each such Subsidiary, the jurisdiction of its organization, the number of shares of each class of Stock
authorized (if applicable), the number outstanding on the Restatement Effective Date, the number and percentage of the outstanding
shares of each such class owned (directly or indirectly) by the Borrower. Except as set forth on Schedule 5.03, as of the
Restatement Effective Date no Stock of any Subsidiary of the Borrower is subject to any outstanding option, warrant, right of
conversion or purchase of any similar right. Except as set forth on Schedule 5.03, as of the Restatement Effective Date
all of the outstanding Stock of each Subsidiary of the Borrower owned (directly or indirectly) by the Borrower has been validly
issued, is fully paid and non-assessable (to the extent applicable) and is owned by the Borrower or a Subsidiary of the Borrower,
free and clear of all Liens (other than the Lien in favor of the Secured Parties created pursuant to the Security Instruments),
options, warrants, rights of conversion or purchase or any similar rights. Except as set forth on Schedule 5.03, as of
the Restatement Effective Date neither the Borrower nor any such Subsidiary is a party to, or has knowledge of, any agreement
restricting the transfer or hypothecation of any Stock of any such Subsidiary, other than the Loan Documents and, with respect
to any Subsidiary that is not a Wholly-Owned Subsidiary, the Constituent Documents of such Subsidiary. The Borrower does not own
or hold, directly or indirectly, any Stock of any Person other than such Subsidiaries and Investments permitted by Section
7.03.

 

5.04 Financial
Statements.

 

(a) The
interim unaudited financial statements for the Borrower and its Subsidiaries for the most-recently ended Fiscal Quarter, copies
of which have been furnished to each Lender, fairly present in all material respects, subject to the absence of footnote disclosure
and normal recurring year-end audit adjustments, the consolidated financial condition of the Borrower and its Subsidiaries as
at such dates and the consolidated results of the operations of the Borrower and its Subsidiaries for the period ended on such
dates, all in conformity with GAAP.

 

(b) The
audited consolidated balance sheet of the Borrower and its Subsidiaries as of the end of the Fiscal Year ended December 31,
2019, and the related statements of income and cash flows of the Borrower and its Subsidiaries for such Fiscal Year, copies
of which have been furnished to each Lender, (i) were prepared in conformity with GAAP and (ii) fairly present in all
material respects, the consolidated financial condition of the Borrower and its Subsidiaries as at the date indicated and the
consolidated results of their operations and cash flow for the period indicated in conformity with GAAP applied on a basis
consistent with prior years (except for changes with which the Borrower’s Accountants shall concur and that shall have
been disclosed in the notes to the financial statements).

 

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(c) Except
as set forth on Schedule 5.04, neither the Borrower nor any of its Subsidiaries has, as of the Restatement Effective Date,
any material obligation, contingent liability or liability for taxes, long-term leases (other than operating leases) or unusual
forward or long-term commitment that is not reflected in the financial statements referred to in clause (b) above and not otherwise
permitted by this Agreement.

 

5.05 Material
Adverse Change. Since December 31, 2019, there has been no event or circumstance, either individually or in the aggregate,
that has had or would reasonably be expected to result in a Material Adverse Effect.

 

5.06 Solvency.
Both before and after giving effect to (a) the Credit Extensions to be made or extended on any date as Credit Extensions requested
hereunder are made or extended, (b) the disbursement of the proceeds of such Loans pursuant to the instructions of the Borrower,
(c) the consummation of the transactions contemplated hereby and (d) the payment and accrual of all transaction costs in connection
with the foregoing, the Loan Parties, taken as a whole, are Solvent.

 

5.07 Litigation.
Except as set forth on Schedule 5.07, there are no pending or, to the knowledge of the Borrower, threatened actions, investigations
or proceedings against the Borrower or any of its Subsidiaries before any court, Governmental Authority or arbitrator other than
those that, in the aggregate, would not reasonably be expected to have a Material Adverse Effect. Schedule 5.07 lists all
litigation pending against any Loan Party as of the Restatement Effective Date that, if adversely determined, could be reasonably
expected to have a Material Adverse Effect.

 

5.08 Taxes.
All federal income and other material tax returns, reports and statements (collectively, the “Tax
Returns”) required to be filed by the Borrower or any of its Subsidiaries have been filed with the appropriate
Governmental Authorities in all jurisdictions in which such Tax Returns are required to be filed, all such Tax Returns are
true and correct in all material respects, and all material taxes, charges and other impositions reflected therein or
otherwise due and payable have been paid prior to the date on which any fine, penalty, interest, late charge or loss may be
added thereto for non-payment thereof except where contested in good faith and by appropriate proceedings if adequate
reserves therefor have been established on the books of the Borrower or such Subsidiary in conformity with GAAP. The Borrower
and each of its Subsidiaries have withheld and timely paid to the respective Governmental Authorities all material
amounts required to be withheld.

 

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5.09 Full
Disclosure. Any information prepared or furnished by or on behalf of any Loan Party and delivered to the Lenders in writing
(i) in connection with this Agreement or (ii) the Existing Credit Agreement or, in each case, the consummation of the transactions
contemplated hereunder or thereunder (in each case, taken as a whole) does not, as of the time of delivery of such information
(with respect to the information provided under or in connection with the Existing Credit Agreement, as of the Restatement Effective
Date), contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained
therein or herein not misleading; provided that to the extent any such information was based upon, or constituted, a forecast
or projection, such Loan Party represents only, in respect of such projection or forecast, that it acted in good faith and utilized
reasonable assumptions and due care in the preparation of such information.

 

5.10 Margin
Regulations. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin
stock (within the meaning of Regulation U of the FRB), and no proceeds of any Credit Extension will be used to purchase or carry
any such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock in contravention
of Regulation T, U or X of the FRB.

 

5.11 No
Burdensome Restrictions; No Defaults.

 

(a) Neither
the Borrower nor any of its Subsidiaries (i) is a party to any Contractual Obligation (x) the compliance with which could reasonably
be expected to have a Material Adverse Effect or (y) the performance of which by any party thereof would result in the creation
of a Lien (other than a Lien permitted under Section 7.02) on the property or assets of any party thereof or (ii) is subject
to any charter restriction that could reasonably be expected to have a Material Adverse Effect.

 

(b) Neither
the Borrower nor any of its Subsidiaries is in default under or with respect to any Contractual Obligation owed by it, other than,
in either case, those defaults that would not reasonably be expected to have a Material Adverse Effect.

 

(c) No
Default has occurred and is continuing.

 

5.12 Investment
Company Act. None of the Borrower or any Subsidiary is or is required to be registered as an “investment company”
under the Investment Company Act of 1940.

 

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5.13 Use
of Proceeds. Except as prohibited by Section 7.12:

 

(a)
 the proceeds of the Revolving Credit Loans are being used by the Borrower only (i) for working capital needs, Capital Expenditures,
Permitted Acquisitions, general corporate purposes and other lawful corporate purposes of the Borrower and its Subsidiaries and
(ii) to pay fees and expenses in connection with this Agreement and the related transactions;

 

(b)
 Letters of Credit are being solely used by the Borrower to support warranties, bid bonds, payment or performance obligations
and for other general corporate purposes by Permitted L/C Parties;

 

(c)
 the proceeds of the Tranche A-3 Term Loans were or are being used by the Borrower only (i) to make payments required under
the Vølund Projects Settlements (as defined in the Existing Credit Agreement), (ii) for working capital needs and general
corporate purposes of the Borrower and its Subsidiaries, including any payments of Obligations with respect to the Revolving Credit
Facility required or permitted hereunder and (iii) other permitted expense reimbursements prior to the Restatement Effective Date
permitted under the Existing Credit Agreement; and

 

(d) the
proceeds of the Tranche A-4 Term Loans were or are being used by the Borrower only (i) to repay Revolving Credit Loans, (ii) for
working capital needs and general corporate purposes of the Borrower and its Subsidiaries, including any future payments of Obligations
with respect to the Revolving Credit Facility required or permitted hereunder, and (iii) other permitted expense reimbursements
prior to the Restatement Effective Date permitted under the Existing Credit Agreement.

 

(e) the
proceeds of the Tranche A-6 Term Loans were or are being used by the Borrower only to repay Revolving Credit Loans; provided
that any proceeds remaining after reducing the principal amount of outstanding Revolving Credit Loans to zero on the date
of any relevant Borrowing may be used for (i) working capital needs, Capital Expenditures, Permitted Acquisitions, general corporate
purposes, and other lawful corporate purposes of the Borrower and its Subsidiaries, including any future payments of Obligations
with respect to the Revolving Credit Facility required or permitted hereunder, and (ii) other permitted expense reimbursements
prior to the Restatement Effective Date permitted under the Existing Credit Agreement

 

5.14 Insurance.
All policies of insurance of any kind or nature currently maintained by the Borrower or any of its Subsidiaries, including policies
of fire, theft, product liability, public liability, property damage, other casualty, employee fidelity, workers’ compensation
and employee health and welfare insurance, are in full force and effect and are of a nature and provide such coverage as is sufficient
and as is customarily carried by businesses of the size and character of such Person.

 

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5.15 Labor
Matters.

 

(a) There
are no strikes, work stoppages, slowdowns or lockouts pending or, to the Borrower’s knowledge, threatened against or involving
the Borrower, any of its Subsidiaries or any Guarantor, other than those that, in the aggregate, would not reasonably be expected
to have a Material Adverse Effect.

 

(b) There
are no unfair labor practices, grievances or complaints pending, or, to the Borrower’s knowledge, threatened, against or
involving the Borrower, any of its Subsidiaries or any Guarantor, nor, to the Borrower’s knowledge, are there any unfair
labor practices, arbitrations or grievances threatened involving the Borrower, any of its Subsidiaries or any Guarantor, other
than those that if resolved adversely to the Borrower, such Subsidiary or such Guarantor, as applicable, would not reasonably
be expected to have a Material Adverse Effect.

 

5.16 ERISA.

 

(a) Each
Employee Benefit Plan that is intended to qualify under Section 401 of the Code (i) (x) has received a favorable determination
letter, or is subject to a favorable opinion letter, from the IRS indicating that such Employee Benefit Plan is so qualified and
any trust created under any Employee Benefit Plan is exempt from tax under the provisions of Section 501 of the Code, (y) is
substantially similar to an “employee benefit plan” as defined in Section 3(3) of ERISA that is, or was, sponsored,
maintained, or contributed to by a former ERISA Affiliate that received such a favorable determination letter or opinion letter,
or (z) is the subject of an application for such a favorable determination letter or opinion letter that is currently being processed
by the IRS, and (ii) to the knowledge of the Borrower, nothing has occurred subsequent to the issuance of such determination or
opinion letter, as applicable, which would cause such Employee Benefit Plan to lose its qualified status or that would cause such
trust to become subject to tax, except where such failures could not reasonably be expected to have a Material Adverse Effect.

 

(b) Except
for the Deferred PBGC Payments, the Borrower, each of its Subsidiaries, each Guarantor and each of their respective ERISA Affiliates
is in material compliance with all applicable provisions and requirements of ERISA, the Code and applicable Employee Benefit Plan
provisions with respect to each Employee Benefit Plan except for non-compliances that would not reasonably be expected to have
a Material Adverse Effect.

 

(c) There
are no pending or, to the best knowledge of the Company, threatened claims, actions or lawsuits, or action by any
Governmental Authority, with respect to any Employee Benefit Plan that could reasonably be expected to have a Material
Adverse Effect.

 

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(d) There
has been no, nor is there reasonably expected to occur, any ERISA Event other than those that, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect.

 

(e) Except
(i) to the extent required under Section 4980B of the Code or similar state laws, and (ii) with respect to which the aggregate
liability, calculated on a FAS 106 basis as of December 31, 2019, does not exceed $150,000,000, no Employee Benefit Plan provides
health or welfare benefits (through the purchase of insurance or otherwise) to any retired or former employees, consultants or
directors (or their dependents) of the Borrower, any of its Subsidiaries, any Guarantor or any of their respective ERISA Affiliates.

 

(f) With
respect to each retirement savings scheme or arrangement mandated by a government other than the United States (a “Foreign
Government Scheme or Arrangement”) and with respect to each employee benefit plan maintained or contributed to by the
Borrower or any of its Subsidiaries, that is not subject to United States law (a “Foreign Plan”), except as
could not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect:

 

(i) Any
employer contributions required by law or the terms of any Foreign Government Scheme or Arrangement or any Foreign Plan have been
made, or if applicable, accrued, in accordance with normal accounting practices of the jurisdiction in which such plan is maintained;

 

(ii) The
Fair Market Value of the assets of each funded Foreign Plan that is required to be funded, or the liability of each insurer for
any Foreign Plan funded through insurance or the book reserve established for any Foreign Plan, together with any accrued contributions,
is sufficient to procure or provide for the accrued benefit obligations, as of the date hereof, with respect to all current and
former participants in such Foreign Plan according to the actuarial assumptions and valuations most recently used to account for
such obligations in accordance with applicable generally accepted accounting principles of the jurisdiction in which such plan
is maintained; and

 

(iii) Each
Foreign Plan required to be registered has been registered and has been maintained in good standing with applicable regulatory
authorities.

 

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5.17 Environmental
Matters.

 

(a) The
operations of the Borrower and each of its Subsidiaries have been and are in compliance with all Environmental Laws, including
obtaining and complying with all required environmental, health and safety Permits, other than non-compliances that, in the aggregate,
would not reasonably be expected to result in a Material Adverse Effect.

 

(b) None
of the Borrower or any of its Subsidiaries or any Real Property currently or, to the knowledge of the Borrower, previously owned,
operated or leased by or for the Borrower or any of its Subsidiaries is subject to any pending or, to the knowledge of the Borrower,
threatened, claim, order, agreement, notice of violation, notice of potential liability or is the subject of any pending or threatened
proceeding or governmental investigation under or pursuant to Environmental Laws other than those orders, agreements, notices,
proceedings or investigations that, in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

 

(c) To
the knowledge of the Borrower, there are no facts, circumstances or conditions arising out of or relating to the operations or
ownership of the Borrower or of Real Property owned, operated or leased by the Borrower or any of its Subsidiaries that are not
specifically included in the financial information furnished to the Lenders other than those that, in the aggregate, would not
reasonably be expected to result in a Material Adverse Effect.

 

5.18 Intellectual
Property. Except where the failure to do so would not, taken as a whole, reasonably be expected to have a Material Adverse
Effect, the Borrower and its Subsidiaries own or license or otherwise have the right to use all licenses, permits, patents, patent
applications, trademarks, trademark applications, service marks, trade names, copyrights, copyright applications, franchises,
authorizations and other intellectual property rights (including all Intellectual Property as defined in the Collateral Agreement)
that are necessary for the operations of their respective businesses, without infringement upon or conflict with the rights of
any other Person with respect thereto. Except where the failure to do so would not, taken as a whole, reasonably be expected to
have a Material Adverse Effect, no slogan or other advertising device, product, process, method, substance, part or component,
or other material now employed, or now contemplated to be employed, by the Borrower or any of its Subsidiaries infringes upon
or conflicts with any rights owned by any other Person, and no claim or litigation regarding any of the foregoing is pending or
threatened.

 

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5.19 Title;
Real Property.

 

(a) Each
of the Borrower and its Subsidiaries has valid and indefeasible title to, or valid leasehold interests in, all of its
material properties and assets (including Real Property) and good title to, or valid leasehold interests in, all material
personal property, in each case that is purported to be owned or leased by it, including those reflected on the most recent
financial statements delivered by the Borrower hereunder, and none of such properties and assets is subject to any Lien,
except Liens permitted under Section 7.02. The Borrower and its Subsidiaries have received all deeds, assignments,
waivers, consents, non-disturbance and recognition or similar agreements, bills of sale and other documents, and have duly
effected all recordings, filings and other actions necessary to establish, protect and perfect the Borrower’s and its
Subsidiaries’ right, title and interest in and to all such property, other than those that would not reasonably be
expected to result in a Material Adverse Effect.

 

(b) Set
forth on Schedule 5.19(b) is a complete and accurate list, as of the Restatement Effective Date, of all (i) owned Real
Property located in the United States with a reasonably estimated Fair Market Value in excess of $1,000,000 showing, as of the
Restatement Effective Date, the street address, county (or other relevant jurisdiction or state) and the record owner thereof
and (ii) leased Real Property located in the United States with annual lease payments in excess of $1,000,000 showing, as of the
Restatement Effective Date, the street address and county (or other relevant jurisdiction or state) thereof.

 

(c) No
portion of any Real Property has suffered any material damage by fire or other casualty loss that has not heretofore been completely
repaired and restored to its original condition other than those that would not reasonably be expected to have a Material Adverse
Effect. As of the Restatement Effective Date, no portion of any Mortgaged Property is located in a special flood hazard area as
designated by any federal Governmental Authority other than those for which flood insurance has been provided in accordance with
Section 4.02(a)(iii).

 

(d) Except
as would not reasonably be expected to have a Material Adverse Effect, (i) each Loan Party has obtained and holds all
Permits required in respect of all Real Property and for any other property otherwise operated by or on behalf of, or for the
benefit of, such person and for the operation of each of its businesses as presently conducted and as proposed to be
conducted, (ii) all such Permits are in full force and effect, and each Loan Party has performed and observed all
requirements of such Permits, (iii) no event has occurred that allows or results in, or after notice or lapse of time would
allow or result in, revocation or termination by the issuer thereof or in any other impairment of the rights of the holder of
any such Permit, (iv) no such Permits contain any restrictions, either individually or in the aggregate, that are materially burdensome
to any Loan Party, or to the operation of any of its businesses or any property owned, leased or otherwise operated by such
person, (v) each Loan Party reasonably believes that each of its Permits will be timely renewed and complied with, without
material expense, and that any additional Permits that may be required of such Person will be timely obtained and complied
with, without material expense and (vi) the Borrower has no knowledge or reason to believe that any Governmental Authority is
considering limiting, suspending, revoking or renewing on materially burdensome terms any such Permit.

 

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(e) None
of the Borrower or any of its Subsidiaries has received any notice, or has any knowledge, of any pending, threatened or contemplated
condemnation proceeding affecting any Real Property or any part thereof, except those that would not reasonably be expected to
have a Material Adverse Effect.

 

(f) Each
of the Loan Parties, and, to the knowledge of the Borrower, each other party thereto, has complied with all obligations under
all leases of Real Property to which it is a party other than those the failure with which to comply would not reasonably be expected
to have a Material Adverse Effect and all such leases are legal, valid, binding and in full force and effect and are enforceable
in accordance with their terms other than those the failure of which to so comply with the foregoing would not reasonably be expected
to have a Material Adverse Effect. No landlord Lien has been filed, and, to the knowledge of the Borrower, no claim is being asserted,
with respect to any lease payment under any lease of Real Property other than those that would not reasonably be expected to have
a Material Adverse Effect.

 

(g) There
are no pending or, to the knowledge of the Borrower, proposed special or other assessments for public improvements or otherwise
affecting any material portion of the owned Real Property, nor are there any contemplated improvements to such owned Real Property
that may result in such special or other assessments, other than those that would not reasonably be expected to have a Material
Adverse Effect.

 

5.20 Security
Instruments. The provisions of the Security Instruments, from and after the Restatement Effective Date, continue to be effective
to create in favor of the Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority
Lien (subject to Liens permitted by Section 7.02) on all right, title and interest of the respective Loan Parties in the
Collateral described therein. No filing or other action in the United States, Mexico or Canada will be necessary to perfect or
protect such Liens.

 

5.21 OFAC.
Neither the Borrower, nor any of its Subsidiaries, directors, officers, nor, to the knowledge of the Borrower, any employee, affiliate
or agent thereof, is or is owned or controlled by an individual or entity that is (i) listed on the List of Specially Designated
Nationals and Blocked Persons or Sectoral Sanctions Identifications List maintained by OFAC, (ii) otherwise the subject of any
Sanctions or a Person who, under any Sanctions, the Administrative Agent, any Lender or any L/C Issuer is prohibited from transacting
business with or (iii) in violation of any applicable Requirement of Law relating to Sanctions. No Loan, nor the proceeds from
any Loan, has or have been used, directly or indirectly by the Borrower or any of its Subsidiaries, or, by any recipient of those
funds from the Borrower or any Subsidiary, to lend, contribute, provide or make available by any Loan Party or any Subsidiary
to fund any activity or business in any Designated Jurisdiction if that activity or business would violate any Sanctions, or to
fund any activity or business of any Person located, organized or residing in any Designated Jurisdiction or who is the subject
of any Sanctions, or in any other manner that, in each case, would result in any violation by any Lender, the Administrative Agent,
any L/C Issuer or any other Secured Party of Sanctions.

