Document:

mpw-ex101_557.htm

Exhibit 10.1

 

Deal CUSIP:  55342TAP2

Facility CUSIP: 55342TAQ0

 

SYNDICATED FACILITY AGREEMENT

 

among

MPT OPERATING PARTNERSHIP, L.P.

and

EVOLUTION TRUSTEES LIMITED AS TRUSTEE OF MPT AUSTRALIA REALTY TRUST,

as Borrowers

MEDICAL PROPERTIES TRUST, INC.,

and

Certain Subsidiaries of Medical Properties Trust, Inc. or MPT Operating Partnership, L.P.,

as Guarantors

The Several Lenders and other Entities from Time to Time Parties Hereto,

BANK OF AMERICA, N.A.,

as Administrative Agent

CITIZENS BANK, N.A.,

JPMORGAN CHASE BANK, N.A.,

SUNTRUST BANK

and

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Co-Syndication Agents

Dated as of May 23, 2019

BofA SECURITIES, INC.,

CITIZENS BANK, N.A.,

JPMORGAN CHASE BANK, N.A.,

SUNTRUST ROBINSON HUMPHREY, INC. 

and

WELLS FARGO SECURITIES, LLC

as Joint Lead Arrangers

BofA SECURITIES, INC., 

as Sole Bookrunner

 

 

 

 

 

Table of Contents

 

	
SECTION 1. DEFINITIONS 
	
1

	
 
	
1.1 Defined Terms
	
1

	
 
	
1.2 Other Definitional Provisions
	
32

	
 
	
1.3 Exchange Rates; Currency Equivalents; Interest Rates
	
33

	
 
	
1.4 [Reserved]
	
33

	
 
	
1.5 [Reserved]
	
33

	
 
	
1.6 Times of Day
	
33

	
SECTION 2. AMOUNT AND TERMS OF COMMITMENTS 
	
33

	
 
	
2.1 Delayed Draw Term Commitments
	
33

	
 
	
2.2 Procedure for Borrowing
	
33

	
 
	
2.3 [Reserved]
	
34

	
 
	
2.4 [Reserved]
	
34

	
 
	
2.5 [Reserved]
	
34

	
 
	
2.6 [Reserved]
	
34

	
 
	
2.7 [Reserved]
	
34

	
 
	
2.8 Unused Fees, etc
	
34

	
 
	
2.9 Termination or Reduction of Commitments
	
35

	
 
	
2.10 Prepayments
	
35

	
 
	
2.11 Repayment of Loans
	
35

	
 
	
2.12 Continuation Options
	
36

	
 
	
2.13 Limitations on Eurodollar Tranches
	
36

	
 
	
2.14 Interest Rates and Payment Dates
	
36

	
 
	
2.15 Computation of Interest and Fees
	
37

	
 
	
2.16 Inability to Determine Interest Rate
	
37

	
 
	
2.17 Pro Rata Treatment and Payments
	
38

	
 
	
2.18 Requirements of Law
	
39

	
 
	
2.19 Taxes
	
40

	
 
	
2.20 Indemnity
	
44

	
 
	
2.21 Change of Lending Office
	
44

	
 
	
2.22 Replacement of Lenders
	
45

	
 
	
2.23 Incremental Commitments
	
45

	
 
	
2.24 Defaulting Lenders
	
47

	
 
	
2.25 Joint and Several Liability
	
48

	
 
	
2.26 Limitation of Liability of MPT Australia Trustee
	
50

	
SECTION 3. [RESERVED] 
	
50

-i-

 

 

	
SECTION 4. REPRESENTATIONS AND WARRANTIES 
	
50

	
 
	
4.1 Financial Condition
	
51

	
 
	
4.2 No Change
	
51

	
 
	
4.3 Existence; Compliance with Law
	
51

	
 
	
4.4 Power; Authorization; Enforceable Obligations
	
52

	
 
	
4.5 No Legal Bar
	
52

	
 
	
4.6 Litigation
	
52

	
 
	
4.7 No Default
	
52

	
 
	
4.8 Ownership of Property; Liens
	
52

	
 
	
4.9 Intellectual Property
	
53

	
 
	
4.10 Taxes
	
53

	
 
	
4.11 Federal Regulations
	
53

	
 
	
4.12 Labor Matters
	
53

	
 
	
4.13 ERISA
	
53

	
 
	
4.14 Investment Company Act; Other Regulations
	
54

	
 
	
4.15 Subsidiaries
	
54

	
 
	
4.16 Use of Proceeds
	
54

	
 
	
4.17 Environmental Matters
	
54

	
 
	
4.18 Accuracy of Information, etc
	
55

	
 
	
4.19 Anti-Corruption Laws and Sanctions
	
56

	
 
	
4.20 Solvency
	
56

	
 
	
4.21 Reserved
	
56

	
 
	
4.22 Status of Holdings
	
56

	
 
	
4.23 Properties
	
56

	
 
	
4.24 EEA Financial Institutions
	
56

	
 
	
4.25 Australian Trustees
	
57

	
SECTION 5. CONDITIONS PRECEDENT 
	
57

	
 
	
5.1 Conditions to Effectiveness of Agreement
	
57

	
 
	
5.2 Conditions to Funding on the Funding Date
	
59

	
 
	
5.3 Conditions to Each Extension of Credit
	
61

	
SECTION 6. AFFIRMATIVE COVENANTS
	
61

	
 
	
6.1 Financial Statements
	
61

	
 
	
6.2 Certificates; Other Information
	
62

	
 
	
6.3 Payment of Obligations
	
63

	
 
	
6.4 Maintenance of Existence; Compliance
	
63

	
 
	
6.5 Maintenance of Property; Insurance
	
64

	
 
	
6.6 Inspection of Property; Books and Records; Discussions
	
64

	
 
	
6.7 Notices
	
64

	
 
	
6.8 Environmental Laws
	
65

	
 
	
6.9 Distributions in the Ordinary Course.
	
65

	
 
	
6.10 Additional Guarantors; Additional Unencumbered Properties
	
66

	
 
	
6.11 Notices of Asset Sales, Encumbrances or Dispositions
	
66

-ii-

 

 

	
 
	
6.12 Maintenance of Ratings
	
67

	
 
	
6.13 Use of Proceeds
	
67

	
 
	
6.14 Trustee Conduct
	
67

	
SECTION 7. NEGATIVE COVENANTS 
	
68

	
 
	
7.1 Financial Condition Covenants
	
68

	
 
	
7.2 Indebtedness
	
69

	
 
	
7.3 Liens
	
70

	
 
	
7.4 Fundamental Changes
	
72

	
 
	
7.5 Disposition of Property
	
73

	
 
	
7.6 Restricted Payments
	
74

	
 
	
7.7 Acquisition Documents
	
75

	
 
	
7.8 Investments
	
75

	
 
	
7.9 [Reserved]
	
75

	
 
	
7.10 Transactions with Affiliates
	
75

	
 
	
7.11 Sales and Leasebacks
	
76

	
 
	
7.12 Swap Agreements
	
76

	
 
	
7.13 Changes in Fiscal Periods
	
76

	
 
	
7.14 Negative Pledge Clauses
	
76

	
 
	
7.15 Clauses Restricting Subsidiary Distributions
	
77

	
 
	
7.16 Lines of Business
	
77

	
SECTION 8. EVENTS OF DEFAULT 
	
77

	
SECTION 9. THE AGENTS 
	
82

	
 
	
9.1 Appointment
	
82

	
 
	
9.2 Delegation of Duties
	
82

	
 
	
9.3 Exculpatory Provisions
	
83

	
 
	
9.4 Reliance by Administrative Agent
	
83

	
 
	
9.5 Notice of Default
	
83

	
 
	
9.6 Non-Reliance on Agents and Other Lenders
	
84

	
 
	
9.7 Indemnification
	
84

	
 
	
9.8 Agent in Its Individual Capacity
	
84

	
 
	
9.9 Successor Administrative Agent
	
85

	
 
	
9.10 Other Agents
	
85

	
 
	
9.11 Certain ERISA Matters
	
85

	
SECTION 10. MISCELLANEOUS 
	
86

	
 
	
10.1 Amendments and Waivers
	
86

	
 
	
10.2 Notices
	
87

	
 
	
10.3 No Waiver; Cumulative Remedies
	
90

	
 
	
10.4 Survival
	
90

	
 
	
10.5 Payment of Expenses and Taxes
	
91

	
 
	
10.6 Successors and Assigns; Participations and Assignments
	
92

	
 
	
10.7 Adjustments; Set‐off
	
96

	
 
	
10.8 Counterparts; Integration; Effectiveness; Electronic Execution
	
97

-iii-

 

 

	
 
	
10.9 Severability
	
97

	
 
	
10.10 Integration
	
98

	
 
	
10.11 Governing Law
	
98

	
 
	
10.12 Submission To Jurisdiction; Waivers
	
98

	
 
	
10.13 Acknowledgements
	
99

	
 
	
10.14 Releases of Guarantees
	
99

	
 
	
10.15 Confidentiality
	
99

	
 
	
10.16 WAIVERS OF JURY TRIAL
	
100

	
 
	
10.17 USA PATRIOT Act
	
100

	
 
	
10.18 [Reserved]
	
100

	
 
	
10.19 Headings
	
100

	
 
	
10.20 Interest Rate Limitation
	
101

	
 
	
10.21 Acknowledgement and Consent to Bail-In of EEA Financial Institutions
	
101

	
 
	
10.22 Australian Interest Withholding Tax
	
101

	
 
	
10.23 Acknowledgement Regarding Any Supported QFCs
	
103

 

 

 

-iv-

 

 

SCHEDULES:

 

 

	
EGL
	
Eligible Ground Leased Property

	
ES
	
List of Subsidiaries of Operating Partnership

	
PUP
	
Pooled Unencumbered Properties

	
SG
	
Subsidiary Guarantors

	
1.1A
	
Loan Commitments

	
4.4
	
Consents, Authorizations, Filings and Notices

	
4.15
	
Subsidiaries

	
4.23(a)
	
Properties

	
4.23(b)
	
Unencumbered Properties

	
7.2(d)
	
Existing Indebtedness

	
7.3(f)
	
Existing Liens

 

 

EXHIBITS:

 

 

	
A
	
Form of Guarantee Agreement

	
B
	
Form of Compliance Certificate

	
C
	
Form of Closing Certificate

	
D
	
Form of Assignment and Assumption

	
E-1
	
Form of Borrowing Request

	
E-2
	
Form of Continuation Notice

	
F
	
Form of U.S. Tax Compliance Certificates

 

 

-v-

 

 

SYNDICATED FACILITY AGREEMENT (this “Agreement”), dated as of May 23, 2019, among MPT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “Operating Partnership”), EVOLUTION TRUSTEES LIMITED (ABN 29 611 839 519), an Australian public company, as trustee of MPT AUSTRALIA REALTY TRUST, a subsidiary trust of the Operating Partnership organized and existing under the laws of Australia (“MPT Australia” and, collectively, with the Operating Partnership, the “Borrowers” and each a “Borrower”), MEDICAL PROPERTIES TRUST, INC., a Maryland corporation (“Holdings”), the several banks and other financial institutions or entities from time to time parties to this Agreement (the “Lenders”), CITIZENS BANK, N.A., JPMORGAN CHASE BANK, N.A., SUNTRUST BANK and WELLS FARGO BANK, NATIONAL ASSOCIATION, as co-syndication agents (in such capacities, the “Co-Syndication Agents”) and BANK OF AMERICA, N.A., as administrative agent.

WHEREAS, the Borrowers have requested that the Lenders provide a delayed draw term loan facility; and

WHEREAS, the Lenders are willing to do so on the terms and subject to the conditions set forth herein.

The parties hereto hereby agree as follows:

 

Section 1.  DEFINITIONS

1.1  Defined Terms.  As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set forth in this Section 1.1.

“2012 Senior Unsecured Note Indenture”:  the Indenture dated as of February 17, 2012 entered into by the Operating Partnership and MPT Finance Corp. in connection with the issuance of the 2012 Senior Unsecured Notes in the principal amount of $350,000,000, together with all instruments, supplements and other agreements entered into by the Operating Partnership and MPT Finance Corp. in connection therewith.

“2012 Senior Unsecured Notes”:  the 6.375% Senior Notes due 2022 issued by the Operating Partnership pursuant to the 2012 Senior Unsecured Note Indenture.

“2013 Senior Unsecured Note Indenture”:  the Indenture dated as of October 10, 2013, as supplemented through the date hereof, entered into by the Operating Partnership and MPT Finance Corp. in connection with the issuance of the 2013 Senior Unsecured Notes in the principal amount of €200,000,000 and the 2014 Senior Unsecured Notes in the principal amount of $300,000,000, together with all instruments, supplements and other agreements entered into by the Operating Partnership and MPT Finance Corp. in connection therewith.

“2013 Senior Unsecured Notes”:  the 5.750% Senior Notes due 2020 issued by the Operating Partnership pursuant to the 2013 Senior Unsecured Note Indenture.

“2014 Senior Unsecured Notes”: the 5.50% Senior Notes due 2024 issued by the Operating Partnership pursuant to the 2013 Senior Unsecured Note Indenture.

 

 

 

 

“Acquired Properties”:  as defined in Section 4.16.

“Acquisition”:  as defined in Section 4.16.

“Acquisition Agreement Representations”:  such of the representations and warranties made by any of Healthscope Ltd. and/or one or more affiliates thereof, as sellers, in the Acquisition Documents that are material to the interests of the Lenders, but solely to the extent that Holdings has (or an affiliate of Holdings has) the right to terminate its obligations under the Acquisition Agreements, or to decline to consummate the Acquisition pursuant to the Acquisition Documents, as a result of a breach of such representations and warranties.

“Acquisition Agreements”:  the Commitment Deed, the Bilateral Deed and the Acquisition Commitment Letter, together with all schedules, exhibits and other attachments thereto, as amended through the Funding Date.

“Acquisition Commitment Letter”:  the Commitment Letter dated January 28, 2019 between VIG Bidco Pty Limited (ACN 631 041 938) and the Operating Partnership.

“Acquisition Documents”:  the Acquisition Agreements, together with all agreements and instruments entered into in connection with the Acquisition Agreements.

“Additional Credit Extension Amendment”:  an amendment to this Agreement providing for any Incremental Commitments which shall be consistent with the applicable provisions of this Agreement relating to such Incremental Commitments and otherwise reasonably satisfactory to the Administrative Agent and the Borrowers.

“Additional Senior Unsecured Indentures”:  the 2012 Senior Unsecured Note Indenture, the 2013 Senior Unsecured Note Indenture and any other indenture entered into by the Operating Partnership and its Subsidiaries in connection with the issuance of the Additional Senior Unsecured Notes, together with all instruments and other agreements entered into by the Operating Partnership and its Subsidiaries in connection therewith.

“Additional Senior Unsecured Notes”:  the 2012 Senior Unsecured Notes, the 2013 Senior Unsecured Notes, the 2014 Senior Unsecured Notes and any other senior unsecured notes issued by the Operating Partnership that are pari passu with the Obligations and that are in an amount that would not cause a violation of any covenant set forth in Section 7.1 or any other provision of this Agreement after giving pro forma effect to the incurrence of the Indebtedness under such notes.

“Adjusted NOI”:  for any fiscal period, the NOI (or pro rata share of NOI from any Real Property owned by an unconsolidated Subsidiary or joint venture of the Operating Partnership) from any Real Property and adjusted to remove the effect of recognizing rental income on a straight-line basis over the applicable lease term.

“Administrative Agent”:  Bank of America, N.A., together with its affiliates, as the administrative agent for the Lenders under this Agreement and the other Loan Documents, together with any of its successors.

-2-

 

 

“Administrative Questionnaire”:  an Administrative Questionnaire in a form supplied by the Administrative Agent.

“Affiliate”:  as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person.  For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise.

“Agent Party”:  as defined in Section 10.2(d)(ii).

“Agents”:  the collective reference to the Co-Syndication Agents and the Administrative Agent.

“Agreement”:  as defined in the preamble hereto.

“Anti-Corruption Laws”:  all laws, rules, and regulations of any jurisdiction applicable to any Borrower and its affiliated companies from time to time concerning or relating to bribery or corruption, including, without limitation, the United States Foreign Corrupt Practices Act of 1977.

“Applicable Margin”:  the rate per annum set forth in the Pricing Grid.

“Approved Fund”:  as defined in Section 10.6(b)(ii).

“Arrangers”:  the financial institutions listed as “Joint Lead Arrangers” and “Sole Bookrunner” on the cover page to this Agreement in such capacities.

“Assignee”:  as defined in Section 10.6(b)(i).

“Associate”: as defined in section 128F(9) of the Income Tax Assessment Act 1936 (Cth) (Australia).

“Assignment and Assumption”:  an Assignment and Assumption, substantially in the form of Exhibit D or any other form (including electronic documentation generated by use of an electronic platform) approved by the Administrative Agent.

“AUD”:  the lawful currency of the Commonwealth of Australia.

“Australian Corporations Act”:  the Corporations Act 2001 (Cth) (Australia). 

“Australian AML Act”: the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (Australia). 

“Australian Tax Act”: the Income Tax Assessment Act 1936 (Cth) (Australia).

“Australian Withholding Tax”: any Australian Tax required to be withheld or deducted from any interest or other payment under Division 11A of Part III of the Income Tax Assessment Act 1936 (Cth) (Australia) or Subdivision 12-F of Schedule 1 to the Taxation Administration Act 1953 (Cth) (Australia). 

-3-

 

 

“Bail-In Action”:  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”:  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.

“Bankruptcy Event”:  with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, Controller, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or Australia or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

“Beneficial Ownership Certification”: a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

“Beneficial Ownership Regulation”: 31 C.F.R. § 1010.230.

“Benefit Plan”: any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

“Benefitted Lender”:  as defined in Section 10.7(a).

“Bilateral Deed”:  the Bilateral Deed dated January 28, 2019 between VIG Bidco Pty Limited (ACN 631 014 938) and the Operating Partnership.

“Board”:  the Board of Governors of the Federal Reserve System of the United States (or any successor).

“Borrowers”:  as defined in the preamble hereto.

“Borrowing Date”:  any Business Day specified by the Borrowers as a date on which the Borrowers request the Lenders to make Loans hereunder.

“Business”:  as defined in Section 4.17(b).

-4-

 

 

“Business Day”:  a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to close; and, with respect to any date for the payment or purchase of, or the fixing of an interest rate in relation to, AUD, the term “Business Day” shall also exclude any day on which banks are not open for general business in Sydney, Australia.

“Capital Lease Obligations”:  as to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP.

“Capital Stock”:  any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including partnership interests, membership interests in a limited liability company, and beneficial interests in a trust, and any and all warrants, rights or options to purchase any of the foregoing.

“Cash Equivalents”:  (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits or overnight bank deposits having maturities of six months or less from the date of acquisition issued by any Lender or by any commercial bank organized under the laws of the United States or any state thereof having combined capital and surplus of not less than $500,000,000; (c) commercial paper of an issuer rated at least A-1 by Standard & Poor’s Ratings Services (“S&P”) or P-1 by Moody’s Investors Service, Inc. (“Moody’s”), or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within six months from the date of acquisition; (d) repurchase obligations of any Lender or of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days, with respect to securities issued or fully guaranteed or insured by the United States government; (e) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody’s; (f) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition; (g) money market mutual or similar funds that invest exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition; (h) money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000, or (i) in the case of any Foreign Subsidiary, Investments of comparable tenor and credit quality to those described in the foregoing clauses (a) through (h) customarily utilized in countries in which such Foreign Subsidiary operates for short-term cash management purposes; provided that such Investments shall only be included in Total Asset Value if they are freely available to be repatriated to the Operating Partnership without adverse tax or accounting consequences.

-5-

 

 

“Cash Management Services”:  any cash management services that are entered into after the Closing Date between a Loan Party and any counterparty that is a Lender or the Administrative Agent or an Affiliate of a Lender or the Administrative Agent at the time such services are entered into.

“CFC”:  a controlled foreign corporation under Section 957 of the Code.

“Change in Law”:  the occurrence, after the date of this Agreement (or with respect to any Lender, if later, the date on which such Lender becomes a Lender), of any of the following: (a) the adoption of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority or (c) compliance by any Lender (or, for purposes of Section 2.18(b), by any lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement 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 be deemed to be a “Change in Law” regardless of the date enacted, adopted or issued.

“Charges”: as defined in Section 10.20.

“Closing Date”:  the date hereof.

“Code”:  the Internal Revenue Code of 1986, as amended from time to time.

“Commitment”:  as to any Lender, the Delayed Draw Term Commitment and any Incremental Commitments of such Lender.

“Commitment Deed”:  the Commitment Deed dated February 1, 2019 between Healthscope Limited ACN 144 840 639 and the Operating Partnership.

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

“Commonly Controlled Entity”:  an entity, whether or not incorporated, that is under common control with the Operating Partnership within the meaning of Section 4001 of ERISA or is part of a group that includes the Operating Partnership and that is treated as a single employer under Section 414(b), (c), (m) or (o) of the Code.

“Communications”:  as defined in Section 10.2(d)(ii).

“Compliance Certificate”:  a certificate duly executed by a Responsible Officer substantially in the form of Exhibit B.

-6-

 

 

“Conduit Lender”:  any special purpose corporation organized and administered by any Lender for the purpose of making Loans otherwise required to be made by such Lender and designated by such Lender in a written instrument; provided, that the designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a Loan under this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall have the sole right and responsibility to deliver all consents and waivers required or requested under this Agreement with respect to its Conduit Lender, and provided, further, that no Conduit Lender shall (a) be entitled to receive any greater amount pursuant to Section 2.18, 2.19, 2.20 or 10.5 than the designating Lender would have been entitled to receive in respect of the extensions of credit made by such Conduit Lender or (b) be deemed to have any Commitment.

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

“Consolidated Tangible Net Worth”:  as of any date of determination for Holdings and its Subsidiaries on a consolidated basis, consolidated shareholder’s equity (as reported on the consolidated balance sheet of Holdings in accordance with GAAP) minus assets of Holdings and its Subsidiaries that are considered to be intangible assets under GAAP (other than SFAS 141 Intangibles).

“Construction-in-Process”:  cash expenditures for land and improvements with respect to Development Properties determined in accordance with GAAP.

“Continuing Directors”:  the directors of Holdings on the Closing Date, and each other director, if, in each case, such other director’s nomination for election or appointment to the board of directors of Holdings is made by, or at the direction of, at least a majority of the then Continuing Directors.

“Contractual Obligation”:  as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.

“Controller”: as defined in section 9 of the Australia Corporations Act.

“Co-Syndication Agents”: as defined in the preamble hereto.

“Credit Party”:  the Administrative Agent or any Lender.

“Credit Rating”:  the publicly announced senior unsecured credit rating of the Operating Partnership given by Moody’s, S&P or Fitch.

“Default”:  any of the events specified in Section 8, whether or not any requirement for the giving of notice, the lapse of time, or both, has been satisfied.

-7-

 

 

“Defaulting Lender”:  any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans or (ii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrowers or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, (d) has become the subject of a Bankruptcy Event or a Bail-In Action or (e) is the Subsidiary of a Parent that has become the subject of a Bankruptcy Event or a Bail-In Action.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (e) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.24(e)) upon delivery of written notice of such determination to the Borrowers and each Lender.

“Delayed Draw Term Commitment”:  as to any Lender, the obligation of such Lender, if any, to make Delayed Draw Term Loans to the Borrowers in an aggregate principal amount not to exceed the amount set forth opposite such Lender’s name on Schedule 1.1A.  The initial aggregate amount of the Delayed Draw Term Commitments is AUD1,200,000,000.

“Delayed Draw Term Commitment Period”:  the period from and including the Funding Date to the Delayed Draw Termination Date.

“Delayed Draw Term Exposure”:  with respect to any Lender at any time, an amount equal to (a) until the Funding Date, the aggregate amount of such Lender’s Delayed Draw Term Commitments at such time, (b) during the Delayed Draw Term Commitment Period, the sum of (i) such Lender’s Delayed Draw Term Commitment then in effect and (ii) the aggregate then unpaid principal amount of such Lender’s Loans and (c) thereafter, the aggregate then unpaid principal amount of such Lender’s Loans.

“Delayed Draw Term Facility”:  the Commitments and the Loans made thereunder.

“Delayed Draw Term Lender”:  each Lender that has a Delayed Draw Term Commitment or that holds a Delayed Draw Term Loan.

“Delayed Draw Term Loan”:  as defined in Section 2.1.

“Delayed Draw Term Loan Maturity Date”:  May 23, 2024.

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“Delayed Draw Term Percentage”:  with respect to any Lender at any time, the ratio (expressed as a percentage) of such Lender’s Delayed Draw Term Exposure at such time to the Delayed Draw Term Exposures of all Lenders at such time.

“Delayed Draw Termination Date”:  the earliest of (a) the six-month anniversary of the Closing Date, (b) the date on which the fourth (4th) borrowing of Delayed Draw Term Loans (if any) is made by the Borrowers, and (c) the date of termination of the commitment of each Delayed Draw Term Lender to make Delayed Draw Term Loans pursuant to Section 2.1.

“Development Property”:  a Real Property owned by the Operating Partnership or one of its Subsidiaries on which the construction of a medical building of a type consistent with the Operating Partnership’s business strategy has commenced.  Such Real Property shall be treated as a Development Property until construction is completed and a certificate of occupancy (or its equivalent in the applicable jurisdiction) has been issued.

“Discharged”:  Indebtedness that has been defeased (pursuant to a contractual or legal defeasance) or discharged pursuant to the prepayment or deposit of amounts sufficient to satisfy such Indebtedness as it becomes due or irrevocably called for redemption in accordance with the terms of the instrument governing such Indebtedness (and regardless of whether such Indebtedness constitutes a liability on the balance sheet of the obligors thereof); provided, however, that Indebtedness shall be deemed Discharged if the payment or deposit of all amounts required for defeasance or discharge or redemption thereof have been made even if certain customary conditions thereto have not been satisfied, so long as such conditions are reasonably expected to be satisfied within 95 days after such prepayment or deposit.

“Disposition”:  with respect to any property, any sale, lease, sale and leaseback, assignment, conveyance, transfer, or other disposition thereof and including any disposition of property to a Divided LLC pursuant to an LLC Division.  The terms “Dispose” and “Disposed of” shall have correlative meanings.

“Disqualified Institution”: (a) (i) a prospective assignee or successor administrative agent (other than a Lender or an Affiliate of a Lender) which is a REIT investing primarily in healthcare properties (including, without limitation, hospitals) and (ii) which as of any date of determination has been designated by the Borrowers as a “Disqualified Institution” by written notice to the Administrative Agent and the Lenders (including by posting such notice to the Electronic System) not less than ten (10) Business Days prior to such date (provided that “Disqualified Institutions” shall exclude any Person that the Borrowers have designated as no longer being a “Disqualified Institution” by written notice delivered to the Administrative Agent from time to time), or (b) an Affiliate of such REIT that is clearly identifiable as such based solely on the similarity of its name.

“Disqualified Institution List”:  as defined in Section 10.6(g)(iv).

“Divided LLC”: any limited liability company that has been formed upon consummation of an LLC Division.

“Dollar Equivalent”:  at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in AUD, the equivalent amount thereof in Dollars as determined by the Administrative Agent 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 AUD.

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“Dollars” and “$”:  dollars in lawful currency of the United States.

“Domestic Subsidiary”:  any Subsidiary of the Operating Partnership organized under the laws of any jurisdiction within the United States.

“EBITDA”:  for any fiscal period for any Person, consolidated net income (or loss) before interest, taxes, depreciation and amortization, calculated for such period on a consolidated basis in conformity with GAAP, excluding gains and losses from extraordinary, unusual or non-recurring items, acquisition costs for completed acquisitions, write-offs of straight-line rent related to sold assets, asset sales or write-ups/write-downs and forgiveness of indebtedness.

“EBITDAR”:  for any fiscal period for any Person, EBITDA of such Person plus rent or operating lease expense of such Person, calculated for such period on a consolidated basis in conformity with GAAP.

“EEA Financial Institution”:  (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”:  any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

“EEA Resolution Authority”:  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.

“Electronic Signature”:  an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.

“Electronic System”:  any electronic system, including e-mail, e-fax, Intralinks®,  ClearPar®, Debt Domain, Syndtrak and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and any of its respective Related Parties or any other Person, providing for access to data protected by passcodes or other security system.

“Eligible Assignee”:  (a) a Lender or any Affiliate or Approved Fund of such Lender, or (b) a bank, trust company, finance company, insurance company or any other Person that is regularly engaged in making, purchasing or investing in loans of a type similar to the Loans; provided that, notwithstanding the foregoing, “Eligible Assignee” shall not include (w) Holdings, any Borrower or any of their respective Subsidiaries or Affiliates, (x) any natural person or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person, (y) any Defaulting Lender or (z) any Disqualified Institution.

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“Environmental Laws”:  any and all foreign, Federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning protection of human health or the environment, as now or may at any time hereafter be in effect.

“ERISA”:  the Employee Retirement Income Security Act of 1974, as amended from time to time.

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

“Eurodollar Loans”:  Loans the rate of interest applicable to which is based upon the Eurodollar Rate.  

“Eurodollar Rate”:  means the rate per annum equal to the Bank Bill Swap Reference Bid Rate, or a comparable or successor rate which rate is approved by the Administrative Agent in its reasonable discretion, as published on the applicable Bloomberg screen page (or such other page or commercially available source providing such quotations as may be designated by the Administrative Agent from time to time after consultation with Borrowers) at or about 10:30 a.m. (Sydney, Australia time) on the Rate Determination Date with a term equivalent to the relevant Interest Period; provided that (i) to the extent a comparable or successor rate is approved by the Administrative Agent in connection with any rate set forth in this definition, the approved rate shall be applied in a manner consistent with market practice, (ii) to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent, and (iii) if the Eurodollar Rate determined in accordance with the foregoing shall be less than zero, such rate shall be deemed to be zero.

“Eurodollar Tranche”:  the collective reference to Eurodollar Loans the then current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day).

“Event of Default”:  any of the events specified in Section 8, provided that any requirement for the giving of notice, the lapse of time, or both, has been satisfied.

“Exchange Act”: as defined in Section 8(k)(i).

“Excluded Foreign Subsidiary”:  any (i) Foreign Subsidiary that is a CFC, (ii) Subsidiary substantially all the assets of which consist of direct or indirect equity or debt investments in one or more Foreign Subsidiaries that are CFCs, and (iii) Subsidiary of a Subsidiary described in the foregoing clauses (i) and (ii).

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“Excluded Swap Obligation”:  with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the guarantee of such Guarantor of , or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee 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) (a) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee of such Guarantor or the grant of such security interest becomes or would become effective with respect to such Swap Obligation or (b) in the case of a Swap Obligation subject to a clearing requirement pursuant to Section 2(h) of the Commodity Exchange Act (or any successor provision thereto), because such Guarantor is a “financial entity,” as defined in Section 2(h)(7)(C)(i) the Commodity Exchange Act (or any successor provision thereto), at the time the guarantee of such Subsidiary Guarantor becomes or would become effective with respect to such related 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 guarantee or security interest is or becomes illegal. 

“Excluded Taxes”:  any of the following Taxes imposed on or with respect to a 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 applicable 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, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrowers under Section 2.22) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.19, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.19(f) and (d) any U.S. Federal withholding Taxes imposed under FATCA.

“Existing OpCo Credit Agreement”:  that certain Amended and Restated Revolving Credit and Term Loan Agreement, dated as of February 1, 2017, among Holdings, the Operating Partnership, the several banks and other financial institutions or entities from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and certain other parties party thereto.

“FATCA”:  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 (including any intergovernmental agreement implementing the foregoing) and any agreement entered into pursuant to Section 1471(b)(1) of the Code.

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“Federal Funds Rate”:  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, 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 next 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; provided further that if the Federal Funds Rate shall be less than zero, such rate shall be deemed to zero for the purposes of this Agreement.

“Fee Payment Date”:  the first Business Day following the last day of each March, June, September and December and the Delayed Draw Term Loan Maturity Date.

“Fitch”:  Fitch, Inc.

“FFO”:  as defined in the definition of Normalized Adjusted FFO.

“Foreign Lender”:  as to any Borrower (a) if such Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if such Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which such Borrower is resident for tax purposes.

“Foreign Subsidiary”:  any Subsidiary of the Operating Partnership that is not a Domestic Subsidiary.

“Funding Date”:  the date on which the conditions precedent set forth in Section 5.2 shall have been satisfied (or waived in accordance with Section 10.1).

“Funding Office”:  the office of the Administrative Agent specified in Section 10.2 or such other office as may be specified from time to time by the Administrative Agent as its funding office by written notice to the Operating Partnership and the Lenders.

“GAAP”:  generally accepted accounting principles in the United States as in effect from time to time, except that for purposes of Section 7.1, GAAP shall be determined on the basis of such principles in effect on the date hereof and consistent with those used in the preparation of the most recent audited financial statements referred to in Section 4.1(b).  In the event that any “Accounting Change” (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Borrowers and the Administrative Agent agree to enter into negotiations in order to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes with the desired result that the criteria for evaluating the financial condition of the Operating Partnership shall be the same after such Accounting Changes as if such Accounting Changes had not been made.  Until such time as such an amendment shall have been executed and delivered by the Borrowers, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred.  “Accounting Changes” refers to changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting 

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Standards Board of the American Institute of Certified Public Accountants or, if applicable, the SEC.  Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, (i) with respect to the accounting for leases as either operating leases or capital leases and the impact of such accounting in accordance with Accounting Standards Codification 840 on the definitions and covenants herein, GAAP as in effect on the Closing Date shall be applied and (ii) Indebtedness of Holdings 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.

“Governmental Authority”:  any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any self-regulatory organization (including the National Association of Insurance Commissioners).

“Group Members”:  the collective reference to Holdings, the Borrowers and their respective Subsidiaries.

“Guarantee Agreement”:  the Guarantee Agreement to be executed and delivered by Holdings, each Borrower and any Subsidiary Guarantor, substantially in the form of Exhibit A.

“Guarantee Obligation”:  as to any Person (the “guaranteeing person”), any obligation, including a reimbursement, counterindemnity or similar obligation, of the guaranteeing Person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation by another Person (including any bank under any letter of credit) that guarantees or in effect guarantees, any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or Disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness).  The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Operating Partnership in good faith.

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“Guarantors”:  the collective reference to Holdings and any Subsidiary Guarantors.

“Healthscope Investment”:  the Investment by the Borrowers or their Subsidiaries in VIG Bidco Pty Limited and/or its affiliates or investment vehicles made in connection with the Acquisition in accordance with  the terms of the Acquisition Documents. 

“Holdings”:  as defined in the preamble hereto.

“Immaterial Subsidiary”:  any Subsidiary of the Operating Partnership that (x) does not own or lease an Unencumbered Property and (y) on a consolidated basis with its respective Subsidiaries and treated as if all such Subsidiaries and their respective Subsidiaries were combined and consolidated as a single Subsidiary, have an aggregate net equity value of $75,000,000 or less.

“Impacted Loans”: as defined in Section 2.16(a).

“Implementation Deed”:  the Implementation Deed dated February 1, 2019 between Healthscope Limited ACN 144 840 639, VIG Bidco Pty Limited (ACN 631 014 938) and BCP VIG Holdings LP.

“Increased Amount Date”:  as defined in Section 2.23(a).

“Incremental Commitments”:  as defined in Section 2.23(a).

“Indebtedness”:  of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than current trade payables incurred in the ordinary course of such Person’s business), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement 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), (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under or in respect of acceptances, letters of credit, surety bonds or similar arrangements, (g) the liquidation value of all mandatorily redeemable preferred Capital Stock of such Person, (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above, (i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation, (j) all obligations under so-called forward equity purchase contracts to the extent such obligations are not payable solely in equity interests, (k) all obligations in respect of any so-called “synthetic lease” (i.e., a lease of property which is treated as an operating lease under GAAP and as a loan for U.S. income tax purposes) and (l) such obligor’s liabilities, contingent or otherwise of the type set forth in (a) through (h) above, under any joint-venture, limited liability company or partnership agreement, and (m) all obligations of such Person in respect of Swap Agreements, valued at the Swap Termination Value thereof.  The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor.  Notwithstanding the foregoing, in no event shall the 

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following constitute Indebtedness: (u) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset to satisfy warrants or other unperformed obligations of the seller of such asset, (v) amounts owed to dissenting stockholders in connection with, or as a result of, their exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto (including any accrued interest), with respect to the Acquisition, (w) trade accounts payable, deferred revenues, liabilities associated with customer prepayments and deposits and other accrued obligations (including transfer pricing and accruals for payroll and other operating expenses accrued in the ordinary course of business), in each case incurred in the ordinary course of business, (x) operating leases, (y) customary obligations under employment agreements and deferred compensation and (z) prepaid or deferred revenue and deferred tax liabilities.  Notwithstanding the foregoing, the term “Indebtedness” shall not include contingent postclosing purchase price adjustments, non-compete or consulting obligations or earn-outs to which the seller in an Acquisition or Investment may become entitled.

“Indemnified Liabilities”: as defined in Section 10.5.

“Indemnified Taxes”:  (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) hereof, Other Taxes.

“Indemnitee”: as defined in Section 10.5.

“Information”: as defined in Section 10.15.

“Insolvency”:  with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA.

“Insolvent”:  pertaining to a condition of Insolvency.

“Intellectual Property”:  the collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under United States, Australia, multinational or foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, technology, know-how and processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom.

“Interest Expense”:  for any fiscal period, an amount equal to the sum of the following with respect to all Total Indebtedness: (i) total interest expense, accrued in accordance with GAAP, plus (ii) all capitalized interest determined in accordance with GAAP (including the Borrowers’ pro rata share thereof for unconsolidated Subsidiaries and joint ventures), excluding, to the extent included in Interest Expense above, (A) the amount of such Interest Expense of any Subsidiary if the net income of such Subsidiary is excluded in the calculation of Net Operating Income (but only in the same proportion as the net income of such Subsidiary is excluded from the calculation of Net Operating Income), as determined on a consolidated basis in conformity with GAAP and (B) (i) accretion of accrual of discounted liabilities not constituting Indebtedness, (ii) any expense resulting from the discounting of any outstanding Indebtedness in connection with the application of purchase accounting in connection with any acquisition, (iii) amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses, (iv) any expensing of bridge, commitment or other financing fees (but not revolving loan commitment fees, including, without limitation, any fees associated with the exercise of the option to increase the Commitments) and (v) any amount not payable in cash.

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“Interest Payment Date”:  (a) as to any Eurodollar Loan having an Interest Period of three months or less, the last day of such Interest Period, and (b) as to any Eurodollar Loan having an Interest Period longer than three months, each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period.

“Interest Period”:  as to any Eurodollar Loan, (a) initially, the period commencing on the borrowing or continuation date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the Borrowers in their notice of borrowing or notice of continuation, as the case may be, given with respect thereto; and (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the Borrowers by irrevocable notice to the Administrative Agent not later than 11:00 A.M., New York City time, on the date that is four Business Days prior to the last day of the then current Interest Period; provided that, all of the foregoing provisions relating to Interest Periods are subject to the following:

(i)if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day;

(ii)the Borrowers may not select an Interest Period with respect to any Loan that would extend beyond the Delayed Draw Term Loan Maturity Date;

(iii)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 a calendar month; and

(iv)the Borrowers shall select Interest Periods so as not to require a payment or prepayment of any Loan during an Interest Period for such Loan.

“Investment Grade Rating”:  a Credit Rating of BBB- or better from S&P or a Credit Rating of Baa3 or better from Moody’s.

“Investments”:  as defined in Section 7.8.

“IRS”:  the United States Internal Revenue Service.

“Lease Coverage Ratio”:  for any person or property for any period, the ratio of EBITDAR for such person or property for such period to the aggregate rent payable under leases with respect to such person or property for such period.

“Lender Swap Agreement”:  any Swap Agreement that is or was entered into after the Closing Date between a Loan Party and any counterparty that is a Lender or the Administrative Agent or an Affiliate of a Lender or the Administrative Agent at the time such Swap Agreement is entered into.

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“Lenders”:  as defined in the preamble hereto; provided, that unless the context otherwise requires, each reference herein to the Lenders shall be deemed to include any Conduit Lender.

“Lien”:  any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having substantially the same economic effect as any of the foregoing).

“LLC Division”: the statutory division of any limited liability company into two or more limited liability companies pursuant to Section 18-217 of the Delaware Limited Liability Company Act (or any comparable event under a different jurisdiction’s laws). 

“Loan”:  any loan made by any Lender pursuant to this Agreement.

“Loan Documents”:  this Agreement, the Guarantee Agreement, the Notes, the fee agreements described in Section 2.8(b), and any amendment, waiver, supplement or other modification to any of the foregoing.

“Loan Parties”:  Holdings, each Borrower and any Subsidiary Guarantors.

“Material Adverse Effect”:  a material adverse effect on (a) the business, property, operations or condition (financial or otherwise) of the Operating Partnership and its Subsidiaries taken as a whole or (b) the validity or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the Administrative Agent or the Lenders hereunder or thereunder.

“Materials of Environmental Concern”:  any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including asbestos, polychlorinated biphenyls and urea-formaldehyde insulation.

“Maximum Rate”: as defined in Section 10.20.

“Median”:  Median Kliniken S. à r.l. together with its subsidiaries, affiliates and participations.

“Median Investment”:  any Investment made by the Operating Partnership or its Subsidiaries, directly or indirectly, in Median.

“Moody’s”:  as defined in the definition of Cash Equivalents.

“Mortgage Note”:  as defined in the definition of Total Asset Value.

“MPT Australia”: as defined in the preamble hereto.

“MPT Australia Trustee”: Evolution Trustees Limited (ACN 611 839 519).

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“Multiemployer Plan”:  a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA and in respect of which a Borrower or a Commonly Controlled Entity participates or is required to make contributions with respect thereto.

“Net Cash Proceeds”:  in connection with any issuance or sale of Capital Stock, the cash proceeds received from such issuance or incurrence, net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred in connection therewith.

“Net Operating Income” (“NOI”):  for any fiscal period, and with respect to any Real Property, the total rental and other operating income from the operation of such Real Property (including proceeds of rent loss or business interruption insurance) after deducting all expenses and other proper charges incurred by the Group Members in connection with the operation of such Real Property during such fiscal period, including, without limitation, property operating expenses paid by a Group Member, real estate taxes and bad debt expenses paid by a Group Member, but before payment or provision for Total Fixed Charges, income taxes, and depreciation, amortization, and other non-cash expenses of a Group Member, all as determined in accordance with GAAP. In the case of Real Property owned by Affiliates of the Operating Partnership which are not wholly-owned by the Operating Partnership, Net Operating Income shall be reduced by the amount of cash flow of such Affiliate allocated for distribution to the other owners of such Affiliate.

“New Lender”:  as defined in Section 2.23(a).

“New Loan”:  as defined in Section 2.23(a).

“Non-Consenting Lender”:  any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 10.01 and (b) has been approved by the Required Lenders.

“Nonrecourse Indebtedness”: with respect to a Person, Indebtedness for borrowed money (or the portion thereof) in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, violation of “special purpose entity” covenants, bankruptcy, insolvency, receivership or other similar events and other similar exceptions to recourse liability until a claim is made with respect thereto, and then in the event of any such claim, only a portion of such Indebtedness in an amount equal to the amount of such claim shall no longer constitute “Nonrecourse Indebtedness” for the period that such portion is subject to such claim) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness.

“Normalized Adjusted FFO”:  for any fiscal period, “funds from operations” (or “FFO”) of the Group Members as defined in accordance with resolutions adopted by the Board of Governors of the National Association of Real Estate Investment Trusts as in effect from time to time; provided that FFO shall (a) be based on net income after payment of distributions to holders of preferred partnership units in the Operating Partnership and distributions necessary to pay holders of preferred stock of Holdings and (b) at all times exclude (i) charges for impairment losses, (ii) stock-based compensation, (iii) write-offs or reserves of straight-line rent related to sold assets, (iv) amortization of debt costs, (v) non-recurring charges and (vi) any costs, fees and expenses related to acquisitions.

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“Notes”:  the collective reference to any promissory note evidencing Loans.

“Obligations”:  the unpaid principal of and interest on (including interest accruing after the maturity of the Loans and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to a Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Borrowers or any other Loan Party to the Administrative Agent or to any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, any other Loan Document, any document with respect to Cash Management Services, any Lender Swap Agreement or any other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to the Administrative Agent or to any Lender that are required to be paid by the Borrowers pursuant hereto) or otherwise; provided, however, that the definition of “Obligations” shall not create any guarantee by any Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of determining any obligations of any Guarantor.

“Offshore Associate”:  an Associate (a) which is a non-resident of Australia and does not become a Lender or receive a payment in carrying on a business in Australia at or through a permanent establishment of the Associate in Australia; or (b) which is a resident of Australia and which becomes a Lender or receives a payment in carrying on a business in a country outside Australia at or through a permanent establishment of the Associate in that country, and, in either case, which does not become a Lender and receive payment in the capacity of a clearing house, custodian, funds manager or responsible entity of a registered scheme.

“Operating Partnership”: as defined in the preamble hereto.

“Other Connection Taxes”:  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).  Notwithstanding the foregoing, for purposes of this Agreement the term “Other Connection Taxes” does not include Australian Withholding Taxes.

“Other Taxes”:  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 2.22).  

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“Overnight Rate”: for any day, the rate of interest per annum at which overnight deposits in AUD, in an amount approximately equal to the amount with respect to which such rate is being determined, would be offered for such day by a branch or Affiliate of Bank of America, N.A. in the applicable offshore interbank market for such currency to major banks in such interbank market. 

“Parent”:  with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

“Participant”:  as defined in Section 10.6(c)(i).

“Participant Register”:  as defined in Section 10.6(c)(i).

“Patriot Act”:  the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56, Oct. 26, 2001).

“PBGC”:  the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor).

“Permitted Investments”:

	
 
	
(a)
	
Investments made by the Operating Partnership or the Subsidiaries as a result of consideration received in connection with any disposition or transfer of assets permitted under Section 7.5;

	
 
	
(b)
	
extensions of trade credit in the ordinary course of business;

	
 
	
(c)
	
Investments in cash and Cash Equivalents;

	
 
	
(d)
	
Guarantee Obligations permitted by Section 7.2;

	
 
	
(e)
	
loans and advances to employees of any Group Member in the ordinary course of business (including for travel, entertainment and relocation expenses) in an aggregate amount for all Group Members not to exceed $2,500,000 at any one time outstanding;

	
 
	
(f)
	
Investments received in satisfaction of judgments or in settlements of debt or compromises of obligations incurred in the ordinary course of business;

	
 
	
(g)
	
Investments in tenants and any Investments made pursuant to a RIDEA Structure in an aggregate amount not to exceed the greater of (x) $1,000,000,000 and (y) 15% of Total Asset Value at any one time outstanding, so long as such Investment does not cause an Event of Default;

	
 
	
(h)
	
obligations under Swap Agreements otherwise permitted under this Agreement;

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(i)
	
intercompany Investments by any Group Member in any Borrower or any Person that, prior to such or upon the making of such investment, is a Wholly Owned Subsidiary of any Borrower;

	
 
	
(j)
	
any Investment consisting of prepaid expenses, negotiable instruments held for collection and lease, endorsements for deposit or collection in the ordinary course of business, utility or workers compensation, performance and similar deposits entered into as a result of the operations of the business in the ordinary course of business;

	
 
	
(k)
	
Investments in Subsidiaries (other than Wholly Owned Subsidiaries of a Borrower) and joint ventures, so long as such Investment does not cause an Event of Default;

	
 
	
(l)
	
Investments consisting of acquisitions of real property or Mortgage Notes receivable (including any such acquisitions effected through acquisition, merger, or consolidation of a Person that will become a Subsidiary) consistent with the Borrowers’ business strategy, so long as such Investment does not cause an Event of Default;

	
 
	
(m)
	
additional Investments not to exceed the greater of (x) $350,000,000 and (y) 5.0% of Total Asset Value at any time outstanding, so long as such Investment does not cause an Event of Default;

	
 
	
(n)
	
pledges or deposits by a Person under workers’ compensation laws, unemployment insurance laws or similar legislation, or deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case incurred in the ordinary course of business;

	
 
	
(o)
	
any Investment acquired by Holdings, any of the Borrowers or any of their Subsidiaries (a) in exchange for any other Investment or accounts receivable or rents receivable held by Holdings, any Borrower or any such Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable or rents receivable or (b) as a result of a foreclosure by Holdings, any Borrower or any of its Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default;

	
 
	
(p)
	
payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses in accordance with GAAP;

	
 
	
(q)
	
any Investment made in connection with the funding of contributions under any non-qualified employee retirement plan or similar employee compensation plan in an amount not to exceed the amount of compensation expenses recognized by Holdings, the any of the Borrowers and any of their Subsidiaries in connection with such plans;

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(r)
	
the Median Investment; 

	
 
	
(s)
	
any transaction (other than any Investment specifically limited by the above clauses (a) through (r)) which constitutes an Investment to the extent permitted by Section 7.10; and

	
 
	
(t)
	
the Healthscope Investment.

