Document:

Exhibit 10.5

 

EXECUTION VERSION

 

GUARANTY

 

This GUARANTY, (this “Agreement”)
dated as of January 10, 2020, is between EXELA RECEIVABLES HOLDCO, LLC, a Delaware limited liability company (in its capacity as
performance guarantor hereunder, “Performance Guarantor”; in its capacity as seller under the Second Tier Purchase
and Sale Agreement, the “Seller”), and TPG SPECIALTY LENDING, INC. (“TSL”), as administrative
agent (in such capacity, the “Administrative Agent”) for and on behalf of the Credit Parties and other Secured
Parties, from time to time (each of the foregoing, including the Administrative Agent, a “Beneficiary” and,
collectively, the “Beneficiaries”) under the Loan and Security Agreement, dated as of the date hereof, among
Exela Receivables 1, LLC, a Delaware limited liability company (“Borrower”), Exela Technologies, Inc., as initial
servicer, the Administrative Agent and PNC Bank, National Association, as LC Bank and Syndication Agent (as amended, restated,
supplemented or otherwise modified from time to time, the “Loan and Security Agreement”). Capitalized terms
used and not otherwise defined in this Agreement are used as defined in, or by reference in, the Loan and Security Agreement. The
interpretive provisions set out in Section 1.02 of the Loan and Security Agreement shall be incorporated herein and applied
in the interpretation of this Agreement.

 

Section 1.               
Undertaking. For value received by it and its Affiliates, Performance Guarantor hereby absolutely, unconditionally
and irrevocably assures and undertakes (as primary obligor and not merely as surety) for the benefit of each of the Beneficiaries
the due and punctual performance and observance by Borrower (and any of its successors or assigns in such capacity which is an
Affiliate of Performance Guarantor) of all Borrower Obligations and any other covenants, agreements, undertakings, indemnities
and other obligations or liabilities (including, in each case, those related to any breach by Borrower of its representations,
warranties and covenants), whether monetary or non-monetary, under any of the Transaction Documents (collectively, the “Guaranteed
Obligations”), irrespective of: (A) the validity, binding effect, legality, subordination, disaffirmance, enforceability
or amendment, restatement, modification or supplement of, or waiver of compliance with, this Agreement, the Transaction Documents
or any documents related hereto or thereto, (B) any change in the existence, formation or ownership of, or the bankruptcy,
insolvency or reorganization of, or similar proceeding with respect to, Borrower or any other Person, (C) any extension, renewal,
settlement, compromise, exchange, waiver, release or other modification in respect of any Guaranteed Obligation (or any collateral
security therefor, including the property pledged by Borrower under the Loan and Security Agreement) pursuant to this Agreement,
the other Transaction Documents or any other related documents, including, without limitation, any such modification which may
increase the principal amount of, or the interest rates applicable to, any of the Borrower Obligations, or shorten the maturity
or accelerate the date of payment of any of the Borrower Obligations, (D) the existence of any claim, set-off, counterclaim
or other right that Performance Guarantor or any other Person may have against Borrower or any other Person, (E) any impossibility
or impracticability of performance, illegality, force majeure, act of war or terrorism, any act of any Governmental Authority or
any other circumstance or occurrence that might otherwise constitute a legal or equitable discharge or defense available to, or
provides a discharge of, Borrower or Performance Guarantor, (F) any Applicable Law affecting any term of any of the Guaranteed
Obligations or any Transaction Document, or rights of the Administrative Agent or any other Beneficiary with respect thereto or
otherwise, (G) the failure by the Administrative Agent or any Beneficiary to take any steps to perfect and maintain perfected
its interest in, or the impairment or release of, any Collateral, (H) any failure to obtain any authorization or approval from
or other action by, or to provide any notification to or make any filing, any Governmental Authority required in connection with
the performance of the Guaranteed Obligations or otherwise, or (I) any other act or omission to act or delay of any kind by Borrower
or Performance Guarantor or any other Person or any other circumstance whatsoever which might, but for the provisions of this Section
1, constitute a legal or equitable discharge of Performance Guarantor’s obligations hereunder except as provided in the following
paragraph.

 

     

     

    

 

Without limiting the generality
of the foregoing, Performance Guarantor agrees that if Borrower shall fail in any manner whatsoever to perform or observe any of
the Guaranteed Obligations when the same shall be required to be performed or observed under any applicable Transaction Document
to which it is a party, then Performance Guarantor will itself duly and punctually perform or observe or cause to be performed
or observed such Guaranteed Obligations. It shall not be a condition to the accrual of the obligation of Performance Guarantor
hereunder to perform or to observe any Guaranteed Obligation that the Administrative Agent or any other Person shall have first
made any request of or demand upon or given any notice to Performance Guarantor, Borrower or any other Person or have initiated
any action or proceeding against any such Person in respect thereof. Performance Guarantor also hereby expressly waives any defenses
based on any of the provisions set forth above and all defenses it may have as a guarantor or a surety generally or otherwise based
upon suretyship, impairment of collateral or otherwise in connection with the Guaranteed Obligations whether in equity or at law.
Performance Guarantor agrees that its obligations hereunder shall be irrevocable and unconditional. Performance Guarantor hereby
also expressly waives diligence, presentment, demand, protest or notice of any kind whatsoever, as well as any requirement that
the Beneficiaries (or any of them) exhaust any right to take any action against Borrower or any other Person (including the filing
of any claims in the event of a receivership or bankruptcy of any of the foregoing), or with respect to any collateral or collateral
security at any time securing any of the Guaranteed Obligations, and hereby consents to any and all extensions of time of the due
performance of any or all of the Guaranteed Obligations. Performance Guarantor agrees that it shall not exercise or assert any
right which it may acquire by way of subrogation under this Agreement unless and until all Guaranteed Obligations shall have been
indefeasibly paid and performed in full.

 

Section 2.               
Confirmation. Performance Guarantor hereby confirms that the transactions contemplated by the Transaction Documents
have been arranged among Borrower, certain Affiliates of the Borrower and the Beneficiaries, with Performance Guarantor’s
full knowledge and consent and any amendment, restatement, modification or supplement of, or waiver of compliance with, the Transaction
Documents in accordance with the terms thereof by any of the foregoing shall be deemed to be with Performance Guarantor’s
full knowledge and consent. Performance Guarantor hereby confirms (i) that on the date hereof, it directly or indirectly owns 100%
of the Capital Stock of Borrower and (ii) that it is in the best interest of Performance Guarantor to execute this Agreement, inasmuch
as Performance Guarantor (individually) and Performance Guarantor and its Affiliates (collectively) will derive substantial direct
and indirect benefit from the transactions contemplated by the Loan and Security Agreement and the other Transaction Documents.
Performance Guarantor agrees to promptly notify the Administrative Agent in the event that it ceases to directly or indirectly
own 100% of the Capital Stock of Borrower.