 

5.22 Anti-Corruption
Laws. The Borrower and its Subsidiaries have conducted their businesses in all respects in compliance with applicable Anti-Corruption
Laws and have instituted and maintained policies and procedures intended to promote and achieve compliance with such laws.

 

5.23 EEA
Financial Institutions. No Loan Party is an EEA Financial Institution.

 

5.24 Budget.
The Budget has been prepared in good faith based upon assumptions of the Borrower reasonable at the time made.

 

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ARTICLE
VI

 

AFFIRMATIVE
COVENANTS

 

The
Borrower agrees to each of the following, (a) from and after the Restatement Effective Date and until the Revolving Credit Facility
Termination Date, with the Revolving Credit Lenders, the L/C Issuer and the Administrative Agent (and the Term Loan Lenders hereby
agree that no Term Loan Lender shall have any right to make requests under this Article VI, provided that the Borrower,
the Administrative Agent and the Revolving Credit Lenders agree that the Term Loan Lenders may make requests pursuant to Section
6.10) and, (b) from and after the Revolving Credit Facility Termination Date and thereafter as long as any Obligation or any
Commitment remains outstanding, with the Term Loan Lenders and the Administrative Agent and, in each case, unless the Required
Lenders otherwise consent in writing (provided that those provisions under this Article VI with which Subsidiaries
of the Borrower are required to comply shall exclude from such compliance any Captive Insurance Subsidiary):

 

6.01 Financial
Statements. The Borrower shall furnish to the Administrative Agent each of the following:

 

(a) Quarterly
Reports. Within 45 days after the end of each of the first three Fiscal Quarters of each Fiscal Year (unless such period is
extended pursuant to SEC guidelines), consolidated unaudited balance sheets as of the close of such quarter and the related statements
of income and cash flow for such quarter and that portion of the Fiscal Year ending as of the close of such quarter, setting forth
in comparative form the figures for the corresponding period in the prior year, in each case certified by a Responsible Officer
of the Borrower as fairly presenting in all material respects the consolidated financial condition of the Borrower and its Subsidiaries
as at the dates indicated and the results of their operations and cash flow for the periods indicated in accordance with GAAP
(subject to the absence of footnote disclosure and normal year-end audit adjustments).

 

(b) Annual
Reports. Within 90 days after the end of each Fiscal Year (unless such period is extended pursuant to SEC guidelines), consolidated
balance sheets of the Borrower and its Subsidiaries as of the end of such Fiscal Year and related statements of income and cash
flows of the Borrower and its Subsidiaries for such Fiscal Year, all prepared in conformity with GAAP and certified, in the case
of such consolidated financial statements, without qualification as to the scope of the audit or, except with respect to the Fiscal
Year ending December 31, 2020, only, as to the Borrower being a going concern by the Borrower’s Accountants, together with
the report of such accounting firm stating that (i) such financial statements fairly present in all material respects the consolidated
financial condition of the Borrower and its Subsidiaries as at the dates indicated and the results of their operations and cash
flow for the periods indicated in conformity with GAAP applied on a basis consistent with prior years (except for changes with
which the Borrower’s Accountants shall concur and that shall have been disclosed in the notes to the financial statements)
and (ii) the examination by the Borrower’s Accountants in connection with such consolidated financial statements has been
made in accordance with generally accepted auditing standards.

 

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(c) Compliance
Certificate. Together with each delivery of any financial statement pursuant to clause (a) or (b) above, a
Compliance Certificate (i) showing in reasonable detail the calculations used in determining the Senior Leverage Ratio and
Interest Coverage Ratio (including during any period for which compliance therewith is suspended) and demonstrating
compliance with any other financial covenants contained in Section 7.16 and (ii) stating that no Default has
occurred and is continuing or, if a Default has occurred and is continuing, stating the nature thereof and the action which
the Borrower has taken or proposes to take with respect thereto.

 

(d) Monthly
Reports. Within 15 days after the end of each calendar month, (i) a consolidated balance sheet and profit and loss statement,
(ii) segment-level profit and loss statements, in each case, relating to the most recently ended calendar month and with commentary
by management on financial and operational performance and (iii) the certificate described in Section 7.18 (Minimum
Liquidity).

 

The
Borrower hereby acknowledges that (i) the Administrative Agent may, but shall not be obligated to, make available to the Lenders
and the L/C Issuers materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on Debt Domain, IntraLinks, SyndTrak or another similar electronic system
(the “Platform”) and (ii) certain of the Lenders (each, a “Public Lender”) may have personnel
who do not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the respective securities
of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’
securities. The Borrower hereby agrees that (w) all Borrower Materials that the Borrower intends to be made available to Public
Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”
shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall
be deemed to have authorized the Administrative Agent, each L/C Issuer and the Lenders to treat the Borrower Materials as
not containing any material non-public information with respect to the Borrower or its securities for purposes of United States
Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information,
they shall be treated as set forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted
to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative
Agent shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting
on a portion of the Platform not designated “Public Side Information.”

 

Documents
required to be delivered pursuant to Section 6.01(a) or (b) (to the extent any such documents are included in
materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s
website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on
the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent
have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided
that: (i) the Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender upon its
request to the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the
Administrative Agent or such Lender and (ii) the Borrower shall notify the Administrative Agent (by facsimile or electronic
mail) of the posting of any such documents. The Administrative Agent shall have no obligation to request the delivery of or
to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor
compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for
requesting delivery to it or maintaining its copies of such documents.

 

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6.02 Collateral
Reporting Requirements. The Borrower shall furnish to the Administrative Agent each of the following:

 

(a) Updated
Corporate Chart. If requested by the Administrative Agent, together with each delivery of any financial statement pursuant
to Section 6.01(b), a corporate organizational chart or other equivalent list, current as of the date of delivery, in form
and substance reasonably acceptable to the Administrative Agent and certified as true, correct and complete by a Responsible Officer
of the Borrower, setting forth, for each of the Loan Parties, all Persons subject to Section 6.22, all Subsidiaries of
any of them and any joint venture (including Joint Ventures) entered into by any of the foregoing, (i) its full legal name, (ii)
its jurisdiction of organization and organizational number (if any) and (iii) the number of shares of each class of its Stock
authorized (if applicable), the number outstanding as of the date of delivery, and the number and percentage of the outstanding
shares of each such class owned (directly or indirectly) by the Borrower.

 

(b) Additional
Information. From time to time, statements and schedules further identifying and describing the Collateral and such
other reports in connection with the Collateral, all as the Administrative Agent may reasonably request, and in reasonable detail.

 

(c) Additional
Filings. At any time and from time to time, upon the reasonable written request of the Administrative Agent, and
at the sole expense of the Loan Parties, duly executed, delivered and recorded instruments and documents for the purpose of
obtaining or preserving the full benefits of this Agreement, each Security Instrument and each other Loan Document and of the
rights and powers herein and therein granted (and each Loan Party shall take such further action as the Administrative Agent
may reasonably request for such purpose, including the filing of any financing or continuation statement under the UCC or
other similar Requirement of Law in effect in any domestic jurisdiction with respect to the security interests created
by any Security Instrument but excluding any filings or actions in any jurisdiction outside the United States, Canada,
Mexico, the United Kingdom or Luxembourg.

 

The
reporting requirements set forth in this Section 6.02 are in addition to, and shall not modify and are not in replacement
of, any rights and other obligation set forth in any Loan Document (including notice and reporting requirements) and satisfaction
of the reporting obligations in this Section 6.02 shall not, by itself, operate as an update of any Schedule or any schedule
of any other Loan Document and shall not cure, or otherwise affect in any way, any Default, including any failure of any representation
or warranty of any Loan Document to be correct in any respect when made.

 

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6.03 Default
and Certain Other Notices. Promptly and in any event within five Business Days after a Responsible Officer of the Borrower
obtains actual knowledge thereof, the Borrower shall give the Administrative Agent notice:

 

(a) of
the occurrence of any Default or Event of Default;

 

(b) of
the issuance of a notice of proposed debarment or notice of proposed suspension by a Governmental Authority or Governmental Authorities;
and

 

(c) of
(i) management changes and (ii) reorganization and consolidation changes with respect to Foreign Subsidiaries.

 

Each
notice pursuant to this Section 6.03 (other than Section 6.03(b)) shall be accompanied by a statement of a Responsible
Officer of the Borrower setting forth details of the occurrence referred to therein, the anticipated effect thereof, and stating
what action the Borrower has taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a) shall
describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. Any
notice pursuant to this Section 6.03, if given by telephone, shall be promptly confirmed in writing on the next Business
Day.

 

6.04 Litigation.
Promptly after a Responsible Officer of the Borrower obtains actual knowledge of the commencement thereof, the Borrower shall
give the Administrative Agent written notice of the commencement of all actions, suits and proceedings before any domestic or
foreign Governmental Authority or arbitrator, regarding the Borrower, any of its Subsidiaries or any Joint Venture that (i)
seeks injunctive or similar relief that, in the reasonable judgment of the Borrower, if adversely determined, would
reasonably be expected to result in a Material Adverse Effect or (ii) in the reasonable judgment of the Borrower would expose
the Borrower, such Subsidiary or such Joint Venture to liability in an amount aggregating $20,000,000 (in excess of insurance
as to which a solvent and unaffiliated insurance company has acknowledged coverage) or more or that, if adversely
determined, would reasonably be expected to have a Material Adverse Effect.

 

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6.05 Labor
Relations. Promptly after a Responsible Officer of the Borrower has actual knowledge of the same, the Borrower shall give
the Administrative Agent written notice of (a) any material labor dispute to which the Borrower, any of its Subsidiaries, any
Guarantors or any Joint Venture is a party, including any strikes, lockouts or other material disputes relating to any of such
Person’s plants and other facilities, provided that such dispute, strike or lockout involves a work stoppage exceeding
30 days, (b) any material Worker Adjustment and Retraining Notification Act or related liability incurred with respect to the
closing of any plant or other facility of any such Person affecting 300 or more employees of the Borrower and its Subsidiaries
and (c) any material union organization activity with respect to employees of the Borrower or any of its Subsidiaries not covered
by a collective bargaining agreement as of the Closing Date (as defined in the Existing Credit Agreement).

 

6.06 Tax
Returns. Upon the reasonable request of any Lender, through the Administrative Agent, the Borrower shall provide copies of
all federal, state, local and foreign tax returns and reports filed by the Borrower, any of its Subsidiaries or any Joint Venture
in respect of taxes measured by income (excluding sales, use and like taxes).

 

6.07 Insurance.
As soon as is practicable and in any event within 90 days after the end of each Fiscal Year, the Borrower shall furnish the Administrative
Agent with a report on the standard “Acord” form (or other form acceptable to the Administrative Agent) outlining
all material insurance coverage maintained as of the date of such report by the Borrower and its Subsidiaries and the duration
of such coverage.

 

6.08 ERISA
Matters. The Borrower shall furnish the Administrative Agent each of the following:

 

(a) promptly
and in any event within 30 days after a Responsible Officer of the Borrower knows, or has reason to know, that any ERISA Event
has occurred that, alone or together with any other ERISA Event, would reasonably be expected to result in liability of the Borrower,
any Subsidiary, any Guarantor and/or any ERISA Affiliate in an aggregate amount exceeding $20,000,000, written notice describing
the nature thereof, what action the Borrower, any of its Subsidiaries, any Guarantor or any of their respective ERISA Affiliates
has taken, is taking or proposes to take with respect thereto, including copies of any notices or correspondence with any Governmental
Authority and, when known by such Responsible Officer, any action taken or threatened by the IRS, the Department of Labor or the
PBGC with respect to such event;

 

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(b) simultaneously
with the date that the Borrower, any of its Subsidiaries or any ERISA Affiliate files with the PBGC a notice of intent to terminate
any Title IV Plan, if, at the time of such filing, such termination would reasonably be expected to require additional contributions
of the Borrower, any Subsidiary, any Guarantor and/or any ERISA Affiliate in an aggregate amount exceeding $20,000,000 in order
to be considered a standard termination within the meaning of Section 4041(b) of ERISA, a copy of each notice; and

 

(c) promptly,
copies of (i) each Schedule SB (Actuarial Information) to the annual report (Form 5500 Series) filed by the Borrower, any of its
Subsidiaries, any Guarantor or any of their respective ERISA Affiliates with the IRS with respect to each Title IV Plan, which
is requested by the Administrative Agent; (ii) all notices received by the Borrower, any of its Subsidiaries, any Guarantor or
any of their respective ERISA Affiliates from a Multiemployer Plan sponsor concerning an ERISA Event that would reasonably be
expected to result in liability of the Borrower, any Subsidiary, any Guarantor and/or any ERISA Affiliate in an aggregate amount
exceeding $20,000,000; and (iii) copies of such other documents or governmental reports or filings relating to any Employee Benefit
Plan as the Administrative Agent shall reasonably request.

 

Notwithstanding
the foregoing, promptly, and in any event within 60 days after a Multiemployer Plan is certified to be in “endangered”
or “critical” status within the meaning of Code Section 432 or Section 305 of ERISA, notice of such Multiemployer
Plan’s status and a copy of such Multiemployer Plan’s most recent funding improvement plan or rehabilitation plan,
as required to be adopted under ERISA.

 

6.09 Environmental
Matters. The Borrower shall provide the Administrative Agent promptly, and in any event within 10 Business Days after any
Responsible Officer of the Borrower obtains actual knowledge of any of the following, written notice of each of the following:

 

(a) that
any Loan Party is or may be liable to any Person as a result of a Release or threatened Release that would reasonably be expected
to subject such Loan Party to Environmental Liabilities and Costs of $20,000,000 or more;

 

(b) the
receipt by any Loan Party of notification that any material real or personal property of such Loan Party is or is reasonably likely
to be subject to any Environmental Lien;

 

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(c) the
receipt by any Loan Party of any notice of violation of or potential liability under, or knowledge by a Responsible Officer of
the Borrower that there exists a condition that would reasonably be expected to result in a violation of or liability under, any
Environmental Law, except for violations and liabilities the consequence of which, in the aggregate, would not be reasonably likely
to subject the Loan Parties collectively to Environmental Liabilities and Costs of $20,000,000 or more; and

 

(d) promptly
following reasonable written request by any Lender, through the Administrative Agent, a report providing an update of the status
of any environmental, health or safety compliance, hazard or liability issue identified in any notice or report delivered pursuant
to this Section 6.09.

 

6.10 Patriot
Act Information. Each Lender that is subject to the Patriot Act (as hereinafter defined) and the Administrative Agent (for
itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain,
verify and record information that identifies the Borrower and each other Loan Party, which information includes the name and
address of the Borrower and each other Loan Party and other information that will allow such Lender or the Administrative Agent,
as applicable, to identify the Borrower and each other Loan Party in accordance with the Patriot Act. The Borrower shall promptly,
following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative
Agent or such Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your customer”
and anti-money laundering rules and regulations, including, without limitation, the Patriot Act.

 

6.11 Other
Information. The Borrower shall provide the Administrative Agent or any Lender with such other information respecting the
business, properties, condition, financial or otherwise, or operations of the Borrower, any of its Subsidiaries or any Joint Venture
as the Administrative Agent or such Lender, through the Administrative Agent, may from time to time reasonably request.

 

6.12 Preservation
of Corporate Existence, Etc. The Borrower shall, and shall cause each of its Subsidiaries to, preserve and maintain its legal
existence, rights (charter and statutory) and franchises, except as permitted by Sections 7.03, 7.04 and 7.06
and except if, in the reasonable business judgment of the Borrower, it is in the business interest of the Borrower or such
Subsidiary not to preserve and maintain such rights (charter and statutory) and franchises, and such failure to preserve the same
would not reasonably be expected to have a Material Adverse Effect and would not reasonably be expected to materially affect the
interests of the Secured Parties under the Loan Documents or the rights and interests of any of them in the Collateral.

 

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6.13 Compliance
with Laws, Etc. The Borrower shall, and shall cause each of its Subsidiaries to, comply with all applicable Requirements of
Law, Contractual Obligations and Permits, except where the failure so to comply would not reasonably be expected to have a Material
Adverse Effect.

 

6.14 Conduct
of Business. The Borrower shall, and shall cause each of its Subsidiaries to, (a) conduct its business in the ordinary course
(except for non-material changes in the nature or conduct of its business as carried on as of the Closing Date (as defined in
the Existing Credit Agreement) and changes reasonably necessary in light of the COVID-19 pandemic) and (b) use its reasonable
efforts, in the ordinary course, to preserve its business and the goodwill and business of the customers, suppliers and others
having business relations with the Borrower or any of its Subsidiaries, except where the failure to comply with the covenants
in each of clauses (a) and (b) above would not reasonably be expected to have a Material Adverse Effect.

 

6.15 Payment
of Taxes, Etc. The Borrower shall, and shall cause each of its Subsidiaries to, pay and discharge (or cause to be paid and
discharged) before the same shall become delinquent, all lawful governmental claims, taxes, assessments, charges and levies made,
assessed, filed or otherwise imposed on or against any of them, except where (a) contested in good faith, by proper proceedings
and adequate reserves therefor have been established on the books of the Borrower or the appropriate Subsidiary in conformity
with GAAP or (b) the failure to so pay and discharge would not, in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

6.16 Maintenance
of Insurance. The Borrower shall, and shall cause each of its Subsidiaries to, (a) maintain insurance with responsible and
reputable insurance companies or associations in such amounts and covering such risks as, in the reasonable determination of the
Borrower, is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas
in which the Borrower or such Subsidiary operates and (b) cause all property and general liability insurance to name the
Administrative Agent on behalf of the Secured Parties as additional insured (with respect to liability policies), loss payee (with
respect to property policies) or lender’s loss payee (with respect to property policies), as appropriate, and to provide
that no cancellation, material addition in amount or material change in coverage shall be effective until after 30 days’
written notice thereof to the Administrative Agent.

 

6.17 Access.
The Borrower shall from time to time during normal business hours permit the Administrative Agent, the L/C Issuers and the
Lenders, or any agents or representatives thereof, within five Business Days after written notification of the same (except
that during the continuance of an Event of Default, no such notice shall be required) to (a) examine and make copies of and
abstracts from the records and books of account of the Borrower and each of its Subsidiaries, (b) visit the properties of the
Borrower and each of its Subsidiaries, (c) discuss the affairs, finances and accounts of the Borrower and each of its
Subsidiaries with any of their respective officers or directors; provided that the Borrower will not be
required to permit any examination or visit as set forth in clauses (a) and (b) above with respect to each of the
Administrative Agent, the L/C Issuers and the Lenders (or any agents or representatives thereof) (i) within the twelve-month
period following the date of the most recent examination or visit by any L/C Issuer, any Lender or the Administrative Agent
(or any agents or representatives thereof), as applicable, unless an Event of Default has occurred and is continuing, and
(ii) unless such visit is coordinated through the Administrative Agent.

 

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6.18 Keeping
of Books. The Borrower shall, and shall cause each of its Subsidiaries to keep, proper books of record and account, in which
full and correct entries shall be made in conformity with GAAP of the financial transactions and assets and business of the Borrower
and each such Subsidiary.

 

6.19 Maintenance
of Properties, Etc. The Borrower shall, and shall cause each of its Subsidiaries to, maintain and preserve (a) in good working
order and condition (ordinary wear and tear excepted) all of its properties necessary in the conduct of its business, (b) all
rights, permits, licenses, approvals and privileges (including all Permits) necessary in the conduct of its business and (c) all
Material Intellectual Property, except where failure to so maintain and preserve the items set forth in clauses (a), (b) and (c)
above would not reasonably be expected to have a Material Adverse Effect.

 

6.20 Application
of Proceeds. The Borrower shall use the entire amount of the proceeds of the Loans as provided in Section 5.13.

 

6.21 Environmental.

 

(a) The
Borrower shall, and shall cause each of its Subsidiaries to, exercise reasonable due diligence in order to comply in all material
respects with all Environmental Laws.