“Person”:  an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.

“Plan”:  at a particular time, any employee benefit plan that is covered by ERISA and in respect of which a Borrower or a Commonly Controlled Entity is at such time (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

“Pooled Unencumbered Properties”:  the Unencumbered Properties consisting of (a) as of the Closing Date, those properties set forth on Schedule PUP for which the underlying leases relating to such properties are cross-defaulted, and (b) after the Closing Date, such other additional or replacement Unencumbered Properties for which the underlying leases relating to such properties are cross-defaulted and which are reasonably acceptable to the Administrative Agent for addition to Schedule PUP from time to time.

“Pricing Grid”:  the table set forth below (the “Ratings Based Pricing Grid”).  

 

	
Range of Credit Ratings (S&P/Moody’s/ Fitch Ratings)
	
 
	
Applicable Margin 
(% per annum)

	
A-/A3 or higher
	
 
	
0.85%

	
BBB+/Baa1
	
 
	
0.90%

	
BBB/Baa2
	
 
	
1.00%

	
BBB-/Baa3
	
 
	
1.25%

	
below BBB-/Baa3 or unrated
	
 
	
1.65%

 

For purposes of the Pricing Grid, if at any time the Operating Partnership has two (2) Credit Ratings, the Applicable Margin shall be the rate per annum applicable to the highest Credit Rating; provided that if the highest Credit Rating and the lowest Credit Rating are more than one ratings category apart, the Applicable Margin shall be the rate per annum applicable to Credit Rating that is one ratings category below the highest Credit Rating.  If at any time the Operating Partnership has three (3) Credit Ratings, and such Credit Ratings are split, then: (A) if the difference between the highest and the lowest such Credit Ratings is one ratings category (e.g. Baa2 by Moody’s and BBB- by S&P or Fitch), the Applicable Margin shall be the rate per annum that would be applicable if the highest of the Credit Ratings were used; and (B) if the difference between such Credit Ratings is two ratings categories (e.g. Baa1 by Moody’s and BBB- by S&P or Fitch) or more, the Applicable Margin shall be the rate per annum that would be applicable if the average of the two (2) highest Credit Ratings were used, provided that if such average is not a recognized rating category, then the Applicable Margin shall be the rate per annum that would be applicable if the second highest Credit Rating of the three were used.  If at any time the Operating Partnership has only one Credit Rating (and such Credit Rating is from Moody’s or S&P), the Applicable Margin shall be the rate per annum applicable to such Credit Rating.  If the Operating Partnership does not have a Credit Rating from either Moody’s or S&P, the Applicable Margin shall be the rate per annum applicable to a Credit Rating of “below BBB-/Baa3 or unrated” in the table above.

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Initially, the Applicable Margin shall be the rate per annum applicable to a Credit Rating of “BBB-/Baa3” in the table above. Thereafter, each change (if any) in the Applicable Margin shall be effective immediately as of the date on which any of the rating agencies announces a change in the Credit Rating or the date on which the Operating Partnership no longer has a Credit Rating from one of the rating agencies or the date on which the Operating Partnership has a Credit Rating from a rating agency that had not provided a Credit Rating for the Operating Partnership on the day immediately preceding such date, whichever is applicable.  

“Projections”:  as defined in Section 6.2(b).

“Properties”:  as defined in Section 4.17(a).

“Property Owning Subsidiary”:  a Subsidiary of the Operating Partnership that owns or leases any Real Property.

“PTE”:  a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

“Rate Determination Date”:  two (2) Business Days prior to the commencement of an Interest Period (or such other day as is generally treated as the rate fixing day by market practice in such interbank market, as reasonably determined by the Administrative Agent; provided that to the extent such market practice is not administratively feasible for the Administrative Agent, such other day as otherwise reasonably determined by the Administrative Agent).

“Ratings Based Pricing Grid”: as defined in the definition of “Pricing Grid”.

“Real Property”:  any real property owned or ground-leased by a Group Member.

“Recipient”:  (a) the Administrative Agent, and (b) any Lender, as applicable.

“Recourse Indebtedness”: any Indebtedness that is not Nonrecourse Indebtedness.

“Register”:  as defined in Section 10.6(b)(iv).

“Regulation T”:  Regulation T of the Board as in effect from time to time.

“Regulation U”:  Regulation U of the Board as in effect from time to time.

“Regulation X”:  Regulation X of the Board as in effect from time to time. 

“REIT”:  a domestic trust or corporation that qualifies as a real estate investment trust under the provisions of §856, et. seq. of the Code or any successor provisions.

“Related Parties”:  with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, partners, employees, agents and advisors of such Person and such Person’s Affiliates.

“Reorganization”:  with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of ERISA.

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“Reportable Event”:  any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty (30) day notice period is waived under subsections .27, .28, .29, .30, .31, .32, .34 or .35 of PBGC Reg. § 4043.

“Required Lenders”:  at any time, subject to Section 2.24(b), the holders of more than fifty percent (50%) of the Delayed Draw Term Facility.

“Requirement of Law”:  as to any Person, the Certificate of Incorporation and By‐Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case 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”:  the chief executive officer, president, chief financial officer, chief operating officer, managing director, controller, treasurer, vice president or secretary of Holdings, the sole member of the general partner of the Operating Partnership, but in any event, with respect to financial matters, the chief financial officer or controller of Holdings, the sole member of the general partner of the Operating Partnership.

“Restricted Payments”:  as defined in Section 7.6.

“Revaluation Date”:  with respect to any Loan, each of the following:  (i) each date of a borrowing of a Eurodollar Loan, (ii) each date of a continuation of a Eurodollar Loan denominated pursuant to Section 2.12, and (iii) such additional dates as the Administrative Agent shall determine or the Required Lenders shall require.

“RIDEA”:  REIT Investment Diversification and Empowerment Act of 2007, as amended.

“S&P”:  as defined in the definition of Cash Equivalents.

“Sanctioned Country”:  at any time, a country, region or territory which is the subject or target of any Sanctions.

“Sanctioned Person”:  at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, the European Union, any EU member state, Her Majesty’s Treasury of the United Kingdom or any other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).

“Sanctions”:  economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any EU member state, Her Majesty’s Treasury of the United Kingdom or any other relevant sanctions authority.

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“SEC”:  the Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority.

“Secured Debt Reserve”: as defined in Section 7.1(c).

“Secured Indebtedness”:  the portion of Total Indebtedness which is secured by a Lien on any Real Property, personal property, Capital Stock or other assets.

“Secured Leverage Ratio”:  as defined in Section 7.1(c).

“Senior Note Indenture”:  the Indenture dated as of July 14, 2006 entered into by the Operating Partnership and Holdings in connection with the issuance of the Senior Notes, together with all instruments and other agreements entered into by the Operating Partnership or Holdings in connection therewith.

“Senior Notes”:  the senior notes of the Operating Partnership issued pursuant to the Senior Note Indenture.

“Significant Acquisition”:  any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in the acquisition (including, without limitation, a merger or consolidation or any other combination with another Person) by one or more Group Members of properties or assets of a Person (or the Capital Stock of a Person) for a purchase price in excess of 5% of Total Asset Value or its foreign currency equivalent.

“Single Employer Plan”:  any Plan that is covered by Title IV of ERISA, but that is not a Multiemployer Plan.

“Solvent”:  when used with respect to any Person, means that, as of any date of determination, (a) the amount of the “present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (d) such Person will be able to pay its debts as they mature.  For purposes of this definition, (i) “debt” means liability on a “claim”, and (ii) “claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured.

“Specified Change of Control”:  a “Change of Control” or “Designated Event” (or any other defined term having a similar purpose) as defined in the Senior Note Indenture or any Additional Senior Unsecured Indentures.

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“Specified Jurisdictions”:  Germany, the United Kingdom, Australia, Canada, Switzerland, Japan, Spain, Italy, Ireland, Austria, France and such other countries, or such territories of the United States, as are proposed by the Borrowers and approved by the Administrative Agent.

“Specified Representations”:  the representations and warranties set forth in Section 4.3(a), Section 4.4, Section 4.11, Section 4.14, Section 4.16, Section 4.18(b), Section 4.19, and Section 4.20.

“Spot Rate”:  for a currency means the rate determined by 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 Administrative Agent may obtain such spot rate from Reuters, Bloomberg another financial institution designated by the Administrative Agent if the Person acting in such capacity so elects.

“Subsidiary”:  as to any Person, a corporation, partnership, limited liability company, trust or other entity of which shares of stock, units or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership, trust or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person.  Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Operating Partnership.

“Subsidiary Guarantor”:  (a) each Property Owning Subsidiary, other than any Excluded Foreign Subsidiary, that provides a Guarantee Agreement so that the Real Property owned or leased by such Subsidiary shall qualify as an Unencumbered Property and (b) each Subsidiary of Holdings or the Operating Partnership that is a guarantor of Indebtedness arising under the Existing OpCo Credit Agreement.  The Subsidiary Guarantors on the Closing Date are listed on Schedule SG.

“Swap Agreement”:  any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of any Borrower or any of their Subsidiaries shall be a “Swap Agreement”.

“Swap Obligations”:  with respect to any Person, any and all obligations of such Person, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Swap Agreements, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any Swap Agreement transaction, including 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.

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“Swap Termination Value”: in respect of any one or more Swap Agreements, after taking into account the effect of any netting agreements relating to such Swap Agreements (to the extent, and only to the extent, such netting agreements are legally enforceable in a bankruptcy or insolvency proceeding against the applicable counterparty obligor thereunder), (i) for any date on or after the date such Swap Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (ii) for any date prior to the date referenced in preceding clause (i), the amount(s) determined as the mark-to-market value(s) for such Swap Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Agreements (which may include a Lender or any Affiliate of a Lender).

“TARGET2”:  the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET2) payment system (or, if such payment system ceases to be operative, such other payment system reasonably determined by the Administrative Agent to be a suitable replacement) for the settlement of payments in euro.  

“Taxes”:  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.

“Total Asset Value”:  an amount equal to the sum, without duplication, of (i) the undepreciated cost (after taking into account any impairments) of all Real Properties that are 100% fee owned or ground-leased by the Group Members (other than Development Properties), plus (ii) the pro-rata share of the undepreciated cost (after taking into account any impairments) of all Real Properties that are less than 100% fee owned or ground-leased by the Group Members (other than Development Properties), plus (iii) unrestricted cash and Cash Equivalents of the Group Members in excess of $10,000,000; provided that, for purposes of calculating the Total Leverage Ratio, no such unrestricted cash and Cash Equivalents will be added to Total Asset Value if such unrestricted cash and Cash Equivalents have been deducted from Total Indebtedness in the Total Leverage Ratio or from Secured Indebtedness in the Secured Leverage Ratio, plus (iv) the book value of (A) notes receivable of the Group Members which are secured by mortgage Liens on real estate and which are not more than 60 days past due or otherwise in payment default after giving effect to applicable cure periods that has resulted in the commencement of the exercise of remedies (“Mortgage Notes”), (B) notes receivable of Group Members (1) under which the obligor (or the guarantor thereof) is the operator of a medical property for which a Group Member is the lessor or mortgagee, (2) which are cross-defaulted to the lease or Mortgage Note held by such Group Member, (3) which are not more than 60 days past due or otherwise in payment default after giving effect to applicable cure periods, and (4) which are not in a principal amount in excess of $15,000,000 per note and are set forth in a schedule provided to the Administrative Agent (provided that not more than $50,000,000 of Total Asset Value may be attributable to notes receivable described in this clause (B)), (C) notes receivable in the original principal amount of approximately $93,200,000 evidencing the acquisition loan in connection with the acquisition of Ernest Health, Inc., (D) notes receivable in the original principal amount of approximately €100,000,000 evidencing the Median Investment so long as such notes are not more than 60 days past due or otherwise in payment default after giving effect to applicable cure periods, and (E) to the extent outstanding on or prior to November 1, 2019, notes and loan receivables evidencing the Healthscope Investment so long as such notes or loans are not more than 60 days past due or otherwise in payment default after giving effect to applicable cure periods, plus (v) the book value (after taking into account any impairments) of equity or debt investments in unconsolidated subsidiaries and joint ventures (in an amount not to exceed 10% of Total Asset Value), plus (vi) the book value (after taking into account any impairments) of Construction-in-Process for all Development Properties (in an amount not to exceed the greater of $200,000,000 and 7% of Total Asset Value), all as determined on a consolidated basis in accordance with GAAP.

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“Total EBITDA”:  for any fiscal period, total EBITDA of the Group Members and the Operating Partnership’s pro rata share of EBITDA of unconsolidated Subsidiaries and joint ventures of the Group Members.

 

“Total Fixed Charges”:  for any fiscal period, an amount equal to the sum of (i) Interest Expense, (ii) regularly scheduled installments of principal payable with respect to all Total Indebtedness (but excluding any balloon, bullet, or similar payments due at maturity and principal payments with respect to intercompany Indebtedness between the Operating Partnership and its Wholly Owned Subsidiaries), plus (iii) all dividend payments due to the holders of any preferred shares of beneficial interest of Holdings and all distributions due to the holders of any limited partnership interests in the Operating Partnership other than (a) limited partner distributions based on the per share dividend paid on the common shares of beneficial interest of Holdings (including the Operating Partnership’s pro rata share thereof for unconsolidated Subsidiaries and joint ventures), (b) redemption payments or charges in connection with the redemption of preferred Capital Stock and (c) dividends or distributions paid or payable to the Operating Partnership or any of its Subsidiaries.

 

“Total Indebtedness”:  all Indebtedness of the Group Members and the Operating Partnership’s pro rata share of all Indebtedness of unconsolidated Subsidiaries and joint ventures of the Operating Partnership.

 

“Total Leverage Ratio”:  as defined in Section 7.1(a).

“Trade Date”: as defined in Section 10.6(g).

“Transferee”:  any Assignee or Participant.

“Type”:  as to any Loan, its nature as a Eurodollar Loan.

“Unencumbered Asset Value”:  an amount equal to the sum without duplication of (i) the undepreciated cost (after taking into account any impairments) of those Unencumbered Properties (other than Development Properties) that are 100% fee owned or ground leased by the Operating Partnership, a Subsidiary Guarantor or a Wholly Owned Subsidiary of the Operating Partnership, plus (ii) the pro rata share of the undepreciated cost (after taking into account any impairments) of those Unencumbered Properties (other than Development Properties) that are at least 51% owned by the Operating Partnership, directly or indirectly, plus (iii) the book value of unencumbered Mortgage Notes so long as (A) the real estate securing such Mortgage Note meets the criteria for an Unencumbered Property (other than clauses 1, 3 and 7 of the definition thereof) that is not a Development Property, (B) such Mortgage Note is not more than 60 days past due or otherwise in payment default after giving effect to applicable cure periods that has resulted in the commencement of the exercise of remedies and (C) such Mortgage Note is owned by a Borrower, a Subsidiary Guarantor or a Wholly Owned Subsidiary of a Borrower that is not liable for any Recourse Indebtedness, plus (iv) unrestricted cash and Cash Equivalents in excess of $10,000,000; provided that, for purposes of calculating the Unsecured Leverage Ratio, no such unrestricted cash and Cash Equivalents will be added to Unencumbered Asset Value if such unrestricted cash and Cash Equivalents have been deducted from Unsecured Indebtedness in the Unsecured Leverage Ratio, plus (v) the book value (after taking into account any impairments) of Construction-in-Process for all Development Properties that are Unencumbered Properties (in an amount not to exceed the greater of $200,000,000 and 7% of Unencumbered Asset Value), all, except for clause (ii), as determined on a consolidated basis in accordance with GAAP;

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provided that (A) not more than 30% of Unencumbered Asset Value shall be attributable to Mortgage Notes, (B) not more than 15% of Unencumbered Asset Value may be attributable to any single Unencumbered Property, (C) not more than 40% of Unencumbered Asset Value may be attributable to Unencumbered Properties and Mortgage Notes for which a single Person is the tenant or obligor (and where any tenant or obligor is a joint venture in which a Person holds an interest, only such Person’s pro-rata share of the Unencumbered Asset Value attributable to the Unencumbered Property or Mortgage Note owned by such joint venture shall be counted against such Person for purposes of this clause (C)), (D) not more than 30% of Unencumbered  Asset Value may be attributable to Unencumbered Properties that are not wholly-owned by a Borrower or a Guarantor; provided further that not more than 20% of Unencumbered Asset Value may be attributable to Unencumbered Properties that are at least 51% owned by a Borrower, directly or indirectly, but less 90% owned by a Borrower, directly or indirectly, (E) not more than 15% of Unencumbered Asset Value may be attributable to Unencumbered Properties that are ground-leased by a Borrower or a Guarantor, (F) not more than 15% of Unencumbered Asset Value, in the aggregate, may be attributable to single Unencumbered Properties that have a Lease Coverage Ratio for the most recent four quarters of less than 1.50 to 1.0 or Pooled Unencumbered Properties which have an aggregate Lease Coverage Ratio for the most recent four quarters of less than 1.50 to 1.0; provided that such limitation shall cease to apply if the Operating Partnership achieves and maintains an Investment Grade Rating, (G) not more than 40% of Unencumbered Asset Value, in the aggregate, may be attributable to Unencumbered Properties located in Specified Jurisdictions (provided that not more than 20% of Unencumbered Asset Value, in the aggregate, may be attributable to Unencumbered Properties located in Specified Jurisdictions other than Germany and the United Kingdom), and (H) not more than 10% of Unencumbered Asset Value, in the aggregate, may be attributable to any Real Property leased to a tenant that is subject to any Bankruptcy Event.

 

“Unencumbered NOI”:  for any fiscal period, the sum of (a) the total Adjusted NOI attributable to all Unencumbered Properties for such period plus (b) the net income attributable to any unencumbered Mortgage Notes that are included in the calculation of Unencumbered Asset Value.

“Unencumbered Property”:  any Real Property that meets each of the following criteria as of the date of determination (with each such Real Property that meets such criteria being treated as an Unencumbered Property herein):

 

	
 
	
1.
	
Such Real Property is either (i) 100% fee owned or ground leased (with a remaining term of at least 25 years (except for the Real Property described on Schedule EGL which shall have a remaining ground lease term of at least 20 years) and the ability to qualify for financing under traditional long term financing terms and conditions), by (x) a Borrower, (y), a Subsidiary Guarantor or (z) a Property Owning Subsidiary that is a Wholly Owned Subsidiary of the Operating Partnership that is not a Subsidiary Guarantor and that is not liable for any Recourse Indebtedness (whether secured or unsecured, and including any Guarantee Obligations in respect of indentures or otherwise) or (ii) at least 51% owned by the Operating Partnership, directly or indirectly, so long as the Operating Partnership exclusively controls the sale and financing of such Real Property.

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2.
	
Such Real Property is improved with one or more completed medical buildings of a type consistent with the Operating Partnership’s business strategy, unless such Real Property is a Development Property.

	
 
	
3.
	
Such Real Property is not directly or indirectly subject to any Lien (other than Liens permitted under clauses (a), (b), (c), (d), (e), (g) and (h) of Section 7.3) or any negative pledge agreement or other agreement that prohibits the creation of a Lien.

	
 
	
4.
	
The representations in Section 4.17 are true with respect to such Real Property.

	
 
	
5.
	
The buildings and improvements on such Real Property are free of material defects which would materially decrease the value of such Real Property.

	
 
	
6.
	
Such Real Property is located in the United States or a Specified Jurisdiction; provided if such Real Property is located in a Specified Jurisdiction and the Foreign Subsidiary that is the owner or lessee of such Real Property is not a Subsidiary Guarantor, then such Real Property shall only be treated as an Unencumbered Property if such Subsidiary does not have any Recourse Indebtedness.

	
 
	
7.
	
Such Real Property is subject to a triple-net lease with a tenant, the tenant under such lease is not in default in the payment of base rent after giving effect to applicable cure periods, and such tenant is not in bankruptcy under Chapter 7 of the U.S. Bankruptcy Code, the Australian Corporations Act or similar insolvency liquidation proceedings of a country other than the United States, unless such Real Property is a Development Property.

 

“United States”:  the United States of America.

“Unsecured Debt Reserve”:  as defined in Section 7.1(f).

 

“Unsecured Indebtedness”:  the outstanding principal amount of Total Indebtedness that is not secured by a Lien on any Real Property, personal property, Capital Stock or other assets.  

“Unsecured Interest Expense”:  for any fiscal period, the amount of actual Interest Expense on Unsecured Indebtedness.  

 

“Unsecured Leverage Ratio”:  as defined in Section 7.1(f).

 

“Unused Fee”:  as defined in Section 2.8.

“U.S. Person”:  a “United States person” within the meaning of Section 7701(a)(30) of the Code.

“U.S. Tax Compliance Certificate”:  as defined in Section 2.19(f)(ii)(B)(3).

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“Wholly Owned Subsidiary”:  as to any Person, any other Person all of the Capital Stock of which (other than directors’ qualifying shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries.

 

“Write-Down and Conversion Powers”:  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.

1.2  Other Definitional Provisions.  (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto.

(b)  As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto, (i) accounting terms relating to any Group Member not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP, (ii) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (iii) the word “incur” shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have correlative meanings), (iv) 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, Capital Stock, securities, revenues, accounts, leasehold interests and contract rights, and (v) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended, supplemented, restated or otherwise modified from time to time.

(c)  The words “hereof”, “herein” and “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified.

(d)  The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

(e)  Any reference herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

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1.3  Exchange Rates; Currency Equivalents; Interest Rates(a).  (a)  The Administrative Agent shall determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar Equivalent amounts of the Loans.  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.

(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 “Eurodollar Rate.”

1.4  [Reserved].  

1.5  [Reserved].  

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

Section 2.  AMOUNT AND TERMS OF COMMITMENTS

2.1  Delayed Draw Term Commitments.  Subject to the terms and conditions hereof, each Lender severally agrees to make up to four loans (each such loan, a “Delayed Draw Term Loan”) to the Borrowers from time to time in AUD on any Business Day during the Delayed Draw Term Commitment Period in an aggregate amount not to exceed such Lender’s Delayed Draw Term Commitment.  The Delayed Draw Term Loans shall be Eurodollar Loans.  Amounts paid or prepaid in respect of Delayed Draw Term Loans may not be reborrowed.  

2.2  Procedure for Borrowing.  The Borrowers shall give the Administrative Agent irrevocable notice in the form of Exhibit E (which notice must be received by the Administrative Agent prior to 11:00 A.M., New York City time, four (4) Business Days prior to the requested Borrowing Date, specifying the amount to be borrowed, the requested Borrowing Date and the initial Interest Period applicable to such Delayed Draw Term Loan, which shall be a period contemplated by the definition of “Interest Period”).  Upon receipt of such notice the Administrative Agent shall promptly notify each Delayed Draw Term Lender thereof.  Not later than 11:00 A.M., Sydney time, on the Funding Date and each other date that a Delayed Draw Term Loan is to be made, each Delayed Draw Term Lender shall make available to the Administrative Agent at the Funding Office an amount in AUD in immediately available funds equal to the Delayed Draw Term Loan to be made by such Lender.  The Administrative Agent shall credit the account of the Borrowers on the books of such office of the Administrative Agent with the aggregate of the amounts made available to the Administrative Agent by the Delayed Draw Term Lenders in immediately available funds.

If no Interest Period is specified with respect to any requested Eurodollar Tranche, then Borrowers shall be deemed to have selected an Interest Period of one month’s duration.  Promptly following receipt of a borrowing request in the form of Exhibit E and in accordance with this Section, the Administrative Agent shall advise each Delayed Draw Term Lender of the details thereof and of the amount of such Delayed Draw Term Lender’s Delayed Draw Term Loan to be made.

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Each Delayed Draw Term Loan shall be made by the Delayed Draw Term Lenders ratably in accordance with their applicable Delayed Draw Term Commitments; provided that the failure of any Delayed Draw Term Lender to make its Delayed Draw Term Loan shall not in itself relieve any other Delayed Draw Term Lender of its obligation to lend hereunder (it being understood, however, that no Delayed Draw Term Lender shall be responsible for the failure of any other Delayed Draw Term Lender to make any Delayed Draw Term Loan required to be made by such other Delayed Draw Term Lender).  Eurodollar Loans comprising any Delayed Draw Term Loan shall be in an aggregate principal amount that is an integral multiple of AUD1,000,000 and not less than AUD5,000,000.

Subject to Sections 2.16 and 2.18, each Eurodollar Tranche shall be comprised entirely of Eurodollar Loans as the Borrowers may request in accordance herewith.  Each Delayed Draw Term Lender may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Delayed Draw Term Lender to make such Delayed Draw Term Loan; provided that any exercise of such option shall not affect the obligation of the Borrowers to repay such Delayed Draw Term Loan in accordance with the terms of this Agreement.  Borrowings of Delayed Draw Term Loans of more than one Type may be outstanding at the same time, subject to Section 2.13.  For purposes of the foregoing, Eurodollar Tranches having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate borrowings.

Notwithstanding any other provision of this Agreement, the Borrowers shall not be entitled to request, or to elect to continue, any Eurodollar Tranche if the Interest Period requested with respect thereto would end after the Delayed Draw Term Loan Maturity Date.  

2.3  [Reserved].  

2.4  [Reserved].  

2.5  [Reserved].  

2.6  [Reserved].  

2.7  [Reserved].  

2.8  Unused Fees, etc.  

(a)  The Borrowers agree to pay to the Administrative Agent, for the account of each Delayed Draw Term Lender, a per annum unused line fee (the “Unused Fee”) equal to 0.25% times the actual daily amount by which the Delayed Draw Term Facility exceeds the outstanding amount of Delayed Draw Term Loans (determined at the Spot Rate for purposes of clause (a)(i) below) during the period commencing on the Closing Date and ending on the Delayed Draw Termination Date.  The Unused Fee shall be payable in arrears as follows:

(i)on the Funding Date, in Dollars; and 

(ii)on each Fee Payment Date and on the Delayed Draw Termination Date, commencing on the first such date to occur after the Funding Date, in AUD.

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(b)  The Borrowers agree to pay to the Administrative Agent the fees in the amounts and on the dates as set forth in any fee agreements with the Administrative Agent and to perform any other obligations contained therein.

2.9  Termination or Reduction of Commitments.  

(a)  Prior to the Delayed Draw Termination Date, the Borrowers shall have the right to terminate the Delayed Draw Term Commitments or, from time to time, to reduce the amount of the Delayed Draw Term Commitments.  Any such reduction shall be in an amount equal to AUD5,000,000, or a whole multiple of AUD1,000,000 in excess thereof, and shall reduce permanently the Delayed Draw Term Commitments then in effect.  The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Delayed Draw Term Commitments under this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof.  Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof.  Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination of the Delayed Draw Term Commitments delivered by the Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.  Any termination or reduction of the Delayed Draw Term Commitments shall be permanent.  Each reduction of the Delayed Draw Term Commitments shall be made ratably among the Lenders in accordance with their respective Delayed Draw Term Commitments.

(b)  The Delayed Draw Term Commitment of a Delayed Draw Term Lender shall be automatically and permanently reduced by the amount of each Delayed Draw Term Loan made by such Lender.  The aggregate unfunded Delayed Draw Term Commitments shall be automatically and permanently reduced to zero on the earlier of (i) the Delayed Draw Termination Date and (ii) the date the aggregate Delayed Draw Term Loans made by all Delayed Draw Term Lenders equals the aggregate amount of the Delayed Draw Term Commitments.

2.10  Prepayments.  The Borrowers may at any time and from time to time prepay the Loans, in whole or in part, without premium or penalty (except as set forth below), upon irrevocable notice delivered to the Administrative Agent no later than 11:00 A.M., New York City time, four Business Days prior thereto, which notice shall specify the date and amount of prepayment; provided, that if a Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrowers shall also pay any amounts owing pursuant to Section 2.20.  Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof.  If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest to such date on the amount prepaid.  Partial prepayments of Loans shall be in an aggregate principal amount of AUD5,000,000 or a whole multiple of AUD1,000,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. 

2.11  Repayment of Loans.  

(a)  The Borrowers promise to repay all outstanding Loans on the Delayed Draw Term Loan Maturity Date or such earlier date as required herein.  

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(b)  Amounts to be applied in connection with prepayments of Loans made pursuant to Section 2.10 shall be applied to the prepayment of Loans.  Each prepayment of the Loans under Section 2.10 shall be accompanied by accrued interest to the date of such prepayment on the amount prepaid.

2.12  Continuation Options.  

(a)  Any Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrowers giving irrevocable written notice to the Administrative Agent substantially in the form of Exhibit E-2, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans (or, if none is specified, one month), provided, that if the Borrowers shall fail to give any required notice as described above in this paragraph or if any Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuations then all Loans shall be continued with an Interest Period of one month.  Upon receipt of any such notice (or any such automatic continuation) the Administrative Agent shall promptly notify each relevant Lender thereof.  During the existence of an Event of Default, the Required Lenders may demand that any or all of the then outstanding Eurodollar Loans be prepaid on the last day of the then current Interest Period with respect thereto.

2.13  Limitations on Eurodollar Tranches.  Notwithstanding anything to the contrary in this Agreement, all borrowings and continuations of Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal amount of the Loans comprising each Eurodollar Tranche shall be equal to AUD5,000,000 or a whole multiple of AUD1,000,000 in excess thereof and (b) no more than ten (10) Eurodollar Tranches shall be outstanding at any one time.

2.14  Interest Rates and Payment Dates.  

(a)  Each Eurodollar Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin.

(b)  (i) If all or a portion of the principal amount of any Loan shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all overdue outstanding Loans shall bear interest at a rate per annum equal to the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2%, and (ii) if all or a portion of any interest payable on any Loan or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at the same rate that a Loan with a one month Interest Period (commencing on the date such amount was payable) would bear under the circumstances described in clause (i) above; in each case, with respect to clauses (i) and (ii) above, from the date of such non‐payment until such amount is paid in full (as well after as before judgment).

(c)  Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to paragraph (c) of this Section shall be payable from time to time on demand of the Administrative Agent.

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2.15  Computation of Interest and Fees.  

(a)  Fees payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed.  Interest on Loans shall be calculated on the basis of a 365-day year for the actual days elapsed.  The Administrative Agent shall as soon as practicable notify the Borrowers and the relevant Lenders of each determination of a Eurodollar Rate.  Any change in the interest rate on a Loan resulting from a change in the Eurocurrency Reserve Requirements shall become effective as of the opening of business on the day on which such change becomes effective.  The Administrative Agent shall as soon as practicable notify the Borrowers and the relevant Lenders of the effective date and the amount of each such change in interest rate.

(b)  Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrowers and the Lenders in the absence of manifest error.  The Administrative Agent shall, at the request of the Borrowers, deliver to the Borrowers a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant to Section 2.14(a).

2.16  Inability to Determine Interest Rate.  (a) If in connection with any request for a Eurodollar Loan or a continuation thereof, (i) the Administrative Agent determines that adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Loan (in each case with respect to this clause (i), an “Impacted Loan”), or (ii) the Administrative Agent or the Required Lenders determine that for any reason  the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Loan does not adequately and fairly reflect the cost to such Lenders of funding such Eurodollar Loan, the Administrative Agent will promptly so notify the Operating Partnership and each Lender.  Thereafter, the obligation of the Lenders to make or maintain Eurodollar Loans shall be suspended (to the extent of the affected Eurodollar Loans or Interest Periods) until the Administrative Agent or, in the case of a determination by the Required Lenders described in clause (ii) of the preceding sentence, until the Administrative Agent upon instruction of the Required Lenders revokes such notice.  Upon receipt of such notice, the Borrowers may revoke any pending request for an Impacted Loan, or a continuation of Impacted Loans; failing such a revocation by the Borrowers, the Borrowers will be deemed to have (i) converted such request into a request for a Loan bearing interest at a per annum rate equal to the Alternative Rate applicable to the relevant Impacted Loan plus the Applicable Margin (in the case where an Alternative Rate for such Impacted Loan has been established) or (ii) revoked their request for such Impacted Loan (in the case where an Alternative Rate for such Impacted Loan has not been established).

(b)  Notwithstanding the foregoing, if the Administrative Agent has made the determination described in clause (i) of Section 2.16(a), the Administrative Agent, in consultation with the Borrower, may establish an alternative interest rate for the Impacted Loans (each such rate established, an “Alternative Rate”), in which case, such Alternative Rate shall apply with respect to the Impacted Loans until (i) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (i) of the first sentence of Section 2.16(a), (ii) the Administrative Agent or the Required Lenders notify the Administrative Agent and the Operating Partnership that such Alternative Rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (iii) 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 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 Operating Partnership written notice thereof.

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2.17  Pro Rata Treatment and Payments.  

(a)  Each borrowing by the Borrowers from the Lenders hereunder, each payment by the Borrowers on account of any unused fee and any reduction of the Commitments of the Lenders shall be made pro rata according to the respective Delayed Draw Term Percentages of the Lenders.

(b)  Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Loans shall be made pro rata according to the respective outstanding principal amounts of the Loans then held by the Lenders.  Amounts repaid or prepaid on account of the Loans may not be reborrowed.  

(c)  [reserved].

(d)  All payments (including prepayments) to be made by the Borrowers hereunder, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim.  All payments shall be made prior to 12:00 Noon, Sydney time, on the due date thereof to the Administrative Agent, for the account of the Lenders, at the Funding Office, in AUD (or in the case of fees payable pursuant to Section 2.8, in Dollars) and in immediately available funds.  Except as otherwise expressly provided herein, all payments made by the Borrowers hereunder with respect to principal and interest on Loans shall be made to the Administrative Agent, for the account of the respective Lenders, on the dates specified herein. 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.  If, for any reason, the Borrowers are prohibited by any Requirement of Law from making any required payment hereunder in AUD, the Borrowers shall make such payment in Dollars in the Dollar Equivalent of the AUD payment amount.  The Administrative Agent shall distribute such payments to the Lenders promptly upon receipt in like funds as received.  If any payment hereunder (other than payments on the Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day.  If any payment on a Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day.  In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension.

(e)  Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrowers a corresponding amount.  If such amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor, the applicable Lender and the Borrowers agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to such 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 such Borrower, the Eurodollar Rate then applicable to Loans with an Interest Period of one month (with the deemed commencement of such Interest Period being determined by the Administrative Agent in its reasonable discretion 

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for purposes of determining the appropriate Eurodollar Rate).  If the Borrowers 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 such Borrowers the amount of such interest paid by the Borrowers for such period.  If such Lender pays its share of the applicable Loan to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan.  Any payment by the Borrowers shall be without prejudice to any claim the Borrowers may have against a Lender that shall have failed to make such payment to the Administrative Agent.

(f)  Unless the Administrative Agent shall have been notified in writing by the Borrowers prior to the date of any payment due to be made by the Borrowers hereunder that the Borrowers will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrowers are making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount.  If such payment is not made to the Administrative Agent by the Borrowers within three Business Days after such due date, the Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal Funds Rate.  Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrowers.

(g)  If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.5, Section 2.7(b), Section 2.7(c), Section 2.17(d), Section 2.17(e), Section 3.4(a) or Section 9.7, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under such Sections; in the case of each of (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.

2.18  Requirements of Law.  (a)  If any Change in Law:

(i)shall 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;

(ii)shall impose, modify or hold applicable any reserve, special deposit, liquidity, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender that is not otherwise included in the determination of the Eurodollar Rate; or

(iii)shall impose on such Lender or the London interbank market any other condition, cost or expense (other than Taxes);

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and the result of any of the foregoing is to increase the cost to such Lender, by an amount that such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrowers shall promptly pay such Lender, upon its demand, any additional amounts necessary to compensate such Lender for such increased cost or reduced amount receivable.  If any Lender becomes entitled to claim any additional amounts pursuant to this paragraph, it shall promptly notify the Borrowers (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled.

(b)  If any Lender shall have determined that any Change in Law regarding capital or liquidity requirements or ratios shall have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of its obligations hereunder to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such holding company’s policies with respect to capital adequacy and liquidity) by an amount deemed by such Lender to be material, then from time to time, after submission by such Lender to the Borrowers (with a copy to the Administrative Agent) of a written request therefor, the Borrowers shall pay to such Lender such additional amount or amounts as will compensate such Lender or such holding company for such reduction.

(c)  A certificate as to any additional amounts payable pursuant to this Section submitted by any Lender to the Borrowers (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error.  Notwithstanding anything to the contrary in this Section, the Borrowers shall not be required to compensate a Lender pursuant to this Section for any amounts incurred more than nine months prior to the date that such Lender notifies the Borrowers of such Lender’s intention to claim compensation therefor; provided that, if the circumstances giving rise to such claim have a retroactive effect, then such nine-month period shall be extended to include the period of such retroactive effect.  The obligations of the Borrowers pursuant to this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

2.19  Taxes.  

(a)  Payments Free of Taxes.  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 law.  If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.19) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.  Notwithstanding this Section 2.19, an increase in the sum payable by any Loan Party shall not be required by reason of a deduction or withholding for or on account of Australian Withholding Tax to the extent that the deduction or withholding is required as a result of any representation or warranty given by BofA Securities, Inc. or any Lender under Section 10.22 being untrue or incorrect.

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

(c)  Evidence of Payments.  As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.19, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

(d)  Indemnification by the Loan Parties.  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) 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 delivered to the Borrowers 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.

(e)  Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) 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), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.06 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent 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 any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).

(f)  Status of Lenders.  (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 Borrowers and the Administrative Agent, at the time or times reasonably requested by the Borrowers or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrowers 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 Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers 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 2.19(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.

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(ii) Without limiting the generality of the foregoing, in the event that any Borrower is a U.S. Person,

(A) any Lender that is a U.S. Person shall deliver to the Borrowers 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 Borrowers or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender 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 Borrowers 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 Borrowers or the Administrative Agent), whichever of the following is applicable:

(1)  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, an executed IRS Form W-8BEN or IRS Form 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, IRS Form W-8BEN or IRS Form 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;

(2)  an executed IRS Form W-8ECI;

(3)  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 F-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of any Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) an executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or

(4) to the extent a Foreign Lender is not the beneficial owner, an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-2 or Exhibit F-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 F-4 on behalf of each such direct and indirect partner;

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(C)  any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers 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 Borrowers or the Administrative Agent), executed copies of any other form prescribed by applicable 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 law to permit the Borrowers 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 Borrowers and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrowers or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrowers or the Administrative Agent as may be necessary for the Borrowers 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.

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

(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 2.19 (including by the payment of additional amounts pursuant to this Section 2.19), 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 2.19 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 paragraph (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 paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (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 Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This paragraph 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.

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(h)  Survival.  Each party’s obligations under this Section 2.19 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 Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

(i)  Defined Terms.  For purposes of this Section 2.19, the term “applicable law” includes FATCA.

2.20  Indemnity.  The Borrowers agree to indemnify each Lender for, and to hold each Lender harmless from, any loss, cost or expense (including any foreign exchange losses) that such Lender may sustain or incur as a consequence of (a) default by the Borrowers in making a borrowing of or continuation of Eurodollar Loans after the Borrowers have given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrowers in making any prepayment of after the Borrowers have given a notice thereof in accordance with the provisions of this Agreement, (c) the making of a prepayment of Eurodollar Loans on a day that is not the last day of an Interest Period with respect thereto, (d) the assignment of any Eurodollar Loan other than on the last day of an Interest Period pursuant to a request by the Borrowers under Section 2.22, or (e) any failure by the Borrowers to make payment of any Loan (or interest due thereon) on its scheduled due date or any payment thereof in a different currency.  In the case of a Eurodollar Loan, such indemnification shall be deemed to include the amount equal to the excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not so borrowed, converted or continued, at the Eurodollar Rate that would have been applicable for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank eurodollar market.  A certificate as to any amounts payable pursuant to this Section submitted to the Borrowers by any Lender shall be conclusive in the absence of manifest error.  This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.  This Section 2.20 shall not apply with respect to Taxes other than Taxes that represent losses, costs or expenses arising from any non-Tax claims.

2.21  Change of Lending Office.  Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.18 or 2.19 with respect to such Lender, it will, if requested by the Borrowers, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the Borrowers or the rights of any Lender pursuant to Section 2.18 or 2.19(a).

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2.22  Replacement of Lenders.  The Borrowers shall be permitted to replace any Lender that (a) requests reimbursement for amounts owing pursuant to Section 2.18 or 2.19 or (b) becomes a Defaulting Lender or a Non-Consenting Lender, with a replacement financial institution; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement, (iii) if applicable, prior to any such replacement, such Lender shall have taken no action under Section 2.21 so as to eliminate the continued need for payment of amounts owing pursuant to Section 2.18 or 2.19, (iv) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (v) the Borrowers shall be liable to such replaced Lender under Section 2.20 if any Eurodollar Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (vi) the replacement financial institution, if not already a Lender, shall be reasonably satisfactory to the Administrative Agent, (vii) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.6 (provided that the Borrowers shall be obligated to pay the registration and processing fee referred to therein), (viii) until such time as such replacement shall be consummated, the Borrowers shall pay all additional amounts (if any) required pursuant to Section 2.18 or 2.19, as the case may be, and (ix) any such replacement shall not be deemed to be a waiver of any rights that the Borrowers, the Administrative Agent or any other Lender shall have against the replaced Lender.

2.23  Incremental Commitments.  

(a)  Incremental Facilities.  On one or more occasions at any time after the Closing Date, the Borrowers may by written notice to the Administrative Agent elect to request an increase to the existing Commitments (any such increase, the “Incremental Commitments”), by up to an aggregate amount not to exceed AUD550,000,000 for all Incremental Commitments (so that the sum of the Commitments plus the principal amount of Delayed Draw Term Loans made hereunder does not exceed AUD1,750,000,000).  Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrowers propose that such Incremental Commitments shall be effective, which shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to the Administrative Agent.  The Administrative Agent and/or its Affiliates shall use commercially reasonable efforts, with the assistance of the Borrowers, to arrange a syndicate of Lenders or other Persons that are Eligible Assignees willing to hold the requested Incremental Commitments; provided that (x) any Incremental Commitments on any Increased Amount Date shall be in the minimum aggregate amount of AUD25,000,000, (y) any Lender approached to provide all or a portion of the Incremental Commitments may elect or decline, in its sole discretion, to provide an Incremental Commitment; provided that the Lenders will first be afforded the opportunity to provide the Incremental Commitments on a pro rata basis, and if any Lender so approached fails to respond within such ten (10) Business Day period after its receipt of such request, such Lender shall be deemed to have declined to provide such Incremental Commitments, and (z) any Lender or other Person that is an Eligible Assignee (each, a “New Lender”) to whom any portion of such Incremental Commitment shall be allocated shall be subject to the approval of the Borrowers and the Administrative Agent (such approval not to be unreasonably withheld or delayed).

The terms and provisions of any Incremental Commitments shall be identical to the existing Commitments.

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The effectiveness of any Incremental Commitments and the availability of any borrowings under any such Incremental Commitments shall be subject to the satisfaction of the following conditions precedent: (i) after giving pro forma effect to such Incremental Commitments and borrowings and the use of proceeds thereof, (x) no Default or Event of Default shall exist and (y) as of the last day of the most recent calendar quarter for which financial statements have been delivered pursuant to Section 6.1, the Borrowers would have been in compliance with the financial covenants set forth in Section 7.1; (ii) the representations and warranties made or deemed made by the Borrowers in any Loan Document shall be true and correct in all material respects (other than any representation or warranty qualified as to “materiality”, “Material Adverse Effect” or similar language, which shall be true and correct in all respects) on the effective date of such Incremental Commitments except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date); (iii) the Administrative Agent shall have received each of the following, in form and substance reasonably satisfactory to the Administrative Agent: (x) if not previously delivered to the Administrative Agent, copies certified by the Secretary or Assistant Secretary (or, in the case of MPT Australia organized under the laws of Australia (or any of its jurisdictions), a  director) of all corporate or other necessary action taken by each of the Borrowers to authorize such Incremental Commitments, (y) customary opinions of counsel (which may be in substantially the same forms as delivered on the Closing Date) addressed to the Administrative Agent and the Lenders, and (z) if requested by any New Lender, Notes executed by the Borrowers, payable to such New Lender; and (iv) (x) upon the reasonable request of any Lender or New Lender made at least ten days prior to the applicable Increased Amount Date, the Borrowers shall have provided to such Lender or New Lender, and such Lender or New Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act, the Australian AML Act and the Beneficial Ownership Regulation, in each case at least five days prior to the Increased Amount Date and (y) at least five days prior to the applicable Increased Amount Date, any Loan Party that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall have delivered, to each Lender or New Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party.  

On any Increased Amount Date during the Delayed Draw Term Commitment Period, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Delayed Draw Term Lenders shall assign to each of the New Lenders, and each of the New Lenders shall purchase from each of the Delayed Draw Term Lenders, at the principal amount thereof (together with accrued interest), such interests in the Delayed Draw Term Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Delayed Draw Term Loans will be held by existing Delayed Draw Term Lenders and New Lenders ratably in accordance with their Commitments after giving effect to the addition of such Incremental Commitments to the Delayed Draw Term Commitments, (b) each Incremental Commitment shall be deemed for all purposes a Delayed Draw Term Commitment and each Loan made thereunder shall be deemed, for all purposes, a Delayed Draw Term Loan and (c) each New Lender shall become a Lender with respect to its Incremental Commitment and all matters relating thereto.

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On any Increased Amount Date on or after the Delayed Draw Term Commitment Period, subject to the satisfaction of the foregoing terms and conditions, (i) each New Lender shall make a Loan to the Borrowers (a “New Loan”) in an amount equal to its Incremental Commitment, and (ii) each New Lender shall become a Lender hereunder with respect to the Incremental Commitment and the New Loans made pursuant thereto.

The Administrative Agent shall notify the Lenders promptly upon receipt of the Borrowers’ notice of each Increased Amount Date and in respect thereof (y) the Incremental Commitments and the New Lenders, and (z) in the case of each notice during the Delayed Draw Term Commitment Period, the respective interests in such Delayed Draw Term Lender’s Delayed Draw Term Loans, in each case subject to the assignments contemplated by this paragraph.

The fees payable by the Borrowers to Lenders upon any such Incremental Commitments shall be agreed upon by the Administrative Agent and the Borrowers at the time of such increase.

The Incremental Commitments shall be evidenced pursuant to one or more Additional Credit Extension Amendments executed and delivered by the Borrowers, the New Lenders and the Administrative Agent, and each of which shall be recorded in the Register.  Each Additional Credit Extension Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of this Section 2.23, subject to the approval of the Borrowers (which approval shall not be unreasonably withheld or delayed).

