Document:

Exhibit 10.2

 

INDEPENDENT CONSULTANT AGREEMENT

 

THIS AGREEMENT is made and entered into as of December     , 2013(“Effective Date”) by and between Pernix Group, Inc. (the “Company”) and C. Robert Campbell (“Consultant”).

 

The term “Agreement” herein shall be understood to include this Independent Consultant Agreement and all existing and future Exhibits approved as part of this Agreement.

 

1.             Services

 

(a)           Services to Be Rendered.  Consultant shall furnish to the Company various consulting and business development services (the “Services”) under the terms outlined in this Agreement in connection with Company’s  construction, power generation activities and broader corporate objectives. Consultant’s work shall begin on the Effective Date of this Agreement and will continue until terminated by the Company or Consultant, or as otherwise provided in this Agreement. Consultant shall coordinate work requirements with the Company’s Chief Executive Officer or such other person ( the  “ Company Representative”)  as may be designated by the Company from time to time.

 

(b)           Standard of Care.  Consultant agrees to perform its Services with the standard of care, skill, and diligence normally provided by a professional person in the performance of such services in respect of work similar to that hereunder. Consultant is hereby given notice that Company will be relying on the accuracy, competence, and completeness of Consultant’s services hereunder to enable the Company to fulfill its contractual commitments to Customers and/or commitments to the Company.

 

(c)           Company Policies.  Consultant agrees that he will cooperate with, abide by, and be subject to any and all other policies and procedures that may be set out by the Company from time to time and provided to the Consultant.  Consultant also agrees to follow the Company’s code of ethics, which is attached.

 

(d)           Other Representations and Warranties.  In providing the Services, Consultant represents and warrants that:

 

(i)                                     Consultant is knowledgeable and experienced in this area and is fully qualified and capable of providing the Services.

 

(ii)                                  The execution, delivery and performance of this Agreement by the Consultant does not violate or interfere with any contract or agreement to which he is bound, or the rights of any third-party with which he also does business.

 

2.             Reimbursement of Certain Costs

 

The Company shall reimburse Consultant for certain reasonable expenses incurred in connection with provisions of Services hereunder, provided however, that reimbursement of such expenses shall be consistent with the policies established by the Company.

 

3.             Compensation for Consulting Services

 

The Company shall pay Consultant for Services that are outside of the scope of normal Board of Director services (“Special Services”) and, if Special Services are rendered hereunder, shall be compensated at the rate of $2,500.00 USD per day with a minimum of five (5) days per calendar year. In the event the Consultant’s Special Services are required beyond a fifth calendar day per year, the fee will be negotiated at the time such services are requested.

 

 

4.             Compensation for Board of Directors Services

 

For normal Board of Directors services, beginning January 1, 2014, your cash compensation shall be $29,000 per year plus $1,500 for serving as a member of any sub-committee unless you are the Chairperson of the sub-committee, in which case you will be paid an additional $5,500 per year. Board fees will be paid in two installments per year, typically occurring in June and December (or January of the following year if you so prefer). As the Chairman of the Audit Committee, you will receive 13,000 stock options as a one-time stipend during 2014, and as a director, you will receive 13,000 stock options per year until termination of this agreement. (26,000 stock options total will be awarded in 2014 and 13,000 per year thereafter until termination of this agreement.)

 

5.             Relationship of the Parties

 

(a)           Independent Contractor.  Consultant agrees to undertake performance of this Agreement as an independent contractor.  Nothing herein shall create a relationship of employer and employee, joint venture, or partnership between Company on the one hand and the Consultant on the other, or either party’s agents, employees, representatives or Affiliates, for any purpose whatsoever.  Neither party shall have the authority to bind or obligate the other in any manner as a result of the relationship created hereby.

 

(b)           Taxes.  The Company will not withhold any U. S. federal, state, or other taxes with respect to the fees payable hereunder and Consultant acknowledges that it shall file all applicable taxes for services rendered hereunder.  Consultant agrees to hold the Company harmless from and indemnify the Company against any and all taxes which may be imposed against the Company arising out of this Agreement.

 

(c)           Benefits.  Consultant is not entitled to any additional benefits or remuneration from the Company other than as set forth in Section 2 above.

 

6.             Termination

 

(a)           Term.  This Agreement is considered an “At-Will” agreement, effective as of the Effective Date set forth above.  Further, this Agreement also will terminate on the first anniversary of the Effective Date unless extend or terminated before the anniversary date.

 

(b)           Termination by Company.    Company may terminate this Agreement, without cause, at the Company’s sole discretion (“termination for convenience”) upon 30 days’ prior written notice. Upon any such termination of this Agreement, the Company shall pay Consultant any hourly fees and reimbursement of expenses already earned or incurred, as the case may be, but not yet paid under this Agreement on the date of such termination, but subject to any setoffs the Company may have against Consultant.

 

(c)           Termination for cause.  At any time, the Company may immediately terminate this Agreement for cause.  Upon any such termination, the Company shall pay any daily fees and expenses according to the terms in subparagraph (b), above. In addition, the Company may deduct or make any setoffs for costs that the Company experiences as a result of such termination.

 

(d)           Termination by Consultant.   Consultant may terminate this Agreement without cause at any time, with termination effective 30 days after Consultant’s delivery to the Company of written notice of termination for convenience. Upon such termination, the Company shall pay any hourly fees and expenses according to the terms in subparagraph (b) above.

 

(e)           Automatic termination.  This Agreement will terminate automatically on the following of these events: (i) the death, bankruptcy or other insolvency of the Consultant, or (ii) the termination of activities of either party and/or the Company.

 

 

7.             Non-competition

 

In consideration for the Company providing Consultant with and access to Confidential and Proprietary Information, during the period of performance of Services under this Agreement and for a period of one (1) year following the completion of Services under this Agreement, the Consultant shall not accept employment or contracted services with any Customer(s) of the Company or any employees or affiliates of any Customer(s) of the Company involving the performance of any service which directly or indirectly constitutes a continuation of this Agreement, unless otherwise agreed to in writing by the Company.  Consultant agrees that this is a reasonable and necessary protection for the Company and that the Company’s exercise or enforcement of its rights under this provision does not constitute unreasonable action against the Consultant, nor would it prevent the Consultant from obtaining comparable gainful employment elsewhere.

 

8.             Non-disclosure of Information

 

(a)         General.  Consultant shall have access to or may become aware of Confidential and Proprietary Information of the Company and/or their Customer(s) as a result of engagement by the Company under this Agreement.  Such confidential information (“Confidential Information”) includes, without limitation, knowledge and concepts regarding the Company management, operations, contacts, community and governmental relations, Customers (as such term is defined below), vendors, products, services, plans, policies, prices, costs, margins, processes and computer programs, whether obtained by Consultant from or through the Company or developed or obtained by Consultant in connection with the performance of its services under this Agreement.  All such Confidential Information is the exclusive property of the Company.

 

(b)         Customers.  The term “Customer/Customers” includes existing and potential Customer(s) of the Company for any products or services provided by the Company or those in receipt of solicitations by the Company.

 

(c)         Non-Disclosure.  Consultant agrees that it will maintain the confidentiality of such Confidential Information for five (5) years and abide by and be subject to all of the rules or regulations that apply to such materials.  At no time shall Consultant disclose any Confidential Information to any entity, or use such information except in the performance of Company business and Consultant’s retention under this Agreement, without the prior written consent of the Company, unless (i) the information is, at the time of disclosure by Consultant, then in the public domain, or (ii) is required to be reported to a government or regulatory agency or through due process of law.

 

(d)         Insider Information. In a similar manner, the Company must comply with certain rules and regulations of the United States Securities and Exchange Commission.  In performing the Services, Consultant may become aware of certain information that may be confidential and will require proper authorized disclosure to the general public under these rules and regulations.  Consultant agrees and acknowledges that it will not share such information with others before the information is made available to the general public.

 

9.                                      Corporate Documents

 

All documents prepared or developed in conjunction with their Agreement, for or on behalf of the Company, are the exclusive property of the Company whether delivered to the Company or not.  Upon termination of this Agreement, Consultant shall return to the Company all Company documents in its possession.  For the purpose of this Paragraph, the term “document” includes any records, reports, books, calculations, maps, sketches, data, models, samples, customer lists, financial statements, notes, memoranda, correspondence, contracts, forms, computer output, any summary, extract or copy of the same, and electronic data storage devices of all kinds, including but not limited to tapes, disks and hard drives and any other tangible form of information acquired by Consultant by reason of its association with the Company, and shall be included within the definition of Confidential Information.

 

10.          Indemnification

 

With respect to claims brought by third parties (“Claimant”) against either Consultant or Company relating to the property or facilities with respect to which this Agreement pertains or the Services performed under this Agreement, Consultant and Company agree as follows:  Both Parties agree  to indemnify, protect, defend, and hold

 

 

harmless each other party and its directors, officers, employees, representatives, agents, and independent consultants, from and against any and all demands, claims, suits and causes of action and any and all liability, costs, expenses, and judgments incurred in connection with Services performed in connection with this Agreement for personal injury or damage to property, arising in favor of or brought by any Claimant; provided, however, indemnification shall not extend to the percentage of the Claimant’s damages or injuries attributable to the other party’s negligence, breach of contract or warranty, illegal acts, or willful misconduct.

 

11.          No Assignment

 

The rights and obligations for the parties hereunder are nontransferable and nonassignable, except that the Company may assign this Agreement to any of its Affiliates, and Consultant agrees to such Assignment.

 

12.          Successors

 

This Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns.

 

13.          Validity

 

The invalidity or unenforceability of any provisions(s) of this Agreement shall not affect the validity or enforceability of any other provisions of this Agreement, which shall remain in full force and effect.

 

14.          Notices

 

All notices under this Agreement shall be in writing and shall be deemed to be given when (i) delivered personally; (ii) sent by certified mail, (return receipt requested), postage prepaid; (iii) sent by a recognized overnight mail or courier service with delivery receipt required; or (iv) sent by confirmed e-mail or facsimile transfer:

 

If to Consultant, to

 

C. Robert Campbell

800 Douglas Road

12th Floor

Coral Gables, FL 33134

 

Tel: 305-405-1925

 

Fax: 305-406-1919

 

If to Company, to

 

Pernix Group

151 E. 22nd Street

Lombard, IL 60148

 

Attn: Nidal Zayed, Chief Executive Officer

 

Tel: 630-620-4787

 

Fax: 630-620-4753

 

 

15.        Applicable Law

 

This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Illinois without regard to conflicts of laws principles, and each party to this Agreement hereby consents and submits itself to the jurisdiction of the courts of said state and the courts of the United States of America located in said state in any action arising out of or connected with this Agreement. In such matters, the prevailing party shall be entitled to its reasonable fees and costs.

 

16.             Miscellaneous Provisions:

 

(a)           No Interference. In providing the Services, Consultant represents and warrants that the execution, delivery and performance of this Agreement by the Consultant does not violate or interfere with any contract or agreement to which he is bound, or the rights of any third-party with which he also does business.

 

(b)           Complete Agreement of the Parties. This is the complete agreement of the parties and it supersedes any agreement that has been made prior to this agreement.  It only may be amended by mutual written agreement of the parties.  All headings are used for convenience only and do not affect the construction or interpretation of this Agreement.

 

(c)           Waiver.  The waiver of any party of a breach of any provision of this Agreement shall be in writing.  Any such waiver shall not operate or be construed as a waiver of any subsequent breach.  The failure by Company or Consultant to insist upon strict adherence to any provision of this Agreement on any occasion shall not be considered a waiver of any right, nor shall it deprive Company or Consultant of the right thereafter to insist upon strict adherence to that provision or any other provision of this Agreement.

 

(d)           Security Clearance. Consultant is placed on notice that the Company’s facility in Lombard, Illinois, and potentially additional facilities in the future (collectively, a “Cleared Facility”), operate under a Facility Security Plan with the United States Government.  Consultant agrees to abide by and be subject to all rules and regulations of the Company and/or the United States Government with regard to security procedures in place at a Cleared Facility, including but not limited to access controls, technology controls, handling of sensitive but unclassified information, and so forth.  Consultant agrees that it will abide by and be subject to any and all other policies and procedures that may be set out by the Company from time to time and provided to the Consultant. Further, if it necessary for Consultant to obtain a personnel security clearance, Consultant agrees to apply in a timely manner (within 30 days of notice to apply) and Consultant understand that failure to apply or obtain such personnel security clearance may be grounds for termination of this Agreement.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date set forth above.

 

	
Pernix   Group, Inc.:
    	
 
    	
CONSULTANT:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Nidal   Z. Zayed
    	
 
    	
 
    	
 
    	
C.   Robert Campbell
    
	
 
    	
 
    	
Chief   Executive OfficerExhibit 10.5

 

EXECUTION VERSION

 

 

 

CREDIT AGREEMENT

 

Dated as of December 24, 2013

 

by and among

 

CYPRESS ENERGY PARTNERS, L.P.,

as Borrowers’ Agent and a Borrower,

 

CYPRESS ENERGY PARTNERS – TIR,
LLC,

CYPRESS ENERGY PARTNERS, LLC,

TULSA INSPECTION RESOURCES, LLC, AND

EACH ADDITIONAL BORROWER THAT BECOMES

A SIGNATORY HERETO FROM TIME TO TIME,

as joint and several Borrowers,

 

DEUTSCHE BANK AG, NEW YORK BRANCH,

as Lender, Issuing Bank, Swing Line Lender
and Collateral Agent,

 

THE OTHER LENDERS PARTY HERETO AND

EACH ADDITIONAL LENDER THAT BECOMES

A SIGNATORY HERETO FROM TIME TO TIME,

as Lenders,

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Administrative Agent,

 

and

 

DEUTSCHE BANK AG, NEW YORK BRANCH,

BMO HARRIS BANK N.A.,

as Joint Lead Arrangers and Joint Bookrunners

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	SECTION 1.	 	DEFINITIONS	1
	 	 	 	 
	1.1	 	Defined Terms.	1
	1.2	 	Other Definitional Provisions	41
	1.3	 	Rounding.	42
	1.4	 	Borrowers’ Agent.	42
	 	 	 	 
	SECTION 2.	 	AMOUNT AND TERMS OF THE LOANS AND COMMITMENTS	42
	 	 	 	 
	2.1	 	Working Capital Facility Loans	42
	2.2	 	Swing Line Loans	42
	2.3	 	Acquisition Facility Loans	43
	2.4	 	Procedure for Borrowing Loans.	43
	2.5	 	Refunding of Swing Line Loans	44
	2.6	 	Commitment Fees	45
	 	 	 	 
	SECTION 3.	 	LETTERS OF CREDIT	46
	 	 	 	 
	3.1	 	Letters of Credit	46
	3.2	 	Procedure for the Issuance and Amendments of Letters of Credit.	46
	3.3	 	General Terms of Letters of Credit	47
	3.4	 	Fees, Commissions and Other Charges.	49
	3.5	 	L/C Participations	50
	3.6	 	Reimbursement Obligations of the Borrowers.	51
	3.7	 	Obligations Absolute.	52
	3.8	 	Role of the Issuing Lenders.	52
	3.9	 	Letter of Credit Request.	53
	3.10	 	Existing Letters of Credit.	53
	 	 	 	 
	SECTION 4.	 	GENERAL PROVISIONS APPLICABLE TO LOANS AND LETTERS OF CREDIT	54
	 	 	 	 
	4.1	 	Increase, Termination or Reduction of Commitments	54
	4.2	 	Interest Rates and Payment Dates	56
	4.3	 	Conversion and Continuation Options	56
	4.4	 	Minimum Amounts of Tranches; Maximum Number of Tranches	57
	4.5	 	Repayment of Loans; Evidence of Debt	57
	4.6	 	Optional Prepayments	58
	4.7	 	Mandatory Prepayments.	58
	4.8	 	Computation of Interest and Fees	59
	4.9	 	Pro Rata Treatment and Payments	59
	4.10	 	Requirements of Law	60
	4.11	 	Taxes	62
	4.12	 	Lending Offices.	65
	4.13	 	Credit Utilization Reporting.	65

 

    	-i-

    	 

    

 

	4.14	 	Indemnity	66
	4.15	 	Inability to Determine Interest Rate.	66
	4.16	 	Illegality	67
	4.17	 	Replacement of Lenders.	67
	4.18	 	Defaulting Lender	67
	 	 	 	 
	SECTION 5.	 	REPRESENTATIONS AND WARRANTIES	69
	 	 	 	 
	5.1	 	Financial Condition.	70
	5.2	 	No Change.	70
	5.3	 	Existence; Compliance with Law.	71
	5.4	 	Power; Authorization; Enforceable Obligations	71
	5.5	 	No Legal Bar.	71
	5.6	 	No Material Litigation.	71
	5.7	 	No Default.	72
	5.8	 	Ownership of Property; Liens	72
	5.9	 	Intellectual Property.	72
	5.10	 	No Burdensome Restrictions.	72
	5.11	 	Taxes	72
	5.12	 	Federal Regulations.	72
	5.13	 	ERISA	73
	5.14	 	Investment Company Act; Other Regulations	73
	5.15	 	Subsidiaries	73
	5.16	 	Security Documents	73
	5.17	 	Accuracy and Completeness of Information.	74
	5.18	 	Labor Relations	74
	5.19	 	Insurance	74
	5.20	 	Solvency.	75
	5.21	 	Use of Letters of Credit and Proceeds of Loans.	75
	5.22	 	Environmental Matters.	75
	5.23	 	Foreign Corrupt Practices Act.	76
	5.24	 	Sanctions Laws	77
	 	 	 	 
	SECTION 6.	 	CONDITIONS PRECEDENT	77
	 	 	 	 
	6.1	 	Conditions Precedent	77
	6.2	 	Conditions to Each Credit Extension	80
	 	 	 	 
	SECTION 7.	 	AFFIRMATIVE COVENANTS	81
	 	 	 	 
	7.1	 	Financial Statements	81
	7.2	 	Certificates; Other Information	82
	7.3	 	Payment of Obligations.	83
	7.4	 	Conduct of Business and Maintenance of Existence	83
	7.5	 	Maintenance of Property; Insurance	83
	7.6	 	Inspection of Property; Books and Records; Discussions.	84
	7.7	 	Notices	84
	7.8	 	Environmental Laws	85
	7.9	 	Periodic Audit of Borrowing Base Assets.	85
	7.10	 	Collections of Accounts Receivable	85

 

    	-ii-

    	 

    

 

	7.11	 	Taxes	85
	7.12	 	Additional Collateral; Further Actions.	85
	7.13	 	Use of Proceeds.	88
	7.14	 	Cash Management.	88
	7.15	 	Post Closing Deliverables	88
	 	 	 	 
	SECTION 8.	 	NEGATIVE COVENANTS	88
	 	 	 	 
	8.1	 	Financial Condition Covenants.	88
	8.2	 	Limitation on Indebtedness.	88
	8.3	 	Limitation on Liens.	90
	8.4	 	Limitation on Fundamental Changes	91
	8.5	 	Restricted Payments.	92
	8.6	 	Limitation on Dispositions.	93
	8.7	 	Limitation on Investments, Loans and Advances	94
	8.8	 	Limitation on Transactions with Affiliates	95
	8.9	 	Accounting Changes	95
	8.10	 	Limitation on Negative Pledge Clauses	95
	8.11	 	Limitation on Lines of Business	96
	8.12	 	Governing Documents	96
	8.13	 	Anti-Money Laundering and Anti-Terrorism Finance Laws; Foreign Corrupt Practices Act; Sanctions Laws; Restricted Person.	96
	 	 	 	 
	SECTION 9.	 	EVENTS OF DEFAULT	96
	 	 	 	 
	9.1	 	Events of Default	96
	 	 	 	 
	SECTION 10.	 	THE AGENTS	99
	 	 	 	 
	10.1	 	Appointment.	99
	10.2	 	Delegation of Duties	100
	10.3	 	Exculpatory Provisions	100
	10.4	 	Reliance by Agents	100
	10.5	 	Notice of Default.	100
	10.6	 	Non-Reliance on Agents and Other Lenders.	101
	10.7	 	Indemnification	101
	10.8	 	Agents in Their Individual Capacity	101
	10.9	 	Successor Agents	102
	10.10	 	Collateral Matters.	102
	10.11	 	Force Majeure	103
	 	 	 	 
	SECTION 11.	 	MISCELLANEOUS	103
	 	 	 	 
	11.1	 	Amendments and Waivers	103
	11.2	 	Notices	104
	11.3	 	No Waiver; Cumulative Remedies.	106
	11.4	 	Survival of Representations and Warranties	106
	11.5	 	Release of Collateral and Guarantee Obligations	106
	11.6	 	Payment of Costs and Expenses.	107

 

    	-iii-

    	 

    

 

	11.7	 	Successors and Assigns; Participations and Assignments	108
	11.8	 	Adjustments; Set-off	111
	11.9	 	Counterparts	111
	11.10	 	Severability	111
	11.11	 	Integration	111
	11.12	 	Governing Law.	112
	11.13	 	Submission to Jurisdiction	112
	11.14	 	Acknowledgements.	112
	11.15	 	Waivers of Jury Trial	113
	11.16	 	Confidentiality.	113
	11.17	 	Specified Laws.	113
	11.18	 	Additional Borrowers.	114
	11.19	 	Joint and Several Liability	115
	11.20	 	Contribution and Indemnification among the Borrowers.	116
	11.21	 	Express Waivers by Borrower Parties in Respect of Cross Guaranties and Cross Collateralization.	116
	11.22	 	Limitation on Obligations of Borrower Parties.	117

 

    	-iv-

    	 

    

 

SCHEDULES

 

	Schedule 1.0	 	Lenders, Commitments, and Applicable Lending Offices
	Schedule 1.1(A)	 	Eligible Inventory Locations
	Schedule 1.1(B)	 	Cash Management Banks
	Schedule 1.1(C)	 	Eligible Foreign Counterparties
	Schedule 1.1(D)	 	Existing Letters of Credit
	Schedule 1.1(E)	 	Mortgaged Property
	Schedule 2.2(A)	 	Wire Instructions for Loans
	Schedule 5.4	 	Consents and Authorizations
	Schedule 5.9	 	Intellectual Property
	Schedule 5.15	 	Subsidiaries
	Schedule 5.16	 	Filing Jurisdictions
	Schedule 5.22	 	Environmental Matters
	Schedule 7.15	 	Post-Closing Deliverables
	Schedule 8.2	 	Existing Indebtedness
	Schedule 8.3	 	Existing Liens
	Schedule 8.7	 	Investments
	Schedule 8.8	 	Transactions with Affiliates

 

EXHIBITS

 

	Exhibit A-1	 	Form of Working Capital Facility Note
	Exhibit A-2	 	Form of Swing Line Note
	Exhibit A-3	 	Form of Acquisition Facility Note
	Exhibit B	 	Form of Security Agreement
	Exhibit C	 	Form of Guarantee Agreement
	Exhibit D-1 – D-4	 	Forms of Section 4.11 Certificate
	Exhibit E	 	Form of Secretary’s Certificate
	Exhibit F	 	Form of Assignment and Acceptance
	Exhibit G	 	Form of Borrowing Base Report
	Exhibit H	 	Form of Opinion of Latham & Watkins
	Exhibit I	 	Cash Collateral Documentation
	Exhibit J	 	[Reserved]
	Exhibit K	 	Form of Compliance Certificate
	Exhibit L	 	Form of Increase and New Lender Agreement
	Exhibit M	 	Form of Perfection Certificate
	Exhibit N	 	Form of Borrower’s Certificate
	Exhibit O	 	Hedging Agreement Qualification Notification
	Exhibit P	 	Form of Additional Borrower Joinder
	 	 	 
	ANNEXES	 	 
	 	 	 
	Annex I-A	 	Form of Borrowing Notice
	Annex I-B	 	Form of Letter of Credit Request
	Annex II	 	Form of Continuation/Conversion Notice
	Annex III	 	Form of Notice of Prepayment

 

    	-v-

    	 

    

 

CREDIT AGREEMENT

 

CREDIT AGREEMENT, dated
as of December 24, 2013, among CYPRESS ENERGY PARTNERS, L.P., a limited partnership organized under the Laws of the State of Delaware
(the “Borrowers’ Agent”), CYPRESS ENERGY PARTNERS – TIR, LLC, a Delaware limited liability company
(“CEP-TIR”), as a borrower, CYPRESS ENERGY PARTNERS, LLC, a Delaware limited liability company (“CEP”),
as a borrower, TULSA INSPECTION RESOURCES, LLC, a Delaware limited liability company (“TIR”), as a borrower,
and together with the Borrowers’ Agent, CEP-TIR, CEP and each Additional Borrower (each a “Borrower” and
collectively, the “Borrowers”), DEUTSCHE BANK AG, NEW YORK BRANCH (“DBNY”) as collateral
agent (together with any successor collateral agent appointed pursuant to Section 10.9, in such capacity the “Collateral
Agent”) and as Lender, Issuing Bank, Swing Line Lender (all as defined below), DEUTSCHE BANK TRUST COMPANY AMERICAS,
as administrative agent (together with any successor administrative agent appointed pursuant to Section 10.9, in such capacity
the “Administrative Agent”), and the several banks and other financial institutions or entities from
time to time parties to this Agreement, as lenders (the “Lenders”).