 

(b) The
Borrower agrees that the Administrative Agent may, from time to time, retain, at the expense of the Borrower, an independent
professional consultant reasonably acceptable to the Borrower to review any report relating to Contaminants prepared by or
for the Borrower and to conduct its own investigation (the scope of which investigation shall be reasonable based upon the
circumstances) of any property currently owned, leased, operated or used by the Borrower or any of its Subsidiaries, if (x) a
Default or an Event of Default shall have occurred and be continuing, or (y) the Administrative Agent reasonably believes (1)
that an occurrence relating to such property is likely to give rise to any Environmental Liabilities and Costs or (2) that a
violation of an Environmental Law on or around such property has occurred or is likely to occur, which could, in either such
case, reasonably be expected to result in Environmental Liabilities and Costs in excess of $20,000,000, provided that,
unless an Event of Default shall have occurred and be continuing, such consultant shall not drill on any property of
the Borrower or any of its Subsidiaries without the Borrower’s prior written consent. Borrower shall use its reasonable
efforts to obtain for the Administrative Agent and its agents, employees, consultants and contractors the right, upon
reasonable notice to Borrower, to enter into or on to the facilities currently owned, leased, operated or used by Borrower or
any of its Subsidiaries to perform such tests on such property as are reasonably necessary to conduct such a review and/or
investigation. Any such investigation of any property shall be conducted, unless otherwise agreed to by Borrower and the
Administrative Agent, during normal business hours and shall be conducted so as not to unreasonably interfere with the
ongoing operations at any such property or to cause any damage or loss at such property. Borrower and the Administrative
Agent hereby acknowledge and agree that any report of any investigation conducted at the request of the Administrative Agent
pursuant to this subsection will be obtained and shall be used by the Administrative Agent and the Lenders for the purposes
of the Lenders’ internal credit decisions, to monitor the Obligations and to protect the Liens created by the Loan
Documents, and the Administrative Agent and the Lenders hereby acknowledge and agree any such report will be kept
confidential by them to the extent permitted by law except as provided in the following sentence. The Administrative Agent
agrees to deliver a copy of any such report to Borrower with the understanding that Borrower acknowledges and agrees that (i)
it will indemnify and hold harmless the Administrative Agent and each Lender from any costs, losses or liabilities relating
to Borrower’s use of or reliance on such report, (ii) neither Administrative Agent nor any Lender makes any
representation or warranty with respect to such report, and (iii) by delivering such report to Borrower, neither the
Administrative Agent nor any Lender is requiring or recommending the implementation of any suggestions or recommendations
contained in such report.

 

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(c) Promptly
after a Responsible Officer of the Borrower obtains actual knowledge thereof, the Borrower shall advise the Administrative
Agent in writing and in reasonable detail of (i) any Release or threatened Release of any Contaminants required to be
reported by Borrower or its Subsidiaries, to any Governmental Authorities under any applicable Environmental Laws and which
would reasonably be expected to have Environmental Liabilities and Costs in excess of $20,000,000, (ii) any and all written
communications with respect to any pending or threatened claims under Environmental Law in each such case which, individually
or in the aggregate, have a reasonable possibility of giving rise to Environmental Liabilities and Costs in excess of
$20,000,000, (iii) any Remedial Action performed by Borrower or any other Person in response to (x) any Contaminants
on, under or about any property, the existence of which has a reasonable possibility of resulting in Environmental
Liabilities and Costs in excess of $20,000,000, or (y) any other Environmental Liabilities and Costs in excess of $20,000,000
that could result in Environmental Liabilities and Costs in excess of $20,000,000, (iv) discovery by Borrower or its
Subsidiaries of any occurrence or condition on any material property that could cause Borrower’s or its
Subsidiaries’ interest in any such property to be subject to any material restrictions on the ownership, occupancy,
transferability or use thereof under any applicable Environmental Laws or Environmental Liens, and (v) any written request
for information from any Governmental Authority that fairly suggests such Governmental Authority is investigating whether
Borrower or any of its Subsidiaries may be potentially responsible for a Release or threatened Release of Contaminants which
has a reasonable possibility of giving rise to Environmental Liabilities and Costs in excess of $20,000,000.

 

(d) Borrower
shall promptly notify the Administrative Agent of (i) any proposed acquisition of Stock, assets, or property by Borrower or any
of its Subsidiaries that would reasonably be expected to expose Borrower or any of its Subsidiaries to, or result in Environmental
Liabilities and Costs in excess of $20,000,000 and (ii) any proposed action to be taken by Borrower or any of its Subsidiaries
to commence manufacturing, industrial or other similar operations that would reasonably be expected to subject Borrower or any
of its Subsidiaries to additional Environmental Laws, that are materially different from the Environmental Laws applicable to
the operations of Borrower or any of its Subsidiaries as of the Closing Date (as defined in the Existing Credit Agreement).

 

(e) Borrower
shall, at its own expense, provide copies of such documents or information as the Administrative Agent may reasonably request
in relation to any matters disclosed pursuant to this subsection.

 

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(f) To
the extent required by Environmental Laws or Governmental Authorities under applicable Environmental Laws, Borrower shall
promptly take, and shall cause each of its Subsidiaries promptly to take, any and all necessary Remedial Action in connection
with the presence, handling, storage, use, disposal, transportation or Release or threatened Release of any Contaminants on,
under or affecting any property in order to comply in all material respects with all applicable Environmental Laws and
Permits. In the event Borrower or any of its Subsidiaries undertakes any Remedial Action with respect to the presence,
Release or threatened Release of any Contaminants on or affecting any property, Borrower or any of its Subsidiaries
shall conduct and complete such Remedial Action in material compliance with all applicable Environmental Laws, and in
material accordance with the applicable policies, orders and directives of all relevant Governmental Authorities except when,
and only to the extent that, Borrower or any such Subsidiaries’ liability for such presence, handling, storage, use,
disposal, transportation or Release or threatened Release of any Contaminants is being contested in good faith by Borrower or
any of such Subsidiaries. In the event Borrower fails to take required actions to address such Release or threatened Release
of Contaminants or to address a violation of or liability under Environmental Law, the Administrative Agent may, upon
providing the Borrower with 5 Business Days’ prior written notice, enter the property and, at Borrower’s sole
expense, perform whatever action the Administrative Agent reasonably deems prudent to rectify the situation.

 

6.22 Additional
Collateral and Guaranties. Notify the Administrative Agent promptly after any Person (i) becomes a Wholly-Owned Domestic Subsidiary
that is not an Immaterial Subsidiary (including a Wholly-Owned Domestic Subsidiary that ceases for any reason to satisfy the definition
of “Immaterial Subsidiary” at any time) or (ii) becomes a First-Tier Foreign Subsidiary, and promptly thereafter (and
in any event within 30 days, or such longer period of time permitted by the Administrative Agent in its sole discretion):

 

(a) if
such Person is a Wholly-Owned Domestic Subsidiary and is not a Captive Insurance Subsidiary or an Excluded Domestic Subsidiary:

 

(i) cause
such Wholly-Owned Domestic Subsidiary to become a Guarantor by executing and delivering to the Administrative Agent a Joinder
Agreement or such other document as the Administrative Agent shall deem reasonably appropriate for such purpose; and

 

(ii) cause
such Person to deliver to the Administrative Agent documents of the types referred to in clauses (iv), (v) and (vii) of Section
4.02(a) and, at the request of the Administrative Agent, favorable opinions of counsel to such Person (which shall cover,
among other things, the legality, validity, binding effect and enforceability of the documentation referred to in clause (a)(i)),
all in form, content and scope reasonably satisfactory to the Administrative Agent;

 

(iii) cause
such Person to deliver to the Administrative Agent for the benefit of the Secured Parties, Security Instruments (or
supplements thereto), as specified by and in form and substance reasonably satisfactory to the Administrative Agent
(including delivery of all certificated Pledged Interests in and of such Subsidiary, and other instruments of the type
specified in Section 4.02(a)(ii) and (iii)), securing payment of all the Obligations and constituting Liens on
all such real and personal properties,

 

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(iv) take
whatever action (including the filing of Uniform Commercial Code financing statements and the giving of notices) as may be necessary
or advisable in the reasonable opinion of the Administrative Agent to vest in the Administrative Agent (or in any representative
of the Administrative Agent designated by it) valid and subsisting Liens on the properties purported to be subject to the Security
Instruments (or supplements thereto) delivered pursuant to this Section 6.22, enforceable against all third parties in
accordance with their terms (subject to Liens permitted by the Loan Documents), provided that no such actions shall be
required in any jurisdiction outside the United States; and

 

(b) if
such Person is a First-Tier Foreign Subsidiary any of whose Stock is owned by a Loan Party (or a Person becoming a Loan Party
pursuant to this Section), cause such Loan Party to deliver to the Administrative Agent for the benefit of the Secured Parties
all certificated Pledged Interests in and of such First-Tier Foreign Subsidiary, and any Security Instruments (or supplements
thereto), as specified by and in form and substance reasonably satisfactory to the Administrative Agent, in each case securing
payment of all the Obligations and constituting Liens on all such Pledged Interests.

 

6.23 Real
Property. With respect to any fee interest in any Material Real Property that is acquired or any lease of domestic Real
Property that is leased for more than $5,000,000 annually, in either case after the Restatement Effective Date by the
Borrower or any other Loan Party, the Borrower or the applicable Loan Party shall promptly (and, in any event, within thirty
days following the date of such acquisition, unless such date is extended by the Administrative Agent in its sole discretion)
(i) in the case of any Material Real Property, execute and deliver a first priority Mortgage (subject only to Liens permitted
by this Agreement and such Mortgage) in favor of the Administrative Agent, for the benefit of the Secured Parties, covering
such Real Property and complying with the provisions herein and in the Security Instruments, (ii) in the case of any leased
domestic Real Property that is leased for more than $5,000,000 annually, if requested by the Administrative Agent, execute
and deliver a first priority Mortgage (subject only to Liens permitted by this Agreement and such Mortgage) in favor of the
Administrative Agent, for the benefit of the Secured Parties, covering such Real Property and complying with the provisions
herein and in the Security Instruments, (iii) provide the Secured Parties with title insurance in an amount at least equal to
the purchase price of such Real Property (or such other amount as the Administrative Agent shall reasonably specify)
described in clauses (i) or (ii) above, and if applicable, lease estoppel certificates, all in accordance with the
standards for deliveries contemplated on or prior to the Closing Date (as defined in the Existing Credit Agreement), as
described in Section 4.02(a)(iii) hereof, (iv) if requested by the Administrative Agent, deliver to the Administrative
Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from
counsel, reasonably satisfactory to the Administrative Agent, (v) if requested by the Administrative Agent, use commercially
reasonable efforts to obtain Landlord Lien Waivers for each domestic Real Property leasehold interest on which a
manufacturing facility or warehouse or other facility where Collateral is stored or held (but excluding any office lease that
does not include manufacturing or warehouse facilities), provided that no such Landlord Lien Waiver shall be required
for any location at which Collateral is stored or located unless the aggregate value of Collateral stored or held at such
location exceeds $5,000,000 and (vi) comply with the Flood Requirement Standards. Without limiting the foregoing, at any time
there is Material Real Property that is subject to a Mortgage, no MIRE Event shall be consummated prior to the Administrative
Agent confirming compliance with the Flood Requirement Standards.

 

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6.24 Further
Assurances. Promptly upon request by the Administrative Agent, or any Lender through the Administrative Agent, the Borrower
or the applicable Loan Party shall (a) correct any material defect or error that may be discovered in any Loan Document or
in the execution, acknowledgment, filing or recordation thereof, and (b) do, execute, acknowledge, deliver, record, re-record,
file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as
the Administrative Agent, or any Lender through the Administrative Agent, may reasonably require from time to time in order to
(i) carry out more effectively the purposes of the Loan Documents, (ii) to the fullest extent permitted by applicable law, subject
any Loan Party’s properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any of
the Security Instruments, (iii) perfect and maintain the validity, effectiveness and priority of any of the Security Instruments
and any of the Liens intended to be created thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect and
confirm more effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured
Parties under any Loan Document or under any other instrument executed in connection with any Loan Document to which any Loan
Party is or is to be a party, and cause each of its Subsidiaries that is required by this Agreement to be a Guarantor to do so.

 

6.25 Anti-Corruption
Laws; Sanctions. The Borrower will, and will cause its Subsidiaries to, maintain in effect and enforce policies and procedures
intended to promote and achieve compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees
and agents (in their respective activities on behalf of the Borrower and its Subsidiaries) with applicable Anti-Corruption Laws
and applicable Sanctions.

 

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6.26 Post-Closing
Covenants. 

 

(a) No
later than 10 days after the Restatement Effective Date, the Borrower shall deliver a perfection certificate for the Borrower,
the Domestic Subsidiaries and the Canadian Guarantor in form and substance reasonably satisfactory to the Administrative Agent.

 

(b) No
later than 10 days after the Restatement Effective Date (or such longer period in Credit Agricole Corporate and Investment Bank’s
discretion), each Existing Letter of Credit issued by Credit Agricole Corporate and Investment Bank or its affiliates shall be
terminated or returned, in each case, undrawn or replaced with a Letter of Credit issued by an L/C Issuer other than Credit Agricole
Corporate and Investment Bank or its affiliates.

 

6.27 [Reserved].

 

6.28 Consultant.
(a) The Borrower shall continue to (i) retain a Consultant, which Consultant shall assist the Borrower in further developing its
financial planning & analysis function, standardization of segment reporting and weekly cash flow forecasting, and shall not
terminate or modify such engagement without the consent of the Administrative Agent and the Required Lenders (except as set forth
in the last sentence of this Section 6.28), (ii) cause the Consultant to be available to the Administrative Agent and the Administrative
Agent’s advisors, including FTI, in each case as commercially reasonable and (iii) cause the Consultant to present a monthly
written update to the Administrative Agent and the Lenders and answer any related questions of the Administrative Agent or the
Lenders and (b) the Borrower shall cause the Consultant to, in addition to the Consultant’s existing responsibilities
specified in the foregoing clause (a)(ii) and (iii), (i) assist with the business plan of the Borrower and its Subsidiaries to
ensure that all assumptions are viable, (ii) assist management in identifying and implementing additional cost reduction opportunities
and third party recoveries, and present related findings to the Borrower, the Administrative Agent, and the Lenders, (iii) assist
management with evaluating and making recommendations on incremental project write-downs and/or losses, (iv) assist management
with evaluating strategic business sale(s) and equity transactions and make recommendations to the board of directors, and, (v)
with respect to all of the Consultant’s responsibilities, provide a detailed presentation of the results of such responsibilities
to the Administrative Agent and Lenders as may be reasonably requested by the Administrative Agent. To the extent that the Borrower
hires professional staff members as mutually agreed to between the CIO and the other members of senior management of the Borrower
in respect of its financial planning and analysis functions, upon notice to the Administrative Agent, the Borrower may modify
the engagement described under this Section 6.28 (on such terms as may be reasonably acceptable to the Administrative Agent)
to permit the CIO to implement a transition process in respect of such financial planning and analysis functions from the Consultant
to such professional staff members.

 

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6.29 Variance
and Cash Flow Reporting. The Borrower shall deliver, each in form and substance satisfactory to the Administrative Agent,
(a) prior to 5:00 p.m. (New York City time) on the third Business Day of each calendar week, a variance report showing all
variances by line-item from the amounts set forth in the Budget, as most recently updated, with an explanation for each material
line-item variance, and (b) prior to 5:00 p.m. (New York City time) on the tenth (10th) Business Day of each calendar month, an
update to the Budget covering the 13-week period after the week’s end of the week in which such day occurs.

 

6.30 Account
Control Agreements. Except as set forth on Schedule 6.36, at all times the Borrower shall maintain and shall cause
each other Loan Party to enter into and maintain, Control Agreements with respect to each of the Loan Parties’ deposit accounts,
securities accounts, commodity accounts, except for Excluded Deposit Accounts.

 

6.31 Information
Updates. The Borrower shall (a) (i) hold bi-weekly conference calls with its advisors, including legal counsel,
the Administrative Agent and the Administrative Agent’s advisors, including FTI and Freshfields Bruckhaus Deringer US LLP,
and the Consultant, and, (ii) commencing once the relevant delivery requirement is in effect, a monthly conference call with
the Administrative Agent, the Administrative Agent’s advisors, including FTI, the Lenders and the Consultant to discuss
the financial statements furnished pursuant to Section 6.01(d), each segment’s performance and material contracts,
including current margin expectations compared to original estimates, and (b) provide the Administrative Agent’s advisors,
including FTI, upon request with commercially reasonable access to records, books of account and the properties of the Borrower
and its Subsidiaries with no notice required and on an ongoing basis.

 

6.32 [Reserved].

 

6.33 Chief
Implementation Officer. The Borrower shall continue to retain, on terms and having a scope of engagement satisfactory to
the Administrative Agent and the Required Lenders (which appointment shall not be modified or terminated without the consent
of the Administrative Agent and the Required Lenders), a chief implementation officer acceptable to the Administrative Agent
and the Required Lenders (the “CIO”), which CIO shall (a) report to and be supervised by the board of
directors of the Borrower, (b) be responsible, in consultation with the Chief Executive Officer, for directly managing and
implementing the obligations and activities specified in Section 6.28 of this Agreement, (c) be vested with the power
and authority to manage and direct, (i) all restructuring activities of the Borrower and its Subsidiaries, (ii) the
Borrower’s and its Subsidiaries’ liquidity management, (iii) the Borrower and its Subsidiaries’ vendor
relationships, (iv) strategic alternatives and refinancing initiatives for the Borrower and its Subsidiaries, and (v) such
other activities and such additional duties as the board of directors may from time to time determine, and (d) be authorized
by the Borrower to communicate directly with the Administrative Agent and the Lenders as to its duties described
above. The CIO and the senior management of the Borrower shall undertake to work cooperatively with each other.

 

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6.34 [Reserved].

 

6.35 [Reserved].

 

6.36 Foreign
Collateral; Pledges of Stock and Stock Equivalents. Except as set forth on Schedule 6.36, as soon as commercially reasonable,
the Borrower shall cause, (i) upon the request of the Administrative Agent, each Foreign Security Provider subject to such a request
to execute a Joinder Agreement to the Guaranty or other guaranty or equivalent documentation satisfactory to the Administrative
Agent and provide, pursuant to security documentation satisfactory to the Administrative Agent, a security interest in substantially
all of its assets (subject to exceptions to be agreed between the Borrower and the Administrative Agent) and (ii) each Foreign
Subsidiary identified by the Administrative Agent from time to time, in consultation with the Borrower, to grant a security interest
to the Administrative Agent in proceeds with respect to insurance policies and deliver other related customary documentation in
the applicable jurisdiction and (b) each Loan Party to provide a pledge of 100% of the Stock and Stock Equivalents in each Wholly-Owned
Subsidiary to the Administrative Agent to the extent not previously pledged, together with, in each case, such customary legal
opinions as may be reasonably requested by the Administrative Agent.

 

The
Administrative Agent shall provide copies of any written information provided to it by the Borrower or any Loan Party pursuant
to this Article VI to any Lender requesting the same to the extent that such Lender had the right to make such request
herein. Prior to the Revolving Credit Facility Termination Date, the Administrative Agent shall have no obligation to distribute
to any Term Loan Lender information received from any Loan Party pursuant to this Article VI.