 

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Section 3.               
Pledge. As security for the prompt payment and performance of all of its Guaranteed Obligations and any covenants
contained in this Agreement, Performance Guarantor hereby assigns, pledges and grants to the Administrative Agent, for and on behalf
of the Credit Parties and other Secured Parties, a security interest in all of Performance Guarantor’s right, title and interest,
in, to, and under, whether now owned or hereafter acquired, all of the following, whether now or hereafter existing and wherever
located (all being collectively referred to herein as the “Guaranty Collateral”):

 

		(i)	the issued and outstanding
Capital Stock and all other equity interests of Borrower (the “Pledged Interest”);

 

		(ii)	all money, securities,
security entitlements and other investment property, dividends, rights, general intangibles and other property at any time and
from time to time (x) declared or distributed in respect of or in exchange for or on conversion of the Pledged Interest, or (y)
by its or their terms exchangeable or exercisable for or convertible into the Pledged Interest;

 

		(iii)	all other property
of whatever character or description, including money, securities, security entitlements and other investment property, and general
intangibles hereafter delivered to the Administrative Agent in substitution for or as an addition to any of the Pledged Interest
or other property described in clauses (i) and (ii) above;

 

		(iv)	all securities accounts
to which may at any time be credited any or all of the foregoing or any proceeds thereof and all certificates and instruments
representing or evidencing any of the foregoing or any proceeds thereof; and

 

		(v)	all proceeds and products
of any and all of the foregoing Guaranty Collateral; in each case howsoever Performance Guarantor’s interest therein may
arise or appear.

 

To the extent the Pledged Interest or any other Guaranty Collateral
becomes evidenced by any instrument or certificate, such instrument or certificate shall be delivered to and held by or on behalf
of the Administrative Agent pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by
duly executed undated instruments of transfer or assignment in blank, all in form and substance satisfactory to the Administrative
Agent.

 

Section 4.               
Representations and Warranties. Each of the representations and warranties made by Performance Guarantor in its capacity
as Seller under the Second Tier Purchase and Sale Agreement pursuant to Article IV thereof is incorporated by reference herein
and made a part hereof, and Performance Guarantor hereby represents and warrants to the Administrative Agent, the LC Bank and each
other Credit Party on the date hereof that each such representation is true and correct, including, to the extent applicable, with
respect to it in its capacity as Performance Guarantor and its pledge of the Guaranty Collateral hereunder.

 

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Section 5.               
Covenants. Each of Performance Guarantor’s covenants (made in its capacity as Seller under the Second Tier
Purchase and Sale Agreement) set forth in Article V of the Second Tier Purchase and Sale Agreement is incorporated by reference
herein and made a part hereof, and the Seller hereby agrees to perform such covenants in accordance with the terms of the Loan
and Security Agreement, and, to the extent applicable, in its capacity as Performance Guarantor hereunder.

 

Section 6.               
Additional Representations, Warranties and Covenants. Performance Guarantor further represents, warrants and covenants
that:

 

(a)              
The Pledged Interest has been duly authorized, validly issued and, to the extent applicable, is fully paid and non-assessable.

 

(b)              
Performance Guarantor has not assigned, pledged, conveyed or encumbered any Guaranty Collateral to any other Person, and
immediately prior to the pledge of any such Guaranty Collateral, Performance Guarantor was the sole owner of the Guaranty Collateral.

 

(c)              
In connection with any loan and security agreement or similar credit facility or agreement for borrowed funds entered into
by Performance Guarantor, Borrower or any of their Affiliates, no party has the right pursuant to the terms of such loan and security
agreement or similar credit facility or agreement, to cause Performance Guarantor to terminate, rescind, cancel, pledge, hypothecate,
liquidate or transfer any of the Guaranty Collateral.

 

(d)              
The provisions of this Agreement are effective to create in favor of the Administrative Agent, for the benefit of the Lenders,
a valid security interest in all right, title and interest of Performance Guarantor in, to and under the Guaranty Collateral.

 

(e)              
On or before the date hereof, Performance Guarantor shall cause the filing of appropriate financing statements on Form UCC-1
in all appropriate jurisdictions naming the Administrative Agent as “Secured Party” and Performance Guarantor as “Debtor”,
and describing the Guaranty Collateral. Upon the filing of such financing statement(s), the Administrative Agent, for the benefit
of the Lenders, shall have a duly perfected first priority security interest under the UCC in all right, title, and interest of
Performance Guarantor in, to and under the Guaranty Collateral created under this Agreement. Performance Guarantor hereby authorizes
the Administrative Agent to file financing statements describing the collateral covered thereby as “all of the debtor’s
personal property or assets” or words to that effect, notwithstanding that such wording may be broader in scope than the
collateral described in this Agreement. Except as described in the foregoing sentences, no filings or other actions are necessary
to perfect the security interest of the Administrative Agent in the Guaranty Collateral created under this Agreement. Performance
Guarantor agrees that from time to time, at its expense, it shall promptly execute and deliver all further instruments and documents,
and take all further actions, that Administrative Agent or its designee may reasonably request or that are necessary in order to
perfect, protect or more fully evidence the pledge of the Guaranty Collateral hereunder.

 

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(f)               
From the date hereof until the Final Payout Date, Performance Guarantor shall not, without the prior written consent of
the Administrative Agent and the Required Lenders, (i) take any action that could cause any portion of the Guaranty Collateral
not to be owned by it free and clear of any Adverse Claim or take any action that could reasonably be expected to cause Administrative
Agent not to have a valid first priority perfected security interest in the Guaranty Collateral or suffer the existence of any
financing statement or other instrument similar in effect covering any portion of the Guaranty Collateral on file in any recording
office except such as may be filed in favor of Administrative Agent in accordance with this Agreement or any Transaction Document
or purport to do any of the foregoing, (ii) make any change (including without limitation any change its jurisdiction of organization
or its name, identity or corporate structure) such that any financing statement or other lien filing filed or other action taken
to perfect Administrative Agent’s interests under this Agreement would become seriously misleading or would otherwise be
rendered ineffective.

 

Section 7.               
Authorization of Financing Statements. Performance Guarantor hereby authorizes the Administrative Agent to file any
financing or continuation statements required to perfect, protect, or more fully evidence the Administrative Agent’s security
interest in the Guaranty Collateral granted hereunder, including any “all assets” filings in favor of the Administrative
Agent, listing Performance Guarantor as debtor. The Administrative Agent will notify Performance Guarantor of any such filing (but
the failure to deliver such notice shall not prejudice any rights of the Administrative Agent under this Section 7).

 

Section 8.               
Miscellaneous.