 

RECITALS

 

WHEREAS, the Borrowers
have requested that the Lenders provide certain credit facilities to finance their mutual and collective business enterprise on
the terms and conditions set forth herein;

 

WHEREAS, the Lenders
are willing to make advances and issue or participate in letters of credit, in each case, on the terms and conditions of this Agreement;

 

NOW, THEREFORE, in consideration
of the mutual agreements, provisions and covenants contained herein, the parties agree as follows:

 

SECTION 1.DEFINITIONS

 

1.1           Defined
Terms. As used in this Agreement, the following terms shall have the following meanings:

 

“Acceptable
Investment Grade Credit Enhancement”: with respect to any Account Receivable, (i) a letter of credit in form and substance
reasonably acceptable to the Collateral Agent issued by a bank that is Investment Grade and which letter of credit does not terminate
earlier than fifteen (15) days after the expected payment date of such Account Receivable; provided, that, upon the request
of the Collateral Agent during the continuance of an Event of Default, with respect to each letter of credit described in this
clause (i), the applicable Loan Party shall (A) assign the proceeds of such letter of credit to the Collateral Agent, (B) cause
the issuing bank of such letter of credit to consent to such assignment and (C) cause any such letter of credit issued to be advised
by the Collateral Agent, or (ii) a parent guarantee, insurance policy, surety bond or other customary credit support, in each case,
(A) provided by any Person who is Investment Grade and (B) in form and substance reasonably acceptable to the Collateral Agent.

 

“Account”: as defined in Section
9-102 of the New York Uniform Commercial Code.

 

    	-1-

    	 

    

 

“Account Control
Agreements”: with respect to any Deposit Account, Commodity Account or Securities Account of a Loan Party, an account
control agreement in form and substance reasonably acceptable to the applicable Loan Party and the Collateral Agent.

 

“Account Debtor”:
a Person who is obligated to a Loan Party under an Account Receivable of a Loan Party.

 

“Account Receivable”:
an Account or Payment Intangible of a Loan Party.

 

“Acquisition”:
as to any Person, the acquisition by such Person of (a) Capital Stock of any other Person if, after giving effect to the acquisition
of such Capital Stock, such other Person would be a Subsidiary, (b) all or substantially all of the assets of any other Person
or (c) assets constituting one or more business units of any other Person.

 

“Acquisition
Facility”: the Acquisition Facility Commitments and the extensions of credit thereunder.

 

“Acquisition
Facility Commitment”: at any date, as to any Acquisition Facility Lender, the obligation of such Acquisition Facility
Lender to make Acquisition Facility Loans to the Borrowers pursuant to Section 2.3 in an aggregate principal amount at any
one time outstanding not to exceed the amount set forth opposite such Acquisition Facility Lender’s name on Schedule 1.0
under the caption “Acquisition Facility Commitment” or, as the case may be, in the Assignment and Acceptance or Increase
and New Lender Agreement pursuant to which such Acquisition Facility Lender becomes a party hereto, as such amount may be changed
from time to time in accordance with the terms of this Agreement. As of the Closing Date, the original aggregate amount of the
Acquisition Facility Commitments is $55,000,000.

 

“Acquisition
Facility Commitment Percentage”: as to any Acquisition Facility Lender at any time, the percentage which such Acquisition
Facility Lender’s Acquisition Facility Commitment then constitutes of the aggregate Acquisition Facility Commitments of all
Acquisition Facility Lenders at such time (or, at any time after the Acquisition Facility Commitments shall have expired or terminated,
such Acquisition Facility Lenders’ Acquisition Facility Credit Exposure Percentage).

 

“Acquisition
Facility Commitment Period”: the period from and including the Closing Date to but not including the Acquisition Facility
Commitment Termination Date or such earlier date on which all of the Acquisition Facility Commitments shall terminate as provided
herein.

 

“Acquisition
Facility Commitment Termination Date”: December 24, 2016, or, if such date is not a Business Day, the next preceding
Business Day.

 

“Acquisition
Facility Credit Exposure”: as to any Acquisition Facility Lender at any time, the Available Acquisition Facility Commitment
of such Acquisition Facility Lender plus the amount of the Acquisition Facility Extensions of Credit of such Acquisition
Facility Lender.

 

“Acquisition
Facility Credit Exposure Percentage”: as to any Acquisition Facility Lender at any time, the fraction (expressed as a
percentage), the numerator of which is the Acquisition Facility Credit Exposure of such Acquisition Facility Lender at such time
and the denominator of which is the aggregate Acquisition Facility Credit Exposures of all of the Acquisition Facility Lenders
at such time.

 

“Acquisition
Facility Extensions of Credit”: at any date, as to any Acquisition Facility Lender at any time, an amount equal to the
aggregate principal amount of Acquisition Facility Loans made by such Acquisition Facility Lender.

 

    	-2-

    	 

    

 

“Acquisition Facility
Increase”: as defined in Section 4.1(b).

 

“Acquisition
Facility Lender”: each Lender having an Acquisition Facility Commitment (or, after the termination of the Acquisition
Facility Commitments, each Lender holding Acquisition Facility Extensions of Credit). As of the Closing Date, each Acquisition
Facility Lender is specified on Schedule 1.0.

 

“Acquisition Facility
Loans”: as defined in Section 2.3(a).

 

“Acquisition
Facility Maturity Date”: with respect to any Acquisition Facility Loan, the earliest to occur of (i) the date on which
the Acquisition Facility Loans become due and payable pursuant to Section 9, (ii) the date on which the Acquisition Facility
Commitments terminate pursuant to Section 4.1 and (ii) the Acquisition Facility Commitment Termination Date.

 

“Acquisition Facility
Maximum Amount”: $155,000,000.

 

“Additional Borrower”:
as defined in Section 11.18.

 

“Administrative Agent”:
as defined in the introductory paragraph of this Agreement.

 

“Adjusted Total
Indebtedness”: at any date, “Combined Total Indebtedness” adjusted to exclude (a) any contingent reimbursement
obligations (including obligations representing the aggregate amount then available for drawing under all Letters of Credit), and
(b) the outstanding amount of Working Capital Facility Loans and Swing Line Loans.

 

“Adjusted Leverage
Ratio”: as of any date of determination, the ratio of (a) Adjusted Total Indebtedness as of such date to (b) Combined
EBITDA for the period of the four fiscal quarters most recently ended.

 

“Affiliate”:
as to any Person, any other Person (other than a Subsidiary), which, 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 (including, with
its correlative meanings, “controlled by” and “under common control with”) 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, if
such Person is not a corporation, similar governing Persons) of such Person or (b) direct or cause the direction of the management
and policies of such Person, whether by contract or otherwise.

 

“Agent-Related Person”:
as defined in Section 10.3.

 

“Agents”:
the Administrative Agent and the Collateral Agent, and “Agent” means each of them, as the context requires.

 

“Agreement”:
this Credit Agreement.

 

“Annual Budget”:
a combined budget of the Loan Parties with respect to a Fiscal Year of the Loan Parties prepared by the Borrowers, which includes
(i) a projected combined cashflow statement and profit and loss account of financial position of the Loan Parties as of the end
of such Fiscal Year, and (ii) a summary of material underlying assumptions applicable to such projections.

 

“Applicable
Commitment Fee Rate”: on any date with respect to any commitment fee, the rate per annum equal to 0.50%.

 

    	-3-

    	 

    

 

“Applicable
L/C Fee Rate”: on any date with respect to any Letter of Credit, a rate per annum equal to the Applicable Margin then
in effect with respect to Eurodollar Loans under the Working Capital Facility.

 

“Applicable
Lending Office”: for each Lender and for each Type of Loan, and/or participation in any Reimbursement Obligation, the
lending office of such Lender designated on Schedule 1.0 (or, as the case may be, in the Assignment and Acceptance
or Increase and New Lender Agreement pursuant to which such Lender became a party hereto) for such Type of Loan and/or participation
in any Reimbursement Obligation (or any other lending office from time to time notified to the Administrative Agent by such Lender)
as the office at which its Loans and/or participation in any Reimbursement Obligation of such Type are to be made and maintained.

 

“Applicable Margin”: on any date:

 

(a)          on
any day with respect to each Working Capital Facility Loan or Swing Line Loan, the rate per annum set forth in the table below
for such Type of Loan opposite the applicable Total Leverage Ratio for the immediately preceding fiscal quarter.

 

	 	 	 	 	Applicable Margin	 	 	Applicable Margin	 
	 	 	Total Leverage Ratio	 	(Base Rate Loans)	 	 	(Eurodollar Loans)	 
	Level V	 	≤ 2.00	 	 	1.25	%	 	 	2.25	%
	Level IV	 	> 2.00 and ≤ 2.50	 	 	1.50	%	 	 	2.50	%
	Level III	 	> 2.50 and ≤ 3.00	 	 	1.75	%	 	 	2.75	%
	Level II	 	> 3.00 and ≤ 3.50	 	 	2.00	%	 	 	3.00	%
	Level I	 	> 3.50	 	 	2.25	%	 	 	3.25	%

 

(b)          on
any day with respect to each Acquisition Facility Loan, the rate per annum set forth in the table below for such Type of Loan opposite
the applicable Total Leverage Ratio for the immediately preceding fiscal quarter.

 

	 	 	 	 	Applicable Margin	 	 	Applicable Margin	 
	 	 	Total Leverage Ratio	 	(Base Rate Loans)	 	 	(Eurodollar Loans)	 
	Level V	 	≤ 2.00	 	 	1.75	%	 	 	2.75	%
	Level IV	 	> 2.00 and ≤ 2.50	 	 	2.00	%	 	 	3.00	%
	Level III	 	> 2.50 and ≤ 3.00	 	 	2.25	%	 	 	3.25	%
	Level II	 	> 3.00 and ≤ 3.50	 	 	2.50	%	 	 	3.50	%
	Level I	 	> 3.50	 	 	2.75	%	 	 	3.75	%

 

For the purposes of this definition, (i)
Total Leverage Ratio shall be determined by the Collateral Agent based upon the most recent financial statements delivered pursuant
to Section 7.1 and such determination shall be provided to the Administrative Agent, (ii) each change in the Applicable
Margin resulting from a change in Total Leverage Ratio determined from such financial statements shall be effective immediately
upon delivery of such financial statements and (iii) Level III shall be deemed to be applicable from the Closing Date and continuing
until the most recent financial statements delivered pursuant to Section 7.1; provided that Level I shall be deemed
to be applicable if the Borrowers fail to deliver any of the financial statements required to be delivered by it pursuant to Section
7.1 unless the Collateral Agent or the Required Lenders shall have determined that the resulting increase in the Applicable
Margin is not appropriate, during the period from the expiration of the time for delivery thereof until such financial statements
are delivered.

 

    	-4-

    	 

    

 

“Applicable Sub-Limit”:
each of the following:

 

(a)          with
respect to Swing Line Loans, the Swing Line Loan Sub-Limit; and

 

(b)          with
respect to Letters of Credit, the Letter of Credit Sub-Limit.

 

“Approved Fund”:
(a) with respect to any Lender, any Bank CLO of such Lender, and (b) with respect to any Lender that is a fund that invests in
commercial loans and similar extensions of credit, any other fund that invests in commercial loans and similar extensions of credit
and is managed by the same investment advisor as such Lender or by an Affiliate or Subsidiary of such investment advisor.

 

“Asset Sale”:
any Disposition of property or series of related Dispositions of property (excluding any such Disposition permitted by Section
8.6(a) – 8.6(g) that yields Net Cash Proceeds to a Borrower or any other Loan Party (valued at the initial principal
amount thereof in the case of non-cash proceeds consisting of notes or other debt securities and valued at the allocated purchase
price value in the case of other non-cash proceeds) in excess of $5,000,000.

 

“Assignee”:
as defined in Section 11.7(c).

 

“Assignment and Acceptance”:
as defined in Section 11.7(c).

 

“Assignment
of Claims Act”: the Federal Assignment of Claims Act of 1940 (31 U.S.C. §3727 et seq.) and any similar state or
local laws, together with all rules, regulations, interpretations and binding court decisions related thereto.

 

“Auto-Renewal Letter of
Credit”: as defined in Section 3.3(c).

 

“Availability Certification”:
as defined in Section 6.2(e)(vi).

 

“Available Acquisition
Facility Commitment”: as to any Acquisition Facility Lender at any time, an amount equal to the excess, if any, of (i)
the amount of such Acquisition Facility Lender’s Acquisition Facility Commitment at such time over (ii) such Acquisition
Facility Lender’s Acquisition Facility Extensions of Credit outstanding at such time.

 

“Available Commitment”:
at any time as to any Lender, the Available Working Capital Facility Commitment or the Available Acquisition Facility Commitment
of such Lender at such time, or both, as the context requires.

 

“Available Working
Capital Facility Commitment”: as to any Working Capital Facility Lender at any time, an amount equal to the excess, if
any, of (i) the amount of such Working Capital Facility Lender’s Working Capital Facility Commitment at such time over (ii)
such Working Capital Facility Lender’s Working Capital Facility Extensions of Credit outstanding at such time.

 

“Bank CLO”:
as to any Lender, any entity (whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding
or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business and is administered
or managed by such Lender or an Affiliate or Subsidiary of such Lender.

 

    	-5-

    	 

    

 

“Base Rate”:
for any day, the rate per annum equal to the greatest of (a) the Federal Funds Effective Rate in effect on such day plus
1⁄2 of 1.00%, (b) the Prime Rate in effect on such day (rounded upward, if necessary, to the next 1/100 of 1.00%) and (c)
the one-month Eurodollar Rate in effect on such day (or if such day is not a Business Day, the immediately preceding Business Day)
plus 1.00%. For purposes hereof: “Prime Rate” shall mean, for any day, a rate per annum that is equal
to the corporate base rate of interest established by the Administrative Agent or an Affiliate thereof from time to time and, if
requested, provided to a Borrower prior to the delivery of the relevant Borrowing Notice. The Prime Rate is a reference rate and
does not necessarily represent the lowest or best rate actually available. Any change in the Base Rate due to a change in the Prime
Rate, the Federal Funds Effective Rate or the Eurodollar Rate shall be effective as of the opening of business on the day such
change in the Prime Rate, the Federal Funds Effective Rate or the Eurodollar Rate becomes effective, respectively.

 

“Base Rate Loans”:
Loans the rate of interest of which is based upon a Base Rate.

 

“Benefited Lender”:
as defined in Section 11.8(a).

 

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

 

“Borrower”:
as defined in the introductory paragraph of this Agreement.

 

“Borrower Parties”:
collectively, the Borrowers’ Agent, CEP-TIR, CEP, TIR and any Additional Borrowers.

 

“Borrowers’ Agent”:
as defined in the introductory paragraph of this Agreement.

 

“Borrowing Base”:
on any date, solely with respect to the assets of the Loan Parties, an amount equal to:

 

(i)          100%
of Eligible Cash and Cash Equivalents; plus

 

(ii)         90%
of the Dollar Equivalent of Eligible Investment Grade Accounts Receivables; plus

 

(iii)        85%
of the Dollar Equivalent of Eligible Non-Investment Grade Accounts Receivable; plus

 

(iv)        80%
of Eligible Inventory; plus

 

(v)         90%
of Eligible Net Liquidity in Futures Accounts; plus

 

(vi)        80%
of Eligible Letters of Credit Issued for Commodities Not Yet Received; less

 

(1)         100%
of the First Purchaser Lien Amount; less

 

(2)         100%
of Product Taxes; less

 

    	-6-

    	 

    

 

(3)         120%
of any Swap Amounts due to Qualified Counterparties solely to the extent, and if, such Swap Amounts due to Qualified Counterparties
are in excess of $15,000,000;

 

In no event shall any amounts described
in categories (i) through (vi) and (1) through (3) above that fall into more than one of such categories be counted more than once,
when making the calculation under this definition. In calculating the Borrowing Base, the following adjustments shall be made:

 

(A)         the
value of that portion of the Borrowing Base arising from Eligible Unbilled Accounts Receivable shall not exceed in the aggregate
25% of all Eligible Accounts Receivable then in effect;

 

(B)         any
category of the Borrowing Base shall be calculated taking into account any elimination and reduction related to any potential offset
to such asset category;

 

(C)         the
Collateral Agent may, in its reasonable discretion, determine that one or more assets described in clauses (ii), (iii) and (iv)
do not meet the eligibility requirements for inclusion in the Borrowing Base, and any such assets shall not be included in the
Borrowing Base; provided that the Collateral Agent shall provide the Borrowers’ Agent notice of such determination
of ineligibility not less than five (5) Business Days before such assets are removed from the Borrowing Base;

 

(D)         the
calculation of the value of the assets included in clauses (ii), (iii), (iv) and (v) with respect to a single Account Debtor shall
be net of any Out of the Money Forward Contract Amount attributable to such Account Debtor (for purposes of this clause (D), any
reference to an Account Debtor shall include all Subsidiaries and Affiliates of such Account Debtor, which affiliation is known
or should be known by the Loan Parties); and

 

(E)         the
calculation of the value of the assets included in clauses (ii) and (iii) that are attributable to a single Account Debtor shall
be netted against any contra, offset, counterclaim, unrealized forward losses or obligations of the Loan Parties with such Account
Debtor including, without limitation, amounts payable to such Account Debtor (for purposes of this clause (E), any reference to
an Account Debtor shall include all Subsidiaries and Affiliates of such Account Debtor, which affiliation is known or should be
known by the Loan Parties).

 

The value of the Borrowing Base at any time
shall be the value of the Borrowing Base as of the applicable Borrowing Base Date.

 

“Borrowing Base
Availability”: at any time, an amount equal to the Borrowing Base at such time minus the Total Working Capital
Facility Extensions of Credit at such time.

 

“Borrowing Base
Date”: the most recent date as of which the Borrowers’ Agent has based a Borrowing Base Report to be delivered
by the Borrowers’ Agent pursuant to Section 7.2(b).

 

“Borrowing Base
Report”: with respect to the Borrowing Base, a report certified by a Responsible Person of the Borrowers’ Agent,
substantially in the form of Exhibit G, with appropriate insertions and schedules, showing the Borrowing Base as of the
date set forth therein and the basis on which it was calculated, together with the following detailed supporting information:

 

    	-7-

    	 

    

 

(i)          for
Eligible Cash and Cash Equivalents, the most recent available statement of the account balance issued by each Cash Management Bank,
together with the account balance as of the applicable Borrowing Base Date if not reflected in such statement;

 

(ii)         for
Eligible Accounts Receivable, a schedule of each Eligible Account Receivable, listing the Account Debtor thereof, and each of the
offsets and deductions to the amount of such Eligible Account Receivable, including, if applicable, (1) the contra account balance
thereof, (2) any offset or counterclaim resulting from trade liabilities, (3) the net marked-to-market net-off calculation of any
losses applied to the Account Debtor after deduction for all margin monies received and/or paid and the details of any related
letters of credit supporting such Eligible Account Receivable (including the name of the issuing bank, the applicant, as well as
the expiration date of such related letter of credit, any applicable auto-renewal terms and the face amount of the related letter
of credit), (4) any Out of the Money Forward Contract Amounts applied thereto pursuant to clause (D) of the definition of “Borrowing
Base”), (5) any adjustments described in the definitions of Borrowing Base, to the extent applicable and (6) an aging report
in form and substance satisfactory to the Collateral Agent;

 

(iii)        for
Eligible Inventory, a schedule of (A) inventory locations, (B) Market Value and inventory volumes by location and type of Eligible
Commodity, (C) each of the offsets and deductions used in determining the value of the Eligible Inventory, including other offsets
and any adjustments described in the definition of Borrowing Base, to the extent applicable, and (D) available supporting documentation
for the inventory volumes as of such Borrowing Base Date;

 

(iv)        for
Eligible Net Liquidity in Futures Accounts, copies of summary account statements (or if requested by the Collateral Agent, the
full account statements) issued by the Eligible Broker where such assets are held as of the applicable Borrowing Base Date together
with additional statements for each Commodities Account that account for any (x) discounted face value of any U.S. Treasury Securities
held in such account that are zero coupon securities issued by the United States of America and (y) unearned interest on such U.S.
Treasury Securities;

 

(v)         for
Eligible Letters of Credit Issued for Commodities Not Yet Received, (i) a schedule listing each Letter of Credit giving rise to
Eligible Letters of Credit Issued for Commodities Not Yet Received, together with the name of the applicant, the expiration date
of the related Letter of Credit and the face value thereof (or, if applicable, the maximum value of such Letter of Credit after
giving effect to any tolerance included therein, and the amount of such tolerance), (ii) a calculation supporting the value of
physical volume delivered and the liability owed by such Borrower to the beneficiary of the Letter of Credit in connection therewith
versus the face amount of such Letters of Credit, and (iii) a schedule of each of the offsets and deductions used in determining
the value of Eligible Letters of Credit Issued for Commodities Not Yet Received, including the amounts and a calculation, by type
(i.e., mark-to-market loss, exchange payables and other type of liability owed), supporting the value of any other liabilities
owed by such Borrower to the beneficiary of the Letter of Credit that may be satisfied by any such Letter of Credit versus the
face amount of such Letters of Credit and any adjustments described in the definitions of Borrowing Base, to the extent applicable;

 

    	-8-

    	 

    

 

(vi)        for
the First Purchaser Lien Amount, a schedule setting forth the holder of each First Purchaser Lien, the amount of the obligations
outstanding giving rise to the First Purchaser Lien Amount to such holder, each of the offsets and deductions to the amount of
such obligations used in determining the First Purchaser Lien Amount, including the portion thereof reduced by any Letter of Credit,
and any adjustments described in the definitions of Borrowing Base, to the extent applicable;

 

(vii)       for
Product Taxes, a schedule listing the amounts of each tax liability by taxing authority, the description thereof and the period(s)
for which such taxes were assessed;

 

(viii)      for
Swap Amounts due to Qualified Counterparties, a schedule listing the aggregate net unrealized gains or losses with respect to each
Commodity OTC Agreement with a Qualified Counterparty and each Financial Hedging Agreement with a Qualified Counterparty; and

 

(ix)         a
summary report showing the total amount outstanding under each type of extension of credit made hereunder.