 

ARTICLE
VII

NEGATIVE
COVENANTS

 

The
Borrower agrees to each of the following, (a) from and after the Restatement Effective Date and until the Revolving Credit Facility
Termination Date, with the Revolving Credit Lenders, the L/C Issuer and the Administrative Agent and, (b) from and after the Revolving
Credit Facility Termination Date and thereafter as long as any Obligation or any Commitment remains outstanding, with the Term
Loan Lenders and the Administrative Agent and, in each case, unless the Required Lenders otherwise consent in writing (provided
that references herein to “Subsidiaries” shall exclude any Captive Insurance Subsidiary for all Sections under
this Article VII except Sections 7.01 and 7.02):

 

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7.01 Indebtedness.
The Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly create, incur, assume or otherwise
become or remain directly or indirectly liable with respect to any Indebtedness except for the following:

 

(a) Indebtedness
under the Loan Documents;

 

(b) Indebtedness
outstanding on the Closing Date (as defined in the Existing Credit Agreement) and listed on Schedule 7.01;

 

(c) Guaranty
Obligations incurred by the Borrower or any Guarantor in respect of Indebtedness of the Borrower or any Guarantor that is permitted
by this Section 7.01 (other than clause (g) below);

 

(d) (i)
Indebtedness in respect of Capital Lease Obligations and purchase money obligations for tangible property, (ii) Indebtedness in
respect of sale and leaseback transactions permitted by Section 7.13 (giving effect to the proviso contained therein) and
(iii) other secured Indebtedness (including secured Indebtedness incurred or assumed by the Borrower and its Subsidiaries in connection
with a Permitted Acquisition); provided, however, that (A) the Liens securing such Indebtedness shall be within
the limitations set forth in Sections 7.02(d), 7.02(e) or 7.02(k) and (B) (x) the aggregate principal amount of all such Indebtedness
permitted by this subsection (d) at any one time outstanding shall not exceed $50,000,000 and (y) the aggregate principal
amount of all such Indebtedness at any one time outstanding under clause (d)(iii) shall not exceed $10,000,000;

 

(e) renewals,
extensions, refinancings and refundings of Indebtedness permitted by clause (b) or (d) above or this clause (e); provided,
however, that any such renewal, extension, refinancing or refunding is in an aggregate principal amount not greater than
the principal amount of (plus reasonable fees, expenses and any premium incurred in connection with the renewal, extension, refinancing
or refunding of such Indebtedness), and is on terms that in the aggregate are not materially less favorable to the Borrower or
such Subsidiary than, including as to weighted average maturity, the Indebtedness being renewed, extended, refinanced or refunded;

 

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(f) Indebtedness
arising from intercompany loans among the Borrower and its Subsidiaries; provided that (x) if any such Indebtedness
owing to a Loan Party that is a party to a Collateral Agreement is evidenced by a promissory note, such note shall be subject
to a first priority Lien pursuant to such Collateral Agreement, provided that any such Indebtedness owing to a Loan Party by
a Foreign Subsidiary that is not a Loan Party shall be limited to Indebtedness incurred pursuant to transactions entered into
in the ordinary course of business consistent with past practice of the Borrower and its Subsidiaries, (y) all such
Indebtedness owed by a Loan Party to a Subsidiary that is not a Loan Party shall be Subordinated Debt, and (z) any payment by
any Guarantor under any guaranty of the Obligations shall result in a pro tanto reduction of the amount of any
Indebtedness owed by such Subsidiary to the Borrower or to any of its Subsidiaries for whose benefit such payment is made; provided, further,
that, in each case, the Investment in the intercompany loan by the lender thereof is permitted under Section 7.03;

 

(g) Non-Recourse
Indebtedness;

 

(h) Indebtedness
under or in respect of Swap Contracts that are not speculative in nature;

 

(i) unsecured
Indebtedness of any Subsidiary (other than a Guarantor) in aggregate principal amount not to exceed $15,000,000 at any time outstanding;

 

(j) Indebtedness
in respect of any insurance premium financing for insurance being acquired by the Borrower or any Subsidiary under customary terms
and conditions and not in connection with the borrowing of money;

 

(k) Indebtedness
under or in respect of Cash Management Agreements;

 

(l) Indebtedness
in respect of matured or drawn Performance Guarantees in the nature of letters of credit, bankers acceptances, bank guarantees
or other similar obligations, but only so long as such Indebtedness is reimbursed or extinguished within 5 Business Days of being
matured or drawn;

 

(m) Indebtedness
in respect of matured or drawn Performance Guarantees in the nature of surety bonds, performance bonds and other similar obligations,
in each case that would appear as indebtedness on a consolidated balance sheet of the Borrower prepared in accordance with GAAP,
in an aggregate amount not to exceed $150,000,000 at any time outstanding;

 

(n) Cash
Collateralized Letters of Credit;

 

(o) unsecured
Indebtedness of any Loan Party so long as at the time of incurrence of such Indebtedness (i) no Default has occurred and is continuing
or would result therefrom and (ii) the Borrower and its Subsidiaries are in pro forma compliance with the financial
covenants set forth in Section 7.16 immediately before and after giving effect to the incurrence of such Indebtedness;

 

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(p) COVID-19
Relief Indebtedness in an aggregate principal amount not to exceed $10,000,000;

 

(q) [reserved]

 

(r) Indebtedness
with respect to (i) unmatured or undrawn obligations to reimburse B. Riley Financial, Inc. with respect to the [***] Letter of
Credit and (ii) matured or drawn obligations to reimburse B. Riley Financial, Inc. with respect to the [***] Letter of Credit,
provided that such Indebtedness is deemed a Tranche A-5 Term Loan Borrowing within 2 Business Days of being matured or drawn (or
such longer period, not to exceed five (5) Business Days, in the Administrative Agent’s reasonable discretion); and

 

(s) Indebtedness
in the aggregate not to exceed a principal amount of $50,000,000 with respect to (i) unmatured or undrawn obligations to reimburse
the Tranche A-7 Lenders with respect to the Tranche A-7 Letter of Credit and (ii) matured or drawn obligations to reimburse the
Tranche A-7 Lenders with respect to the Tranche A-7 Letter of Credit, provided that such Indebtedness is deemed a Tranche A-7
Term Loan Borrowing within two (2) Business Days of being matured or drawn (or such longer period, not to exceed five (5) Business
Days, in the Administrative Agent’s reasonable discretion);

 

provided
that the aggregate outstanding principal amount of all Indebtedness pursuant to Sections 7.01(i) and (o) (including any Indebtedness
that is Subordinated Debt) shall not exceed $25,000,000 at any time.

 

7.02 Liens.
The Borrower shall not, and shall not permit any of its Subsidiaries to, create or suffer to exist any Lien upon or with respect
to any of their respective properties or assets, whether now owned or hereafter acquired, or assign, or permit any of its Subsidiaries
to assign, any right to receive income, except for the following:

 

(a) Liens
created pursuant to any Loan Document;

 

(b) Liens
existing on the Closing Date (as defined in the Existing Credit Agreement) and listed on Schedule 7.02;

 

(c) Customary
Permitted Liens;

 

(d) Liens
granted by the Borrower or any Subsidiary of the Borrower under a Capital Lease and Liens to which any property is subject at
the time, on or after the Restatement Effective Date, of the Borrower’s or such Subsidiary’s acquisition thereof
in accordance with this Agreement, in each case securing Indebtedness permitted under Section 7.01(d) and
limited to the property purchased (and proceeds thereof) with the proceeds subject to such Capital Lease or Indebtedness;

 

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(e) purchase
money security interests in real property, improvements thereto or equipment (including any item of equipment purchased in connection
with a particular construction project that the Borrower or a Subsidiary expects to sell to its customer with respect to such
project and that, pending such sale, is classified as inventory) hereafter acquired (or, in the case of improvements, constructed)
by the Borrower or any of its Subsidiaries; provided, however, that (i) such security interests secure purchase
money Indebtedness permitted under Section 7.01(d) and are limited to the property purchased with the proceeds of such
purchase money Indebtedness (and proceeds thereof), (ii) such security interests are incurred, and the Indebtedness secured thereby
is created, within ninety days of such acquisition or construction, and (iii) the Indebtedness secured thereby does not exceed
the lesser of the cost or Fair Market Value of such real property, improvements or equipment at the time of such acquisition or
construction;

 

(f) any
Lien securing the renewal, extension, refinancing or refunding of any Indebtedness secured by any Lien permitted by clause (b),
(d) or (e) above, this clause (f) or clause (k) below, without any material change in the assets subject to such Lien;

 

(g) Liens
in favor of lessors securing operating leases permitted hereunder;

 

(h) Liens
securing Non-Recourse Indebtedness permitted under Section 7.01(g) on (i) the assets of the Subsidiary or Joint Venture
financed by such Non-Recourse Indebtedness and (ii) the Stock of the Joint Venture or Subsidiary financed by such Non-Recourse
Indebtedness;

 

(i) Liens
arising out of judgments or awards and not constituting an Event of Default under Section 8.01(g);

 

(j) Liens
encumbering inventory, work-in-process and related property in favor of customers or suppliers securing obligations and other
liabilities to such customers or suppliers (other than Indebtedness) to the extent such Liens are granted in the ordinary course
of business and are consistent with past business practices;

 

(k) Liens
not otherwise permitted hereunder securing Indebtedness permitted by Section 7.01(d)(ii) or (iii) and
encumbering assets of (i) Foreign Subsidiaries or (ii) Domestic Subsidiaries that are not (and are not required to be)
Guarantors, in each case that do not constitute Collateral;

 

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(l) Liens
with respect to foreign exchange netting arrangements to the extent incurred in the ordinary course of business and consistent
with past business practices; provided that the aggregate outstanding amount of all such obligations and liabilities secured
by such Liens shall not exceed $10,000,000 at any time;

 

(m) Liens
securing insurance premium financing permitted under Section 7.01(j) under customary terms and conditions; provided
that no such Lien may extend to or cover any property other than the insurance being acquired with such financing, the proceeds
thereof and any unearned or refunded insurance premiums related thereto;

 

(n) Liens
not otherwise permitted by this Section securing obligations or other liabilities (other than Indebtedness for borrowed money)
of the Borrower or its Subsidiaries; provided that the aggregate outstanding amount of all such obligations and liabilities
secured by such Liens shall not exceed $10,000,000 at any time;

 

(o) Liens
on Cash Collateral securing only Cash Collateralized Letters of Credit;

 

(p) Liens
securing reimbursement obligations of any Foreign Subsidiary in respect of Performance Guarantees (including any obligation to
make payments in connection with such performance, but excluding obligations for the payment of borrowed money) issued by a Person
that is not the Borrower or an Affiliate of the Borrower; provided such Liens shall be limited to (i) any contract
as to which such Performance Guarantee provides credit support, (ii) any accounts receivable arising out of such contract and
(iii) the deposit account into which such accounts receivable are deposited (the property described in clauses (i) through (iii),
collectively, the “Performance Guarantee Collateral”);

 

(q) Liens
on cash or Cash Equivalents securing (i) reimbursement obligations in respect of Performance Guarantees and other similar obligations
(including any obligation to make payments in connection with such performance, but excluding obligations for the payment of borrowed
money) and (ii) Swap Contracts that are not speculative in nature; provided that, in each case, the aggregate outstanding
amount of all such obligations and liabilities secured by such Liens shall not exceed $25,000,000;

 

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(r) Liens
securing Indebtedness permitted pursuant to Section 7.01(p), provided that (x) such Liens are not on any assets or properties
of Loan Parties or (y) the Administrative Agent, in its reasonable discretion, has provided its prior written consent to such
Lien;

 

(s) Liens
not otherwise permitted by this Section securing obligations or other liabilities of the Borrower or its Subsidiaries; provided
that such Liens and the aggregate outstanding amount of all such obligations and liabilities secured by such Liens permitted
under this clause (s) shall be on terms and conditions satisfactory to the Administrative Agent and the Required Lenders;

 

Notwithstanding
the foregoing or anything to the contrary contained in any Loan Document, no Loan Party or Subsidiary shall pledge, cause to be
pledged, or permit the pledge of, any asset owned by a Domestic Subsidiary as credit support in favor of, or for the benefit of,
any Non-Loan Party.

 

7.03 Investments.
The Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly make or maintain any Investment
except for the following:

 

(a) Investments
existing on the Closing Date (as defined in the Existing Credit Agreement) and disclosed on Schedule 7.03, and any refinancings
of such Investments to the extent constituting Indebtedness otherwise permitted under Section 7.01(b), provided
such refinancing complies with the provisions of Section 7.01(e);

 

(b) Investments
held by the Borrower or such Subsidiary in the form of cash or Cash Equivalents;

 

(c) Investments
in accounts, contract rights and chattel paper (each as defined in the UCC), notes receivable and similar items arising or acquired
from the sale of Inventory in the ordinary course of business consistent with the past practice of the Borrower and its Subsidiaries;

 

(d) Investments
received in settlement of amounts due to the Borrower or any Subsidiary of the Borrower effected in the ordinary course of business;

 

(e) Investments
by the Borrower in any Wholly-Owned Subsidiary and Investments of any Wholly-Owned Subsidiary in the Borrower or in another
Wholly-Owned Subsidiary; provided that any such Investments permitted under this clause (e) made by a Loan Party in a
Foreign Subsidiary that is not a Loan Party shall be limited to such Investments entered into in the ordinary course of
business consistent with past practice of the Borrower and its Subsidiaries; provided further that the Borrower
and its Subsidiaries shall be permitted to convert outstanding intercompany loans made from the Borrower through a series of
Subsidiaries into Babcock & Wilcox Vølund, A/S, Babcock & Wilcox Vølund AB, Babcock & Wilcox
Vølund Limited, Babcock & Wilcox Slovakia s.r.o. and/or SPIG S.p.A. and its subsidiaries incurred pursuant to Section
7.01(f) into intercompany equity holdings;

 

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(f) loans
or advances to employees of the Borrower or any of its Subsidiaries (or guaranties of loans and advances made by a third party
to employees of the Borrower or any of its Subsidiaries) in the ordinary course of business; provided, that the aggregate
principal amount of all such loans and advances and guaranties of loans and advances shall not exceed $1,000,000 at any time;

 

(g) Investments
constituting Guaranty Obligations permitted by Section 7.01;

 

(h) Investments
in connection with a Permitted Acquisition;

 

(i) Investments
in Rabbi Trusts in an aggregate amount not to exceed $15,000,000 (plus income and capital growth with respect thereto);

 

(j) Investments
in the nature of, and arising directly as a result of, consideration received in connection with an Asset Sale made in compliance
with Section 7.04;

 

(k) [reserved];

 

(l) other
Investments not constituting Acquisitions by the Borrower or any Subsidiary made after the Closing Date (as defined in the Existing
Credit Agreement); provided that the aggregate outstanding amount of all Investments made pursuant to this clause (l) at
any time shall not exceed $15,000,000.

 

For
purposes of covenant compliance, the amount of any Investment shall be the original cost of such Investment, minus the
amount of any portion of such Investment repaid to the investor as a dividend, repayment of loan or advance, release or discharge
of a guarantee or other obligation or other transfer of property or return of capital, as the case may be, but without any other
adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment or interest
earned on such Investment.

 

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7.04 Asset
Sales. The Borrower shall not, and shall not permit any of its Subsidiaries to, sell, convey, transfer, lease or
otherwise dispose of any of their respective assets or any interest therein (including the sale or factoring at maturity of
any accounts) to any Person, or permit or suffer any other Person to acquire any interest in any of their respective
assets or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Stock or Stock Equivalent (any
such disposition being an “Asset Sale”) except for the following:

 

(a) the
sale or disposition of inventory in the ordinary course of business;

 

(b) transfers
resulting from any taking or condemnation of any property of the Borrower or any of its Subsidiaries (or, as long as no Default
exists or would result therefrom, deed in lieu thereof);

 

(c) as
long as no Default exists or would result therefrom, the sale or disposition of equipment that the Borrower reasonably determines
is no longer useful in its or its Subsidiaries’ business, has become obsolete, damaged or surplus or is replaced in the
ordinary course of business;

 

(d) as
long as no Default exists or would result therefrom, the sale or disposition of assets (including the issuance or sale of Stock
or Stock Equivalents) of any Subsidiary that either (i) is not a Wholly-Owned Subsidiary or (ii) is an Immaterial Subsidiary that,
in each case, both at the time of such sale and as of the Closing Date (as defined in the Existing Credit Agreement) (or if later,
the time of formation or acquisition of such Subsidiary), do not constitute, in the aggregate, all or substantially all of the
assets (or the Stock or Stock Equivalents) of such Subsidiary; provided, however, with respect to any such Asset
Sale made pursuant to this clause (d), no such Asset Sale shall be permitted between Loan Parties and Foreign Subsidiaries that
are not Loan Parties;

 

(e) as
long as no Default exists or would result therefrom, the lease or sublease of Real Property not constituting a sale and leaseback,
to the extent not otherwise prohibited by this Agreement or the Mortgages;

 

(f) as
long as no Default exists or would result therefrom, non-exclusive assignments and licenses of intellectual property of the Borrower
and its Subsidiaries in the ordinary course of business;

 

(g) as
long as no Default exists or would result therefrom, discounts, adjustments, settlements and compromises of Accounts and contract
claims in the ordinary course of business;

 

(h) any
Asset Sale (i) to the Borrower or any Guarantor or (ii) by any Subsidiary that is not a Loan Party to another Subsidiary that
is not a Loan Party;

 

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(i) as
long as no Default exists or would result therefrom, any other Asset Sale for Fair Market Value and where 100% of the consideration
received therefor is cash or Cash Equivalents; provided, however, that with respect to any such Asset Sale pursuant
to this clause (i), the aggregate consideration received for the sale of all assets sold in accordance with this clause (i) during
any Fiscal Year, including such Asset Sale, shall not exceed the lesser of (I) $10,000,000 and (II) 5% of Consolidated
Tangible Assets as of the last day of the immediately preceding Fiscal Year;

 

(j) any
single transaction or series of related transactions so long as neither such single transaction nor such series of related transactions
involves assets having a Fair Market Value of more than $5,000,000; and

 

(k) Asset
Sales permitted by Section 7.13, Investments permitted by Section 7.03 and Restricted Payments permitted by Section
7.05.

 

7.05 Restricted
Payments. The Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, declare, order,
pay or make any sum for any Restricted Payment except for:

 

(a) Restricted
Payments by the Borrower to any Guarantor;

 

(b) Restricted
Payments by (i) any Subsidiary of the Borrower to the Borrower or any Guarantor or (ii) any Subsidiary that is not a Loan Party
to another Subsidiary that is not a Loan Party;

 

(c) Restricted
Payments by any Subsidiary that is not a Wholly-Owned Subsidiary to the Borrower or any Guarantor and to any other direct or indirect
holders of equity interests in such Subsidiary to the extent (i) such Restricted Payments are made pro rata (or on a basis
more favorable to the Borrower or such Guarantor) among the holders of the equity interests in such Subsidiary or (ii) pursuant
to the terms of the joint venture or other distribution agreement for such Subsidiary in form and substance approved by the Administrative
Agent (such approval not to be unreasonably withheld or delayed);

 

(d) any
redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Stock
or Stock Equivalents of the Borrower or any of its Subsidiaries (other than Specified Equity Contributions) that is deemed to
occur upon the cashless exercise of stock options or warrants;

 

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(e) the
repurchase, redemption or other acquisition or retirement for value of any Stock or Stock Equivalents of the Borrower or any
Subsidiary held by any current or former officer, director or employee pursuant to any equity-based compensation plan,
equity subscription agreement, stock option agreement, shareholders’ agreement or similar agreement in an aggregate
amount not to exceed $20,000,000 in any Fiscal Year; and

 

(f) payment
of fees and other amounts, including amounts in lieu of interest waived hereunder, to B. Riley pursuant to the B. Riley Fee Letter
which may be made in Stock, Stock Equivalents, Cash or Cash Equivalents.

 

7.06 
Fundamental Changes. Merge, amalgamate, dissolve, liquidate, consolidate with or into another Person, or dispose of (whether
in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired)
to or in favor of any Person, except that, so long as no Default exists or would result therefrom: any Subsidiary may merge or
consolidate with or into (i) the Borrower, provided that the Borrower shall be the continuing or surviving Person, or (ii)
any one or more other Subsidiaries, provided that when (i) any Guarantor is merging or consolidating with another Subsidiary,
the continuing or surviving Person shall be a Guarantor (whether as the survivor or by becoming a Guarantor in a manner reasonably
satisfactory to the Administrative Agent, including by joining the Guaranty) and (ii) any Guarantor that is a Domestic Subsidiary
is merging or consolidating with another Subsidiary, the continuing or surviving Person shall be a Guarantor that is a Domestic
Subsidiary;

 

(b) any
Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or
to another Subsidiary; provided that if the transferor in such a transaction is (i) a Guarantor, then the transferee must
either be the Borrower or a Guarantor or (ii) a Guarantor that is a Domestic Subsidiary, then the transferee must either be the
Borrower or a Guarantor that is a Domestic Subsidiary;

 

(c) any
Person may be merged or amalgamated with or into the Borrower or any Subsidiary of the Borrower in connection with a transaction
that constitutes a Permitted Acquisition, provided that (i) if the Borrower is a party to such transaction, the Borrower
shall be the continuing or surviving Person, or (ii) if a Guarantor is a party to such transaction, the continuing or surviving
Person shall be a Guarantor (whether as the survivor or by becoming a Guarantor in a manner reasonably satisfactory to the Administrative
Agent, including by joining the Guaranty);

 

(d) any
Subsidiary may dissolve or liquidate so long as (i) such dissolution or liquidation could not reasonably be expected to
result in a Material Adverse Effect or have a material adverse effect on the value of the Guaranty or the Collateral (if any) and
(ii) if such dissolving Subsidiary is (x) a Guarantor, it transfers all or substantially all of its assets and operations to
another Guarantor or (y) a Guarantor that is a Domestic Subsidiary, it transfers all or substantially all of its assets and
operations to another Guarantor that is a Domestic Subsidiary; and

 

(e) an
Asset Sale permitted under Section 7.04 may be consummated.