 

(a)              
The parties hereto agrees that any payments hereunder will be applied in accordance with Section 4.01 of the Loan
and Security Agreement; provided that, to the extent proceeds realized from the sale or other disposition of the Guaranty
Collateral exceed the amount of the Guaranteed Obligations (including any expenses related to such realization contemplated as
Guaranteed Obligations under this Agreement), the Administrative Agent shall remit any such excess to or at the direction of Performance
Guarantor.

 

(b)              
Any payments hereunder shall be made in full in U.S. Dollars to the Administrative Agent in the United States without any
set-off, deduction or counterclaim; and Performance Guarantor’s obligations hereunder shall not be satisfied by any tender
or recovery of another currency except to the extent such tender or recovery results in receipt of the full amount of U.S. Dollars
required hereunder.

 

(c)              
No amendment or waiver of any provision of this Agreement nor consent to any departure by Performance Guarantor therefrom
shall be effective unless the same shall be in writing and signed by the Administrative Agent and Performance Guarantor. No failure
on the part of the Administrative Agent or any other Beneficiary to exercise, and no delay in exercising, any right hereunder shall
operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise
thereof or the exercise of any other right.

 

(d)              
This Agreement shall bind and inure to the benefit of the parties hereto, the other Beneficiaries and their respective successors
and permitted assigns. Performance Guarantor shall not assign, delegate or otherwise transfer any of its obligations or duties
hereunder without the prior written consent of the Administrative Agent and each Required Lender. Each of the parties hereto hereby
agrees that each of the Beneficiaries not a signatory hereto shall be a third-party beneficiary of this Agreement.

 

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(e)              
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF
NEW YORK.

 

(f)               
EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER TRANSACTION DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT
MATTER OF THIS TRANSACTION. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED
IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT
TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH
WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT
HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY
A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL
APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER TRANSACTION DOCUMENTS OR
TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED
AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

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(g)              
EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT:

 

(I)               
ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST PERFORMANCE GUARANTOR ARISING OUT OF OR RELATING HERETO OR ANY OTHER TRANSACTION
DOCUMENT, OR ANY OF THE GUARANTEED OBLIGATIONS, MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE,
COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, PERFORMANCE GUARANTOR, FOR ITSELF AND IN CONNECTION WITH
ITS PROPERTIES, IRREVOCABLY (I) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NON-EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS;
(II) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (III) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT
MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO IT AT ITS ADDRESS PROVIDED HEREIN IS SUFFICIENT TO CONFER
PERSONAL JURISDICTION OVER IT IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE
IN EVERY RESPECT; AND (IV) AGREES THAT CREDIT PARTIES RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR
TO BRING PROCEEDINGS AGAINST IT IN THE COURTS OF ANY OTHER JURISDICTION.

  

(II)             
PERFORMANCE GUARANTOR CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF
COPIES OF SUCH PROCESS TO IT AT ITS ADDRESS SPECIFIED IN THE LOAN AND SECURITY AGREEMENT. NOTHING IN THIS PARAGRAPH SHALL AFFECT
THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

Section 9.               
Termination of Guaranty. (a) This Agreement and Performance Guarantor’s obligations hereunder shall remain
operative and continue in full force and effect until the later of (i) the Final Payout Date, and (ii) such time as all Guaranteed
Obligations are duly performed and indefeasibly paid and satisfied in full, provided, that this Agreement and Performance
Guarantor’s obligations hereunder shall continue to be effective or shall be reinstated, as the case may be, if at any time
payment or other satisfaction of any of the Guaranteed Obligations is rescinded or must otherwise be restored or returned upon
the bankruptcy, insolvency, or reorganization of Borrower or otherwise, as applicable, as though such payment had not been made
or other satisfaction occurred, whether or not the Administrative Agent or any of the Beneficiaries (or their respective assigns)
are in possession of this Agreement. No invalidity, irregularity or unenforceability by reason of the bankruptcy, insolvency, reorganization
or other similar Applicable Laws, or any other Applicable Law or order of any Governmental Authority thereof purporting to reduce,
amend or otherwise affect the Guaranteed Obligations, shall impair, affect, or be a defense to or claim against the obligations
of Performance Guarantor under this Agreement.

 

(b)              
This Agreement shall survive the insolvency of Borrower, any Beneficiary or any other Person and the commencement of any
case or proceeding by or against Borrower or any other Person under any bankruptcy, insolvency, reorganization or other similar
Applicable Law.

 

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Section 10.              Stay of Borrower Obligations.

 

(a)              
 No automatic stay under any bankruptcy, insolvency, reorganization or other similar Applicable Law with respect to Borrower
or any other Person shall postpone the obligations of Performance Guarantor under this Agreement. If at any time any payment of
the principal of or interest on any Borrower Obligation or any other amount payable by Borrower under the Loan and Security Agreement
or any other Transaction Document is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization
of Borrower or otherwise, Performance Guarantor’s obligations hereunder with respect to such payment shall be reinstated
as though such payment had been due but not made at such time.

 

(b)              
If acceleration of the time for payment of any amount payable by Borrower under the Loan and Security Agreement or any other
Transaction Document is stayed upon the insolvency, bankruptcy or reorganization of Borrower, all such amounts otherwise subject
to acceleration under the terms of the Loan and Security Agreement or any other Transaction Document may be declared to be forthwith
due and payable, or may be deemed automatically to have been accelerated, as provided in the Loan and Security Agreement or any
other Transaction Document, for purposes of this Agreement, notwithstanding any stay, injunction or other prohibition (whether
in a bankruptcy proceeding affecting Borrower or otherwise) preventing such declaration as against Borrower and that, in the event
of such declaration or automatic acceleration, such obligations (whether or not due and payable by Borrower) shall forthwith become
due and payable by Performance Guarantor for purposes of this Agreement.

 

Section 11.             
Set-off. Each Beneficiary (and its assigns) is hereby authorized by Performance Guarantor at any time and from time
to time, without notice to Performance Guarantor (any such notice being expressly waived by Performance Guarantor) and to the fullest
extent permitted by Applicable Law, to set-off and apply any and all deposits (general or special, time or demand, provisional
or final) and other sums at any time held by, and other indebtedness at any time owing to, any such Beneficiary to or for the credit
to the account of Performance Guarantor, against any and all Guaranteed Obligations of Performance Guarantor, now or hereafter
existing under this Agreement.

 

Section 12.             
Remedies.