2.24  Defaulting Lenders.  Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a)  fees shall cease to accrue on the unused portion of the Delayed Draw Term Commitment of such Defaulting Lender pursuant to Section 2.8;

(b)  the Commitments and Loans of such Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 10.1), provided that any waiver, amendment or modification that increases the Commitment of a Defaulting Lender, forgives all or any portion of the principal amount of any Loan or interest thereon owing to a Defaulting Lender, reduces the Applicable Margin on the underlying interest rate options owing to a Defaulting Lender or extends the Delayed Draw Term Loan Maturity Date applicable to such Defaulting Lender shall require the consent of such Defaulting Lender;

(c)  [reserved]

(d)  [reserved]

(e)  In the event that the Administrative Agent and the Borrowers each agree that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Delayed Draw Term Percentage.

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2.25  Joint and Several Liability.  

(a)  Each of the Borrowers is accepting joint and several liability hereunder and under the other Loan Documents in consideration of the financial accommodation to be provided by the Administrative Agent and the Lenders under this Agreement, for the mutual benefit, directly and indirectly, of each of the Borrowers and in consideration of the undertakings of each of the Borrowers to accept joint and several liability for the obligations of each of them.

(b)  Each of the Borrowers, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co debtor, joint and several liability with the other Borrower with respect to the payment and performance of all of the Obligations, it being the intention of the parties hereto that all of the Obligations shall be the joint and several obligations of each of the Borrowers without preferences or distinction among them.

(c)  If and to the extent that any of the Borrowers shall fail to make any payment with respect to any of the obligations hereunder or under any Loan Document as and when due or to perform any of such obligations in accordance with the terms thereof, then in each such event, the other Borrower will make such payment with respect to, or perform, such obligation.

(d)  The obligations of each Borrower under the provisions of this Section 2.25 constitute the absolute, irrevocable and unconditional, full recourse obligations of such Borrower, enforceable against it to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of this Agreement or any other circumstances whatsoever.

(e)  Except as otherwise expressly provided herein, each Borrower hereby waives notice of acceptance of its joint and several liability, notice of any Loans made pursuant to this Agreement, notice of the occurrence of any Default or Event of Default or of any demand for any payment under this Agreement, notice of any action at any time taken or omitted by the Administrative Agent or the Lenders, or any of them, under or in respect of any of the Obligations, any requirement of diligence or to mitigate damages and, generally, all demands, notices and other formalities of every kind in connection with this Agreement.  Each Borrower hereby assents to, and waives notice of, any extension or postponement of the time for the payment of any of the Obligations, the acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by the Administrative Agent or the Lenders, or any of them, at any time or times in respect of any default by any Borrower in the performance or satisfaction of any term, covenant, condition or provision of this Agreement, any and all other indulgences whatsoever by the Administrative Agent or the Lenders, or any of them, in respect of any of the Obligations, and the taking, addition, substitution or release, in whole or in part, at any time or times, of any security for any of such Obligations or the addition, substitution or release, in whole or in part, of any Borrower.  Without limiting the generality of the foregoing, each Borrower assents to any other action or delay in acting or any failure to act on the part of the Administrative Agent or the Lenders, or any of them, with respect to the failure by any Borrower to comply with any of its respective Obligations, including, without limitation, any failure strictly or diligently to assert any right or to pursue any remedy or to comply fully with applicable laws or regulations thereunder which might, but for the provisions of this Section 2.25, afford grounds for terminating, discharging or relieving such Borrower, in whole or in part, from any of its obligations under this Section 2.25, it being the intention of each Borrower that, so long as any of the Obligations hereunder remain unsatisfied, the obligations of such Borrower under this Section 2.25 shall not be discharged except by 

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performance and then only to the extent of such performance and then only to the extent of such performance.  The obligations of each Borrower under this Section 2.25 shall not be diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to any reconstruction or similar proceeding with respect to any Borrower or the Administrative Agent or any Lender, or any of them.  The joint and several liability of the Borrowers hereunder shall continue in full force and effect notwithstanding any absorption, merger, amalgamation or any other change whatsoever in the name, membership, constitution or place of formation of any of the Borrowers or the Administrative Agent or any Lender, or any of them.

(f)  The provisions of this Section 2.25 are made for the benefit of the Administrative Agent and the Lenders and their respective successors and assigns, and may be enforced by any such Person from time to time against any of the Borrowers as often as occasion therefor may arise and without requirement on the part of the Administrative Agent or any Lender, successor or assign first to marshal any of its or their claims or to exercise any of its or their rights against any Borrower or to exhaust any remedies available to it or them against any Borrower or to resort to any other source or means of obtaining payment of any of the Obligations or to elect any other remedy.  The provisions of this Section 2.25 shall remain in effect until all of the Obligations shall have been indefeasibly paid in full or otherwise fully satisfied.  If at any time, any payment, or any part thereof, made in respect of any of the Obligations, is rescinded or must otherwise be restored or returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy or reorganization of any Borrower, or otherwise, the provisions of this Section 2.25 will forthwith be reinstated and in effect as though such payment had not been made.

(g)  Notwithstanding any provision to the contrary contained herein or in any other Loan Document, to the extent the obligations of any Borrower shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or transfers) then the obligations of such Borrower hereunder shall be limited to the maximum amount that is permissible under applicable law (whether federal or state and including, without limitation, the Bankruptcy Code of the United States and the Australian Corporations Act).

(h)  Each Borrower hereby agrees that it will not enforce any of its rights of contribution or subrogation against the other Borrower with respect to any liability incurred by it hereunder or under any of the other Loan Documents, any payments made by it to the Administrative Agent or any Lender with respect to any of the Obligations until such time as all of the Obligations have been paid in full in cash.  Any claim which any Borrower may have against the other Borrower with respect to any payments to the Administrative Agent or any Lender hereunder or under any other Loan Documents is hereby expressly made subordinate and junior in right of payment, including without limitation, as to any increases in the Obligations, to the prior payment in full in cash of the Obligations and, in the event of any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceeding under the laws of any jurisdiction relating to any Borrower, its debts or its assets, whether voluntary or involuntary, all such Obligations shall be paid in full in cash before any payment or distribution of any character, whether in cash, securities or other property, shall be made to the other Borrower therefor. 

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Each Borrower hereby appoints the Operating Partnership to act as its agent for all purposes under this Agreement (including, without limitation, with respect to all matters related to the borrowing and repayment of Loans) and agrees that (i) the Operating Partnership may execute such documents on behalf of the Borrowers as the Operating Partnership deems appropriate in its sole discretion and the Borrowers shall be obligated by all of the terms of any such document executed on their behalf, (ii) any notice or communication delivered by the Administrative Agent or any Lender to the Operating Partnership shall be deemed delivered to each Borrower and (iii) the Administrative Agent or the Lenders may accept, and be permitted to rely on, any document, instrument or agreement executed by the Operating Partnership on behalf of the Borrowers.

2.26  Limitation of Liability of MPT Australia Trustee.  

(a)  MPT Australia Trustee enters into and performs this document and the transactions contemplated by it only as trustee of MPT Australia Realty Trust and in no other capacity.  To the extent permitted by law, the liability of MPT Australia Trustee to pay any amount or satisfy any obligation under or in connection with this document is limited to the extent to which MPT Australia Trustee is actually indemnified out of the assets of MPT Australia.  This limitation applies despite any other provision of this document and extends to all liabilities and obligations of MPT Australia Trustee in any way connected with any representation, warranty, conduct, omission, agreement or transaction related to this document or its performance.

(b)  No party to this document may sue MPT Australia Trustee in any capacity other than as trustee of MPT Australia, seek the appointment of a receiver, liquidator, administrator or other similar person to MPT Australia Trustee or seek to prove in any liquidation, administration or arrangement of or affecting MPT Australia Trustee other than in its capacity as trustee of MPT Australia Trustee and in respect of the assets of MPT Australia from which MPT Australia Trustee is actually indemnified.

(c)  The provisions of this Section 2.26 do not apply to any obligation or liability of MPT Australia Trustee to the extent that MPT Australia Trustee’s right to be indemnified out of the assets of MPT Australia Trustee has been reduced by fraud, negligence or a material breach of trust provided that nothing in this paragraph (c) shall make MPT Australia Trustee liable to any claim for an amount greater than that which each person would have been able to recover from the assets of MPT Australia Trustee were it not for the reduction of MPT Australia Trustee’s right of indemnity.

(d)  MPT Australia Trustee is not obliged to do or refrain from doing anything under this document (including, without limitation, incur any liability or enter into any document) unless MPT Australia Trustee’s liability is limited in the same manner as set out in this Section 2.26.

Section 3.  [RESERVED]

Section 4.  REPRESENTATIONS AND WARRANTIES

To induce the Administrative Agent and the Lenders to enter into this Agreement and to make the Loans, Holdings and each of the Borrowers hereby jointly and severally represent and warrant to the Administrative Agent and each Lender (with respect to Sections 4.1 through and including 4.24), and MPT Australia Trustee and each other Person that may from time to time act as a trustee of any other Loan Party that is a trust organized and existing under the laws of Australia represent and warrant to the Administrative Agent and each Lender (with respect to Section 4.25), that:

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4.1  Financial Condition.  

(a)  The pro forma covenant compliance certificate described in Section 5.2(k), copies of which have heretofore been furnished to each Lender, has been prepared giving effect (as if such events had occurred on such date) to (i) the Loans to be made on the Funding Date and the use of proceeds thereof, (ii) the Acquisition and (iii) the payment of fees and expenses in connection with the foregoing.  Such certificate has been prepared based on the best information available to the Borrowers as of the date of delivery thereof, and presents fairly in all material respects on a pro forma basis the estimated financial covenant compliance of Holdings and its consolidated Subsidiaries as at the Funding Date, assuming that the events specified in the preceding sentence had actually occurred at such date.

(b)  The audited consolidated balance sheets of Holdings and its Subsidiaries as at December 31, 2018, and the related consolidated statements of income and of cash flows for the fiscal year ended on such date, reported on by and accompanied by an unqualified report from PricewaterhouseCoopers, present fairly in all material respects the consolidated financial condition of Holdings and its Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the fiscal year then ended.  The unaudited consolidated balance sheet of Holdings and its Subsidiaries as at September 30, 2018, and the related unaudited consolidated statements of income and cash flows for the three-month period ended on such date, present fairly in all material respects the consolidated financial condition of Holdings and its Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the three-month period then ended (subject to normal year-end audit adjustments).  All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein and except for the lack of footnotes with interim statements).  No Group Member has any material Guarantee Obligations, contingent liabilities and liabilities for taxes, or any long‐term leases or unusual forward or long‐term commitments, including any interest rate or foreign currency swap or exchange transaction or other obligation in respect of derivatives, that are not reflected in the most recent financial statements referred to in this paragraph.  

4.2  No Change.  Since December 31, 2018, there has been no development or event that has had or could reasonably be expected to have a Material Adverse Effect.

4.3  Existence; Compliance with Law.  Each Group Member (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the power and authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged except to the extent that its failure could not, in the aggregate, reasonably be expected to have a Material Adverse Effect, (c) is duly qualified as a foreign corporation or other organization and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification, except to the extent that its failure to be so qualified could not, in the aggregate, reasonably be expected to have a Material Adverse Effect, and (d) is in compliance with all Requirements of Law except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

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4.4  Power; Authorization; Enforceable Obligations.  Each Loan Party has the power and authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a party and, in the case of the Borrowers, to obtain extensions of credit hereunder.  Each Loan Party has taken all necessary organizational action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrowers, to authorize the extensions of credit on the terms and conditions of this Agreement.  No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the extensions of credit hereunder or with the execution, delivery, performance, validity or enforceability of this Agreement or any of the Loan Documents, except (i) consents, authorizations, filings and notices described in Schedule 4.4, which consents, authorizations, filings and notices have been obtained or made and are in full force and effect and (ii) the filings referred to in Section 4.19.  Each Loan Document has been duly executed and delivered on behalf of each Loan Party party thereto.  This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

4.5  No Legal Bar.  The execution, delivery and performance of this Agreement and the other Loan Documents, the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law or any Contractual Obligation of any Group Member, except for any such violation which could not reasonably be expected to have a Material Adverse Effect, and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law or any such Contractual Obligation.  No Requirement of Law or Contractual Obligation applicable to any Group Member could reasonably be expected to have a Material Adverse Effect.

4.6  Litigation.  No litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of Holdings or either Borrower, threatened by or against any Group Member or against any of their respective properties or revenues (a) with respect to any of the Loan Documents or any of the transactions contemplated hereby or thereby, or (b) that could reasonably be expected to have a Material Adverse Effect.

4.7  No Default.  No Group Member is in default under or with respect to any of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect.  No Default or Event of Default has occurred and is continuing.

4.8  Ownership of Property; Liens.  Each Group Member has title in fee simple to, or a valid leasehold interest in, all its Real Property, and good title to, or a valid leasehold interest in, all its other property (including Mortgage Notes) necessary in the ordinary conduct of its business, and none of such property is subject to any Lien except as permitted by Section 7.3 and except for minor defects in title that do not materially interfere with its ability to conduct its business or to utilize such assets for their intended purposes and except where the failure to have such title or other property interests described above would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.  Each Group Member has obtained customary title insurance on its owned Real Property.

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4.9  Intellectual Property.  Each Group Member owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted, except where the failure to have any such rights, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.  No material claim has been asserted and is pending by any Person challenging or questioning the use of any Intellectual Property or the validity or effectiveness of any Intellectual Property, nor does Holdings or either Borrower know of any valid basis for any such claim, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.  To the knowledge of Borrowers, the use of Intellectual Property by each Group Member does not infringe on the rights of any Person in any material respect.

4.10  Taxes.  Each Group Member has filed or caused to be filed all material Federal, state and other tax returns that are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than any the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the relevant Group Member); no tax Lien has been filed, and, to the knowledge of Holdings and the Borrowers, no claim is being asserted, that any such tax, fee or other charge is past due or delinquent.

4.11  Federal Regulations.  No part of the proceeds of any Loans, and no other extensions of credit hereunder, will be used (a) for “buying” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in effect for any purpose that violates the provisions of the Regulations of the Board or (b) for any purpose that violates the provisions of the Regulations of the Board.  If requested by any Lender or the Administrative Agent, the Borrowers will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U‐1, as applicable, referred to in Regulation U.

4.12  Labor Matters.  Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect:  (a) there are no strikes or other labor disputes against any Group Member pending or, to the knowledge of Holdings or either Borrower, threatened; (b) hours worked by and payment made to employees of each Group Member have not been in violation of the Fair Labor Standards Act or any other applicable Requirement of Law dealing with such matters; and (c) all payments due from any Group Member on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the relevant Group Member.

4.13  ERISA.  Neither a Reportable Event nor an “accumulated funding deficiency” (within the meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the five‐year period prior to the date on which this representation is made or deemed made with respect to any Single Employer Plan or Multiemployer Plan, and, except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect, each Plan has complied in all material respects with the applicable provisions of ERISA and the Code.  No termination of a Single Employer Plan or Multiemployer Plan has occurred, and no Lien in favor of the PBGC or such a Plan has arisen, during such five-year period.  The present value of all accrued benefits under each Single Employer Plan that is a “pension plan” within the meaning of Section 3(2) of ERISA (based 

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on those assumptions used to fund such Single Employer Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Single Employer Plan allocable to such accrued benefits by a material amount.  Neither Borrower nor any Commonly Controlled Entity has had, within the past five years, a complete or partial withdrawal from any Multiemployer Plan that has resulted or would reasonably be expected to result in a material liability under ERISA, and neither Borrower nor any Commonly Controlled Entity would become subject to any material liability under ERISA if a Borrower or any such Commonly Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is made or deemed made.  No such Multiemployer Plan is in Reorganization or Insolvent.  Each Borrower represents that, as of the Closing Date it is not, and for so long as the Commitments remain in effect or any Loan or other amount is owing to any Lender or the Administrative Agent hereunder (other than contingent indemnification obligations as to which no claim has been asserted) it will not, be a “benefit plan investor” within the meaning of Section 3(42) of ERISA.

4.14  Investment Company Act; Other Regulations.  No Loan Party is an “investment company”, or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended.  No Loan Party is subject to regulation under any Requirement of Law (other than Regulation X of the Board) that limits its ability to incur Indebtedness.

4.15  Subsidiaries.  Except as disclosed to the Administrative Agent by either Borrower in writing from time to time after the Closing Date, (a) Schedule 4.15 sets forth the name and jurisdiction of incorporation of each Subsidiary and, as to each such Subsidiary, the percentage of each class of Capital Stock owned by any Loan Party and (b) there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors and directors’ qualifying shares) of any nature relating to any Capital Stock of the Operating Partnership or any Subsidiary, except as created by the Loan Documents.

4.16  Use of Proceeds.  The proceeds of the Loans shall be used to finance, in part, MPT Australia’s acquisition of a portfolio of hospital properties located in Australia (the “Acquired Properties”) from Healthscope Ltd. and/or one or more affiliates thereof (the “Acquisition”) pursuant to the Acquisition Documents and transaction expenses related to the Acquisition.

4.17  Environmental Matters.  Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect, to the best knowledge of Holdings and the Borrowers after due inquiry:

(a)  the facilities and properties owned, leased or operated by any Group Member (the “Properties”) do not contain, and have not previously contained during the ownership or lease of, or operation by, such Group Member, any Materials of Environmental Concern in amounts or concentrations or under circumstances that constitute or constituted a violation of, or could give rise to liability under, any Environmental Law;

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(b)  no Group Member has received or is aware of any notice of violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or the business operated by any Group Member (the “Business”), nor does Holdings or either Borrower have knowledge or reason to believe that any such notice will be received or is being threatened;

(c)  During the ownership or lease of, or operation by, any Group Member, Materials of Environmental Concern have not been transported or disposed of from the Properties in violation of, or in a manner or to a location that could give rise to liability under, any Environmental Law, nor have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of the Properties in violation of, or in a manner that could give rise to liability under, any applicable Environmental Law;

(d)  no judicial proceeding or governmental or administrative action is pending or, to the knowledge of Holdings and the Borrowers, threatened, under any Environmental Law to which any Group Member is or will be named as a party with respect to the Properties or the Business, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to the Properties or the Business;

(e)  during the ownership or lease of, or operation by, any Group Member, there has been no release or threat of release of Materials of Environmental Concern at or from the Properties, or arising from or related to the operations of any Group Member in connection with the Properties or otherwise in connection with the Business, in violation of or in amounts or in a manner that could give rise to liability under Environmental Laws;

(f)  the Business and all operations of any Group Member at the Properties are, and have been, in compliance, with all applicable Environmental Laws, and there is no violation of any Environmental Law with respect to the Properties or the Business; and

(g)  no Group Member has assumed any liability of any other Person under Environmental Laws.

4.18  Accuracy of Information, etc.  

(a)  The statements and information contained in this Agreement, any other Loan Document, or any other document, certificate or statement furnished by or on behalf of any Loan Party to the Administrative Agent or the Lenders, or any of them, for use in connection with the transactions contemplated by this Agreement or the other Loan Documents, taken as a whole, do not contain as of the date such statement, information, document or certificate was so furnished and as updated from time to time, any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained herein or therein not materially misleading in light of the circumstances under which, and in light of the purposes for which, such statements are made.  The projections and pro forma financial information contained in the materials referenced above are based upon good faith estimates and assumptions believed by management of the Operating Partnership to be reasonable at the time made, it being recognized by the Lenders that such financial information as it relates to future events is not to be viewed as fact and that actual results 

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during the period or periods covered by such financial information will differ, possibly significantly, from the projected results set forth therein, and that no assurance can be given that the projected results will be realized.  There is no fact known to any Loan Party that could reasonably be expected to have a Material Adverse Effect that has not been expressly disclosed herein, in the other Loan Documents, or in any other documents, certificates and statements furnished to the Administrative Agent and the Lenders for use in connection with the transactions contemplated hereby and by the other Loan Documents.

(b)  As of the Closing Date, the information provided to the Administrative Agent or any Lender with respect to the Beneficial Ownership Regulation, if applicable, is true and correct in all respects.

4.19  Anti-Corruption Laws and Sanctions.  The Borrowers, their Subsidiaries and to the knowledge of the Borrowers, their respective directors, officers, employees and agents to the extent acting on behalf of such Borrower or its Subsidiaries or benefitting from the credit facilities established hereby, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of any Borrower, any Subsidiary or any of their respective directors, officers or employees that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No borrowing, use of proceeds or other transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions.   

4.20  Solvency.  Holdings and its Subsidiaries and the Borrowers and their respective Subsidiaries, in each case, on a consolidated basis, are, and after giving effect to the Acquisition and incurrence of all Indebtedness and obligations being incurred in connection herewith and therewith will be and will continue to be, Solvent.

4.21  Reserved.  

4.22  Status of Holdings.  Holdings (i) is a REIT, (ii) has not revoked its election to be a REIT, (iii) has not engaged in any “prohibited transactions” as defined in Section 856(b)(6)(iii) of the Code (or any successor provision thereto), and (iv) for its current “tax year” (as defined in the Code) is, and for all prior tax years subsequent to its election to be a real estate investment trust has been, entitled to a dividends paid deduction which meets the requirements of Section 857 of the Code.  The common stock of Holdings is listed for trading on the New York Stock Exchange.

4.23  Properties.  Schedule 4.23(a), as supplemented from time to time, sets forth a list of all Real Property of the Group Members and the owner (or ground-lessor) of such Real Property, and Schedule 4.23(b), as supplemented from time to time, sets forth a list of all Unencumbered Properties and the owner (or ground-lessor) of such Unencumbered Property.  All such Unencumbered Properties satisfy the requirements for an Unencumbered Property set forth in the definition thereof.

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

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4.25  Australian Trustees.

(a)  It has the power as trustee of MPT Australia or the relevant trust (as applicable) to execute and perform its obligations under the Loan Documents to which it is a party.

(b)  It is the only trustee of MPT Australia or the relevant trust (as applicable).

(c)  It has entered into the Loan Documents to which it is a party solely for the benefit of the beneficiaries of MPT Australia or the relevant trust (as applicable).

(d)  It is not aware of any action having been taken to terminate or resettle MPT Australia or the relevant trust (as applicable) or to remove it as trustee of MPT Australia or the relevant trust (as applicable).

(e)  It is properly constituted.

(f)  It has a right to be fully indemnified out of the property the subject of MPT Australia or the relevant trust (as applicable) (“Trust Property”) in relation to the obligations under each Loan Document to which it is a party.

(g)  It has not released or disposed of the equitable lien over the relevant Trust Property which secures that indemnity.

(h)  It has not committed any breach of trust or done or omitted to do anything which has prejudiced or limited its rights of indemnity or equitable lien.

(i)  All necessary resolutions and other necessary corporate action required by the relevant trust deed establishing MPT Australia or the relevant trust (as applicable) for it to authorize the entry into, the delivery of and performance of its obligations under the Loan Documents to which it is a party have been passed or taken as the case may be.

Section 5.  CONDITIONS PRECEDENT

5.1  Conditions to Effectiveness of Agreement.  The effectiveness of this agreement is subject to the satisfaction of the following conditions precedent:

(a)  Credit Agreement; Guarantee Agreement.  The Administrative Agent shall have received (i) this Agreement, executed and delivered by the Administrative Agent, Holdings, the Borrowers and each Person listed on Schedule 1.1A, and (ii) the Guarantee Agreement, executed and delivered by Holdings, the Borrowers and each Subsidiary Guarantor.

(b)  Specified Representations.  Each of the Specified Representations shall be true and correct in all material respects on and as of the Closing Date as if made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct on and as of such earlier date.

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(c)  Financial Statements.  The Lenders shall have received (i) audited consolidated financial statements of Holdings and its Subsidiaries for the 2016, 2017 and 2018 fiscal years and (ii) unaudited interim consolidated financial statements of Holdings and its Subsidiaries for each fiscal quarter ended after the date of the latest applicable financial statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are available and at least 45 days before the Closing Date.

(d)  Legal Opinion.  The Administrative Agent shall have received customary opinions of counsel to the Borrowers and the Guarantors (in respect of Borrowers and Guarantors other than MPT Australia) and a customary opinion of counsel to the Administrative Agent (in respect of MPT Australia), in form and substance reasonably satisfactory to the Agents.

(e)  Closing Certificate; Certified Certificate of Incorporation; Good Standing Certificates.  The Administrative Agent shall have received (i) a certificate of each Loan Party, dated the Closing Date, substantially in the form of Exhibit C, with appropriate insertions and attachments, including the certificate of incorporation of each Loan Party that is a corporation certified by the relevant authority of the jurisdiction of organization of such Loan Party, (ii) a good standing certificate for each Loan Party from its jurisdiction of organization, and (iii) a verification certificate in respect of MPT Australia with appropriate customary attachments as required by counsel to the Lenders for the purpose of the legal opinion to be given in respect of MPT Australia under Section 5.1(d).

(f)  Know-Your-Customer Requirements.  At least five (5) days prior to the Closing Date, the Administrative Agent and each Lender shall have received all documentation and other information about the Loan Parties as shall have been reasonably requested by the Administrative Agent or such Lender to the extent requested at least ten (10) days prior to the Closing Date that they shall have reasonably determined is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation, the Patriot Act, the Australian AML Act and the Beneficial Ownership Regulation.

(g)  Acquisition Documents.  The Administrative Agent shall have received a fully executed copy of the Commitment Deed, the Bilateral Deed, the Acquisition Commitment Letter and the Implementation Deed.

(h)  Fees.  The Lenders and the Administrative Agent shall have received all fees required to be paid on the Closing Date, and all expenses for which invoices have been presented (including the reasonable and documented fees and expenses of legal counsel), at least one (1) Business Day before the Closing Date.  

For purposes of determining compliance with the conditions specified in this Section 5.1, 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.

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5.2  Conditions to Funding on the Funding Date.  The agreement of each Lender to make the initial extension of credit requested to be made by it is subject to the satisfaction, prior to or concurrently with the making of such extension of credit on the Funding Date, of the following conditions precedent:

(a)  Agreement Effective.  The conditions in Section 5.1 shall have been satisfied. 

(b)  Acquisition Documents.  Neither the Acquisition Agreements nor any other Acquisition Document that is based on an exhibit to any of the Acquisition Agreements shall have been amended, modified or waived, and no consent to any departure from the terms of any of the foregoing shall have been provided, in each case if same are materially adverse to the Lenders, without the consent of the Arrangers (such consent not to be unreasonably withheld, delayed or conditioned) (it being understood that each of the following shall be deemed materially adverse to the Lenders: (i) any amendment or modification to the definitions of “Escrow Funding Amount” and “Step Up Escrow Funding Amount” (as such terms are defined in the Bilateral Deed) or any other definition or provision of the Acquisition Documents that has the effect of increasing the Escrow Funding Amount or the Step Up Escrow Funding Amount, unless such increase is to be funded from sources other than the Loans, (ii) any amendment or modification to or waiver of Sections 3.2, 3.3, 3.4, 7 or 8 of the Bilateral Deed or Section 7.4 of the Commitment Deed, (iii) any amendment or modification to the definition of (x) “Material Adverse Change” (as defined in the Commitment Deed), (y) “Implementation Deed MAC Condition” or “Implementation Condition” (as such terms are defined in the Bilateral Deed) and (iv) any consent or waiver given by the Operating Partnership, or by Brookfield or any Brookfield Related Party (as such terms are defined in the Implementation Deed), as to any matter that would but for such consent or waiver constitute a departure from the terms of any of the provisions referenced in clause (i), (ii) or (iii) of this clause).

(c)  Implementation Deed.  The Operating Partnership shall not have consented to any amendment, modification or waiver or to any departure from the terms of the Implementation Deed if same is materially adverse to the Lenders, without the consent of the Arrangers (such consent not to be unreasonably withheld, delayed or conditioned) (it being understood that any amendment or modification to the definition of “Material Adverse Change” (as defined in the Implementation Deed) shall be deemed materially adverse to the Lenders).

(d)  Escrow Funding. (i) Pursuant to the terms of Section 7.1 or 8.4 of the Bilateral Deed, either Borrower shall be permitted and/or required to pay the Escrow Funding Amount (together with any Step Up Escrow Funding Amounts that are required to be paid pursuant to the term of the Bilateral Deed) to the “Escrow Account” (as defined in the Bilateral Deed), (ii) pursuant to the terms of the Acquisition Commitment Letter (or the PropCo Bridge Loan Documentation (as defined in the Bilateral Deed), either Borrower shall be permitted and/or required to advance the PropCo Bridge Loan (as defined in the Acquisition Commitment Letter) or any part thereof to the extent not otherwise funded under clause (i) above, (iii) pursuant to clause 6.2 of the Bilateral Deed (or the Portfolio Loan Documentation as defined in the Bilateral Deed), either Borrower shall be required to advance the Portfolio Loan (as defined in the Bilateral Deed) or any part thereof to the extent not otherwise funded under clause (i) above; or (iv) pursuant to the terms of the Commitment Deed or the Step Up Commitment Deed (as defined in the Bilateral Deed) (or any Sale Contract (as defined in the Commitment Deed) or Step Up Contract (as defined in the Bilateral Deed) entered into pursuant to those documents), either Borrower shall be permitted and/or required to pay any amount to the extent not otherwise funded under clauses (i) and (ii) above.

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(e)  No Material Adverse Change.  Since the date of the Acquisition Agreements, no Material Adverse Change (as defined in the Commitment Deed or the Implementation Deed) shall have occurred.

(f)  Specified Representations.  The Specified Representations shall be true and correct in all material respects as of the Funding Date.

(g)  Acquisition Agreement Representations. The Acquisition Agreement Representations shall be true and correct in all respects as of the Funding Date except to the extent that Holdings or its applicable Affiliate would not have the right to terminate its obligations, or to decline to consummate the Acquisition pursuant to the Acquisition Agreement, as a result of a breach of such representations and warranties under the Acquisition Agreement.  

(h)  Solvency Certificate.  The Administrative Agent shall have received a solvency certificate from the chief financial officer of Holdings certifying that it is Solvent.

(i)  Projections.  The Lenders shall have received annual projections as to Holdings and its Subsidiaries through 2024, giving effect to the Acquisition and incurrence of Loans funded on the Funding Date.   By their execution of this Agreement, the Lenders confirm that the projections required to be delivered by this clause (i) have been delivered and the condition set forth in this clause (i) has been satisfied. 

(j)  [reserved]

(k)  Compliance Certificate.  The Lenders shall have received a certificate of a Responsible Officer certifying as to compliance with the financial covenants set forth in Section 7.1 on a pro-forma basis on the Funding Date after giving effect to the Acquisition and incurrence of Loans funded on the Funding Date, which certificate shall include calculations in reasonable detail demonstrating such compliance, including as to the calculation of Unencumbered Asset Value.

(l)  Borrowing Request.  The Administrative Agent shall have received an irrevocable notice in the form of Exhibit E no later than 11:00 A.M., New York City time three Business Days prior to the requested Funding Date.

(m)  Fees.  The Lenders and the Administrative Agent shall have received all fees required to be paid on the Funding Date, and all expenses for which invoices have been presented (including the reasonable and documented fees and expenses of legal counsel), at least one (1) Business Day before the Funding Date.  

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5.3  Conditions to Each Extension of Credit.  The agreement of each Lender to make any extension of credit requested to be made by it on any date (excluding its initial extension of credit on the Funding Date), is subject to the satisfaction of the following conditions precedent:

(a)  Representations and Warranties.  Each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects (other than any representation or warranty qualified as to “materiality”, “Material Adverse Effect” or similar language, which shall be true and correct in all respects) on and as of such date as if made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct on and as of such earlier date.

(b)  No Default.  No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the extensions of credit requested to be made on such date.

(c)  Borrowing Request.  The Administrative Agent shall have received an irrevocable notice in the form of Exhibit E in accordance with the requirements hereof.

(d)  Alternative Currency.  There shall not have occurred any material and adverse change in national or international financial, political or economic conditions or currency exchange rates or exchange controls which in the reasonable opinion of the Administrative Agent or the Required Lenders would make it impracticable for such Loan to be denominated in AUD.

Each borrowing by the Borrowers hereunder shall constitute a representation and warranty by the Borrowers as of the date of such extension of credit that the conditions contained in Section 5.3(a) and (b) have been satisfied.

Section 6.  AFFIRMATIVE COVENANTS

Holdings and each of the Borrowers hereby jointly and severally agree (with respect to Sections 6.1 through and including Section 6.13) that so long as the Commitments remain in effect or any Loan or other amount is owing to any Lender or the Administrative Agent hereunder (other than contingent indemnification obligations as to which no claim has been asserted) they shall and shall cause each of their respective Subsidiaries to, and MPT Australia Trustee and each other Person that may from time to time act as a trustee of any other Loan Party that is a trust organized and existing under the laws of Australia each hereby agrees (with respect to Section 6.14) that so long as the Commitments remain in effect or any Loan or other amount is owing to any Lender or the Administrative Agent hereunder (other than contingent indemnification obligations as to which no claim has been asserted) it shall:

6.1  Financial Statements.  Furnish to the Administrative Agent for prompt further distribution to each Lender each of the following:

(a)  as soon as available, but in any event within 90 days after the end of each fiscal year of Holdings, a copy of the audited consolidated balance sheet of Holdings and its consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of income and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by PricewaterhouseCoopers or other independent certified public accountants of nationally recognized standing (other than as may be required as a result of the impending maturity of the Obligations maturing within one (1) year after the time such opinion is delivered); and

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(b)  as soon as available, but in any event not later than 45 days after the end of each of the first three quarterly periods of each fiscal year of Holdings, the unaudited consolidated balance sheet of Holdings and its consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of income and of cash flows for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year, certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year‐end audit adjustments).

All such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied (except as approved by such accountants or officer, as the case may be, and disclosed in reasonable detail therein and except for the absence of footnotes with the interim statements) consistently throughout the periods reflected therein and with prior periods.  Delivery by Holdings to the Administrative Agent and the Lenders of its annual report to the SEC on Form 10-K and its quarterly report to the SEC on Form 10-Q, in each case in accordance with SEC requirement for such reports, shall be deemed to be compliance by Holdings with this Section 6.1(a) and Section 6.1(b), as applicable.

6.2  Certificates; Other Information.  Furnish to the Administrative Agent for prompt further distribution by the Administrative Agent to each Lender each of the following (or, in the case of clause (f), to the relevant Lender):

(a)  as soon as available, but in any event within 60 days after the end of each of the first three quarterly periods of each fiscal year of Holdings and within 90 days after the end of each fiscal year of Holdings, (i) a certificate of a Responsible Officer stating that, to the best of such Responsible Officer’s knowledge, each Loan Party during such period has observed or performed all of its covenants and other agreements, and satisfied every condition contained in this Agreement and the other Loan Documents to which it is a party to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate, (ii) in the case of quarterly or annual financial statements, (x) a Compliance Certificate containing all information and calculations necessary for determining compliance by each Group Member with the provisions of this Agreement referred to therein as of the last day of the fiscal quarter or fiscal year of Holdings, as the case may be, and (y) to the extent not previously disclosed to the Administrative Agent, a description of any change in the jurisdiction of organization of any Loan Party since the date of the most recent report delivered pursuant to this clause (y) (or, in the case of the first such report so delivered, since the Closing Date), (iii) the items described in Section 6.10 with respect to any Subsidiary Guarantors created or acquired during such fiscal quarter or any Unencumbered Properties or Mortgage Notes added during such fiscal quarter and (iv) updates to Schedules 4.23(a) and 4.23(b) and Schedule PUP (if applicable);

(b)  as soon as available, and in any event no later than 90 days after the end of each fiscal year of Holdings, a detailed consolidated budget for the following fiscal year (including a projected consolidated balance sheet of Holdings and its Subsidiaries as of the end of the following fiscal year, the related consolidated statements of projected cash flow, projected changes in financial position and projected income and a description of the underlying assumptions applicable thereto), and, as soon as available, significant revisions, if any, of such budget and projections with respect to such fiscal year (collectively, the “Projections”), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections are based on reasonable estimates, information and assumptions;

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(c)  within 45 days after the end of each fiscal quarter of Holdings (or 90 days in the case of the fourth quarter), a narrative discussion and analysis of the financial condition and results of operations of Holdings and its Subsidiaries for such fiscal quarter and for the period from the beginning of the then current fiscal year to the end of such fiscal quarter, as compared to the comparable periods of the previous year; provided that delivery to the Administrative Agent and the Lenders of Holdings’ annual report to the SEC on Form 10-K and its quarterly report to the SEC on Form 10-Q containing such narrative discussion and analysis shall be deemed to be compliance with this Section 6.2(c);

(d)  [reserved];

(e)  within five days after the same are sent, copies of all financial statements and reports that Holdings or the Operating Partnership sends to the holders of any class of its debt securities or public equity securities and, within five days after the same are filed, copies of all material financial statements and reports that Holdings or the Operating Partnership may make to, or file with, the SEC; provided that delivery to the Administrative Agent and the Lenders of Holdings’ quarterly report to the SEC on Form 10-Q and its current report to the SEC on Form 8-K containing such narrative discussion and analysis shall be deemed to be compliance with this Section 6.2(e); and

(f)  promptly, such additional financial and other information as the Administrative Agent or any Lender may from time to time reasonably request.

6.3  Payment of Obligations.  Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of the relevant Group Member and except for any nonpayment of which could not reasonably be expected to have a Material Adverse Effect.

6.4  Maintenance of Existence; Compliance.  (a)(i)  Preserve, renew and keep in full force and effect its organizational existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted by Section 7.4 and except (other than with respect to the preservation of the existence of the Loan Parties) (x) to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect or (y) pursuant to any merger, amalgamation, consolidation, liquidation, dissolution or Disposition permitted hereunder; and (b) comply with all Contractual Obligations and Requirements of Law except to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.  Without limiting the generality of the foregoing, Holdings will do all things necessary to maintain its status as a REIT and will maintain its listing on the New York Stock Exchange.  The Borrowers will maintain in effect and enforce policies and procedures designed to ensure compliance by Holdings, the Borrowers, their Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions.

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6.5  Maintenance of Property; Insurance.  (a)  Except if the failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, keep all property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted and fire, casualty or condemnation excepted and (b) maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts and against at least such risks (but including in any event public liability, all-risks casualty and business interruption) as are usually insured against in the same general area by companies engaged in the same or a similar business.

6.6  Inspection of Property; Books and Records; Discussions.  (a)  Keep proper books of records and account in which full, true and correct entries in conformity with GAAP (it being understood and agreed that any Foreign Subsidiary may maintain additional individual books and records in a manner that permits preparation of its financial statements in accordance with the generally accepted accounting principles that are applicable in its jurisdiction of organization and that such maintenance shall not constitute a breach of the representations, warranties or covenants hereunder) and (b) permit representatives of the Administrative Agent or any Lender to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time and as often as may reasonably be desired and to discuss the business, operations, properties and financial and other condition of the Group Members with officers and employees of the Group Members and with their independent certified public accountants (subject to such accountants’ customary policies and procedures), all at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrowers; provided that, absent the existence of an Event of Default, only the expenses of the Administrative Agent for one inspection during any calendar year shall be at the Borrowers’ expense; provided, further, that when an Event of Default exists, the Administrative Agent (or any of its respective representatives or independent contractors) and the Lenders may do any of the foregoing at the expense of the Borrowers at any time during normal business hours and upon reasonable advance notice.  The Administrative Agent and the Lenders shall give the Borrowers the opportunity to participate in any discussions with the Borrowers’ independent public accountants.  Notwithstanding anything to the contrary in this Section 6.6, none of Holdings, either Borrower or any of their respective Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (a) constitutes non-financial trade secrets or non-financial proprietary information, (b) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by law or any binding agreement or (c) is subject to attorney-client or similar privilege or constitutes attorney work product; provided that, to the extent legally permissible, the Borrowers shall notify the Administrative Agent that any such document, information or other matter is being withheld pursuant to clauses (a), (b) or (c) of this Section 6.6 and shall use commercially reasonable efforts to communicate, to the extent permitted, the applicable information in a way that would not violate such restrictions and to eliminate such restrictions.

6.7  Notices.  Promptly give notice to the Administrative Agent for prompt further distribution by the Administrative Agent to each Lender of:

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

(b)  any (i) default or event of default under any Contractual Obligation of any Group Member or (ii) litigation, investigation or proceeding that may exist at any time between any Group Member and any Governmental Authority, that in either case, if not cured or if adversely determined, as the case may be, could reasonably be expected to have a Material Adverse Effect;

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(c)  any litigation or proceeding affecting any Group Member (i) in which the amount involved is $10,000,000 or more and not covered by insurance, (ii) in which injunctive or similar relief is sought or (iii) which relates to any Loan Document;

(d)  the following events, as soon as possible and in any event within 30 days after either Borrower knows or has reason to know thereof:  (i) the occurrence of any Reportable Event with respect to any Single Employer Plan or Multiemployer Plan, a failure to make any material required contribution to a Single Employer Plan or Multiemployer Plan, the creation of any Lien in favor of the PBGC or a Single Employer Plan or Multiemployer Plan or any withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any other action by the PBGC or any Borrower or any Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the termination, Reorganization or Insolvency of, any Single Employer Plan or Multiemployer Plan;

(e)  promptly following any request therefor, provide information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act, the Australian AML Act and the Beneficial Ownership Regulation; and

(f)  any development or event that has had or could reasonably be expected to have a Material Adverse Effect.

Each notice pursuant to this Section 6.7 shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what action the relevant Group Member proposes to take with respect thereto.

6.8  Environmental Laws.  

(a)  Comply with, and take commercially reasonable steps to ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply with and maintain, and take commercially reasonable steps to ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws, in each case to the extent the failure to do so could reasonably be expected to have a Material Adverse Effect.

(b)  Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws.

6.9  Distributions in the Ordinary Course.   In the ordinary course of business, the Operating Partnership causes all of its Subsidiaries to make transfers of net cash and cash equivalents upstream to the Operating Partnership, and the Operating Partnership shall continue to follow such ordinary course of business.  No Borrower shall make net transfers of cash and cash equivalents downstream to its Subsidiaries except in the ordinary course of business consistent with past practice.

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6.10  Additional Guarantors; Additional Unencumbered Properties.  (a) With respect to any Subsidiary of Holdings or the Operating Partnership (other than an Excluded Foreign Subsidiary) that is required to become a Subsidiary Guarantor so that the Real Property owned or leased by such Subsidiary qualifies as an Unencumbered Property or any Mortgage Note owned by such Subsidiary is included in the computation of Unencumbered Asset Value, cause such new Subsidiary (A) to become a party to the Guarantee Agreement, (B) to deliver to the Administrative Agent a certificate of such Subsidiary, substantially in the form of Exhibit C, with appropriate insertions and attachments, and (C) 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, all at the times, with respect to clauses (A), (B) and (C), required by Section 6.2(a) above.

(b)  Upon the addition of any new Real Property as an Unencumbered Property after the Closing Date, the Borrowers shall deliver to the Administrative Agent (a) a certificate of a Responsible Officer certifying that such Real Property satisfies the eligibility criteria set forth in the definition of “Unencumbered Property”, certifying as to compliance with the financial covenants on a pro-forma basis after giving effect to the addition of such Real Property as an Unencumbered Property, which certificate shall include calculations in reasonable detail demonstrating such compliance, including as to the calculation of Unencumbered Asset Value, and (b) updated Schedules 4.23(a) and (b) of all Unencumbered Properties, all at times, with respect to clauses (a) and (b) required by Section 6.2(a) above.  From and after the date of delivery of such certificate, schedule and information and so long as such Real Property continues to satisfy the eligibility criteria set forth in the definition of “Unencumbered Property”, such Real Property shall be treated as a Unencumbered Property hereunder.

(c)  Upon the inclusion of any new Mortgage Note in the computation of Unencumbered Asset Value, the Borrowers shall deliver to the Administrative Agent an updated schedule of all Mortgage Notes included in the computation of Unencumbered Asset Value, all at times required by Section 6.2(a) above.

(d)  The Borrowers shall deliver the items described in and required by clauses (a), (b) and (c) above at the time of the delivery of the Compliance Certificate pursuant to Section 6.2(a).  The Borrowers will, and will cause each of their Subsidiaries to, cooperate with the Lenders and the Administrative Agent and execute such further instruments and documents as the Lenders or the Administrative Agent shall reasonably request to carry out to their satisfaction the transactions contemplated by this Agreement and the other Loan Documents.

6.11  Notices of Asset Sales, Encumbrances or Dispositions.  The Borrowers shall deliver to the Administrative Agent and the Lenders written notice not less than two (2) Business Days prior to a sale, encumbrance with a Lien to secure Indebtedness or other Disposition of an Unencumbered Property for consideration in excess of $75,000,000, which is permitted pursuant to Section 7.2(f), Section 7.3(i) or Section 7.5, as applicable.  In addition, simultaneously with delivery of any such notice, the Loan Parties shall deliver to the Administrative Agent (A) a certificate of a Responsible Officer certifying that no Default or Event of Default (including any non-compliance with the financial covenants contained herein) has occurred and is continuing or would occur on a pro forma basis after giving effect to the proposed sale, encumbrance or other Disposition, which certificate shall include calculations in reasonable detail demonstrating compliance with the financial covenants on a pro-forma basis, including as to the calculation of Unencumbered Asset Value and (B) an updated schedule of all Unencumbered Properties.

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To the extent such proposed transaction would result in a Default or an Event of Default, the Borrowers shall apply the proceeds of such transaction (together with such additional amounts as may be required), to prepay the Obligations in an amount, as determined by the Administrative Agent, equal to that which would be required to reduce the Obligations so that no Default or Event of Default would exist.  

6.12  Maintenance of Ratings.  The Operating Partnership shall maintain a senior unsecured credit rating from each of S&P and Moody’s; provided that if the rating obtained from such rating agency is a private letter rating that is not monitored and automatically updated by such rating agency, then the Operating Partnership shall obtain an annual update of such rating on or before each anniversary of the Closing Date.

6.13  Use of Proceeds.  The proceeds of the Loans shall be used only for the purposes set forth in Section 4.16 and in compliance with Section 4.11.  No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.  The Borrowers will not request any Loan, and the Borrowers shall not use, and shall not permit their Subsidiaries or their respective directors, officers, employees and agents to use, the proceeds of any Loan (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner that would result in a violation of any Sanctions applicable to any party hereto.

6.14  Trustee Conduct. Take all actions within its power necessary to:

(a)  ensure its compliance with its obligations as trustee under the relevant trust deed;

(b)  avoid another Person being appointed as trustee of MPT Australia or the relevant trust (as applicable);

(c)  avoid removal or replacement as the sole trustee of MPT Australia or the relevant trust (as applicable);

(d)  avoid alteration of the vesting date of MPT Australia or the relevant trust (as applicable);

(e)  ensure that the property of MPT Australia or the relevant trust (as applicable) is not resettled, set aside or transferred or mixed with any other property other than as permitted by the relevant trust deed and the Loan Documents; and

(f)  ensure that it does not do anything that will restrict, release, dispose of or otherwise prejudice its right of indemnity from, and equitable lien over, the assets of MPT Australia or the relevant trust (as applicable) and its right of indemnity against the beneficiaries of MPT Australia or the relevant trust (as applicable) in respect of its obligations under the Loan Documents to which it is a party or its obligations under the relevant trust deed. 