 

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7.07 Change
in Nature of Business. The Borrower shall not, and shall not permit any of its Subsidiaries to, engage in any business other
than the Eligible Line of Business.

 

7.08 Transactions
with Affiliates. The Borrower shall not, and shall not permit any of its Subsidiaries to, enter into any transaction of any
kind involving aggregate payments or consideration in excess of $1,000,000 with any Affiliate of the Borrower, whether or not
in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the Borrower or such
Subsidiary as could reasonably be expected to be obtainable by the Borrower or such Subsidiary at the time in a comparable arm’s
length transaction with a Person other than an Affiliate except:

 

(a) transactions
among the Borrower and its Subsidiaries not otherwise prohibited under the Loan Documents;

 

(b) Restricted
Payments and Investments otherwise permitted by this Agreement;

 

(c) transactions
in accordance with the Affiliate Agreements or as thereafter amended or replaced in any manner that, taken as a whole, is not
more disadvantageous to the Lenders or the Borrower in any material respect than such agreement as it was in effect on the Restatement
Effective Date;

 

(d) reasonable
director, officer and employee compensation (including bonuses) and other benefits (including pursuant to any employment agreement
or any retirement, health, stock option or other benefit plan) and indemnification and insurance arrangements, in each case, as
determined in good faith by the Borrower’s board of directors or senior management;

 

(e) the
entering into of a tax sharing agreement, or payments pursuant thereto, between the Borrower and/or one or more Subsidiaries,
on the one hand, and any Tax Affiliate, on the other hand, which payments by the Borrower and its Subsidiaries are not in excess
of the tax liabilities that would have been payable by them on a stand-alone basis;

 

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(f) so
long as the Borrower is subject to the filing requirements of the SEC, any transaction not otherwise prohibited under the Loan
Documents with a Person that would constitute an Affiliate of the Borrower solely because the Borrower or a Subsidiary owns Stock
in or otherwise Controls such Person;

 

(g) pledges
by the Borrower or any Subsidiary of Stock of any Joint Venture in a transaction permitted by Section 7.02(h)(ii);

 

(h) any
transaction entered into by a Person prior to the time such Person becomes a Subsidiary or is merged or consolidated into the
Borrower or a Subsidiary (provided that such transaction is not entered into in contemplation of such event); and

 

(i) the
transactions entered into pursuant to the B. Riley Fee Letter, including the issuance of Stock and Stock Equivalents.

 

7.09 Burdensome
Agreements. The Borrower shall not, and shall not permit any of its Subsidiaries to, (a) other than for any Subsidiary that
is not a Wholly-Owned Subsidiary, agree to enter into or suffer to exist or become effective any consensual encumbrance or consensual
restriction of any kind on the ability of such Subsidiary to pay dividends or make any other distribution or transfer of funds
or assets or make loans or advances to or other Investments in, or enter into any Guaranty Obligation or pay any Indebtedness
owed to, the Borrower or any other Subsidiary of the Borrower or (b) other than customary non-assignment provisions in contracts
entered into in the ordinary course of business, enter into or permit to exist or become effective any enforceable agreement prohibiting
or limiting the ability of the Borrower or any Subsidiary to create, incur, assume or permit to exist any Lien upon any of its
property, assets or revenues, whether now owned or hereafter acquired, to secure the Obligations, including any agreement requiring
any other Indebtedness or Contractual Obligation to be equally and ratably secured with the Obligations; provided that the limitations
of this Section 7.09 shall not apply to such limitations contained in (i) the Loan Documents, (ii) any agreement governing
any Non-Recourse Indebtedness or any Indebtedness permitted by Section 7.01(b), (d), (e), (g)
(in the case of any such Indebtedness, so long as any prohibition or limitation is only effective against the assets financed
thereby) or (i) or (iii) any agreement of a Subsidiary that is not (and is not required to become) a Loan Party that is
in existence at the time of, and is not entered into in anticipation of, the acquisition of such Person as a Subsidiary of the
Borrower (and, with respect to this clause (iii), including any amendment, extension, amendment and restatement, replacement,
refinancing or other modification of such agreement so long as the relevant limitations are not altered in any manner that is
materially adverse to the interests of the Lenders).

 

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7.10 [Reserved].

 

7.11 Fiscal
Year. The Borrower shall not change its Fiscal Year.

 

7.12 Use
of Proceeds. (a) The Borrower shall not, and shall not permit any of its Subsidiaries to, use all or any portion of the proceeds
of any credit extended hereunder to purchase or carry margin stock (within the meaning of Regulation U of the FRB) in contravention
of Regulation U of the FRB and (b) the proceeds of Loans shall not be used to cash collateralize any letters of credit, sureties,
support for warranties or performance obligations, or any similar obligations other than the Letters of Credit.

 

7.13 Sale
Leasebacks. The Borrower shall not, and shall not permit any of its Subsidiaries to, enter into any sale and leaseback transaction
unless the proceeds of such transaction received by the Loan Parties equal the Fair Market Value of the properties subject to
such transaction and, after giving effect to such sale and leaseback transaction, the aggregate Fair Market Value of all properties
covered at any one time by all sale and leaseback transactions permitted hereunder (other than any sale and leaseback transaction
of property entered into within 90 days of the acquisition of such property) does not exceed $10,000,000; provided that
any such sale and leaseback transactions permitted under this Section 7.13 shall be limited to the sale and leaseback of
the (i) the Power Copley property and (ii) Volund Esjberg assembly facility.

 

7.14 No
Speculative Transactions. The Borrower shall not, and shall not permit any of its Subsidiaries to, engage in any material
speculative transaction or in any material transaction involving the entry into of Swap Contracts by such Person except for the
sole purpose of hedging in the normal course of business.

 

7.15 Anti-Corruption
Laws. The Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, use the proceeds of
any Credit Extension in violation of applicable Anti-Corruption Laws.

 

7.16 Financial
Covenants.

 

(a) Interest
Coverage Ratio and Senior Leverage Ratio. Compliance with any Interest Coverage Ratio or Senior Leverage Ratio as of the last
day of any Fiscal Quarter of the Borrower ending on or prior to September 30, 2020 is hereby suspended. The Administrative Agent,
the Borrower and the Required Lenders agree to negotiate in good faith covenants with respect to interest coverage and leverage
ratios.

 

(b) [Reserved].

 

7.17 Sanctions.
The Borrower shall not, and shall not permit any of its Subsidiaries to directly or indirectly use the proceeds of any Credit
Extension, or make available such proceeds to any Subsidiary, Joint Venture partner or other individual or entity, to fund,
finance or facilitate any activities of or business with any individual or entity, or in any Designated Jurisdiction, that,
in each case at the time of such funding, is the subject of Sanctions, or in any other manner that, to the Borrower’s
knowledge, would result in a violation by any Lender, Administrative Agent or L/C Issuer of Sanctions.

 

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7.18 Minimum
Liquidity. The Borrower shall not permit Liquidity as of the last Business Day of any calendar month, as demonstrated by a
certificate of a Responsible Officer delivered within 15 days of the end of the relevant calendar month certifying as to the foregoing
and containing reasonably detailed calculations in support thereof, in form and substance reasonably satisfactory to the Administrative
Agent to be less than $30,000,000.

 

7.19 [Reserved].

 

7.20 Capital
Expenditures. Permit the aggregate amount of Capital Expenditures made by the Borrower and its Subsidiaries in each fiscal
year to exceed $27,500,000 for such fiscal year other than any expenditures for replacements and substitutions for fixed assets,
capital assets or equipment to the extent made with the proceeds of insurance to repair replace any such assets or equipment that
were lost, damaged or destroyed from a casualty or condemnation event.

 

ARTICLE
VIII

EVENTS
OF DEFAULT AND REMEDIES

 

8.01 Events
of Default. Any of the following shall, at any time on or after the Restatement Effective Date (other than with respect to
Section 8.01(c)), and at any time with respect to Section 8.01(c), constitute an “Event of Default”:

 

(a) Non-Payment
of Principal. the Borrower shall fail to pay any principal of any Loan or any L/C Obligation when the same becomes due and
payable; or

 

(b) Non-Payment
of Interest and Other Amounts. the Borrower shall fail to pay any interest on any Loan, any fee under any of the Loan Documents
or any other Obligation (other than one referred to in clause (a) above and other than Obligations under any Secured Cash Management
Agreement or Secured Hedge Agreement) and such non-payment continues for a period of three Business Days after the due date therefor;
or

 

(c) Representations
and Warranties. any representation or warranty made or deemed made by any Loan Party in any Loan Document shall prove to have
been incorrect in any material respect (or, with respect to representations and warranties modified by a materiality or Material
Adverse Effect standard, in all respects) when made or deemed made; or

 

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(d) Failure
to Perform Covenants. any Loan Party shall fail to perform or observe (i) any term, covenant or agreement contained
in Sections 6.03(a), 6.08, 6.12 (with respect to the existence of the Borrower), 6.17, 6.25,
6.37, or Article VII or (ii) any other term, covenant or agreement contained in this Agreement or in any other
Loan Document if such failure under this clause (ii) shall remain unremedied for 30 days after the earlier of (A) the date on
which a Responsible Officer of the Borrower obtains actual knowledge of such failure and (B) the date on which written notice
thereof shall have been given to the Borrower by the Administrative Agent, any Lender or any L/C Issuer; or

 

(e) Cross-Default.
(i) the Borrower or any of its Subsidiaries shall fail to make any payment on any recourse Indebtedness of the Borrower or any
such Subsidiary (other than the Obligations (except Obligations under Secured Cash Management Agreements and Secured Hedge Agreements,
which are expressly covered by this clause (e))) or any Guaranty Obligation in respect of Indebtedness of any other Person, and,
in each case, such failure relates to Indebtedness (x) having a principal amount in excess of $25,000,000 when the same becomes
due and payable (whether by scheduled maturity, required prepayment, acceleration, demand, early termination event or otherwise),
or (y) under any foreign revolving credit facility, whether committed or uncommitted, (ii) any other event shall occur or condition
shall exist under any agreement or instrument relating to any such Indebtedness, if the effect of such event or condition is to
accelerate, or to permit the acceleration of, the maturity of such Indebtedness or (iii) any such Indebtedness shall become or
be declared to be due and payable, or required to be prepaid or repurchased (other than by a regularly scheduled required prepayment),
prior to the stated maturity thereof; provided that clauses (ii) and (iii) above shall not apply to secured Indebtedness
that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; or

 

(f) Insolvency
Proceedings, Etc. (i) the Borrower or any of its Material Subsidiaries shall generally not pay its debts as such debts
become due, shall admit in writing its inability to pay its debts generally or shall make a general assignment for the
benefit of creditors, (ii) any proceeding shall be instituted by or against the Borrower or any of its Material Subsidiaries
seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement,
adjustment, protection, relief or composition of it or its debts, under any Requirement of Law relating to bankruptcy,
insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a
custodian, receiver, trustee or other similar official for it or for any substantial part of its property; provided, however,
that, in the case of any such proceedings instituted against the Borrower or any of its Material Subsidiaries (but not
instituted by the Borrower or any of its Subsidiaries), either such proceedings shall remain undismissed or unstayed for a
period of 60 days or more or an order or decree approving or ordering any of the foregoing shall be entered, or (iii) the
Borrower or any of its Material Subsidiaries shall take any corporate action to authorize any action set forth in clauses (i)
or (ii) above; or

 

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(g) Judgments.
one or more judgments, orders or decrees (or other similar process) for the payment of money in an amount in excess of $35,000,000
in the aggregate (to the extent not covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged
coverage), shall be rendered against one or more of the Borrower and its Material Subsidiaries and shall remain unpaid and either
(x) enforcement proceedings shall have been commenced by any creditor upon such judgment, injunction or order or (y) there shall
be any period of 30 consecutive days during which a stay of enforcement of such judgment, injunction or order, by reason of a
pending appeal or otherwise, shall not be in effect; or

 

(h) ERISA.
one or more ERISA Events shall occur and the amount of all liabilities and deficiencies resulting therefrom imposed on or
which could reasonably be expected to be imposed directly on the Borrower, any of its Subsidiaries or any Guarantor, whether or
not assessed, when taken together with amounts of all such liabilities and deficiencies for all other such ERISA Events exceeds
$35,000,000 in the aggregate; or

 

(i) Invalidity
of Loan Documents. Any of:

 

(i) any
provision of any Security Instrument or the Guaranty after delivery thereof pursuant to this Agreement or any other Loan Document
shall for any reason, except as permitted by the Loan Documents, cease to be valid and binding on, or enforceable against, any
Loan Party which is a party thereto, or any Loan Party shall so state in writing;

 

(ii) any
Security Instrument shall for any reason fail or cease to create a valid Lien on any Collateral with an aggregate value of $10,000,000
or more purported to be covered thereby or, except as permitted by the Loan Documents, such Lien shall fail or cease to be a perfected
and first priority Lien or any Loan Party shall so state in writing; or

 

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(iii) any
provision of the B. Riley Limited Guaranty after delivery thereof pursuant to this Agreement or any other Loan Document shall
for any reason cease to be valid and binding on, or enforceable against B. Riley Financial, Inc.; or

 

(j) Change
of Control. there occurs any Change of Control; or

 

(k) Project-Related
Defaults. (x) With respect to any Vølund Project other than the Vølund Projects located at [***], [***] and
[***], the exercise of any rejection or termination right under any contract with respect to the Vølund Projects in accordance
with the terms thereof pursuant to any written communication or notice or pursuant to any judicial, regulatory or administrative
procedure and such rejection or termination is not cured or waived within 10 Business Days, (y) [reserved] or (z) with respect
to any Vølund Project other than the Vølund Projects located at [***], [***] and [***], (A) any Vølund Project
counterparty or other Vølund Project stakeholder takes any material step to enforce any rights or remedies it may have
with respect to Performance Guarantees it may have against any Loan Party as determined by the Administrative Agent based upon
advice of counsel, (B) the aggregate potential liability thereof exceeds $10,000,000 and (C) the relevant counterparties and/or
stakeholders have not agreed to waive or postpone the exercise of such rights or remedies within 10 Business Days.

 

(l) Financial
Covenant Reinstatement. The Administrative Agent, the Borrower and the Required Lenders fail to agree on interest coverage
and leverage ratios testing levels and appropriate calculations thereof on or prior to October 31, 2020; provided that
the Administrative Agent and the Required Lenders have negotiated such covenants in good faith or have attempted to engage the
Borrower in good faith in such negotiations.

 

(m) Tranche
A-6 Term Loan Fundings. Any Tranche A-6 Term Loan Lender shall fail to fund any Tranche A-6 Term Loan in full in accordance
with the terms hereunder (solely except as such amount may be reduced on account of Net Cash Proceeds of the issuance of Stock
or Stock Equivalents of the Borrower in accordance with Section 4.05), or the Borrower shall fail to provide a Request
for Credit Extension as set forth with Section 4.05 for any of the Scheduled Term Loans in accordance with the procedures
set forth in Section 2.02 for each scheduled date and in the full corresponding principal amount set forth in Section
2.01F (solely except as such amount may be reduced on account of Net Cash Proceeds of the issuance of Stock or Stock Equivalents
of the Borrower in accordance with Section 4.05).

 

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8.02 Remedies
Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of,
or may, with the consent of, the Required Lenders, take any or all of the following actions:

 

(a) declare
the Commitment of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions to be terminated,
whereupon such Commitments and obligation shall be terminated;

 

(b) declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or
payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or
other notice of any kind, all of which are hereby expressly waived by the Borrower;

 

(c) require
that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and

 

(d) exercise
on behalf of itself, the Lenders and the L/C Issuers all rights and remedies available to it, the Lenders and the L/C Issuers
under the Loan Documents;

 

provided,
however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under
the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of the L/C Issuers to
make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest
and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Borrower to Cash Collateralize
the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative
Agent or any Lender.

 

8.03 Application
of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become
immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth
in the proviso to Section 8.02), any amounts received on account of the Obligations shall, subject to the provisions of
Sections 2.15 and 2.16, be applied by the Administrative Agent in the following order:

 

First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees,
charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the
Administrative Agent in its capacity as such;

 

 Second,
to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal,
interest and Letter of Credit Fees) payable to the Revolving Credit Lenders and the L/C Issuers (including fees, charges and
disbursements of counsel to the respective Lenders and the L/C Issuers arising under the Loan Documents and amounts payable
under Article III), ratably among them in proportion to the respective amounts described in this clause Second
payable to them;

 

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Third,
to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Revolving
Credit Loans, L/C Borrowings and other Obligations arising under the Loan Documents owing to the Revolving Credit Lenders, ratably
among the Revolving Credit Lenders and the L/C Issuers in proportion to the respective amounts described in this clause Third
payable to them;

 

Fourth,
to payment of that portion of the Obligations constituting unpaid principal of the Revolving Credit Loans, L/C Borrowings and
Obligations then owing under Secured Hedge Agreements and Secured Cash Management Agreements, ratably among the Revolving Credit
Lenders, the L/C Issuers, the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this
clause Fourth held by them;

 

Fifth,
to the Administrative Agent for the account of the L/C Issuers, to Cash Collateralize that portion of L/C Obligations composed
of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant
to Sections 2.03 and 2.15, ratably among the L/C Issuers in proportion to the respective amounts described in this
clause Fifth held by them;

 

Sixth,
to payment of that portion of the Obligations constituting interest on the Term Loans and other Obligations arising under the
Loan Documents owing to the Term Loan Lenders, ratably among the Term Loan Lenders in proportion to the respective amounts described
in this clause Sixth payable to them;

 

Seventh,
to payment of that portion of the Obligations constituting unpaid principal of the Term Loans, ratably among the Term Loan Lenders
in proportion to the respective amounts described in this clause Seventh held by them; and

 

Last,
the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required
by the Intercreditor Agreement or any applicable Requirement of Law.

 

Subject
to Sections 2.03(c) and 2.15, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of
Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur.
If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such
remaining amount shall be applied to the other Obligations, if any, in the order set forth above.

 

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Notwithstanding
the foregoing, Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements shall be excluded from
the application described above if the Administrative Agent has not received written notice thereof, together with such supporting
documentation as the Administrative Agent may reasonably request, from the applicable Cash Management Bank or Hedge Bank, as the
case may be. Each Cash Management Bank or Hedge Bank not a party to the Agreement that has given the notice contemplated by the
preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent
pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto.

 

8.04 Right
to Cure

 

(a) Notwithstanding
anything to the contrary contained in Section 8.01, for purposes of determining whether any Default or Event of Default
resulting from the failure to perform or observe any Financial Covenant has occurred, as of any date, and at any time during the
applicable Fiscal Quarter or on or after the last day of the applicable Fiscal Quarter and on or prior to the day that is the
tenth Business Day after the date on which financial statements are required to be delivered pursuant to Section 6.01(a)
and Section 6.01(b), as applicable, with respect to the applicable Fiscal Quarter hereunder (the “Cure Expiration
Date”), the Borrower shall have the right to issue common Stock (or other
Stock of the Borrower reasonably acceptable to the Administrative Agent) for cash or otherwise
receive direct equity contributions in cash (any such net cash proceeds of such issuance or contribution, excluding such
net cash proceeds of such issuance or contribution of Disqualified Stock, a “Specified Equity Contribution”),
and upon the receipt by the Borrower of the Specified Equity Contribution, the Financial Covenants shall be recalculated, giving
effect to a pro forma increase to EBITDA for such Fiscal Quarter and each subsequent period that includes such Fiscal Quarter
(the “Cure Right”).

 

(b) The
right to make a Specified Equity Contribution is subject to the following conditions: (i) no more than two Specified Equity Contributions
may be made in any period of four consecutive Fiscal Quarters, (ii) no more than two Specified Equity Contributions may be made
prior to the Revolving Credit Facility Termination Date, (iii) the net cash proceeds of any Specified Equity Contribution shall
be no more than the amount required to cause the Borrower to be in pro forma compliance with the Financial Covenants for
any applicable period, (iv) there shall be no pro forma reduction in Indebtedness with the proceeds of any Specified
Equity Contribution used to increase EBITDA for determining compliance with the Financial Covenants for the four Fiscal Quarter
period ending with the Fiscal Quarter ended immediately prior to the exercise of the Cure Right, (v) all Specified Equity Contributions
shall be disregarded for purposes of determining availability or amount under any basket, financial ratio-based conditions or
for carve-outs or for any other purposes and (vi) no Specified Equity Contributions held by the Borrower or any of its Subsidiaries
shall qualify as “unrestricted cash” or Cash Equivalents” for the purpose of calculating Liquidity.