 

(a)              
Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent, for the benefit of the
Lenders, in addition to all other rights and remedies under this Agreement or otherwise, shall have all other rights and remedies
provided under the UCC of each applicable jurisdiction and other Applicable Laws, which rights shall be cumulative. Performance
Guarantor agrees, upon the occurrence and during the continuance of an Event of Default and notice from the Administrative Agent,
to assemble, at its expense, all of the Guaranty Collateral that is in its possession (whether by return, repossession, or otherwise)
at a place designated by the Administrative Agent. Without limiting Article XIII of the Loan and Security Agreement, all out-of-pocket
costs incurred by the Administrative Agent in the collection of all Guaranteed Obligations, and the enforcement of its rights hereunder,
including attorneys’ fees and legal expenses, shall constitute Guaranteed Obligations. Without limiting the foregoing, upon
the occurrence and during the continuance of an Event of Default, the Administrative Agent may, to the fullest extent permitted
by Applicable Law, without notice, advertisement, hearing or process of law of any kind, (i) enter upon any premises where any
of the Guaranty Collateral which is in the possession of Performance Guarantor (whether by return, repossession, or otherwise)
may be located and take possession of and remove such Guaranty Collateral, (ii) sell any or all of such Guaranty Collateral, free
of all rights and claims of Performance Guarantor therein and thereto, at any public or private sale, and (iii) bid for and purchase
any or all of such Guaranty Collateral at any such sale. Any such sale shall be conducted in a commercially reasonable manner and
in accordance with Applicable Law. Performance Guarantor hereby expressly waives, to the fullest extent permitted by Applicable
Law, any and all notices, advertisements, hearings or process of law in connection with the exercise by the Administrative Agent
of any of its rights and remedies upon the occurrence and during the continuance of an Event of Default. The Administrative Agent
shall have the right (but not the obligation) to bid for (including by credit bid) and purchase any or all Guaranty Collateral
at any public or private sale. Performance Guarantor hereby agrees that in any sale of any of the Guaranty Collateral, the Administrative
Agent is hereby authorized to comply with any limitation or restriction in connection with such sale as it may be advised by counsel
is necessary in order to avoid any violation of Applicable Law (including compliance with such procedures as may restrict the number
of prospective bidders and purchasers, require that such prospective bidders and purchasers have certain qualifications, and restrict
such prospective bidders and purchasers to Persons who will represent and agree that they are purchasing for their own account
for investment and not with a view to the distribution or resale of such Guaranty Collateral), or in order to obtain any required
approval of the sale or of the purchaser by any Governmental Authority, and Performance Guarantor further agrees that such compliance
shall not result in such sale being considered or deemed not to have been made in a commercially reasonable manner. The Administrative
Agent shall not be liable for any sale, private or public, conducted in accordance with this Section 12.

 

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(b)              
Performance Guarantor hereby irrevocably constitutes and appoints the Administrative Agent and any officer or agent thereof,
with full power of substitution, as its true and lawful attorney in fact with full irrevocable power and authority in the place
and stead of Performance Guarantor and in the name of Performance Guarantor or in its own name, from time to time in the Administrative
Agent’s discretion, if an Event of Default shall have occurred and be continuing, for the purpose of carrying out the terms
of this Agreement and to take any and all appropriate action and to execute any and all documents and instruments which may be
necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, the
Administrative Agent shall have the right and Performance Guarantor hereby gives the Administrative Agent the power and right,
on behalf of Performance Guarantor, without assent by, but with notice to, Performance Guarantor, if an Event of Default shall
have occurred and be continuing, in the name of Performance Guarantor or its own name, or otherwise, to take possession of and
endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due with respect to any
Guaranty Collateral and to file any claim or to take any other action or proceeding in any court of law or equity or otherwise
deemed appropriate by the Administrative Agent for the purpose of collecting any and all such moneys due with respect to any Collateral
whenever payable.

 

Section 13.             
Entire Agreement; Severability; No Party Deemed Drafter. This Agreement and the other Transaction Documents constitute
the entire agreement of the parties hereto with respect to the matters set forth herein. The rights and remedies herein provided
are cumulative and not exclusive of any remedies provided by Applicable Law or any other agreement, and this Agreement shall be
in addition to any other guaranty of or collateral security for any of the Guaranteed Obligations. Any provisions of this Agreement
which are 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. If the obligations of
Performance Guarantor hereunder would otherwise be held or determined to be avoidable, invalid or unenforceable in any action or
proceeding on account of the amount of Performance Guarantor’s liability under this Agreement, then, notwithstanding any
other provision of this Agreement to the contrary, the amount of such liability shall, without any further action by Performance
Guarantor or any Beneficiary, be automatically limited and reduced to the highest amount that is valid and enforceable as determined
in such action or proceeding. Each of the parties hereto hereby agrees that no party hereto shall be deemed to be the drafter of
this Agreement.

 

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Section 14.              Expenses. In addition to the rights of indemnification granted under Section 15 hereof, whether or not the
transactions contemplated hereby shall be consummated, Performance Guarantor agrees to pay promptly (a) all of each Beneficiary’s
actual and reasonable costs and expenses of preparation of the Transaction Documents and any consents, amendments, waivers or other
modifications thereto; (b) all the reasonable fees, expenses and disbursements of counsel to each Beneficiary in connection with
the negotiation, preparation, execution and administration of the Transaction Documents and any consents, amendments, waivers or
other modifications thereto and any other documents or matters requested by Borrower; (c) all the actual costs and reasonable expenses
of creating and perfecting security interests in favor of Administrative Agent, for the benefit of Secured Parties, including filing
and recording fees, expenses and taxes, stamp or documentary taxes, search fees, title insurance premiums and reasonable fees,
expenses and disbursements of counsel to each Beneficiary and of counsel providing any opinions that any Credit Party may request
in respect of the Collateral, the Guaranty Collateral or security interests created pursuant to the Transaction Documents; (d)
all of each Beneficiary’s actual costs and reasonable fees, expenses for, and disbursements of any of such Beneficiary’s
auditors, accountants, consultants or appraisers whether internal or external, and all reasonable attorneys’ fees (including
allocated costs of internal counsel and expenses and disbursements of outside counsel) incurred by each Beneficiary; (e) all the
actual costs and reasonable expenses (including the reasonable fees, expenses and disbursements of any appraisers, consultants,
advisors and agents employed or retained by Administrative Agent and its counsel) in connection with the custody or preservation
of any of the Collateral or the Guaranty Collateral; (f) all the actual costs and reasonable expenses of the Beneficiaries in connection
with the attendance at any meetings in connection with this Agreement and the other Transaction Documents; (g) all other actual
and reasonable costs and expenses incurred by each Beneficiary in connection with the syndication of the Loans and Commitments
and the negotiation, preparation and execution of the Transaction Documents and any consents, amendments, waivers or other modifications
thereto and the transactions contemplated thereby; and (h) after the occurrence of an Unmatured Initial Servicer Default, Initial
Servicer Default, Unmatured Event of Default or an Event of Default, all costs and expenses, including reasonable attorneys’
fees (including allocated costs of internal counsel) and costs of settlement, incurred by any Beneficiary in enforcing any Guaranteed
Obligations of or in collecting any payments due from Performance Guarantor or Borrower hereunder or under the other Transaction
Documents by reason of such Unmatured Initial Servicer Default, Initial Servicer Default, Unmatured Event of Default or Event of
Default (including in connection with the sale of, collection from, or other realization upon any of the Collateral or the Guaranty
Collateral or the enforcement of the Transaction Documents) or in connection with any refinancing or restructuring of the credit
arrangements provided hereunder in the nature of a “work out” or pursuant to any insolvency or bankruptcy cases or
proceedings.