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Section 7.  NEGATIVE COVENANTS 

Holdings and each of the Borrowers hereby jointly and severally agree that, so long as the Commitments remain in effect or any Loan or other amount is owing to any Lender or the Administrative Agent hereunder (other than contingent indemnification obligations as to which no claim has been asserted), each of Holdings and the Borrowers shall not, and shall not permit any of its Subsidiaries to, directly or indirectly:

7.1  Financial Condition Covenants.  

(a)  Total Leverage Ratio.  Permit the ratio of (i) (A) Total Indebtedness (other than any such Indebtedness that has been Discharged) minus (B) as of such date of determination, unrestricted cash and Cash Equivalents of the Group Members in excess of $10,000,000 that is being held to repay that portion of Total Indebtedness that matures within twenty-four (24) months of such date of determination to (ii) Total Asset Value (the “Total Leverage Ratio”) as at the last day of any period of four (4) consecutive fiscal quarters of the Operating Partnership or on the date of any incurrence of Indebtedness by the Operating Partnership or its Subsidiaries hereunder to exceed 60%; provided that such ratio may exceed 60% in order to permit the Borrowers to consummate a Significant Acquisition so long as (i) such ratio does not exceed 60% as of the end of more than four (4) consecutive fiscal quarters and (ii) such ratio does not exceed 65% as of such date of determination.

(b)  Fixed Charge Coverage Ratio.  Permit the ratio of Total EBITDA to Total Fixed Charges for any period of four consecutive fiscal quarters of the Operating Partnership to be less than 1.50 to 1.0.

(c)  Secured Leverage Ratio.  Permit the ratio of (A) (i) the aggregate amount of all Secured Indebtedness (other than any such Indebtedness that has been Discharged) minus (ii) as of such date of determination, unrestricted cash and Cash Equivalents of the Group Members in excess of $10,000,000 that is being held to repay that portion of Secured Indebtedness that matures within twenty-four (24) months of such date of determination (the “Secured Debt Reserve”), and without duplication of the Unsecured Debt Reserve in Section 7.1(f), to (B) Total Asset Value (the “Secured Leverage Ratio”), as at the last day of any period of four (4) consecutive fiscal quarters of the Operating Partnership or on the date of any incurrence of Indebtedness by the Operating Partnership or its Subsidiaries hereunder to exceed 40%.

(d)  [reserved].

(e)  Consolidated Adjusted Net Worth.  Permit Consolidated Tangible Net Worth to be less than the sum of (i) $3,173,162,500 plus (ii) 75% of Net Cash Proceeds from issuances of Capital Stock by the Operating Partnership or Holdings after September 30, 2018.

(f)  Unsecured Leverage Ratio.  Permit the ratio of (i)(A) Unsecured Indebtedness (other than any such Indebtedness that has been Discharged) minus (B) as of such date of determination, unrestricted cash and Cash Equivalents of the Group Members in excess of $10,000,000 that is being held to repay that portion of Unsecured Indebtedness that matures within twenty-four (24) months of such date of determination (“Unsecured Debt Reserve”), and without duplication of the Secured Debt Reserve in Section 7.1(c), to (ii) Unencumbered Asset Value (the “Unsecured 

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Leverage Ratio”) as at the last day of any period of four consecutive fiscal quarters of the Operating Partnership or on the date of any incurrence of Indebtedness by the Operating Partnership or its Subsidiaries hereunder to exceed 65% and provided further that such ratio may exceed 65% for the fiscal quarters ending June 30, 2019 and September 30, 2019 in order to permit the Borrowers to consummate the Healthscope Investment so long as such ratio does not exceed 75% as of such date of determination.

(g)  Unsecured Interest Coverage Ratio.  Permit the ratio of Unencumbered NOI for any period of four (4) consecutive fiscal quarters of the Operating Partnership to Unsecured Interest Expense for such period to be less than 1.75 to 1.0 as at the last day of any period of four (4) consecutive fiscal quarters of the Operating Partnership or on the date of any incurrence of Indebtedness by the Operating Partnership or its Subsidiaries hereunder.

(h)  [reserved].  

(i)  Pro Forma Calculations.  

(i)For purposes of the pro-forma calculations to be made pursuant to Sections 7.1(a), (c) and (f) (and the definitions used therein), such calculations shall be adjusted by (A) excluding from Total Asset Value and Unencumbered Asset Value the actual value of any assets sold by Holdings or any of its Subsidiaries since the last day of the prior fiscal quarter and (B) adding to Total Asset Value and Unencumbered Asset Value the actual value of any assets acquired (or to be acquired with any borrowing) by Holdings or any of its Subsidiaries since the last day of the prior fiscal quarter.

(ii)For purposes of the pro-forma calculations to be made pursuant to Sections 7.1(b) and (g) (and the definitions used therein), such calculations shall be adjusted by (A) excluding from Unencumbered NOI the actual NOI for the relevant period of any assets sold by Holdings or any of its Subsidiaries since the last day of the prior fiscal quarter, (B) adding to Unencumbered NOI the projected NOI for the next four quarters (based on the Operating Partnership’s projections made in good faith) for any assets acquired (or to be acquired with any borrowing) by Holdings or any of its Subsidiaries since the last day of the prior fiscal quarter, (C) excluding from Unsecured Interest Expense, the Unsecured Interest Expense for the relevant period for any Unsecured Indebtedness for which Holdings or any of its Subsidiaries is no longer obligated in respect of, or as the result of the application of proceeds from, any Unencumbered Properties sold by Holdings or any of its Subsidiaries since the last day of the prior fiscal quarter, and (D) adding to Unsecured Interest Expense, the projected Unsecured Interest Expense for the next four quarters (based on the Operating Partnership’s projections made in good faith) for any Unsecured Indebtedness assumed or incurred by Holdings or any of its Subsidiaries since the last day of the prior fiscal quarter.

7.2  Indebtedness.  Create, issue, incur, assume, become liable in respect of or suffer to exist any Indebtedness, except: 

(a)  Indebtedness of any Loan Party pursuant to any Loan Document, and the other Obligations; 

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(b) (i) Indebtedness of the Operating Partnership to any Subsidiary, of MPT Australia to the Operating Partnership and of any Wholly Owned Subsidiary of the Operating Partnership to any other Subsidiary, (ii) Indebtedness of the Operating Partnership or any Wholly Owned Subsidiary of the Operating Partnership to any non-Wholly Owned Subsidiary of the Operating Partnership, and (iii) Indebtedness of any non-Wholly Owned Subsidiary to the Operating Partnership or to any Wholly Owned Subsidiary of the Operating Partnership in an aggregate amount not to exceed 5% of Total Asset Value at any one time outstanding;

(c)  Guarantee Obligations incurred in the ordinary course of business by either Borrower or any of its Subsidiaries of obligations of any Wholly Owned Subsidiary of either Borrower in an aggregate amount not to exceed $50,000,000 at any one time outstanding;

(d)  Indebtedness outstanding on the date hereof and listed on Schedule 7.2(d) and any refinancings, refundings, renewals or extensions thereof that would not cause a violation of any covenant set forth in Section 7.1 after giving pro forma effect thereto;

(e)  (i) Indebtedness of the Operating Partnership in respect of the Senior Notes, and any Additional Senior Unsecured Notes and (ii) Guarantee Obligations of Holdings and its Subsidiaries, as applicable, in respect of such Indebtedness; 

(f)  additional Indebtedness of Holdings, the Operating Partnership or any of its Subsidiaries in an aggregate principal amount at any one time outstanding that would not cause a violation of any covenant set forth in Section 7.1 after giving pro forma effect to any such additional Indebtedness;

(g)  Indebtedness with respect to obligations of the Borrowers with respect to Swap Agreements permitted by Section 7.12; and

(h)  Discharged Indebtedness.

7.3  Liens.  Create, incur, assume or suffer to exist any Lien upon any of its property, whether now owned or hereafter acquired, except:

(a)  Liens for taxes that are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate proceedings, provided that adequate reserves with respect thereto are maintained on the books of the Operating Partnership or its Subsidiaries, as the case may be, in conformity with GAAP or the equivalent accounting principles in the relevant local jurisdiction;

(b)  carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business that are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate proceedings;

(c)  pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security legislation, or to secure statutory obligations;

(d)  deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

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(e)  easements, rights-of-way, restrictions and other similar encumbrances that, in the aggregate, are not substantial in amount and that do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of either Borrower or any of its Subsidiaries;

(f)  Liens (not affecting the Unencumbered Properties) in existence on the date hereof listed on Schedule 7.3(f), securing Indebtedness permitted by Section 7.2(d), provided that no such Lien is spread to cover any additional property that is an Unencumbered Property after the Closing Date and that the amount of Indebtedness secured thereby is not increased in violation of Section 7.2;

(g)  Liens securing the Obligations;

(h)  any interest or title of a lessor under any lease entered into by either Borrower or any of its Subsidiaries in the ordinary course of its business and covering only the assets so leased; 

(i)  Liens (not affecting the Unencumbered Properties) securing Indebtedness constituting Indebtedness permitted by Section 7.2(f), and Liens (not affecting Unencumbered Properties) incurred in connection with the cash collateralization of any Swap Agreement permitted by Section 7.12;

(j)  Liens (not affecting the Unencumbered Properties) arising from judgments or orders for the payment of money (or appeal or other surety bonds relating thereto) not constituting an Event of Default under Section 8;

(k)  Liens (i) of a collection bank arising under section 4-208 or 4-210 of the Uniform Commercial Code or other similar provisions of applicable law on the items in the course of collection and (ii) in favor of a banking or other financial institution arising as a matter of common or statutory law or under customary general terms and conditions encumbering deposits or other funds maintained with a financial institution (including the right of setoff);

(l)  Liens (i) on advances of cash or Cash Equivalents in favor of the seller of any property to be acquired in an Investment permitted hereunder to be applied against the purchase price for such Investment or other acquisition, and (ii) consisting of an agreement to Dispose of any property in a Disposition permitted hereunder, in each case, solely to the extent such Investment or other acquisition or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien or on the date of any contract for such Investment or Disposition;

(m)  Liens that are customary contractual rights of setoff or banker’s liens (i) relating to the establishment of depository relations with banks or other deposit-taking financial institutions in the ordinary course and not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit, automatic clearinghouse accounts or sweep accounts of Holdings, either Borrower or any of the Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of Holdings, either Borrower or any of the Subsidiaries, or (iii) relating to securities accounts of Holdings, either Borrower or any of the Subsidiaries incurred in the ordinary course of business of Holdings, either Borrower or any of the Subsidiaries;

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(n)  Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

(o)  customary rights of first refusal and tag, drag and similar rights in joint venture agreements entered into in the ordinary course of business;

(p)  customary Liens of an indenture trustee on money or property held or collected by it to secure fees, expenses and indemnities owing to it by any obligor under an indenture;

(q)  Liens on Real Property where a Group Member is insured against such Liens by title insurance;

(r)  the interests of lessees and lessors under leases or subleases of, and the interest of managers or operators with respect to, real or personal property made in the ordinary course of business;

(s)  Liens securing assessments or charges payable to a property owner association or similar entity, which assessments are not yet due and payable or are being contested in good faith by appropriate proceedings diligently conducted, and for which adequate reserves with respect thereto, to the extent required by GAAP, are maintained on the books of the applicable Person; and

(t)  Liens on a Property (other than an Unencumbered Property) acquired by either Borrower and or any of its Subsidiaries after the date hereof and which are in place at the time such Property is so acquired and not created in contemplation of such acquisition.

7.4  Fundamental Changes.  (a) Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its property or business (including, in each case, pursuant to an LLC Division), except that:

(i)any Subsidiary of a Borrower may be merged, consolidated or amalgamated with or into such Borrower (provided that such Borrower shall be the continuing or surviving corporation) or with or into any Wholly Owned Subsidiary of a Borrower (provided that a Wholly Owned Subsidiary of a Borrower shall be the continuing or surviving corporation);

(ii)any Subsidiary of a Borrower may Dispose of any or all of its assets (i) to a Borrower or any Wholly Owned Subsidiary of a Borrower (upon voluntary liquidation or otherwise) or (ii) pursuant to a Disposition permitted by Section 7.5;

(iii)any Investment expressly permitted by Section 7.8 may be structured as a merger, consolidation or amalgamation; and

(iv)any non-Wholly Owned Subsidiary of a Borrower may merge, consolidate or amalgamate with any other non-Wholly Owned Subsidiary of a Borrower.

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(b)  With respect to Holdings or any Borrower, enter into any merger, consolidation, amalgamation or reorganization transaction that would result in such Person being organized under the laws of a jurisdiction other than the United States.

7.5  Disposition of Property.  Dispose of any of its property, whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except:

(a)  the Disposition of obsolete or worn out property in the ordinary course of business;

(b)  the sale of inventory, receivables and other current assets and any immaterial assets in the ordinary course of business;

(c)  Dispositions permitted by clause (i) of Section 7.4(b);

(d)  the sale or issuance of any Subsidiary’s Capital Stock to a Borrower or any Wholly Owned Subsidiary of a Borrower;

(e)  to the extent allowable under Section 1031 of the Code, any exchange of like property (excluding any boot thereon) for use in a permitted business between any Borrower or any Subsidiary and another Person;

(f)  the voluntary unwinding of any Cash Management Services or Swap Agreements;

(g)  the Disposition of other property, assets or Capital Stock so long as (i) no Default or Event of Default has occurred and is continuing, or would occur after giving effect thereto and (ii) the Borrowers comply with Section 6.11, if applicable;

(h)  the creation, granting, perfection or realization of any Lien permitted under this Agreement; the license or sublicense of intellectual property or other general intangibles; the lease, assignment or sublease of property in the ordinary course of business so long as the same does not materially interfere with the business of Holdings, the Borrowers and their Subsidiaries, taken as a whole; and any sale or disposition of property in connection with scheduled turnarounds, maintenance and equipment and facility updates;

(i)  the surrender or waiver of contract rights or settlement, release or surrender of a contract, tort or other litigation claim in the ordinary course of business; 

(j)  (i) any exchange or swap of assets, or lease, assignment or sublease of any real property or personal property of like property for use in a business permitted by Section 6.18 and (ii) Dispositions of property to the extent that (x) such property is exchanged for credit against the purchase price of similar replacement property or (y) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property; 

(k)  Dispositions of cash and Cash Equivalents;

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(l)   any Disposition (i) arising from foreclosure, casualty, condemnation or any similar action or transfers by reason of eminent domain with respect to any property or other asset of Holdings, any Borrower or any of their Subsidiaries; and

(m)  the transfer for fair value of property (including Capital Stock of Subsidiaries) to another Person in connection with a joint venture arrangement with respect to the transferred property.

7.6  Restricted Payments.  Declare or pay any dividend (other than dividends payable solely in common stock of the Person making such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of any Group Member, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of any Group Member (collectively, “Restricted Payments”), except that:

(a)  any Subsidiary of the Operating Partnership may make Restricted Payments to the Operating Partnership or any Wholly Owned Subsidiary of the Operating Partnership, and any Subsidiary of the Operating Partnership may make Restricted Payments to any other Subsidiary and any other holders of its Capital Stock so long as such Restricted Payments are made on a pro rata basis or otherwise in accordance with the applicable governing documents; 

(b)  the Operating Partnership may make Restricted Payments to Holdings (and Holdings may make Restricted Payments of such amount to its shareholders) in an amount not to exceed 95% of Normalized Adjusted FFO attributable to the period of four (4) fiscal quarters then ended, unless such Restricted Payment is necessary in order for Holdings to maintain its status as a REIT and to avoid any U.S. federal income taxes on the taxable income of Holdings or any excise tax under Section 4981 of the Code; provided that (i) if an Event of Default has occurred and is continuing, the Operating Partnership may only make Restricted Payments to Holdings in the amounts required to be made by Holdings in order to maintain its status as a REIT and (ii) the Operating Partnership may not make any Restricted Payments to Holdings if the Obligations have been declared due and payable.

(c)  redemptions, repurchases, retirements or other acquisitions of Capital Stock in Holdings, the Operating Partnership or any of the Subsidiaries deemed to occur upon exercise of stock options or warrants or similar rights if such Capital Stock represent a portion of the exercise price of, or tax withholdings with respect to, such options or warrants or similar rights;

(d)  the Operating Partnership and the Subsidiaries may pay (or make Restricted Payments to allow Holdings or any direct or indirect parent thereof to pay, so long as in the case of any payment in respect of Capital Stock of any direct or indirect parent of Holdings, the amount of such Restricted Payment is directly attributable to the Capital Stock of Holdings owned directly or indirectly by such parent) for the repurchase, retirement or other acquisition or retirement for value of Capital Stock of Holdings (or such direct or indirect parent thereof) held by any future, present or former officers, directors, employees, members of management and consultants (or their respective estates, executors, administrators, heirs, family members, legatees, distributes, spouses, former spouses, domestic partners and former domestic partners) of Holdings (or any direct or indirect parent of Holdings) or any of its Subsidiaries in connection with the death, disability, retirement or termination of employment of any such Person (or a breach of any non-compete or other restrictive covenant or confidentiality obligations of any such Person at any time after such Person’s disability, retirement or termination of employment); and

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(e)  (i) redemptions, repurchases, retirements or other acquisitions of Capital Stock in connection with or pursuant to any joint venture agreement, and (ii) the declaration and payment of dividends or other distributions on any non-Wholly Owned Subsidiary’s Capital Stock, in each case based on the relevant ownership interests in the relevant class of Capital Stock.

7.7  Acquisition Documents.  Until such time as MPT Australia has acquired each of the Acquired Properties, (a) amend, modify or waive, or consent to any departure from the terms of, the Acquisition Agreements or any other Acquisition Document that is based on an exhibit to any of the Acquisition Agreements, in each case if same are materially adverse to the Lenders, without the consent of the Arrangers (such consent not to be unreasonably withheld, delayed or conditioned) (it being understood that each of the following shall be deemed materially adverse to the Lenders: (i) any amendment or modification to the definitions of “Escrow Funding Amount” and “Step Up Escrow Funding Amount” (as such terms are defined in the Bilateral Deed) or any other definition or provision of the Acquisition Documents that has the effect of increasing the Escrow Funding Amount or the Step Up Escrow Funding Amount, unless such increase is to be funded from sources other than the Loans, (ii) any amendment or modification to Sections 3.2, 3.3, 3.4, 7 or 8 of the Bilateral Deed or Section 7.4 of the Commitment Deed, (iii) any amendment or modification to the definition of (x) “Material Adverse Change” (as defined in the Commitment Deed), or (y) “Implementation Deed MAC Condition” or “Implementation Condition” (as such terms are defined in the Bilateral Deed) and (iv) any consent or waiver given by the Operating Partnership, or by Brookfield or any Brookfield Related Party (as such terms are defined in the Implementation Deed), as to any matter that would but for such consent constitute a departure from the terms of any of the provisions referenced in clause (i), (ii) or (iii) above) and (b) the Operating Partnership shall not have consented to any amendment, modification or waiver or to any departure from the terms of the Implementation Deed if same is materially adverse to the Lenders, without the consent of the Arrangers (such consent not to be unreasonably withheld, delayed or conditioned) (it being understood that any amendment or modification to the definition of “Material Adverse Change” (as defined in the Implementation Deed) shall be deemed materially adverse to the Lenders).

7.8  Investments.  Make any advance, loan, extension of credit (by way of guaranty or otherwise) or capital contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting a business unit of, or make any other investment in, any Person (all of the foregoing, “Investments”), except Permitted Investments.

7.9  [Reserved].

7.10  Transactions with Affiliates.  Enter into any material transaction, including any purchase, sale, lease or exchange of property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than Holdings, the Operating Partnership or any Wholly Owned Subsidiary of the Operating Partnership) unless such transaction is (i) for payments of compensation, perquisites and fringe benefits arising out of any employment or consulting relationship in the ordinary course of business, (ii) for payments of Restricted Payments permitted by this Agreement, (iii) between or among Loan Parties, or (iv) (A) otherwise not prohibited under this Agreement and (B) in the ordinary course of business of the relevant Group Member, and (C) upon fair and reasonable terms no less favorable to the relevant Group Member than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate.  

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7.11  Sales and Leasebacks.  Enter into any arrangement with any Person providing for the leasing by any Group Member of real or personal property that has been or is to be sold or transferred by such Group Member to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such property or rental obligations of such Group Member.

7.12  Swap Agreements.  Enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by the Operating Partnership or any Subsidiary and for which the Operating Partnership or such Subsidiary has actual exposure (other than those in respect of Capital Stock or the Senior Notes, or any Additional Senior Unsecured Notes) and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Operating Partnership or any Subsidiary.

7.13  Changes in Fiscal Periods.  Permit the fiscal year of the Operating Partnership to end on a day other than December 31 or change the Operating Partnership’s method of determining fiscal quarters.

7.14  Negative Pledge Clauses.  Enter into or suffer to exist or become effective any agreement that prohibits or limits the ability of any Group Member to create, incur, assume or suffer to exist any Lien upon any of its property (including equity interests owned by such Group Member) or revenues, whether now owned or hereafter acquired (which, for the avoidance of doubt, shall exclude any agreement that requires maintenance of financial covenant ratios regarding amounts of secured debt or unencumbered assets), other than (a) this Agreement and the other Loan Documents, (b) any agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby), (c) any restrictions set forth in the organizational documents of the Subsidiaries of the Operating Partnership listed on Schedule ES, (d) any restrictions set forth in the 2012 Senior Unsecured Note Indenture, the 2013 Senior Unsecured Note Indenture or any Additional Senior Unsecured Indentures, (e) customary restrictions and conditions contained in any agreement relating to the sale of any property pending the consummation of such sale; provided that (1) such restrictions apply only to the property to be sold, and (2) such sale is permitted hereunder, (f) covenants in any one or more agreements governing Indebtedness permitted under Section 7.2 entered into after the Closing Date that are not materially more restrictive with respect to either Borrower and its Subsidiaries than the equivalent restrictions set forth in the Loan Documents, (g) any encumbrance or restriction in connection with an acquisition of property, so long as such encumbrance or restriction relates solely to the property so acquired and was not created in connection with or in anticipation of such acquisition, (h) restrictions by reason of customary provisions restricting assignments, subletting or other transfers contained in leases, licenses or similar agreements entered into in the ordinary course of business (provided that such restrictions are limited to the property or assets secured by such Liens or the property or assets subject to such leases, licenses or similar agreements, as the case may be), (i) provisions limiting the disposition or distribution of assets or property in joint venture agreements, stock sale agreements and other similar agreements, in each case, to the extent permitted under this Agreement and only if entered into with the approval of the Board of Directors of Holdings, which limitation is applicable only to the assets that are the subject of such agreement, 

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(j) Contractual Obligations that are binding on a Subsidiary at the time such Subsidiary first becomes a Subsidiary, so long as such Contractual Obligations were not entered into in contemplation of such Person becoming a Subsidiary, (k) are required by or pursuant to applicable law, (l) are customary restrictions on leases, subleases, licenses, sublicenses, Capital Stock, or asset sale agreements and other similar agreements otherwise permitted hereby so long as such restrictions relate to the assets subject thereto, and (m) are customary provisions restricting assignment of any agreement entered into in the ordinary course of business.

7.15  Clauses Restricting Subsidiary Distributions.  Enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Subsidiary of either Borrower to (a) make Restricted Payments in respect of any Capital Stock of such Subsidiary held by, or pay any Indebtedness owed to, either Borrower or any Subsidiary of either Borrower, (b) make loans or advances to, or other Investments in, either Borrower or any Subsidiary of either Borrower or (c) transfer any of its assets to either Borrower or any Subsidiary of either Borrower, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents, the Senior Note Indenture, the 2012 Senior Unsecured Note Indenture, the 2013 Senior Unsecured Note Indenture or any Additional Senior Unsecured Indentures, (ii) any restrictions with respect to a Subsidiary imposed pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the Capital Stock or assets of such Subsidiary, (iii) any restrictions set forth in the organizational documents of the Subsidiaries of the Borrowers listed on Schedule ES, (iv) applicable Requirements of Law, (v) customary provisions restricting subletting or assignment of any lease governing a leasehold interest of a Subsidiary, (vi) any holder of a Lien permitted by Section 7.3 restricting the transfer of the property subject to such permitted Lien, (vii) any agreement in effect at the time such Subsidiary becomes a Subsidiary of either Borrower, so long as such agreement was not entered into in connection with or in contemplation of such Person becoming a Subsidiary of a Borrower, and (viii) any restrictions in any one or more agreements governing Indebtedness permitted under Section 7.2 entered into after the Closing Date that are not materially more restrictive with respect to either Borrower and its Subsidiaries than the equivalent restrictions set forth in the Loan Documents.

7.16  Lines of Business.  Enter into any business, either directly or through any Subsidiary, except for those businesses in which the Operating Partnership and its Subsidiaries are engaged on the date of this Agreement or that are reasonably related thereto.

Section 8.  EVENTS OF DEFAULT

If any of the following events shall occur and be continuing:

 

(a)  the Borrowers shall fail to pay any principal of any Loan when due in accordance with the terms hereof; or the Borrowers shall fail to pay any interest on any Loan, or any other amount payable hereunder or under any other Loan Document, within five days after any such interest or other amount becomes due in accordance with the terms hereof; or

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(b)  any representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been inaccurate (i) in any material respect on or as of the date made or deemed made or (ii) in the case of any representation or warranty qualified by “materiality”, “Material Adverse Effect” or any similar language, in any respect (after giving effect to such materiality qualifier) on or as of the date made or deemed made; or

(c)  any Loan Party shall default in the observance or performance of any agreement contained in clause (i) or (ii) of Section 6.4(a) (with respect to Holdings and any Borrower only), Section 6.7(a), Section 6.13, or Section 7 of this Agreement or Section 4 of the Guarantee Agreement; or

(d)  any Loan Party shall default in the observance or performance of any other agreement contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a period of 30 days after notice to the Borrowers from the Administrative Agent or the Required Lenders; provided that if such default is capable of being cured but cannot be cured within such 30 day period and so long as the Borrowers shall have commenced to cure such default within such 30 day period and shall be diligently pursuing such cure, the Borrowers shall have an additional 30 day period to cure such default; or

(e)  any Group Member (other than an Immaterial Subsidiary) shall: (i) default in making any payment of any principal of any Indebtedness (including any Guarantee Obligation, but excluding the Loans) on the scheduled or original due date with respect thereto; or (ii) default in making any payment of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Indebtedness to become due, prepaid, repurchased, defeased or redeemed prior to its stated maturity or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable; provided, that a default, event or condition described in clause (i), (ii) or (iii) of this paragraph (e) shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (e) shall have occurred and be continuing with respect to Indebtedness the outstanding principal amount of which exceeds in the aggregate (x) $50,000,000, in the case of Recourse Indebtedness or (y)$100,000,000 in the case of Nonrecourse Indebtedness; provided further that this clause (e) 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, if such sale or transfer is permitted hereunder; or

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(f)  (i) any Group Member (other than an Immaterial Subsidiary) shall: (i) commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, administration, winding‐up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, Controller, conservator or other similar official for it or for all or any substantial part of its assets, or any Group Member (other than an Immaterial Subsidiary) shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against any Group Member (other than an Immaterial Subsidiary) any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed or undischarged for a period of 60 days; or (iii) any Group Member (other than an Immaterial Subsidiary) shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, or pass a resolution in favor of, any of the acts set forth in clause (i) or (ii) above; or (iv) any Group Member (other than an Immaterial Subsidiary) shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due (or, in respect of MPT Australia or another Loan Party organized and existing under the laws of Australia (or any of its jurisdictions), is presumed under the Australian Corporations Act to be unable to pay its debts as they become due  and payable whether at stated maturity or otherwise); or

(g)  (i) any Person shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan; or (ii) any “accumulated funding deficiency” (as defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any Plan or any Lien in favor of the PBGC or a Plan shall arise on the assets of any Group Member or any Commonly Controlled Entity; or (iii) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA; or (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA; or (v) any Group Member or any Commonly Controlled Entity shall, or in the reasonable opinion of the Required Lenders would be reasonably likely to, incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan; and in each case in clauses (i) through (v) above, such event or condition, together with all other such events or conditions, if any, would, in the reasonable judgment of the Required Lenders, reasonably be expected to have a Material Adverse Effect; or

(h)  one or more final judgments or decrees shall be entered against any Group Member (other than an Immaterial Subsidiary) involving in the aggregate a liability (not paid or fully covered by insurance as to which the relevant insurance company has not denied coverage) of $50,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 30 days from the entry thereof; or

(i)  any of the Loan Documents shall cease, for any reason, to be in full force and effect, or any Loan Party or any Affiliate of any Loan Party shall so assert other than as expressly permitted hereunder or thereunder; or

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(j)  [reserved]; or

(k)  (i) (any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) shall become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)‐5 under the Exchange Act), directly or indirectly, of more than 40% of the outstanding common stock of Holdings; or (ii) the board of directors of Holdings shall cease to consist of a majority of Continuing Directors; or (iii) Holdings shall cease to own and control, of record and beneficially, 100% of the outstanding Capital Stock of the general partner of the Operating Partnership or shall cease to own and control, of record and beneficially, 90% of each class of outstanding Capital Stock of the Operating Partnership free and clear of all Liens; or (iv) the Operating Partnership shall cease to own, directly or indirectly, and control, of record and beneficially, 100% of each class of outstanding Capital Stock of MPT Australia free and clear of all Liens; or (v) a Specified Change of Control shall occur; or

(l)  Holdings shall (i) conduct, transact or otherwise engage in, or commit to conduct, transact or otherwise engage in, any business or operations other than (A) those incidental to its ownership of the Capital Stock of the Operating Partnership, (B) the maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such maintenance), (C) the performance of its obligations and payments with respect to the Loan Documents and any other agreements permitted hereunder, (D) any public offering of its common stock or any other issuance of its Capital Stock or hold proceeds thereof, (E) making payments or Restricted Payments to the extent otherwise permitted hereunder, (F) making Investments in its Subsidiaries, (G) participating in tax, accounting and other administrative matters as a member of the consolidated, combined, unitary or similar group that included Holdings and the Operating Partnership, (H) holding any cash, Cash Equivalents or other property received in connection with Restricted Payments received from, and Investments in Holdings made by, its Subsidiaries, contributions to its capital or in exchange for the issuance of Capital Stock and Investments received in respect of any of the foregoing pending application thereof by Holdings, and (I) providing indemnification and contribution, directors, officers, employees, members of management and consultants; or (ii) incur, create, assume or suffer to exist any Indebtedness or other liabilities or financial obligations, except (w) Indebtedness incurred with respect to guarantees of the Senior Notes, or other Indebtedness of the Operating Partnership and its Subsidiaries that is permitted by Section 7.2, (x) nonconsensual obligations imposed by operation of law, (y) obligations pursuant to the Loan Documents to which it is a party and (z) obligations with respect to its Capital Stock; or (iii) own, lease, manage or otherwise operate any properties or assets (including cash (other than cash received in connection with dividends made by the Operating Partnership in accordance with Section 7.6 pending application in the manner contemplated by said Section) and cash equivalents) other than the ownership of shares of Capital Stock of the Operating Partnership; or

(m)  with respect to MPT Australia Trustee or any other Person that may from time to time act as a trustee of any other Loan Party that is a trust organized and existing under the laws of Australia: (i) a new or additional trustee is appointed with respect thereto (other than with the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld, conditioned or delayed); (ii) the beneficiaries thereof resolve to wind up MPT Australia or the relevant trust (as applicable); (iii) MPT Australia Trustee or the relevant trustee (as applicable) is required to wind up MPT Australia or the relevant trust (as applicable) under the relevant trust deed; (iv) the winding up of MPT Australia or the relevant trust (as applicable) has commenced; (iv) MPT Australia or the relevant trust (as applicable) is held not to have been constituted or to 

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have been imperfectly constituted; (v) MPT Australia Trustee or the relevant trustee (as applicable) ceases to be authorized under MPT Trust or the relevant trust (as applicable) to hold the property of MPT Australia or the relevant trust (as applicable) in its name and to perform its obligations under the Loan Documents; or (vi) MPT Australia Trustee or the relevant trustee (as applicable) ceases to be entitled to be indemnified out of the assets of the MPT Australia or the relevant trust (as applicable) in respect of its obligations under the Loan Documents or to have a lien over them; then, and in any such event, (A) if such event is an Event of Default specified in clause (i), (ii), (iii) or (iv) of paragraph (f) above with respect to any Borrower or Holdings, automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents shall immediately become due and payable, and (B) if such event is any other Event of Default, either or both of the following actions may be taken:  (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrowers declare the Commitments to be terminated forthwith, whereupon the Commitments shall immediately terminate; and (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrowers, declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents.  Except as expressly provided above in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrowers.

In the event that following the occurrence or during the continuance of any Event of Default, the Administrative Agent or any Lender, as the case may be, receives any monies in connection with the enforcement of any the Loan Documents, such monies shall be distributed for application as follows:

 

(a)First, to the payment of, or (as the case may be) the reimbursement of the Administrative Agent for or in respect of, all reasonable costs, expenses, disbursements and losses which shall have been incurred or sustained by the Administrative Agent in connection with the collection of such monies by the Administrative Agent, for the exercise, protection or enforcement by the Administrative Agent of all or any of the rights, remedies, powers and privileges of the Administrative Agent under this Agreement or any of the other Loan Documents or in support of any provision of adequate indemnity to the Administrative Agent against any taxes or liens which by law shall have, or may have, priority over the rights of the Administrative Agent to such monies;

 

(b)Second, to pay any fees or expense reimbursements then due to the Lenders from the Loan Parties;

 

(c)Third to pay interest then due and payable on the Loans, 

 

(d)Fourth, to payment of Obligations constituting principal on the Loans and  obligations under Cash Management Services and Lender Swap Agreements due to the Administrative Agent or any Lender or any Affiliate of the Administrative Agent or any Lender by the Loan Parties, in each case ratably among the Lenders, the Administrative Agent and their Affiliates in proportion to the amounts described in this clause Fourth payable to them; and

 

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(e)Fifth, to the payment of any other Obligation due to the Administrative Agent or any Lender or any Affiliate of the Administrative Agent or any Lender by the Loan Parties.

 

Notwithstanding the foregoing: (x) amounts received from any Guarantor shall not be applied to any Excluded Swap Obligation of such Guarantor, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation otherwise set forth in clauses (d) and (e) above and (y) Obligations arising pursuant to Cash Management Services and Lender Swap 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 request, from the applicable provider of such Cash Management Services or the applicable counterparty to such Lender Swap Agreement, as the case may be (i.e., a Lender or an Affiliate of a Lender, it being understood and agreed that the Administrative Agent and its Affiliates shall not be required to provide any such notice).  Each Person that is not a party to this Agreement and has given a notice contemplated by clause (y) of 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.

 

Section 9.  THE AGENTS  

9.1  Appointment.  Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto.  Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein.  Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.1), and (c) except as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to Holdings, either Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity.  

9.2  Delegation of Duties.  The Administrative Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys‐in‐fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.  The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys in‐fact selected by it with reasonable care.

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9.3  Exculpatory Provisions.  Neither any Agent nor any of their respective officers, directors, employees, agents, attorneys‐in‐fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder.  The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party.  The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into or monitor compliance with the provisions hereof relating to Disqualified Institutions.  Without limiting the generality of the foregoing, the Administrative Agent shall not ‎(x) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Institution or (y) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to any ‎Disqualified Institution.‎

9.4  Reliance by Administrative Agent.  The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to Holdings or either Borrower), independent accountants and other experts selected by the Administrative Agent.  The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent.  The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.  The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans.

9.5  Notice of Default.  The Administrative Agent shall be deemed not to have knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from a Lender, Holdings or the Operating Partnership referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”.  In the event that the Administrative Agent receives such a notice, the Administrative Agent shall 

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give notice thereof to the Lenders.  The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders); provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders.

9.6  Non-Reliance on Agents and Other Lenders.  Each Lender expressly acknowledges that neither the Agents nor any of their respective officers, directors, employees, agents, attorneys‐in‐fact or affiliates have made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender.  Each Lender represents to the Agents that it has, independently and without reliance upon any Agent, any Arranger or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement.  Each Lender also represents that it will, independently and without reliance upon any Agent, any Arranger or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates.  Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys‐in‐fact or affiliates. 

9.7  Indemnification.  To the extent that the Borrowers fail to pay any amount required to be paid by them to the Administrative Agent under Section 10.5, each Lender severally agrees to pay to the Administrative Agent such Lender’s Delayed Draw Term Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided 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 in its capacity as such.

9.8  Agent in Its Individual Capacity.  Each Agent and its affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Loan Party as though such Agent were not an Agent.  With respect to its Loans made or renewed by it, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity.

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9.9  Successor Administrative Agent.  The Administrative Agent may resign as Administrative Agent upon ten (10) days’ notice to the Lenders and the Operating Partnership.  If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under Section 8(a) or Section 8(f) with respect to either of the Borrowers shall have occurred and be continuing) be subject to approval by the Operating Partnership (which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans.  If no successor agent has accepted appointment as Administrative Agent by the date that is ten (10) days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above.  After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 9 and Section 10.05 shall continue to inure to its benefit, and to the benefit of its sub‐agents and their respective Related Parties, in each case, as to any actions taken or omitted to be taken by any of them (i) while the retiring Administrative Agent was acting as Administrative Agent under this Agreement and the other Loan Documents and (ii) after such resignation for as long as any of them continues to act in any capacity hereunder or under the other Loan Documents, including in respect of any actions taken in connection with transferring the agency to any successor Administrative Agent.

9.10  Other Agents.  The Co-Syndication Agents and the Arrangers shall not have any duties or responsibilities hereunder in its capacity as such.

9.11  Certain ERISA Matters.  

(a)Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of either Borrower or any other Loan Party, that at least one of the following is and will be true: 

(i)such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments or this Agreement,

(ii)the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement,

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(iii)(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or 

(iv)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

(b)In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of either Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

Section 10.  MISCELLANEOUS  

10.1  Amendments and Waivers.  Neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 10.1.  The Required Lenders and each Loan Party party to the relevant Loan Document may, or, with the written consent of the Required Lenders, the Administrative Agent and each Loan Party party to the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall: (i) forgive or reduce the principal amount or extend the final scheduled date of maturity of any Loan, reduce the stated rate of any interest or fee payable hereunder (except (x) in connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with the consent of the Required Lenders and (y) that any amendment or modification of defined terms used in the financial covenants in this Agreement shall not constitute a reduction in the rate of interest or fees for purposes of this clause (i)), extend the scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Lender’s 

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Commitment, in each case without the written consent of each Lender directly affected thereby; (ii) eliminate or reduce the voting rights of any Lender under this Section 10.1 without the written consent of such Lender; (iii) reduce any percentage specified in the definition of Required Lenders, consent to the assignment or transfer by any Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, or release Holdings from its obligations under the Guarantee Agreement, in each case without the written consent of all Lenders; (iv) amend, modify or waive any provision of Section 9 without the written consent of the Administrative Agent; or (v) change Section 2.17(a), (b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender affected thereby.  Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Administrative Agent and all future holders of the Loans.  In the case of any waiver, the Loan Parties, the Lenders and the Administrative Agent shall be restored to their former position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon.  

Notwithstanding any provision herein to the contrary, if the Administrative Agent and the Operating Partnership acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document (including the schedules and exhibits thereto), then the Administrative Agent and the Operating Partnership shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement.

10.2  Notices.  (a)  All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when received, addressed as follows in the case of Holdings, the Borrowers and the Administrative Agent, and as set forth in an Administrative Questionnaire delivered to the Administrative Agent in the case of the Lenders, or to such other address as may be hereafter notified by the respective parties hereto:

 

		
	
Holdings:
	
Medical Properties Trust, Inc.

1000 Urban Center Drive, Suite 501

Birmingham, AL  35242

	
 
	
Attention:    R. Steven Hamner

	
 
	
Telecopy:    (205) 969-3756

	
 
	
Telephone:    (205) 969-3755

	
 
	
 

	
The Operating

Partnership (individually) or 

both Borrowers:
	
MPT Operating Partnership, L.P.

c/o Medical Properties Trust, Inc.

1000 Urban Center Drive, Suite 501

Birmingham, AL  35242

	
 
	
Attention:    R. Steven Hamner

	
 
	
Telecopy:    (205) 969-3756

	
 
	
Telephone:    (205) 969-3755

	
 
	
 

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With a copy to:

Goodwin Procter LLP 

100 Northern Avenue

Boston, MA  02210

	
 
	
Attention:    Edward Matson Sibble, Jr.

	
 
	
Telecopy:    (617) 523-1231

	
 
	
Telephone:    (617) 570-1000

	
 
	
 

	
MPT Australia

(individually):
	
Evolution Trustees Limited, as trustee of MPT Australia Realty Trust

Suite 703B, Level 7

1 York Street

Sydney, NSW 2000

Attention:     Rupert Smoker

Telephone:     (612) 8886-5150 

	
 
	
 

	
 
	
With copies to:

Goodwin Procter LLP 

100 Northern Avenue

Boston, MA  02210

Attention:     Edward Matson Sibble, Jr.

Telecopy:     (617) 523-1231

Telephone:     (617) 570-1000

	
 
	
 

	
 
	
MPT Operating Partnership, L.P.

c/o Medical Properties Trust, Inc.

1000 Urban Center Drive, Suite 501

Birmingham, AL  35242

Attention:R. Steven Hamner

Telecopy:(205) 969-3756

Telephone:(205) 969-3755

	
 
	
 

	
If to the Administrative Agent for requests 

relating to Loans:

 
	
Bank of America, N.A.

Gateway Village – 900 Bldg. 

900 W Trade St. 

Mailcode: NC1-026-06-04

Charlotte, NC 28255-0001

Attention:  Donna Barron

Email:  donna.h.barron@baml.com

Telecopy:    704-804-5235

Telephone: 980-387-3426

	
 
	
 

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Other Notices to

 Administrative Agent:

 
	
Bank of America, N.A.

2380 Performance Dr., Bldg. C

MailCode: TX2-984-03-26 

Richardson, TX 75082

Attention: Mary Lawrence 

Email: mary.lawrence-agency@baml.com

Telecopy: 214-416-0839  

Telephone: 469-201-8825

	
 
	
 

provided that any notice, request or demand to or upon the Administrative Agent or the Lenders shall not be effective until received.

(b)  Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Administrative Agent and the applicable Lender.  The Administrative Agent or the Borrowers may, in their 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) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.

(c)  Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.

(d)  Electronic Systems.

(i)Each Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available to the Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System.

(ii)Any Electronic System used by the Administrative Agent is provided “as is” and “as available.”  The Agent Parties (as defined below) do not warrant the adequacy or completeness of any Communication or the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications.  No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of 

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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 Communications or any Electronic System.  In no event shall the Administrative Agent or any of its Related Parties (each an “Agent Party,” and collectively, the “Agent Parties”) have any liability to wither Borrower or any other Loan Party, any Lender or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of either Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of Communications through an Electronic System.  “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent or any Lender by means of electronic communications pursuant to this Section, including through an Electronic System.

10.3  No Waiver; Cumulative Remedies.  No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents 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 are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law or otherwise available.  No waiver of any provision of this Agreement or consent to any departure by ether Borrower therefrom shall in any event be effective unless the same shall be permitted by Section 10.1, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.

10.4  Survival.  All covenants, representations and warranties made by either Borrower hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of the Loans and other extensions of credit hereunder, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated.  The provisions of Sections 2.18, 2.19, 2.20 and 10.5 and Article IX shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination the Commitments or the termination of this Agreement or any provision hereof.

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10.5  Payment of Expenses and Taxes.  The Borrowers agree (a) to pay or reimburse the Administrative Agent and the Arrangers and their respective Affiliates for all its reasonable and documented out‐of‐pocket costs and expenses incurred in connection with the development, syndication, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements of counsel to the Administrative Agent and including such costs and expenses incurred under Section 6.10 and 6.11, with statements with respect to the foregoing to be submitted to the Borrowers prior to the Funding Date (in the case of amounts to be paid on the Funding Date) and from time to time thereafter on a quarterly basis or such other periodic basis as the Administrative Agent shall deem appropriate, (b) to pay or reimburse each Lender and the Administrative Agent for all its documented out-of-pocket costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any such other documents (including any workout or restructuring or negotiations in respect thereof) , including the documented fees and disbursements and other out-of-pocket costs of counsel to each Lender and of counsel to the Administrative Agent, (c) to pay, indemnify, and hold each Lender and the Administrative Agent harmless from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other taxes, if any, that may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents and any such other documents, and (d) to pay, indemnify, and hold each Lender and the Administrative Agent and their respective officers, directors, employees, affiliates, advisors, trustees, agents and controlling persons (each, an “Indemnitee”) harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (except for Taxes, other than Taxes that represent losses, costs or expenses arising from any non-Tax claims) incurred by any Indemnitee or asserted against any Indemnitee by any third party or by either Borrower or any other Loan Party with respect to the execution, delivery, enforcement, performance and administration of this Agreement, the other Loan Documents and any such other documents, including any of the foregoing relating to the use of proceeds of the Loans or the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of any Group Member or any of the Properties and the reasonable documented fees and expenses of legal counsel in connection with claims, actions or proceedings by any Indemnitee against any Loan Party under any Loan Document or asserted against any Indemnitee (all the foregoing in this clause (d), collectively, the “Indemnified Liabilities”), provided, that the Borrowers shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence, willful misconduct or material breach of Loan Document obligations of such Indemnitee.  Without limiting the foregoing, and to the extent permitted by applicable law, each Borrower agrees not to assert and to cause its Subsidiaries not to assert, and hereby waives and agrees to cause its Subsidiaries to waive, all rights for contribution or any other rights of recovery with respect to all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental Laws, that any of them might have by statute or otherwise against any Indemnitee.  All amounts due under this Section 10.5 shall be payable not later than ten (10) Business Days after written demand therefor.  Statements payable by the Borrowers pursuant to this Section 10.5 shall be submitted to R. Steven Hamner (Telephone No. (205) 969-3755) (Telecopy No. (205) 969-3756), at the address of the Borrowers set forth in Section 10.2, or to such other Person or address as may be hereafter designated by the Borrowers in a written notice to the Administrative Agent.  The agreements in this Section 10.5 shall survive repayment of the Loans and all other amounts payable hereunder.

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10.6  Successors and Assigns; Participations and Assignments.  (a)   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 (i) no Loan Party may assign or otherwise transfer any of its rights or obligations hereunder or under any other Loan Document without the prior written consent of each Lender (and any attempted assignment or transfer by any Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section.  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 paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

(b)  (i)  Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons that are Eligible Assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with the prior written consent of:

(A) the Operating Partnership (such consent not to be unreasonably withheld or delayed), provided that no consent of the Operating Partnership shall be required for an assignment to a Lender, an affiliate of a Lender, an Approved Fund (as defined below) or, if an Event of Default has occurred and is continuing, any other Person that is an Eligible Assignee; and provided further that the Operating Partnership shall be deemed to have consented to an assignment unless it shall have objected thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; and

(B) the Administrative Agent (such consent not to be unreasonably withheld or delayed).

(ii)Assignments shall be subject to the following additional conditions:

(A) except in the case of an assignment to a Lender, an affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitments or Loans, the amount of the Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than AUD5,000,000 unless the Operating Partnership and the Administrative Agent otherwise consent, provided that (1) no such consent of the Operating Partnership shall be required if an Event of Default has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its affiliates or Approved Funds, if any;

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(B) the assigning Lender and the Assignee party to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500;

(C) the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; and

(D) no assignments shall be permitted (other than by Bank of America) until the earlier of (1) the completion of the primary syndication of the Delayed Draw Term Facility (as determined by BofA Securities, Inc.) and (2) 90 days after the Funding Date.

For the purposes of this Section 10.6, “Approved Fund” means any Person (other than a natural person or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and 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.

(iii)Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below, from and after the effective date specified in each Assignment and Assumption the Assignee thereunder shall be a party hereto 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 2.18, 2.19, 2.20 and 10.5).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.6 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 paragraph (c) of this Section.

(iv)The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrowers, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Loans 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 Borrowers, 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, notwithstanding notice to the contrary.  The Register shall be available for inspection by any Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.  The obligations of the Borrowers under the Loan Documents are registered obligations and the right, title and interest of the Lenders and their Assignees in and to such obligations shall be transferable only upon notation of such transfer in the Register. This Section 10.6(b)(iv) shall be construed so that such obligations are at all times maintained in “registered from” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related regulations (and any other relevant or successor provisions of the Code or such regulations).