 

“Borrowing Date”:
any Business Day specified (i) in a Borrowing Notice as a date on which a Loan requested by the Borrowers’ Agent is to be
made or (ii) in a Letter of Credit Request as a date on which a Letter of Credit requested by the Borrowers’ Agent is to
be issued, amended or renewed.

 

“Borrowing Notice”: as defined in
Section 2.4(a).

 

“Brokerage Account Deducts”:
as defined in the definition of “Eligible Net Liquidity in Futures Accounts” in this Section 1.1.

 

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

 

“Business Day”:
(i) for all purposes other than as covered by clause (ii) of this definition, 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, (ii) with respect to all notices and
determinations in connection with, and payments of principal and interest on, Eurodollar Loans, any day which is a Business Day
as described in clause (i) of this definition and which is also a day on which dealings in United States Dollar deposits are carried
out in the London interbank market.

 

“Canadian Dollars”: dollars in lawful
currency of Canada.

 

“Canadian Security
Agreement”: that certain General Security Agreement dated as of the date hereof executed by Tulsa Inspection Resources
– Canada ULC, Tulsa Inspection Resources – Acquisition ULC, and Foley Inspection Services ULC in favor of the Collateral
Agent for the benefit of the Secured Parties.

 

“Capital Expenditures”:
for any period with respect to any Person, all expenditures made by such Person during such period that, in accordance with GAAP,
should be classified as a capital expenditure.

 

    	-9-

    	 

    

 

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

 

“Cash Collateral”:
with respect to any Letter of Credit, cash or deposit account balances denominated in United States Dollars that have been pledged
and deposited with or delivered to the Collateral Agent for the ratable benefit of the Secured Parties as collateral for the Obligations,
including the repayment of such Letter of Credit.

 

“Cash Collateralize”,
“Cash Collateralized”, “Cash Collateralization”: with respect to any Letter of Credit, to
pledge and deposit as collateral for the Obligations Cash Collateral in an amount equal to 105% of the undrawn face amount of such
Letter of Credit plus unpaid fees associated with such Letter of Credit (including any letter of credit commissions) then due and
payable or to be owed with respect to such Letter of Credit for the period from the time such Cash Collateral is deposited as collateral
until the expiration date of such Letter of Credit, pursuant to documentation substantially in the form of Exhibit I or
such other substantially similar form reasonably satisfactory to the Collateral Agent.

 

“Cash Equivalents”:
(a) securities with maturities of twelve (12) months or less from the date of acquisition or acceptance which are issued or fully
guaranteed or insured by the United States, Canada, or any agency or instrumentality thereof, (b) bankers’ acceptances, certificates
of deposit and eurodollar time deposits with maturities of nine (9) months or less from the date of acquisition and overnight bank
deposits, in each case, of any Lender or of any international or national commercial bank with commercial paper rated, on the day
of such purchase, at least A-1 or the equivalent thereof by S&P or P-1 or the equivalent thereof by Moody’s, (c) commercial
paper, variable rate or auction rate securities, or any other short term, liquid investment having a rating, on the date of purchase,
of at least A-1 or the equivalent thereof by S&P or at least P-1 or the equivalent thereof by Moody’s and that matures
or resets not more than nine (9) months after the date of acquisition, (d) obligations of any U.S. state or a division, public
instrumentality or taxing authority thereof, having on the date of purchase a rating of at least AAA or the equivalent thereof
by S&P or at least Aaa or the equivalent thereof by Moody’s and (e) investments in money market funds, mutual funds or
other pooled investment vehicles, in each case acceptable to the Collateral Agent in its reasonable discretion, the assets of which
consist solely of the foregoing.

 

“Cash Management Account”:
a Deposit Account or Securities Account maintained with any Cash Management Bank.

 

“Cash Management
Bank”: BOKF, NA d/b/a Bank of Oklahoma, the banks listed on Schedule 1.1(B) and any other bank from time to time
designated by the Borrowers’ Agent as a bank at which the Borrowers or any of their respective Subsidiaries maintains
any Controlled Accounts, which are reasonably acceptable to the Collateral Agent.

 

“Cash Management
Bank Agreement”: any account agreement, account control agreement or other agreement governing the relationship between
a Cash Management Bank and a Borrower with respect to a Cash Management Account.

 

“CEP”: as defined in the introductory
paragraph of this Agreement.

 

“CEP-TIR”: as defined in the introductory
paragraph of this Agreement.

 

“Change of Control”: the occurrence
of any of the following events:

    	-10-

    	 

    

 

(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 any employee benefit plan of such person or its subsidiaries, any person or entity acting in its capacity
as trustee, agent or other fiduciary or administrator of any such plan, and any Permitted Holder) becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall
be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire (such
right, an “option right”), whether such right is exercisable immediately or only after the passage of time), directly
or indirectly, of 35% or more of the voting Capital Stock of the General Partner on a fully-diluted basis (and taking into account
all such securities that such person or group has the right to acquire pursuant to any option right),

 

(b)          the
General Partner shall cease to own and control, of record and beneficially, 100% of the general partnership interests of the Borrowers’
Agent free and clear of all Liens, other than Liens of the type permitted pursuant to Section 8.3 (as if Section 8.3
were applicable);

 

(c)          with
respect to each of CEP and CEP-TIR, so long as it is not a Subsidiary of the Borrowers’ Agent, the Permitted Investors shall
cease to own and control, of record and beneficially, directly or indirectly, more than 50% of the total voting power of all classes
of Capital Stock of it entitled to vote generally in the election of directors free and clear of all Liens, other than Liens of
the type permitted pursuant to Section 8.3; and

 

(d)          from
and after the consummation of the MLP Restructuring, the Borrowers’ Agent shall cease to own and control, of record and beneficially,
100% of the limited liability membership interests of CEP free and clear of all Liens, other than Liens of the type permitted pursuant
to Section 8.3.

 

“Closing Date”:
the date on which the conditions precedent set forth in Section 6.1 shall be satisfied or waived.

 

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

 

“Collateral”:
all property and interests in property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to
be created by any Security Document.

 

“Collateral Agent”:
as defined in the introductory paragraph of this Agreement.

 

“Combined Capital”
as of the date of determination, the sum of (a) the aggregate value of the capital accounts of the partners of the Borrowers’
Agent as shown on the Borrowers’ Agent consolidated balance sheet contained in the most recent financial statements delivered
pursuant to Section 7.1 and (b) the aggregate value of the capital accounts of the members of the CEP-TIR as shown on
the consolidated balance sheet of CEP-TIR contained in the most recent financial statements delivered pursuant to Section 7.1.

 

“Combined EBITDA”:
for any period, for the Loan Parties on a combined basis, Combined Net Income of the Loan Parties for such period,

 

plus, without
duplication and to the extent reflected as a charge in the statement of such Combined Net Income for such period, the sum
of (i) income tax expense, (ii) Combined Interest Expense, amortization or writeoff of debt discount and debt issuance costs and
commissions, discounts and other fees and charges associated with Indebtedness (including under this Agreement), (iii) depreciation
and amortization expense; (iv) extraordinary or nonrecurring losses, expenses and charges, (v) fees and expenses incurred during
such period in connection with this Agreement, the initial public offering of the Borrowers’ Agent and any actual issuance
of any Indebtedness or Capital Stock, or any actual acquisitions, investments, asset sales or divestitures permitted hereunder,
and (vi) all non-cash losses, charges and expenses, including any asset impairments, write-offs or write-downs; provided
that in the case of each of clause (iv), (v) and (vi) such amounts are acceptable to each of the Joint Lead Arrangers; and

 

    	-11-

    	 

    

 

minus without
duplication and to the extent included in the statement of such Combined Net Income for such period, the sum of (a) interest
income and credits, (b) any extraordinary income or gains, (c) income tax credits (to the extent not netted from income tax expense)
and (d) any other non-cash income.

 

For purposes of calculating Combined EBITDA
for any period of four consecutive fiscal quarters (each a “Reference Period”) pursuant to any determination
of Adjusted Leverage Ratio, Total Leverage Ratio or Combined Interest Expense, as applicable, (i) if at any time during such Reference
Period any Loan Party shall have had a Material Disposition, the Combined EBITDA for such Reference Period shall be reduced by
an amount equal to the Combined EBITDA (if positive) attributable to the property that is the subject of such Material Disposition
for such Reference Period or increased by an amount equal to the Combined EBITDA (if negative) attributable thereto for such Reference
Period, (ii) if during such Reference Period a Loan Party shall have made a Permitted Acquisition, Combined EBITDA for such Reference
Period shall be calculated after giving pro forma effect thereto as if such Permitted Acquisition occurred on the first
day of such Reference Period; provided that (x) for any Permitted Acquisition with at least six (6) months of historical
operating data, the pro forma calculations will utilize the historical operating data (annualized as necessary) plus an
allowance at the discretion of the Joint Lead Arrangers that shall not exceed 15% of such historical data, and (y) for any Permitted
Acquisition with less than six (6) months of historical operating data, the pro forma calculations will utilize a combination
of historical operating data annualized and adjustments mutually agreed between the Borrowers’ Agent and each of the Joint
Lead Arrangers, and (iii) if during such Reference Period a Loan Party shall have made a Permitted Business Expansion, Combined
EBITDA for such Reference Period shall be calculated after giving pro forma effect thereto as if such Permitted Business
Expansion occurred on the first day of such Reference Period; provided that for any Permitted Business Expansion, the
pro forma calculations will utilize forecasts mutually agreed between the Borrowers’ Agent and the
Collateral Agent, subject to a deduction of up to 10% of such forecasted income per month at the discretion of each of the Joint
Lead Arrangers for any completion delays and; provided further that aggregate contribution from Material Business Expansions
shall not exceed 15% of Combined EBITDA for any Reference Period. Combined EBITDA for the periods ending on or prior to December
31, 2013 shall be deemed to be (1) with respect to the quarter ending March 31, 2013, $6,420,802, (2) with respect to the quarter
ending June 30, 2013, $6,827,005, and (3) with respect to the quarter ending September 30, 2013, $9,044,919.

 

“Combined Interest
Coverage Ratio”: as of any date of determination, the ratio of (a) Combined EBITDA for the period of four fiscal quarters
ending on such date to (b) Combined Interest Expense for such period.

 

“Combined Interest
Expense”: for any period, for the Loan Parties on a combined basis, an amount equal to, without duplication, (a) all
interest, premium payments, debt discount, fees, charges and related expenses of the Loan Parties in connection with borrowed money
(including capitalized interest and letter of credit fees) or in connection with the deferred purchase price of assets, in each
case to the extent treated as interest in accordance with GAAP (but excluding amortized non-cash financing costs), plus (b) the
portion of rent expense of the Loan Parties with respect to such period attributable to interest under Financing Leases and Synthetic
Leases whether or not treated as interest in accordance with GAAP, plus (c) the net amount payable under interest rate Financial
Hedging Agreements accrued during such period (whether or not actually paid during such period) minus (d) the net amount
receivable under interest rate Financial Hedging Agreements accrued during such period (whether or not actually received during
such period). “Combined Interest Expense” shall be calculated for each period, on a pro forma basis, after giving
effect to, without duplication, any incurrence or repayment of Indebtedness, any Permitted Acquisition and any Material Disposition
occurring during each period, as the case may be, and as if such incurrence, acquisition or disposition (as applicable) occurred
or was completed on the first day of such period.

 

    	-12-

    	 

    

 

“Combined Net
Income”: for any period, the net income (or loss) of the Loan Parties for that period determined on a combined basis
without duplication in accordance with GAAP.

 

“Combined Total
Assets” as of the date of any determination thereof, total assets of the Loan Parties and their Subsidiaries calculated
on a combined basis in accordance with GAAP consistently applied as of such date.

 

“Combined Total
Indebtedness”: at any date, all Indebtedness of the Loan Parties at such date, determined on a combined basis in accordance
with GAAP.

 

“Commitment”:
at any date, as to any Lender, the Working Capital Facility Commitments and/or the Acquisition Facility Commitments of such Lender,
as the context requires.

 

“Commitment
Percentage”: at any time, as to any Lender, the Acquisition Facility Commitment Percentage or the Working Capital Facility
Commitment Percentage of such Lender at such time, as the context requires.

 

“Commitment
Period”: the Acquisition Facility Commitment Period or the Working Capital Facility Commitment Period, as the context
requires.

 

“Commitment
Termination Date”: the Acquisition Facility Commitment Termination Date or the Working Capital Facility Commitment Termination
Date, as the context requires.

 

“Commodity Account”:
as defined in Section 9-102 of the New York Uniform Commercial Code.

 

“Commodity Contract”:
(a) a Physical Commodity Contract, (b) any Commodity OTC Agreement or (c) a contract for the storage or transportation of any physical
Eligible Commodity.

 

“Commodity OTC
Agreement”: (i) any forward commodity contracts (excluding any Forward Contract which is a Physical Commodity Contract),
swaps, options, collars, caps, or floor transactions, in each case based on Eligible Commodities and (ii) any other similar transaction
(including any option to enter into any of the foregoing) or any combination of the foregoing.

 

“Commonly Controlled
Entity”: an entity, whether or not incorporated, which is under common control with a Borrower within the meaning of
Section 4001(a)(14) of ERISA or is part of a group which includes a Borrower and which is treated as a single employer under Section
414(b), (c), (m) or (o) of the Code.

 

“Compliance Certificate”:
as defined in Section 7.2(a).

 

“Confidential Information”:
as defined in Section 11.16.

 

    	-13-

    	 

    

 

“Continuation/Conversion
Notice”: as defined in Section 4.3(a)

 

“Continue”,
“Continuation” and “Continued”: the continuation of a Eurodollar Loan from one Interest Period
to the next Interest Period.

 

“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.

 

“Controlled Account”:
each Pledged Account that is subject to an Account Control Agreement.

 

“Convert”,
“Conversion” and “Converted”: a conversion of Base Rate Loans into Eurodollar Loans, or a
conversion of Eurodollar Loans into Base Rate Loans.

 

“Counterparty
Forward Contract Amount”: with respect to any Forward Contract Counterparty, an amount equal to (a) the aggregate Marked-to-Market
Value of all Eligible Forward Contracts of the Loan Parties with such Forward Contract Counterparty with a positive value, net
of (i) cash and Cash Equivalents held by a Loan Party from such Forward Contract Counterparty for such Eligible Forward Contract
and (ii) any claim of offset or other counterclaim known to the Loan Parties to have been asserted in respect of those Eligible
Forward Contracts by such Forward Contract Counterparty, minus, (b) the aggregate Marked-to-Market Value of all Forward
Contracts of the Loan Parties with such Forward Contract Counterparty with a negative value, net of cash and Cash Equivalents posted
any Loan Party with such Forward Contract Counterparty for such Forward Contract.

 

“Credit Exposure”:
at any date, as to any Lender, (i) with respect to any Facility, the Acquisition Facility Credit Exposure or the Working Capital
Facility Credit Exposure of such Lender at such time, as the context requires, or (ii) with respect to all Facilities, the sum
of the Acquisition Facility Credit Exposure and the Working Capital Credit Exposure of such Lender at such time.

 

“Credit Exposure
Percentage”: at any date, as to any Lender (i) with respect to any Facility, the Acquisition Facility Credit Exposure
Percentage or the Working Capital Facility Credit Exposure Percentage of such Lender at such time, as the context requires, and
(ii) with respect to all Facilities at any date, the fraction (expressed as a percentage), the numerator of which is the Credit
Exposure of such Lender at such time and the denominator of which is the aggregate Credit Exposures of all of the Lenders at such
time.

 

“Credit Utilization Summary”:
as defined in Section 4.13.

 

“DBNY”: as defined
in the introductory paragraph of this Agreement.

 

“Default”:
any of the events specified in Section 9.1, whether or not any requirement for the giving of notice, the lapse of time,
or both, has been satisfied.

 

    	-14-

    	 

    

 

“Defaulting
Lender”: at any time, any Lender that (a) within two (2) Business Days of when due, has failed to fund any portion of
any Working Capital Facility Loan, Acquisition Facility Loan, Swing Line Loan, Refunded Swing Line Loan, Swing Line Participation
Amount or L/C Participation Obligation (or any participation in the foregoing) to, as applicable, the Borrowers’ Agent, the
Administrative Agent, the Swing Line Lender or any Issuing Lender required pursuant to the terms of this Agreement to be funded
by such Lender, or has notified the Administrative Agent that it does not intend to do so unless such Lender notifies the Administrative
Agent 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 writing)
has not been satisfied; or (b) notified the Borrowers’ Agent, the Administrative Agent, any Issuing Lender, or any Lender
in writing that it does not intend to comply with any of its funding obligations under this Agreement (unless such writing 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 writing) cannot be satisfied) or has made a public statement
to the effect that it does not intend to comply with its funding obligations under this Agreement or under other agreements generally
in which it commits to extend credit; or (c) failed, within two (2) Business Day after request by the Administrative Agent or the
Borrowers’ Agent, to confirm that it will comply with the terms of this Agreement relating to any of its obligations to fund
prospective Working Capital Facility Loans, Acquisition Facility Loans, Swing Line Loans, Refunded Swing Line Loans, Swing Line
Participation Amounts or L/C Participation Obligations; or (d) otherwise failed to pay over to the Administrative Agent, any Issuing
Lender, or any other Lender any other amount required to be paid by it hereunder within one (1) Business Day of the date when due,
unless the subject of a good faith dispute; or (e) (i) has become or is insolvent or has a parent company that has become or is
insolvent or (ii) has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee
or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence
in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding,
or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating
its consent to, approval of or acquiescence in any such proceeding or appointment.

 

“Deposit Account”:
as defined in Section 9-102 of the New York Uniform Commercial Code.

 

“Disclosing Party”: as defined in
Section 11.16(b).

 

“Disclosure
Letter”: a letter dated as of the Closing Date from the Borrowers’ Agent to the Collateral Agent (to be shared
with the Administrative Agent and the Lenders) disclosing with respect to each Loan Party as of the Closing Date (i) all obligations,
liabilities and commitments referenced in Section 5.1(d), (ii) all Dispositions or Acquisitions referenced in Section
5.1(e), (iii) the insurance maintained by the Loan Parties, and (iv) the post-MLP Restructuring structure.

 

“Disposition”:
with respect to any Property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or other disposition thereof;
and the terms “Dispose” and “Disposed of” shall have correlative meanings.

 

“Dollar Equivalent”:
at any time, (a) with respect to any amount denominated in United States Dollars, such amount, and (b) with respect to any amount
denominated in any Canadian Dollars, the equivalent amount thereof in United States Dollars as determined by the Collateral Agent
at such time on the basis of the Spot Rate for the purchase of United States Dollars with Canadian Dollars.

 

“EBITDA”:
with respect to any Person, the calculation of the net income of such Person consistent with the definition of “Combined
EBITDA”.

 

“Eligible Account
Receivable”: as of any Borrowing Base Date, an Account Receivable as to which the following requirements have been fulfilled:

 

    	-15-

    	 

    

 

(a)          the
relevant Loan Party has lawful and absolute title to such Account Receivable subject only to Permitted Borrowing Base Liens; provided
that the amount of the Eligible Account Receivable, if any, included in the Borrowing Base shall be net of the aggregate amount
secured by such Permitted Borrowing Base Lien (except Liens in favor of the Collateral Agent for the benefit of the Secured Parties
under the Loan Documents);

 

(b)          with
respect to any such Account Receivable relating to a Financial Hedging Agreement, the amount of such Account Receivable payable
by the Account Debtor thereof has been determined;

 

(c)          such
Account Receivable is a valid, legally enforceable obligation of the Account Debtor who is obligated under such Account Receivable;

 

(d)          the
amount of such Account Receivable included as an Eligible Account Receivable shall have been reduced by any portion that is, or
which any Loan Party has a reasonable basis to believe may be, subject to any dispute, offset, counterclaim or other claim or defense
on the part of the Account Debtor (including offset or netting relating to trade or any other payables, contra, accrued liabilities,
unrealized forward losses and net exchange payables specific to such Account Debtor) or to any claim on the part of the Account
Debtor denying payment liability under such Account Receivable (provided that any amount so deducted shall not be further
deducted from the Borrowing Base);

 

(e)          such
Account Receivable is not evidenced by any chattel paper, promissory note or other instrument unless such chattel paper, promissory
note or other instrument is subject to a Perfected First Lien and delivered to the Collateral Agent for the benefit of the Secured
Parties;

 

(f)          such
Account Receivable is subject to a Perfected First Lien, and such Account Receivable is not subject to any Liens other than Perfected
First Liens or Permitted Borrowing Base Liens;

 

(g)          such
Account Receivable has been fully earned and (i) such Account Receivable has been invoiced, (ii) payment of the Account Receivable
is otherwise due and payable; or (iii) such Account Receivable is an Eligible Unbilled Accounts Receivable; provided that
such Account Receivable shall qualify as an Eligible Account Receivable only (A) if such Account Receivable arises from a Financial
Hedging Agreement and not more than five (5) Business Days have elapsed after the date on which the payment of the Account Receivable
is required to be paid under the terms of such Financial Hedging Agreement; and (B) for any other Account Receivable not covered
by clause (A), such Eligible Unbilled Accounts Receivable is invoiced within fifteen (15) Business Days of being fully earned and
the terms of such Account Receivable require payment within forty-five (45) days of the date of the original invoice and not more
than 60 days have elapsed after the due date specified in the original invoice;

 

(h)          such
Account Receivable complies with all applicable Laws and regulations to which the relevant Loan Party is subject;

 

(i)          such
Account Receivable is reduced by any prepayment or cash collateral from the applicable Account Debtor;

 

(j)          at
the time of the sale giving rise to such Account Receivable, the Account Debtor is not in contractual default on any other obligations
to any Loan Party (other than (i) any amounts subject to a good faith dispute under the applicable contract, and (ii) amounts due
and owing within the applicable time periods specified in clause (g) above);

 

    	-16-

    	 

    

 

(k)          the
Account Debtor obligated on such Account Receivable (i) has not admitted in writing its inability to pay its debts generally or
made a general assignment for the benefit of its creditors, (ii) has not instituted or had instituted against it a proceeding seeking
to adjudicate it a debtor, bankrupt or insolvent or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection,
relief or composition of it or its debts under any 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 receiver, trustee or other similar official of it or for any
substantial part of its property, and (iii) has not taken any corporate action to authorize any of the foregoing;

 

(l)          (i)
the Account Debtor of such Account Receivable shall not be a Governmental Authority unless all actions required under any Assignment
of Claims Act applicable to such Account Receivable and such Governmental Authority shall have been taken to approve and permit
the assignment of rights to payment thereunder or thereon to the Collateral Agent, for the ratable benefit of the Secured Parties,
under the Security Documents and (ii) the Account Debtor of such Account Receivable shall not be a Governmental Authority of a
State within the United States unless such state has waived any claim of sovereign immunity with respect to such Account Receivable
by statute, applicable case law, contract or otherwise;

 

(m)          if
the Account Debtor of such Account Receivable is incorporated in, or primarily conducts business in, any jurisdiction outside the
United States or Canada, such Account Debtor is an Eligible Foreign Counterparty;

 

(n)          such
Account Receivable is denominated in United States Dollars or Canadian Dollars and payable in either the United States or Canada;

 

(o)          such
Account Receivable is not inclusive of any demurrage claim; and

 

(p)          such
Account Receivable is not otherwise determined in the reasonable discretion of the Collateral Agent, to be ineligible.