 

    	 	10	 

     

    

 

Section 15.              Indemnities by Performance Guarantor. Without limiting any other rights which any Beneficiary may have hereunder
or under Applicable Law, Performance Guarantor agrees to indemnify and hold harmless each Beneficiary and each of their respective
Affiliates, and all successors, transferees, participants and assigns and all officers, members, managers, directors, shareholders,
controlling persons, employees and agents of any of the foregoing (each a “PG Indemnified Party”) forthwith
and on demand from and against any and all damages, losses, claims, liabilities and related costs and expenses (including all filing
fees, if any), including reasonable attorneys’, consultants’ and accountants’ fees and disbursements (all of
the foregoing being collectively referred to as “Indemnified Amounts”) incurred by any of them and arising out
of, relating to, resulting from or in connection with: (i) any breach by Performance Guarantor of any of its obligations or duties
under this Agreement or any other Transaction Document to which it is a party in any capacity; (ii) the inaccuracy of any representation
or warranty made by Performance Guarantor hereunder, under any other Transaction Document to which it is a party in any capacity
or in any certificate or statement delivered pursuant hereto or to any other Transaction Document to which it is a party in any
capacity; (iii) the failure of any information provided to any such PG Indemnified Party by, or on behalf of, Performance Guarantor,
in any capacity, to be true and correct; (iv) the material misstatement of fact or the omission of a material fact or any fact
necessary to make the statements contained in any information provided to any such PG Indemnified Party by, or on behalf of, Performance
Guarantor, in any capacity, not materially misleading; (v) any negligence or misconduct on Performance Guarantor’s part arising
out of, relating to, in connection with, or affecting any transaction contemplated by this Agreement or any other Transaction Document;
(vi) the failure by Performance Guarantor to comply with any Applicable Law, rule or regulation with respect to this Agreement,
the transactions contemplated hereby, any other Transaction Document to which it is a party in any capacity, the Guaranteed Obligations
or otherwise; (vii) the failure of this Agreement to constitute a legal, valid and binding obligation of Performance Guarantor,
enforceable against it in accordance with its terms; (viii) any civil penalty or fine assessed by OFAC or any other Governmental
Authority incurred connection with the Transaction Documents as a result of any action of Performance Guarantor or any of its Affiliates;
(ix) any amounts payable by the Administrative Agent to a Collection Account Bank under any Account Control Agreement; or (x) the
failure or delay of Collections of Pool Receivables to be deposited directly into a Collection Account; provided, however,
notwithstanding anything to the contrary in this Section 15, Indemnified Amounts shall be excluded solely to the extent
determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or
willful misconduct on the part of such PG Indemnified Party.

 

Section 16.              Addresses for Notices. All notices and other communications hereunder shall, unless otherwise stated herein, be in
writing (which shall include facsimile communication and e-mail) and faxed, emailed or delivered, to each party hereto, at its
address set forth under its name on Schedule A of this Agreement or at such other address as shall be designated by
such party in a written notice to the other parties hereto. Notices and communications by (i) facsimile shall be effective when
sent (and shall be followed by hard copy sent by regular mail), (ii) e-mail shall be deemed received upon the sender’s receipt
of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgment) and (iii) notices and communications sent by other means shall be effective when
received.

 

[Signatures Follow]

 

    	 	11	 

     

    

 

IN WITNESS WHEREOF, Performance Guarantor
has executed this Agreement as of the date first written above.

 

 

	 	EXELA RECEIVABLES HOLDCO, LLC,
	 	as Performance Guarantor
	 	 
	 	 
	 	By:	/s/ James Reynolds
	 	Name:  	 James Reynolds
	 	Title:	Chief Financial Officer

 

    	 	S-1	Guaranty

     

    

 

 

ACCEPTED AND ACKNOWLEDGED, as of the date first written above.

 

 

	 	TPG SPECIALTY LENDING, INC.,
	 	as Administrative Agent on behalf of the

 Beneficiaries
	 	 
	 	 
	 	By:	/s/ Robert (Bo) Stanley
	 	Name:  	Robert (Bo) Stanley
	 	Title:	President

 

    	 	S-2	Guaranty

     

    

 

SCHEDULE A

 

ADDRESSES FOR NOTICE

 

If to Performance Guarantor:

 

Exela Receivables Holdco, LLC

2701 E. Grauwyler Road, Irving, TX 75061

Attn:  Secretary

Email: legalnotices@exelatech.com

 

If to Administrative Agent:

 

Ross Bruck

TPG Specialty Lending, Inc.

888 7th Avenue, Floor 35

New York, New York 10106

Email: rbruck@tpg.com

 

With a copy to:

 

Craig Hamrah

TPG Specialty Lending, Inc.

888 7th Avenue, Floor 35

New York, New York 10106

 

    	 	Schedule AExhibit 10.6

 

EXECUTION VERSION

 

PERFORMANCE GUARANTY

 

This PERFORMANCE GUARANTY,
(this “Agreement”) dated as of January 10, 2020, is between EXELA TECHNOLOGIES, INC. (“Exela”),
a Delaware corporation (the “Performance Guarantor”), and TPG SPECIALTY LENDING, INC. (“TSL”),
as administrative agent (in such capacity, the “Administrative Agent”) for and on behalf of the Credit Parties
and other Secured Parties, from time to time (each of the foregoing, including the Administrative Agent, a “Beneficiary”
and, collectively, the “Beneficiaries”) under the Loan and Security Agreement, dated as of the date hereof,
among Exela Receivables 1, LLC, a Delaware limited liability company (“Borrower”), Exela Technologies, Inc.,
as initial servicer (in such capacity, the “Initial Servicer”), the Administrative Agent and PNC Bank, National
Association, as LC Bank and Syndication Agent (as amended, restated, supplemented or otherwise modified from time to time, the
 “Loan and Security Agreement”). Capitalized terms used and not otherwise defined in this Agreement are used
as defined in, or by reference in, the Loan and Security Agreement. The interpretive provisions set out in Section 1.02
of the Loan and Security Agreement shall be incorporated herein and applied in the interpretation of this Agreement.