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(v)Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an Assignee, the Assignee’s completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

(c)  (i)Any Lender may, without the consent of the Borrowers or the Administrative Agent, sell participations to one or more banks or other entities (other than Holdings, any Borrower or any of their respective Subsidiaries or Affiliates) or a natural person or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrowers, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  Any agreement 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 may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby pursuant to the proviso to the second sentence of Section 10.1 and (2) directly affects such Participant.  Subject to paragraph (c)(ii) of this Section, the Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.18, 2.19 and 2.20 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.7(b) as though it were a Lender, provided such Participant shall be subject to Section 10.7(a) 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 Borrowers, 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, 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 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.  The obligations of Borrowers under the Loan Documents are registered obligations and the right, title and interest of the Lenders and their Participants in and to such obligations shall be transferable only upon notation of such transfer in the Participant Register. This Section 10.6(c)(i) shall be construed so that such obligations are at all times maintained in “registered from” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related regulations (and any other relevant or successor provisions of the Code or such regulations).

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(ii)Each Participant shall agree to be subject to the provisions of Section 2.22 as though it were a Lender.  A Participant shall not be entitled to receive any greater payment under Section 2.18 or 2.19 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrowers’ prior written consent, which consent specifically refers to this Section 10.6(c)(ii).  Any Participant that is not a U.S. Lender shall not be entitled to the benefits of Section 2.19 unless such Participant complies with Section 2.19(f).

(d)  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any other central bank having jurisdiction over such Lender, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto.

(e)  The Borrowers, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in paragraph (d) above.

(f)  Notwithstanding the foregoing, any Conduit Lender may assign any or all of the Loans it may have funded hereunder to its designating Lender without the consent of the Borrowers or the Administrative Agent and without regard to the limitations set forth in Section 10.6(b).  Each of Holdings, each Borrower, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however, that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period of forbearance.

(g)  Disqualified Institutions.  (i) No assignment or participation shall be made to any Person that was a Disqualified Institution as of the date (the “Trade Date”) on which the assigning Lender entered into a binding agreement to sell and assign or grant a participation in all or a portion of its rights and obligations under this Agreement to such Person (unless the Operating Partnership has consented to such assignment or participation in writing in its sole and absolute discretion, in which case such Person will not be considered a Disqualified Institution for the purpose of such assignment or participation).  For the avoidance of doubt, with respect to any assignee or Participant that becomes a Disqualified Institution after the applicable Trade Date (including as a result of the delivery of a notice pursuant to, and/or the expiration of the notice period referred to in, the definition of “Disqualified Institution”), (x) such assignee or Participant shall not retroactively be disqualified from becoming a Lender or Participant and (y) the execution by the Operating Partnership of an Assignment and Assumption with respect to such assignee will not by itself result in such assignee no longer being considered a Disqualified Institution. Any assignment or participation in violation of this clause (g)(i) shall not be void, but the other provisions of this clause (g) shall apply.

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(ii)If any assignment or participation is made to any Disqualified Institution without the Borrowers’ prior written consent in violation of clause (i) above or if any Person becomes a Disqualified Institution after the applicable Trade Date, the Operating Partnership may, at the sole expense and effort of the Borrowers, upon notice to the applicable Disqualified Institution and the Administrative Agent, (A) terminate any Commitment of such Disqualified Institution and repay all obligations of the Borrowers owing to such Disqualified Institution in connection with such Commitment plus accrued interest, accrued fees and all other amounts payable to it hereunder, (B) in the case of outstanding Loans held by Disqualified Institutions, purchase or prepay such Loans by paying the principal amount thereof plus accrued interest fees and other amounts payable to it hereunder and/or (C) require such Disqualified Institution to assign, without recourse (in accordance with and subject to the restrictions contained in this Section 10.6), all of its interest, rights and obligations under this Agreement to one or more Eligible Assignees at the principal amount thereof plus accrued interest, accrued fees and all other amounts payable to it hereunder.

(iii)Notwithstanding anything to the contrary contained in this Agreement, Disqualified Institutions to whom an assignment or participation is made in violation of clause (i) above (A) will not (x) have the right to receive information, reports or other materials provided to Lenders by the Borrowers, the Administrative Agent or any other Lender, (y) attend or participate in meetings attended by the Lenders and the Administrative Agent, or (z) access any electronic site established for the Lenders or confidential communications from counsel to or financial advisors of the Administrative Agent or the Lenders and (B) for purposes of any consent to any amendment, waiver or modification of, or any action under, and for the purpose of any direction to the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) under this Agreement or any other Loan Document, each Disqualified Institution will be deemed to have consented in the same proportion as the Lenders that are not Disqualified Institutions consented to such matter.

(iv)The Administrative Agent shall have the right, and the Borrowers hereby expressly authorizes the Administrative Agent, to (A) post the list of Disqualified Institutions provided by the Borrowers and any updates thereto from time to time (collectively, the “Disqualified Institution List”) on the Electronic System, including that portion of the Electronic System that is designated for “public side” Lenders and/or (B) provide the Disqualified Institution List to each Lender requesting the same.

10.7  Adjustments; Set‐off.  (a)  Except to the extent that this Agreement expressly provides for payments to be allocated to a particular Lender, if any Lender (a “Benefitted Lender”) shall receive any payment of all or part of the Obligations owing to it, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set‐off, pursuant to events or proceedings of the nature referred to in Section 8(f), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of the Obligations owing to such other Lender, such Benefitted Lender shall purchase for cash from the other Lenders a participating interest in such portion of the Obligations owing to each such other Lender, or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest.

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(b)  In addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to Holdings or the Borrowers, any such notice being expressly waived by Holdings and the Borrowers to the extent permitted by applicable law, upon any amount becoming due and payable by Holdings or any Borrower hereunder (whether at the stated maturity, by acceleration or otherwise), to set off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of Holdings or any Borrower, as the case may be.  Each Lender agrees promptly to notify the Borrowers and the Administrative Agent after any such setoff and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application.

10.8  Counterparts; Integration; Effectiveness; Electronic Execution.  (a)This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement and any separate letter agreements with respect to fees payable to the Administrative Agent 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 5.1, 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 which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

(b)  Delivery of an executed counterpart of a signature page of this Agreement by telecopy, emailed .pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

10.9  Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

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10.10  Integration.  This Agreement and the other Loan Documents represent the entire agreement of Holdings, the Borrowers, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents.

10.11  Governing Law.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

10.12  Submission To Jurisdiction; Waivers.  Each of Holdings and the Borrowers hereby irrevocably and unconditionally:

(a)  submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County, Borough of Manhattan, and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, 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 hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court.  Each of the parties hereto 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.  

(b)  consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

(c)  in the case of MPT Australia, irrevocably appoints the Operating Partnership as its agent for service of process in relation to any action or proceeding arising out of or relating to this Agreement, and the Operating Partnership hereby irrevocably accepts such appointment;

(d)  agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to Holdings or the Borrowers, as the case may be at its address set forth in Section 10.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto;

(e)  agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

(f)  waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages.

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10.13  Acknowledgements.  Each of Holdings and the Borrowers hereby acknowledges that:

(a)  it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents;

(b)  none of the Administrative Agent, the other Agents, the Arrangers or any Lender has any fiduciary or advisory relationship with or duty to Holdings or either Borrower arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between Administrative Agent, the other Agents, the Arrangers and the Lenders, on one hand, and Holdings and the Borrowers, on the other hand, in connection herewith or therewith is solely that of debtor and creditor;

(c)  no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among Holdings, the Borrowers and the Lenders; and

(d)  each Agent, Lender and their Affiliates may have economic interests that conflict with those of the Loan Parties, their stockholders and/or their affiliates.

10.14  Releases of Guarantees.  (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by Section 10.1) to take any action requested by the Operating Partnership having the effect of releasing any guarantee obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in accordance with Section 10.1 or (ii) under the circumstances described in paragraphs (b) and (c) below.

(b)  At such time as the Loans, obligations under Lender Swap Agreements due to any Lender or its Affiliate by the Loan Parties and the other Obligations shall have been paid in full and the Commitments have been terminated, the Guarantors shall be released from their obligations under the Guarantee Agreement (other than those expressly stated to survive such termination), all without delivery of any instrument or performance of any act by any Person.

10.15  Confidentiality.  Each of the Administrative Agent and each Lender agrees to keep confidential all Information (as defined below); provided that nothing herein shall prevent the Administrative Agent or any Lender from disclosing any such Information (a) to the Administrative Agent, any other Lender or any affiliate thereof, (b) subject to an agreement to comply with the provisions of this Section, to any actual or prospective Transferee or any direct or indirect counterparty to any Swap Agreement (or any professional advisor to such counterparty) (it being understood that the Disqualified Institution List may be disclosed to any assignee or Participant, or prospective assignee or Participant, in reliance on this clause (b) so long as such Person is not listed on such Disqualified Institution List), (c) to its Affiliates and to its and its Affiliates’ employees, directors, agents, attorneys, accountants and other professional advisors or those of any of its affiliates in connection with their rights and obligations hereunder and under the other Loan Documents, (d) upon the request or demand of any Governmental Authority or any regulatory authority (including any self-regulatory authority), (e) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any 

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Requirement of Law, (f) if requested or required to do so in connection with any litigation or similar proceeding, (g) that has been publicly disclosed or becomes publicly available, (h) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, or (i) in connection with the exercise of any remedy hereunder or under any other Loan Document.  For the purposes of this Section, “Information” means all information received from the Loan Parties relating to the Loan Parties or their business, other than any such information that is available to the Administrative Agent or any Lender on a non-confidential basis prior to disclosure by the Loan Parties and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry; provided that, in the case of information received from a Loan Party after the date hereof, such information is clearly identified at the time of delivery as confidential.  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.

10.16  WAIVERS OF JURY TRIAL.  HOLDINGS, THE BORROWERS, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND FOR ANY COUNTERCLAIM THEREIN.  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.

10.17  USA PATRIOT Act.  Each Lender that is subject to the requirements of the Patriot Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Borrower and each other Loan Party, which information includes the name and address of each Borrower and each other Loan Party and other information that will allow such Lender to identify each Borrower and each other Loan Party in accordance with the Patriot Act.

10.18  [Reserved] . 

10.19  Headings.  Article and Section headings and the Table of Contents 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.

-100-

 

 

10.20  Interest Rate Limitation.  Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Rate to the date of repayment, shall have been received by such Lender.

10.21  Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  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 EEA Financial Institution arising under any Loan Document 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 party hereto that is an EEA Financial Institution; and

(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 entity, 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 (provided, however, that the Operating Partnership shall be entitled to transfer, assign or waive its right to receive any such shares or other instruments to the extent necessary or prudent to preserve its status as a REIT), to the extent permitted by applicable law; 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.

10.22  Australian Interest Withholding Tax.  

(a)  MPT Australia hereby confirms that no prospective Lender whose name was disclosed to it before the Closing Date was known or suspected by it to be an Offshore Associate of MPT Australia or an Associate of any other prospective Lender.  MPT Australia will immediately advise the Administrative Agent and the Lenders if any prospective Lender disclosed to it after the Closing Date is known or suspected by it to be an Offshore Associate of MPT Australia or an Associate of any other prospective Lender.

-101-

 

 

(b)  BofA Securities, Inc., in its capacity as a joint lead arranger for the Facility, represents and warrants to MPT Australia that prior to the Closing Date: (i) it made invitations on behalf of MPT Australia to become a Lender under this Agreement to at least ten Persons (“Offerees”); (ii) its relevant officers who were involved on a day to day basis in syndicating the Facility (the “Officers”) believe that each Offeree, as at the date the relevant invitation was made to such Offeree, carried on the business of providing finance or investing or dealing in securities in the course of operating in financial markets; (iii) none of the Offerees are, to the knowledge of the Officers, Associates of any of the other Offerees, for the purposes of section 128F(3A)(a) of the Income Tax Assessment Act 1936 (Cth) (Australia); and (iv) it has not made offers to become a Lender under this Agreement to any Person whom its Officers know to be Offshore Associates of MPT Australia. 

(c)  Each Lender represents and warrants to the Loan Parties that, if it received an invitation under paragraph (b) above, at the time it received the invitation it was carrying on the business of providing finance, or investing or dealing in securities, in the course of operating in financial markets.

(d)  BofA Securities, Inc. and each Lender will provide to the Loan Parties when reasonably requested any factual information in its possession or which it is reasonably able to provide to assist the Loan Parties to demonstrate (based upon tax advice received by the Loan Parties) that section 128F of the Australian Tax Act has been satisfied where to do so will not, in the reasonable opinion of BofA Securities, Inc. or such Lender (as applicable), breach any law or regulation or any duty of confidence.

(e)  If, for any reason, the requirements of section 128F of the Australian Tax Act have not been satisfied in relation to interest payable on Loans (except to an Offshore Associate of the Loan Parties), then on request by the Administrative Agent, any Joint Lead Arranger or the Loan Parties, each party shall co-operate and take steps reasonably requested with a view to satisfying those requirements (a) where a Lender breaches paragraph (c) above, at the cost of that Lender or (b) in all other cases, at the cost of the Loan Parties.

(f)  The parties agree that this Agreement is a “syndicated facility agreement” for the purposes of section 128F(11)(a) of the Australian Tax Act.

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10.23  Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Agreement 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):

(a)  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. 

(b)  As used in this Section 10.23, 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).

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

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

 

	
MEDICAL PROPERTIES TRUST, INC.

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ R. Steven Hamner

	
 
	
Name: 
	
R. Steven Hamner

	
 
	
Title:
	
Executive Vice President and Chief Financial Officer

	
 
	
 
	
 

	
 
	
 
	
 

	
MPT OPERATING PARTNERSHIP, L.P.

	
By:  MEDICAL PROPERTIES TRUST, LLC, its general partner

	
 
	
 
	
 

	
 
	
By:By:  MEDICAL PROPERTIES TRUST, INC., its sole member

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ R. Steven Hamner

	
 
	
Name:  
	
R. Steven Hamner

	
 
	
Title:
	
Executive Vice President and 

Chief Financial Officer

	
 
	
 
	
 

	
MPT AUSTRALIA REALTY TRUST

	
 
	
 
	
 

	
By: Evolution Trustees Limited (ABN 29-611-839-519), in its capacity as sole trustee of MPT Australia Realty Trust under section 127 of the Australian Corporations Act:

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ Rupert Smoker

	
 
	
Name:
	
Rupert Smoker

	
 
	
Title:
	
Director

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ Ben Norman

	
 
	
Name:
	
Ben Norman

	
 
	
Title:
	
[Company Secretary]

	
 
	
 
	
 

	
 
	
 
	
 

 

 

 

SYNDICATED FACILITY AGREEMENT

 

 

			
	
Solely with respect to Section 10.22(a) and Section 10.22(b):

	
 
	
 

	
BOFA SECURITIES, INC.

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ Philip Bearden

	
 
	
Name:
	
Philip Bearden

	
 
	
Title:
	
Managing Director

 

 

 

SYNDICATED FACILITY AGREEMENT

 

 

			
	
BANK, OF AMERICA, N.A., as Administrative Agent

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ Mary Lawrence

	
 
	
Name:
	
Mary Lawrence

	
 
	
Title:
	
AVP; Agency Management Officer

 

 

 

SYNDICATED FACILITY AGREEMENT

 

 

			
	
BANK OF AMERICA, N.A., as a Lender

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ H. Hope Walker

	
 
	
Name:
	
H. Hope Walker

	
 
	
Title:
	
Senior Vice President

 

 

 

SYNDICATED FACILITY AGREEMENT

 

 

			
	
CITIZENS BANK, N.A., as a Lender

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ Michelle Dawson

	
 
	
Name:
	
Michelle Dawson

	
 
	
Title:
	
Vice President

 

 

 

SYNDICATED FACILITY AGREEMENT

 

 

			
	
JPMORGAN CHASE BANK, N.A., as a Lender

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ Jaime Gitler

	
 
	
Name:
	
Jaime Gitler

	
 
	
Title:
	
VP

 

 

 

SYNDICATED FACILITY AGREEMENT

 

 

			
	
SUNTRUST BANK, as a Lender

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ John Cappellari

	
 
	
Name:
	
John Cappellari

	
 
	
Title:
	
Director

 

 

 

SYNDICATED FACILITY AGREEMENT

 

 

			
	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ Andrea S. Chen

	
 
	
Name:
	
Andrea S. Chen

	
 
	
Title:
	
Managing Director

 

 

 

SYNDICATED FACILITY AGREEMENT

 

 

			
	
BARCLAYS BANK PLC, as a Lender

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ Craig Malloy

	
 
	
Name:
	
Craig Malloy

	
 
	
Title:
	
Director

 

 

 

SYNDICATED FACILITY AGREEMENT

 

 

			
	
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ Karen Ramos

	
 
	
Name:
	
Karen Ramos

	
 
	
Title:
	
Managing Director

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ Gordon Yip

	
 
	
Name:
	
Gordon Yip

	
 
	
Title:
	
Director

 

 

 

SYNDICATED FACILITY AGREEMENT

 

 

			
	
GOLDMAN SACHS BANK USA, as a Lender

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ Annie Carr

	
 
	
Name:
	
Annie Carr

	
 
	
Title:
	
Authorized Signatory

 

 

 

SYNDICATED FACILITY AGREEMENT

 

 

			
	
KEYBANK NATIONAL ASSOCIATION, as a Lender

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
s/ Peter Trazzera

	
 
	
Name:
	
Peter Trazzera

	
 
	
Title:
	
Vice President

 

 

 

SYNDICATED FACILITY AGREEMENT

 

 

			
	
MUFG BANK, LTD., as a Lender

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ Yao Wong

	
 
	
Name:
	
Yao Wong

	
 
	
Title:
	
Vice President

 

 

 

SYNDICATED FACILITY AGREEMENT

 

 

			
	
ROYAL BANK OF CANADA, as a Lender

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ Brian Gross

	
 
	
Name:
	
Brian Gross

	
 
	
Title:
	
Authorized Signatory

 

 

 

SYNDICATED FACILITY AGREEMENT

 

 

			
	
COMPASS BANK, as a Lender

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ Keely W. McGee

	
 
	
Name:
	
Keely W. McGee

	
 
	
Title:
	
Senior Vice President

 

SYNDICATED FACILITY AGREEMENTExhibit 10.8

 

Portions of this Exhibit marked by [***]
have been omitted pursuant to Rule 601(b)(10) of Regulation S-K. The omitted information is not material and, if publicly disclosed,
would likely cause competitive harm to the registrant.

 

EXECUTION VERSION

 

AMENDMENT NO. 16 TO CREDIT AGREEMENT

 

This AMENDMENT NO. 16 TO CREDIT AGREEMENT
(this “Amendment”), dated as of April 5, 2019, 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, 3, 6, 7 and 9 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, and from time to time further amended, supplemented, restated, amended and restated or otherwise modified, the
“Credit Agreement”; capitalized terms used in this Amendment not otherwise defined herein shall have the respective
meanings given thereto in the Credit Agreement (as amended 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 the Administrative Agent and the Required Lenders agree to, among other items, (1) add an additional term loan
tranche under the existing Term Loan Facility and the extension of credit and related obligations and liabilities arising
from time to time thereunder shall be on a subordinated basis to the Revolving Credit Facility and (2) provide covenant
relief to the Borrower and Loan Parties, and the Lenders signatory hereto are willing to consent to effect such amendments on
the terms and conditions contained in this Amendment.

 

     

     

    

 

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.	Amendments
to the Credit Agreement.

 

The Credit Agreement is, effective as of
the Amendment No. 16 Effective Date (as defined below), hereby amended as follows:

 

		(a)	The
Credit Agreement shall be amended by deleting the stricken text (indicated textually in the same manner as the following example:
stricken text) and by adding the double-underlined text (indicated textually
in the same manner as the following example: double-underlined text) in the form set out
in Annex A hereto.

 

		(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
E-1 (Assignment and Assumption) to the Credit Agreement is hereby amended and restated in its entirety in the form set
out on Annex D hereto.

 

		(e)	Schedule
6.36 (Pledges of Stock and Stock Equivalents; Account Control Agreements) is hereby added to the Credit Agreement in the
form set out on Annex E hereto.

 

		2.	Joinder

 

From and after the Amendment No. 16 Effective
Date, pursuant to Section 10.01 of the Credit Agreement, each Tranche A-3 Term Loan Lender executing this Amendment 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.	Additional
Agreements and Acknowledgments

 

		(a)	The
Borrower agrees to pay, or cause to be paid, to the Administrative Agent, for the account of each Revolving Credit Lender who
consented to this Amendment by executing and delivering to the Administrative Agent a signature page hereto prior to the Amendment
No. 16 Effective Date, an amendment 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 Amendment No. 16 Effective Date which fees shall be earned on the Amendment
No. 16 Effective Date and shall be payable in immediately available funds upon the Amendment No. 16 Effective Date (the fees under
this Section 3(a)(i), the “Amendment Fees”) and (ii) 400 basis points (4.00%) of the portion of the Revolving
Credit Facility held by such consenting Revolving Credit Lender as of the Amendment No. 16 Effective Date which fees shall be
earned on the Amendment No. 16 Effective Date and shall be payable on the earlier of (x) the Revolving Credit Facility Termination
Date and (y) the last day of the Availability Period with respect to the Revolving Credit Facility (the fees under this Section
3(a)(ii), the “Other Amendment Fees”); provided that the Other Amendment Fees shall be waived upon the
consummation of the Corporate Action on or before December 15, 2019. The Amendment Fees and the Other Amendment Fees shall be
in addition to any fees payable pursuant to Section 2(a) of the Limited Waiver to Credit Agreement, dated as of March 15, 2019,
or Section 4(a) of Amendment No. 15 (collectively, the “Deferred Fees”).

 

		(b)	The
Borrower and the other Loan Parties shall promptly provide the Administrative Agent and advisors to the Lenders with any information
(financial or otherwise) that the Administrative Agent or advisors to the Lenders reasonably request, including, without limitation,
projections, forecasts, budgets and information regarding liquidity, cash flow, proposed financing activities (equity or debt)
and proposed corporate transactions (including, any contemplated sales or mergers); provided, that the Borrower shall notify the
Administrative Agent whether or not such information constitutes material non-public information.

 

		(c)	Each
of the Borrower and the other Loan Parties hereby jointly and severally agrees, on demand, to reimburse the Administrative Agent
and the Revolving Credit Lenders for all reasonable and out-of-pocket costs and expenses of the Administrative Agent and the Revolving
Credit Lenders related to or in connection with this Amendment and any documents, agreements or instruments referred to herein,
including, without limitation, the reasonable fees and out-of-pocket expenses of Freshfields Bruckhaus Deringer US LLP (the “Agent’s
Legal Advisor”), FTI, and any consultants, including any engineering consultant, attorneys or other professionals retained
by the Administrative Agent and/or the Lenders in connection with the Loan Documents, including without limitation, in connection
with (i) the negotiation and preparation of this Amendment, the enforcement of their rights and remedies under this Amendment,
and (ii) the negotiation, documentation and analysis related to any “work out,” amendment to the Credit Agreement,
or restructuring of the Obligations, or any of the Loan Documents (in each case, whether or not incurred prior to the date of
this Amendment). All such fees, costs and expenses shall constitute Obligations under the Credit Agreement secured by the Collateral
under the Security Instruments. Nothing in this Amendment shall be intended or construed to hold the Administrative Agent, the
Revolving Credit Lenders or any other Secured Party liable or responsible for any expense, liability or obligation of any kind
or nature whatsoever (including, without limitation, attorneys’ fees and expenses, other professionals’ fees and expenses,
wages, salaries, payroll taxes, withholdings, benefits or other amounts payable by or on behalf of the Loan Parties).

 

    -3-

     

    

 

		(d)	The
Borrower, the Administrative Agent, and the Required Lenders reaffirm their agreement to negotiate in good faith modifications
to (i) clause (e) of Section 7.03 (Investments) to limit the amount of Investments made by any Loan Party in any Foreign
Subsidiary and (ii) clause (h) of Section 7.04 (Asset Sales), clause (b) of Section 7.05 (Restricted Payments),
and clauses (a) and (b) of Section 7.06 (Fundamental Changes) to limit certain transactions with Foreign Security Providers.
The Borrower reaffirms that the Borrower shall not, and shall cause its Subsidiaries not to, engage in any transactions with respect
to its Foreign Subsidiaries outside of the ordinary course of business or outside of past practice prior to the effectiveness
of such modifications (other than (i) the payment of the [***] Break-Up Fee (as defined in Amendment No.15), in an amount not
to exceed [***], (ii) the payment of the [***] Fee (as defined in Amendment No. 15), in an amount not to exceed [***]) and (iii)
the Borrower or its Subsidiaries entry into and performance of its obligations under the Vølund Settlement Agreements (as
defined below)).

 

		(e)	The
Borrower and the other Loan Parties each acknowledge and agree that the breach or failure to comply in any respect with the terms
and conditions of this Section 3 shall constitute an immediate Event of Default under Section 8.01 of the Credit Agreement.

 

		4.	Effectiveness;
Conditions Precedent.

 

The 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 “Amendment No. 16 Effective Date”):

 

		(a)	the
Administrative Agent shall have received each of the following documents or instruments in form and substance acceptable to the
Administrative Agent:

 

		(i)	counterparts
of this Amendment executed by the Loan Parties, the Administrative Agent, the Tranche A-1 Term Loan Lenders, the Tranche A-2 Term
Loan Lenders, the Tranche A-3 Term Loan Lenders, a minimum of two (2) unaffiliated L/C Issuers, in their respective capacity as
L/C Issuer, and the Required Lenders;

 

    -4-

     

    

 

		(ii)	a
certificate of the chief financial officer or treasurer of the Borrower certifying that as of the Amendment No. 16 Effective Date
(A) all of the representations and warranties in this Amendment 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), (B) no Default shall exist on, or would result
from the occurrence of, the Amendment No. 16 Effective Date and (C) that since December 31, 2017, there have not occurred any
facts, circumstances, changes, developments or events (other than with respect to the Vølund Projects located at [***],
[***] and [***] including but not limited to the Borrower or its Subsidiaries’ entry into and performance of its obligations
under the settlement agreements with respect to the Vølund Projects located at [***], [***] and [***] (the “Vølund
Settlement Agreements”)) which, individually or in the aggregate, have constituted or would reasonably be expected to
result in, a Material Adverse Effect;

 

		(iii)	satisfactory
opinions of each of the Loan Parties’ counsel, including the Loan Parties’ in-house counsel, regarding due execution,
enforceability and non-contravention of law, in form and substance satisfactory to the Administrative Agent (which opinions shall
also retroactively cover the above described scope with respect to Amendment No. 15 to the extent not previously delivered);

 

		(iv)	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 as of the date hereof;

 

    -5-

     

    

 

		(v)	a
funds flow memorandum, in form and substance reasonably acceptable to the Administrative Agent, detailing the flow of funds in
respect to the Tranche A-3 Term Loan Borrowing (the “Funds Flow”); and

 

		(vi)	executed
copies of the Vølund Settlement Agreements, to be provided with a certification, signed by a Responsible Officer of the
Borrower, certifying that (a) the Vølund Settlement Agreements regarding [***] and [***] are in full force and effect as
of the Amendment No. 16 Effective Date and no parties thereto are in breach of the terms thereof as of the Amendment No. 16 Effective
Date and (b) the Vølund Settlement Agreement regarding [***] shall be in full force and effect immediately after the transfer
of funds in accordance with the Funds Flow on the Amendment No. 16 Effective Date and no parties thereto are in breach of the
terms thereof as of the Amendment No. 16 Effective Date.

 

		(b)	without
prejudice to, or limiting the Borrower’s obligations under, Section 10.04 (Expenses; Indemnity; Damage Waiver) of
the Credit Agreement, all outstanding fees, costs and expenses due to the Administrative Agent and the Revolving Credit Lenders,
including on account of the Agent’s Legal Advisor and FTI, 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 Amendment No. 16 Effective Date (without prejudice to any post-closing settlement of such fees, costs and expenses to the
extent not so invoiced);

 

		(c)	each
Tranche A-3 Term Loan Lender shall have made the full amount of its Tranche A-3 Term Loan available, including OID to be paid
on the Amendment No. 16 Effective Date, to the Administrative Agent in Same Day Funds at the Administrative Agent’s Office
not later than 9:00 a.m. Eastern time (or such later time as the Administrative Agent may agree in its sole discretion) on the
Business Day specified for such Term Loan Borrowing in the applicable Committed Loan Notice;

 

		(d)	all
outstanding fees, costs and expenses in connection with Amendment No. 15 and the Amendment due to the Tranche A-2 Term Loan Lender’s
and the Tranche A-3 Term Loan Lender’s advisors and legal counsel, up to an amount not to exceed $650,000, shall have been
paid to the extent that the Borrower has received an invoice therefor (with reasonable and customary supporting documentation)
and without prejudice to any post-closing settlement of such fees, costs and expenses to the extent not so invoiced;

 

    -6-

     

    

 

		(e)	the
Administrative Agent shall have received on account of each Revolving Credit Lender that consents to this Amendment, the Amendment
Fees and the Deferred Fees; and

 

		(f)	each
of the representations and warranties made by the Borrower in Section 5 hereof shall be true and correct.

 

The Administrative Agent agrees that it
will, upon the satisfaction or waiver of the conditions contained in this Section 4, promptly provide written notice to
the Borrower, and the Lenders of the effectiveness of this Amendment.

 

		5.	Representations
and Warranties.

 

In order to induce the Administrative Agent
and the Lenders to enter into this Amendment, 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 Amendment, no Default exists;

 

		(b)	the
representations and warranties contained in the Credit Agreement (as amended hereby) 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 Amendment 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;

 

		(d)	this
Amendment has been duly executed and delivered on behalf of the Borrower and the other Loan Parties;

 

    -7-

     

    

 

		(e)	this
Amendment 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.

 

		6.	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 amendments and modifications to the Credit Agreement effected hereby;

 

		(b)	expressly
confirms and agrees that, notwithstanding the effectiveness of this Amendment, 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 Amendment), 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;

 

    -8-

     

    

 

		(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 Amendment 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 Amendment 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).

 

    -9-

     

    

 

		7.	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 7.

 

    -10-

     

    

 

		(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 Amendment 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 Amendment, the Credit Agreement and the other
Loan Documents, the transactions contemplated by this Amendment or the Credit Agreement and the Loan Documents, or any agreement
or instrument relating thereto.

 

		8.	Entire
Agreement.

 

This Amendment, the Credit Agreement (including
giving effect to the 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 Amendment may be changed, modified, waived or cancelled orally or otherwise, except in writing and in accordance with Section
10.01 of the Credit Agreement.

 

		9.	Full
Force and Effect of Credit Agreement.

 

This Amendment 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 Amendment). 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
Amendment 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 Amendment 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.

 

    -11-

     

    

 

		10.	Counterparts;
Effectiveness.

 

This Amendment 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 4 above, this Amendment 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 Amendment 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 Amendment.

 

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

 

THIS AMENDMENT 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 AMENDMENT
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.

 

		12.	Severability.

 

If any provision of this Amendment
is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of
this Amendment 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-

     

    

 

		13.	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 hereby and giving effect to the amendments contained in this Amendment.

 

		14.	Successors
and Assigns.

 

This Amendment 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.

 

		15.	Lender
Acknowledgment.

 

Each Lender that has signed this Amendment
shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required hereunder
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 Amendment No. 16 Effective Date specifying its objection thereto.

 

		16.	Amendments.

 

This Amendment may be amended, supplemented
or otherwise modified only by a written agreement signed by the Borrower, the other Loan Parties, the Administrative Agent and
the Required Lenders and none of the provisions hereof may be waived without the prior written consent of the Administrative Agent
and the Required Lenders.

 

		17.	Incremental
Term Loan Facility.

 

The Lenders party hereto hereby agree to
the addition of a new term loan facility in the form of a Term Loan Increase pursuant to, and in accordance with, Section 2.14A
of the Credit Agreement.

 

		18.	Mexico
Security Instrument Extension.

 

The Administrative Agent hereby agrees
to extend the deadline set forth in Section 4(g) of Amendment No. 15 to deliver executed documentation modifying the Security Instruments
delivered with respect to any security interest granted by Babcock & Wilcox de Monterrey, S.A. de C.V., in form and substance
reasonably satisfactory to the Administrative Agent to April 5, 2019.

 

[Signature pages follow]

 

    -13-

     

    

 

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/ Orville Lunking	 
	Name: 	Orville Lunking	 
	Title:	Vice President & Treasurer	 

 

Acknowledged and Agreed for purposes
of Sections 1, 3, 6, 7 and 9 of the Amendment:

 

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 POWER GENERATION GROUP CANADA CORP.

BABCOCK & WILCOX SPIG, INC.

BABCOCK & WILCOX TECHNOLOGY, LLC

BABCOCK & WILCOX DE MONTERREY, S.A. DE C.V.

DELTA POWER SERVICES, LLC

DIAMOND OPERATING CO., INC.

DIAMOND POWER AUSTRALIA HOLDINGS, INC.

 

	By: 	/s/ Robert P. McKinney	 
	Name: 	Robert P. McKinney	 
	Title:	Assistant Secretary	 

 

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/ Robert P. McKinney	 
	Name: 	Robert P. McKinney	 
	Title:	Assistant Secretary	 

 

     

     

    

 

	EBENSBURG INVESTORS LIMITED PARTNERSHIP	 
	 	 
	By: BABCOCK & WILCOX EBENSBURG POWER, LLC, as General Partner
	 	 	 
	By:	/s/ Robert P. McKinney	 
	Name: 	Robert P. McKinney	 
	Title:	Assistant Secretary	 
	 	 	 
	Administrative Agent:	 
	 	 
	BANK OF AMERICA, N.A., as Administrative Agent	 
	 	 	 
	By: 	/s/ Bridgett J. Manduk Mowry	 
	Name: 	Bridgett J. Manduk Mowry	 
	Title: 	Vice President	 
	 	 	 
	Lenders:	 
	 	 
	BANK OF AMERICA, N.A., as Lender and Swing Line Lender
	 	 	 
	By:	/s/ Stefanie Tanwar	 
	Name: 	Stefanie Tanwar	 
	Title: 	Director	 
	 	 	 
	BANC OF AMERICA CREDIT PRODUCTS, INC, as Lender 
	 	 	 
	By: 	/s/ Margaret Sang	 
	Name: 	Margaret Sang	 
	Title: 	Vice President	 
	 	 	 
	B. RILEY FBR, INC., as Lender	 
	 	 	 
	By: 	/s/ Thomas Kelleher	 
	Name: 	Thomas Kelleher	 
	Title: 	Executive Officer	 

 

     

     

    

 

	B. RILEY FINANCIAL, INC., as Lender 	 
	 	 	 
	By: 	/s/ Thomas Kelleher	 
	Name: 	Thomas Kelleher	 
	Title: 	Co-Chief Executive Officer	 
	 	 	 
	BNP PARIBAS, as Lender and L/C Issuer	 
	 	 	 
	By: 	/s/ Pierre Nicholas Rogers	 
	Name: 	Pierre Nicholas Rogers	 
	Title: 	Managing Director	 
	 	 	 
	By: 	/s/ Andrew W. Stuart	 
	Name: 	Andrew W. Stuart	 
	Title: 	Managing Director	 
	 	 	 
	COMPASS BANK dba BBVA COMPASS, as Lender	 
	 	 	 
	By: 	/s/ Bruce Bingham	 
	Name: 	Bruce Bingham	 
	Title: 	Vice President	 
	 	 	 
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as Lender 
	 	 	 
	By: 	/s/ Yurly A. Tsyganov	 
	Name: 	Yurly 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  and L/C Issuer	 
	 	 	 
	By: 	/s/ Eric K. Sander	 
	Name: 	Eric K. Sander	 
	Title: 	Vice President	 
	 	 	 
	JP MORGAN CHASE BANK, N.A., as Lender and L/C Issuer
	 	 	 
	By: 	/s/ Patricia S. Carpen	 
	Name: 	Patricia S. Carpen	 
	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/ Mark Starnes	 
	Name: 	Mark Starnes	 
	Title: 	Vice President	 
	 	 	 
	TD BANK, N.A., as Lender and L/C Issuer	 
	 	 	 
	By: 	/s/ Bethany H. Buitenhuys	 
	Name: 	Bethany H. Buitenhuys	 
	Title: 	Vice President	 

 

     

     

    

 

	UNICREDIT BANK, AG NEW YORK BRANCH, as Lender 
	 	 	 
	By: 	/s/ Michael D. Novellino	 
	Name: 	Michael D. Novellino	 
	Title: 	Director	 
	 	 	 
	By: 	/s/ Scott Obeck	 
	Name: 	Scott Obeck	 
	Title: 	Director	 
	 	 	 
	U.S. BANK, N.A, as Lender 	 
	 	 	 
	By: 	/s/ David C. Heyson	 
	Name: 	David C. Heyson	 
	Title: 	Senior Vice President	 
	 	 	 
	WELLS FARGO BANK, N.A., as Lender	 
	 	 	 
	By: 	/s/ Reginald Dawson	 
	Name: 	Reginald Dawson	 
	Title: 	Managing Director	 
	 	 	 
	VINTAGE CAPITAL MANAGEMENT LLC, as Lender	 
	 	 	 
	By: 	/s/ Brian Kahn	 
	Name: 	Brian Kahn	 
	Title: 	Managing Member	 

 

     

     

    

 

Exhibit A–Vølund Projects

 

Deferred Fee Event Projects

		●	[***]

 

Charge Basket Projects

		●	[***]

 

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 16 to Credit Agreement – Exhibit A]

 

     

     

    

 

Annex A 

Credit Agreement Amendments

 

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 16 to Credit Agreement – Exhibit A]

 

     

     

    

 

CONFORMED THROUGH FIFTEENTHSIXTEENTH
AMENDMENT 

DATED 03/19/201904/05/2019

 

Published CUSIP Number: 056147AA1

Revolving Credit CUSIP Number: 05614TAB9

 

CREDIT AGREEMENT

 

dated as of May 11, 2015

(as amended through Amendment No. 1516,
dated as of March 19April 5, 2019)

 

among

 

BABCOCK & WILCOX ENTERPRISES, INC.,

as the Borrower,

 

BANK OF AMERICA, N.A.,

as Administrative Agent,

Swing Line Lender and an L/C Issuer,

 

and

 

The Other Lenders Party Hereto

 

BNP PARIBAS,

JPMORGAN CHASE BANK, N.A.,

WELLS FARGO BANK, NATIONAL ASSOCIATION
and

CRÉDIT AGRICOLE CORPORATE AND
INVESTMENT BANK,

as Co-Syndication Agents

 

BRANCH BANKING AND TRUST COMPANY,

CITIZENS BANK OF PENNSYLVANIA,

COMPASS BANK,

TD BANK, N.A.,

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
and

U.S. BANK NATIONAL ASSOCIATION,

as Co-Documentation Agents

 

MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED,

BNP PARIBAS SECURITIES CORP.,

J.P. MORGAN SECURITIES LLC,

WELLS FARGO SECURITIES, LLC and

CRÉDIT AGRICOLE CORPORATE AND
INVESTMENT BANK,

as Joint Lead Arrangers and Joint Book Managers

 

     

     

    

 

TABLE OF CONTENTS

Section    Page

 

ARTICLE
I DEFINITIONS AND ACCOUNTING TERMS 1

 

		1.01	Defined
Terms    1

 

		1.02	Other
Interpretive Provisions    5061

 

		1.03	Accounting
Terms    5061

 

		1.04	Rounding    5162

 

		1.05	Exchange
Rates; Currency Equivalents    5162

 

		1.06	Alternative
Currencies    5263

 

		1.07	Times
of Day; Rates    5263

 

		1.08	Letter
of Credit Amounts    5264

 

		1.09	Surviving
Provisions Perpetual    64

 

ARTICLE
II THE COMMITMENTS AND CREDIT EXTENSIONS 5364

 

		2.01	Revolving
Credit Loans    5364

 

		2.01A	Tranche
A-1 Term Loans    5364

 

		2.01B	Tranche
A-2 Term Loans    5364

 

		2.01C	Tranche
A-3 Term Loans    65

 

		2.02	Borrowings,
Conversions and Continuations of Loans    5365

 

		2.03	Letters
of Credit    5668

 

		2.04	Swing
Line Loans    6781

 

		2.05	Prepayments    7085

 

    -ii-

     

    

 

		2.06	Termination
or Reduction of Commitments    7388

 

		2.07	Repayment
of Loans    7490

 

		2.08	Interest    7490

 

		2.09	Fees    7592

 

		2.10	Computation
of Interest and Fees    7794

 

		2.11	Evidence
of Debt    7794

 

		2.12	Payments
Generally; Administrative Agent’s Clawback    7895

 

		2.13	Sharing
of Payments by Lenders    8098

 

		2.14	Increase
in Revolving Credit Commitments    8098

 

		2.14A	Incremental
Term Loans.    100

 

		2.15	Cash
Collateral    83102

 

		2.16	Defaulting
Lenders    84103

 

ARTICLE
III TAXES, YIELD PROTECTION AND ILLEGALITY 87106

 

		3.01	Taxes    87106

 

		3.02	Illegality    92112

 

		3.03	Inability
to Determine Rates    92112

 

		3.04	Increased
Costs; Reserves on Eurocurrency Rate Loans    95115

 

		3.05	Compensation
for Losses    96117

 

		3.06	Mitigation
Obligations    97117

 

		3.07	Survival    97118

 

		3.08	No
Payment to Term Loan Lenders    97118

 

    -iii-

     

    

 

ARTICLE
IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 98118

 

		4.01	Conditions
of Execution Date    98118

 

		4.02	Conditions
of Closing Date    99120

 

		4.03	Conditions
to Revolving Credit Extensions    103125

 

		4.04	Conditions
to the Initial Tranche A Term Loan Funding    105126

 

		4.05	Conditions
to Incremental Tranche A Term Loan Fundings    105126

 

		4.06	Conditions
to Tranche A-2 Term Loan Borrowing    105126

 

		4.07	Conditions
to Tranche A-3 Term Loan Borrowing    127

 

ARTICLE
V REPRESENTATIONS AND WARRANTIES 105127

 

		5.01	Corporate
Existence, Compliance with Law    106127

 

		5.02	Corporate
Power; Authorization; Enforceable Obligations    106127

 

		5.03	Ownership
of Borrower; Subsidiaries    107128

 

		5.04	Financial
Statements    107129

 

		5.05	Material
Adverse Change    108130

 

		5.06	Solvency    108130

 

		5.07	Litigation    108130

 

		5.08	Taxes    108130

 

		5.09	Full
Disclosure    109131

 

		5.10	Margin
Regulations    109131

 

    -iv-

     

    

 

		5.11	No
Burdensome Restrictions; No Defaults    109131

 

		5.12	Investment
Company Act    109131

 

		5.13	Use
of Proceeds    109131

 

		5.14	Insurance    110132

 

		5.15	Labor
Matters    110132

 

		5.16	ERISA    110133

 

		5.17	Environmental
Matters    111134

 

		5.18	Intellectual
Property    112134

 

		5.19	Title;
Real Property    112135

 

		5.20	Security
Instruments    114136

 

		5.21	OFAC    114136

 

		5.22	Anti-Corruption
Laws    114137

 

		5.23	EEA
Financial Institutions    114137

 

		5.24	Budget    114137

 

ARTICLE
VI AFFIRMATIVE COVENANTS 114137

 

		6.01	Financial
Statements    115137

 

		6.02	Collateral
Reporting Requirements    116139

 

		6.03	Default
and Certain Other Notices    117140

 

		6.04	Litigation    118141

 

		6.05	Labor
Relations    118141

 

		6.06	Tax
                                         Retur    141

 

    -v-

     

    

 

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

 

EXHIBITS

Form of

 

	A	Committed Loan Notice
	B	Swing Line Loan Notice
	C	Note
	D	Compliance Certificate
	E-1	Assignment and Assumption
	E-2	Administrative Questionnaire
	F	Guaranty
	G	Collateral Agreement
	H	Forms of U.S. Tax Compliance Certificates

 

    -vi-

     

    

 

CREDIT AGREEMENT

 

This CREDIT AGREEMENT
is entered into as of May 11, 2015, 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, Swing Line Lender and an
L/C Issuer.

 

The Borrower has requested
that the Revolving Credit Lenders provide a revolving credit facility and that the Term Loan Lenders provide a term loan facility,
and the respective Lenders are willing to do so on the terms and conditions set forth herein.

 

In consideration of
the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

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:

 

“2019
Corporate Action” means, commencing with the Amendment No. 14 Effective Date, (i) the Borrower’s
receipt of Net Cash Proceeds from (a) the issuance of Stock or Stock Equivalents (other than Disqualified Stock) of the Borrower
or contribution to the equity of the Borrower, (b) the issuance of Subordinated Debt by the Borrower or (c) any Asset Sale permitted
pursuant to Section 7.04 and (ii) the use of such proceeds to immediately effect a reduction
to the Aggregate Revolving Credit Commitment in accordance with Section 6.39, with any
remainder to be retained by the Borrower and its Subsidiaries for working capital purposes.

 

“2019
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.

 

“Additional
Lender” has the meaning specified in Section 2.14(b).

 

“Additional
Cashless Term Loan Prepayment” has the meaning specified in the definition of “Additional Term Loan Prepayment”.

 

     

     

    

 

“Additional
Term Lender” has the meaning specified in Section 2.14A(b).

 

“Additional
Term Loan Prepayment” means the optional prepayment of the principal amount of Term Loans by the Borrower pursuant to Section
2.05(a)(i), which prepayments (i) shall occur prior to the Additional Term Loan Prepayment Transaction Deadline, (ii) shall not
exceed in an aggregate principal amount $86,000,000, plus the interest payable pursuant to Section 2.05(a)(i) on the applicable
prepayment date, (iii) shall be financed by the Net Cash Proceeds received by the Borrower pursuant to a rights offering of Stock
or Stock Equivalents (other than Disqualified Stock) of the Borrower backstopped by any or all of the Term Loan Lenders or Affiliates
thereof (a “Qualified Rights Offering”), provided that, notwithstanding the foregoing, the Term Loan Lenders may convert
or exchange any Term Loans (including a principal amount of such Term Loans in excess of $86,000,000) into such Stock or Stock
Equivalents by reducing the principal amount of Term Loans in exchange for their participation in such rights offering on a dollar-for
dollar basis (such Additional Term Loan Prepayment, an “Additional Cashless Term Loan Prepayment”).

 

“Additional
Term Loan Prepayment Extension Certificate” means a certificate of either (a) a Responsible Officer or (b) any Term Loan
Lender certifying that a Qualified Rights Offering has not occurred solely as a result of an SEC review of such rights offering
or such other circumstance beyond the control of the Borrower.

 

“Additional
Term Loan Prepayment Transaction Deadline” means (x) October 5, 2019 or (y) if the Administrative Agent shall have received
an Additional Term Loan Prepayment Extension Certificate, January 6, 2020.

 

“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.

 

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

 

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

 

    -2-

     

    

 

“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.

 

“Agreement”
means this 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 the Revolving Credit Facility and $300,000,000. The Alternative
Currency Sublimit is part of, and not in addition to, the Revolving Credit Facility.

 

“Amendment
No. 2” means that certain Amendment No. 2 dated as of the Amendment No. 2 Effective Date by and among the Loan Parties,
the Administrative Agent and the Lenders party thereto.

 

“Amendment
No. 2 Effective Date” means February 24, 2017, the date on which the conditions precedent to the effectiveness of Amendment
No. 2 were satisfied.

 

“Amendment
No. 3” means that certain Amendment No. 3, dated as of the Amendment No. 3 Effective Date, by and among the Borrower,
the Administrative Agent and the Lenders party thereto, and acknowledged and agreed by the Guarantors.