 

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(c) Notwithstanding
anything to the contrary contained in Section 7.16, (A) if upon the exercise of the Cure Right the Borrower shall then
be in compliance with the requirements of the Financial Covenants, the Financial Covenants shall be deemed satisfied and complied
with as of the end of the relevant Fiscal Quarter with the same effect as though there had been no failure to comply the Financial
Covenants, and any Default or Event of Default related to any failure to comply the Financial Covenants shall be deemed not to
have occurred ; provided that no Borrower shall be permitted to borrow Revolving Credit Loans or make any request for the
issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit) until and unless (x)
the Specified Equity Contribution has been received by the Borrower or (y) all such Defaults and Events of Default (or the restrictions
contained in this proviso) shall have been waived or cured in accordance with the terms of this Agreement.

 

(d) 
Following the delivery by the Borrower of a written notice to the Administrative Agent of its intent to exercise the Cure Right,
(x) prior to the Cure Expiration Date, the Administrative Agent and the Lenders shall not be permitted to exercise any rights
then available as a result of an Event of Default under this Article VIII on the basis of a breach of the
Financial Covenant so as to enable the consummation of the Cure Right as permitted under this Section 8.04 and
(y) for the avoidance of doubt, the Revolving Credit Lenders shall not be required to make any Revolving Credit Loans and
the L/C Issuers shall not be required to make any L/C Credit Extension, unless and until the Borrower has received a Specified
Equity Contribution in an amount that causes the Borrower to be in compliance with the Financial Covenants, and further subject
to the satisfaction of the conditions set forth in Section 4.03.

 

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ARTICLE
IX

ADMINISTRATIVE
AGENT

 

9.01 Appointment
and Authority.

 

(a) Each
of the Lenders and each L/C Issuer hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent
hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to
exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and
powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent,
the Lenders and the L/C Issuers, and the Borrower shall not have any rights as a third party beneficiary of any of such provisions.
It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar
term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any applicable Requirement of Law; provided that the meaning of such term in Section
10.06(c) is intended to be consistent with the meaning of such term as used in Section 5f.103-1(c) of the United States Treasury
Regulations. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative
relationship between contracting parties.

 

(b) The
Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders
(including in its capacities as a potential Hedge Bank and a potential Cash Management Bank) and the L/C Issuer hereby
irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and the L/C Issuer for
purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any
of the Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the
Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the
Administrative Agent pursuant to Section 9.05 for purposes of holding or enforcing any Lien on the Collateral (or any
portion thereof) granted under the Security Instruments, or for exercising any rights and remedies thereunder at the
direction of the Administrative Agent), shall be entitled to the benefits of all provisions of this Article IX and Article
X (including Section 10.04(c), as though such co-agents, sub-agents and attorneys-in-fact were the
“collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto. Without
limiting the generality of the foregoing, the Administrative Agent is further authorized on behalf of all the Lenders,
without the necessity of any notice to or further consent from the Lenders, from time to time to take any action, or permit
the any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent to take any action, with respect to
any Collateral or the Loan Documents which may be necessary to perfect and maintain perfected the Liens upon any Collateral
granted pursuant to any Loan Document.

 

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9.02 Rights
as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity
as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender”
or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person
serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from,
lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any
kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative
Agent hereunder and without any duty to account therefor to the Lenders.

 

9.03 Exculpatory
Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and
in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the
foregoing, the Administrative Agent:

 

(a) shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b) shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that,
in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan
Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under
any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation
of any Debtor Relief Law; and

 

(c) shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to
or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

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The
Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall
believe in good faith shall be necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii)
in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and
nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice
describing such Default is given to the Administrative Agent by the Borrower, a Lender or the L/C Issuer.

 

The
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default,
(iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement,
instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Security Instruments,
(v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in Article IV or
elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

9.04 Reliance
by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any
electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made
to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for
relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension,
renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C
Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the
Administrative Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the making of
such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be
counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any
action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

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9.05 Delegation
of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or
under any other Loan Document by or through any one or more sub agents appointed by the Administrative Agent. The Administrative
Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers by or through their respective
Related Parties. The exculpatory provisions of this Article shall apply to any such sub agent and to the Related Parties of the
Administrative Agent and any such sub agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not
be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction
determines in a final and non appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct
in the selection of such sub-agents.

 

9.06 Resignation
of Administrative Agent.

 

(a) The
Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuers and the Borrower. Upon receipt
of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a
successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United
States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within
30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the
Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall
not be obligated to) on behalf of the Lenders and the L/C Issuers, appoint a successor Administrative Agent meeting the qualifications
set forth above, provided that in no event shall any such successor Administrative Agent be a Defaulting Lender at the
time of such appointment and succession. Whether or not a successor has been appointed, such resignation shall become effective
in accordance with such notice on the Resignation Effective Date.

 

(b) If
the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the
Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove
such Person as Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall
have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as
shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall
nonetheless become effective in accordance with such notice on the Removal Effective Date.

 

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(c) With
effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case
of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuers under any of the Loan
Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor
Administrative Agent is appointed) and (2) except for any indemnity payments or other amounts then owed to the retiring or removed
Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative
Agent shall instead be made by or to each Lender and each L/C Issuer directly, until such time, if any, as the Required Lenders
appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative
Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring (or removed) Administrative Agent (other than as provided in Section 3.01(h) and other than any rights to indemnity
payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal
Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and
obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section)
.. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless
otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s resignation
or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04 shall continue
in effect for the benefit of such retiring or removed Administrative Agent, its sub agents and their respective Related Parties
in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting
as Administrative Agent.

 

(d) Any
resignation by Bank of America as Administrative Agent pursuant to this Section shall also constitute its resignation as L/C
Issuer. If Bank of America resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of an
L/C Issuer hereunder with respect to all Letters of Credit issued by it and outstanding as of the effective date of its
resignation as L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make
Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c). Upon the appointment
by the Borrower of a successor L/C Issuer, and the acceptance by such successor L/C issuer of such appointment, with respect
to the Letters of Credit issued by Bank of America and the related L/C Obligations (which may be another existing L/C Issuer)
(which successor shall in all cases be a Lender other than a Defaulting Lender), (a) such successor shall succeed to and
become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, (b) the retiring L/C Issuer
shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c)
the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the
time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of
Bank of America with respect to such Letters of Credit.

 

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9.07 Non-Reliance
on the Administrative Agent and the Other Lenders. Each Lender and each L/C Issuer expressly acknowledges that the
Administrative Agent has not made any representation or warranty to it, and that no act by the Administrative Agent hereafter
taken, including any consent to, and acceptance of any assignment or review of the affairs of any Loan Party of any Affiliate
thereof, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender or each L/C
Issuer as to any matter, including whether the Administrative Agent has disclosed material information in its (or its Related
Parties’) possession. Each Lender and each L/C Issuer represents to the Administrative Agent that it has, independently
and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such
documents and information as it has deemed appropriate, made its own credit analysis of, appraisal of, and investigation
into, the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties
and their Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby,
and made its own decision to enter into this Agreement and to extend credit to the Borrower hereunder. Each Lender and each
L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other Lender
or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate,
continue to make its own credit analysis, appraisals and decisions in taking or not taking action under or based upon this
Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder, and to make
such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial
and other condition and creditworthiness of the Loan Parties. Each Lender and each L/C Issuer represents and warrants that
(i) the Loan Documents set forth the terms of a commercial lending facility and (ii) it is engaged in making, acquiring or
holding commercial loans in the ordinary course and is entering into this Agreement as a Lender or L/C Issuer for the purpose
of making, acquiring or holding commercial loans and providing other facilities set forth herein as may be applicable to such
Lender or L/C Issuer, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument, and
each Lender and each L/C Issuer agrees not to assert a claim in contravention of the foregoing. Each Lender and each L/C
Issuer represents and warrants that it is sophisticated with respect to decisions to make, acquire and/or hold commercial
loans and to provide other facilities set forth herein, as may be applicable to such Lender or such L/C Issuer, and either
it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to
provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other
facilities.

 

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9.08 [Reserved]

 

9.09 Administrative
Agent May File Proofs of Claim.

 

In
case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party,
the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as
herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand
on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(i) to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations
and all other Obligations (other than Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements)
that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the
Lenders, the L/C Issuers and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Lenders, the L/C Issuers and the Administrative Agent and their respective agents and counsel and all other
amounts due the Lenders, the L/C Issuers and the Administrative Agent under Sections 2.03(h) and (i), 2.09
and 10.04) allowed in such judicial proceeding; and

 

(ii) to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Lender and each L/C Issuer to make such payments to the Administrative Agent and, in
the event that the Administrative Agent shall consent, in its sole discretion, to the making of such payments directly to the
Lenders and the L/C Issuers, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the
Administrative Agent under Sections 2.09 and 10.04.

 

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Nothing
contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf
of any Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or
the rights of any Lender or any L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender
or any L/C Issuer in any such proceeding.

 

The
Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit
bid all or any portion of the Obligations (including accepting some or all of the Collateral in satisfaction of some or all
of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either
directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted
under the provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of the
Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (b) at
any other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the
direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable Law. In
connection with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and
shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving
contingent interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in an
amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests in
the asset or assets so purchased (or in the Stock, Stock Equivalents or debt instruments of the acquisition vehicle or
vehicles that are used to consummate such purchase). In connection with any such bid (i) the Administrative Agent shall be
authorized to form one or more acquisition vehicles to make a bid, (ii) to adopt documents providing for the governance of
the acquisition vehicle or vehicles; provided that all such documents will reflect the agreements set forth in Section
8.03 and any other subordination terms set forth herein; provided further that any actions by the Administrative
Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets, Stock or Stock
Equivalents thereof shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of
the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained
in clauses (a) through (i) of Section 10.01 of this Agreement, (iii) the Administrative Agent shall be authorized to
assign the relevant Obligations to any such acquisition vehicle pro rata by the Lenders, as a result of which each of the
Lenders shall be deemed to have received a pro rata portion of any Stock, Stock Equivalents and/or debt instruments issued by
such an acquisition vehicle on account of the assignment of the Obligations to be credit bid, all without the need for any
Secured Party or acquisition vehicle to take any further action, and (iv) to the extent that Obligations that are assigned to
an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better,
because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid by the
acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Lenders pro rata and the
Stock, Stock Equivalents and/or debt instruments issued by any acquisition vehicle on account of the Obligations that had
been assigned to the acquisition vehicle shall automatically be cancelled, without the need for any Secured Party or any
acquisition vehicle to take any further action.

 

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9.10 Collateral
and Guaranty Matters.

 

(a) Each
of the Lenders (including in its capacities as a potential Cash Management Bank and a potential Hedge Bank, and on behalf of their
Affiliates in such capacities) and each L/C Issuer irrevocably authorize the Administrative Agent, at its option and in its
discretion,

 

(i) to
release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon termination of
the Aggregate Commitments and payment in full of all Obligations (other than (A) contingent indemnification obligations and (B)
obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements either (x) as to which arrangements
satisfactory to the applicable Cash Management Bank or Hedge Bank shall have been made or (y) notice has not been received by
the Administrative Agent from the applicable Cash Management Bank or Hedge Bank that such amounts are then due and payable) and
the expiration or termination of all Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory
to the Administrative Agent and the applicable L/C Issuer shall have been made), (ii) that is sold or otherwise disposed of or
to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted hereunder or under
any other Loan Document (including, without limitation, in connection with the Foreign Subsidiary Reorganization) or (iii) subject
to Section 10.01 (including Section 10.01(h)), if approved, authorized or ratified in writing by the
Required Lenders;

 

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(ii) to
subordinate or release any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the
holder of any Lien on such property that is permitted by Section 7.02(b), (d), (e), (f) or (h),
and to enter into any intercreditor agreement, subordination agreement or similar agreement with respect to any such property;

 

(iii) to
release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction
permitted under the Loan Documents; and

 

Upon
request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s
authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its
obligations under the Guaranty pursuant to this Section 9.10. In each case as specified in this Section 9.10, the
Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as
such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest
granted under the Security Instruments or to subordinate its interest in such item, or to release such Guarantor from its obligations
under the Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9.10.

 

The
Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding
the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s
Lien thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible
or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.

 

9.11 Secured
Cash Management Agreements and Secured Hedge Agreements. Except as otherwise expressly set forth herein, no Cash
Management Bank or Hedge Bank that obtains the benefits of the provisions of Section 8.03, the Guaranty, the B. Riley
Limited Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty, the B. Riley Limited Guaranty or
any Security Instrument shall have any right to notice of any action or to consent to, direct or object to any action
hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of
any Collateral) (or to notice of or to consent to any amendment, waiver or modification of the provisions hereof or of the
Guaranty, the B. Riley Limited Guaranty or any Security Instrument) other than in its capacity as a Lender and, in such case,
only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article IX to
the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory
arrangements have been made with respect to, Obligations arising under Secured Cash Management Agreements and Secured Hedge
Agreements unless the Administrative Agent has received written notice of such Obligations, together with such supporting
documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case
may be.

 

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ARTICLE
X

MISCELLANEOUS

 

10.01 Amendments,
Etc. Subject to Section 3.03(c), no amendment or waiver of any provision of this Agreement or any other Loan Document, and
no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by
the Required Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative
Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which
given; provided, however, that no such amendment, waiver or consent shall:

 

(a) (x)
waive the condition set forth in Section 4.01(e) without the written consent of each Revolving Credit Lender or (y) waive
any condition set forth in Section 4.04, Section 4.05 or Section 4.06 without the written consent of each Term Loan
Lender holding a Term Loan Commitment;

 

(b) extend
or increase the Commitment of any Lender (or reinstate any Commitment (i) terminated pursuant to Section 8.02 or (ii) mandatorily
reduced pursuant to Section 2.06(a)(ii) or (iii), but excluding any waiver or modification with respect to any mandatory
Commitment reduction pursuant to Section 2.06(a)(ii) or (iii)) without the written consent of such Lender, provided that
any Commitment reduction pursuant to Section 2.06(a)(ii) for the benefit of the Term Loan Lenders shall not be waived or modified
without the consent of each Tranche A-6 Term Loan Lender;

 

(c) postpone
any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments, if any) of principal,
interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written
consent of each Lender entitled to such payment, provided that a postponement of any payment with respect to the Term Loan Facility
that results from a modification of the definition of “Revolving Credit Facility Maturity Date” shall not be deemed
to be a postponement of any payment;

 

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(d) reduce
the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iv) of the
second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document (including
any rights to indemnification or expense reimbursement under clauses (a) and (b) of Section 10.04) without
the written consent of each Lender entitled to such amount; provided, however, that only the consent of the Required
Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation of the Borrower
to pay interest, commitment fees or Letter of Credit Fees at the Default Rate or (ii) to amend any financial covenant hereunder
(or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or
L/C Borrowing or to reduce any fee payable hereunder;

 

(e) change
Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without the written
consent of each Lender directly and adversely affected thereby;

 

(f) amend
Section 1.06 or the definition of “Alternative Currency” without the written consent of the Administrative
Agent and each affected L/C Issuer;

 

(g) change
any provision of this Section 10.01 or the definition of “Required Lenders” or any other provision hereof specifying
the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination
or grant any consent hereunder, without the written consent of each Lender;

 

(h) release
all or substantially all of the Collateral in any transaction or series of related transactions, or release all or substantially
all of the value of the Guaranty or the B. Riley Limited Guaranty in each case without the written consent of each Lender, except
to the extent the release of any Collateral or any Guarantor is permitted pursuant to Section 9.10 (other than Section
9.10(a)(iii)) (in which case such release may be made by the Administrative Agent acting alone); or

 

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(i) waive
or amend Section 6.26(b) without the written consent of Credit Agricole Corporate and Investment Bank in its capacity as an
L/C Issuer; and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed
by the applicable L/C Issuer in addition to the Lenders required above, affect the rights or duties of such L/C Issuer under
this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment,
waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above,
affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (iii) each Fee
Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.
Notwithstanding anything to the contrary herein, (x) no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all
Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders),
except that (1) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender
and (2) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its
terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent
of such Defaulting Lender and (y) the Administrative Agent, the Borrower and the applicable L/C Issuer may, without the
consent of any other Lender or L/C Issuer, make such changes as may be necessary to incorporate provisions with respect to
the issuance of Letters of Credit in any Alternative Currency approved by such L/C Issuer. Notwithstanding anything to
the contrary contained in this Section, if the Administrative Agent and the Borrower shall have jointly identified (each in
its sole discretion) an obvious error or omission of a technical or immaterial nature, in each case, in any provision of the
Loan Documents, then the Administrative Agent and the applicable Loan Parties shall be permitted to amend such provision and
such amendment shall become effective without any further action or consent of any other party to any Loan Document if the
same is not objected to in writing by the Required Lenders within five Business Days following the posting of such amendment
to the Lenders.

 

If
any Lender does not consent to a proposed amendment, waiver, consent or release with respect to any Loan Document that requires
the consent of such Lender and that has been approved by the Required Lenders, the Borrower may replace such non-consenting Lender
in accordance with Section 10.13; provided that such amendment, waiver, consent or release can be effected as a
result of the assignment contemplated by such Section (together with all other such assignments required by the Borrower to be
made pursuant to this paragraph).

 

Notwithstanding
any provision herein to the contrary:

 

(x)
this Agreement may be amended with the written consent of the Required Lenders, the Administrative Agent and the Borrower (i)
to add one or more additional revolving credit or term loan facilities to this Agreement and to permit the extensions of
credit and all related obligations and liabilities arising in connection therewith from time to time outstanding to share
ratably (or on a basis subordinated to the existing facilities hereunder) in the benefits of this Agreement and the other
Loan Documents with the obligations and liabilities from time to time outstanding in respect of the existing facilities
hereunder, and (ii) in connection with the foregoing, to permit, as deemed appropriate by the Administrative Agent and
approved by the Required Lenders, the Lenders providing such additional credit facilities to participate in any
required vote or action required to be approved by the Required Lenders or by any other number, percentage or class of
Lenders hereunder so long as such amendment does not adversely impact any other Lender’s ability to participate in such
vote or action;

 

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(y)
until the occurrence of the Revolving Credit Facility Termination Date, for purposes of determining whether the “Required
Lenders” or any other amount of requisite Lenders (other than express references to the “Required Term Lenders”)
have (i) consented to any amendment, modification, waiver, consent or other action with respect to any terms of the Loan Documents
or (ii) directed or required the Administrative Agent or any other Secured Party to undertake any action with respect to the Loan
Documents, the Term Loan Lenders shall be deemed to have voted in the same proportion as the allocation of voting with respect
to such matter by the Revolving Credit Lenders; provided that, to the extent such clause is applicable to any Term Loan
Lender, such Term Loan Lender shall have consent rights under clauses (a)(y), (b), (c), (d), (e),
and (g) of this Section 10.01 prior to the occurrence of the Revolving Credit Facility Termination Date; and

 

(z)
for purposes of determining whether the “Required Lenders” or any other amount of requisite Lenders have (i) consented
to any amendment, modification, waiver, consent or other action with respect to any terms of the Loan Documents or (ii) directed
or required the Administrative Agent or any other Secured Party to undertake any action with respect to the Loan Documents, any
Lender who holds (I) either Term Loans or Term Loan Commitments and (II) Revolving Credit Commitments shall, in its capacity as
Revolving Credit Lender, be deemed to have voted in the same proportion as the allocation of voting with respect to such matter
by the Revolving Credit Lenders which do not hold Term Loans or Term Loan Commitments; provided that, to the extent such
clause is applicable to any Revolving Credit Lender, such Revolving Credit Lender shall have consent rights under clauses (b),
(c), (d), (e), and (g) of this Section 10.01.

 

10.02 Notices;
Effectiveness; Electronic Communication.

 

(a) Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or electronic mail
as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the
applicable telephone number, as follows:

 

(i) if
to the Borrower, the Administrative Agent, Bank of America as an L/C Issuer, to the address, facsimile number, electronic
mail address or telephone number specified for such Person on Schedule 10.02; and

 

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(ii) if
to any other Lender or any other L/C Issuer, to the address, telecopier number, electronic mail address or telephone number specified
in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender
on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information
relating to the Borrower).