 

“Eligible Broker”: as defined
in the definition of “Eligible Net Liquidity in Futures Accounts” in this Section 1.1.

 

“Eligible Cash
and Cash Equivalents”: as of any Borrowing Base Date, currency consisting of United States Dollars, Canadian Dollars
or Cash Equivalents, in each case, which (i) has been deposited in a Deposit Account with a Cash Management Bank that is subject
to an Account Control Agreement, (ii) is subject to a Perfected First Lien, and (iii) is subject to no other Liens other than Permitted
Cash Management Liens.

 

“Eligible Commodities”:
collectively, crude oil, natural gas liquids, transportation fuels, natural gas, condensate, intermediaries, distillates, liquefied
petroleum gases, refined petroleum products or any blend thereof.

 

    	-17-

    	 

    

 

“Eligible Foreign
Counterparty”: an Account Debtor that is incorporated in, or primarily conducts business in, any jurisdiction outside
the United States or Canada, and (A) is set forth on Schedule 1.1(C) or (B) has been approved by the Required Lenders, in
their reasonable discretion, from time to time after the Closing Date in accordance with the following procedure: (x) the
Borrowers’ Agent shall deliver a written request to the Administrative Agent for such approval by the Required Lenders of
such counterparty and credit exposure, which request shall be provided by the Administrative Agent to the Lenders, including, without
limitation, if requested by a Lender, through posting on Intralinks or other web site in use to distribute information to the Lenders,
or by other electronic mail, or other notice procedure permitted under Section 11.2; and (y) the Required Lenders shall
inform the Administrative Agent of such approval in writing (by electronic communication or facsimile) within five (5) Business
Days after receipt of notice from the Administrative Agent; provided that failure of a Lender to respond to any request
for approval within the time period provided for hereby shall be deemed to be an acceptance of such counterparty as a Eligible
Foreign Counterparty by such Lender. The Collateral Agent may, in its reasonable discretion, extend such five (5) Business Day
period if the Collateral Agent determines that any counterparty requires additional review by the Lenders. Schedule 1.1(C)
shall be deemed amended to include such Eligible Foreign Counterparties and the related credit exposure without further action
immediately upon the Required Lenders’ approval of such Eligible Foreign Counterparty and the related credit exposure in
accordance with the procedure described in this definition.

 

“Eligible Forward
Contract”: a Forward Contract of a Loan Party which (a) is evidenced by a written agreement or a trade confirmation enforceable
against the party thereto, (b) is subject to a Perfected First Lien, subject only to Permitted Borrowing Base Liens, (c) has not
been terminated and is not subject to termination by reason of a default or any other termination event thereunder, (d) the Forward
Contract Counterparty thereto is not a Subsidiary or an Affiliate of any Loan Party, (e) has not been deemed ineligible as to its
form by the Collateral Agent acting in its reasonable discretion (provided, that any Forward Contract of a Loan Party’s
in a form previously approved by the Collateral Agent as of the Closing Date is, in form, eligible for purposes of this clause
(e)), including, without limitation, by reason of failure of any such Forward Contract to contain a liquidated damages clause
acceptable to the Collateral Agent in its reasonable discretion unless (i) such Forward Contract was entered into prior to the
Closing Date or (ii) such Forward Contract is a renewal of a Forward Contract originally entered into prior to the Closing Date
and (x) the applicable Loan Party has been unable to include such liquidated damages clause in such renewed Forward Contract after
using its commercially reasonable efforts to do so and (y) the Collateral Agent, acting in its reasonable discretion, has, upon
notice from the Borrower Agent’s thereof, approved such renewed Forward Contract, and (f) the Forward Contract Counterparty
thereto is not a Governmental Authority unless all actions required under any applicable Assignment of Claims Act, if any, applicable
to such Forward Contract and such Governmental Authority shall have been taken to approve and permit the assignment of rights to
payment thereunder or thereon to the Collateral Agent, for the ratable benefit of the Secured Parties under the Security Documents.

 

“Eligible Inventory”:
as of any Borrowing Base Date, all inventory of any Loan Party consisting of Eligible Commodities valued at the then current Market
Value, and in all instances as to which the following requirements have been fulfilled:

 

(a)          the
inventory is owned by Loan Party;

 

(b)          the
inventory is subject to a Perfected First Lien under the laws of the jurisdiction of such Loan Party’s jurisdiction of formation
and is free and clear of all other Liens except Permitted Borrowing Base Liens;

 

(c)          the
inventory has not been identified for deliveries with the result that a buyer may have rights to the inventory that could be superior
to the Perfected First Liens, nor shall such inventory have become subject to a customer’s ownership or lien;

 

(d)          the
inventory is in storage at an Eligible Inventory Location or is in transit under the control and ownership of a Loan Party;

 

(e)          the
inventory is in good saleable condition, is not deteriorating in quality and is not obsolete; and

    	-18-

    	 

    

 

(f)          the
inventory has not otherwise been determined, in the reasonable discretion of the Collateral Agent, to be ineligible;

 

provided that the value of Eligible
Inventory shall be reduced by the Market Value of any net volumetric balance owed by such Loan Party to a counterparty with
whom such Loan Party holds title to the inventory.

 

“Eligible Inventory
Location”: (a) any pipeline or storage facility owned by any Loan Party, and (b) any other pipeline, third-party carrier
or third party storage facility that (i) within forty-five (45) days after the Closing Date, has been sent notice of the Collateral
Agent’s Perfected First Lien on the inventory owned by any Loan Party located in or at such pipeline, third party carrier
or third party storage facility in accordance with the Security Agreement, and (ii) (A) is identified on Schedule 1.1(A)
(the “Eligible Inventory Location Schedule”) as of the Closing Date or (B) has been identified to the Collateral
Agent in writing by the Loan Parties. Any facility so identified shall be deemed to have been automatically added to the Eligible
Inventory Location Schedule and an updated Eligible Inventory Location Schedule may be provided to the Borrowers and the Lenders
by the Administrative Agent from time to time upon the request by any such party to the Administrative Agent, which request shall
not be made more than once during any fiscal quarter.

 

“Eligible Investment
Grade Accounts Receivable”: at the time of any determination thereof, each Eligible Account Receivable or Eligible Unbilled
Account Receivable the Account Debtor of which is an Investment Grade Counterparty.

 

“Eligible Letters
of Credit Issued for Commodities Not Yet Received”: as of any Borrowing Base Date, the aggregate face amount of either
standby and/or documentary Letters of Credit for the purchase or transportation of Eligible Commodities for which title has passed
to a Loan Party as of such Borrowing Base Date or would be passed to a Loan Party if such Letter of Credit were to be drawn as
of such date, as long as such Loan Party is able to calculate drawable liability thereof in a manner acceptable to the Collateral
Agent in its reasonable discretion (exercised in good faith), which such manner shall be in such Loan Party’s normal course
of business and consistent with its month-end reconciliation processes, minus any amounts drawn or paid under such Letters
of Credit minus any other liabilities then existing that may be satisfied by any such Letters of Credit minus any
other liabilities that may be owed by such Loan Party to the beneficiary of any such Letters of Credit and which may be satisfied
by any such Letters of Credit minus, with regard to any such Letters of Credit for transportation, any liabilities that
may be satisfied by any such Letters of Credit as reasonably estimated by the Borrowers’ Agent through the immediately following
calendar month, if the applicable Borrowing Base Date is as of the end of the month, and otherwise through the end of the current
calendar month.

 

“Eligible Net
Liquidity in Futures Accounts”: as of any Borrowing Base Date, the Net Liquidation Value of any Commodity Account of
any Loan Party as of such date maintained with a reputable broker reasonably acceptable to the Collateral Agent (each, an “Eligible
Broker”) with respect to positions held by such Eligible Broker on a regulated exchange that has been maintained at all
times and in all respects in accordance with this Agreement (including for the avoidance of doubt, all transactions credited thereto
or related thereto) which is subject to (i) a Perfected First Lien, subject only to Permitted Borrowing Base Liens and any Lien
of such Eligible Broker in connection with any indebtedness of such Loan Party to such Eligible Broker permitted by the applicable
Account Control Agreement (including, but not limited to, if permitted, any right of the Eligible Broker to close out open positions
of such Loan Party without prior demand for additional margin and without prior notice) (such amounts in a Commodity Account subject
to the liens and close-out rights of the Eligible Broker set forth in this clause (i), the “Brokerage Account Deducts”),
and (ii) an Account Control Agreement among the Collateral Agent, such Loan Party holding such account and the Eligible Broker
with which such account is maintained. Eligible Net Liquidity in Futures Accounts shall include any discounted face value of any
U.S. Treasury Securities held as of such date in such account that are zero coupon securities issued by the United States of America,
minus any unearned interest on such U.S. Treasury Securities as of such date; provided that the maturity date thereof
is within six (6) months of the relevant Borrowing Base Date; provided, further, that the Eligible Net Liquidity
in Futures Accounts as calculated pursuant to this definition shall be net of any Brokerage Account Deducts.

 

    	-19-

    	 

    

 

“Eligible Non-Investment
Grade Accounts Receivable”: at the time of any determination thereof, each Eligible Account Receivable or Eligible Unbilled
Account Receivable, the Account Debtor of which is not an Investment Grade Counterparty.

 

“Eligible Unbilled
Account Receivable”: as of any Borrowing Base Date, each Account Receivable of any Loan Party which would be an Eligible
Account Receivable but for the fact that such Account Receivable has not actually been invoiced prior to such Borrowing Base Date.

 

“Employee Benefit
Plans”: any benefit plan or arrangements in respect of any employees or past employees operated by any Loan Party or
in which any Loan Party participates and which provides benefits on retirement or voluntary withdrawal from or involuntary termination
of employment, including, without limitation, termination indemnity payments and post-retirement medical benefits.

 

“Environmental
Laws”: any and all federal, state or local statutes, orders, regulations or other Law having the force and effect of
law, including common law, guidelines, decrees, orders, injunctions, rules, judgments, consents, directives, instructions, standards,
judicial or administrative decisions or other requirements by Governmental Authority having the force and effect of law, including
judicial interpretation of any of the foregoing concerning the environment or health and safety (including regulating, relating
to or imposing liability or standards of conduct concerning Materials of Environmental Concern) which are in existence now or in
the future and are binding at any time on any Loan Party in the relevant jurisdiction in which such Loan Party has been or is operating
(including by the export of its products or its waste to that jurisdiction). Notwithstanding anything in this Agreement or in any
other Loan Document to the contrary, the defined term “Laws” and the usage of such term (including as used in
the defined term “Requirement of Law”) herein and in each other Loan Document shall not include any of the items
in the definition of the term “Laws” to the extent they both (i) concern the environment or health and safety
(including regulating, relating to or imposing liability or standards of conduct concerning Materials of Environmental Concern)
and (ii) do not have the force and effect of law.

 

“Environmental
Permits”: any permit, license, registration, consent, approval and other authorization from a Governmental Authority
required under any Environmental Law for the operation of the business, including facilities and equipment, of any Loan Party conducted
on, at the Properties.

 

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

 

“ESA”: as defined in Schedule
7.15.

 

“Eurocurrency
Reserve Requirements”: for any day as applied to a Eurodollar Loan, the aggregate (without duplication) of the rates
(expressed as a decimal fraction) of reserve requirements current on such day (including, without limitation, basic, supplemental,
marginal and emergency reserves under any regulations of the Board or other Governmental Authority having jurisdiction with respect
thereto), as now and from time to time hereafter in effect, dealing with reserve requirements prescribed for eurocurrency funding
(currently referred to as “Eurocurrency Liabilities” in Regulation D of such Board) maintained by a member bank of
the Federal Reserve System.

    	-20-

    	 

    

 

“Eurodollar
Base Rate”: with respect to each day during each Interest Period pertaining to a Eurodollar Loan, the rate per annum
determined on the basis of the rate for deposits in United States Dollars for a period equal to such Interest Period commencing
on the first day of such Interest Period appearing on Reuters Reference LIBOR 01 (or any successor page) at approximately 11:00
a.m. (London time) two (2) Business Days prior to the first day of such Interest Period. In the event that such rate does not appear
on Reuters Reference LIBOR 01 (or otherwise on such screen), the “Eurodollar Base Rate” shall be determined by reference
to such other comparable publicly available service for displaying eurodollar rates as may be selected by the Collateral Agent
or, in the absence of such availability, by reference to the rate at which the Collateral Agent is offered United States Dollar
deposits at or about 11:00 a.m. (New York City time), two (2) Business Days prior to the beginning of such Interest Period in the
London interbank eurodollar market where its eurodollar and foreign currency and exchange operations are then being conducted for
delivery on the first day of such Interest Period for the number of days comprised therein and in an amount comparable to the amount
of its Eurodollar Loan to be outstanding during such Interest Period.

 

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

 

“Eurodollar
Rate”: with respect to each day during each Interest Period pertaining to a Eurodollar Loan, a rate per annum determined
for such day in accordance with the following formula:

 

	Eurodollar Base Rate
	1.00 -  Eurocurrency Reserve Requirements

 

“Event of Default”:
any of the events specified in Section 9.1 for which all applicable requirements for the giving of notice, the lapse of
time, or both, have been satisfied.

 

“Excluded Accounts”:
collectively, Deposit Accounts of any Grantor solely to the extent that the balance of such Deposit Account is less than $250,000;
provided that the aggregate amount on deposit in all Excluded Accounts shall not, at any time exceed, $2,500,000.

 

“Excluded Obligations”:
the obligations of the Loan Parties described as “Excluded Obligations” in the Disclosure Letter for which the applicable
Loan Party has received credit support in the form of (a) an irrevocable letter of credit naming the Collateral Agent (or such
other Person acceptable to the Collateral Agent) as “beneficiary” thereof, which letter of credit shall (i) be in form
and substance reasonably acceptable to the Collateral Agent, (ii) be issued by a bank that is Investment Grade, and (iii) not terminate
earlier than fifteen (15) days after the expected payment date of such Excluded Obligation; provided, that, upon the request
of the Collateral Agent during the continuance of an Event of Default, with respect to each letter of credit described in this
clause (a), the applicable Loan Party shall (A) assign the proceeds of such letter of credit to the Collateral Agent (or such other
Person acceptable to the Collateral Agent), (B) cause the issuing bank of such letter of credit to consent to such assignment and
(C) cause any such letter of credit issued to be advised by the Collateral Agent or (b) cash in an amount equal to such Excluded
Obligations which is deposited in a Deposit Account that is a Controlled Account subject to the exclusive control of the Collateral
Agent and ineligible for Borrowing Base credit.

 

“Excluded Subsidiary”:
any (a) Exempt CFC, (b) any Immaterial Subsidiary, and (c) Cypress Equipment, LLC, Cypress Energy Solutions, LLC, SBG Sheridan
Facility LLC and Cypress Energy Partners – Praire Lakes SWD, LLC; provided that after the initial registered public
offering of the Capital Stock of the Borrowers’ Agent, each Person identified in clause (c) shall cease to qualify as an
“Excluded Subsidiary” under clause (c) to the extent such Person becomes a Subsidiary of any Loan Party.

 

    	-21-

    	 

    

 

“Excluded Swap
Obligation”: with respect to any Guarantor, any Swap Obligation if, and to the extent that, and only for so long as,
all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, as applicable,
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) by virtue of
such Guarantor’s failure to constitute an “eligible contract participant,” as defined in the Commodity Exchange
Act and the regulations thereunder, at the time the guarantee of (or grant of such security interest by, as applicable) such Guarantor
becomes or would become 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 guarantee or security interest is or becomes illegal.

 

“Executive Order” as defined in Section
5.24.

 

“Exempt CFC”:
any “controlled foreign corporation” (as defined in Section 957 of the Code) of which a Borrower or a Subsidiary of
a Borrower is a “United States shareholder” (within the meaning of Section 951 of the Code).

 

“Existing Credit
Facilities”: (a) the Account Purchase Agreement dated as of April 11, 2013, by and between Tulsa Inspection Resources-Nondestructive
Examination, Inc., an Oklahoma corporation, and TIR Capital Partners, LLC, a Delaware limited liability company (“TIR
Capital”), as amended, (b) the Account Purchase Agreement dated as of February 29, 2012, by and between TIR, as successor
by merger to Tulsa Inspection Resources, Inc., an Oklahoma corporation, and TIR Capital, as amended, (c) the Subsidiary Account
Purchase Agreement dated as of February 29, 2012, by and among Tulsa Inspection Resources-Canada Inc., Foley Inspection Services
Inc. and TIR Capital, and (d) the Loan Agreement dated as of March 12, 2009 and the Loan Agreement dated as of July 8, 2010, each
by and between TIR and TIR Capital, as amended.

 

“Existing Letter
of Credit”: each letter of credit issued by an Issuing Lender prior to the Closing Date and listed on Schedule 1.1(D)
hereto.

 

“Extensions
of Credit”: at any date, as to any Lender at any time, the amount of its Working Capital Facility Extensions of Credit
or its the Acquisition Facility Extensions of Credit at such time, as the context requires.

 

“Facility”:
the Acquisition Facility or the Working Capital Facility, as the context requires.

 

“Facility Increase Request”:
as defined in Section 4.1(b)(i).

 

“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,
any agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreements entered into in connection
with the implementation of such Sections of the Code.

 

“Federal Funds
Effective Rate”: for any day, the rate per annum equal to the weighted average of the interest rates on overnight federal
funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding
Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day,
the average of the quotations for the day of such transactions received by the Administrative Agent from three federal funds brokers
of recognized standing selected by it.

 

    	-22-

    	 

    

 

“Fee Letter”:
collectively, (a) the fee letter dated as of December 24, 2013, between DBNY and the Borrowers’ Agent, and (b) the fee letter
dated as of November 27, 2013, between the Administrative Agent and the Borrowers’ Agent.

 

“Financial Hedging
Agreement”: any currency swap, cross-currency rate swap, currency option, interest rate option, interest rate swap, cap
or collar agreement or similar arrangement or any other similar transaction (including any option to enter into any of the foregoing)
or any combination of the foregoing including, without limitation, any derivative relating to interest rate or currency rate risk,
in each case which is not a Commodity OTC Agreement.

 

“Financing Lease”:
any lease of property, real or personal, the obligations of the lessee in respect of which are required in accordance with GAAP
to be capitalized on a balance sheet of the lessee; provided, however, that operating leases that are recharacterized as
Financing Leases due to a change in GAAP after the Closing Date shall not be treated as Financing Leases for any purpose under
this Agreement, but shall instead be treated as they would have been in accordance with GAAP as in effect on the Closing Date and
prior to such change(s) as set forth in Section 1.2.

 

“First Purchaser
Lien”: a so-called “first purchaser” Lien, as defined in Texas Bus. & Com. Code Section 9.343, comparable
Laws of the states of Oklahoma, Kansas, Mississippi, Wyoming, New Mexico, or North Dakota, or any other comparable Law of any such
jurisdiction or any other applicable jurisdiction.

 

“First Purchaser
Lien Amount”: as of any Borrowing Base Date, in respect of any property of a Loan Party subject to a First Purchaser
Lien, the aggregate amount of the obligations outstanding as of such date giving rise to such First Purchaser Lien, less any portion
of such obligations that are secured or supported by a Letter of Credit.

 

“Fiscal Year”: the fiscal
year of the Borrowers’ Agent and CEP-TIR, which consists of a twelve (12) month period beginning on each January 1 and ending
on each December 31.

 

“Forward Contract”:
as of any date of determination, a Commodity Contract with a delivery date or, with respect to a Commodity OTC Agreement, price
settlement date, one day or later after such date of determination.

 

“Forward Contract
Counterparty”: any counterparty to a Forward Contract of any Loan Party.

 

“GAAP”:
generally accepted accounting principles in the United States of America in effect from time to time.

 

“General Partner”:
Cypress Energy Partners GP, LLC, a Delaware limited liability company.

 

“Governing Documents”:
with respect to (a) a corporation, its articles or certificate of incorporation, continuance or amalgamation and by-laws; (b) a
partnership, its certificate of limited partnership or partnership declaration, as applicable, and partnership agreement; (c) a
limited liability company, its certificate of formation and operating agreement; and (d) any other Person, the other organizational
or governing documents of such Person.

 

    	-23-

    	 

    

 

“Governmental
Authority”: any nation or government, any state, provincial or other political subdivision thereof and any agency, authority,
instrumentality, court, central bank or other similar entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government.

 

“Grantor”:
any Person executing and delivering a Security Document, or becoming party to a Security Document (by supplement or otherwise)
pursuant to documentation acceptable to the Collateral Agent and otherwise pursuant to this Agreement.

 

“Guarantee Obligation”:
as to any Person (the “guaranteeing person”), any obligation of (a) the guaranteeing person or (b) another Person
(including, without limitation, any bank under any letter of credit) to induce the creation of an obligation for which the guaranteeing
person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing
any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of a third Person (the
“primary obligor”) in any manner, whether directly or indirectly, including, without limitation, 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. The terms “Guarantee” and “Guaranteed” used as a verb shall have a correlative meaning. 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 Borrowers’ Agent in good faith. Guaranteed Obligation shall not include
any performance bonds, surety bonds, appeal bonds or customs bonds required in the ordinary course of business or in connection
with the enforcement of rights or claims of any Loan Party or in connection with judgments that have not resulted in a Default
or an Event of Default.

 

“Guarantors”:
the parties party to the Guaranty in the capacity as “guarantors” thereunder as of the Closing Date and, after the
Closing Date, each other Person executing and delivering the Guaranty, or becoming a party to the Guaranty (by supplement or otherwise),
pursuant to this Agreement.

 

“Guaranty”:
the Guarantee Agreement to be executed and delivered by the Loan Parties (other than the Borrowers), substantially in the form
of Exhibit C.

 

“Hedging Agreement
Qualification Notification”: a notification in substantially in the form of Exhibit O.

 

    	-24-

    	 

    

 

“Immaterial
Subsidiary”: any Subsidiary of any Loan Party designated as such by the Borrowers’ Agent; provided that,
(i) the total assets of all Immaterial Subsidiaries, determined in accordance with GAAP as of the date of the most recent financial
statements delivered pursuant to Section 7.1, shall not exceed five percent (5%) of the Combined Total Assets of the Loan
Parties and their Subsidiaries based upon the most recent financial statements delivered pursuant to Section 7.1,
(ii) the EBITDA of all Immaterial Subsidiaries, calculated on a pro forma basis as if all such Immaterial Subsidiaries were Loan
Parties for the purpose of such calculation, shall not exceed, as of any date of determination, 5% of the EBITDA of all Loan Parties
and (iii) such Subsidiary does not hold any license, authorization, permit or other approval issued by any Governmental Authority
that is required for the operations of any Loan Party.