 

Section 1.              Undertaking. For value received by it and its Affiliates, Performance Guarantor hereby absolutely, unconditionally
and irrevocably assures and undertakes (as primary obligor and not merely as surety) for the benefit of each of the Beneficiaries
the due and punctual performance and observance by each Originator and the Initial Servicer (and any of their respective successors
or assigns in such capacity which is an Affiliate of Performance Guarantor) of all their respective covenants, agreements, undertakings,
indemnities and other obligations or liabilities (including, in each case, those related to any breach by any Originator or the
Initial Servicer, as applicable, of its respective representations, warranties and covenants), whether monetary or non-monetary
and regardless of the capacity in which incurred (including all of any Originator’s or the Initial Servicer’s payment,
Deemed Collections, indemnity or similar obligations), under any of the Transaction Documents (collectively, the “Guaranteed
Obligations”), irrespective of: (A) the validity, binding effect, legality, subordination, disaffirmance, enforceability
or amendment, restatement, modification or supplement of, or waiver of compliance with, this Agreement, the Transaction Documents
or any documents related hereto or thereto, (B) any change in the existence, formation or ownership of, or the bankruptcy
or insolvency of, Borrower, any Originator, the Initial Servicer or any other Person, (C) any extension, renewal, settlement,
compromise, exchange, waiver or release in respect of any Guaranteed Obligation (or any collateral security therefor, including
the property sold, contributed (or purportedly sold or contributed) or otherwise pledged or transferred by any Originator under
the Purchase and Sale Agreement) of any party to this Agreement, the other Transaction Documents or any other related documents,
(D) the existence of any claim, set-off, counterclaim or other right that Performance Guarantor or any other Person may have
against Borrower, any Originator, the Initial Servicer or any other Person, (E) any impossibility or impracticability of performance,
illegality, force majeure, act of war or terrorism, any act of any Governmental Authority or any other circumstance or occurrence
that might otherwise constitute a legal or equitable discharge or defense available to, or provides a discharge of, any Originator,
the Initial Servicer or Performance Guarantor, (F) any Applicable Law affecting any term of any of the Guaranteed Obligations or
any Transaction Document, or rights of the Administrative Agent or any other Beneficiary with respect thereto or otherwise, (G) the
failure by the Administrative Agent or any Beneficiary to take any steps to perfect and maintain perfected its interest in, or
the impairment or release of, any Collateral or (H) any failure to obtain any authorization or approval from or other action by,
or to provide any notification to or make any filing, any Governmental Authority required in connection with the performance of
the Guaranteed Obligations or otherwise.

 

    

     

    

 

Without limiting the generality
of the foregoing, Performance Guarantor agrees that if any Originator or the Initial Servicer shall fail in any manner whatsoever
to perform or observe any of its respective Guaranteed Obligations when the same shall be required to be performed or observed
under any applicable Transaction Document to which it is a party, then Performance Guarantor will itself duly and punctually perform
or observe or cause to be performed or observed such Guaranteed Obligations. It shall not be a condition to the accrual of the
obligation of the Performance Guarantor hereunder to perform or to observe any Guaranteed Obligation that the Administrative Agent
or any other Person shall have first made any request of or demand upon or given any notice to the Performance Guarantor, Borrower,
any Originator, the Initial Servicer or any other Person or have initiated any action or proceeding against the Performance Guarantor,
Borrower, any Originator, the Initial Servicer or any other Person in respect thereof. Performance Guarantor also hereby expressly
waives any defenses based on any of the provisions set forth above and all defenses it may have as a guarantor or a surety generally
or otherwise based upon suretyship, impairment of collateral or otherwise in connection with the Guaranteed Obligations whether
in equity or at law. Performance Guarantor agrees that its obligations hereunder shall be irrevocable and unconditional. Performance
Guarantor hereby also expressly waives diligence, presentment, demand, protest or notice of any kind whatsoever, as well as any
requirement that the Beneficiaries (or any of them) exhaust any right to take any action against Borrower, any Originator, the
Initial Servicer or any other Person (including the filing of any claims in the event of a receivership or bankruptcy of any of
the foregoing), or with respect to any collateral or collateral security at any time securing any of the Guaranteed Obligations,
and hereby consents to any and all extensions of time of the due performance of any or all of the Guaranteed Obligations. Performance
Guarantor agrees that it shall not exercise or assert any right which it may acquire by way of subrogation under this Agreement
unless and until all Guaranteed Obligations shall have been indefeasibly paid and performed in full. For the sake of clarity, and
without limiting the foregoing, it is expressly acknowledged and agreed that the Guaranteed Obligations do not include the payment
or guaranty of any amounts to the extent such amounts constitute recourse with respect to a Pool Receivable by reason of the insolvency,
bankruptcy, lack of creditworthiness or other financial inability to pay of the related Obligor.

 

Section 2.              Confirmation.
Performance Guarantor hereby confirms that the transactions contemplated by the Transaction Documents have been arranged among
Borrower, Originator, Initial Servicer and the Beneficiaries, as applicable, with Performance Guarantor’s full knowledge
and consent and any amendment, restatement, modification or supplement of, or waiver of compliance with, the Transaction Documents
in accordance with the terms thereof by any of the foregoing shall be deemed to be with Performance Guarantor’s full knowledge
and consent. Performance Guarantor hereby confirms (i) that on the date hereof, it directly or indirectly owns 100% of the Capital
Stock of each Originator and Borrower and (ii) that it is in the best interest of Performance Guarantor to execute this Agreement,
inasmuch as Performance Guarantor (individually) and Performance Guarantor and its Affiliates (collectively) will derive substantial
direct and indirect benefit from the transactions contemplated by the Loan and Security Agreement and the other Transaction Documents.
Performance Guarantor agrees to promptly notify the Administrative Agent in the event that it ceases to directly or indirectly
own 100% of the Capital Stock of any Originator or Borrower.

 

    2

     

    

 

Section 3.              Representations
and Warranties. Each of the representations and warranties made by Exela pursuant to Section 7.02 of the Loan and Security
Agreement is incorporated by reference herein and made a part hereof, and the Performance Guarantor hereby represents and warrants
to the Administrative Agent, the LC Bank and each other Credit Party on the date hereof that each such representation is true
and correct.

 

Section 4.              Covenants.
Each of Exela’s covenants set forth in Sections 8.04, 8.05 and 8.06 of the Loan and Security Agreement is incorporated by
reference herein and made a part hereof, and the Performance Guarantor hereby agrees to perform such covenants in accordance with
the terms of the Loan and Security Agreement.

 

Section 5.              Miscellaneous.

 

(a)           Performance
Guarantor agrees that any payments hereunder will be applied in accordance with Section 4.01 of the Loan and Security
Agreement.

 

(b)           Any payments hereunder shall be made in full in U.S. Dollars to the Administrative Agent in the United States without any
set-off, deduction or counterclaim; and Performance Guarantor’s obligations hereunder shall not be satisfied by any tender
or recovery of another currency except to the extent such tender or recovery results in receipt of the full amount of U.S. Dollars
required hereunder.