 

“Amendment
No. 3 Effective Date” means August 9, 2017, the date on which the conditions precedent to the effectiveness of Amendment
No. 3 were satisfied.

 

“Amendment
No. 5” means that certain Amendment No. 5, dated as of the Amendment No. 5 Effective Date, by and among the Borrower,
the Administrative Agent and the Lenders party thereto, and acknowledged and agreed by the Guarantors.

 

“Amendment
No. 5 Effective Date” means March 1, 2018, the date on which the conditions precedent to the effectiveness of Amendment
No. 5 were satisfied.

 

    -3-

     

    

 

“Amendment
No. 6” means that certain Amendment No. 6, dated as of the date of the Amendment No. 6 Effective Date, by and among the
Borrower, the Administrative Agent and the Lenders party thereto, and acknowledged and agreed by the Guarantors.

 

“Amendment
No. 6 Effective Date” means April 10, 2018, the date on which the conditions precedent to the effectiveness of Amendment
No. 6 were satisfied.

 

“Amendment
No. 8” means that certain Amendment No. 8, dated as of the Amendment No. 8 Effective Date, by and among the Borrower,
the Administrative Agent and the Lenders party thereto, and acknowledged and agreed by the Guarantors.

 

“Amendment
No. 8 Effective Date” means August 9, 2018, the date on which the conditions precedent to the effectiveness of Amendment
No. 8 were satisfied.

 

“Amendment
No. 9” means that certain Amendment No. 9, dated as of the Amendment No. 9 Effective Date, by and among the Borrower,
the Administrative Agent and the Lenders party thereto, and acknowledged and agreed by the Guarantors.

 

“Amendment
No. 9 Closing Fee” shall mean the “Closing Fee” as defined in Amendment No. 9.

 

“Amendment
No. 9 Effective Date” means September 14, 2018, the date on which the conditions precedent to the effectiveness of Amendment
No. 9 were satisfied.

 

“Amendment
No. 12” means that certain Amendment No. 12, dated as of the date of the Amendment No. 12 Effective Date, by and among
the Borrower, the Administrative Agent and the Lenders party thereto, and acknowledged and agreed by the Guarantors.

 

“Amendment
No. 12 Effective Date” means October 31, 2018, the date on which the conditions precedent to the effectiveness of Amendment
No. 12 were satisfied. “Amendment No. 13” means that certain Amendment No. 13, dated as of the date of
the Amendment No. 13 Effective Date, by and among the Borrower, the Administrative Agent and the Lenders party thereto, and acknowledged
and agreed by the Guarantors.

 

“Amendment
No. 13 Effective Date” means December 19, 2018, the date on which the conditions precedent to the effectiveness of Amendment
No. 13 were satisfied.

 

“Amendment
No. 14” means that certain Amendment No. 14, dated as of the date of the Amendment No. 14 Effective Date, by and among
the Borrower, the Administrative Agent and the Lenders party thereto, and acknowledged and agreed by the Guarantors.

 

“Amendment
No. 14 Effective Date” means January 15, 2019, the date on which the conditions precedent to the effectiveness of Amendment
No. 14 were satisfied.

 

    -4-

     

    

 

“Amendment
No. 15” means that certain Amendment No. 15 and Limited Waiver, dated as of the date of the Amendment No. 15 Effective
Date, by and among the Borrower, the Administrative Agent and the Lenders party thereto, and acknowledged and agreed by the Guarantors.

 

“Amendment
No. 15 Effective Date” means March 19, 2019, the date on which the conditions precedent to the effectiveness of Amendment
No. 15 were satisfied.

 

“Amendment
No. 16” means that certain Amendment No. 16, dated as of the date of the Amendment No. 16 Effective Date, by and among the
Borrower, the Administrative Agent and the Lenders party thereto, and acknowledged and agreed by the Guarantors.

 

“Amendment
No. 16 Effective Date” means April 5, 2019, the date on which the conditions precedent to the effectiveness of Amendment
No. 16 were satisfied. 

 

“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.

 

“Applicable
Percentage” means (a) with respect to the Term Loan Facility, 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 Amendment No. 9 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.

 

    -5-

     

    

 

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

 

	For calendar year ending	 	2018	 	 	 	 	 	2019	 	 	2020
	Revolving Credit Loans that are Eurocurrency Rate Loans	 	 	5.00	%	 	 	 	 	 	 	6.00	%	 	7.00%
	Revolving Credit Loans that are Base Rate Loans	 	 	4.00	%	 	 	 	 	 	 	5.00	%	 	6.00%
	Commitment fee incurred pursuant to Section 2.09(a)	 	 	1.00	%	 	 	 	 	 	 	1.00	%	 	1.00%
	Letter of Credit Fees for Financial Letters of Credit	 	 	2.50	%	 	 	 	 	 	 	2.50	%	 	2.50%
	Performance Letter of Credit Fees / Commercial Letter of Credit Fees	 	 	1.50	%	 	 	 	 	 	 	1.50	%	 	1.50%
	Term Loans that are Eurocurrency Rate Loans	 	 	14.00	%	 	 	 	 	 	 	14.00	%	 	14.00%
	Term Loans that are Base Rate Loans	 	 	13.00	%	 	 	 	 	 	 	13.00	%	 	13.00%

 

; provided that during the period
commencing on the Amendment No. 5 Effective Date until the occurrence of a Recapitalization Transaction, “Applicable Rate”
shall mean (a) 7.00%, with respect to Revolving Credit Loans that are Eurocurrency Rate Loans and (b) 6.00%, with respect
to Revolving Credit Loans that are Base Rate Loans.

 

“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.

 

“Arranger”
means MLPFS, BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and Crédit Agricole Corporate
and Investment Bank, each in its capacity as a joint lead arranger and joint book manager.

 

“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.

 

    -6-

     

    

 

“Availability
Period” means (a) in respect of the Revolving Credit Facility, the period from and including the Closing 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 and
(b) in respect of the Term Loan Facility, the period from and including the Amendment No. 9 Effective Date to the earliest of (ai)
the Term Loan Facility Maturity Date, (bii)
the date of termination of the Aggregate Term Loan Commitments pursuant to Section 2.06, (ciii)
the date of termination of the Commitment of each Term Loan Lender to make Term Loans pursuant to Section 8.02 and (div)
the date of the reduction of the Tranche A-1 Term Loan Commitment to zero as a result of Term Loan Borrowings made under Section
2.01A.

 

“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 Term Loan or Revolving Credit Loan, as the context requires, that bears interest based on the Base Rate.
All Base Rate Loans shall be denominated in Dollars.

 

“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.

 

    -7-

     

    

 

“Borrowing”
means a Revolving Credit Borrowing, a Swing Line 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 & Wilcox Company, a Delaware corporation, and (as of the date hereof, and prior to the Spinoff) the direct
or indirect owner of 100% of the equity interests of the Borrower.

 

“BWPGG”
means Babcock & Wilcox Power Generation Group, Inc., a Delaware corporation.

 

“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.

 

    -8-

     

    

 

“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 (including the Swing Line Lender), as the context may indicate, as collateral for L/C Obligations,
Obligations in respect of Swing Line Loans, 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 or Swing Line Lender 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 or the Swing Line Lender (as applicable).

 

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

 

“Cash Collateralized
Letter of Credit” has the meaning specified in Section 2.03(o).

 

“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.

 

    -9-

     

    

 

“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, (c) interest payable in evidences of Indebtedness or by addition to the principal of the related Indebtedness and
(d) interest paid pursuant to the Second Lien Credit Agreement.

 

“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 Closing 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, (xw)
after the date of this Agreement, with respect to the Revolving Credit Lenders and the L/C Issuer, (yx)
after the Amendment No. 9 Effective Date, with respect to the Tranche A-1 Term Loan Lenders, and
(zy) after the Amendment No. 15 Effective
Date, with respect to the Tranche A-2 Term Loan Lenders and (z) after the Amendment No. 16 Effective
Date, with respect to the Tranche A-3 Term Loan Lenders, 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.

 

    -10-

     

    

 

“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 FinancialFBR,
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 Recapitalization
Transaction or the Qualified Rights Offering (and any related Additional Cashless Term Loan Prepayment);
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 elected or appointed as members of the board of directors
or other equivalent governing body in connection with the Spinoff (to the extent consistent with the Form 10 Transactions) shall,
from and after the date the Spinoff is consummated, be deemed to be members of the board of directors or equivalent governing body
pursuant to clause (i) above.; provided further that
individuals who are appointed by B. Riley FBR, Inc., Vintage Capital Management, LLC or their respective Affiliates as members
of the board of directors or other equivalent governing body in connection with the Qualified Rights Offering shall, before and
after the date the Qualified Rights Offering is consummated, be deemed to be members of the board of directors or equivalent governing
body pursuant to clause (i) above.

 

“China JV”
means the equity interests in Babcock & Wilcox Beijing Co., Ltd.

 

“Closing
Date” means the first date all the conditions precedent in Section 4.02 are satisfied or waived in accordance
with Section 10.01.

 

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

 

    -11-

     

    

 

“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 the Pledge and Security Agreement dated as of the Closing Date by the Borrower and the Guarantors to
the Administrative Agent for the benefit of the Secured Parties, substantially in the form of Exhibit G.

 

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

 

“Commitment
Letter” means that certain commitment letter dated as of April 7, 2015 by and among the Borrower, BWPGG, the Arrangers,
Bank of America, BNP Paribas, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and Crédit Agricole Corporate
and Investment Bank.

 

“Commitment
Reduction Amount” means (a) with respect to any reduction of the Revolving Credit Facility required by Section 2.06(b)
related to a Prepayment Event under clause (a) of the definition thereof, 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)), provided that (i) the Net Cash Proceeds received from the China JV sale shall not be deemed to be included
in this definition of “Commitment Reduction Amount,” (ii) the Net Cash Proceeds received after the Amendment No. 6
Effective Date in connection with Prepayment Events on account of Recovery Events shall be excluded from “Commitment Reduction
Amount,” (iii) only 65% of the first $100,000,000 of the Net Cash Proceeds received after the Amendment No. 6 Effective Date
in connection with Prepayment Events on account of Asset Sales (other than an Asset Sale pursuant to Section 7.04(p)) shall
be deemed to be included in this definition of “Commitment Reduction Amount,” and, (iv) provided that the Initial Tranche
A Term Loan Funding has occurred, the first $25,000,000 of the Net Cash Proceeds received in connection with an Asset Sale permitted
pursuant to Section 7.04(p) shall be excluded from this definition of “Commitment Reduction Amount” and (b) with respect
to the issuance or other incurrence by the Borrower or any of its Subsidiaries during the Relief Period of any unsecured Indebtedness
pursuant to either (a) Section 7.01(i) in an aggregate principal amount outstanding in excess of $25,000,000 or
(b) 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.

 

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

 

    -12-

     

    

 

“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 Closing 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.

 

“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.

 

    -13-

     

    

 

“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.

 

“Corporate
Action” means, commencing with the Amendment No. 16 Effective Date, the refinancing in full of the Aggregate Revolving Credit
Commitment in accordance with Section 6.39 in order to effectuate the occurrence of the Revolving Credit Facility Termination Date.

 

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

 

“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;

 

    -14-

     

    

 

(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);

 

(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.

 

“Customer
Concessions” has the meaning specified in Section 6.38.

 

“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.

 

    -15-

     

    

 

“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.

 

“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, the Swing Line Lender or any other Lender any other amount required to be paid by it
hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within three Business Days of
the date when due, (b) has notified the Borrower, the Administrative Agent, any L/C Issuer or the Swing Line Lender 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,
the Swing Line Lender and each other Lender promptly following such determination.

 

    -16-

     

    

 

“Deferred
Facility Fee” has the meaning specified in Section 2.09(b)(iv).

 

“Deferred
Facility Fee Decrease Event” means the occurrence of any of the following: (a) the Borrower and its Subsidiaries’
receipt of Net Cash Proceeds in excess of $50,000,000 from one or more Prepayment Events in connection with Asset Sales occurring
after the Amendment No. 5 Effective Date, (b) after or simultaneously with the satisfaction of the condition set forth in the immediately
preceding clause (a), the Borrower and its Subsidiaries’ receipt of additional Net Cash Proceeds in excess of $25,000,000
from one or more Prepayment Events in connection with Asset Sales or (c) each of (i) the
completion and customer turnover of the Vølund Projects related to the counterparties listed on Exhibit A(I)
of Amendment No. 5.16 under the heading “Deferred
Fee Event Projects” (other than with respect to the Vølund Project located at [***]), (ii) the Borrower’s receipt
of the takeover certificate with respect to the Vølund Project located at [***] and (iii) the Borrower’s completion
of the work contemplated with respect to the Vølund Project located at [***] in accordance with the Vølund Project
Settlement with respect to [***] on May 31, 2019.

 

“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. 

 

“Deferred
Ticking Fees” has the meaning specified in Section 2.09(b)(vi).

 

“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, on or prior to the Maturity Date.

 

    -17-

     

    

 

“Discharge
of Second Priority Obligations” has the meaning specified in the Intercreditor Agreement.

 

“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,

 

(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);

 

    -18-

     

    

 

(vii)    (A)
for any period that includes the Fiscal Quarter ended December 31, 2016, the actual costs, expenses, losses and/or
reductions in Consolidated Net Income experienced by the Borrower and its Subsidiaries in such quarter in connection with the
Volund Projects in an aggregate amount not to exceed $98,100,000 and, (B) for any period that includes the Fiscal Quarter
ended June 30, 2017, the actual costs, expenses, losses and/or reductions in Consolidated Net Income experienced by the
Borrower and its Subsidiaries in such quarter in connection with the Volund Projects in an aggregate amount not to exceed
$115,200,000, (C) for any period that includes the Fiscal Quarter ended September 30, 2017, the actual costs, expenses,
losses and/or reductions in Consolidated Net Income experienced by the Borrower and its Subsidiaries in such quarter in
connection with the Vølund Projects in an aggregate amount not to exceed $30,100,000, (D) for any period that includes
the Fiscal Quarter ended December 31, 2017, the actual costs, expenses, losses and/or reductions in Consolidated Net Income
experienced by the Borrower and its Subsidiaries in such quarter in connection with the Vølund Projects in an
aggregate amount not to exceed $38,700,000, (E) for any period that includes the Fiscal Quarter ended March 31, 2018, the
actual costs, expenses, losses and/or reductions in Consolidated Net Income experienced by the Borrower and its Subsidiaries
in such quarter in connection with the Vølund Projects in an aggregate amount not to exceed $51,100,000, (F) for any
period that includes the Fiscal Quarter ended June 30, 2018, the actual costs, expenses, losses and/or reductions in
Consolidated Net Income experienced by the Borrower and its Subsidiaries in such quarter in connection with the Vølund
Projects in an aggregate amount not to exceed $72,800,000, (G) for any period that includes the Fiscal Quarter ended
September 30, 2018, the actual costs, expenses, losses and/or reductions in Consolidated Net Income experienced by (i)
the Borrower and its Subsidiaries in such quarter in connection with the Vølund Projects in an aggregate amount not to
exceed $25,000,00020,300,000 and
(ii) SPIG S.p.A. and its Subsidiaries in such quarter in an aggregate amount not to exceed $5,000,000, and (H) for any period
that includes the Fiscal Quarter ended December 31, 2018, the actual costs, expenses, losses and/or reductions in
Consolidated Net Income experienced by (i) the Borrower and its Subsidiaries in such
quarter in connection with the Vølund Projects in an aggregate amount not to exceed $25,000,000
less the amount added back pursuant to clause (G)(i) above19,100,000 and (ii)
SPIG S.p.A. and its Subsidiaries in such quarter in an aggregate amount not to exceed $17,400,000;

 

(viii)    commencing
with the Fiscal Quarter ending September 30, 2017, 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;

 

(ix)    fees
and expenses incurred in connection with Amendment No. 3, but solely to the extent disclosed in writing to and approved by the
Administrative Agent in its reasonable discretion;

 

    -19-

     

    

 

(x)    (x)
with respect to the period commencing on July 1, 2017 through December 31, 2017, non-recurring charges incurred by the Borrower
or its Subsidiaries in respect of business restructurings, provided that the aggregate amount added back to Consolidated Net Income
pursuant to this clause (x) for any four consecutive Fiscal Quarter period shall not exceed $4,000,000, (y) with respect to the
period commencing on January 1, 2018 through December 31, 2019, 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
$26,300,000;

 

(xi)    (xw)
fees and expenses paid in connection with or pursuant to Amendment No. 5, Amendment No. 6 and Amendment No. 8 to the extent disclosed
in writing to the Administrative Agent and in an amount not to exceed $24,600,000, (yx)
fees and expenses of the Administrative Agent’s advisors, including FTI and Freshfields Bruckhaus Deringer US LLP and,
(zy) any loss, charge, expense or other
items that are payments of Obligations under the Second Lien Credit Agreement (as defined in the Second Lien Credit Agreement);
and and (z) all restructuring-related professional fees and expenses, including but
not limited to fees and expenses paid in connection with or pursuant to the Limited Waiver to Credit Agreement, dated as of March
15, 2019, Amendment No. 15, the Limited Waiver to Credit Agreement, dated as of March 29, 2019, Amendment No. 16, the Rights Offering
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 (z) for any four consecutive Fiscal Quarter
period shall not exceed $28,900,000;

 

(xii)     the
costs, fees and expenses incurred in connection with the Vølund Project Settlements in an amount not to exceed
(x) for any period that includes the Fiscal Quarter ended September 30, 2018, an amount equal
to $16,000,000 on account of liquidity to be potentially received by the Borrower or its Subsidiaries pursuant to documentation
submitted to the Administrative Agent with respect to Section 6.38 (Project Concessions)December
31, 2018, $81,100,000 and (y) for any period that includes the Fiscal Quarter ending
December 31, 2018 or the Fiscal Quarter endingended March 31, 2019, an
amount committed to be received on account of Customer Concessions for the applicable Fiscal Quarter, in the case of each amount
added back pursuant to either clauses (x) or (y), (A) to the extent not already included in Consolidated Net Income and (B) disclosed
to the Administrative Agent and its advisors, provided that such amounts added to EBITDA under this clause (xii) shall not exceed
$20,000,000 in the aggregate;$6,500,000;

 

(xiii)
    for any period that includes the Fiscal Quarter ended December
31, 2018, any (x) write-off of debt by SPIG S.p.A. or its Subsidiaries and (y) write-down of or impairment of accounts receivables
and inventory by Diamond Power Machine (Hubei) Co. Inc. in an aggregate amount under this clause (xiii) not to exceed $14,700,000;

 

    -20-

     

    

 

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)(xiixiii)
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),

 

(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)    commencing
with the Fiscal Quarter ending September 30, 2017, 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,

 

(viii)    commencing
with the Fiscal Quarter ending June 30, 2018, any sums included in Consolidated Net Income to the extent such amounts were previously
included for the Fiscal Quarter ended March 31, 2018 pursuant to clause (b)(xii) above; and

 

    -21-

     

    

 

(ix)    commencing
with the Fiscal Quarter ending September 30, 2018, 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. Notwithstanding the foregoing,
no such pro forma adjustment will be required on account of income (i) in an amount not to exceed $3,000,000 in connection
with the Borrower’s disposition of its indirect interest in the Stock or Stock Equivalents of Babcock & Wilcox Beijing
Co., Ltd., or (ii) in connection with (x) the Orion Sale (as defined in that certain Consent and Amendment No. 7, dated as of June
1, 2018) or (y) any Asset Sale of Project Burn.

 

“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, 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.

 

    -22-

     

    

 

“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.

 

“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.

 

“Equity
Backstop Commitment Letter” means each, as amended and restated as of the Amendment No. 6 Effective Date, (a) that certain
letter regarding the equity financing commitment, between Vintage Capital Management, LLC and B. Riley Financial, Inc. and (b)
that certain letter regarding the equity financing commitment, between the Borrower and Vintage Capital Management, LLC.

 

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

 

    -23-

     

    

 

“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.

 

    -24-

     

    

 

“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.

 

    -25-

     

    

 

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.”

 

“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.

 

    -26-

     

    

 

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

 

“Existing
Credit Agreement” means that certain Second Amended and Restated Credit Agreement dated as of June 24, 2014 by and among
BWC, as the borrower, Bank of America, as the administrative agent, and the lenders from time to time party thereto.

 

“Extended
Letter of Credit” has the meaning specified in Section 2.03(a)(ii).

 

“Extended
Letter of Credit Issuer” shall mean each L/C Issuer that is party to Amendment No. 16 in its capacity as L/C Issuer. 

 

“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.

 

“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).

 

    -27-

     

    

 

“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 April 7, 2015 by and among the Borrower, BWPGG, the Arrangers, Bank of America, BNP
Paribas, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and Crédit Agricole Corporate and Investment
Bank, (b) the fee letter dated as of April 7, 2015by and among the Borrower, BWPGG, Bank of America and MLPFS, (c) the fee
letter dated as of April 7, 2015 by and among the Borrower, BWPGG, BNP Paribas and BNP Paribas Securities Corp., (d) the fee letter
dated as of April 7, 2015 by and among the Borrower, BWPGG, JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC, (e) the
fee letter dated as of April 7, 2015 by and among the Borrower, BWPGG, Wells Fargo Bank, National Association and Wells Fargo Securities,
LLC and (f) the fee letter dated as of April 7, 2015 by and among the Borrower, BWPGG and Crédit Agricole Corporate and
Investment Bank.

 

“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,” provided that, with
respect to such Indebtedness extended under the Term Loan Facility of the type set forth in clause (a),
such Indebtedness shall be on a net carrying value basis after giving effect to OID shall
be excluded from the calculation of Financial Covenant Debt. 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
Letter of Credit” means any standby Letter of Credit that is not a Performance Letter of Credit.

 

“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.

 

    -28-

     

    

 

“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 15.50%; provided that, commencing on the Business Day immediately after the delivery
of a Fixed Rate Certificate to the Administrative Agent, the Fixed Rate shall be reduced to 12.00% (provided that if the Administrative
Agent receives a Fixed Rate Certificate after the date such Fixed Rate Modification Event occurred as described in such certificate,
such certificate shall be deemed to have been delivered on the later of (A) the date such Fixed Rate Modification Event occurred
as set forth in such Fixed Rate Certificate and (B) the most recent Interest Payment Date with respect to the Fixed Rate Loans);
provided further that if the Administrative Agent has not received a Fixed Rate Certificate on or before the Additional Term Loan
Prepayment Transaction Deadline, the Fixed Rate shall be increased to 18.00% commencing on the Business Day immediately after the
Additional Term Loan Prepayment Transaction Deadline. 

 

“Fixed
Rate Certificate” means either a certificate of (a) a Responsible Officer or (b) any Term Loan Lender certifying that the
Fixed Rate Modification Event has occurred.

 

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

 

“Fixed
Rate Modification Event” means the consummation of a Qualified Rights Offering prior to the Additional Term Loan Prepayment
Transaction Deadline.

 

“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.

 

    -29-

     

    

 

“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) Germany, (iii) the
United Kingdom, (iv) Sweden, (v) Mexico and (vi) any other jurisdiction with the consent of the Borrower, which consent shall
not be unreasonably withheld or delayed (provided that SPIG S.p.A. and its Subsidiaries, Babcock & Wilcox Vølund,
A/S and its Subsidiaries, Babcock & Wilcox Loibl GmbH and Diamond Power Specialty Limited shall not be required to become
Foreign Security Providers).

 

“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.

 

“Foreign
Subsidiary Reorganization” means the transfer (whether by Asset Sale, dividend, distribution, contribution, merger or
otherwise), in a series of transactions, of the Stock and Stock Equivalents of certain Foreign Subsidiaries and Investments owned,
directly or indirectly, by the Borrower among the Borrower and its Subsidiaries; provided that:

 

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

 

(b)  all
of the Stock and Stock Equivalents of such Foreign Subsidiaries and Investments owned, directly or indirectly, by the Borrower
on the Closing Date shall be owned, directly or indirectly, by the Borrower upon the completion thereof (other than any such Stock,
Stock Equivalents or Investments that are retired or replaced);

 

(c)  any
Stock, Stock Equivalents or Investments issued or made in connection therewith, to the extent replacing Stock, Stock Equivalents
or Investments previously owned, directly or indirectly, by the Borrower on the Closing Date shall be owned, directly or indirectly,
by the Borrower upon the completion thereof;

 

(d)  after
giving effect thereto, the Borrower shall be in compliance with Section 6.22 (including, without limitation, by pledging
any Pledged Interests issued by any First Tier Foreign Subsidiary owned by any Loan Party)

 

(e)  in
connection therewith, no assets owned by any Loan Party that is a party to the Collateral Agreement, other than Stock and Stock
Equivalents of Foreign Subsidiaries, shall be transferred to any Person that is not a Loan Party that is a party to the Collateral
Agreement; provided that the foregoing shall not prohibit Investments otherwise permitted by a provision of Section 7.03
other than Section 7.03(k).

 

“Form 10”
means the Form 10 (together with any exhibits thereto) filed with the SEC relating to the Spinoff.

 

“Form 10
Transactions” means the individual transactions entered into in connection with the Spinoff on substantially the same
terms as set forth in the Form 10 (with non-material changes or other additional non-material transactions, steps or terms that
are not adverse to any material interest of the Lenders being considered to be “on substantially the same terms”);
provided that any amendments, additions, or other modifications to the Form 10 are made in accordance with Section 7.10.

 

    -30-

     

    

 

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

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, (a) 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, and (b) with respect to the Swing Line Lender, such Defaulting
Lender’s Applicable Percentage of Swing Line Loans other than Swing Line Loans 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.

 

“Funding
Ratio” means that for each Dollar of Revolving Credit Loans made to the Borrower after the occurrence of the Initial
Tranche A Term Loan Funding, a Dollar amount of Tranche A-1 Term Loans equal to (x) the amount of such Revolving Loans, plus
(y) the amount of OID to be paid by the Borrower in connection with such Term Loans on the date of the applicable Term Loan Borrowing.

 

“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, each Wholly-Owned Domestic Subsidiary of the Borrower listed on Schedule 1.01(b) hereto, and each other
Person that is or becomes a party to the Guaranty (including by (i) execution of a Joinder Agreement pursuant to Section 6.22
or (ii) otherwise pursuant to this Agreement), but expressly excludes all Captive Insurance Subsidiaries.

 

    -31-

     

    

 

“Guaranty”
means the Guaranty Agreement dated as of the Closing Date 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, substantially in the form of Exhibit F, and any Joinder Agreement with respect thereto.

 

“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.

 

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“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 Closing Date or at a later
date pursuant to Section 10.06), in its capacity as a party to such Secured Swap Contract.

 

“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.

 

“Increase
Effective Date” has the meaning specified in Section 2.14(c).

 

“Incremental
Tranche A Term Loan Funding” means, after the occurrence of the Initial Tranche A Term Loan Funding, the Borrower’s
receipt of Tranche A-1 Term Loan proceeds of $20,000,000 (which may be made in a single Borrowing
or multiple Borrowings) following payment of any OID in connection with such funding on the date of the relevant Borrowing.

 

“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.

 

“Information
Memorandum” means the Confidential Information Memorandum, dated June 2014, in respect of the credit facilities provided
under this Agreement.

 

“Initial Funding Term Loan Lender
Expenses” has the meaning given to such term in the definition of “Term Loan Facility.”

 

“Initial
Tranche A Term Loan Funding” means the Borrower’s receipt of Tranche A-1 Term Loan proceeds of $10,000,000 following
payment of any Amendment No. 9 Closing Fee, Initial Funding Term Loan Lender Expenses and OID in connection with such funding.

 

“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 Agreement.

 

“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.

 

“Intercreditor
Agreement” means the Subordination and Intercreditor Agreement, dated as of the Amendment No. 3 Effective Date (as amended,
supplemented or otherwise modified in accordance with the terms thereof), between the Administrative Agent, as first priority representative
(and its permitted successor and assigns), and Lightship Capital LLC, as second priority representative (and its permitted successor
and assigns), in form and substance satisfactory to the Administrative Agent and the Required Lenders.

 

    -34-

     

    

 

“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 (including, in the case of the Borrower or any of its Subsidiaries, the facility fees hereunder
but excluding any Deferred Facility Fees or Deferred Ticking Fees) 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. Notwithstanding the foregoing, “Interest Expense” shall not include (1) any interest
expense related to the ARPA litigation, as described in the Borrower’s Form 10-Q for the Fiscal Quarter ended June 30, 2017
or (2) any loss, charge, expense, prepayment premium or other items that payments of Obligations under the Second Lien Credit Agreement
(as defined in the Second Lien Credit Agreement).

 

“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
(provided that the Interest Payment Date with respect to any accrued interest outstanding as of the
Amendment No. 

 

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16 Effective
Date with respect to Term Loans shall be June 28, 2019); and (b) as to any Base Rate Loan (including a Swing Line 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 (with Swing Line Loans being deemed made under the Revolving
Credit Facility for purposes of this definition).

 

“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

 

(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.

 

    -36-

     

    

 

“Inventory”
has the meaning specified in the 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.

 

“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 Closing 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 or refinanced as a Revolving Credit Borrowing. 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.

 

    -37-

     

    

 

“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).

 

“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; provided that, for purposes
of calculating outstanding L/C Obligations with respect to outstanding Extended Letters of Credit, 105% of the aggregate amount
available to be drawn shall be included and (y) any Extended Letters of Credit treated as drawn under Section 6.26 shall be treated
as undrawn. 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, includes the Swing
Line Lender.

 

“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.

 

    -38-

     

    

 

“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 Closing 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.

 

“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).

 

“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 (excluding any Cash Collateral), provided that such cash shall not be required to
be subject to a Control Agreement until 30 days after the Amendment No. 3 Effective Date, (b) unrestricted cash and Cash Equivalents
of the Non-Loan Parties in an amount not to exceed $50,000,000 and (c) (i) after the Amendment No. 3 Effective Date and during
the Relief Period, the lesser of (x) the Relief Period Sublimit(A)
commencing on the Amendment No. 16 Effective Date through September 30, 2019, $210,000,000, (B) from October 1, 2019 through December
31, 2019, $205,000,000 or (C) thereafter, $190,000,000, less the aggregate outstanding principal amount of Revolving
Credit Loans and (y) the Revolving Credit Facility, less the Total Revolving Outstandings (other than, after the consummation
of the sale of Selected Assets in accordance with the Orion Plan, the aggregate amount available to be drawn under all outstanding
Letters of Credit originally issued solely on account of the operations of MEGTEC, Universal and their respective Subsidiaries
to the extent that such obligations are Cash Collateralized or backstopped by a letter of credit (other than a Letter of Credit
issued hereunder), in form and substance reasonably satisfactory to the Administrative Agent and the applicable L/C Issuer), and,
(ii) other than during the Relief Period, the Revolving Credit Facility, less the Total Revolving Outstandings (other than,
after the consummation of the sale of Selected Assets in accordance with the Orion Plan, the aggregate amount available to be drawn
under all outstanding Letters of Credit originally issued solely on account of the operations of MEGTEC, Universal and their respective
Subsidiaries to the extent that such obligations are Cash Collateralized or backstopped by a letter of credit (other than a Letter
of Credit issued hereunder), in form and substance reasonably satisfactory to the Administrative Agent and the applicable L/C Issuer).

 

    -39-

     

    

 

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

 

“Loan Documents”
means this Agreement, each Note, the Guaranty, the Intercreditor Agreement, 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.

 

“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
Acquisition” means a Permitted Acquisition in which the sum of the cash consideration paid (including for the repayment
and retirement of outstanding Indebtedness) plus any Indebtedness assumed equals or exceeds $100,000,000.

 

“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.

 

“Material
Intellectual Property” has the meaning specified in the Collateral Agreement.

 

 

    -40-

     

    

 

“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.

 

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

 

“MEGTEC”
means Babcock & Wilcox MEGTEC Holdings, Inc., Babcock & Wilcox MEGTEC, LLC, and their respective Subsidiaries.

 

“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 100% of the Outstanding Amount of all LC Obligations.

 

“Minimum
Customer Concessions Amount” has the meaning specified in Section 6.38.

 

“MIRE Event”
means any increase, extension or renewal of any Commitment (including pursuant to Section 2.14), or the addition of any
new commitment hereunder.

 

    -41-

     

    

 

“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)
(except to the extent the Administrative Agent agrees, as provided in such definition, between the Execution Date and the Closing
Date to exclude any such parcel (and/or the buildings and contents therein) from the definition of Material Real Property) 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 and remaining in place in connection with this Agreement)
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.

 

“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;

 

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(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.;
and

 

(d)  with
respect to any Released Cash Collateral, all of such Released Cash Collateral.

 

“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.

 

    -43-

     

    

 

“Note”
means a promissory note made by the Borrower in favor of a Lender evidencing Term Loans, Revolving Credit Loans or Swing Line 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.

 

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

 

“OID”
has the meaning specified in Section 2.09(b)(v).

 

“Orion Plan”
means an asset divestiture plan with respect to MEGTEC and Universal, which plan will include a detailed description of the analysis
performed by the CIO to determine the process and timing to effectuate such sale and a detailed rationale for such decisions.

 

“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; (c) with respect to Swing Line Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of such Swing Line Loans
occurring on such date; and (d) 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.

 

    -44-

     

    

 

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

 

“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.

 

    -45-

     

    

 

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

 

“Permitted
Acquisition” means, the Acquisition of an Acquired Entity; 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)  the
Borrower would be in compliance with the Senior Leverage Ratio set forth in Section 7.16(b) 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)  if
the purchase price for such Acquisition is in excess of $50,000,000, 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; and

 

(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, the surviving entity of such transaction shall either be a Guarantor
or become a Guarantor pursuant to Section 6.22.

 

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

 

    -46-

     

    

 

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

 

“Plan”
means an asset divestiture plan, which plan will include a detailed description of the analysis performed by the CIO to determine
what assets to sell or retain, the process and timing to effectuate such sales and a detailed rationale for such decisions.

 

“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), (k), (l) or (n)), (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

 

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

 

(a)  receipt
by any Loan Party or any other Subsidiary of Released Cash Collateral (notwithstanding the obligations set forth in Section 6.26).

 

    -47-

     

    

 

“Project
Burn” means the Asset Sale consummated pursuant to the Stock Purchase Agreement, in substantially the form provided to
the Administrative Agent on August 7, 2018, between Covanta Pasco, Inc. and Power Systems Operations, Inc.

 

“Project
Top Hat” means the Asset Sale consummated pursuant to the Asset Purchase Agreement, in substantially the form provided
to the Administrative Agent on March 8, 2018, between Cemtek Environmental Incorporated and The Babcock & Wilcox Company.

 

“Projections”
means those financial projections prepared by management of the Borrower consisting of balance sheets, income statements and cashflow
statements of the Borrower and its Subsidiaries (giving effect to the Spinoff and the related transactions) covering the Fiscal
Years ending in 2015 through 2019, inclusive, delivered to the Administrative Agent by the Borrower.

 

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

 

“Qualified Rights
Offering” has the meaning specified in the definition of “Additional Term Loan Prepayment”.

 

“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.

 

“Recapitalization
Transaction” means, prior to May 22, 2018, (i) the Borrower’s receipt of net cash proceeds of at least $240,000,000
from the issuance of Stock (other than Disqualified Stock) of the Borrower in accordance with the terms and conditions of the Equity
Backstop Commitment Letter and the rights offering described therein and (ii) the use of such proceeds to immediately effect a
Discharge of Second Priority Obligations, with the remainder to be retained by the Borrower and its Subsidiaries for working capital
purposes.

 

“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 (other than to the extent reflected in the Borrower’s financial statements prior to the Amendment No. 6
Effective Date) 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).

 

    -48-

     

    

 

“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.

 

“Released
Cash Collateral” has the meaning set forth in Section 6.26.

 

“Relief
Period” means the period commencing on the Amendment No. 2 Effective Date and terminating on the Relief Period Termination
Date. For the avoidance of doubt, only one Relief Period may occur during the term of this Agreement, and no Relief Period may
be in effect after the first date on which the Relief Period Termination Date occurs.

 

“Relief
Period Sublimit” means the lesser of (a) $250,000,000(x)
commencing on the Amendment No. 16 Effective Date through September 30, 2019, $210,000,000, (y) from October 1, 2019 through December
31, 2019, $205,000,000 or (z) thereafter, $190,000,000, plus, in each case, the principal amount of Revolving Credit Loans
made pursuant to Section 2.03(c)(ii) (other than on account of any Extended Letter of Credit having been treated as drawn pursuant
to Section 6.26) that have not been repaid, and (b) the Revolving Credit Facility. The Relief Period Sublimit is part
of, and not in addition to, the Revolving Credit Facility. For purposes of this definition of “Relief
Period 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).

 

“Relief
Period Termination Date” means the date, which may be no earlier than the date of delivery of the Compliance Certificate
for the fiscal quarter of the Borrower ending December 31, 2019, on which the Borrower has made a written request for the termination
of the Relief Period, and has attached thereto a certification (including reasonably detailed calculations with respect thereto)
demonstrating that (a) the Senior Leverage Ratio (calculated as of the last day of the most recent Fiscal Quarter 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)
is not greater than 2.25 to 1.00 and (b) the Interest Coverage Ratio (calculated as of the last day of the most recent Fiscal Quarter
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) is not less than 4.00 to 1.00.

 

    -49-

     

    

 

“Remainco
Credit Facilities” means the senior secured credit facilities to be entered into by (a) BWC on or about the Execution
Date and (b) certain of its Subsidiaries (other than the Borrower and its Subsidiaries) on or about the Closing Date.

 

“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.

 

“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, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect
to a Swing Line Loan, a Swing Line Loan Notice.

 

“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
and Swing Line Loans 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
Swing Line Loan and 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 Swing Line Lender or 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.

 

    -50-

     

    

 

“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 and (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 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.

 

“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, (d) in the case of Letters of Credit denominated in an Alternative Currency and
outstanding as of the Closing Date under the Existing Credit Agreement for the account of a Permitted L/C Party, the Closing Date,
and (e) such additional dates as the Administrative Agent or the applicable L/C Issuer shall determine or the Required Lenders
shall require.

 

“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 make Revolving Loans to the Borrower
pursuant to Section 2.01, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line
Loans, 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.

 

    -51-

     

    

 

“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 and Swing Line Loans 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 Amendment No. 15 Effective Date, the aggregate amount of the Lenders’ Revolving Credit Commitments shall
equal $346,983,706.46.

 

“Revolving
Credit Facility Maturity Date” means the fifth anniversary of the Closing Date, provided that if such date is not a Business
Day, the Maturity Date shall be the next preceding Business Day.

 

“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 Increase” has the meaning specified in Section 2.14(a).

 

“Revolving
Credit Increase Lender” has the meaning specified in Section 2.14(d)(ii).

 

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

 

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

 

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

 

    -52-

     

    

 

“Sale Milestone”
means the receipt by the Borrower and its Subsidiares of Net Cash Proceeds in excess of $100,000,000 from one or more Prepayment
Events in connection with Asset Sales of Selected Assets occurring after the Amendment No. 5 Effective Date.

 

“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 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.

 

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

 

“Second
Lien Credit Agreement” means that certain Second Lien Term Loan Agreement, dated as of the Amendment No. 3 Effective
Date (as amended or otherwise modified in accordance with the terms of the Intercreditor Agreement), by and among the Borrower,
Lightship Capital LLC, as administrative agent, the lenders party thereto and the other entities party thereto.

 

“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.

 

“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.

 

    -53-

     

    

 

“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 Collateral 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.

 

“Selected
Assets” means assets identified by the CIO under either the Plan or the Orion Plan.

 

“Senior
Leverage Ratio” means, with respect to the Borrower and its Subsidiaries as of any day, the ratio of (a) Financial
Covenant Debt (other than the Indebtedness incurred pursuant to the Second Lien Credit Agreement) 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.

 

“Spinoff”
means the distribution of 100% of the issued and outstanding Stock of the Borrower to the shareholders of BWC, to occur on or after
the Closing Date, the result of which is that immediately thereafter 100% of the Stock of the Borrower shall be owned directly
by the shareholders of BWC immediately prior to such Restricted Payment.

 

“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.

 

    -54-

     

    

 

“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 (a) the Indebtedness incurred pursuant to the Second Lien Credit Agreement and (b) other 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.

 

“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.

 

    -55-

     

    

 

“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.

 

“Swing Line
Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04.

 

“Swing Line
Lender” means Bank of America in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder.

 

“Swing Line
Loan” has the meaning specified in Section 2.04(a).

 

“Swing Line
Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which, if in writing,
shall be substantially in the form of Exhibit B or such other form as 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.

 

“Swing Line
Sublimit” means an amount equal to $0.00. The Swing Line Sublimit is part of, and not in addition to, the Revolving Credit
Facility.

 

“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.

 

    -56-

     

    

 

“Term Loan”
means a Tranche A-1 Term Loan or, a Tranche
A-2 Term Loan or a Tranche A-3 Term Loan, as the context may require.

 

“Term Loan
Borrowing” means any Tranche A-1 Term Loan Borrowing or,
any Tranche A-2 Term Loan Borrowing or any Tranche A-3 Term Loan Borrowing, as the
context may require.

 

“Term Loan
Commitment” means any Tranche A-1 Term Loan Commitment or,
any Tranche A-2 Term Loan Commitment or any Tranche A-3 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. As of the
Amendment No. 9 Effective Date, the aggregate amount of the Tranche A-1 Term Loan Lenders’ Term Loan Commitments shall equal
$35,000,000, plus an amount equal to the reasonable fees and expenses incurred by the Tranche A-1 Term Loan Lender with
respect to the preparation and negotiation of the Tranche A Last Out Facility Commitment Letter and Amendment No. 9, which amounts
are reimbursable under the Tranche A Last Out Facility Commitment Letter for which related invoices have been delivered to the
Borrower and the Administrative Agent within two (2) Business Days after the Amendment No. 9 Effective Date (the “Initial
Funding Term Loan Lender Expenses”). As of the Amendment No. 15 Effective Date, the aggregate amount of the Tranche A-2
Term Loan Lenders’ Term Loan Commitments shall equal $10,000,000. As of the Amendment No. 16
Effective Date, the aggregate amount of the Tranche A-3 Term Loan Lenders’ Term Loan Commitments shall equal $150,000,000.

 

“Term Loan
Facility Maturity Date” means the Business Day following the earlier of (i) the Revolving
Credit Facility Termination Date and (ii) the Revolving Credit Facility Maturity Date (as such date may be amended)December
31, 2020.

 

“Term
Loan Increase” has the meaning set forth in Section 2.14A(a).

 

“Term
Loan Increase Effective Date” has the meaning set forth in Section 2.14A(c).

 

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

 

“Term Loan
Prefunding Requirement” has the meaning set forth in Section 2.02(b).

 

“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).

 

    -57-

     

    

 

“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-1 Term Loan, a Tranche A-2 Term Loan or a Tranche A-3 Term Loan.

 

“Tranche
A Last Out Facility Commitment Letter” means each of (a) that certain letter regarding the last out term loan financing
commitment, dated as of the Amendment No. 8 Effective Date, between Vintage Capital Management, LLC and B. Riley FinancialFBR,
Inc. and (b) that certain letter regarding the last out term loan financing commitment, dated as of the Amendment No. 8 Effective
Date, between the Borrower and Vintage Capital Management, LLC.

 

“Tranche
A-1 Term Loan” has the meaning specified in Section 2.01A.

 

“Tranche
A-1 Term Loan Borrowing” means a borrowing consisting of simultaneous Term 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 2.01A.

 

“Tranche
A-1 Term Loan Commitment” means, as to each Tranche A-1 Term Loan Lender, its obligation to make Term Loans to the Borrower
pursuant to Section 2.01A in an aggregate principal amount not to exceed the Dollar amount set forth opposite such Tranche A-1
Term Loan Lender’s name on Schedule 2.01 or opposite such caption in the Assignment and Assumption pursuant to which such
Tranche A-1 Term Loan Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance
with this Agreement. Each Tranche A-1 Lender’s Term Loan Commitment shall be permanently reduced by the amount of Tranche
A-1 Term Loans made to the Borrower by such Tranche A-1 Term Loan Lender.

 

“Tranche
A-1 Term Loan Lender” means each Lender that has a Term Loan Commitment pursuant to Section 2.01A or holds Tranche A-1
Term Loans.

 

“Tranche
A-2 Term Loan” has the meaning specified in Section 2.01B.

 

“Tranche
A-2 Term Loan Borrowing” means a borrowing consisting of simultaneous Term 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 2.01B.

 

“Tranche
A-2 Term Loan Commitment” means, as to each Tranche A-2 Term Loan Lender, its obligation to make Term Loans to the Borrower
pursuant to Section 2.01B in an aggregate principal amount not to exceed the Dollar amount set forth opposite such Tranche A-2
Term Loan Lender’s name on Schedule 2.01 or opposite such caption in the Assignment and Assumption pursuant to which such
Tranche A-2 Term Loan Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance
with this Agreement. Each Tranche A-2 Lender’s Term Loan Commitment shall be permanently reduced by the amount of Tranche
A-2 Term Loans made to the Borrower by such Tranche A-2 Term Loan Lender.

 

    -58-

     

    

 

“Tranche
A-2 Term Loan Lender” means each Lender that has a Term Loan Commitment pursuant to Section 2.01B or holds Tranche A-2
Term Loans.

 

“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 made pursuant to Section 2.01C. 

 

“Tranche
A-3 Term Loan Commitment” means, as to each Tranche A-3 Term Loan Lender, its obligation to make Term Loans to the Borrower
pursuant to Section 2.01C in an aggregate principal amount not to exceed the Dollar amount set forth opposite such Tranche A-3
Term Loan Lender’s name on Schedule 2.01 or opposite such caption in the Assignment and Assumption pursuant to which such
Tranche A-3 Term Loan Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance
with this Agreement. Each Tranche A-3 Term Loan Lender’s Term Loan Commitment shall be permanently reduced by the amount
of Tranche A-3 Term Loans made to the Borrower by such Tranche A-3 Term Loan Lender.

 

“Tranche
A-3 Term Loan Lender” means each Lender that has a Term Loan Commitment pursuant to Section 2.01C or holds Tranche A-3 Term
Loans. 

 

“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 or,
a Eurocurrency Rate Loan or (with respect to Terms Loans only) a Fixed Rate Loan.

 

“UCC”
has the meaning specified in the 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).

 

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

 

    -59-

     

    

 

“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 the United Kingdom, Denmark, Sweden and,
other Scandinavian countries and Indonesia 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.

 

“Vølund
Projects Schedule” means, for each Vølund Project, the Project Status Report schedule for such project most recently
delivered to FTI prior to the Amendment No. 5 Effective Date.

 

“Vølund
Projects Settlements” means (a) with respect to the Vølund Project located at [***], the Termination and Settlement
Agreement, dated March 29, 2019 between [***], [***], Babcock & Wilcox Vølund A/S and The Babcock & Wilcox Company,
(b) with respect to the Vølund Project located at [***], the Deed of Termination of Construction Contract for [***], dated
February 28, 2019, between [***], [***] and The Babcock & Wilcox Company and (c) with respect to the Vølund Project
located at [***], the Deed of Agreement and Settlement of Claims relating to an EPC contract dated 23 January 2015 in relation
to [***], dated March 29, 2019, between [***], Babcock & Wilcox Vølund A/S, [***] and The Babcock and Wilcox Company.

 

“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.

 

“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.

 

    -60-

     

    

 

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.

 

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.

 

    -61-

     

    

 

(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 Closing
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, 2014 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.

 

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.

 

    -62-

     

    

 

(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.

 

(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 Closing 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 Closing 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 Closing 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 comparable or successor rate thereto.

 

    -63-

     

    

 

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.

 

1.01  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.