 

Notices
and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed
to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent
(except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of
business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications
to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b).

 

(b) Electronic
Communications. Notices and other communications to the Lenders and the L/C Issuer hereunder may be delivered or furnished
by electronic communication (including e-mail, FpML messaging, and Internet or intranet websites) pursuant to procedures approved
by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant
to Article II if such Lender or such L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable
of receiving notices under such Article by electronic communication. The Administrative Agent any L/C Issuer or the Borrower may
each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant
to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.

 

Unless
the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed
received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt
requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted
to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address
as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website
address therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication
is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been
sent at the opening of business on the next business day for the recipient.

 

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(c) The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW)
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM
LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING
ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES
OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall
the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability
to the Borrower, any Lender, any L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind
(whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative Agent’s
transmission of Borrower Materials or notices through the Platform, any other electronic messaging service, or through the Internet,
except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction
by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided,
however, that in no event shall any Agent Party have any liability to the Borrower, any Lender, the L/C Issuer or any other
Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

 

(d) Change
of Address, Etc. Each of the Borrower, the Administrative Agent and the L/C Issuers may change its address,
facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each
other Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice
to the Borrower, the Administrative Agent, and each L/C Issuer. In addition, each Lender and each L/C Issuer agrees to notify
the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective
address, contact name, telephone number, facsimile number and electronic mail address to which notices and other
communications may be sent and (ii) accurate wire instructions for such Lender or L/C Issuer. Furthermore, each Public Lender
agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the
“Private Side Information” or similar designation on the content declaration screen of the Platform in order to
enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and
applicable Requirements of Law, including United States Federal and state securities laws, to make reference to Borrower
Materials that are not made available through the “Public Side Information” portion of the Platform and that may
contain material non-public information with respect to the Borrower or its securities for purposes of United States Federal
or state securities laws.

 

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(e) Reliance
by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the L/C Issuer and the Lenders shall be entitled
to rely and act upon any notices (including telephonic or electronic Committed Loan Notices, and Letter of Credit Applications)
purportedly given by or on behalf of the Borrower (or with respect to a Letter of Credit Application, any Permitted L/C Party)
even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other
form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.
The Borrower shall indemnify the Administrative Agent, each L/C Issuer, each Lender and the Related Parties of each of them from
all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or
on behalf of the Borrower (or with respect to a Letter of Credit Application, any Permitted L/C Party). All telephonic notices
to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of
the parties hereto hereby consents to such recording.

 

10.03 No
Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, any L/C Issuer or the Administrative Agent to exercise,
and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document
shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights,
remedies, powers and privileges provided by law.

 

Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against the Loan Parties or any of them (including the acceleration of any
Obligations) or exercise any right under the applicable law or to credit bid at any foreclosure sale, UCC sale, any sale
under Section 363 of the Bankruptcy Code (and for the purpose of bidding and making settlement or payment of the purchase
price for all or any portion of the Collateral sold at any such sale) or other similar Disposition of Collateral shall
be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and
maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders
and the L/C Issuer; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from
exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative
Agent) hereunder and under the other Loan Documents, (b) any L/C Issuer from exercising the rights and remedies that
inure to its benefit (solely in its capacity as an L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender
from exercising setoff rights in accordance with Section 10.08 (subject to the terms of Section 2.13), or (d)
any Lender from filing proofs of claim or any appearing and filing pleadings on its own behalf during the pendency of a
proceeding relative to any Loan Party under any Debtor Relief Law (subject to any limitations set forth in Section
11.06); and provided, further, that if at any time there is no Person acting as Administrative Agent
hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the
Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c)
and (d) of the preceding proviso and subject to Section 2.13, any Lender may, with the consent of the Required
Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

 

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10.04 Expenses;
Indemnity; Damage Waiver.

 

(a) Costs
and Expenses. The Borrower shall pay (i) all reasonable out of pocket expenses incurred by the Administrative Agent and
its Affiliates (including MLPFS and including the reasonable fees, charges and disbursements of counsel for the
Administrative Agent, and of special and local counsel retained by the Administrative Agent, but not any other separate
counsel to the Lenders), in connection with the syndication of the credit facilities provided for herein, the preparation,
negotiation, execution, delivery and administration of this Agreement (including, without limitation, the administration of
any assignment under Section 10.06 that is determined to be void ab initio) and the other Loan Documents or any
amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby
or thereby shall be consummated); (ii) all reasonable out of pocket expenses incurred by each L/C Issuer in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder; (iii) all
out of pocket expenses incurred by the Administrative Agent, any Lender or any L/C Issuer (including the fees, charges and
disbursements of any counsel for the Administrative Agent, any Lender or the L/C Issuer) in connection with the enforcement
or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under
this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out
of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit, provided
that the Borrower’s obligations to pay or reimburse for legal fees and expenses pursuant to this clause (iii)
shall be limited to the reasonable and documented legal fees and expenses of a single law firm as counsel for the
Administrative Agent and one additional law firm as counsel for all other such parties, taken together, in each appropriate
jurisdiction (which may include a single law firm as special, local or foreign counsel acting in multiple jurisdictions),
except that in the case where any such Person determines in good faith that a conflict of interest does or may exist in
connection with such legal representation and such Person advises the Borrower of such actual or potential conflict of
interest and engages its own separate counsel, the reasonable and documented legal fees and expenses of such separate counsel
shall also be paid or reimbursed, and (iv) all out of pocket expenses incurred by any Term Loan Lender and their respective
Affiliates in connection with review, administration or negotiation of this Agreement, in an aggregate amount, including
amounts paid under Section 4.01(k), not to exceed $300,000 (the “2020 Refinancing Term Loan Lender
Expenses”).

 

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(b) Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and each
L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses (subject to proviso (y) to this sentence below, including the reasonable fees, charges and
disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any Person
(including the Borrower or any other Loan Party) other than such Indemnitee and its Related Parties arising out of, in
connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement
or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder
or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative
Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan
Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by
any L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such
demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Contaminants
on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related
in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third
party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided
that (x) such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses (A) are determined by a court of competent jurisdiction by final and nonappealable judgment
to have resulted from the gross negligence or willful misconduct of such Indemnitee, (B) arises solely from disputes solely
between or among Indemnitees (except that in the event of a dispute involving the Administrative Agent, or any L/C Issuer (in
each case, acting in its capacity as such), the Administrative Agent, or such L/C Issuer, shall be entitled (subject to the
other limitations and exceptions set forth in this clause (b)) to the benefit of such indemnification) not relating to or in
connection with acts or omissions by the Borrower, any of its Subsidiaries, any of their respective Affiliates or any other
Person or entity or (C) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach
in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan
Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent
jurisdiction and (y) the Borrower’s obligation to pay or reimburse an Indemnitee for the reasonable fees, charges and
disbursements of counsel under this subsection (b) shall be limited to the reasonable and documented fees, charges and
disbursements of a single law firm chosen by the Administrative Agent as counsel for all such Indemnitees, taken together, in
each appropriate jurisdiction (which may include a single law firm as special or local counsel acting in multiple
jurisdictions), except that in the case where an Indemnitee determines in good faith that a conflict of interest does or may
exist in connection with such legal representation and such Indemnitee advises the Borrower of such actual or potential
conflict of interest and engages its own separate counsel, the reasonable and documented fees, charges and disbursements of
each such separate counsel shall also be paid or reimbursed. This Section 10.04(b) shall not apply with respect to
Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

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(c) Reimbursement
by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay (and without limiting any obligation
of the Borrower so to pay) any amount required under subsection (a) or (b) of this Section to be paid by it to the
Administrative Agent (or any sub-agent thereof), any L/C Issuer or any Related Party of any of the foregoing, each Lender
severally agrees to pay to the Administrative Agent (or any such sub-agent), the applicable L/C Issuer or such Related Party,
as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought based on each Lender’s unused Revolving Credit Commitments and Revolving Credit
Exposure and, other than respect to payments to any L/C Issuer, unused Term Loan Commitments and Term Loans at such
time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to
be made severally among them based on such Lender’s Applicable Percentage (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought), provided, further that the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted
against the Administrative Agent (or any such sub-agent), the applicable L/C Issuer in its capacity as such, or against any
Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), such L/C Issuer in
connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section
2.12(d).

 

(d) Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrower shall not assert, and the Borrower
hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other
Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or
Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any
damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients
by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement
or the other Loan Documents or the transactions contemplated hereby or thereby other than for the Borrower’s direct or actual
damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable
judgment of a court of competent jurisdiction.

 

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(e) Payments.
Except as otherwise agreed herein, all amounts due under this Section shall be payable not later than ten Business Days after
demand therefor. Notwithstanding the foregoing, until the occurrence of the Revolving Credit Facility Termination
Date, no amounts owing by any Loan Party pursuant to this Section 10.04 may be paid to any Term Loan Lender or
Affiliate thereof other than the 2020 Refinancing Term Loan Lender Expenses (and no Default or Event of Default shall occur
as a result of such non-payment), provided that such amounts may accrue. For the avoidance of doubt, nothing in this
Agreement shall prohibit the reimbursement of expenses of any party hereto or their respective affiliates, which are incurred
in connection with the 2020 Refinancing in a capacity other than as a Lender and required to be reimbursed pursuant to
documentation other than the Loan Documents.

 

(f) Survival.
The agreements in this Section 10.04 and the indemnity provisions of Section 10.02(e) shall survive the resignation
of the Administrative Agent and/or any L/C Issuer, the replacement of any Lender, the termination of the Aggregate Commitments,
the repayment, satisfaction or discharge of all the other Obligations and the termination of this Agreement.

 

10.05 Payments
Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent, any L/C Issuer
or any Lender, or the Administrative Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the
proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside
or required (including pursuant to any settlement entered into by the Administrative Agent, such L/C Issuer or such Lender in
its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief
Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied
shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred,
and (b) each Lender and each L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without
duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such
demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect,
in the applicable currency of such recovery or payment. The obligations of the Lenders and the L/C Issuers under clause (b) of
the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

 

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10.06 Successors
and Assigns.

 

(a) Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise
transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and
each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an
assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with
the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to
the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall
be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than
the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in
subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent, the L/C Issuers and the Lenders) any legal or equitable right, remedy or claim under or by reason of
this Agreement.

 

(b) Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations
in L/C Obligations) at the time owing to it); provided that in each case any such assignment shall be subject to the following
conditions:

 

(i) Minimum
Amounts.

 

(A) in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at the time
owing to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B)
of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no
minimum amount need be assigned; and

 

(B) in
any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) determined as of the date the Assignment and Assumption with respect to such assignment
is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of
the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default
has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed).

 

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(ii) Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Revolving Credit
Lender’s rights and obligations under this Agreement with respect to each of the Revolving Credit Loans, the L/C Obligations
or the Revolving Credit Commitment, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion
of its rights and obligations under any separate revolving credit or term loan facilities provided pursuant to clause (x) of the
last paragraph of Section 10.01 in each case on a non-pro rata basis;

 

(iii) Required
Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section
and, in addition:

 

(A) the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default
has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender
or an Approved Fund, provided that the Borrower shall be deemed to have consented to any such assignment unless it shall
object thereto by written notice to the Administrative Agent within five Business Days after having received notice thereof;

 

(B) the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments
in respect of (x) any unfunded Revolving Credit Commitment if such assignment is to a Person that is not a Lender with a Revolving
Credit Commitment, an Affiliate of such Lender or an Approved Fund with respect to such Lender, (y) any unfunded Term Loan Commitment,
or (z) any Term Loan if such assignment is to a Person that is not a Term Loan Lender, an Affiliate of such Term Loan Lender,
or B. Riley FBR, Inc.; and

 

(C) the
consent of each L/C Issuer (each such consent not to be unreasonably withheld or delayed) shall be required for any assignment
in respect of the Revolving Credit Facility.

 

(iv) Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative
Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee,
if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

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(v) No
Assignment to Certain Persons. No such assignment shall be made (A) to the Borrower or any of the Borrower’s Affiliates
or Subsidiaries, or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B), or (C) to a natural person, or (D) to any competitor
of the Borrower or any of its Subsidiaries that is primarily engaged in an Eligible Line of Business and that has been previously
identified as such, by legal entity name, by the Borrower to the Administrative Agent and provided by the Administrative Agent
to the Lenders on the Platform, it being understood that the Administrative Agent shall have no responsibility for maintaining
or otherwise managing any such list of competitors. No assignment of any Revolving Credit Commitment or Revolving Credit Loan
shall be made to any Term Loan Lender or any of the Term Loan Lender’s Affiliates or Subsidiaries.

 

(vi) Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution
thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro
rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee
and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting
Lender to the Administrative Agent, any L/C Issuer or any Lender hereunder (and interest accrued thereon) and (y) acquire (and
fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit in accordance with its
Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting
Lender hereunder shall become effective under applicable Requirements of Law without compliance with the provisions of this paragraph,
then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance
occurs.

 

Subject
to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and
after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this
Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a
Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such
Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment
and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall
cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05,
and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided
that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will
constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Lender. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment
or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be
treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in
accordance with subsection (d) of this Section.

 

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(c) Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower (and such agency being solely
for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered
to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant
to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent
manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. In addition, the Administrative
Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a
Defaulting Lender. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from
time to time upon reasonable prior notice.

 

(d) Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell
participations to any Person (other than a Person described in Section 10.06(b)(v) that is not permitted to be an
assignee with respect to Loans or Commitments) (each, a “Participant”) in all or a portion of such
Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans
(including such Lender’s participations in L/C Obligations) owing to it); provided that (i) such Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders and the
L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section
10.04(c) without regard to the existence of any participation.

 

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Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the
sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided
that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant
to the extent that such Lender has such right to agree hereunder. The Borrower agrees that each Participant shall be entitled
to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements and limitations
therein, including the requirements under Section 3.01(f) (it being understood that the documentation required under Section
3.01(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its
interest by assignment pursuant to subsection (b) of this Section; provided that such Participant (A) agrees to be
subject to the provisions of Section 3.06 and 10.13 as if it were an assignee under paragraph (b) of this
Section; and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect
to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive,
except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the
Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s
request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section
10.13 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 10.08 as though it were a Lender, provided that such Participant agrees to be subject to Section
2.13 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a
non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the
principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan
Documents (the “Participant Register”); provided that no Lender shall have any obligation to
disclose all or any portion of the Participant Register (including the identity of any Participant or any information
relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any
Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan,
letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat
each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its
capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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(e) Reserved.

 

(f) Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note(s), if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(g) Resignation
as L/C Issuer after Assignment.

 

(i) Notwithstanding
anything to the contrary contained herein, if at any time Bank of America or any other L/C Issuer assigns all of its Commitment
and Loans pursuant to subsection (b) above, then Bank of America or such other L/C Issuer may, upon 30 days’ notice
to the Borrower and the Lenders, resign as an L/C Issuer. In the event of any such resignation of an L/C Issuer, the Borrower
shall be entitled to appoint from among the Lenders a successor L/C Issuer (which may be an existing L/C Issuer); provided,
however, that no failure by the Borrower to appoint any such successor shall affect the resignation of Bank of America
or the applicable L/C Issuer as an L/C Issuer or of Bank of America.

 

(ii) If
Bank of America or any other L/C Issuer resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and
duties of an L/C Issuer hereunder with respect to all Letters of Credit issued by it and outstanding as of the effective date
of its resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders
to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). Upon the
appointment of a successor L/C Issuer, and the acceptance of such appointment by such successor L/C Issuer, with respect to
such resigning L/C Issuer (x) such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring L/C Issuer and (y) such successor L/C Issuer (or another of the L/C Issuers, as may be arranged by
the Borrower) shall issue letters of credit in substitution for the Letters of Credit, if any, issued by the resigning
L/C Issuer and outstanding at the time of such succession, or make other arrangements satisfactory to Bank of America or
such other resigning L/C Issuer to effectively assume the obligations of Bank of America or such other resigning L/C Issuer
with respect to such Letters of Credit. The provisions of subparts (g)(i) and (g)(ii) of this Section
shall not limit the ability of the Borrower to appoint and remove L/C Issuers pursuant to Sections 2.03(l) and (m).

 

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10.07 Treatment
of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and each L/C Issuer agrees to
maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its
Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed
of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent
required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties
(including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in
connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating
to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an
agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or
any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or
prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made
by reference to the Borrower and its obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i)
any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder or
(ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other
market identifiers with respect to the credit facilities provided hereunder, (h) with the consent of the Borrower, (i) to the
extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes
available to the Administrative Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a nonconfidential
basis from a source other than the Borrower or (j) to any credit insurance provider relating to the Borrower and its
Obligations. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and
information about this Agreement to market data collectors, similar service providers to the lending industry and service
providers to the Administrative Agent and the Lenders in connection with the administration of this Agreement, the other Loan
Documents, and the Commitments. For purposes of this Section, “Information” means all information received
from the Borrower, any Subsidiary or any Affiliate of the Borrower relating to the Borrower, any Subsidiary or any Affiliate
of the Borrower or any of their respective businesses, other than any such information that is (i) available to the
Administrative Agent, any Lender or any L/C Issuer on a nonconfidential basis prior to disclosure by the Borrower, any
Subsidiary or any Affiliate of the Borrower, or (ii) is clearly and conspicuously marked “PUBLIC” by the
Borrower, which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the page thereof.
Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to
have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential information.

 

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Each
of the Administrative Agent, the Lenders and the L/C Issuers acknowledges that (a) the Information may include material non-public
information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding
the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable
Requirements of Law, including United States Federal and state securities laws.

 

Notwithstanding
anything herein, (i) no Term Loan Lender or its Affiliate shall have any right to (x) attend any meeting or discussions (whether
in person, via telephone or otherwise) among the Administrative Agent, any advisors retained by the Administrative Agent (including,
without limitation, legal counsel and financial advisors) or any Revolving Credit Lender to which representatives of the Loan
Parties are not invited or (y) receive any information or material prepared by the Administrative Agent, any advisors retained
by the Administrative Agent (including, without limitation, legal counsel and financial advisors) or any Revolving Credit Lender
or any communication by or among the Administrative Agent and/or one or more Revolving Credit Lenders and (ii) the Term Loan Lenders
shall receive from the Borrower all information that the Borrower has provided to the Administrative Agent for distribution to
the Revolving Credit Lenders.

 

10.08 Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each L/C Issuer and each of their
respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable
Requirements of Law to set off and apply any and all deposits (general or special, time or demand, provisional or final, in
whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, such L/C
Issuer or any such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of
the Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or such L/C Issuer or
their respective Affiliates, irrespective of whether or not such Lender, such L/C Issuer or such Affiliate shall have made
any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent or
unmatured or are owed to a branch, office or Affiliate of such Lender or such L/C Issuer different from the branch, office or
Affiliate holding such deposit or obligated on such indebtedness; provided that (i) in the event that any Defaulting
Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the
Administrative Agent for further application in accordance with the provisions of Section 2.16 and, pending such
payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the
Administrative Agent, the L/C Issuers and the Lenders, and (y) the Defaulting Lender shall provide promptly to the
Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which
it exercised such right of setoff and (ii) in the event that any Term Loan Lender shall exercise any such right of setoff,
(x) all amounts so set off shall be paid over immediately to the Administrative Agent to, as applicable, prepay Revolving
Credit Loans and, if the Revolving Credit Loans are paid in full, Cash Collateralize Letters of Credit or application in
accordance with the provisions of 8.03 and, pending such payment, shall be segregated by such Term Loan Lender from
its other funds and deemed held in trust for the benefit of the Administrative Agent, the L/C Issuers and the Revolving
Credit Lenders, and (y) the Term Loan Lender shall provide promptly to the Administrative Agent a statement describing in
reasonable detail the Obligations owing to such Term Loan Lender as to which it exercised such right of setoff. The rights of
each Lender, each L/C Issuer and their respective Affiliates under this Section are in addition to other rights and remedies
(including other rights of setoff) that such Lender, such L/C Issuer or their respective Affiliates may have. Each Lender and
each L/C Issuer agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application, provided
that the failure to give such notice shall not affect the validity of such setoff and application.

 

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10.09 Interest
Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be
paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Requirements
of Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount
that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid
principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Administrative
Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Requirements of Law, (a) characterize
any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the
effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout
the contemplated term of the Obligations hereunder.

 

10.10 Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single
contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the
Administrative Agent or any L/C Issuer constitute the entire contract among the parties relating to the subject matter hereof
and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together,
bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this
Agreement by facsimile or other electronic imaging means (e.g., “pdf” or “tif”) shall be effective as
delivery of a manually executed counterpart of this Agreement.