 

“Increase Amount”:
as defined in Section 4.1(b)(iii).

 

“Increase and New Lender
Agreement”: as defined in Section 4.1(b)(iii).

 

“Increase Period”:
the period from the Closing Date until (but excluding) the Commitment Termination Date.

 

“Increasing Lender”:
as defined in Section 4.1(b)(iii).

 

“Indebtedness”:
of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money (whether by loan or the
issuance and sale of debt securities) or for the deferred purchase price of property or services (other than (i) current trade
liabilities incurred in the ordinary course of business and payable in accordance with customary practices and (ii) unsecured cash
purchase price adjustments or cash earnouts in connection with Permitted Acquisitions that are reasonably acceptable in each case
to each of the Joint Lead Arrangers until such time as the amount payable pursuant to such purchase price adjustment or earnout
becomes a liability on the balance sheet of such Person in accordance with GAAP), (b) any other indebtedness of such Person which
is evidenced by a note, bond, debenture or similar instrument, (c) all obligations of such Person under Financing Leases or Synthetic
Leases, (d) all reimbursement obligations of such Person in respect of letters of credit, acceptances or similar instruments issued
or created for the account of such Person, (e) all liabilities of a third party secured by (or for which the holder of such obligations
has an existing right, contingent or otherwise, to be secured by) any Lien on any property owned by such Person even though such
Person has not assumed or otherwise become liable for the payment thereof, (f) all Guarantee Obligations of such Person in respect
of obligations of the kind referred to in clauses (a) through (e) above, and (g) for the purposes of Section 9.1(e) only,
all obligations of such Person in respect of Commodity OTC Agreements and Financial Hedging Agreements; provided that “Indebtedness”
shall not include any Excluded Obligations. The amount of any Indebtedness under (x) clause (e) shall be equal to the lesser of
(A) the stated amount of the relevant obligations and (B) the fair market value of the property subject to the relevant Lien, and
(y) clause (g) shall be the net amount, including any net termination payments, required to be paid to a counterparty rather than
the notional amount of the applicable Commodity OTC Agreement or Financial Hedging Agreement.

 

“Indemnified Liabilities”:
as defined in Section 11.6.

 

“Indemnitee”:
as defined in Section 11.6.

 

“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”:
as defined in Section 5.9.

 

    	-25-

    	 

    

 

“Interest Payment
Date”: (a) with respect to any Base Rate Loan, (i) prior to the Working Capital Facility Maturity Date or the Acquisition
Facility Maturity Date, as applicable, the last Business Day of each month and (ii) the Working Capital Facility Maturity Date
or the Acquisition Facility Maturity Date, as applicable, (b) with respect to any Eurodollar Loan, the last day of each Interest
Period with respect thereto and, with respect to any Eurodollar Loan having an Interest Period of six (6) months, the last day
of such Interest Period and the date which is three (3) months after the start of such Interest Period and (c) with respect to
any Loan (other than as provided in the first sentence of Section 4.9(b)), the date of any repayment or prepayment of principal
made in respect thereof.

 

“Interest Period”: with respect to
any Eurodollar Loan:

 

(i)          initially,
the period commencing on the Borrowing Date or Conversion date, as the case may be, with respect to such Eurodollar Loan and ending
one (1), two (2), three (3) or six (6) months thereafter, as irrevocably selected by the Borrowers’ Agent of such Eurodollar
Loan in its Borrowing Notice or Continuation/Conversion Notice, as the case may be, given with respect thereto; and

 

(ii)         thereafter,
each period commencing on the last day of the immediately preceding Interest Period applicable to such Eurodollar Loan and ending
one (1), two (2), three (3) or six (6) months thereafter, as irrevocably selected by the Borrowers’ Agent in its Continuation/Conversion
Notice to the Administrative Agent not less than three (3) Business Days prior to the last day of the then current Interest Period
with respect thereto;

 

provided that:

 

(A)         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;

 

(B)         any
Interest Period with respect to any Loan that would otherwise extend beyond the applicable Commitment Termination Date, shall end
on the applicable Commitment Termination Date; and

 

(C)         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 applicable calendar month.

 

“Investment”:
any advance, loan or extension of credit (other than trade receivables incurred in the ordinary course of the applicable Person’s
business and payable in accordance with customary market practices) or capital contribution to, investment in, or purchase or acquisition
of any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, any Person.

 

“Investment
Grade”: with respect to any Person, the long term senior unsecured non-credit enhanced credit rating or shadow rating
of which is BBB- or higher by S&P or Baa3 or higher by Moody’s.

 

    	-26-

    	 

    

 

“Investment
Grade Counterparty”: in relation to an Eligible Account Receivable or Eligible Unbilled Account Receivable, the counterparty
thereto to the extent that (a) such counterparty is Investment Grade or (b) such counterparty’s obligations with respect
thereto are supported by Acceptable Investment Grade Credit Enhancement.

 

“ISP98”: as defined in Section
3.3(g).

 

“Issuance Cap”:
with respect to the obligation of an Issuing Lender to issue any Letter of Credit pursuant to Section 3.1 or 3.2,
the aggregate amount of outstanding L/C Obligations attributable to Letters of Credit issued by such Issuing Lender (in its capacity
as an Issuing Lender) as set forth below or as otherwise agreed to between the Borrower’s Agent and such Lender:

 

	Issuing Lender	 	Issuance Cap	 
	DBNY	 	$	25,000,000	 

 

“Issuing Lenders”:
DBNY and each other Working Capital Facility Lender from time to time designated by the Borrowers’ Agent (and agreed to by
such Lender) as a Issuing Lender with the prior consent of the Collateral Agent (such consent not to be unreasonably withheld,
conditioned or delayed), each in its capacity as issuer of any Letter of Credit.

 

“Joint Lead
Arrangers”: Deutsche Bank AG, New York Branch and BMO Harris Bank N.A.

 

“L/C Fee Payment
Date”: (a) on the fifteenth day after the last Business Day of each March, June, September and December (or, if such
day is not on a Business Day, the next succeeding Business Day) and (b) the expiration date of the last outstanding Post-Termination
LOC. With respect to an L/C Fee Payment Date defined by (i) clause (a), the relevant payment period shall run through the end of
the relevant preceding calendar quarter, and (ii) clause (b), the relevant payment period shall run through the expiration date.

 

“L/C Obligations”:
at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the then outstanding Letters
of Credit and (b) the aggregate amount of drawings under Letters of Credit which have not then been reimbursed or converted to
a Working Capital Facility Loan pursuant to Section 3.6.

 

“L/C Participants”: with
respect to any Letter of Credit, all of the Working Capital Facility Lenders other than the relevant Issuing Lender thereof.

 

“L/C Participation
Obligations”: the obligations of the L/C Participants to purchase participations in the obligations of the Issuing Lenders
under outstanding Letters of Credit pursuant to Section 3.6.

 

“L/C Reimbursement Loan”: as defined
in Section 3.6(c).

 

“Laws”:
collectively, all international, foreign, federal, state, provincial, territorial and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration
thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable
administrative orders, directed duties, licenses, authorizations and permits of, and agreements with, any Governmental Authority,
in each case whether or not having the force of law.

 

    	-27-

    	 

    

 

“Lender Party”: each Agent and each
Lender.

 

“Lenders”:
as defined in the introductory paragraph to this Agreement and, as the context requires, includes, the Issuing Lenders, and the
Swing Line Lender. As of the Closing Date, each Lender is specified on Schedule 1.0.

 

“Letter of Credit”: as defined in
Section 3.1.

 

“Letter of Credit
Request”: a request by the Borrowers’ Agent for a new Letter of Credit or an amendment to an existing Letter of
Credit, in each case pursuant to Section 3.2 and substantially in the form of Annex I-B or other form reasonably satisfactory
to the relevant Issuing Lender and the Administrative Agent.

 

“Letter of Credit Sub-Limit”: $25,000,000
at any time outstanding.

 

“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,
without limitation, any conditional sale or other title retention agreement and any Financing Lease having substantially the same
economic effect as any of the foregoing), and the filing of any financing statement under the Uniform Commercial Code or comparable
Law of any jurisdiction in order to perfect any of the foregoing; provided that “Lien” shall refer to neither
(a) any interest or title of a lessor under any leases or subleases entered into by the Loan Parties in the ordinary course of
business nor (b) licenses, sub-licenses, leases or sub-leases granted to third parties in the ordinary course of business consistent
with past practices.

 

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

 

“Loan Documents”:
this Agreement, the Notes, any Letter of Credit Requests, the Perfection Certificate, the Guaranty, the Security Documents, the
Fee Letters, the Disclosure Letter, and all certificates and agreements now or hereafter executed and delivered to the Administrative
Agent or the Collateral Agent in connection with or pursuant to any of the foregoing, and all amendments, modifications, and renewals
of the foregoing.

 

“Loan Parties”: each Borrower and
each Guarantor.

 

“Marked-to-Market
Value”: with respect to any Commodity Contract of any Person on any date:

 

(a)          in
the case of a Commodity Contract for the purchase, sale, transfer or exchange of any physical Eligible Commodities, the unrealized
gain or loss on such Commodity Contract, determined by comparing (i) the amount to be paid or received under such Commodity Contract
for such Eligible Commodities pursuant to the terms thereof to (ii) the Market Value of such Eligible Commodities on such date,
and

 

(b)          in
the case of any other Commodity Contract, the unrealized gain or loss on such Commodity Contract determined by calculating the
amount to be paid or received under such other Commodity Contract pursuant to the terms thereof as if the cash settlement of such
other Commodity Contract were to be calculated on such date of determination by reference to the Market Value of the Eligible Commodities
that are the subject of such other Commodity Contract;

 

    	-28-

    	 

    

 

provided, that (i) in the case of
any Commodity Contract that is, in whole or in part, an option by its terms, the amount so calculated shall reflect industry
standard valuation models approved by the Collateral Agent and (ii) the Marked-to-Market Value of any Commodity Contract for the
storage or transportation of any physical Eligible Commodity shall be limited to its intrinsic value and shall take into account
any demand charges associated with such Commodity Contract.

 

“Market Value”:
with respect to an Eligible Commodity on any date, the price at which such Eligible Commodity could be purchased or sold for delivery
on that date or during the applicable period adjusted to reflect the specifications thereof and the location and transportation
differential, determined by using publicly available prices on such date; provided that the source of the publicly available
prices is reasonably acceptable to the Collateral Agent.

 

“Material Adverse
Effect”: a development or an event that has resulted in a material adverse change in (a) the operations, business, assets,
properties, or financial condition of the Loan Parties, taken as a whole, (b) the ability of the Loan Parties, taken as a whole,
to perform their obligations under this Agreement or any of the other Loan Documents, or (c) the legality, validity, binding effect
or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the Agents or the Lenders hereunder
or thereunder.

 

“Material Disposition”
any Disposition of property or series of related Dispositions of property that yields gross proceeds to the Loan Parties in excess
of $2,000,000.

 

“Material Real
Estate”: all real property at any time owned or leased (as lessee or sublessee) by any of the Loan Parties with a value
in excess of $500,000; provided that any real property consisting solely of an office lease shall not be required to be “Material
Real Estate.”

 

“Materials of
Environmental Concern”: any gasoline, natural gas or petroleum (including crude oil or any fraction or derivative thereof)
or petroleum products or any other pollutant, contaminant, dangerous goods, hazardous or toxic substances, materials or wastes,
defined or regulated as such in or under, or which form the basis of liability under, any Environmental Law or Environmental Permit,
including, without limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde insulation, medical waste, radioactive
materials and electromagnetic fields.

 

“Maturity Date”:
the Acquisition Facility Maturity Date or the Working Capital Facility Maturity Date, as the context requires.

 

“Maximum Adjusted
Leverage Ratio”: 4.0:1.0.

 

“Maximum Facility
Increase Amount”: $100,000,000.

 

“Minimum Combined
Interest Coverage Ratio”: 3.0:1.0.

 

“MLP Restructuring”:
the restructuring of the Loan Parties from their existing structure into the structure set forth in the Disclosure Letter pursuant
to the MLP Restructuring Transactions.

 

“MLP Restructuring
Transactions”: the transactions to be entered by the Loan Parties to effect the MLP Restructuring consistent with the
Registration Statement and acceptable to the Collateral Agent in its reasonably discretion.

 

    	-29-

    	 

    

 

“Moody’s”:
Moody’s Investors Service, Inc., or any successor to its rating agency business.

 

“Mortgage and
Security Agreement”: each Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing, in form and
substance satisfactory to the Collateral Agent (in its reasonable discretion), with respect to each of the Mortgaged Properties
located in the United States.

 

“Mortgaged Properties”:
each property listed on Schedule 1.1(F) and any other properties as to which the Collateral Agent, for the ratable benefit
of the Secured Parties, has hereafter been granted a Lien pursuant to one or more Mortgage and Security Agreements.

 

“Multiemployer
Plan”: a Plan which is a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA and which is subject
to Title IV of ERISA.

 

“Net Cash Proceeds”:
with respect to any Disposition of any property or assets by any Person or any Recovery Event with respect to any asset of any
Person, the aggregate amount of cash received from time to time by or on behalf of such Person for its own account in connection
with any such transaction, after deducting therefrom (a) brokerage commissions, underwriting fees and discounts, legal fees, finder’s
fees and other similar fees, costs and commissions and reasonable related expenses that, in each case, are incurred in connection
with such event and are actually paid to or earned by a Person that is not a Subsidiary or Affiliate of any of the Loan Parties
or any of their Subsidiaries or Affiliates, (b) reasonable reserves for liabilities, indemnities, escrows and purchase price adjustments
in connection with any such Disposition or Recovery Event and (c) the amount of taxes payable by such Person (or, in the case of
a Person that is a disregarded entity for U.S. federal income tax purposes, by the owner of such Person, in the case of a Person
that is a partnership for U.S. federal income tax purposes, by the owners of such Person, or in the case of a Person that is a
member of a consolidated or unitary tax group, by such group, in each case, only to the extent the payor of such taxes is a Borrower
or a direct or indirect Subsidiary of a Borrower) in connection with or as a result of such transaction that, in each case, are
actually paid at the time of receipt of such cash to the applicable taxation authority or other Governmental Authority or, so long
as such Person is not otherwise indemnified therefor, are reserved for in accordance with GAAP, as in effect at the time of receipt
of such cash, based upon such Person’s reasonable estimate of such taxes, and paid to the applicable taxation authority or
other Governmental Authority during the year that such event occurred or the next succeeding year; provided that if, at
the time any of the liabilities, indemnities, escrows or purchase price adjustments referred to in clause (b) and/or taxes referred
to in clause (c) are actually paid or otherwise satisfied, the reserve therefor exceeds the amount paid or otherwise satisfied,
then the amount of such excess reserve shall constitute “Net Cash Proceeds” on and as of the date of such payment or
other satisfaction for all purposes of this Agreement and (d) the amount of all payments required to be made as a result of such
event to repay Indebtedness (other than the Loans) permitted under this Agreement and secured by such asset.

 

“Net Liquidation
Value”: with respect to any Commodity Account, the sum of (i) the aggregate Marked-to-Market Value of all futures positions,
(ii) the aggregate liquidation value of all option positions, and (iii) the cash balance, in each case credited to such Commodity
Account.

 

“New Lenders”: as defined in Section
4.1(b)(i).

 

“Non-Defaulting
Lender”: at any time, each Lender that is not a Defaulting Lender at such time.

 

“Non-Excluded Taxes”: as defined
in Section 4.11(a).

 

    	-30-

    	 

    

 

“Non-Exempt Agent”: as defined in
Section 4.11(e).

 

“Non-Exempt Lender”: as defined in
Section 4.11(e).

 

“Non-Renewal Notice Date”: as defined
in Section 3.3(c).

 

“Note” and “Notes”:
as defined in Section 4.5(e).

 

“Notice of Prepayment”: as defined
in Section 4.6.

 

“Obligations”:
the unpaid principal amount of, and interest (including, without limitation, interest accruing after the maturity of the Loans
and Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any
insolvency, reorganization or like proceeding, relating to any of the Loan Parties, whether or not a claim for post-filing or post-petition
interest is allowed in such proceeding) on the Loans and Reimbursement Obligations, and all other obligations and liabilities of
any of the Loan Parties to the Secured Parties and the Lenders, whether direct or indirect, absolute or contingent, due or to become
due, or now existing or hereafter incurred, which may arise under, or out of or in connection with this Agreement, the Notes, the
Security Documents, any other Loan Documents, any Letter of Credit, any Commodity OTC Agreement with a Qualified Counterparty,
any Financial Hedging Agreement with a Qualified Counterparty or any Cash Management Bank Agreement with a Qualified Cash Management
Bank, or any other document made, delivered or given in connection therewith or herewith, whether on account of principal, interest,
reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees and disbursements of counsel
to the Agents or to the Lenders that are required to be paid by a Loan Party pursuant to the terms of the Loan Documents or other
agreement or instrument evidencing such obligations or liabilities) or otherwise; provided that for purposes of determining
any Guarantee Obligations of any Guarantor under this Agreement, the definition of “Obligations” shall not create any
guarantee by any Guarantor of any Excluded Swap Obligations of such Guarantor, provided further that, (i) obligations of
any Loan Party owed to a Qualified Counterparty under any Commodity OTC Agreement, Financial Hedging Agreement or any Cash Management
Bank Agreement (such obligations, the “Hedging and Bank Product Obligations”), shall be secured pursuant to
the Security Documents and guaranteed pursuant to the Guaranty only to the extent that, and for so long as, those obligations and
liabilities of the Loan Parties listed above not consisting of Hedging and Bank Product Obligations (the “Other Obligations”)
are so secured and guaranteed, unless the Other Obligations cease to be so secured and guaranteed either (A) as a result of the
Collateral Agent’s undertaking an Enforcement Action (as defined in the Security Agreement) or (B) following an Insolvency
Proceeding (as defined in the Security Agreement) with respect to any Loan Party, in which cases the Hedging and Bank Product Obligations
shall continue to be secured pursuant to the Security Documents and guaranteed pursuant to the Guaranty and (ii) any release of
Collateral or Guarantors effected in the manner permitted by this Agreement shall not require the consent of holders of any Hedging
and Bank Product Obligations. The Hedging and Bank Product Obligations shall be subordinated to the other obligations pursuant
to the terms of the Security Agreement.

 

“OFAC” is defined in Section 5.24.

 

“Other Connection
Taxes”: with respect to any Lender or any Agent, Taxes imposed as a result of a present or former connection between
such Lender or Agent and the jurisdiction imposing such Tax (other than connections arising solely from such Lender or Agent, as
applicable, 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).

 

    	-31-

    	 

    

 

“Other Taxes”: as defined in Section
4.11(b).

 

“Out of the
Money Forward Contract Amount”: to the extent that the Counterparty Forward Contract Amount with respect to any Forward
Contract Counterparty is negative, the absolute value of such Counterparty Forward Contract Amount.

 

“Out of the
Money Swap Amount”: to the extent that the Qualified Counterparty Swap Amount with respect to any Qualified Counterparty
is negative, the absolute value of such Qualified Counterparty Swap Amount.

 

“Participant”
and “Participants”: as defined in Section 11.7(b).

 

“Participation”:
as defined in Section 11.7(b).

 

“Payment Intangible”:
as defined in Section 9-102 of the New York Uniform Commercial Code.

 

“PBGC”:
the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA.

 

“Perfected First
Lien”: any perfected, first priority Lien or security interest (or its substantial equivalent under applicable Laws)
granted by a Loan Party pursuant to a Security Document in favor of the Collateral Agent, for the ratable benefit of the Secured
Parties; provided that, in the case of inventory that is not located in the United States or contracts, Accounts Receivable
or Payment Intangibles not governed by Laws of the United States of America or any state or political subdivision thereof, the
validity and, if customarily available, priority of such Lien shall be confirmed by an opinion of special local counsel, the form
and substance of which shall be customary and reasonably satisfactory to the Collateral Agent.

 

“Perfection
Certificate”: the Perfection Certificate to be executed and delivered by the Loan Parties, substantially in the form
of Exhibit M.

 

“Performance
Letter of Credit”: a standby Letter of Credit issued to support bonding, swap transaction, performance, transportation
and tariff requirements of the Borrowers and their Subsidiaries (other than the obligation to pay for the purchase of Eligible
Commodities).

 

“Permitted Acquisition”:
an Acquisition in one or a series of related transactions by the Loan Parties, by purchase, merger or otherwise; provided
that, such transaction or series of related transactions is not otherwise prohibited by this Agreement and each of the following
conditions are satisfied (as determined by each of the Joint Lead Arrangers in its reasonable discretion):

 

(a)          the
Loan Parties comply with the requirements of Section 7.12 of this Agreement in connection with such Permitted Acquisition;

 

(b)          the
assets acquired or the assets of the Person so acquired are free and clear of all Liens other than Liens permitted under Section
8.3;

 

(c)          any
such Person acquired is organized in the United States and Canada;

 

(d)          the
acquired assets, or the assets of the Person so acquired, are located in the United States or Canada and substantially all of such
assets are energy related, or oil field service or pipeline service related, and produce “qualifying income” as such
term is defined in Section 7704(d) of the Code;

 

    	-32-

    	 

    

 

(e)          except
for financing the portion of the purchase price attributable to acquired working capital assets, no Working Capital Facility Loans
are used to finance such Acquisition or any costs, fees, expenses or other amounts related to such transaction or series of related
transactions;

 

(f)          the
Lenders shall have received at least five (5) Business Days (or such lesser period as is acceptable to each of the Joint Lead Arrangers)
prior to the applicable Permitted Acquisition Determination Date, (A) a certificate executed by a Responsible Person of the Loan
Parties setting forth calculations demonstrating that immediately after giving effect to such Permitted Acquisition, the Loan Parties
are in pro forma compliance with the financial covenants set forth in Section 8.1, and (B) if an adjustment is being made
to Combined EBITDA in connection with such Acquisition, a copy of the acquisition model prepared by the Borrowers’ Agent;
provided, however, the Borrowers’ Agent will additionally deliver (i) to the extent available, annual financial
statements (including audited financial statements) for the business to be acquired prepared by the seller for the three year period
prior to the Permitted Acquisition Determination Date, and (ii) to the extent available, financial statements for the most recent
interim period prior to the Permitted Acquisition Determination Date;

 

(g)          no
Loan Party shall, in connection with any such transaction or series of related transactions, assume or remain liable with respect
to any Indebtedness of the applicable sellers or the business, Person or assets acquired except to the extent permitted under Section
8.2;

 

(h)          all
transactions in connection therewith shall be consummated in accordance with all applicable Laws in all material respects;

 

(i)          the
Administrative Agent shall have received such further due diligence information as it or any Lender through it may reasonably request,
including information regarding any Accounts and Inventory to be acquired in such transaction or series of related transactions;

 

(j)          no
Default or Event of Default then exists or would result therefrom; and

 

(k)          the
Acquisition is consensual and has been approved by the board of directors or other governing body of the Person so acquired.