 

(c)           No
amendment or waiver of any provision of this Agreement nor consent to any departure by Performance Guarantor therefrom shall be
effective unless the same shall be in writing and signed by the Administrative Agent and Performance Guarantor. No failure on
the part of the Administrative Agent or any other Beneficiary to exercise, and no delay in exercising, any right hereunder shall
operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise
thereof or the exercise of any other right.

 

(d)          This Agreement shall bind and inure to the benefit of the parties hereto, the other Beneficiaries and their respective successors
and permitted assigns. Performance Guarantor shall not assign, delegate or otherwise transfer any of its obligations or duties
hereunder without the prior written consent of the Administrative Agent and each Required Lender. Each of the parties hereto hereby
agrees that each of the Beneficiaries not a signatory hereto shall be a third-party beneficiary of this Agreement.

 

(e)          THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK.

 

    3

     

    

 

(f)            EACH
OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER TRANSACTION DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER
OF THIS TRANSACTION. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN
ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS
AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER
INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL
CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS
REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY
A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL
APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER TRANSACTION DOCUMENTS OR
TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED
AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

(g)           EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT:

 

(I)           ALL
JUDICIAL PROCEEDINGS BROUGHT AGAINST PERFORMANCE GUARANTOR ARISING OUT OF OR RELATING HERETO OR ANY OTHER TRANSACTION DOCUMENT,
OR ANY OF THE GUARANTEED OBLIGATIONS, MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY
AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, PERFORMANCE GUARANTOR, FOR ITSELF AND IN CONNECTION WITH ITS
PROPERTIES, IRREVOCABLY (I) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NON-EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (II)
WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (III) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT
MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO IT AT ITS ADDRESS PROVIDED HEREIN IS SUFFICIENT TO CONFER
PERSONAL JURISDICTION OVER IT IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE
IN EVERY RESPECT; AND (IV) AGREES THAT CREDIT PARTIES RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR
TO BRING PROCEEDINGS AGAINST IT IN THE COURTS OF ANY OTHER JURISDICTION.

 

    4

     

    

 

(II)          PERFORMANCE
GUARANTOR CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES OF SUCH PROCESS
TO IT AT ITS ADDRESS SPECIFIED IN THE LOAN AND SECURITY AGREEMENT. NOTHING IN THIS PARAGRAPH SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE
AGENT OR ANY OTHER CREDIT PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

Section 6.             Termination
of Performance Guaranty. (a) This Agreement and Performance Guarantor’s obligations hereunder shall remain operative
and continue in full force and effect until the later of (i) the Final Payout Date, and (ii) such time as all Guaranteed Obligations
are duly performed and indefeasibly paid and satisfied in full, provided, that this Agreement and Performance Guarantor’s
obligations hereunder shall continue to be effective or shall be reinstated, as the case may be, if at any time payment or other
satisfaction of any of the Guaranteed Obligations is rescinded or must otherwise be restored or returned upon the bankruptcy,
insolvency, or reorganization of any Originator, Borrower, Initial Servicer or otherwise, as applicable, as though such payment
had not been made or other satisfaction occurred, whether or not the Administrative Agent or any of the Beneficiaries (or their
respective assigns) are in possession of this Agreement. No invalidity, irregularity or unenforceability by reason of the bankruptcy,
insolvency, reorganization or other similar Applicable Laws, or any other Applicable Law or order of any Governmental Authority
thereof purporting to reduce, amend or otherwise affect the Guaranteed Obligations, shall impair, affect, or be a defense to or
claim against the obligations of Performance Guarantor under this Agreement.

 

(b)          This
Agreement shall survive the insolvency of any Originator, the Initial Servicer, the Borrower, any Beneficiary or any other Person
and the commencement of any case or proceeding by or against any Originator, the Initial Servicer, the Borrower or any other Person
under any bankruptcy, insolvency, reorganization or other similar Applicable Law. No automatic stay under any bankruptcy, insolvency,
reorganization or other similar Applicable Law with respect to any Originator, the Initial Servicer, the Borrower or any other
Person shall postpone the obligations of Performance Guarantor under this Agreement.

 

Section 7.              Set-off.
Each Beneficiary (and its assigns) is hereby authorized by Performance Guarantor at any time and from time to time, without notice
to Performance Guarantor (any such notice being expressly waived by Performance Guarantor) and to the fullest extent permitted
by Applicable Law, to set-off and apply any and all deposits (general or special, time or demand, provisional or final) and other
sums at any time held by, and other indebtedness at any time owing to, any such Beneficiary to or for the credit to the account
of Performance Guarantor, against any and all Guaranteed Obligations of Performance Guarantor, now or hereafter existing under
this Agreement.

 

    5

     

    

 

Section 8.              Entire
Agreement; Severability; No Party Deemed Drafter. This Agreement and the other Transaction Documents constitute the entire
agreement of the parties hereto with respect to the matters set forth herein. The rights and remedies herein provided are cumulative
and not exclusive of any remedies provided by Applicable Law or any other agreement, and this Agreement shall be in addition to
any other guaranty of or collateral security for any of the Guaranteed Obligations. Any provisions of this Agreement which are
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. If the obligations of Performance
Guarantor hereunder would otherwise be held or determined to be avoidable, invalid or unenforceable in any action or proceeding
on account of the amount of Performance Guarantor’s liability under this Agreement, then, notwithstanding any other provision
of this Agreement to the contrary, the amount of such liability shall, without any further action by Performance Guarantor or
any Beneficiary, be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such
action or proceeding. Each of the parties hereto hereby agrees that no party hereto shall be deemed to be the drafter of this
Agreement.

 