 

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) during the Relief Period,
the aggregate outstanding principal amount of Revolving Credit Loans shall not exceed the Relief Period 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  Tranche
A-1 Term Loans. Subject to the terms and conditions set forth herein, each Tranche A-1 Term Loan Lender severally agrees to
make loans to the Borrower in Dollars (each such loan, a “Tranche A-1 Term Loan”) 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 Commitment. Tranche A-1 Term Loans may be Base Rate Loans or Eurocurrency Rate Loans prior
to the Amendment No. 16 Effective Date and, thereafter, shall be Fixed Rate Loans, as further provided herein. Subject
to the other terms and conditions hereof, the Borrower may prepay the Tranche A-1 Term Loans pursuant to Section 2.05,
subject to any subordination terms set forth herein. Amounts so prepaid or repaid may not be reborrowed.

 

2.01B   Tranche
A-2 Term Loans.   Subject to the terms and conditions set forth herein, each Tranche A-2 Term Loan Lender
severally agrees to make loans to the Borrower in Dollars (each such loan, a “Tranche A-2 Term Loan”) on the
Amendment No. 15 Effective Date, in an aggregate amount not to exceed such Term Loan Lender’s Term Loan Commitment. Tranche
A-2 Term Loans may be Base Rate Loans or Eurocurrency Rate Loans prior to the Amendment No. 16 Effective
Date and, thereafter, shall be Fixed Rate Loans, as further provided herein. Subject to the other terms and conditions
hereof, the Borrower may prepay the Tranche A-2 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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2.01C  Tranche
A-3 Term Loans.   Subject
to the terms and conditions set forth herein, each Tranche A-3 Term Loan Lender severally agrees to make loans to the Borrower
in Dollars (each such loan, a “Tranche A-3 Term Loan”) on the Amendment No. 16 Effective Date, in an aggregate amount
not to exceed such Term Loan Lender’s Tranche A-3 Term Loan Commitment. 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.

 

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 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) (x) three Business
Days prior to the requested date of any Revolving Credit Borrowing or Term Loan Borrowing of, conversion to or continuation of
Eurocurrency Rate Loans or of any conversion of Eurocurrency Rate Loans to Base Rate Loans or, (y) on any date prior to the termination
of the Availability Period with respect to the Term Loans, eight Business Days prior to such requested date of any such Revolving
Credit Borrowing or Term Loan Borrowing and (ii) (x) on the requested date of any Revolving Credit Borrowing or Term Loan Borrowing
of Base Rate Loans or (y) on any date prior to the termination of the Availability Period with respect to the Term Loans, three
Business Days prior to such requested date of any such Revolving Credit Borrowing or Term Loan Borrowing; provided however
that such notice with respect to the Initial Tranche A Term Loan Funding must be received by the Administrative Agent not later
than 1:00 p.m. one Business Day prior to such Term Loan Borrowing; provided further 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) and 2.04(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, 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 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. Notwithstanding anything to the contrary herein, a Swing Line Loan may not be converted
to a Eurocurrency Rate Loan. Notwithstanding the above, all Term Loans shall automatically be converted
into Fixed Rate Loans on the Amendment No. 16 Effective Date.

 

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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 Term Loan Borrowing, each Term Loan Lender shall make
the amount of its Term Loan available (less any Amendment No. 9 Closing Fee, Initial Funding Term Loan Lender Expenses and/or
OID to be netted against suchany Tranche A-1
Term Loan Borrowing on such proposed Term Loan Borrowing date in accordance with clause (y) below) 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 and (ii) solely with respect to the Initial Tranche A Term Loan Funding,
3:00 p.m. on the Business Day immediately prior to the Business Day specified for such Term Loan Borrowing in the applicable Committed
Loan Notice (clauses (i) and (ii) together, the “Term Loan Prefunding Requirement”). Upon satisfaction of the
applicable conditions set forth in Sections 4.03, 4.04, 4.05 and,
4.06 and 4.07 (and, if such Borrowing is the initial Credit Extension, Section 4.02),
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 (x) 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 (y) (A) if such Borrowing includes a Tranche A-1 Term Loan Borrowing, any Amendment No. 9 Closing Fee, Initial Funding Term
Loan Lender Expenses or OID shall be netted from the amounts to be made available to the Borrower as provided above and (B) to
the extent suchany 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.

 

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

 

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(f)  Notwithstanding
anything set forth above, all Revolving Credit Borrowings and Tranche A-1 Term Loan Borrowings made during the Availability Period
with respect to the Term Loan Facility shall be made in amounts such that the proportions thereof satisfy the Funding Ratio.

 

(g)  No
amounts funded to the Administrative Agent in satisfaction of the Term Loan Prefunding Requirement shall earn or accrue interest
hereunder or otherwise until such funds are made available to the Borrower in accordance with clause (b) above.

 

2.03  Letters
of Credit.

 

(a)  The
Letter of Credit Commitment.

 

(i)  Subject
to the terms and conditions set forth herein, (A) (x) each L/C Issuer agrees to
issue Letters of Credit and (y) notwithstanding their respective approval rights under Section 2.03(a)(ii) but subject to the proviso
therein, each Extended Letter of Credit Issuer agrees to issue Extended Letters of Credit, in reliance upon the agreements
of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time
to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to
issue Letters of Credit 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,
including Extended Letters of Credit; provided that after giving effect to any L/C Credit Extension with respect
to any Letter of Credit, (v) the Total Revolving Outstandings shall not exceed the Revolving Credit Facility, (w) the Revolving
Credit Exposure of any Revolving Credit Lender shall not exceed such Lender’s Revolving Credit Commitment, (x) the Outstanding
Amount of the L/C Obligations in Alternative Currencies shall not exceed the Alternative Currency Sublimit, (y) the aggregate Outstanding
Amount of all Financial Letters of Credit and commercial letters of credit at any time shall not exceed (i) other than during the
Relief Period, $150,000,000 and (ii) during the Relief Period, $35,000,000 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 Closing 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 Closing 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 (each such issued Letter of Credit, an “Extended
Letter of Credit”) unless the applicable L/C Issuer has approved such later expiry date, it being acknowledged and agreed
that each such Extended Letter of Credit shall be Cash Collateralized in accordance with Section 6.26;
provided that the Extended Letters of Credit Issuers are deemed to approve of each such later expiry date so long as such expiry
date is not later than the one year anniversary of 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 Closing Date, or shall impose upon such
L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing 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;

 

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(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

 

(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.

 

(vii)
Notwithstanding anything to the contrary contained herein, from and after the Amendment No. 5 Effective Date, L/C Credit
Extensions (other than on account of Financial Letters of Credit) shall be limited to the following purposes: (A) renewals of
existing Letters of Credit, provided that increases to the Outstanding Amount thereof shall not exceed 105% of such
Outstanding Amount, (B) L/C Credit Extensions solely on account of the operations of the power segment (i.e., the Borrower
and its Subsidiaries’ portion of their business that provides the supply of and aftermarket services for
steam-generating, environmental, and auxiliary equipment for power generation and other industrial applications), (C) L/C
Credit Extensions solely on account of the operations of Babcock & Wilcox MEGTEC Holdings, Inc. and its Subsidiaries, (D)
L/C Credit Extensions solely on account of the operations of Babcock & Wilcox SPIG Inc., (E) L/C Credit
Extensions on account of the operations of Babcock & Wilcox Loibl GmbH of an aggregate Outstanding Amount not to exceed
€7,500,000, (F) L/C Credit Extensions solely on account of the operations of Babcock & Wilcox Universal, Inc. and
its Subsidiaries (other than Foreign Subsidiaries) and,
(G) L/C Credit Extensions on account of the operations of any Vølund Project of an
aggregate Outstanding Amount not to exceed $20,000,000 and (H) other purposes upon prior written approval by the
Administrative Agent and the Required Lenders.

 

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(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 that if any such extension results in any such Letter of Credit becoming
an Extended Letter of Credit the Borrower shall provide Cash Collateral therefor in accordance with Section 6.26; 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.

 

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(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.

 

(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 (x) 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), and, (y) during the period (I) commencing after the occurrence of the Initial Tranche A Term Loan Funding and (II)
ending on the last day of the Availability Period with respect to the Term Loan Facility, a Term Loan Borrowing in the amount of
such Revolving Credit Borrowing (plus any OID to be netted against such Term Loan Borrowing), but subject to the amount of the
unutilized portion of the Term Loan Commitments and the conditions set forth in Section 4.05 (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.

 

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(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.

 

(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.

 

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(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.

 

(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.

 

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(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;

 

(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;

 

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(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.

 

(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 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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(o) Cash
Collateralized Letters of Credit. If the Borrower has fully Cash Collateralized the applicable L/C Issuer with respect to any
Extended Letter of Credit issued by such L/C Issuer in accordance with Section 6.26 and the Borrower and the applicable
L/C Issuer have made arrangements between them with respect to the pricing and fees associated therewith (each such Extended Letter
of Credit a “Cash Collateralized Letter of Credit”), then on the day that is 95 days (or such shorter period
of time permitted by such L/C Issuer) after the date of notice to the Administrative Agent thereof by the applicable L/C Issuer
(so long as such Cash Collateral has remained in place for the entirety of such 95-day (or applicable shorter) period), and for
so long as such Cash Collateral remains in place (i) such Cash Collateralized Letter of Credit shall cease to be a “Letter
of Credit” hereunder, (ii) such Cash Collateralized Letter of Credit shall not constitute utilization of the Revolving Credit
Facility, (iii) no Lender shall have any further obligation to fund participations, L/C Borrowings or Revolving Credit Loans to
reimburse any drawing under any such Cash Collateralized Letter of Credit, (iv) no Letter of Credit Fee shall be due or payable
to the Lenders, or any of them, hereunder with respect to such Cash Collateralized Letter of Credit, and (v) any fronting fee,
issuance fee or other fee with respect to such Cash Collateralized Letter of Credit shall be as agreed separately between the Borrower
and such L/C Issuer.

 

2.04 Swing Line
Loans.

 

(a) The Swing Line.
Subject to the terms and conditions set forth herein, the Swing Line Lender, in reliance upon the agreements of the other Lenders
set forth in this Section 2.04, may in its sole discretion make loans in Dollars (each such loan, a “Swing Line
Loan”) to the Borrower from time to time on any Business Day during the Availability Period with respect to the Revolving
Credit Facility in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding
the fact that such Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Revolving Credit
Loans and L/C Obligations of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Revolving Credit
Commitment; provided that after giving effect to any Swing Line Loan, (i) the Total Revolving Outstandings shall not exceed
the Revolving Credit Facility at such time and (ii) the Revolving Credit Exposure of any Lender shall not exceed such Lender’s
Commitment; provided further that the Borrower shall not use the proceeds of any Swing Line Loan to refinance any
outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower may
borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Each Swing
Line Loan shall be a Base Rate Loan. Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to, and hereby
irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in
an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Swing Line Loan.

 

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(b) Borrowing
Procedures. Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable notice to the Swing Line Lender and
the Administrative Agent, which may be given by (A) telephone or (B) by a Swing Line Loan Notice; provided that any telephonic
notice must be confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a Swing Line Loan Notice.
Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the requested
borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $100,000, and (ii) the requested borrowing
date, which shall be a Business Day. Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan Notice,
the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has
also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent of the contents
thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including
at the request of any Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line
Lender not to make such Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of
Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article IV is not then satisfied,
then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 3:00 p.m. on the borrowing date specified
in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrower.

 

(c) Refinancing
of Swing Line Loans.

 

(i) The
Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the Borrower (which hereby irrevocably
authorizes the Swing Line Lender to so request on its behalf), that each Revolving Credit Lender make a Base Rate Loan in an amount
equal to such Lender’s Applicable Percentage of the amount of Swing Line Loans then outstanding. Such request shall be made
in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the
requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of
Base Rate Loans, but subject to the unutilized portion of the Aggregate Revolving Credit Commitment and the conditions set forth
in Section 4.03. The Swing Line Lender shall furnish the Borrower with a copy of the applicable Committed Loan Notice promptly
after delivering such notice to the Administrative Agent. Each Revolving Credit Lender shall make an amount equal to its Applicable
Percentage of the amount specified in such Committed Loan Notice available to the Administrative Agent in Same Day Funds (and
the Administrative Agent may apply Cash Collateral available with respect to the applicable Swing Line Loan) for the account of
the Swing Line Lender at the Administrative Agent’s Office for Dollar-denominated payments not later than 1:00 p.m. on the
day specified in such Committed Loan Notice, whereupon, subject to Section 2.04(c) (ii), each 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 Swing Line Lender.

 

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(ii) If
for any reason any Swing Line Loan cannot be refinanced by such a Revolving Credit Borrowing in accordance with Section 2.04(c)(i),
the request for Base Rate Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing
Line Lender that each of the Lenders fund its risk participation in the relevant Swing Line Loan and each Lender’s payment
to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be deemed payment
in respect of such participation.

 

(iii) If
any Revolving Credit Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount
required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in
Section 2.04(c)(i), the Swing Line Lender 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 Swing Line Lender 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 Swing Line Lender 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 funded participation in the relevant
Swing Line Loan, as the case may be. A certificate of the Swing Line Lender submitted to any Lender (through the Administrative
Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error.

 

(iv) Each
Lender’s obligation to make Revolving Credit Loans or to purchase and fund risk participations in Swing Line Loans pursuant
to this Section 2.04(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 the Swing Line Lender, the Borrower
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 2.04(c) is subject to the conditions set forth in Section 4.03.
No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrower to repay Swing Line Loans,
together with interest as provided herein.

 

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(d) Repayment
of Participations.

 

(i) At
any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender receives
any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender its Applicable Percentage
thereof in the same funds as those received by the Swing Line Lender.

 

(ii) If
any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned
by the Swing Line Lender under any of the circumstances described in Section 10.05 (including pursuant to any settlement
entered into by the Swing Line Lender in its discretion), each Lender shall pay to the Swing Line Lender 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,
at a rate per annum equal to the applicable Overnight Rate. The Administrative Agent will make such demand upon the request of
the Swing Line Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and
the termination of this Agreement.

 

(e) Interest
for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Borrower for interest on the
Swing Line Loans. Until each Revolving Credit Lender funds its Base Rate Loan or risk participation pursuant to this Section 2.04
to refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage
shall be solely for the account of the Swing Line Lender.

 

(f) Payments
Directly to Swing Line Lender. The Borrower shall make all payments of principal and interest in respect of the Swing Line
Loans directly to the Swing Line Lender.

 

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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, and
(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 (x) specify the date and amount
of such prepayment and the Facility and Type(s) of Loans to be prepaid and, if Eurocurrency
Rate Loans are to be prepaid, the Interest Period(s) of such Loans and (y) in the case of a prepayment
that is an Additional Term Loan Prepayment, such notice shall be accompanied by (I) a certificate of a Responsible Officer to
the Administrative Agent, countersigned by each of the Term Loan Lenders, certifying that the requirements for such Additional
Term Loan Prepayment have been satisfied and the amount of any Additional Cashless Term Loan Prepayment and (II) any other tax
documentation reasonably requested by the Administrative Agent from the Borrower or any applicable Term Loan Lender.
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, 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 (including
the capitalization of any interest to be paid-in-kind). 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.;
provided that, if a joint notice signed by each Term Loan Lender in form reasonably satisfactory to the Administrative Agent is
delivered to the Administrative Agent at least one Business Day prior to the date of an Additional Term Loan Prepayment, such
prepayment shall be applied among the Term Loan Lenders as directed by such joint notice.

 

(ii) The
Borrower may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time,
voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be
received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (ii)
any such prepayment shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and amount of such
prepayment. 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.

 

(iii) NotwithstandingExcept
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.

 

 

 

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(i) The
Administrative Agent shall apply an Additional Cashless Term Loan Prepayment by reducing the principal of the outstanding Term
Loans to be prepaid as set forth in the relevant notice described in clause (i) of this Section 2.05(a).

 

(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 clauseclauses
(b) or (c) 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 LoansFacility 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 LoansFacility
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) of this Section 2.05(b).

 

(iii) If
(A) the Administrative Agent notifies the Borrower at any time during the Relief Period that the aggregate outstanding principal
amount of Revolving Credit Loans exceeds the Relief Period 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 Relief Period Sublimit then
in effect, or (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. 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.

  

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(iv) Except
as otherwise provided in Section 2.16, prepayments of the Revolving Credit Facility made pursuant to this Section 2.05(b),
first, shall be applied ratably to the L/C Borrowings and the Swing Line Loans, 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, Swing Line Loans 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.

 

(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).

 

 

 

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(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”).

 

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 or Aggregate
Term Loan Commitment, or from time to time permanently reduce the Aggregate Revolving Credit Commitment or Aggregate Term
Loan 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 or the Swing Line Sublimit
exceeds the amount of the Aggregate Revolving Credit Commitment, such Sublimit shall be automatically reduced by the amount
of such excess, and (e) the Borrower shall have no right to terminate or reduce any Lender’s Term Loan Commitment prior
to the Revolving Credit Facility Termination Date. 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 or the Swing Line Sublimit
unless otherwise specified by the Borrower.

 

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(ii) Mandatory.
In the event, and on each occasion, that during the Relief Period 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, 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 the Aggregate Revolving Credit Commitment
by an amount equal to such Commitment Reduction Amount. In connection with each such reduction, 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
Relief Period Sublimit or the Swing Line 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 Relief Period Sublimit
or the Swing Line Sublimit unless otherwise specified by the Borrower.

 

(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.

 

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(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) Swing
Line Loans. The Borrower shall repay each Swing Line Loan on the earlier to occur of (i) the date 10 Business Days after such
Loan is made and (ii) the Revolving Credit Facility Maturity Date.

 

(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.

 

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 Swing Line 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 for Base Rate Loans; and (iv)
on and after the Amendment No. 16 Effective Date, 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.

  

 

    -90-

     

    

 

(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.

 

(i) 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.

 

(ii) 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.

 

(c) Interest
on each 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) ADuring
the period (A) commencing after the occurrence of the Initial Tranche A Term Loan Funding and ending the day immediately prior
to the Amendment No. 16 Effective Date, a portion of the interest payable with respect to the Term Loans equal to (x) 5.50%
per annum, with respect to Eurocurrency Rate Loans, and (y) 4.50% per annum, with respect to Base Rate Loans, on each Interest
Payment Date occurring prior to the Amendment No. 16 Effective Date (and the Interest Payment Date
occurring on June 28, 2019 with respect to any accrued interest outstanding as of the Amendment No. 16 Effective Date) shall be
paid in cash on the applicable Interest Payment Date, with the remainder of the interest due on such Interest Payment Date to be
paid-in-kind (which payment-in-kind shall be capitalized on the applicable Interest Payment Date and such capitalized amount shall
be added to the then outstanding principal amount of the applicable Term Loans and constitute outstanding principal for all purposes
hereof) and (B) commencing on the Amendment No. 16 Effective Date, a portion of interest payable with respect to the Term Loans
equal to 7.50% per annum on each Interest Payment Date occurring on or after the Amendment No. 16 Effective Date shall
be paid in cash on the applicable Interest Payment Date, with the remainder of the interest
due on such Interest Payment Date to be paid-in-kind (which payment-in-kind shall be capitalized on the applicable Interest Payment
Date and such capitalized amount shall be added to the then outstanding principal amount of the applicable
Term Loans and constitute outstanding principal for all purposes hereof), provided that, commencing
on the Business Day immediately after the delivery of a Fixed Rate Certificate to the Administrative Agent, all such interest shall
be paid in cash.

 

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(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.

 

(iii) The
Borrower shall deliver to the Administrative Agent a Fixed Rate Certificate on the date of the consummation of a Qualified Rights
Offering. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any Fixed
Rate Certificate or Additional Term Loan Prepayment Extension Certificate. The Administrative Agent shall not be responsible for
or have any duty to request any Fixed Rate Certificate or Additional Term Loan Prepayment Extension Certificate or ascertain or
inquire into any Fixed Rate Certificate or Additional Term Loan Prepayment Extension Certificate or the contents of any Fixed Rate
Certificate or Additional Term Loan Prepayment Extension Certificate.

 

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 Closing Date, and on the last day of the Availability
Period for the Revolving Credit Facility.

 

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(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.

 

(b) Other
Fees.

 

(i) The
Borrower shall pay to the Arrangers and 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) 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. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

(iii) The
Borrower shall pay to the Administrative Agent for the account of the Revolving Credit Lenders in accordance with its Applicable
Percentage, in Dollars, an annual facility fee of $1,500,000. Such fee shall be payable the first Business Day of each calendar
year, shall be fully earned when paid and shall not be refundable for any reason whatsoever, provided that the facility fee for
the calendar year in which the Revolving Credit Facility Maturity Date is set to occur shall be prorated in accordance with Section 2.10
(Computation of Interest and Fees) for the actual number of days to elapse until such Maturity Date.

 

(iv) The
Borrower shall pay to the Administrative Agent for the account of each Revolving Credit Lender in accordance with its Applicable
Percentage, in Dollars, a deferred facility fee equal to a percentage per annum of 2.50% of the portion of the Revolving Credit
Facility held by such Lender as of the date of payment of such fee (the “Deferred Facility Fee”), provided
that such percentage shall be decreased by 0.50% upon the occurrence of each Deferred Facility Fee Decrease Event, up to an aggregate
decrease of 1.50%. Commencing upon the occurrence of the Recapitalization Transaction, the Deferred Facility Fee 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 fully earned when accrued, shall not be refundable for
any reason whatsoever and shall be payable on the last day of the Availability Period with respect to the Revolving Credit Facility.
For the avoidance of doubt, the Deferred Facility Fee set forth in this clause (iv) shall be in addition to the facility fee set
forth in clause (iii) above.

 

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(v) The Borrower agrees
to pay original issue discount to the Administrative Agent for the account of (A) each
Tranche A-1 Term Loan Lender on the date of each Tranche A-1 Term Loan Borrowing in an aggregate amount equal to 10.0% of the
gross cash proceeds of the Tranche A-1 Term Loan received by
the Borrower on the date of such Term Loan Borrowing; and (B) each Tranche A-3 Term Loan Lender on
the date of the Tranche A-3 Term Loan Borrowing in an aggregate amount equal to 3.2% of the gross cash proceeds of the Tranche
A-3 Term Loan received by the Borrower on the date of such Term Loan Borrowing (“OID”).

 

 

 

(vi) The
Borrower shall pay to the Administrative Agent for the account of each Revolving Credit Lender in accordance with its Applicable
Percentage, in Dollars, deferred ticking fees equal to a percentage of 1.00% of the portion of the Revolving Credit Facility held
by such Lender as of the date of payment of such fees (the “Deferred Ticking Fees”). Until the occurrence of the Revolving
Credit Facility Termination Date, including at any time during which one or more of the conditions in Article IV is not met, the
Deferred Ticking Fees shall be fully earned on December 15, 2019 and on the 15th day of each succeeding calendar month thereafter,
shall not be refundable for any reason whatsoever and shall be payable on the earlier of (A) March 15, 2020 and (B) the last day
of the Availability Period with respect to the Revolving Credit Facility. For the avoidance of doubt, the Deferred Ticking Fees
set forth in this clause (vi) shall be in addition to the facility fee and deferred facility fee set forth in clauses (iii) and
(iv) above.

 

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].

 

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.

 

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(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 and Swing Line Loans. 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.

 

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.

 

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(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.

 

(i) 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.

 

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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 (including funds
made available to satisfy the Term Loan Prefunding Requirement) 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.

 

(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 Swing Line Loans 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.

 

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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 or in Swing Line Loans 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 and Swing Line Loans 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

 

(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), (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
or Swing Line Loans 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 Increase
in Revolving Credit Commitments.

 

(a) Request
for Increase. The Borrower may, from time to time (other than during the Relief Period, during which time, notwithstanding
anything to the contrary in this Agreement, no increase pursuant to this Section 2.14 may be requested or consummated),
request by written notice to the Administrative Agent one or more increases in the Revolving Credit Facility (each, a “Revolving
Credit Increase”); provided that (i) the principal amount for all such Revolving Credit Increases, in the aggregate,
since the Closing Date (including the then requested Revolving Credit Increase) shall not exceed the sum (with utilization being
determined by the Borrower subject to the limits provided herein) of (x) $200,000,000 plus (y) a principal amount such that,
after giving effect to such proposed Revolving Credit Increase (measured assuming the entire principal amount of any proposed Revolving
Credit Increase being incurred pursuant to this clause (y) is fully drawn), any repayment of other Indebtedness in connection therewith
and any other appropriate pro forma adjustment events, the Senior Leverage
Ratio is not greater than 2.00 to 1.00; (ii) any such request shall be in a minimum amount of $10,000,000 (or a lesser amount in
the event such amount represents all remaining availability under this Section) and the Borrower may make a maximum of five such
requests (excluding any requests that are not consummated); (iii) no Revolving Credit Increase shall increase the Swing Line Sublimit
without the consent of the Swing Line Lender; (iv) any Revolving Credit Increase may, at the request of the Borrower, be available
for the issuance of Letters of Credit within the limits of the L/C Issuer Sublimits; and (v) each Revolving Credit Increase shall
constitute Obligations hereunder and shall be guaranteed and secured pursuant to the Guaranty, Collateral Agreement and the other
Security Instruments on a pari passu basis with the other Obligations hereunder.

 

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(b) Process for
Increase. Revolving Credit Increases may be (but shall not be required to be) provided by any existing Lender, in each case
on terms permitted in this Section 2.14 and otherwise on terms reasonably acceptable to the Borrower and the Administrative
Agent, or by any other Person that qualifies as an Eligible Assignee (each such other Person, an “Additional Lender”)
pursuant to a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent; provided that
(i) the Administrative Agent shall have consented (in each case, such consent not to be unreasonably withheld, delayed or conditioned)
to each proposed Additional Lender providing such Revolving Credit Increase to the extent the Administrative Agent would be required
to consent to an assignment to such Additional Lender pursuant to Section 10.06(b)(iii) and (ii) each L/C Issuer and the
Swing Line Lender shall have consented to each such Lender or proposed Additional Lender providing such Revolving Credit Increase
if such consent by the L/C Issuers or the Swing Line Lender, as the case may be, would be required under Section 10.06(b)(iii)
for an assignment of Revolving Credit Loans or Commitments to such Lender or proposed Additional Lender; provided 
further that the Borrower shall not be required to offer or accept commitments from existing Lenders for any Revolving
Credit Increase. No Lender shall have any obligation to increase its Revolving Credit Commitment pursuant to a request for a Revolving
Credit Increase, and no consent of any Lender, other than the Lenders agreeing to provide any portion of a Revolving Credit Increase,
shall be required to effectuate such Revolving Credit Increase.

 

(c) Effective
Date and Allocations. The Administrative Agent and the Borrower shall determine the effective date of any Revolving Credit
Increase (the “Increase Effective Date”). The Administrative Agent shall promptly notify the Borrower and the
Lenders of the final allocation of such Revolving Credit Increase and the Increase Effective Date.

 

(d) Conditions.

 

(i) As
a condition precedent to each Revolving Credit Increase, the Borrower shall deliver to the Administrative Agent a certificate of
the Borrower and, if reasonably determined by the Administrative Agent to be necessary or desirable under applicable Requirements of Law with respect to the Loan Documents
of a Guarantor, of each such Guarantor, dated as of the Increase Effective Date, signed by a Responsible Officer of the Borrower
or each such Guarantor, as applicable, and (A) certifying and attaching the resolutions adopted by the Borrower or such Guarantor
approving or consenting to such Revolving Credit Increase (which, with respect to any such Loan Party, may, if applicable, be
the resolutions entered into by such Loan Party in connection with the incurrence of the Obligations on the Closing Date) and
(B) certifying that (1) both before and immediately after giving effect to such Revolving Credit Increase, as of the Increase
Effective Date no Default or Event of Default shall exist and be continuing, (2) immediately after giving effect to such Revolving
Credit Increase, as of the Increase Effective Date the Borrower shall be in pro forma compliance (after giving effect to
the incurrence of such Revolving Credit Increase and the use of proceeds thereof) with each of the financial covenants contained
in Section 7.16 and (3) the representations and warranties of the Borrower and each other Loan Party contained in Article
V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith
or therewith, are 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 Increase Effective Date, except to the extent
that such representations and warranties specifically refer to an earlier date, in which case they are 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 clause (i)(B)(3), the representations and
warranties contained in Sections 5.04(a) and (b) shall be deemed to refer to the most recent statements furnished
pursuant to Sections 6.01(a) and (b), respectively. In addition, as a condition precedent to each Revolving Credit
Increase, the Borrower shall deliver or cause to be delivered such other officer’s certificates, Organization Documents
and legal opinions of the type delivered on the Closing Date as are reasonably requested by, and in form and substance reasonably
satisfactory to, the Administrative Agent.

 

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(ii) Each
Revolving Credit Increase shall have the same terms as the outstanding Revolving Credit Loans and be part of the existing Revolving
Credit Facility hereunder. Upon each Revolving Credit Increase (x) each Lender having a Commitment immediately prior to such increase
will automatically and without further act be deemed to have assigned to each Lender providing a portion of the Revolving Credit
Increase (each, a “Revolving Credit Increase Lender”) in respect of such increase, and each such Revolving Credit
Increase Lender will automatically and without further act be deemed to have assumed a portion of such Lender’s participations
hereunder in outstanding Letters of Credit and Swing Line Loans such that, after giving effect to each such deemed assignment and
assumption of participations, the percentage of the aggregate outstanding participations hereunder in (1) Letters of Credit and (2) Swing Line Loans,
will, in each case, equal each Lender’s Applicable Percentage (after giving effect to such increase in the Revolving Credit
Facility) and (y) if, on the date of such increase there are any Revolving Credit Loans outstanding, the Lenders shall make such
payments among themselves as the Administrative Agent may reasonably request to the extent necessary to keep the outstanding Revolving
Credit Loans ratable with any revised Applicable Percentages arising from such Revolving Credit Increase, and the Borrower shall
pay to the applicable Lenders any amounts required to be paid pursuant to Section 3.05 in connection with such payments
among the Lenders as if such payments were effected by prepayments of Revolving Credit Loans.

 

 

 

(e) Conflicting
Provisions. This Section shall supersede any provisions in Section 2.13 or 10.01 to the contrary.

 

2.14A Incremental
Term Loans.

 

(a) Request
for Increase. Subject to the consent of the Administrative Agent in its sole discretion, the Borrower may, from time to time, request
by written notice to the Administrative Agent one or more increases to the Term Loan Facility (each, a “Term Loan Increase”);
provided that (i) the principal amount of the Term Loan Increase shall not exceed $15,000,000; and (ii) any such request shall
be in a minimum amount of $5,000,000 (or a lesser amount in the event such amount represents all remaining availability under this
Section) and the Borrower may make a maximum of three such requests (excluding any requests that are not consummated); and (iii)
each Term Loan Increase shall constitute Obligations hereunder and shall be guaranteed and secured pursuant to the Guaranty, Collateral
Agreement and the other Security Instruments on a pari passu basis with the other Obligations hereunder, subject to any
subordination terms set forth herein. It is expressly understood that the Term Loan Increase has not been committed to by the Administrative
Agent or any Term Loan Lender and the decision as to whether to agree to any such request may be made by each Term Loan Lender
in its sole discretion.

 

(a) Process
for Increase. Any Term Loan Increase may be provided by any Person that qualifies as an Eligible Assignee of Term Loans (each such
other Person, an “Additional Term Lender”) pursuant to a joinder agreement in form and substance reasonably satisfactory
to the Administrative Agent, which joinder agreement may effect amendments to this Agreement and the other Loan Documents as may
be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.14A,
including the creation of a new tranche of Term Loans; provided that the Administrative Agent shall have consented in its sole
discretion to each proposed Additional Term Lender providing such Term Loan Increase. No consent of any Lender, other than the
Lenders agreeing to provide any portion of a Term Loan Increase, shall be required to effectuate such Term Loan Increase.

 

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(a) Effective
Date and Allocations. The Administrative Agent and the Borrower shall determine the effective date of any Term Loan Increase (the
“Term Loan Increase Effective Date”). The Administrative Agent shall promptly notify the Borrower and the Lenders of
the final allocation of such Term Loan Increase and the Term Loan Effective Date.

 

(a) Conditions.

 

(i) As
a condition precedent to each Term Loan Increase, the Borrower shall deliver to the Administrative Agent a certificate of the Borrower
and, if reasonably determined by the Administrative Agent to be necessary or desirable under applicable Requirements of Law with
respect to the Loan Documents of a Guarantor, of each such Guarantor, dated as of the Term Loan Increase Effective Date, signed
by a Responsible Officer of the Borrower or each such Guarantor, as applicable, and (A) certifying and attaching the resolutions
adopted by the Borrower or such Guarantor approving or consenting to such Term Loan Increase (which, with respect to any such Loan
Party, may, if applicable, be the resolutions entered into by such Loan Party in connection with the incurrence of the Obligations
on the Closing Date) and (B) certifying that (1) both before and immediately after giving effect to such Term Loan Increase, as
of the Term Loan Increase Effective Date no Default or Event of Default shall exist and be continuing and (2) the representations
and warranties of the Borrower and each other Loan Party contained in Article V or any other Loan Document, or which are contained
in any document furnished at any time under or in connection herewith or therewith, are 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 Term Loan Increase Effective Date, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they are 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 clause (i)(B)(3), the representations and warranties contained in Sections 5.04(a) and (b) shall be deemed
to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b), respectively. In addition, as a condition
precedent to each Term Loan Increase, the Borrower shall deliver or cause to be delivered such other officer’s certificates,
Organization Documents and legal opinions of the type delivered on the Closing Date as are reasonably requested by, and in form
and substance reasonably satisfactory to, the Administrative Agent.

 

(i) Each
Term Loan Increase shall have the same terms as the outstanding Term Loan Loans and be part of the existing Term Loan Facility
hereunder.

 

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2.01 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.

 

(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 (including the Swing Line Lender), 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.

 

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(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, 2.04, 2.05, 2.16 or 8.02 in respect of Letters of Credit or Swing Line Loans
shall be held and applied to the satisfaction of the specific L/C Obligations, Swing Line Loans, 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.

 

(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 or Swing Line Lender, as applicable, may agree that Cash Collateral shall not be released but instead held to support
future anticipated Fronting Exposure or other obligations.

 

2.02 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.

 

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(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 or Swing Line Lender 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 or Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the
L/C Issuer or the Swing Line Lender 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 and Swing Line Loans 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.

 

 

(iii) Certain
Fees.

 

(A) No
Defaulting Lender shall be entitled to receive any commitment fee or facility fee payable under Section 2.09(a) or Section
2.09(b)(iii) or (iv) 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).

 

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(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 and Swing Line Loans 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 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.

 

(v) Cash
Collateral, Repayment of Swing Line Loans. If the reallocation described in clause (a)(iv) above cannot, or can only partially,
be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under any applicable Requirement
of Law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and (y)
second, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in
Section 2.15.

 

(b) Defaulting
Lender Cure. If the Borrower, the Administrative Agent, Swing Line Lender 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 Swing Line Lender and 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 and Swing Line Loans 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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(i) 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.

 

(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.

 

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(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

 

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(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.

 

(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.

 

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(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.

 

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 (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 an alternate benchmark rate (including
any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving
or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks (any
such proposed rate, a “LIBOR Successor Rate”), together with any proposed LIBOR Successor Rate Conforming
Changes (as defined below) 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
do not accept 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.

 

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 matters as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption
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).

 

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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.

 

(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 or Swing Line Loans 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.

 

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(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).

 

(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.

 

 

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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);

 

(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 Execution Date. The effectiveness of this Agreement and the occurrence of the Execution Date are subject to 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 Execution Date (or, in the case of certificates of governmental officials,
a recent date before the Execution Date) and each in form and substance reasonably satisfactory to the Administrative Agent and
each of the Lenders:

 

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

 

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

 

(c) such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower
as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized
to act as a Responsible Officer in connection with this Agreement;

 

(d) such
documents and certifications as the Administrative Agent may reasonably require to evidence that the Borrower is duly organized
or formed, and that the Borrower is validly existing and in good standing in its jurisdiction of organization;

 

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(e) a
favorable opinion of (A) Baker Botts L.L.P., counsel to the Borrower and (B) Andre Hall, internal counsel to the Borrower,
in each case addressed to the Administrative Agent and each Lender, in form and substance reasonably satisfactory to the Administrative
Agent and the Lenders and addressing such matters concerning the Borrower and the Loan Documents to be provided on or prior to
the Execution Date as the Required Lenders may reasonably request;

 

(f) 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;

 

(g) a
certificate of the chief financial officer or treasurer of the Borrower certifying that as of the Execution Date (A) all of the
representations and warranties in this Agreement (other than those that speak solely to a date after the Execution Date, including
the Closing Date) 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 shall exist, or would result from the occurrence of the Execution Date (determined
as if each provision of Section 8.01 applied on the Execution Date, other than Section 8.01(d) (solely with respect
to Articles VI and VII) and Section 8.01(i));

 

(h) such
documentation and other information as has been reasonably requested by the Administrative Agent or any Lender prior to the Execution
Date with respect to the Loan Parties in connection with the provisions of Sections 6.10 and 6.11 hereof;

 

(i) the
Projections; and

 

(j) the
Form 10, along with any amendments or additions thereto, or modifications thereof, in each case effectuated prior to the Execution
Date, which shall include the three years of audited financial statements and any unaudited quarterly financial statements required
thereby (and, to the extent not otherwise required to be included in the Form 10, unaudited financial statements of the Borrower
and its Subsidiaries for any fiscal quarter ending after December 31, 2014 and at least 45 days prior to the Execution Date).

 

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 Execution Date specifying its
objection thereto.

 

 

 

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4.02 Conditions
of Closing Date. The occurrence of the Closing Date and the obligation of the L/C Issuer and each Lender to make its initial
Credit Extension hereunder, are each subject to satisfaction of the following conditions precedent:

 

(a) The
Administrative Agent’s receipt of the following (to the extent not previously delivered in connection with the Execution
Date), 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 signing Loan Party (to
the extent applicable), each dated the Closing Date (or, in the case of (x) certificates of governmental officials, a recent date
before the Closing Date and (y) documents previously delivered pursuant to Section 4.01, the date of the prior delivery
thereof) and each in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders:

 

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

 

(ii) executed
counterparts of each Security Instrument to be entered into by any Loan Party on or prior to the Closing Date, duly executed by
each Loan Party party thereto, together with:

 

(A) certificates
representing the certificated Pledged Interests pledged under the Collateral Agreement, and accompanied by undated stock or other
transfer powers executed in blank,

 

(B) proper
financing statements in form appropriate for filing under the Uniform Commercial Code of all jurisdictions that the Administrative
Agent may deem necessary or desirable in order to perfect the Liens created under the Collateral Agreement, covering the Collateral
described therein,

 

(C) completed
requests for information, dated on or before the Closing Date, listing all effective financing statements filed in the jurisdictions
referred to in clause (B) above that name any Loan Party as debtor, together with copies of such financing statements, and

 

(D) evidence
of the completion of all other actions, recordings and filings of or with respect to the Security Instruments to be entered into
on the Closing Date, or that have been entered into prior to the Closing Date, that the Administrative Agent may deem necessary
or desirable in order to perfect, or to confirm or continue the prior perfection of, the Liens created thereby (including receipt
of duly executed payoff letters and UCC-3 termination statements, if any), and

 

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(E) such
Intellectual Property Security Agreements as the Administrative Agent may deem necessary or desirable in order to perfect, or provide
notice of, the Liens created under the Collateral Agreement in intellectual property Collateral, in form appropriate for filing
with the United States Patent and Trademark Office or the United States Copyright Office;

 

(iii) with
respect to each Mortgaged Property described in clause (a) of such definition, except to the extent the matters set forth in clauses
(A), (B), (C) or (F) below are waived by the Administrative Agent (in which case Section 6.27 shall apply to any such matters
that are so waived), each of the following:

 

(A) evidence
that counterparts of the Mortgages have been duly executed, acknowledged and delivered and are in form suitable for filing or recording
in all filing or recording offices that the Administrative Agent may deem necessary or desirable in order to create, confirm or
continue a valid first and subsisting Lien on the property described therein in favor of the Administrative Agent for the benefit
of the Secured Parties, excepting only Liens permitted under the Loan Documents, and that all filing, documentary, stamp, intangible
and recording taxes and fees have been paid (or the Borrower has made arrangements satisfactory to the Administrative Agent for
payment thereof),

 

(B) fully
paid American Land Title Association Lender’s Extended Coverage title insurance policy (or policies) (the “Mortgagee
Policies”) or marked up unconditional binder for such insurance, in each case with endorsements and in amounts acceptable
to the Administrative Agent, issued, coinsured and reinsured by title insurers acceptable to the Administrative Agent, insuring
the Mortgages to be valid first and subsisting Liens on the property described therein, free and clear of all defects (including,
but not limited to, mechanics’ and materialmen’s Liens) and encumbrances, excepting only Liens permitted under the
Loan Documents,

 

(C) evidence
that all premiums in respect of the Mortgagee Policies have been paid (or the Borrower has made arrangements satisfactory to the
Administrative Agent for payment thereof),

 

(D) a
completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each
Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by
the Borrower and each Loan Party relating thereto),

 

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(E) 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, and

 

(F) evidence
that all other action that the Administrative Agent may deem necessary or desirable in order to create valid first and subsisting
Liens (excepting only Liens permitted under the Loan Documents) on the property described in the Mortgages has been taken;

 

(iv) such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each
Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer
thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such
Loan Party is a party or is to be a party;

 

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

 

(vi) a
favorable opinion of (A) Baker Botts L.L.P., counsel to the Loan Parties, (B) Andre Hall, internal counsel to the Borrower, (C)
Vorys, Sater, Seymour and Pease LLP, local Ohio counsel to certain of the Loan Parties, (D) Jones, Walker, Waechter, Poitevent,
Carrère & Denègre L.L.P., local Mississippi counsel to certain of the Loan Parties, (E) Beck, Chaet, Bamberger
& Polsky, S.C., local Wisconsin counsel to certain of the Loan Parties and (F) K&L Gates, LLP, local Pennsylvania 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 the Lenders and addressing such matters concerning the Loan Parties, this Agreement
and the Loan Documents to be executed on the Closing Date as the Required Lenders may reasonably request;

 

(vii) a
certificate of a Responsible Officer of the Borrower (A) either (x) attaching copies of all consents, licenses and
approvals required in connection with the execution, delivery and performance by each Loan Party and the validity against
each Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full
force and effect, or (y) stating that no such consents, licenses or approvals are so required and (B) either (x) attaching
copies of any amendments, additions or modifications to the Form 10 effectuated on or after the Execution Date through and
including the Closing Date, provided that the Form 10 shall not have been altered, amended, supplemented or otherwise
modified (or the information provided thereby) from the Form 10 provided on or prior to the Execution Date in any manner that
could reasonably be expected to be adverse to any material interest of the Administrative
Agent or the Lenders (unless approved by the Required Lenders, notwithstanding the provisions of Section 10.01 to the contrary,
such approval not to be unreasonably conditioned, withheld or delayed) or (y) stating that no amendments, additions or modifications
to the Form 10 have been effectuated on or after the Execution Date;

 

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(viii) a
certificate of the chief financial officer or the treasurer of the Borrower, certifying that (A) as of the last day of the most
recently ended Fiscal Quarter (but at least 45 days prior to the Closing Date) or Fiscal Year (but at least 90 days prior to the
Closing Date), the Borrower is in compliance with the financial covenants in Section 7.16 after giving pro forma
effect to the incurrence and repayment of Indebtedness on the Closing Date (and providing such backup evidence as may reasonably
be requested), (B) the Securities and Exchange Commission has declared the Form 10 effective and that no stop orders relating to
the Spinoff or other restrictions that would otherwise prohibit or enjoin the occurrence of the Spinoff shall be in existence,
(C) the conditions specified in Sections 4.03(a) and (b) (with satisfaction of Section 4.03(b) determined
as if each provision of Section 8.01, other than Section 8.01(d) (solely with respect to Articles VI and VII)
and Section 8.01(i), applied on and after the Execution Date) have been satisfied and (D) that there has been no event or
circumstance since December 31, 2014 that has had or would be reasonably expected to have, either individually or in the aggregate,
a Material Adverse Effect;

 

(ix) evidence
that all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in effect, together with the
certificates of insurance or other appropriate documentation, naming the Administrative Agent, on behalf of the Secured Parties,
as an additional insured or loss payee, as the case may be, under all insurance policies (including flood insurance policies) maintained
with respect to the assets and properties of the Loan Parties that constitute Collateral;

 

(x) such
documentation and other information as has been reasonably requested by the Administrative Agent or any Lender prior to the Closing
Date with respect to the Loan Parties in connection with the provisions of Sections 6.10 hereof;

 

(xi) unaudited
consolidated financial statements of the Borrower and its Subsidiaries for each fiscal quarter ended after the date of the filing
of the Form 10 and at least 45 days prior to the Closing Date;

 

(xii) a
certificate signed by a person that would (if BWC were a Loan Party) be a Responsible Officer of BWC certifying that attached
thereto is a true and correct copy of the resolutions of BWC approved and entered into with respect to the approval of the
Spinoff, and stating that such resolutions have
not been amended, altered or otherwise modified since the date thereof (or attaching any such amendment, alternation or other modification);

 

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(xiii) evidence
that the Existing Credit Agreement has been, or substantially concurrently with the Closing Date is being, terminated, all Indebtedness
in respect of the Existing Credit Agreement has been, or substantially concurrently with the Closing Date is being, repaid (other
than letters of credit thereunder that are being deemed issued under this Agreement or the Remainco Credit Facilities), and all
Liens, if any, securing any such repaid and terminated Indebtedness have been or substantially concurrently with the Closing Date
are being released; and

 

(xiv) evidence
that the Remainco Credit Facilities have been, or substantially concurrently with the Closing Date are being, entered into by BWC
and certain of its Subsidiaries.

 

(b) The
Execution Date shall have occurred.

 

(c) The
Administrative Agent and the Lenders shall have received satisfactory evidence that as of the Closing Date (i) the Borrower is
a direct, wholly-owned subsidiary of BWC (unless the Spinoff has occurred or is occurring substantially simultaneously therewith),
(ii) BWPGG is a wholly-owned direct or indirect subsidiary of the Borrower, and (iii) substantially all of the subsidiaries
of BWPGG (other than Babcock & Wilcox Canada, Ltd. and its subsidiary Intech International, Inc.) are direct or indirect subsidiaries
of BWPGG.

 

(d) The
Closing Date shall have occurred on or prior to September 1, 2015.

 

(e) (i)
All fees required to be paid to the Administrative Agent and the Arrangers on or before the Closing Date shall have been paid and
(ii) all fees required to be paid to the Lenders on or before the Closing Date shall have been paid, in each case pursuant to the
Fee Letters.

 

(f) Unless
waived by the Administrative Agent, the Borrower shall have paid all reasonable out-of-pocket fees, charges and disbursements of
counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced
at least two Business Days prior to the Closing Date (with reasonable and customary supporting documentation), plus such additional
amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements
incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final
settling of accounts between the Borrower and the Administrative Agent).

 

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 4.02, 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 Closing
Date specifying its objection thereto.

 

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4.03 Conditions
to Revolving Credit Extensions. The obligation of each Revolving Credit Lender, L/C Issuer or
Swing Line Lender 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),
including the initial Credit Extension on the Closing Date 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 or the Swing Line Lender 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.

 

(e) (i)
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 (a)
$45,000,000 or (b) after
January 31, 2019, $40,000,00030,000,000.

 

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(f) The
Term Loan Prefunding Requirement shall have been satisfied in an amount equal to the principal amount of Revolving Credit Loans
to be borrowed on such date; provided that the condition specified in this condition (f) shall only apply to Requests for
Credit Extension of Revolving Credit Loans the requested date of which is during the period (x) commencing after the occurrence
of the Initial Tranche A Term Loan Funding and (y) ending on the last day of the Availability Period with respect to the Term Loan
Facility.