 

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10.11 Survival
of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or other
document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery
hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each
Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding
that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension,
and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied
or any Letter of Credit shall remain outstanding.

 

10.12 Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and to the extent that the
enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined
in good faith by the Administrative Agent or any L/C Issuer, then such provisions shall be deemed to be in effect only to the
extent not so limited.

 

10.13 Replacement
of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any
Indemnified Taxes or any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 3.01, or if any Lender is a Defaulting Lender, or if any Lender is subject to replacement pursuant to the
last paragraph of Section 10.01, then the Borrower may, at its sole expense and effort, upon notice to such Lender and
the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in, and consents required by, Section 10.06), all of its interests, rights (other than its existing
rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan
Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts
such assignment), provided that:

 

(a) the
Borrower shall have paid to the Administrative Agent the assignment fee specified in Section 10.06(b);

 

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(b) such
Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans and L/C Advances, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any
amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees)
or the Borrower (in the case of all other amounts);

 

(c) in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made
pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 

(d) such
assignment does not conflict with applicable Requirements of Law; and

 

(e) in
the case of an assignment resulting from a Lender becoming a non-consenting Lender pursuant to the last paragraph of Section
10.01, the applicable assignee shall have consented to the applicable amendment, waiver or consent.

 

A
Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender
or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

10.14 Governing
Law; Jurisdiction; Etc.

 

(a) GOVERNING
LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT
OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT 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.

 

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(b) SUBMISSION
TO JURISDICTION. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR
PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST
THE ADMINISTRATIVE AGENT, ANY LENDER, ANY L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF
THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW
YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE
JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD
AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.
EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND
MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS
AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY L/C ISSUER
MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE
BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c) WAIVER
OF VENUE. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION
THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION
OR PROCEEDING IN ANY SUCH COURT.

 

(d) SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION
10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
BY APPLICABLE LAW.

 

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10.15 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 AGREEMENT 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 AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

10.16 No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower
acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the
Administrative Agent and the Lenders are arm’s-length commercial transactions between the Borrower and its Affiliates,
on the one hand, and the Administrative Agent and the Lenders, on the other hand, (B) the Borrower has consulted its own
legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of
evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the
other Loan Documents; (ii) (A) the Administrative Agent and each Lender is and has been acting solely as a principal and,
except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor,
agent or fiduciary for the Borrower, any other Loan Party or any of their respective Affiliates, or any other Person and (B)
neither the Administrative Agent nor any Lender has any obligation to the Borrower or any other Loan Party or any of their
respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth
herein and in the other Loan Documents; and (iii) the Administrative Agent, the Lenders and their respective Affiliates may
be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, the other Loan
Parties and their respective Affiliates, and neither the Administrative Agent nor any Lender has any obligation to disclose
any of such interests to the Borrower, any other Loan Party or any of their respective Affiliates. To the fullest
extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Administrative Agent
or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any
transaction contemplated hereby.

 

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10.17 Electronic
Execution of Assignments and Certain Other Documents. This Agreement and any document, amendment, approval, consent, information,
notice, certificate, request, statement, disclosure or authorization related to this Agreement (each a “Communication”),
including Communications required to be in writing, may be in the form of an Electronic Record and may be executed using Electronic
Signatures. The Borrower and each of the Loan Parties agrees that any Electronic Signature on or associated with any Communication
shall be valid and binding on the Borrower and each of the Loan Parties to the same extent as a manual, original signature, and
that any Communication entered into by Electronic Signature, will constitute the legal, valid and binding obligation of the Borrower
and each of the Loan Parties enforceable against such in accordance with the terms thereof to the same extent as if a manually
executed original signature was delivered. Any Communication may be executed in as many counterparts as necessary or convenient,
including both paper and electronic counterparts, but all such counterparts are one and the same Communication. For the avoidance
of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative Agent
and each of the Secured Parties of a manually signed paper Communication which has been converted into electronic form (such as
scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery
and/or retention. The Administrative Agent and each of the Secured Parties may, at its option, create one or more copies of any
Communication in the form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed created in the
ordinary course of the such Person’s business, and destroy the original paper document. All Communications in the form of
an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same
legal effect, validity and enforceability as a paper record. Notwithstanding anything contained herein to the contrary, the Administrative
Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the
Administrative Agent pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a)
to the extent the Administrative Agent has agreed to accept such Electronic Signature, the Administrative Agent and each of the
Secured Parties shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any Loan Party
without further verification and (b) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall
be promptly followed by such manually executed counterpart. For purposes hereof, “Electronic Record” and “Electronic
Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time
to time.

 

The
words “execute,” “execution,” “signed,” “signature,” and words of like import
in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including
without limitation Assignment and Assumptions, amendments or other Committed Loan Notices, waivers and consents) shall be deemed
to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms
approved by the Administrative Agent, or the keeping of records in electronic form.

 

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10.18 Judgment
Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other
Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal
banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding
that on which final judgment is given. The obligation of the Borrower in respect of any such sum due from it to the Administrative
Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment
Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement
(the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by
the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative
Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with
the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative
Agent or any Lender from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding
any such judgment, to indemnify the Administrative Agent or such Lender, as the case may be, against such loss. If the amount
of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender in such
currency, the Administrative Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Borrower
(or to any other Person who may be entitled thereto under applicable law).

 

10.19 Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Solely to the extent any Lender or L/C Issuer that is an EEA Financial
Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in any other agreement,
arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or L/C Issuer
that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject
to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees
to be bound by:

 

(a) the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any Lender or L/C Issuer that is an EEA Financial Institution; and

 

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(b) the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i) a
reduction in full or in part or cancellation of any such liability;

 

(ii) a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii) the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

10.20 Parallel
Debt.

 

(a) For
the purpose of this Section 10.20, “Corresponding Obligations” means each Loan Party’s Obligations other than
the Parallel Debt.

 

(b) Each
Loan Party hereby irrevocably and unconditionally undertakes to pay to the Administrative Agent, acting on its own behalf and
not as agent for any person, an amount equal to the Corresponding Obligations (such payment undertakings by each Loan Party to
the Administrative Agent, hereinafter referred to as the “Parallel Debt”).

 

(c) The
Parallel Debt will become due and payable in the currency or currencies of the Corresponding Obligations as and when one or more
of the Corresponding Obligations become due and payable.

 

(d) Each
of the parties to this Agreement hereby acknowledges that: (i) the Parallel Debt constitutes an undertaking, obligation and
liability of each Loan Party to the Administrative Agent which is transferable and separate and independent from, and without
prejudice to, the Corresponding Obligations; (ii) the Parallel Debt represents the Administrative Agent’s own separate
and independent claim to receive payment of the Parallel Debt from each Loan Party and (iii) the Liens granted under the Loan
Documents to the Administrative Agent to secure the Parallel Debt is granted to the Administrative Agent in its capacity as
creditor of the Parallel Debt and shall not be held in trust, it being understood, that the amount which may become
payable by each Loan Party under or pursuant to the Parallel Debt from time to time shall never exceed the aggregate amount
which is payable under the relevant Corresponding Obligations from time to time.

 

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(e) For
the purpose of this Section 10.20 the Administrative Agent acts in its own name and on behalf of itself (for the benefit of the
Secured Parties and each subsequent maker of any Loan by its making thereof) and not as agent or representative of any of the
Secured Parties and each subsequent maker of any Loan by its making thereof.

 

(f) To
the extent the Administrative Agent irrevocably receives any amount in payment of the Parallel Debt (the “Received Amount”),
the Corresponding Obligations shall be reduced by an aggregate amount (the “Deductible Amount”) equal to the Received
Amount in the manner as if the Deductible Amount were received as a payment of the Corresponding Obligations. For the avoidance
of doubt, to the extent the Administrative Agent irrevocably receives any amount in payment of the Corresponding Obligations,
the Parallel Debt shall be reduced accordingly as if such payment was received as a payment of the Parallel Debt. All amounts
received or recovered by the Administrative Agent from or by the enforcement of any security interest granted to secure the Parallel
Debt, shall be applied in accordance with this Agreement. Without limiting or affecting the Administrative Agent’s rights
against the Loan Parties (whether under this Section 10.20 or under any other provisions of the Loan Documents or any Secured
Cash Management Agreement or Secured Hedge Agreement) each Loan Party acknowledges that (i) nothing in this Section 10.20 shall
impose any obligation on the Administrative Agent to advance any sum to any Loan Party or otherwise under any Loan Document or
any Secured Cash Management Agreement or Secured Hedge Agreement, except in its capacity as Lender, Cash Management Bank or Hedge
Bank and (ii) for the purpose of any vote taken under any Loan Document or any Secured Cash Management Agreement or Secured Hedge
Agreement, the Administrative Agent shall not be regarded as having any participation or commitment other than those which it
has in its capacity as a Lender, Cash Management Bank or Hedge Bank.

 

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10.21 Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise,
for any Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC Credit
Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows
with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance
Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated
thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support
(with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to
be governed by the laws of the State of New York and/or of the United States or any other state of the United States): In the
event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a
proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit
Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in
property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support
(and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the
United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a
U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or
any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent
than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan
Documents were governed by the laws of the United States or a state of the United States. Without limitation of the
foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in
no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

As
used in this Section 10.21, the following terms have the following meanings:

 

“BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party.

 

“Covered
Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 382.2(b).

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§
252.81, 47.2 or 382.1, as applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D).

 

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10.22 Amendment
and Restatement.

 

(a) On
the Restatement Effective Date, the Existing Credit Agreement shall be amended and restated in its entirety by this Agreement,
and the Existing Credit Agreement shall thereafter be of no further force and effect, except that the Borrower, the Guarantors,
the Administrative Agent, the L/C Issuers and the Lenders agree that (i) the incurrence by the Borrower of “Obligations”
under and as defined in the Existing Credit Agreement (whether or not such “Obligations” are contingent as of the
Restatement Effective Date) shall continue to exist under and be evidenced by this Agreement and the other Loan Documents and
(ii) except as expressly stated herein or otherwise amended, the other Loan Documents are ratified and confirmed as remaining
unmodified and in full force and effect with respect to all Obligations. This Agreement is not in any way intended to constitute
a novation of the obligations and liabilities existing under the Existing Credit Agreement or evidence payment of all or any portion
of such obligations and liabilities.

 

(b) The
terms and conditions of this Agreement and the Administrative Agent’s and the Lenders’ rights and remedies under this
Agreement and the other Loan Documents shall apply to all of the Indebtedness incurred under the Existing Credit Agreement.

 

(c) On
and after the Restatement Effective Date, (i) all references to the Existing Credit Agreement (or to any amendment or any amendment
and restatement thereof) in the Loan Documents (other than this Agreement) shall be deemed to refer to the Existing Credit Agreement,
as amended and restated hereby (as it may be further amended, modified or restated) and (ii) all references to any section (or
subsection) of the Existing Credit Agreement or in any Loan Document (but not herein) shall be amended to become, mutatis mutandis,
references to the corresponding provisions of this Agreement.

 

(d) Except
as expressly provided herein or in any other Loan Document, all terms and conditions of the Loan Documents remain in full force
and effect unless specifically amended hereby or by any other Loan Document.

 

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ARTICLE
XI

ADDITIONAL
SUBORDINATION TERMS

 

11.01 Payment
Subordination. The Term Loan Lenders agree that the Obligations with respect to the Term Loan Facility continue to be
expressly subordinate and junior in right of payment to all Obligations with respect to the Revolving Credit Facility
(including any interest or entitlement to fees or expenses or other charges with respect to the Revolving Credit Facility
accruing after the commencement of any proceeding under any Debtor Relief Law, whether or not such amounts are allowed in any
proceeding), except for any payment of (a) any payment expressly permitted to be made prior to the Restatement Effective Date
under Section 11.01 of the Existing Credit Agreement, (b) the 2020 Refinancing Term Loan Lender Expenses, and (c) other than
upon and during the continuance of an Event of Default, any interest on the Term Loans due on the applicable Interest Payment
Date, and payments made in lieu of interest pursuant to the B. Riley Fee Letter and any fees paid in connection with the Term
Loans pursuant to the B. Riley Fee Letter.

 

11.02 Turnover.

 

(a) Any
payment or distribution (whether in cash, property or securities) that may be received by any Term Loan Lender or its Affiliate
on account of any Obligations with respect to the Term Loan Facility, the B. Riley Fee Letter or the 2020 Refinancing in violation
of this Agreement shall be segregated and held in trust and promptly paid over to the Administrate Agent, for the benefit of the
Secured Parties, in each case, in the same form as received, with any necessary endorsements, and each of the Term Loan Lenders
hereby authorizes the Administrative Agent to make any such endorsements as agent for such Term Loan Lender or its respective
Affiliate (in each case, which authorization, being coupled with an interest, is irrevocable). All such payments paid over to
the Administrative Agent shall be, as applicable, used to prepay Revolving Credit Loans and, if the Revolving Credit Loans are
paid in full, Cash Collateralize Letters of Credit or applied in accordance with the provisions of Section 8.03. For purposes
of this Agreement, each Term Loan Lender agrees that in an any proceeding under any Debtor Relief Law or any other judicial proceeding
relative to any Loan Party of the Borrower, any debt or equity securities issued or to be issued by the reorganized or liquidating
Borrower or any reorganized or liquidating Loan Party that is allocated to any Term Loan Lender or Affiliate thereof on account
of the Term Loan Facility, the B. Riley Fee Letter or the 2020 Refinancing in a plan of reorganization or liquidation shall be
deemed to be payments that are subject to the turnover provisions hereunder.

 

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(b) If
the Administrative Agent or any Revolving Credit Lender is required in any proceeding under any Debtor Relief Law or
otherwise to disgorge, turn over or otherwise pay to the estate of any Loan Party any amount (a
“Recovery”), whether received as proceeds of security, enforcement of any right of set-off or otherwise,
because such amount was avoided or ordered to be paid or disgorged for any reason, including because it was found to
be a fraudulent or preferential transfer, then the Obligations with respect to the Revolving Credit Facility shall be
reinstated to the extent of such Recovery and deemed to be outstanding as if such payment had not occurred and the Revolving
Credit Facility Termination Date, as applicable, shall be deemed not to have occurred. If this Agreement shall have been
terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination
shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto. Each of the Term
Loan Lenders agrees that none of them shall be entitled to benefit from any avoidance action affecting or otherwise relating
to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise, it being
understood and agreed that any benefit of such avoidance action otherwise allocable to them shall instead be allocated and
turned over for application in accordance with the priorities set forth in this Agreement.

 

11.03 Financing
Matters. Prior to the Revolving Credit Facility Termination Date, if any Loan Party becomes subject to any proceeding under
any Debtor Relief Law:

 

(a) If
the Administrative Agent or the Revolving Credit Lenders consent (or do not object) to the use of cash collateral under the Bankruptcy
Code or provide debtor-in-possession financing to any Loan Party under the Bankruptcy Code or consent (or do not object) to the
provision of such financing to any Loan Party by any third party, then each Term Loan Lender agrees that it (i) will be deemed
to have consented to, will raise no objection to, nor support any other Person objecting to, the use of such cash collateral or
to such debtor-in-possession financing and (ii) will not request or accept adequate protection or any other relief in connection
with the use of such cash collateral or such DIP Financing except as set forth in Section 11.04 below.

 

(b) No
Term Loan Lender or Affiliate thereof may (i) propose to provide any debtor-in-possession
financing or (ii) support any other Person in providing any debtor-in-possession financing to any Loan Party that competes with
any debtor-in-possession financing offered by one or more of the Administrative Agent or the Revolving Credit Lenders.

 

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11.04 Adequate
Protection. Prior to the occurrence of the Revolving Credit Facility Termination Date, no Term Loan Lender shall be
granted any adequate protection in any proceeding under any Debtor Relief Law, provided that, if the Administrative
Agent, for the benefit of itself and the Revolving Credit Lenders, or the Revolving Credit Lenders are granted adequate
protection consisting of replacement Liens on existing Collateral or new Liens on property that is unencumbered or does not
constitute Collateral and/or superpriority claims in connection with any debtor-in-possession financing or use of cash
collateral, then in connection with any such debtor-in-possession financing or use of cash collateral each of the Term Loan
Lenders may, as adequate protection, seek or accept (and the Administrative Agent and the Revolving Credit Lenders shall not
object to) adequate protection consisting solely of (x) replacement Liens on existing Collateral or new Liens on such
property that is unencumbered or does not constitute Collateral, which replacement Liens shall be subordinated in all
respects to the Liens granted to the Administrative Agent, for the benefit of itself and the Revolving Credit Lenders, or the
Revolving Credit Lenders and such debtor-in-possession financing and/or (y) superpriority claims junior in all respects
to the superpriority claims granted the Administrative Agent, for the benefit of itself and the Revolving Credit Lenders, or
the Revolving Credit Lenders; provided, however, that each Term Loan Lender shall have irrevocably
agreed, pursuant to Section 1129(a)(9) of the Bankruptcy Code, that prior to the occurrence of the Revolving Credit
Facility Termination Date any plan of reorganization under the Bankruptcy Code may provide, and any stipulation and/or order
granting such adequate protection may similarly provide, that the Term Loan Lenders may receive on account of such junior
superpriority claims any combination of cash, debt, equity or other property having a value on the effective date of such
plan equal to the allowed amount of such superpriority claims; provided further that recovery on account of the
superpriority claim received by any Term Loan Lender is subject to, inter alia, Section 11.02.

 

11.05 Voting
Matters. Prior to the occurrence of the Revolving Credit Facility Termination Date, in no event shall any Term Loan Lender
or any Affiliate thereof vote to accept or take any other action to support the confirmation
or approval of any plan of reorganization in any proceeding under any Debtor
Relief Law if the Administrative Agent has provided notice to the Term Loan Lenders at least one Business Day prior to the applicable
voting deadline that the Required Lenders do not approve of such plan of reorganization.

 

11.06 Right
to Appear. Prior to the occurrence of the Revolving Credit Facility Termination Date, each of the Term Loan Lenders may appear
in any proceeding under any Debtor Relief Law; provided, however, that no Term Loan Lender may oppose any action
or position taken or relief sought by the Administrative Agent.

 

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11.07 Indemnification;
Release.

 

The
Term Loan Lenders, jointly and severally, agree to indemnify, defend and hold harmless the Administrative Agent and/or the
Revolving Credit Lenders from and against any and all reasonable and documented expenses, losses, claims, damages, suits,
proceedings and liabilities that are incurred by or threatened against the Administrative Agent and/or the Revolving Credit
Lenders, including, but not limited to reasonable attorneys’ fees and expenses caused by or resulting from the breach
of any representation, warranty, agreement, covenant or other obligation of the Term Loan Lenders contained herein; provided
that no Term Loan Lender shall be liable under this clause (a) for the payment of any portion of the foregoing that
are found by a final and non-appealable decision of a court of competent jurisdiction to have resulted from the
Administrative Agent’s and/or any Revolving Credit Lender’s own gross negligence, willful misconduct or breach in
bad faith of the Loan Documents. The indemnification rights set forth in this clause (a) are in addition to any rights of
indemnification or reimbursement that the Administrative Agent or the Revolving Credit Lenders may have under this Agreement
or any other Loan Document.

 

No
Term Loan Lender shall have any right to make or bring (or participate in, other than as a passive participant in or recipient
of its pro rata benefits of) any claim, in its capacity as a Lender, against the Administrative Agent or any other Lender with
respect to any duties or obligations or alleged duties or obligations of the Administrative Agent or any other such Lender under
the Loan Documents (except to the extent the basis of such claim is found by a final and non-appealable decision of a court of
competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Administrative Agent or the Revolving
Credit Lenders).

 

11.08 Enforceability.
The parties hereto expressly acknowledge that the provisions of this Article XI, any other subordination terms set forth
herein and any other provision governing the rights among any and all Secured Parties are a “subordination agreement”
under Section 510(a) of the Bankruptcy Code and that such provisions shall be effective before, during and after the commencement
of any proceeding under any Debtor Relief Law and shall survive the termination of this Agreement.

 

11.09 Article
XI; Generally. The provisions of this Article XI are solely for the benefit of the Administrative Agent, the Revolving
Credit Lenders, the L/C Issuers and the Term Loan Lenders, and the Borrower shall not have any rights as a third party beneficiary
of any of such provisions.

 

 

208

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