 

“Permitted Acquisition
Determination Date” the date of closing by any Loan Party of any Permitted Acquisition.

 

“Permitted Available
Cash Restricted Payments”: distributions of Available Cash (as defined in the Borrowers’ Agent Governing Documents).

 

“Permitted Borrowing
Base Liens”: (a) Liens for taxes, assessments or governmental charges or levies not yet due and payable or which are
being contested in good faith by appropriate proceedings; provided that adequate reserves with respect thereto are maintained on
the books of such Loan Party, in conformity with GAAP; (b) carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s, landlords’, or other similar Liens arising in the ordinary course of business which are not overdue for
a period of more than 60 days or which are being contested in good faith by appropriate proceedings or which have been bonded over
or otherwise adequately secured against, (b) Permitted Cash Management Liens, (c) Liens created pursuant to the Security Documents
and the other Loan Documents (provided, that such permitted Liens shall not include any Liens purported to be granted to
any commodity intermediary on assets other than assets credited to a Controlled Account maintained with such commodity intermediary
or such Controlled Account as a result of the incorporation by reference of a separate security agreement), (d) First Purchaser
Liens, and (e) netting and other offset rights granted by any Loan Party to counterparties under Commodity Contracts and Financial
Hedging Agreements on or with respect to payment and other obligations owed by such Loan Party to such counterparties.

 

    	-33-

    	 

    

 

“Permitted Business
Expansion”: an expansion of the Loan Parties’ business through the construction or acquisition of fixed or capital
assets that involves a capital investment of $2,000,000 or more provided each of the following conditions are met:

 

(a) the assets of such
expansion are acquired and owned by such Loan Party free and clear of all Liens other than Liens permitted under Section 8.3
and (ii) pledged as Collateral pursuant to the terms of the Loan Documents, and the Collateral Agent is granted a first priority,
perfected Lien therein (subject, as to priority, only to Liens permitted under Section 8.3(a) and (b));

 

(b) substantially all of the acquired assets
are energy related, oil field service or pipeline service related, and produce “qualifying income” as such term is
defined in Section 7704(d) of the Code;

 

(c) except for financing
the portion of the purchase price attributable to acquired working capital assets, no Working Capital Facility Loans are used to
finance such expansion or any costs, fees, expenses or other amounts relating thereto

 

(d) each of the Joint
Lead Arrangers shall have received at least five (5) Business Days (or such lesser amount as is acceptable to each of the Joint
Lead Arrangers) prior notice of the proposed expansion, which notice shall include the following in connection with any project:
(i) a description of the project and a summary financial analysis supporting the decision to undertake an expansion of the Loan
Parties’ business through construction of fixed or capital assets, and (ii) a certificate executed by a Responsible Person
of the Loan Parties setting forth calculations demonstrating (A) that immediately after giving effect to such Permitted Business
Expansion, the Loan Parties are in pro forma compliance with the financial covenants set forth Section 8.1, and (B)
the EBITDA attributable to the contracts to be acquired in connection with such project;

 

(e) no Loan Party, in connection with any
such expansion, incurs or assumes any Indebtedness (other than Indebtedness permitted under this Agreement);

 

(f) all transactions in connection therewith
shall be consummated in accordance with all applicable Laws in all material respects; and

 

(g) no Default or Event of Default then exists or would
result therefrom.

 

“Permitted Cash
Management Liens”: (a) Liens with respect to (i) all amounts due to the Cash Management Bank, in respect of customary
fees and expenses for the routine maintenance and operation of any Cash Management Account, (ii) the face amount of any checks
which have been credited to any Cash Management Account, but are subsequently returned unpaid because of uncollected or insufficient
funds, or (iii) other returned items or mistakes made in crediting such Cash Management Account, (b) any other Liens permitted
under the Account Control Agreement for a Cash Management Account, (c) Liens created by the Security Documents and the other Loan
Documents, (d) inchoate tax Liens, (e) Liens arising from unauthorized Uniform Commercial Code financing statements, and (f) Liens
on currency, Cash Equivalents, commodities or Commodities Contracts of the Loan Parties deposited in, or credited to, any Controlled
Account that are subject to an Account Control Agreement; provided that, such Liens are specifically permitted by such Account
Control Agreement or arise by operation of Law.

 

    	-34-

    	 

    

 

“Permitted Investors”:
Charles C. Stephenson, Jr. and Peter C. Boylan III, together with their respective spouses, children, grandchildren and heirs (and
any trusts or family partnerships of which any of the foregoing (or any combination thereof) constitute at least 50.1% of the then-current
beneficiaries).

 

“Permitted Non-Compete
Indebtedness”: Indebtedness consisting of deferred purchase price, seller notes, and other obligations owing to the sellers
or related parties in connection with a Permitted Acquisition that are acceptable to the Collateral Agent in its reasonable discretion
(exercised in good faith).

 

“Permitted Refinancing Indebtedness”:
as defined in Section 8.2(c).

 

“Permitted Tax
Distributions”: cash distributions made by CEP-TIR to the holders of its Capital Stock in an amount equal to the assumed
income tax liabilities of such holders attributable to the consolidated earnings of Equity Interests for such tax year determined
as the product of (a) the Assumed Tax Rate (defined below) and (b) the net amount of taxable income and gain of CEP-TIR allocable
to its equity holders with respect to such taxable year; provided that not less than five (5) days prior to making such
distribution, the Borrowers’ Agent shall provide the Collateral Agent with a reasonably detailed calculation of such distribution,
with such calculation and such cash distribution amounts reasonably satisfactory to each of the Joint Lead Arrangers and; provided
further that immediately prior to and after making such Permitted Tax Distribution no Default or Event of Default shall exist
or have resulted therefrom and the Loan Parties are in compliance with the covenants set forth in Section 8.1 calculated
on a pro forma basis after giving to such Permitted Tax Distributions. For the avoidance of doubt, subject to the limitations
set forth in the preceding sentence, CEP-TIR may make Permitted Tax Distributions quarterly throughout each tax year as it may
reasonably determine to be appropriate to provide its members cash with which to pay federal, state and local income taxes on CEP-TIR’s
taxable income and gain as such taxes become due. “Assumed Tax Rate” means the highest marginal effective U.S.
federal income tax rate prescribed for an individual or corporate resident in the U.S. applicable to the net taxable income or
gain of the character realized by CEP-TIR (i.e., capital gains, dividends and/or ordinary income) in the relevant taxable year.

 

“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.

 

“Physical Commodity Contract”:
a contract for the purchase, sale, transfer or exchange of any physical Eligible Commodity.

 

“Plan”:
at a particular time, any employee benefit plan which is covered by ERISA and in respect of which any of the Loan Parties or a
Commonly Controlled Entity is (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 or to which any Loan Party or Commonly Controlled Entity has actual
or continent liability.

 

“Platform”: as defined in Section
11.2(d).

 

“Pledged Accounts”: all
Commodity Accounts, Deposit Accounts (other than Excluded Accounts) and Securities Accounts of any Grantor.

 

    	-35-

    	 

    

 

“Post-Termination LOC”:
as defined in Section 3.5(c).

 

“Product Taxes”:
any amounts which are due and owing to any Governmental Authority, including excise or sales taxes on the sale of Eligible Commodities,
to the extent such amounts are collected or collectable by any Loan Party from the Loan Party’s customer to be remitted to
such Governmental Authority.

 

“Properties”:
as defined in Section 5.22(a).

 

“Property”:
means any interest in any kind of asset, whether real, personal or mixed, or tangible
or intangible.

 

“Qualified Cash
Management Bank”: any Cash Management Bank that, at the time a Cash Management Bank Agreement was entered into between
a Loan Party and such Cash Management Bank, was a Lender (or an Affiliate thereof).

 

“Qualified Counterparty”:
any counterparty to any Financial Hedging Agreement or Commodity OTC Agreement entered into between a Loan Party and a Person that
at the time such Financial Hedging Agreement or Commodity OTC Agreement was entered into, was a Lender (or an Affiliate thereof);
provided, that such counterparty (other than any counterparty that is the Collateral Agent) shall be a “Qualified
Counterparty” with respect to any Financial Hedging Agreement or Commodity OTC Agreement solely to the extent such counterparty
has delivered a Hedging Agreement Qualification Notification to the Administrative Agent.

 

“Qualified Counterparty
Swap Amount”: with respect to any Qualified Counterparty, an amount equal to (a) the aggregate unrealized gains to a
Loan Party, based upon the Borrowers’ Agent’s reasonable calculation of such amount in accordance with industry standard
valuation models, under all Commodity OTC Agreements and Financial Hedging Agreements between such Qualified Counterparty and a
Loan Party minus (b) the aggregate unrealized losses to a Loan Party, based upon a `Borrowers’ Agent’s reasonable
calculation of such amount in accordance with industry standard valuation models, under all Commodity OTC Agreements and Financial
Hedging Agreements between such Qualified Counterparty and a Loan Party.

 

“Recovery Event”:
any settlement of or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to
any asset of any Loan Party resulting in Net Cash Proceeds to the applicable Loan Party in excess of $5,000,000.

 

“Refunded Swing Line Loan”:
as defined in Section 2.5.

 

“Register”:
as defined in Section 11.7(d).

 

“Registration
Statement”: the Form S-1 Registration Statement (File No. 333-192328) filed by the Borrowers’ Agent with the SEC
in connection with the initial registered public offering of the Capital Stock of the Borrowers’ Agent.

 

“Regulation U”:
Regulation U of the Board.

 

“Reimbursement Date”:
as defined in Section 3.6(b).

 

“Reimbursement
Obligations”: the obligation of the Borrowers to reimburse any Issuing Lender pursuant to Section 3.6(a) for Unreimbursed
Amounts.

 

    	-36-

    	 

    

 

“Reinvestment
Deferred Amount”: with respect to any Reinvestment Event, the aggregate Net Cash Proceeds received by the Borrowers or
any of their Subsidiaries in connection therewith which are not applied to prepay outstanding Loans pursuant to Section 4.7(c)
as a result of the delivery of a Reinvestment Notice.

 

“Reinvestment
Event”: any Asset Sale or Recovery Event in respect of which the Borrowers’ Agent has delivered a Reinvestment
Notice.

 

“Reinvestment
Notice”: a written notice executed by a Responsible Person of the Borrowers’ Agent stating that no Event of Default
has occurred and is continuing and that the relevant Borrower or Loan Party either (i) intends and expects to use all or a specified
portion of the Net Cash Proceeds of an Asset Sale or Recovery Event to acquire assets (directly or through the purchase of the
Capital Stock of a Person pursuant to an Acquisition or otherwise) to replace, repair or upgrade the assets subject to such Asset
Sale or Recovery Event, or (ii) in the case of a Recovery Event, has replaced, repaired or upgraded the asset subject to such Recovery
Event prior to such Person’s receipt of the Net Cash Proceeds thereof and the amount expended therefor.

 

“Related Person”
with respect to any Person, each officer, employee, director, trustee, agent, advisor, affiliate, partner and controlling person
of such Person.

 

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

 

“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 PBGC Reg. § 4043.

 

“Representatives”:
as defined in Section 11.16.

 

“Requested Increase Amount”:
as defined in Section 4.1(b)(i).

 

“Requested Increase Effective
Date”: as defined in Section 4.1(b)(i)

 

“Required Lenders”:
at any time, Lenders that (i) have more than 50% of the Credit Exposure Percentages at such time, and (ii) number not fewer than
three so long as there are not fewer than six Non-Defaulting Lenders at such time; provided, that the Credit Exposure of
any Defaulting Lender shall be excluded from the calculation of Credit Exposure Percentages in determining the Required Lenders.

 

“Requirement
of Law”: as to any Person, any Law 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
Person”: with respect to any Loan Party, the chief executive officer, chief financial officer, president, chairman, chief
accounting officer, chief risk officer, senior vice-president, executive vice-president, vice-president of finance or treasurer
of such Loan Party.

 

“Restricted Payments”:
as defined in Section 8.5.

 

“Restricted Person”
is defined in Section 5.24.

 

    	-37-

    	 

    

 

“S&P”:
Standard and Poor’s Ratings Group, or any successor to its rating agency business.

 

“Section 4.11 Certificate”:
as defined in Section 4.11(e).

 

“Secured Parties”:
collectively, the Agents, the Lenders (including, without limitation, any Issuing Lender in its capacity as Issuing Lender, and
the Swing Line Lender in its capacity as Swing Line Lender), any Qualified Cash Management Bank, any Qualified Counterparty and,
in each instance, their respective successors and permitted assigns.

 

“Securities
Account”: as defined in Section 8-501 of the New York Uniform Commercial Code.

 

“Security Agreement”:
the Security Agreement to be executed and delivered by the Loan Parties, substantially in the form of Exhibit B.

 

“Security Documents”:
the collective reference to the Account Control Agreements, the Security Agreement, the Canadian Security Agreement, the Mortgage
and Security Agreement and all other security documents hereafter delivered to the Collateral Agent granting a Lien on any asset
or assets of any Person to secure any of the Obligations or to secure any guarantee of any such Obligations.

 

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

 

“Specified Laws”:
(i) Trading with the Enemy Act, and each of the foreign assets control regulations of the United States Treasury Department (31
C.F.R., Subtitle B, Chapter V) and any other enabling legislation or executive order relating thereto, and (ii) the USA PATRIOT
Act.

 

“Spot Rate”:
for a currency means the rate determined by the Collateral Agent or the Issuing Bank, as applicable, 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 Collateral Agent may obtain such spot rate from another
financial institution designated by the Collateral Agent if the Person acting in such capacity does not have as of the date of
determination a spot buying rate for any such currency.

 

“Subsidiary”:
with respect to any Person (the “parent”) at any date, any corporation, partnership or other entity the accounts of
which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial
statements were prepared in accordance with GAAP as of such date, as well as any other corporation, partnership or other entity
of which Capital Stock representing more than 50% of the Capital Stock having ordinary voting power or, in the case of a partnership,
more than 50% of the general partnership interests are, as of such date, owned, controlled or held by such parent. Unless otherwise
qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary
or Subsidiaries of the Borrowers’ Agent, CEP and CEP-TIR, as applicable. As of the Closing Date, the Borrowers’ Agent’s,
CEP and CEP-TIR’s Subsidiaries are listed on Schedule 5.15.

 

“Supermajority
Lenders”: at any time, Lenders that (i) have more than 66 2/3% of the Credit Exposure Percentages at such time, and (ii)
number not fewer than three so long as there are not fewer than six Non-Defaulting Lenders at such time; provided that the
Credit Exposure of any Defaulting Lender shall be excluded from the calculation of Credit Exposure Percentage in determining Supermajority
Lenders.

 

    	-38-

    	 

    

 

“Swap Amounts
due to Qualified Counterparties”: as of any date, the aggregate of all Out of the Money Swap Amounts.

 

“Swing Line Lender”:
DBNY, in its capacity as lender of Swing Line Loans hereunder.

 

“Swing Line Loan Sub-Limit”:
$10,000,000 at any time outstanding.

 

“Swing Line Loans”:
as defined in Section 2.2(a).

 

“Swing Line Participation
Amount”: as defined in Section 2.5(b).

 

“Synthetic Lease”:
any lease of property, real or personal, the obligations of the lessee in respect of which are treated as an operating lease for
financial accounting purposes and a financing lease for tax purposes, in accordance with GAAP.

 

“Taxes”: as
defined in Section 4.11(a).

 

“TIR”: as defined
in the introductory paragraph of this Agreement.

 

“Total Acquisition
Facility Extensions of Credit”: an amount equal to the aggregate unpaid principal amount of Acquisition Facility Loans
outstanding at such time.

 

“Total Extensions
of Credit”: at any time, the Total Working Capital Facility Extensions of Credit or the Total Acquisition Facility Extensions
of Credit at such time, as the context requires.

 

“Total Leverage
Ratio”: as of any date of determination, the ratio of (a) Combined Total Indebtedness as of such date to (b) Combined
EBITDA for the period of the four fiscal quarters most recently ended.

 

“Total Working
Capital Facility Extensions of Credit”: an amount equal to the sum of (a) the aggregate unpaid principal amount of Working
Capital Facility Loans, and Swing Line Loans outstanding at such time, plus (b) the aggregate amount of L/C Obligations
outstanding at such time.

 

“Trade Letter
of Credit”: a commercial or standby Letter of Credit supporting the purchase of Eligible Commodities giving rise to Eligible
Inventory and/or an Eligible Account Receivable no later than sixty (60) days following the date of issuance of such Letter of
Credit.

 

“Trading Business”:
with respect to each Lender, the day-to-day activities of such Lender or a division, Subsidiary or Affiliate of such Lender relating
to the proprietary purchase, sale, hedging and/or trading of commodities, including, without limitation, Eligible Commodities,
and any related derivative transactions.

 

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

 

“Transferee”:
as defined in Section 11.7(f).

 

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

 

    	-39-

    	 

    

 

“UCP 600”: as
defined in Section 3.3(g).

 

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

 

“Unreimbursed Amount”:
as defined in Section 3.6(a).

 

“USA PATRIOT
Act”: the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001, Public Law 107-56.

 

“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.

 

“Working Capital
Facility”: the Working Capital Facility Commitments and the extensions of credit thereunder.

 

“Working Capital
Facility Commitment”: at any date, as to any Working Capital Facility Lender, the obligation of such Working Capital
Facility Lender to make Working Capital Facility Loans to the Borrowers pursuant to Section 2.1 and to participate in Swing
Line Loans, and Letters of Credit in an aggregate principal and/or face amount at any one time outstanding not to exceed the amount
set forth opposite such Working Capital Facility Lender’s name on Schedule 1.0 under the caption “Working Capital
Facility Commitment” or, as the case may be, in the Assignment and Acceptance or Increase and New Lender Agreement pursuant
to which such Working Capital Facility Lender becomes a party hereto, as such amount may be changed from time to time in accordance
with the terms of this Agreement. As of the Closing Date, the original aggregate amount of the Working Capital Facility Commitments
is $65,000,000.

 

“Working Capital
Facility Commitment Percentage”: as to any Working Capital Facility Lender at any time, the percentage which such Working
Capital Facility Lender’s Working Capital Facility Commitment then constitutes of the aggregate Working Capital Facility
Commitments of all Working Capital Facility Lenders at such time (or, at any time after the Working Capital Facility Commitments
shall have expired or terminated, such Working Capital Facility Lenders’ Working Capital Facility Credit Exposure Percentage).

 

“Working Capital
Facility Commitment Period”: the period from and including the Closing Date to but not including the Working Capital
Facility Commitment Termination Date or such earlier date on which all of the Working Capital Facility Commitments shall terminate
as provided herein.

 

“Working Capital Facility Commitment
Termination Date”: December 24, 2016, or, if such date is not a Business Day, the next preceding Business Day.

 

“Working Capital
Facility Credit Exposure”: as to any Working Capital Facility Lender at any time, the Available Working Capital Facility
Commitment of such Working Capital Facility Lender plus the amount of the Working Capital Facility Extensions of Credit
of such Working Capital Facility Lender.

 

“Working Capital
Facility Credit Exposure Percentage”: as to any Working Capital Facility Lender at any time, the fraction (expressed
as a percentage), the numerator of which is the Working Capital Facility Credit Exposure of such Working Capital Facility Lender
at such time and the denominator of which is the aggregate Working Capital Facility Credit Exposures of all of the Working Capital
Facility Lenders at such time.

 

    	-40-

    	 

    

 

“Working Capital
Facility Extensions of Credit”: at any date, as to any Working Capital Facility Lender at any time, the aggregate outstanding
principal amount of Working Capital Facility Loans, Swing Line Loans, and Refunded Swing Line Loans made by such Working Capital
Facility Lender plus (without duplication) the amount of the undivided interest of such Working Capital Facility Lender
in any then-outstanding L/C Obligations, and Swing Line Loans.

 

“Working Capital
Facility Lender”: each Lender having a Working Capital Facility Commitment (or, after the termination of the Working
Capital Facility Commitments, each Lender holding Working Capital Facility Extensions of Credit), and, as the context requires,
includes the Issuing Lenders. As of the Closing Date, each Working Capital Facility Lender is specified on Schedule 1.0.

 

“Working Capital Facility Loans”:
as defined in Section 2.1(a).

 

“Working Capital
Facility Maturity Date”: with respect to any Working Capital Facility Loan, the earliest to occur of (i) the date on
which the Working Capital Facility Loans become due and payable pursuant to Section 9 or the Working Capital Facility Commitments
terminate pursuant to Section 4.1 and (ii) the Working Capital Facility Commitment Termination Date.

 

“Working Capital Facility Maximum Amount”:
$165,000,000.

 

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

 

(b)          As
used herein and in any Notes, any other Loan Documents and any certificate or other document made or delivered pursuant hereto
or thereto, accounting terms relating to the Borrowers and their Subsidiaries 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.
If any Loan Party is required after the Closing Date to implement any change(s) in its accounting principles and practice
as a result of any changes in GAAP mandated by the Financial Accounting Standards Board or successor organization, and if such
change(s) result in any material change in the method of calculation of the Leverage Ratio or the Interest Coverage Ratio, then
for all periods after the date of implementation of such change(s) until one or more appropriate amendments of this Agreement addressing
such change in GAAP are negotiated, executed and delivered by the parties hereto in a form acceptable to all such parties, the
Leverage Ratio or the Interest Coverage Ratio, as applicable, shall be calculated hereunder utilizing GAAP as in effect prior to
such change(s).

 

(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, Exhibit
and Annex 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)          Unless
otherwise expressly provided herein, (i) references to Governing Documents, agreements (including the Loan Documents) and other
contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, waivers, supplements and
other modifications thereto and (ii) references to any Law shall include all statutory and regulatory provisions consolidating,
amending, replacing, supplementing or interpreting such Law.

 

    	-41-

    	 

    

 

1.3           Rounding.
Any financial ratios required to be maintained by the Borrowers and/or the Loan Parties 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).

 

1.4           Borrowers’
Agent. Each of the Loan Parties hereby authorizes the Borrowers’ Agent and each of the Responsible Persons of the Borrowers’
Agent to act as agent for all of the Loan Parties, and to execute and deliver on behalf of any Loan Party such notices, requests,
waivers, consents, certificates, and other documents, and to take any and all actions, required or permitted to be delivered or
taken by the Loan Parties hereunder. Each Loan Party hereby agrees that any such notices, requests, waivers, consents, certificates
and other documents executed, delivered or sent by Borrowers’ Agent or any Responsible Person of Borrowers’ Agent and
any such actions taken by Borrowers’ Agent or any Responsible Person of Borrowers’ Agent shall bind each Loan Party.

 

SECTION 2.AMOUNT AND TERMS OF THE LOANS AND COMMITMENTS

 

2.1           Working
Capital Facility Loans. (a) Subject to the terms and conditions hereof, each Working Capital Facility Lender severally agrees
to make revolving credit loans under the Working Capital Facility Commitments (the “Working Capital Facility Loans”)
to any Borrower in an amount requested by the Borrowers’ Agent on behalf of such Borrower from time to time during the Working
Capital Facility Commitment Period in an aggregate principal amount at any one time outstanding which, when added to such Working
Capital Facility Lender’s then outstanding Working Capital Facility Extensions of Credit, does not exceed such Lender’s
Working Capital Facility Commitment at such time; provided that, after giving effect to any Working Capital Facility Loan
requested by the Borrowers’ Agent on behalf of any Borrower, each of the conditions set forth in Section 6.2
shall be satisfied or waived. During the Working Capital Facility Commitment Period, each Borrower may borrow, prepay the Working
Capital Facility Loans in whole or in part, and reborrow Working Capital Facility Loans, all in accordance with the terms and conditions
hereof.