 

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 the Initial Tranche A Term Loan Funding. The obligation of each Tranche A-1 Term Loan Lender to honor any 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) with respect to the Initial Tranche A Term Loan Funding is subject to the following conditions precedent:

 

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

 

(b) The
consummation of an Asset Sale pursuant to Section 7.04(p).

 

4.05 Conditions
to Incremental Tranche A Term Loan Fundings. The obligation of each Tranche A-1 Term Loan Lender to honor any 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) with respect to an Incremental Tranche A Term Loan Funding is subject to the following conditions precedent:

 

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

 

(b) The
Revolving Credit Lenders shall concurrently make Revolving Credit Loans to the Borrower in accordance with the Funding Ratio; provided
that, for the avoidance of doubt, this clause (b) shall not serve as any excuse or defense for any Term Loan Lender failing to
satisfy the Term Loan Prefunding Requirement.

 

4.06
Conditions to Tranche A-2 Term Loan Borrowing. The obligation of each Tranche A-2 Term Loan Lender to honor the Tranche
A-2 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.

 

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4.07 Conditions
to Tranche A-3 Term Loan Borrowing. The obligation of each Tranche A-3 Term Loan Lender to honor the Tranche A-3 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 Execution Date (other than those representations and warranties
that speak solely to a date after the Execution Date or to a document or agreement executed after the Execution Date), on and as
of the Closing Date and the making of Credit Extensions on the Closing 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.

 

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;

 

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(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,
(B) those listed on Schedule 5.02 or that have been or will be, prior to the Closing Date, obtained or made, copies of which
have been or will be delivered to the Administrative Agent pursuant to Section 4.02, and each of which on the Closing Date
will be in full force and effect and, (C) with respect to the Collateral, filings required to perfect the Liens created by the
Security Instruments.

 

(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.

 

5.03 Ownership
of Borrower; Subsidiaries.

 

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

 

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(b) Set
forth on Schedule 5.03 is a complete and accurate list showing, as of the Closing 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 Closing 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 Closing 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 Closing 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 Closing 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, 2014,
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).

 

(c) Except
as set forth on Schedule 5.04, neither the Borrower nor any of its Subsidiaries has, as of the Closing 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.

 

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(d) The
Projections have been prepared by the Borrower taking into consideration past operations of its business, and reflect projections
for the period beginning approximately January 1, 2015 and ending approximately December 31, 2019 on a Fiscal Year by Fiscal Year
basis. The Projections are based upon estimates and assumptions stated therein, all of which the Borrower believes, as of the Closing
Date, to be reasonable in light of current conditions and current facts known to the Borrower (other than any necessary adjustments
due to fees payable in accordance herewith) and, as of the Closing Date, reflect the Borrower’s good faith estimates of the
future financial performance of the Borrower and its Subsidiaries and of the other information projected therein for the periods
set forth therein.

 

5.05 Material
Adverse Change. SinceExcept as a result of the
Vølund Projects which are the subject of the Vølund Projects Settlements and the Borrower or its Subsidiaries’
entry into and performance of its obligations under the Vølund Projects Settlements, since December 31, 2014,
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 the Closing Date or such other 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 Closing 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. The Information Memorandum and any other information prepared or furnished by or on behalf of any Loan Party and
delivered to the Lenders in writing in connection with this Agreement or 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
Memorandum, as of the Closing Date only), 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.

 

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 and, in each case, in respect of any Letter of Credit issued after the Amendment
No. 5 Effective Date, for no other purpose other than as permitted in Section 2.03(a)(vii);

 

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(c)  the
proceeds of the Tranche A-1 Term Loans are being used by the Borrower only (i) for working capital needs, capital expenditures,
general corporate purposes and other lawful corporate purposes of the Borrower and its Subsidiaries and (ii) to pay the Initial
Funding Term Loan Lender Expenses; and

 

(d) the
proceeds of the Tranche A-2 Term Loans are being used by the Borrower only for working capital needs, capital expenditures, general
corporate purposes and other lawful corporate purposes of the Borrower and its Subsidiaries.;
and

 

(e)
 the proceeds of the Tranche A-3 Term Loans are being used by the Borrower
only (i) to make payments required under the Vølund Projects Settlements, (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) reimbursement of the expenses of Vintage Capital Management, LLC and B. Riley FBR, Inc.
and their respective Affiliates required to be reimbursed by the Borrower pursuant to Amendment No. 15 and Amendment No. 16, including
the 2019 Term Loan Lender Expenses, in an amount not to exceed $650,000.

 

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.

 

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.

 

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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
prior to the Spinoff, 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) TheExcept
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.

 

(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, 2014, 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;

 

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(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.

 

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 Closing Date, of all (i) owned Real Property located
in the United States with a reasonably estimated Fair Market Value in excess of $3,000,000 showing, as of the Closing 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 Closing 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 Closing 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 Closing Date, are 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. Except for filings completed on or prior to the Closing Date and filings and other actions contemplated hereby and by
the Security Instruments, no filing or other action in the United States will be necessary to perfect or protect such Liens.

 

5.21 OFAC.
Neither the Borrower, nor any of its Subsidiaries, nor, to the knowledge of the Borrower, any director, officer, employee 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 by the Borrower or any of its Subsidiaries, or, to the knowledge of the Borrower, 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 Arranger, the Administrative
Agent, any L/C Issuer or the Swing Line Lender of Sanctions.

 

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5.22 Anti-Corruption
Laws. The Borrower and its Subsidiaries have conducted their businesses in all material 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.

 

ARTICLE VI

AFFIRMATIVE COVENANTS

 

The Borrower agrees
to each of the following, (a) from and after the Closing 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).

 

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(b) Annual
Reports. Within 120 days after the end of the Fiscal Year ending December 31, 2018 and within
90 days after the end of each Fiscal Year thereafter (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 Years ending December 31, 2017 and December 31, 2018 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.

 

(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 demonstrating compliance
with each of the other financial covenants contained in Section 7.16; provided that with respect to
the Fiscal Quarter ending December 31, 2018 only, the Compliance Certificate may demonstrate non-compliance if it certifies as
to the accuracy of the calculations therein (and such non-compliance shall not be deemed a Default or Event of Default),
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, commencing with the calendar month ending October 31, 2017, (i)
a consolidated balance sheet and profit and loss statement and (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.

 

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The Borrower hereby
acknowledges that (i) the Administrative Agent and/or one or more of the Arrangers 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 Arranger, 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 and the Arrangers 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.

 

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.

 

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(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 interest created by the Collateral Agreement but excluding
(other than as set forth in Amendment No. 3) (i) any filings to perfect Liens on intellectual property, other than any such filings
under the UCC or with the U.S. Patent and Trademark Office or U.S. Copyright Office and (ii) any filings or actions in any jurisdiction
outside the United States.

 

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.

 

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
any amendments, additions or modifications to the Form 10 effectuated on or after the Closing Date, or of any material notices
from the SEC with respect thereto, including, without limitation, notice of the effectiveness of the Spinoff;

 

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

 

(d) of
(i) management changes, (ii) reorganization and consolidation changes with respect to Foreign Subsidiaries and (iii) changes to
the Vølund Projects Schedule.

 

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.

 

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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.

 

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.

 

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.

 

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.

 

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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) 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.

 

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.

 

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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.

 

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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.

 

(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.

 

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(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.

 

(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;

 

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(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,

 

(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 Closing 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 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. Notwithstanding the foregoing, for
any Material Real Property that is not subject to a Mortgage as of the Amendment No. 3 Effective Date, such Material Real Property
shall not be required to be subject to a Mortgage, and no Loan Party shall be required to deliver any of the documents or other
agreements under this Section 6.23, until 60 days (or such longer period as permitted by the Administrative Agent in its sole
discretion) after the Amendment No. 3 Effective Date.

 

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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. Notwithstanding
anything to the contrary contained in this Section 6.24 or any Loan Document (other than as set forth in Amendment No. 3),
no Loan Party shall be required to (i) make any filings to perfect Liens on intellectual property, other than any such filings
under the UCC or with the U.S. Patent and Trademark Office or U.S. Copyright Office and (ii) make any filings or take any actions
in any jurisdiction outside the United States to create or perfect any Liens created by the Security Instruments.

 

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 Cash
Collateralization of Extended Letters of Credit. The Borrower shall provide Cash Collateral (in an amount equal to 105% of
the maximum face amount of each Extended Letter of Credit, calculated in accordance with Section 1.08) to each applicable
L/C Issuer with respect to each Extended Letter of Credit issued by such L/C Issuer by a date that is no earlier than 120
days prior to the Revolving Credit Facility Maturity Date, but no later than 95 days prior to the Revolving Credit Facility
Maturity Date (or, if such Letter of Credit is issued on or after the date that is 95 days prior to the Revolving Credit Facility
Maturity Date, on the date of issuance thereof); provided that if the Borrower fails to provide Cash Collateral with respect
to any such Extended Letter of Credit by such time, such event shall be treated as a drawing under such Extended Letter of Credit
(in an amount equal to 105% of the maximum face amount of each such Letter of Credit, calculated in accordance with Section
1.08), which shall be reimbursed (or participations therein funded) in accordance with Section 2.03(c), with the proceeds
being utilized to provide Cash Collateral for such Letter of Credit. The Cash Collateralization documentation
with respect to each Extended Letter of Credit shall require that the applicable L/C Issuer, and the applicable Loan Party or Subsidiary
shall direct such L/C Issuer, to return any Cash Collateral released on account of the undrawn termination or return of the applicable
Extended Letter of Credit or reduction of the face value thereof (“Released Cash Collateral”) to the Administrative
Agent to be applied as a prepayment in accordance with Section 2.05(b)(iv), unless the Administrative Agent shall have provided
notice to such L/C Issuer that the Revolving Credit Facility Termination Date has occurred.

 

6.27 Post
Closing Deliveries. To the extent not delivered on or prior to the Closing Date pursuant to a waiver by the Administrative
Agent with respect to such Mortgaged Property as provided in Section 4.02(a)(iii), the Borrower shall deliver to the Administrative
Agent on or prior to sixty (60) days after the Closing Date (or such later date as the Administrative Agent may agree in its sole
discretion) each document, and satisfy each other condition, with respect to such Mortgaged Property as described in Section
4.02(a)(iii), including (to the extent applicable) a favorable opinion with respect thereto as described in Section 4.02(a)(vi).

 

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6.28 Consultant.
(a) Within 30 days after the Amendment No. 3 Effective Date, solely during the Relief Period, the Borrower shall (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 on progress achieved and answer any
related questions of the Administrative Agent or the Lenders, (b) immediate effect from the Amendment No. 5 Effective Date,
solely during the Relief Period, 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 with reviewing each business segment
and develop a plan to improve gross profit margins (including assessing contract bidding in all business segments and pursuing
active third party claims relative to spend to achieve any recovery), (iii) prepare a detailed analysis of general and administrative
expenses and other overhead by business segment and at the corporate level, develop suggested cost reductions and cost savings
initiativesin identifying and implementing additional cost reduction opportunities
and third party recoveries, and present related findings to the Borrower, the Administrative Agent, and the Lenders,
(iviii) assist management with implementation
of approved cost reduction activities and provide bi-weekly updates to the Administrative Agent on progress achieved, (v) assist
management with reviewing risk controls at each business segment (including evaluating and making recommendations
on incremental project write-downs and/or losses), (viiv) assist
management with evaluating strategic business sale(s) and equity transactions and make recommendations to the board of directors,
and, (viiv) 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 with each monthly Budget update delivered pursuant to Section
6.29(b) of this Agreementas may be reasonably requested by the
Administrative Agent, and (c) as soon as commercially reasonable and no later than 30 days after the Amendment
No. 5. Effective Date, deliver to the
Administrative Agent a copy of a duly executed amendment to the engagement letter with the Consultant, in form and substance reasonable
satisfactory to the Administrative Agent, pertaining to the expanded responsibilities of the Consultant as described in clause
(b). To the extent that, following the Amendment No. 16 Effective Date, 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.

 

6.29 Variance
and Cash Flow Reporting. Solely during the Relief Period, 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. AtExcept as set forth on
Schedule 6.36, at all times after 30 days after the Amendment No. 3 Effective Date (or such longer period as permitted
by the Administrative Agent in its sole discretion), 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. Solely during the Relief Period, 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; provided that,
until the Borrower’s satisfaction of its obligations under Section 6.39, such calls
shall be held on a weekly basis,, 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 until
the end of the Relief Period.

 

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6.32 [Reserved].

 

6.33 Chief
Implementation Officer. As soon as commercially reasonable and in no event later than 30 days
after Amendment No. 5 Effective Date, theThe Borrower shall appointcontinue
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 and,
(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 and control the business, affairs and property,
(i) all restructuring activities of the Borrower and its Subsidiaries, (including
sales of the Selected Assets) and to perform any and all acts and activities customary or incident to theii)
the Borrower’s and its Subsidiaries’ liquidity management of,
(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, (b) develop in conjunction with
the board of directors and the chief executive officer and present to the Administrative Agent and the Lenders (i) prior to July
25, 2018, an updated financial forecast for 2018, which addresses near-term (x) project risks for the Vølund Projects, including
risks related to critical milestone and turnover dates, (y) cost savings measures and (z) asset divestitures, and (ii) prior to
September 30, 2018, (x) the Plan, which shall also cover related timing of deleveraging and increasing profitability of the Borrower
and its Subsidiaries, and (y) a strategic plan with detailed descriptions of performance improvement initiatives and cost reduction
and cost saving measures, (c) [Reserved], (d) present the Orion Plan to the Administrative Agent and the Lenders within 60 days
of the CIO’s date of retention and (e)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.

 

6.34 Completion
of Vølund Project Milestones. The Borrower shall complete the specified milestones for each
of the Vølund Projects in accordance with the schedule set forth on Exhibit A to
Amendment No. 14.

 

6.34 [Reserved].

 

6.35 Net
Cash Proceeds from Asset Sales. The Borrower and its Subsidiaries shall have achieved the Sale Milestone prior to October 31,
2018.

 

6.01 Foreign
Collateral; Pledges of Stock and Stock Equivalents. AsExcept
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 prior to the Amendment No. 6 Effective Date, together with, in each case, such customary legal opinions
as may be reasonably requested by the Administrative Agent.

 

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6.01 [Reserved].

 

6.01 [Reserved].

 

6.37 Delivery of
Additional Materials. (a) Prior to August 31, 2018, the Borrower shall deliver to the Administrative
Agent and the Lenders any materials requested by the Administrative Agent in connection with the relief provided pursuant to Amendment
No. 8, in form and substance reasonably satisfactory to the Administrative Agent and (b) prior to dates acceptable to the Administrative
Agent in its sole discretion, the Borrower shall deliver to the Administrative Agent and the Lenders any materials requested by
the Administrative Agent in connection with the relief provided pursuant to Amendment No. 14, in form and substance acceptable
to the Administrative Agent in its sole discretion.

 

6.38 Project Concessions.
Prior to March 31, 2019, the Borrower shall enter into binding written agreements with certain
of the Vølund Project counterparties and other stakeholders that provide a commitment or commitments the results of which
will produce, subject to the satisfaction of the conditions and/or performance criteria if and as applicable to such commitments,
an increase in the liquidity of the Borrower and its Subsidiaries during the term of such written agreements through cash contributions,
cash loans to non-Loan Parties and/or forgiveness of indebtedness and performance obligations by such counterparties and stakeholders
(i) in an aggregate amount of not less than $25,000,000 (the “Minimum
Customer Concession Amount”), provided that, with respect to any forgiveness of obligations, the designated
value thereof shall be acceptable to the Administrative Agent, (ii) to the extent such liquidity increase is in the form of cash
contributions or cash loans, receipt of such executed loan commitment documents from the providers of such funding no later than
March 31, 2019 and (iii) in form and on terms and conditions reasonably acceptable to the Administrative Agent (such increases
in liquidity, the “Customer Concessions”).

 

6.02 2019
Corporate Action Milestones. Prior to a date acceptable
to the Administrative Agent and the Required Lenders, (a) the Borrower shall have received Net Cash Proceeds in a minimum Dollar
amount acceptable to the Administrative Agent and the Required Lenders in connection with the 2019 Corporate Action and (b) the
Borrower shall have reduced the Aggregate Revolving Credit Commitment in a minimum Dollar amount acceptable to the Administrative
Agent and the Required Lenders in connection therewith, which amount is expected to be no less than twenty-five percent (25%) of
the Net Cash Proceeds of the 2019 Corporate Action except with respect to any Asset Sale in connection with the 2019 Corporate
Action, in which case the Borrower shall have reduced the Aggregate Revolving Credit Commitment in a minimum Dollar amount acceptable
to the Administrative Agent and the Required Lenders in their respective sole discretion. The Administrative Agent and the Required
Lenders shall have the right to deem any item under this Section 6.39 acceptable in their respective sole discretion, provided
that the Administrative Agent and the Required Lenders shall not require the receipt of Net Cash Proceeds in connection with the
2019 Corporate Action prior to February 28, 2019The Borrower shall (a) on or prior
to November 10, 2019, have distributed a confidential information memorandum with respect to the contemplated Corporate Action,
(b) on or prior to January 10, 2020, have received executed letters of intent from potential counterparties in respect to the Corporate
Action and have delivered such executed letters of intent to the Administrative Agent and (c) on or prior to March 15, 2020, have
caused the occurrence of the Revolving Credit Facility Termination Date.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.

 

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NEGATIVE COVENANTS

 

The Borrower agrees
to each of the following, (a) from and after the Closing 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):

 

6.03 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 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), (B) other than during the Relief Period the aggregate principal
amount of all such Indebtedness permitted by this subsection (d) at any one time outstanding shall not exceed $100,000,000 and
(C) during the Relief Period, (x) no amount may be outstanding under clause (d)(ii), (y) the aggregate principal amount of all
such Indebtedness at any one time outstanding under clause (d)(i) shall not exceed $50,000,000 less any usage pursuant to clause
(d)(iii) and (z) the aggregate principal amount of all such Indebtedness at any one time outstanding under clause (d)(iii)
shall not exceed $10,000,000 (it being understood that at no time during the Relief Period shall the aggregate principal amount
of all Indebtedness outstanding under this clause (d) exceed $50,000,000);

 

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(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;

 

(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 the Collateral Agreement is evidenced by a promissory note, such note shall be subject to a
first priority Lien pursuant to the Collateral Agreement, (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 $100,000,000 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;

 

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(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;

 

(p) Indebtedness
of the Loan Parties under the Second Lien Credit Agreement in an aggregate outstanding principal amount not to exceed the applicable
Maximum Second Priority Principal Amount (as defined in the Intercreditor Agreement); and

 

(q) Indebtedness
arising from agreements of the Borrower or its Subsidiaries providing for the commitments or implementation of Customer Concessions;

 

provided that after the Amendment No. 5
Effective Date and during the Relief Period, 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 $7,500,000 at any time.

 

6.04 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 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 Closing 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;

 

(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;

 

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(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 (i) after the Amendment No. 316
Effective Date and during the Relief Period, $2,000,0004,000,000
and (ii) other than during the Relief Period, $15,000,000 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 (x) at any time during the Relief Period,
$25,000,000 or (y) at any time other than during the Relief Period, $200,000,000; and

 

(r) Liens
securing Indebtedness or other obligations of the Loan Parties permitted to be incurred in accordance with Section 7.01(p),
so long as such Liens are subject to the provisions of the Intercreditor Agreement.;
and

 

(a) 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, with effect from the Amendment No. 5 Effective Date, 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.

 

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6.05 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 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;

 

(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; provided, that at any time after the Amendment No. 3 Effective Date and during the
Relief Period, no Investments in connection with a Permitted Acquisition shall be permitted;

 

(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) Investments
made in connection with the Foreign Subsidiary Reorganization;

 

(l) other
Investments not constituting Acquisitions by the Borrower or any Subsidiary made after the Closing Date; provided that the
aggregate outstanding amount of all Investments made pursuant to this clause (l) (i) at a time (other than during the Relief Period)
when the Senior Leverage Ratio (after giving pro forma effect to such Investments and any Indebtedness incurred in connection
therewith) was greater than or equal to 2.00 to 1.00 shall not exceed 10% of the consolidated total assets of the Borrower and
its Subsidiaries, as determined in accordance with GAAP as of the last day of the immediately preceding Fiscal Year and (ii) at
any time after the Amendment No. 3 Effective Date and during the Relief Period shall not exceed $0.00; provided further
that upon request by the Administrative Agent at any time the Senior Leverage Ratio is greater than or equal to 2.00 to 1.00, the
Borrower shall deliver to the Administrative Agent a schedule of all then-outstanding Investments made pursuant to this clause
(l) at a time when the Senior Leverage Ratio was less than 2.00 to 1.00.

 

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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.

 

6.06 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 (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;

 

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(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;

 

(i) as
long as no Default exists or would result therefrom, any other Asset Sale for Fair Market Value and where (A) at least 75% of the
consideration received therefor is cash or Cash Equivalents and (B) the Non-Cash Consideration from such Asset Sale and all other
Asset Sales made in reliance upon this subclause (B) during (x) the Relief Period does not exceed $0.00 and (y) any Fiscal
Year not entirely within the Relief Period does not exceed $10,000,000; provided, however, that with respect to any
such Asset Sale in accordance with 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 $2,000,000;

 

(k) Asset
Sales permitted by Section 7.13, Investments permitted by Section 7.03 and Restricted Payments permitted by Section
7.05;

 

(l) the
Foreign Subsidiary Reorganization;

 

(m) the
Form 10 Transactions by and among the Borrower and its Subsidiaries and BWC and its Subsidiaries reasonably necessary to effectuate
the Spinoff;

 

(n) any
Asset Sale of (i) Project Top Hat and (ii) the China JV;

 

(o) the
sale of Selected Assets at Fair Market Value and in accordance with the Plan and the Orion Plan on terms and conditions and pursuant
to documentation satisfactory to the Administrative Agent and the Required Lenders; provided that (1) the terms and conditions
of the documentation relating to such Asset Sales shall be satisfactory to the Required Lenders and the Administrative Agent and
(2) to the extent that such documentation is satisfactory, the parties hereto agree to revisit (x)
the Relief Period Sublimit and (y) the covenants set forth in Sections 7.16(a) and (b), taking into account the EBITDA
and working capital needs associated with the Selected Assets being sold and the application
of the sale proceeds thereof; and

 

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(p) any
Asset Sale of Project Burn; provided that the Initial Tranche A Term Loan Funding
shall have been made available to the Administrative Agent in Same Day Funds at the Administrative Agent’s Office not later
than 1:00 p.m. on the Business Day prior to the consummation thereof.

 

6.07 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 (i) made solely with the proceeds received from the exercise of
any warrant or option or (ii) that is deemed to occur upon the cashless exercise of stock options or warrants;

 

(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;

 

(f) so
long as no Default exists or would result therefrom and the Relief Period is not then in effect (it being understood that no Restricted
Payment under this clause (f) may be declared, made or paid during the Relief Period), the Borrower may make Restricted Payments
of the type described in clauses (a) and (b) of the definition thereof (including Restricted Payments of the type described in
clause (e) of this Section that are in excess of the aggregate amount permitted in clause (e) of this Section); provided
that the aggregate amount of all Restricted Payments made under this clause (f) at a time when the Senior Leverage Ratio (after
giving pro forma effect to such proposed Restricted Payment and any Indebtedness incurred in connection therewith) was greater
than or equal to 2.00 to 1.00 shall not exceed $150,000,000 in any Fiscal Year;

 

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(g) the
dividend or other distribution to BWC and its Subsidiaries of intercompany receivables owed by BWC and its Subsidiaries to the
Borrower and its Subsidiaries in connection with the Spinoff to the extent constituting a Form 10 Transaction; and

 

(h) any
purchase or other acquisition on the Amendment No. 3 Effective Date of any Stock or Stock Equivalents of the Borrower from Lightship
Capital LLC or any of its Affiliates made solely with the proceeds of the Initial A Loans (as defined in the Second Lien Credit
Agreement as in effect on the Amendment No. 3 Effective Date) incurred under the Second Lien Credit Agreement to the extent disclosed
in writing to and approved by the Administrative Agent and the Required Lenders; and

 

(i) the
payment and/or prepayment of principal, premium, interest, fees and other charges under the Second Lien Credit Agreement, provided
that both before and immediately after such payment and/or prepayment no Default or Event of Default shall exist and be continuing.

 

6.08 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:

 

(a) 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 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);

 

(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 a Guarantor, then the transferee must either
be the Borrower or a Guarantor;

 

(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);

 

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(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 a Guarantor, it transfers all or substantially all of its assets and operations to another Guarantor;
and

 

(e) an
Asset Sale permitted under Section 7.04 may be consummated.

 

6.09 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.

 

6.10 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 Closing 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;

 

(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;

 

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(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);

 

(i) the
Form 10 Transactions by and among the Borrower and its Subsidiaries and BWC and its Subsidiaries reasonably necessary to effectuate
the Spinoff; and

 

(j) transactions
pursuant to the Tranche A Last Out Facility Commitment Letter or with Vintage Capital Management, LLC contemplated hereunder.;

 

(k) any
Additional Cashless Term Loan Prepayment;

 

(l) transactions
pursuant to the Qualified Rights Offering; and

 

(m) immediately
following the Qualified Rights Offering, the Borrower’s issuance to B. Riley FBR, Inc. or to any other Person at the direction
of B. Riley FBR, Inc. of up to 16,666,667 in warrants with respect to the Stock of the Borrower (other than Disqualified Stock).

 

6.11 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 or the Second Lien Credit Agreement,
(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).

 

6.12 Form
10. Amend, make additions to or otherwise modify the Form 10 on or after the Closing Date in a manner that could reasonably
be expected to be adverse to any material interest of the Administrative Agent or the Lenders (unless approved by the Required
Lenders, notwithstanding the provisions of Section 10.01 to the contrary, such approval not to be unreasonably conditioned,
withheld or delayed); provided that the termination or withdrawal of the Form 10 without the consummation of the Spinoff
shall not, without more, be adverse to any material interests of the Lenders.

 

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6.13 Fiscal
Year. The Borrower shall not change its Fiscal Year.

 

6.14 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 made after the Amendment No. 5 Effective Date 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.

 

6.15 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 $20,000,000; provided that notwithstanding
the foregoing, in no event shall the Borrower enter into or consummate, or permit any of its Subsidiaries to enter into or consummate,
any sale and leaseback transaction at any time during the Relief Period.

 

6.16 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.

 

6.17 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.

 

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6.18 Financial
Covenants.

 

(a) Interest
Coverage Ratio. The Borrower shall not permit the Interest Coverage Ratio as of the last day of any Fiscal Quarter of the Borrower
set forth below to be less than the ratio set forth below opposite such period (provided that, notwithstanding any Fiscal Quarter
not being included in the below, the Borrower shall include a reasonably detailed calculation of the Interest Coverage Ratio in
the Compliance Certificate delivered pursuant to Section 6.01(c) with respect to such Fiscal Quarter):

	 	 
	Fiscal Quarters Ending	Minimum Interest Coverage Ratio
	September 30,December 31, 2018	1.00:1:00N/A
	DecemberMarch 31, 20182019	1.000.75:1:00
	March 31June 30, 2019	2.250.90:1:00
	JuneSeptember 30, 2019 	3.01.10:1:00
	September 30,December 31, 2019 	3.251.10:1:00
	March 31, 2020	1.50:1:00
	December 31, 2019 and the last day of each Fiscal Quarter ending thereafterJune 30, 2020	3.21.75:1:00

 

 

(b) Senior
Leverage Ratio. The Borrower shall not permit the Senior Leverage Ratio as of the last day of any Fiscal Quarter of the Borrower
set forth below to be greater than the ratio set forth below opposite such period (provided that, notwithstanding any Fiscal Quarter
not being included in the below, the Borrower shall include a reasonably detailed calculation of the Senior Leverage Ratio in the
Compliance Certificate delivered pursuant to Section 6.01(c) with respect to such Fiscal Quarter):

	 	 
	Fiscal Quarters Ending	Maximum Senior Leverage Ratio
	September 30,December 31, 2018	9.75:1:00N/A
	DecemberMarch 31, 20182019	9.009.75:1:00
	March 31June 30, 2019	4.009.25:1:00
	JuneSeptember 30, 2019 	3.506.75:1:00
	September 30,December 31, 2019 	3.06.00:1:00
	DecemberMarch 31, 2019 and the last day of each Fiscal Quarter ending thereafter2020	3.03.50:1:00
	June 30, 2020	3.25:1:00

 

; provided that, for purposes
of compliance with this clause (b) as of the last day of the Fiscal Quarter ended March 31, 2019 only, the Senior Leverage Ratio
shall be calculated by giving effect to the prepayment of Revolving Credit Loans on April 5, 2019 as if such prepayment was made
on March 31, 2019. 

 

6.19 Sanctions.
The Borrower shall not, and shall not permit any of its Subsidiaries to 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, Arranger, Administrative Agent, L/C Issuer or Swing Line Lender of Sanctions.

 

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6.20 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, commencing on the calendar month ending October 31April
30, 20182019, to be less than
(a) $45,000,000 or (b) after January 31, 2019,
$40,000,00030,000,000.

 

6.21 Additional
Charges. Commencing with the quarter ending September 30March
31, 20182019, the Borrower
shall not permit the recognized and accounted for costs, expenses, losses and/or reductions in Consolidated Net Income (exclusive
of any recognized foreign exchange losses resulting from the impact of foreign currency changes on the valuation of liabilities
in connection with the Vølund Projects disclosed in writing and acceptable to the Administrative Agent) experienced in connection
with the Vølund Projects contracts with the counterparties listed on Exhibit BA
to Amendment No. 5 to exceed $40,000,000, net of, to the extent such amounts are included in Consolidated
Net Income, the dollar amounts of any recognized and accounted for contractual bonuses, liquidated damages relief, insurance recoveries,
legal settlements, any other customer or vendor recoveries and other similar items in connection with the Vølund Projects,
provided that any amounts that are netted against such costs, expenses, losses and/or reductions may not be used to satisfy the
requirement set forth in Section 6.38.16
under the heading “Charge Basket Projects” to exceed $10,000,000.

 

6.22 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.

 

6.23 Use
of Vølund Projects Letters of Credit. The Borrower shall not, and shall not permit any of its Subsidiaries to, use any
Letter of Credit issued on account of any Vølund Project for any purpose other than for
credit support for the underlying insurance guaranties supported by such Letter of Credit and in existence on the Amendment No.
13 Effective Date without the consent of the Required Lenders.

 

ARTICLE VII

EVENTS OF DEFAULT AND REMEDIES

 

7.01 Events
of Default. Any of the following shall, at any time on or after the Closing 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

 

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(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

 

(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, 6.26,
6.34, 6.35, 6.37, 6.38, 6.39 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),
(y) incurred under the Second Lien Credit Agreement or (z) 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

 

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(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

 

(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. Either:

 

(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; or

 

(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

 

(j) Change
of Control. there occurs any Change of Control; or

 

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(k) Project-Related
Defaults. (x) TheWith respect to any Vølund
Project other than the Vølund Projects located at [***], 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) the rejection by OFGEM of any ROC accreditation application,
or the delivery by a representative of OFGEM to any Loan Party or Subsidiary of the Borrower of any communication (written or oral)
that OFGEM plans to reject any ROC accreditation application, in each case,[reserved]
or (z) with respect to any Vølund Project or (z)other
than the Vølund Projects located at [***], (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 or the Engineering Consultant
(as defined in Amendment No. 6), (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; or

 

(l) Tranche
A Term Loan Fundings. (x) A failure to fund the Initial Tranche A Term Loan Funding or the Incremental Tranche A Term Loan
Funding in accordance with the terms hereunder or under the Tranche A Last Out Facility Commitment Letter, (y) the Borrower amends,
supplements, waives or otherwise modifies (or permits the amendment, supplement or other modification of) the Tranche A Last Out
Facility Commitment Letter or consents to the assignment of any obligations of Vintage Capital Management, LLC or B. Riley FinancialFBR,
Inc. set forth therein without the prior written consent of the Administrative Agent, or (z) Vintage Capital Management, LLC or
B. Riley FinancialFBR, Inc. (as applicable)
amends, supplements, modifies, terminates, breaches, defaults under, or fails to perform the Tranche A Last Out Facility Commitment
Letter or seeks to assign to any other party any obligations set forth therein without the prior written consent of the Administrative
Agent; provided further that time is of the essence with respect to Vintage Capital Management, LLC’s and B. Riley FinancialFBR,
Inc.’s obligations under the Tranche A Facility Commitment Letter.

 

7.02 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;

 

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(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.

 

7.03 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;

 

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;

 

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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.

 

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.

 

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ARTICLE
VIII

ADMINISTRATIVE AGENT

 

8.01 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.

 

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(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.

 

8.02 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.

 

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8.03 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.

 

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.

 

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8.04 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.

 

8.05 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.

 

8.06 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.

 

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(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.

 

(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 and Swing Line Lender. 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). If
Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder
with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right
to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section
2.04(c). Upon the appointment by the Borrower of a successor L/C Issuer 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) or Swing Line Lender hereunder
(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 or Swing Line Lender, as
applicable, (b) the retiring L/C Issuer and Swing Line Lender 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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8.07 Non-Reliance
on Administrative Agent and Other Lenders. Each Lender and each L/C Issuer acknowledges 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 and decision to enter into this Agreement. Each Lender and each L/C
Issuer also acknowledges that it will, 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 shall from time to time deem appropriate, continue
to make its own 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.

 

8.08 No
Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Book Managers, Arrangers, Co-Syndication Agents,
Co-Documentation Agents or Managing Agents listed on the cover page hereof shall have any powers, duties or responsibilities under
this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender
or an L/C Issuer hereunder.

 

8.09 Administrative
Agent May File Proofs of Claim.

 

(a) 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

 

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(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.

 

(b) 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.

 

(c) 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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8.10 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;

 

(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;
and

 

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(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.

 

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.

 

8.11 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 or any
Collateral by virtue of the provisions hereof or of any 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 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
IX

MISCELLANEOUS

 

9.01 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 any condition set forth in Section 4.01 or Section 4.02 (other than Section 4.02(e)(i) or (f))
without the written consent of each Revolving Credit Lender or (y) waive any condition set forth in Section 4.04 or Section
4.05 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), but excluding any waiver or modification with respect to any mandatory Commitment
reduction pursuant to Section 2.06(a)(ii)) without the written consent of such 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;

 

(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, (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 or (iii) to amend the terms and
conditions of the Relief Period 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, provided that, after giving effect to such amendment, the rate of
interest on Loans and L/C Borrowings and fees payable hereunder are no less than such amounts immediately prior to the Relief
Period;

 

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(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; or

 

(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, 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);

 

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 Swing Line Lender in addition to the Lenders required above, affect the rights or duties of the
Swing Line Lender under this Agreement; (iii) 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 (iv) 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.

 

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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; and

 

(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

 

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(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.

 

9.02 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 or the Swing Line Lender, to the address, facsimile
number, electronic mail address or telephone number specified for such Person on Schedule 10.02; and

 

(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, the Swing Line Lender, 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.

 

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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.

 

(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, the L/C Issuers and the Swing Line Lender 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, each L/C Issuer and the Swing Line Lender. 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, Letter of Credit Applications and
Swing Line Loan Notices) 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.

 

9.03 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 or the Swing Line Lender from exercising the
rights and remedies that inure to its benefit (solely in its capacity as an L/C Issuer or Swing Line Lender, as the case may
be) 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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9.04 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 Arrangers or
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 and;
(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 in connection with review, administration or negotiation
of Amendment No. 15 or Amendment No. 16 or the negotiation and documentation of any intercreditor arrangements among the Term
Loan Lenders, in an aggregate amount not to exceed $650,000 (the “2019 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 Arranger, 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, an Arranger, any L/C Issuer or the Swing Line Lender (in each case, acting in its capacity as such),
the Administrative Agent, such Arranger, such L/C Issuer or the Swing Line Lender, as applicable, 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, the Swing Line Lender 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, the Swing Line Lender 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 or Swing Line Lender, 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 or the Swing Line Lender 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 or the Swing Line Lender
in connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section
2.12(d).

 

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(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.

 

(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 Initial Funding Term Loan Lender Expenses netted against the initial Term Loan Borrowing in accordance with Section 2.02(b)
and the 2019 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 a Qualified Rights Offering and required to be reimbursed pursuant to documentation other than
the Loan Documents.

 

(f) Survival.
The agreements in this Section and the indemnity provisions of Section 10.02(e) shall survive the resignation of the
Administrative Agent, any L/C Issuer and/or the Swing Line Lender, the replacement of any Lender, the termination of the Aggregate
Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 

9.05 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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9.06 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 and in Swing Line Loans) 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

 

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(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).

 

(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 the Revolving Credit Loans or the Revolving Credit
Commitment assigned, except that this clause (ii) shall not (A) apply to the Swing Line Lender’s rights and obligations
in respect of Swing Line Loans or (B) 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 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 and of the Swing Line Lender (each such consent not to be unreasonably withheld or delayed) shall be
required for any assignment in respect of the Revolving Credit Facility.

 

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(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.

 

(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 unfunded Term Loan Commitment shall be made, except to
B. Riley FBR, Inc. to the extent necessary for B. Riley FBR, Inc. to satisfy any of its obligations under the Tranche A Last
Out Facility Commitment Letter. 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 and Swing Line Loans 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.

 

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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.

 

(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 and/or Swing Line Loans) 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.

 

(e) Reserved.

 

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(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 or Swing Line Lender 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 (i) 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 and/or (ii) Bank of America may, upon 30 days’ notice to the Borrower,
resign as the Swing Line Lender. In the event of any such resignation of an L/C Issuer or the Swing Line Lender, the Borrower
shall be entitled to appoint from among the Lenders a successor L/C Issuer (which may be an existing L/C Issuer) or Swing Line
Lender hereunder; 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 as the Swing Line Lender,
as the case may be.

 

(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 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).

 

(iii) If
Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder
with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right
to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section
2.04(c). Upon the appointment of a successor Swing Line Lender, such successor shall succeed to and become vested with
all of the rights, powers, privileges and duties of the retiring Swing Line Lender.

 

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9.07 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 any Eligible Assignee invited to be a Lender pursuant to Section 2.14(c) 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 or (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. 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.

 

9.08 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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9.09 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.

 

9.10 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.

 

9.11 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.

 

9.12 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, any L/C Issuer or the Swing
Line Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so
limited.

 

    -201-

     

    

 

9.13 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);

 

(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.

 

    -202-

     

    

 

9.14 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.

 

(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.

 

    -203-

     

    

 

(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.

 

9.15 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.

 

9.16 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, the Arrangers and the Lenders are arm’s-length commercial transactions between the Borrower and
its Affiliates, on the one hand, and the Administrative Agent, the Arrangers 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, each Arranger 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, any Arranger 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 Arrangers, 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, any Arranger 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, any
Arranger 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.

 

    -204-

     

    

 

9.17 Electronic
Execution of Assignments and Certain Other Documents. 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, Swing Line 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, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable
law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that, notwithstanding
anything contained herein to the contrary, the Administrative Agent is under no obligation to agree to accept electronic signatures
in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.

 

9.18 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).

 

9.19 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

 

    -205-

     

    

 

(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.

 

9.20 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.

 

    -206-

     

    

 

(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.

 

ARTICLE
X  

ADDITIONAL SUBORDINATION TERMS

 

10.01 Payment
Subordination. The Term Loan Lenders agree that the Obligations with respect to the Term Loan Facility are 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) the Amendment No. 9 Closing Fee, (b) the Initial Funding Term Loan Lender Expenses, (c)
OID, and (d) Additional
Term Loan Prepayments, (e) the structuring fees to be paid to B. Riley FBR, Inc. on the Amendment No. 16 Effective Date and
as disclosed in writing to the Administrative Agent, (f) the 2019 Term Loan Lender Expenses and (g) 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 or on any Additional Term Loan Prepayment on the date that such prepayment is
made.

 

    -207-

     

    

 

10.02 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 or the Tranche A Last Out Facility Commitment Letter 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 or the Tranche A Last Out Facility Commitment Letter in a plan of reorganization or liquidation shall
be deemed to be payments that are subject to the turnover provisions hereunder.

 

(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.

 

    -208-

     

    

 

10.03 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.

 

10.04 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.

 

10.05 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.

 

    -209-

     

    

 

10.06 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.

 

10.07 Indemnification;
Release.

 

(a) 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.

 

(b) 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).

 

10.08 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.

 

10.09 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.

 

    -210-

     

    

 

Annex
B

 

Commitments
and Applicable Percentages

 

[On
file with the Administrative Agent]

 

[Babcock
& Wilcox Enterprises, Inc.

Amendment No. 16 to Credit Agreement – Annex B]

 

     

     

    

 

Annex
C

 

Committed
Loan Notice 

 

[Please
see attached]

 

[Babcock
& Wilcox Enterprises, Inc.

Amendment No. 16 to Credit Agreement – Annex C]

 

     

     

    

 

Annex
C

 

EXHIBIT
A

 

FORM
OF COMMITTED LOAN NOTICE

 

Date:
 , _____

 

To: Bank
of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference
is made to that certain Credit Agreement, dated as of May 11, 2015 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Credit Agreement”; the terms defined therein being used herein
as therein defined), among BABCOCK & WILCOX ENTERPRISES, INC., a Delaware corporation, as the borrower thereunder, the Lenders,
the Administrative Agent, the Swing Line Lender and each L/C Issuer.

 

The
undersigned hereby requests (select one):

 

☐ A
Revolving Credit Borrowing

 

☐ A
Tranche A-1 Term Loan Borrowing

 

☐ A
Tranche A-2 Term Loan Borrowing

 

☐ A
Tranche A-3 Term Loan Borrowing

 

☐ A
conversion [Term Loan/Revolving Credit Loans] of [Type] to [Type]

 

☐ A
continuation [Term Loan/Revolving Credit Loans] of Eurocurrency Rate Loans

 

1. On
___________, _____ (a Business Day).

   

2. In the amount of $________.

          [principal
amount to be borrowed, converted or continued]

   

3. Comprised of ______________.

          [Type
of Borrowing requested or to which an existing Borrowing is to be converted]

   

4. For Eurocurrency Rate Loans: with an Interest Period of _________ months.

   

5. For conversions or continuations of Eurocurrency Rate Loans: Loan Number ____________.

 

     

     

    

 

6.
[The Borrowing requested herein complies with [Section 2.01] [Section 2.01A] [Section 2.01B]
[Section 2.01C] of the Credit Agreement.] The Borrower hereby represents and warrants that the conditions specified in
[Sections 4.03(a), (b) and (e)][Section 4.05][Section 4.06][Section 4.07] shall be
satisfied on and as of the date of the applicable Credit Extension.

 

[Remainder
of this Page is Intentionally Left Blank]

 

BABCOCK
& WILCOX ENTERPRISES, INC.

 

By:
_______________________

Name:
___________________________

Title:
___________________________

 

     

     

    

 

Annex
D

 

Assignment
and Assumption

 

[Please
see attached]

 

     

     

    

 

EXHIBIT
E-1

 

ASSIGNMENT
AND ASSUMPTION

 

This
Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below
and is entered into by and between the Assignor identified in item 1 below (the “Assignor”) and the Assignee
identified in item 2 below (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings
given to them in the Credit Agreement identified below, receipt of a copy of which is hereby acknowledged by the Assignee. The
Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and
made a part of this Assignment and Assumption as if set forth herein in full.

 

For
an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably
purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement,
as of the Effective Date inserted by the Administrative Agent as contemplated below (a) all of the Assignor’s rights and
obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto
to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations
of the Assignor under the respective facilities identified below (including, without limitation, the Letters of Credit and the
Swing Line Loans included in such facilities) and (b) to the extent permitted to be assigned under applicable law, all claims,
suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or
unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto
or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited
to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the
rights and obligations sold and assigned pursuant to clause (a) above (the rights and obligations sold and assigned by the Assignor
to the Assignee pursuant to clauses (a) and (b) above being referred to herein collectively as the “Assigned Interest”).
Each such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption,
without representation or warranty by the Assignor.

	 	 
	1.	Assignors:

	 	 
	2.	Assignee:

 

[for
each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]

	 	 
	3.	Borrower: Babcock
    & Wilcox Enterprises, Inc.

	 	 
	4.	Administrative
    Agent: Bank of America, N.A., as the administrative agent under the Credit Agreement

	 	 
	5.	Credit
    Agreement: Credit Agreement, dated as of May 11, 2015 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”; the
    terms defined therein being used herein as therein defined), among the Borrower, the Lenders, the Administrative Agent, the
    Swing Line Lender and each L/C Issuer

	 	 
	6.	Assigned
    Interests:

	
	 	 	 	 	 
	Facility
    Assigned	Aggregate
    Amount of  

    Commitment/ Loans for 

    all Lenders for applicable Facility	 

         

        Amount
        of Commitment/Loans Assigned
	Percentage
    Assigned of 

    Commitment/ Loans	 

         

        CUSIP 

        Number

	 	 	 	 	 

 

     

     

    

 

[7. Trade
Date: ___________________]

 

Effective
Date: ___________, 20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF
TRANSFER IN THE REGISTER THEREFOR.]

 

The
terms set forth in this Assignment and Assumption are hereby agreed to:

 

ASSIGNOR

 

[NAME
OF ASSIGNOR]

 

By:

____________________

Name:
_______________________

Title:
________________________

 

ASSIGNEE

 

[NAME
OF ASSIGNEE]

 

By:

____________________

Name:
_______________________

Title:
________________________

 

[Consented
to and] Accepted:

 

BANK
OF AMERICA, N.A., as Administrative Agent

 

By:
____________________

Name:
_______________________

Title:
________________________

 

Consented
to:

 

BANK
OF AMERICA, N.A.,

as
an L/C Issuer and Swing Line Lender

 

By:
____________________

Name:
_______________________

Title:
________________________

 

[Consented
to:

 

BABCOCK
& WILCOX ENTERPRISES, INC.

 

By:
____________________

Name:
_______________________

Title:
________________________]

 

    -2-

     

    

 

ANNEX
1 TO ASSIGNMENT AND ASSUMPTION

 

STANDARD
TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1.Representations
and Warranties.

 

1.1. Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the
Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and
has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby and (iv) it has reviewed the list of restricted Persons posted on the Platform pursuant to Section 10.06(b)(v)(D)
of the Credit Agreement and the Assignee is not a Person to whom assignment is not permitted pursuant to Section 10.06(b)(v)(D)
thereof; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in
connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of
its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance
by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan
Document.

 

1.2. Assignee. The
Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a
Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.06(b) of the
Credit Agreement (subject to such consents, if any, as may be required under Section 10.06(b) of the Credit Agreement)
and, after review of the list of restricted Persons posted on the Platform pursuant to Section 10.06(b)(v)(D) thereof,
is not a Person to whom assignment is not permitted pursuant to Section 10.06(b)(v) thereof, (iii) from and after the
Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the
Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to
acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making
its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of
the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial
statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents and information as it
deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase
the Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and
based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Assignment and Assumption and to purchase the Assigned Interest, and (vii) attached hereto is any documentation required
to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b)
agrees that (i) it will, independently and without reliance upon the Administrative Agent, the Assignor or any other Lender,
and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms
all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

2.Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date.

 

3. General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and
their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts,
which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment
and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and
Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of
New York. If the Assignee is a Person to whom assignment is not permitted pursuant to Section 10.06(b)(v)(D) of the
Credit Agreement, the Assignor and Assignee agree that the assignment provided herein shall be void ab initio, and
that each of them shall, jointly and severally, indemnify the Administrative Agent for any loss, cost or expense arising from
the voiding of such assignment.

 

    -3-

     

    

 

Annex
E

 

Schedule
6.36

 

[Omitted]

 

[Babcock
& Wilcox Enterprises, Inc.

Amendment No. 16 to Credit Agreement – Annex C]

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