Section 9.              Expenses.
In addition to the rights of indemnification granted under Section 10 hereof, whether or not the transactions contemplated
hereby shall be consummated, the Performance Guarantor agrees to pay promptly (a) all of each Beneficiary’s actual and reasonable
costs and expenses of preparation of the Transaction Documents and any consents, amendments, waivers or other modifications thereto;
(b) all the reasonable fees, expenses and disbursements of counsel to each Beneficiary in connection with the negotiation, preparation,
execution and administration of the Transaction Documents and any consents, amendments, waivers or other modifications thereto
and any other documents or matters requested by the Borrower; (c) all the actual costs and reasonable expenses of creating and
perfecting security interests in favor of Administrative Agent, for the benefit of Secured Parties, including filing and recording
fees, expenses and taxes, stamp or documentary taxes, search fees, title insurance premiums and reasonable fees, expenses and
disbursements of counsel to each Beneficiary and of counsel providing any opinions that any Credit Party may request in respect
of the Collateral or security interests created pursuant to the Transaction Documents; (d) all of each Beneficiary’s actual
costs and reasonable fees, expenses for, and disbursements of any of such Beneficiary’s auditors, accountants, consultants
or appraisers whether internal or external, and all reasonable attorneys’ fees (including allocated costs of internal counsel
and expenses and disbursements of outside counsel) incurred by each Beneficiary; (e) all the actual costs and reasonable expenses
(including the reasonable fees, expenses and disbursements of any appraisers, consultants, advisors and agents employed or retained
by Administrative Agent and its counsel) in connection with the custody or preservation of any of the Collateral; (f) all the
actual costs and reasonable expenses of the Beneficiaries in connection with the attendance at any meetings in connection with
this Agreement and the other Transaction Documents; (g) all other actual and reasonable costs and expenses incurred by each Beneficiary
in connection with the syndication of the Loans and Commitments and the negotiation, preparation and execution of the Transaction
Documents and any consents, amendments, waivers or other modifications thereto and the transactions contemplated thereby; and
(h) after the occurrence of an Unmatured Initial Servicer Default, Initial Servicer Default, Unmatured Event of Default or an
Event of Default, all costs and expenses, including reasonable attorneys’ fees (including allocated costs of internal counsel)
and costs of settlement, incurred by any Beneficiary in enforcing any Guaranteed Obligations of or in collecting any payments
due from any Exela Party hereunder or under the other Transaction Documents by reason of such Unmatured Initial Servicer Default,
Initial Servicer Default, Unmatured Event of Default or Event of Default (including in connection with the sale of, collection
from, or other realization upon any of the Collateral or the enforcement of the Transaction Documents) or in connection with any
refinancing or restructuring of the credit arrangements provided hereunder in the nature of a “work out” or pursuant
to any insolvency or bankruptcy cases or proceedings.

 

    6

     

    

 

Section 10.            Indemnities
by Performance Guarantor. Without limiting any other rights which any Beneficiary may have hereunder or under Applicable Law,
Performance Guarantor agrees to indemnify and hold harmless each Beneficiary and each of their respective Affiliates, and all
successors, transferees, participants and assigns and all officers, members, managers, directors, shareholders, controlling persons,
employees and agents of any of the foregoing (each a “PG Indemnified Party”) forthwith and on demand from and
against any and all damages, losses, claims, liabilities and related costs and expenses (including all filing fees, if any), including
reasonable attorneys’, consultants’ and accountants’ fees and disbursements (all of the foregoing being collectively
referred to as “Indemnified Amounts”) incurred by any of them and arising out of, relating to, resulting from
or in connection with: (i) any breach by Performance Guarantor of any of its obligations or duties under this Agreement or any
other Transaction Document to which it is a party in any capacity; (ii) the inaccuracy of any representation or warranty made
by Performance Guarantor hereunder, under any other Transaction Document to which it is a party in any capacity or in any certificate
or statement delivered pursuant hereto or to any other Transaction Document to which it is a party in any capacity; (iii) the
failure of any information provided to any such PG Indemnified Party by, or on behalf of, Performance Guarantor, in any capacity,
to be true and correct; (iv) the material misstatement of fact or the omission of a material fact or any fact necessary to make
the statements contained in any information provided to any such PG Indemnified Party by, or on behalf of, Performance Guarantor,
in any capacity, not materially misleading; (v) any negligence or misconduct on Performance Guarantor’s part arising out
of, relating to, in connection with, or affecting any transaction contemplated by this Agreement or any other Transaction Document;
(vi) the failure by Performance Guarantor to comply with any Applicable Law, rule or regulation with respect to this Agreement,
the transactions contemplated hereby, any other Transaction Document to which it is a party in any capacity, the Guaranteed Obligations
or otherwise; (vii) the failure of this Agreement to constitute a legal, valid and binding obligation of the Performance Guarantor,
enforceable against it in accordance with its terms; (viii) any civil penalty or fine assessed by OFAC or any other Governmental
Authority incurred connection with the Transaction Documents as a result of any action of the Performance Guarantor or any of
its Affiliates; (ix) any amounts payable by the Administrative Agent to a Collection Account Bank under any Account Control Agreement;
or (x) the failure or delay of Collections of Pool Receivables to be deposited directly into a Collection Account; provided,
however, notwithstanding anything to the contrary in this Section 10, Indemnified Amounts shall be excluded solely
to the extent determined in a final non-appealable judgment by a court of competent jurisdiction to (x) have resulted from the
gross negligence or willful misconduct on the part of such PG Indemnified Party or (y) constitute recourse with respect to a Pool
Receivable by reason of the insolvency, bankruptcy, lack of creditworthiness or other financial inability to pay of the related
Obligor.

 

    7

     

    

 

Section 11.            Addresses
for Notices. All notices and other communications hereunder shall, unless otherwise stated herein, be in writing (which shall
include facsimile communication and e-mail) and faxed, emailed or delivered, to each party hereto, at its address set forth under
its name on Schedule A of this Agreement or at such other address as shall be designated by such party in a written
notice to the other parties hereto. Notices and communications by (i) facsimile shall be effective when sent (and shall be followed
by hard copy sent by regular mail), (ii) e-mail shall be deemed received upon the sender’s receipt of an acknowledgment
from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgment) and (iii) notices and communications sent by other means shall be effective when received.

 

[Signatures Follow]

 

    8

     

    

 

IN WITNESS WHEREOF, Performance Guarantor
has executed this Agreement as of the date first written above.

 

	 	EXELA TECHNOLOGIES, INC.,
	 	as Performance Guarantor
	 	 
	 	By:	 /s/ James Reynolds
	 	Name:  	 James Reynolds
	 	Title:	 Chief Financial Officer

 

    	 	S-1	Performance Guaranty

     

    

 

ACCEPTED AND ACKNOWLEDGED, as of the date first written above.

 

	 	TPG SPECIALTY LENDING, INC.,
	 	as Administrative Agent on behalf of the Beneficiaries
	 	 
	 	By:	/s/ Robert (Bo) Stanley
	 	Name:  	 Robert (Bo) Stanley
	 	Title:	 President

 

    	 	S-2	Performance Guaranty

     

    

 

SCHEDULE A

 

ADDRESSES FOR NOTICE

 

	If to Performance Guarantor:	 
	 	 
	Exela Technologies, Inc.	 
	2701 E. Grauwyler Road, Irving, TX 75061	 
	Attn:  Secretary	 
	Email: legalnotices@exelatech.com	 
	 	 
	If to Administrative Agent:	 
	 	 
	Ross Bruck	 
	TPG Specialty Lending, Inc.	 
	888 7th Avenue, Floor 35	 
	New York, New York 10106	 
	Email: rbruck@tpg.com	 
	 	 
	With a copy to:	 
	 	 
	Craig Hamrah	 
	TPG Specialty Lending, Inc.	 
	888 7th Avenue, Floor 35	 
	New York, New York 10106	 

 

    	 	Schedule A

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