 

(b)          Working
Capital Facility Loans may be denominated only in United States Dollars and may from time to time be (i) Eurodollar Loans, (ii)
Base Rate Loans or (iii) a combination thereof, in each case, as the Borrowers’ Agent shall notify the Administrative Agent
in accordance with Sections 2.4 and 4.3. No Working Capital Facility Loan shall be made as a Eurodollar Loan after
the day that is one (1) month prior to the Working Capital Facility Commitment Termination Date.

 

2.2           Swing
Line Loans. (a) Subject to the terms and conditions hereof, the Swing Line Lender shall make a portion of the credit under
the Working Capital Facility Commitments available to the Borrowers by making swing line loans (individually, a “Swing
Line Loan” and, collectively, the “Swing Line Loans”) to any Borrower in an amount requested by the
Borrowers’ Agent on behalf of such Borrower from time to time during the Working Capital Facility Commitment Period in an
aggregate principal amount for all Borrowers at any one time outstanding not to exceed the Swing Line Loan Sub-Limit then in effect;
provided that (i) the aggregate principal amount of Swing Line Loans outstanding at any time (including any such new Swing
Line Loans), when aggregated with the Swing Line Lender’s Working Capital Facility Commitment Percentage of the Total Working
Capital Facility Extensions of Credit, may exceed such Swing Line Lender’s Working Capital Facility Commitment then in effect
and (ii) neither the Borrowers’ Agent nor any Borrower shall request, and the Swing Line Lender shall not make, any Swing
Line Loan if, after giving effect to the making of such Swing Line Loan, the aggregate amount of the Available Working Capital
Facility Commitments would be less than zero; provided further that after giving effect to any Swing Line Loan requested
by the Borrowers’ Agent, each of the conditions set forth in Section 6.2 shall be satisfied or waived. During
the Working Capital Facility Commitment Period, each Borrower may use that portion of the Working Capital Facility that is subject
to the Swing Line Loan Sub-Limit by borrowing, repaying and reborrowing such portion, all in accordance with the terms and conditions
hereof.

 

    	-42-

    	 

    

 

(b)          Swing
Line Loans shall be Base Rate Loans.

 

2.3           Acquisition
Facility Loans. (a) Subject to the terms and conditions hereof, each Acquisition Facility Lender severally shall make revolving
credit loans under the Acquisition Facility Commitments (the “Acquisition Facility Loans”) to any Borrower in
an amount requested by the Borrowers’ Agent on behalf of such Borrower from time to time during the Acquisition Facility
Commitment Period in an aggregate principal amount at any one time outstanding which does not exceed such Acquisition Facility
Lender’s Acquisition Facility Commitment at such time; provided that, after giving effect to any Acquisition Facility
Loan requested by the Borrowers’ Agent on behalf of any Borrower, each of the conditions set forth in Section 6.2
shall be satisfied or waived. During the Acquisition Facility Commitment Period, each Borrower may borrow, prepay the Acquisition
Facility Loans in whole or in part, and reborrow Acquisition Facility Loans, all in accordance with the terms and conditions hereof.

 

(b)          Acquisition
Facility Loans may be denominated only in United States Dollars and may from time to time be (i) Eurodollar Loans, (ii) Base Rate
Loans or (iii) a combination thereof, in each case, as the Borrowers shall notify the Administrative Agent in accordance with Sections
2.4 and 4.3. No Acquisition Facility Loan shall be made as a Eurodollar Loan after the day that is one (1) month prior
to the Acquisition Facility Commitment Termination Date.

 

2.4           Procedure
for Borrowing Loans. (a) Each Borrower may borrow Acquisition Facility Loans, Working Capital Facility Loans and Swing Line
Loans during the applicable Commitment Period on any Business Day; provided that the Borrowers’ Agent shall give the
Administrative Agent, irrevocable notice (which notice must be received by the Administrative Agent, (x) in the case of a Working
Capital Facility Loan or Acquisition Facility Loan, prior to 12:30 p.m. (New York City time), (A) three (3) Business Days prior
to the requested Borrowing Date, if all or any part of the requested Working Capital Facility Loans or Acquisition Facility Loans
are to be initially Eurodollar Loans, or (B) one Business Day prior to the requested Borrowing Date, otherwise, and (y) in the
case of a Swing Line Loan, prior to 12:00 noon (New York City time) on the requested Borrowing Date, in each case, in the form
attached hereto as Annex I-A (the “Borrowing Notice”), specifying:

 

(i)          whether the borrowing is to be an Acquisition Facility Loan, Working Capital Facility Loan or a Swing Line Loan;

 

(ii)          the
amount to be borrowed;

 

(iii)           the
requested Borrowing Date;

 

(iv)           in
the case of a Working Capital Facility Loan or an Acquisition Facility Loan, whether the borrowing is to be a Base Rate Loan, a
Eurodollar Loan or a combination thereof; and

 

(v)         
in the case of a Working Capital Facility Loan or an Acquisition Facility Loan, if the borrowing is to be entirely or partly of
Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Periods therefor;

 

    	-43-

    	 

    

 

(b)          Each
borrowing of Acquisition Facility Loans, Working Capital Facility Loans and Swing Line Loans shall be in an amount equal to (x)
in the case of Base Rate Loans, $500,000 or a whole multiple of $100,000 in excess thereof (or, if the then aggregate Available
Commitments applicable to such Loans of all Lenders of such Loans are less than $500,000, such lesser amount) and (y) in the case
of Eurodollar Loans, $1,000,000 or a whole multiple of $100,000 in excess thereof.

 

(c)          Upon
receipt of any notice from the Borrowers’ Agent pursuant to Section 2.4(a) with respect to a requested borrowing of
Acquisition Facility Loans, the Administrative Agent shall promptly notify each Acquisition Facility Lender thereof, and upon receipt
of any notice from the Borrowers’ Agent pursuant to Section 2.4(a) with respect to a requested borrowing of Working
Capital Facility Loans, the Administrative Agent shall promptly notify each Working Capital Facility Lender thereof. Subject to
the satisfaction or waiver of the conditions contained in Section 6.2, each Working Capital Facility Lender shall make the
amount of its Working Capital Facility Commitment Percentage of each such borrowing of Working Capital Facility Loans, and each
Acquisition Facility Lender shall make the amount of its Acquisition Facility Commitment Percentage of each such borrowing of Acquisition
Facility Loans, available to the Administrative Agent for the account of the applicable Borrower at the Administrative Agent’s
office specified in Section 11.2 prior to 2:30 p.m. (New York City time) on the Borrowing Date requested by the Borrowers’
Agent in funds immediately available to the Administrative Agent. Each Loan so requested will then promptly, and not later than
3:30 p.m. (New York City time), be made available on the Borrowing Date to the relevant Borrower by the Administrative Agent by
wire transfer to the account of the relevant Borrower set forth on Schedule 2.2(A) or to such other account as may be specified
by the Borrowers’ Agent in like funds as received by the Administrative Agent.

 

(d)          Upon
receipt of any notice from the Borrowers’ Agent pursuant to Section 2.4(a) with respect to a requested borrowing of
a Swing Line Loan, the Swing Line Lender will make the amount of the requested Swing Line Loan available to the applicable Borrower
within three (3) hours of receipt of the Borrowing Notice therefor on the Borrowing Date by wire transfer to the account of the
relevant Borrower set forth on Schedule 2.2(A) or such other account as may be specified by the Borrowers’ Agent.

 

2.5           Refunding
of Swing Line Loans. (a) Each Borrower unconditionally promises to pay each Swing Line Loan on or before 1:00 p.m. (New York
City time) on the fifth Business Day following the making of such Swing Line Loan, including by arranging to refinance such Swing
Line Loan with a Working Capital Facility Loan in accordance with procedures specified herein. If the Administrative Agent shall
not have received full repayment in cash of any Swing Line Loan on or before 1:00 p.m. (New York City time) on the day that is
five (5) Business Days after the making of such Swing Line Loan, the Swing Line Lender may, not later than 3:00 p.m. (New York
City time), on such day, request on behalf of such Borrower (which hereby irrevocably authorizes the Swing Line Lender to act on
its behalf solely in this regard), that each Working Capital Facility Lender, including the Swing Line Lender, make a Working Capital
Facility Loan (which initially shall be a Base Rate Loan) in an amount equal to such Working Capital Facility Lender’s Working
Capital Facility Commitment Percentage of the outstanding amount of such Swing Line Loan (a “Refunded Swing Line Loan”).
In accordance with Section 2.4(c), unless any of the conditions contained in Section 6.2 shall not have been satisfied
or waived (in which event the procedures of clause (b) of this Section 2.5 shall apply), each Working Capital Facility
Lender shall make the proceeds of its Working Capital Facility Loan available to the Swing Line Lender for the account of the Swing
Line Lender at the Swing Line Lender’s Applicable Lending Office for Base Rate Loans prior to 11:00 a.m. (New York City time)
in funds immediately available on the Business Day next succeeding the date such request is made. The proceeds of such Working
Capital Facility Loans shall be immediately applied to repay the Refunded Swing Line Loans.

 

    	-44-

    	 

    

 

(b)          If
for any reason any Swing Line Loan cannot be refinanced by a Working Capital Loan in accordance with paragraph (a) of this Section
2.5, the Swing Line Lender irrevocably agrees to grant to each Working Capital Facility Lender, and, to induce the Swing Line
Lender to make Swing Line Loans hereunder, each Working Capital Facility Lender irrevocably agrees to accept and purchase from
the Swing Line Lender, on the terms and conditions hereinafter stated, for such Working Capital Facility Lender’s own account
and risk on the date such Working Capital Facility Loan was to have been made, an undivided participation interest in the then-outstanding
Swing Line Loans in an amount equal to its Working Capital Facility Commitment Percentage of such Swing Line Loans that were to
have been repaid with such Working Capital Facility Loans (the “Swing Line Participation Amount”). Each
Working Capital Facility Lender shall pay to the Administrative Agent for the account of the Swing Line Lender in immediately
available funds such Working Capital Facility Lenders’ Swing Line Participation Amount, and upon receipt thereof, the Administrative
Agent shall promptly distribute such funds to the Swing Line Lender in like funds received.

 

(c)          If
any Working Capital Facility Lender failed to timely pay to the Administrative Agent all or a portion of its Swing Line Participation
Amount required to be paid pursuant to Section 2.5(b), such overdue amounts shall bear interest payable by such Working
Capital Facility Lender at the rate per annum applicable to Base Rate Loans hereunder until such overdue amounts are paid
in full.

 

(d)          Each
Working Capital Facility Lender’s obligation to make Working Capital Facility Loans referred to in Section 2.5(a)
and to purchase participation interests pursuant to Section 2.5(b) shall be absolute and unconditional and shall not be
affected by any circumstance, including, without limitation, (i) any set-off, counterclaim, recoupment, defense or other
right which such Working Capital Facility Lender may have against the Swing Line Lender, any Borrower, or any other Person for
any reason whatsoever, (ii) the occurrence or continuance of an Event of Default, (iii) any failure to satisfy any condition precedent
to the applicable extension of credit set forth in Section 6, (iv) any adverse change in the condition (financial or otherwise)
of any Loan Party, (v) any breach of this Agreement or any Loan Document by any Loan Party or any other Lender or (vi) any other
circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

 

(e)          Whenever,
at any time after the Swing Line Lender has received from any Working Capital Facility Lender its Swing Line Participation Amount,
the Swing Line Lender receives any payment on account thereof (whether directly from a Borrower, the Borrowers’ Agent or
otherwise, including proceeds of collateral applied thereto by the Swing Line Lender) or any payment of interest on account thereof,
the Swing Line Lender shall distribute to such Working Capital Facility Lender its Working Capital Facility Commitment Percentage
of such payments and promptly notify the Administrative Agent in writing thereof; provided, however, that in the
event that any such payment received by the Swing Line Lender shall be required to be returned by the Swing Line Lender, such Working
Capital Facility Lender shall return to the Swing Line Lender the portion thereof previously distributed by the Swing Line Lender
to it in like funds received and promptly notify the Administrative Agent in writing thereof. The Administrative Agent may conclusively
rely on such written notices as evidence of such distribution to the extent that such distributions were not made through the Administrative
Agent.

 

2.6           Commitment
Fees. Subject to Section 4.18(b)(i), the Borrowers agree to pay to the Administrative Agent for the account of each
Lender under each Facility a commitment fee for the period from and including the first day of the Commitment Period for such Facility
to but not including the applicable Commitment Termination Date for such Facility, computed at the Applicable Commitment Fee Rate
for such Facility on the average daily amount of the Available Commitment of such Lender under such Facility during the period
for which payment is made, payable quarterly in arrears on the fifteenth day after the last Business Day of each March, June, September
and December (or, if such day is not on a Business Day, the next succeeding Business Day) and on the applicable Commitment Termination
Date for such Facility or such earlier date as all of the Commitments under such Facility shall terminate as provided herein, commencing
on the first of such dates to occur after the date hereof.

 

    	-45-

    	 

    

 

SECTION 3.LETTERS OF CREDIT

 

3.1           Letters
of Credit. Subject to the terms and conditions hereof, each Issuing Lender severally agrees to issue letters of credit (“Letters
of Credit”) for the account of any Borrower for use by any Borrower or any other Loan Party from time to time during
the Working Capital Facility Commitment Period; provided that, after giving effect to any Letter of Credit requested by
the Borrowers’ Agent on behalf of a Borrower:

 

(i)          each
of the conditions set forth in Section 6.2 shall be satisfied or waived; and

 

(ii)         Section
3.3 shall not be contravened by any Loan Party at any time. 

 

3.2           Procedure
for the Issuance and Amendments of Letters of Credit. 

 

(a)          Procedure
for the Issuance of Letters of Credit. The Borrowers’ Agent may from time to time request the issuance of a Letter
of Credit from an Issuing Lender by delivering to the Issuing Lender of such Letter of Credit and the Administrative Agent a Letter
of Credit Request, and such other certificates, documents and other papers and information as such Issuing Lender may reasonably
request (consistent with requests made by such Issuing Lender from other similarly situated account parties). Such Letter of Credit
Request shall specify:

 

(i)          the
maximum amount of such Letter of Credit and the account party therefor;

 

(ii)           if
such Letter of Credit is a Performance Letter of Credit, or a Trade Letter of Credit;

 

(iii)           the
requested date on which such Letter of Credit is to be issued;

 

(iv)          the
purpose and nature of the proposed Letter of Credit;

 

(v)          the
name and address of the beneficiary of such Letter of Credit;

 

(vi)          the
expiration or termination date of the Letter of Credit;

 

(vii)           the
documents to be presented by such beneficiary in the case of a drawing or demand for payment thereunder; and

 

(viii)           the
delivery instructions for such Letter of Credit, and

 

(ix)           the
applicable Borrower on whose behalf such requested Letter of Credit is to be issued.

 

Notwithstanding anything herein to the
contrary, no Issuing Lender shall be obligated to issue any Letter of Credit if, after giving effect to the issuance of such Letter
of Credit, the aggregate outstanding L/C Obligations attributed to Letters of Credit issued by such Issuing Lender exceeds such
Issuing Lender’s Issuance Cap.

 

    	-46-

    	 

    

 

If requested by the Issuing Lender, the
Borrowers’ Agent also shall submit a letter of credit application on the Issuing Bank’s standard form in connection
with any request for a Letter of Credit. To the extent that any material provision of any such application is inconsistent with
the provisions of this Section 3 or adds events of default, grants of security, or remedies not already contained in the
Loan Documents, the provisions of this Section 3 and this Agreement shall apply and such provision shall not be given effect.

 

(b)          Procedure
for Amendments of Letters of Credit. The Borrowers’ Agent may from time to time request an amendment (including any extension)
to any outstanding Letter of Credit by delivering to the Issuing Lender of such Letter of Credit and the Administrative Agent a
Letter of Credit Request which shall specify:

 

(i)          the
Letter of Credit to be amended;

 

(ii)         the
requested date of the proposed amendment;

 

(iii)        the
nature of the proposed amendment; and

 

(iv)        the
delivery instructions for such amendment.

 

Notwithstanding anything herein to the
contrary, no Issuing Lender shall be obligated to extend any Letter of Credit if, after giving effect to the extension of such
Letter of Credit, the aggregate outstanding L/C Obligations attributed to Letters of Credit issued by such Issuing Lender exceeds
such Issuing Lender’s Issuance Cap.

 

(c)          Timing
of Letter of Credit Requests. A Letter of Credit Request must be received by the applicable Issuing Lender and the Administrative
Agent by no later than 12:00 p.m. (New York City time), on the Business Day before the date such Letter of Credit is to be issued
or amended, or such other time as previously agreed between the Issuing Lender thereof and the Borrowers’ Agent. Upon the
issuance of any Letter of Credit or any amendment to an outstanding Letter of Credit, the Administrative Agent and the Working
Capital Facility Lenders shall be entitled to assume that the Letter of Credit Request and certificates, documents and other papers
and information reasonably requested by the Issuing Lender in connection therewith were completed and delivered to the satisfaction
of such Issuing Lender.

 

(d)          Validation
Procedure. Upon receipt of a Letter of Credit Request by an Issuing Lender, such Issuing Lender will confirm with the Administrative
Agent (in writing) that the Administrative Agent has received a copy of such Letter of Credit Request and, if not, such Issuing
Lender will provide the Administrative Agent, with a copy thereof. Upon receipt by such Issuing Lender of confirmation from the
Administrative Agent that the requested Letter of Credit or amendment is permitted in accordance with the terms of this Section
3.2, such Issuing Lender shall, on the requested date, issue a Letter of Credit for the account of a Borrower or enter into
the applicable amendment, as the case may be, in each case in accordance with such Issuing Lender’s usual and customary business
practices.

 

3.3           General
Terms of Letters of Credit. (a) Each Letter of Credit is to be denominated only in United States Dollars.

 

(b)          Each
Letter of Credit shall, subject to Section 3.3(d), expire no later than one year after the date of issuance (or extension);
provided that (i) at any time, the aggregate face of amount of all Letters of Credit issued with an expiration date after
the Working Capital Facility Commitment Termination Date applicable thereto shall not exceed the Letter of Credit Sub-Limit; (ii)
all Letters of Credit with an expiration date after the Working Capital Facility Commitment Termination Date shall be returned
and cancelled (with the beneficiary’s consent) or Cash Collateralized at least fifteen (15) Business Days prior to the Working
Capital Facility Commitment Termination Date applicable thereto and (iii) no such Letter of Credit may be issued with an expiration
date after the date that is nine months after the Working Capital Facility Commitment Termination Date.

 

    	-47-

    	 

    

 

(c)          Upon
request by the Borrowers’ Agent in the applicable Letter of Credit Request, the relevant Issuing Lender may, in its sole
and absolute discretion, agree to issue a Letter of Credit that has automatic renewal provisions (each, an “Auto-Renewal
Letter of Credit”). Unless otherwise agreed upon by the applicable Issuing Lender at its sole discretion, the Borrowers’
Agent shall make a specific request to such Issuing Lender for any renewal of an Auto-Renewal Letter of Credit, such prior notice
to be delivered to the applicable Issuing Lender and the Administrative Agent no later than thirty (30) days prior to the expiration
or termination date of such Auto-Renewal Letter of Credit (the date of the delivery of such notice, the “Renewal Notice
Date”); provided that, unless otherwise agreed upon by the applicable Issuing Lender at its sole discretion, the
Borrowers’ Agent shall provide to the applicable Issuing Lender and the Administrative Agent written notice of its intent
to not renew such an Auto-Renewal Letter of Credit no later than thirty (30) days prior to the expiration or termination date of
such Auto-Renewal Letter of Credit (the date of the delivery of such notice, the “Non-Renewal Notice Date”).
Once an Auto-Renewal Letter of Credit has been issued (or is permitted to be outstanding hereunder in the case of an outstanding
Letter of Credit that is an Auto-Renewal Letter of Credit), the Lenders shall be deemed to have authorized (but the Lenders may
not require) such Issuing Lender to permit the renewal of such Letter of Credit at any time to a date not later than nine (9) months
after the Working Capital Facility Commitment Termination Date; provided, however, that no Issuing Lender shall permit
any renewal of an Auto-Renewal Letter of Credit if (A) such Issuing Lender has determined that it would have no obligation at such
time to issue such Letter of Credit in its renewed form under the terms hereof (by reason of the provisions of Section 3.3
or 6.2 or otherwise), (B) after giving effect to any such renewal, the earlier of the (x) expiration date of such Auto-Renewal
Letter of Credit and (y) the next occurring Non-Renewal Notice Date of such Auto-Renewal Letter of Credit would occur after the
Working Capital Facility Commitment Termination Date, or (C) it has received notice in writing on or before the date that is two
(2) Business Days before the Renewal Notice Date from the Administrative Agent, any Lender or the Borrowers’ Agent that one
or more of the applicable conditions specified in Section 3.3 or 6.2 is not then satisfied. Notwithstanding anything
to the contrary contained herein, no Issuing Lender shall have any obligation to permit the renewal of any Auto-Renewal
Letter of Credit at any time if any of the applicable conditions specified in Section 6.2 is not then satisfied.

 

(d)          If
any Issuing Lender shall issue, extend or amend any Letter of Credit without obtaining prior confirmation of the Administrative
Agent (as provided in Section 3.3(d)), or if any Issuing Lender shall permit the extension or renewal of an Auto-Renewal
Letter of Credit without giving timely prior notice to the Administrative Agent, or when such extension or renewal is not permitted
hereunder (as provided in sub-section (c) above), such Letter of Credit (A) shall for all purposes be deemed to have been issued
by such Issuing Lender solely for its own account and risk and (B) shall not be considered a Letter of Credit outstanding under
this Agreement, and no Lender shall be deemed to have any participation therein, effective as of the date of such issuance, amendment,
extension or renewal, as the case may be, unless the Required Lenders expressly consent thereto; provided, however,
that to be considered a Letter of Credit outstanding under this Agreement, the consent of all Lenders shall be required to the
extent that any such issuance, amendment, extension or renewal is not then permitted hereunder by reason of the provisions of this
Section 3.3.

 

(e)          Notwithstanding
anything herein to the contrary, an Issuing Lender is under no obligation to issue or provide any Letter of Credit (including any
renewal of an Auto-Renewal Letter of Credit) or renew, extend or amend any Letter of Credit unless consented to by such Issuing
Lender and the Collateral Agent, if:

 

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(i)          Any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing
Lender from issuing, renewing, extending or amending such Letter of Credit, or any Requirement of Law applicable to such Issuing
Lender or any request or directive (whether or not having the force of Law) from any Governmental Authority with jurisdiction over
such Issuing Lender shall prohibit, or request that such Issuing Lender refrain from, the issuance, renewal, extension or amending
of a Letter of Credit generally or such Letter of Credit in particular or shall impose upon such Issuing Lender with respect to
such Letter of Credit any restriction, reserve or capital requirement (in the case of an amendment of a Letter of Credit, for which
such Issuing Lender is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such Issuing
Lender any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such Issuing Lender in good
faith deems material to it; or

 

(ii)         such
Letter of Credit or the requested amendment is not in form and substance reasonably acceptable to such Issuing Lender thereof or
the issuance of such Letter of Credit shall violate any applicable policies of such Issuing Lender.

 

(f)          Within
one (1) Business Day 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 Issuing Lender thereof will also deliver to the Borrowers’ Agent and the
Administrative Agent, a true and complete copy of such Letter of Credit or amendment.

 

(g)          Each
Letter of Credit shall be subject to the International Standby Practices (“ISP98”) International Chamber of
Commerce Publication No. 590 or Uniform Customs and Practice for Documentary Credits No. 600 (“UCP 600”), as
applicable, and to the extent not inconsistent with ISP 98 or UCP 600, the Laws of the State of New York.

 

3.4           Fees,
Commissions and Other Charges.

 

(a)          Letter
of Credit Fee. The Borrowers shall pay to the Administrative Agent, for the account of the relevant Issuing Lender and the
L/C Participants a letter of credit commission, with respect to each outstanding Letter of Credit, in an amount equal to the Applicable
L/C Fee Rate times the average daily maximum amount of such Letter of Credit; provided that such letter of credit commission
shall not be in an amount less than $1,500 for the period during which such Letter of Credit is outstanding, and, in each case,
such commission shall be payable to the L/C Participants and the Issuing Lender of such Letter of Credit to be shared ratably among
them in accordance with the average daily amount of their respective Working Capital Facility Commitment Percentages. Such commission
shall be payable quarterly in arrears on each L/C Fee Payment Date.

 

(b)          Fronting
Fee. In addition to the fees and commissions in Sections 3.4(a) and (c), the Borrowers shall pay each relevant
Issuing Lender an amount equal to 0.20% per annum times the face amount of each Letter of Credit issued by such Issuing Lender.
Such fee shall be nonrefundable and shall be payable quarterly in arrears on each L/C Fee Payment Date.

 

(c)          Other
Charges. In addition to the foregoing fees and commissions, the Borrowers shall pay or reimburse each Issuing Lender of any
Letter of Credit for such normal and customary costs, expenses and fees as are incurred or charged by such Issuing Lender in issuing,
effecting payment under, amending, processing, negotiating or otherwise administering any Letter of Credit. The applicable Borrower
shall pay each relevant Issuing Lender of any Letter of Credit (i) a fee of no less than $1,500 for any issuance of a Letter of
Credit by such Issuing Lender and (ii) a fee of $500 for any amendment of a Letter of Credit issued by such Issuing Lender (which
fees shall be in addition to any fee payable under the preceding sentence for such issuance or amendment).

 

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(d)          Distribution
of Fees. The Administrative Agent shall, within two (2) Business Days following its receipt thereof, distribute to the relevant
Issuing Lenders and the L/C Participants all fees and commissions received by the Administrative Agent for their respective accounts
pursuant to this Section 3.4.

 

3.5           L/C
Participations. (a) Each Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce
the Issuing Lenders to issue Letters of Credit hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby
accepts and purchases from each such Issuing Lender, on the terms and conditions hereinafter stated, for such L/C Participant’s
own account and risk, an undivided interest in such Issuing Lender’s obligations and rights under each Letter of Credit issued
or provided by such Issuing Lender hereunder and the amounts paid by such Issuing Lender thereunder equal to such L/C Participant’s
Working Capital Facility Commitment Percentage.

 

(b)          Each
L/C Participant’s obligation to accept and purchase for such L/C Participant’s own account and risk, an undivided participation
interest in an Issuing Lender’s obligations and rights under each Letter of Credit issued or provided by such Issuing Lender
hereunder and the amounts paid by such Issuing Lender thereunder equal to such L/C Participant’s Working Capital Facility
Commitment Percentage thereof shall be absolute and unconditional and shall not be affected by any circumstance, including, without
limitation, (i) any set-off, counterclaim, recoupment, defense or other right which such L/C Participant may have against any Issuing
Lender, any Borrower, or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event
of Default, (iii) any adverse change in the condition (financial or otherwise) of any Loan Party, (iv) any breach of this Agreement
or any other Loan Document by any Loan Party or any other Lender or (v) any other circumstance, happening or event whatsoever,
whether or not similar to any of the foregoing.

 

(c)          The
obligations of the L/C Participants to purchase participations in the obligations of the Issuing Lenders under outstanding Letters
of Credit pursuant to Section 3.5 shall survive the Working Capital Facility Commitment Termination Date with respect to
Letters of Credit which have been Cash Collateralized pursuant to Section 3.3(b) until the earliest of (i) the expiration
date for such Letters of Credit and all drawings thereunder having been repaid in full, (ii) the date the entire amount available
under such Letters of Credit are drawn and such drawings are repaid and no further drawings are permitted under such Letters of
Credit, and (iii) the date that is nine (9) months after the Working Capital Facility Commitment Termination Date applicable to
such Letters of Credit; provided that, notwithstanding any other provision of this Section 3.5(c), with respect to
any Letter of Credit having an expiration date following the Working Capital Facility Commitment Termination Date applicable thereto
(such a Letter of Credit, a “Post-Termination LOC”), in no event shall the obligations of the L/C Participants
to purchase participations in the obligations of an Issuing Lender under a Post-Termination LOC pursuant to Section 3.5(a)
expire or terminate prior to the Business Day following the expiration, cancellation or termination of the last remaining outstanding
Post-Termination LOC and the payment in full of all drawings, if any, thereunder.

 

(d)          If
for any reason any Unreimbursed Amount cannot be refinanced by an L/C Reimbursement Loan in accordance with Section 3.6(c),
each L/C Participant shall, on or before the deadline for such Working Capital Facility Loan to have been made, pay to the Administrative
Agent for the account of the applicable Issuing Lender in immediately available funds such L/C Participant’s Working Capital
Facility Commitment Percentage of such Unreimbursed Amount, and upon receipt thereof, the Administrative Agent shall promptly distribute
such funds to the applicable Issuing Lender in like funds received.

 

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(e)          If
any L/C Participant fails to timely pay to the Administrative Agent all or a portion of its Working Capital Facility Commitment
Percentage of any Unreimbursed Amount required to be paid pursuant to Section 3.5(d), such overdue amounts shall bear interest
payable by such L/C Participant at the rate per annum applicable to Base Rate Loans hereunder until such overdue amounts are paid
in full.

 

(f)          Whenever,
at any time after any Issuing Lender has received from any L/C Participant its Working Capital Facility Commitment Percentage of
any Unreimbursed Amount, such Issuing Lender receives any payment on account thereof (whether directly from a Borrower or otherwise,
including proceeds of collateral applied thereto by such Issuing Lender), or any payment of interest on account thereof, such Issuing
Lender shall distribute to such L/C Participant its Working Capital Facility Commitment Percentage of such payments and promptly
notify the Administrative Agent in writing thereof; provided, however, that in the event that any such payment received
by such Issuing Lender shall be required to be returned by such Issuing Lender, such L/C Participant shall return to such Issuing
Lender the portion thereof previously distributed by such Issuing Lender to it in like funds received and promptly notify the Administrative
Agent in writing thereof. The Administrative Agent may conclusively rely on such written notices as evidence of such distribution
to the extent that such distributions were not made through the Administrative Agent.

 

3.6           Reimbursement
Obligations of the Borrowers. (a) Upon receipt by the relevant Issuing Lender from the beneficiary of any Letter of Credit
of any notice of a drawing or demand for payment under such Letter of Credit, such Issuing Lender shall promptly notify the Borrowers’
Agent and the Administrative Agent thereof. If the Borrowers’ Agent receives notice (confirmed by telephone) from such Issuing
Lender of a drawing or demand for payment under a Letter of Credit prior to 1:00 p.m. (New York City time), on any Business Day,
the Borrowers shall reimburse such Issuing Lender on such Business Day for the Unreimbursed Amount of such Letter of Credit. If
the Borrowers’ Agent receives notice (confirmed by telephone) from such Issuing Lender of a drawing or demand for payment
under a Letter of Credit at or after 1:00 p.m. (New York City time), on any Business Day, the Borrowers shall so reimburse such
Issuing Lender on the Business Day immediately following the Business Day upon which such notice was received by the Borrowers’
Agent. Such reimbursement shall be made directly to such Issuing Lender in an amount in United Stated Dollars equal to (i) the
amount so paid and (ii) any Non-Excluded Taxes and any reasonable fees, charges or other costs or expenses incurred by such Issuing
Lender at its Applicable Lending Office in immediately available funds (such amount that has not been reimbursed by the Borrowers
being, the “Unreimbursed Amount”).

 

(b)          If
the Borrowers fail to fully reimburse any Issuing Lender pursuant to Section 3.6(a) at the time and on the due date specified
in such Section (the “Reimbursement Date”), such Issuing Lender shall so notify the Administrative Agent
(with a copy to the Borrowers’ Agent), which notice shall be provided on a Business Day, and specify in such notice the amount
of the Unreimbursed Amount. On the next Business Day following receipt of such notice from such Issuing Lender, the Administrative
Agent shall notify each L/C Participant of the Reimbursement Date, the Unreimbursed Amount, and the amount of such L/C Participant’s
Working Capital Facility Commitment Percentage thereof.

 

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(c)          If
there shall be any Unreimbursed Amounts owing to any Issuing Lender on or after such Unreimbursed Amounts were due pursuant to
Section 3.6(a), the relevant Issuing Lender may request on behalf of the Borrowers (which hereby irrevocably authorize such
Issuing Lender to act on their behalf solely in this regard), that each Working Capital Facility Lender make a Working Capital
Facility Loan (which initially shall be a Base Rate Loan) in an amount equal to such Working Capital Facility Lender’s Working
Capital Facility Commitment Percentage of the outstanding amount of such Unreimbursed Amount (an “L/C Reimbursement Loan”).
In accordance with Section 2.4(c), unless any of the conditions contained in Section 6.2 shall not have been satisfied
or waived (in which event the procedures set forth in Section 3.5 shall apply), each Working Capital Facility Lender shall
make the proceeds of its Working Capital Facility Loan available to the Administrative Agent prior to 11:00 a.m. (New York City
time) in funds immediately available on the second Business Day following the date such request is made. The proceeds of such Working
Capital Facility Loans shall be immediately applied to repay the applicable Issuing Lender.

 

(d)          With
respect to Unreimbursed Amounts that are not paid on the date due, interest shall be payable on any and all Unreimbursed Amounts
from the date such amounts become payable (whether at stated maturity, by acceleration, demand or otherwise) until payment in full
(either in cash or upon the making of a Working Capital Facility Loan) at the applicable rate which would be payable on any outstanding
Working Capital Facility Loans which were then overdue pursuant to Section 4.2(c).

 

3.7           Obligations
Absolute. The Borrowers’ obligations under this Section 3 shall be absolute, irrevocable and unconditional and
shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective
of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii)
any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any
statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Lender under a Letter of Credit against
presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event
or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section,
constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrowers’ obligations hereunder.
Neither the Administrative Agent, the Lenders nor the Issuing Lenders, nor any of their Related Persons, shall have any liability
or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure
to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error,
omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating
to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical
terms or any consequence arising from causes beyond the control of the applicable Issuing Lender; provided that the foregoing shall
not be construed to excuse the applicable Issuing Lender from liability to the Borrowers to the extent of any direct damages (as
opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrowers
to the extent permitted by applicable law) suffered by the Borrowers that are caused by the applicable Issuing Lender’s failure
to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.
The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the applicable
Issuing Lender (as finally determined by a court of competent jurisdiction), the Issuing Lender shall be deemed to have exercised
care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree
that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter
of Credit, the Issuing Lender may, in its sole discretion, either accept and make payment upon such documents without responsibility
for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such
documents if such documents are not in strict compliance with the terms of such Letter of Credit.

 

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3.8           Role
of the Issuing Lenders. (a) The responsibility of any Issuing Lender to any Borrower in connection with any draft presented
for payment under any Letter of Credit issued on behalf of such Borrower shall, in addition to any payment obligation expressly
provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered by or on behalf
of the beneficiary under such Letter of Credit in connection with such presentment are in conformity with such Letter of Credit.
In addition, each Lender and each Borrower agree that, in paying any drawing or demand for payment under any Letter of Credit,
the Issuing Lender of such Letter of Credit shall not have any responsibility to inquire as to the validity or accuracy of any
document presented in connection with such drawing or demand for payment or the authority of the Person executing or delivering
the same.

 

(b)          No
Agent-Related Person nor any of the respective correspondents, participants or assignees of any Issuing Lender shall be liable
to any Lender for: (i) any action taken or omitted in connection herewith in respect of any Letter of Credit at the request or
with the approval or deemed approved of the Required Lenders; (ii) any action taken or omitted in respect of any Letter of Credit
in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability
of any Letter of Credit or any document delivered in connection with the issuance or payment of such Letter of Credit.

 

(c)          Each
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 such Borrower from
pursuing such rights and remedies as it may have against such beneficiary or transferee. No Agent-Related Person, nor any of the
respective correspondents, participants or assignees of the Issuing Lenders shall be liable or responsible for any of the matters
described in Section 3.7; provided, however, that anything in such Section or elsewhere herein to the contrary
notwithstanding, a Borrower may have a claim against any Issuing Lender and such Issuing Lender may be liable to a Borrower, to
the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by such Borrower
which such Borrower proved were caused by such Issuing Lender’s willful failure to pay under any Letter of Credit after the
presentation to it by the beneficiary of documents strictly complying with the terms and conditions of such Letter of Credit. In
furtherance and not in limitation of the foregoing: (i) any Issuing Lender 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 (ii) no
Issuing Lender 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.

 

3.9           Letter
of Credit Request. To the extent that any material provision of any Letter of Credit Request related to any Letter of Credit
is inconsistent with the provisions of this Section 3, the provisions of this Section 3 shall apply.

 

3.10         Existing
Letters of Credit. On the Closing Date, without further action by any party hereto, subject to the terms of this Section
3.10, (a) each Existing Letter of Credit shall become a Letter of Credit hereunder and subject to the terms hereof and (b)
each Issuing Lender that has issued an Existing Letter of Credit shall be deemed to have granted each L/C Participant, and each
L/C Participant shall be deemed to have acquired from such Issuing Lender, on the terms and conditions of Section 3.5 hereof,
for such L/C Participant’s own account and risk, an undivided participation interest in such Issuing Lender’s obligations
and rights under each such Existing Letter of Credit equal to such L/C Participant’s Commitment Percentage of (x) the outstanding
amount available to be drawn under such Existing Letter of Credit and (y) the aggregate amount of any outstanding reimbursement
obligations in respect thereof.

 

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SECTION 4.GENERAL PROVISIONS APPLICABLE
TO LOANS AND LETTERS OF CREDIT

 

4.1           Increase,
Termination or Reduction of Commitments. (a) The Borrowers’ Agent shall have the right, from time to time, upon not less
than five (5) Business Days’ notice to the Administrative Agent, to terminate the Working Capital Facility Commitments and
Acquisition Facility Commitments or, from time to time, to reduce the Commitments on a ratable basis; provided, that no
such termination or reduction of the relevant Commitments shall be permitted to the extent that, after giving effect thereto and
to any prepayments of the Loans and Cash Collateralization of the Letters of Credit made on or before the effective date thereof,
(i) the Total Working Capital Facility Extensions of Credit would exceed the Working Capital Total Commitment or (ii) the Total
Acquisition Facility Extensions of Credit would exceed the Acquisition Facility Commitment then in effect. Any such reduction shall
be in an amount equal to $500,000 or a whole multiple thereof and shall reduce permanently and ratably the applicable relevant
Commitment then in effect.

 

(b)          At
any time during the Increase Period, (x) the aggregate Working Capital Facility Commitments may be increased to an amount not to
exceed the Working Capital Facility Maximum Amount (a “Working Capital Facility Increase”) and (y) the aggregate
Acquisition Facility Commitments may be increased to an amount not to exceed the Acquisition Facility Maximum Amount (an “Acquisition
Facility Increase”, a Working Capital Facility Increase and an Acquisition Facility Increase, each being a “Facility
Increase”) pursuant to the following procedure; provided that the aggregate Facility Increases made on and after
the Closing Date shall not exceed the Maximum Facility Increase Amount:

 

(i)          Not
more than thirty (30) days and not less than fifteen (15) days prior to the proposed effective date of any Facility Increase with
respect to any Facility, the Borrowers’ Agent may make a written request for such Facility Increase to the Administrative
Agent (a “Facility Increase Request”), who shall forward a copy of any such request to (x) each of the
Lenders under such Facility identified in such Facility Increase Request and (y) such additional Persons (subject to the
approval of the Collateral Agent, the Swing Line Lender and each Issuing Lenders, such approvals not to be unreasonably withheld,
delayed or conditioned) as requested by the Borrowers’ Agent (such additional Persons, the “New Lenders”).
Each request by the Borrowers’ Agent pursuant to the immediately preceding sentence shall specify a proposed effective date
of such increase (the “Requested Increase Effective Date”), the aggregate amount of such requested increase
(the “Requested Increase Amount”), and shall constitute an invitation to each of the Lenders and the New Lenders
identified in the applicable Facility Increase Request to accept or increase Commitments (as applicable) under such Facility.

 

(ii)         Each
Lender and each New Lender identified in the applicable Facility Increase Request, acting in its sole discretion and with no obligations
to increase or accept Commitment under such Facility pursuant to this Section 4.1(b), shall by written notice to the Borrowers’
Agent and the Administrative Agent advise the Borrowers’ Agent and the Administrative Agent whether or not such Lender or
New Lender (as applicable) agrees to all or any portion of such Commitment or increase in its Commitments (as applicable) under
such Facility within ten (10) days after the Borrowers’ Agent’s request. Any such Lender or New Lender may accept all
of the Commitments or increase in its Commitment offered to it pursuant to the applicable Facility Increase Request, or decline
to accept any of such Commitment or Commitment increase (as applicable) under such Facility. If any such Lender or New Lender (as
applicable) shall not have responded affirmatively within such ten (10) day period, such Lender or New Lender (as applicable) shall
be deemed to have rejected the Borrowers’ Agent’s request for an increase in such Commitment in full. Promptly following
the conclusion of such ten (10) day period, the Administrative Agent shall notify the Borrowers’ Agent of the results of
the request for the applicable Facility Increase.

 

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(iii)        If
the aggregate amount of the increases in the Commitments under any Facility which the Lenders under such Facility have accepted
in accordance with Section 4.1(b)(ii) shall be less than the Requested Increase Amount, the Collateral Agent may offer to
such additional Persons (including the Lenders under such Facility and additional New Lenders), as may be agreed by the Borrowers’
Agent and the Collateral Agent, the opportunity to make available such amount of new Commitments under such Facility as may be
required so that the aggregate increases in the Commitments under such Facility by the existing Lenders thereunder together with
such new Commitments by the New Lenders shall equal the Requested Increase Amount (the aggregate Facility Increase provided by
such existing Lenders and the New Lenders, the “Increase Amount”). Such Increase Amount shall be in an amount
equal to $5,000,000 or a whole multiple thereof. The effectiveness of all such increases in the Commitments under such Facility
are subject to the satisfaction of the following conditions: (A) each Lender that so elects to increase its Commitment under such
Facility (each an “Increasing Lender”), each New Lender, the Collateral Agent, the Borrowers’ Agent, and
the Borrowers shall have executed and delivered an agreement, substantially in the form attached hereto as Exhibit L (an
“Increase and New Lender Agreement”); (B) (i) with respect to the Working Capital Facility, aggregate
Working Capital Facility Commitment after giving effect to such increases shall not exceed the Working Capital Facility
Maximum Amount, and (ii) with respect to the Acquisition Facility, the aggregate Acquisition Facility Commitments after giving
effect to such increase shall not exceed the Acquisition Facility Maximum Amount; (C) any fees and other amounts (including, without
limitation, pursuant to Section 11.6) payable by the Borrowers in connection with such increase and accession shall have
been paid; (D) no Default or Event of Default has occurred and is continuing or would result from such increase in the Commitments;
(E) delivery of an Availability Certification dated as of the date of such increase; and (F) the Collateral Agent shall have received
in respect of the Mortgaged Properties (1) such amendments to the Mortgage and Security Agreements as are in form and substance
reasonably satisfactory to the Collateral Agent, in each case, executed and delivered by a Responsible Person of the relevant Loan
Party to the extent necessary to reflect the increase in the Working Capital Facility or the Acquisition Facility, as applicable
and (2) to the extent required by applicable Law, a standard flood hazard determination for each Mortgaged Property, and with respect
to any Mortgaged Property that is located in a special flood hazard area, evidence of flood insurance in form and substance reasonably
satisfactory to the Collateral Agent.

 

(iv)        On
any Requested Increase Effective Date with respect to any Facility, (A) each Increasing Lender or New Lender thereof shall make
available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine for
the benefit of the other Lenders under such Facility as being required in order to cause (after giving effect to such increase
and the use of such amounts to make payments to the other Lenders under such Facility) each Lender’s portion of the outstanding
Loans of all Lenders under such Facility to equal its Commitment Percentage of such Loans, (B) the Borrowers shall be deemed to
have repaid and reborrowed all outstanding Loans of all the Lenders under such Facility to equal its Commitment Percentage of such
outstanding Loans as of the date of the applicable Facility Increase (with such reborrowing to consist of the Types of Loans, with
related Interest Periods, if applicable, specified in a notice delivered by the Borrowers’ Agent in accordance with the requirements
of Section 4.3) and (C) the participations in Letters of Credit shall be adjusted to reflect changes in the Working Capital
Facility Commitment Percentages. The deemed payments made pursuant to clause (B) of the immediately preceding sentence in respect
of each Eurodollar Loan shall be subject to indemnification by the Borrowers pursuant to the provisions of Section 4.14 if
the deemed payment occurs other than on the last day of the related Interest Periods.

 

(v)         Upon
the Requested Increase Effective Date with respect to any Facility, Schedule 1.0 of the Increase and New Lender Agreement,
which shall reflect the Commitments and the Commitment Percentages of the Lenders under such Facility at such time, shall
be deemed to supersede Schedule 1.0 hereto without any further action or consent of any party. The Administrative Agent
shall cause a copy of such revised Schedule 1.0 to be available to the Issuing Lenders and the Lenders.

 

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4.2           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 for such Eurodollar Loan determined for such day plus the Applicable
Margin.

 

(b)          Each
Base Rate Loan (including Swing Line Loans) shall bear interest at a rate per annum equal to the Base Rate plus the Applicable
Margin.

 

(c)          (i)
If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall not be paid when due (whether at the
stated maturity, by acceleration or otherwise), all outstanding Obligations (whether or not overdue) (to the extent legally permitted)
shall bear interest at a rate per annum that is equal to (x) in the case of the Loans, the rate that would otherwise be applicable
thereto pursuant to the foregoing provisions of this Section plus 2.00%, (y) in the case of Reimbursement Obligations, the
rate applicable to Base Rate Loans plus 2.00%, and (z) in the case of any interest payable on any Loan or Reimbursement
Obligation or any commitment fee or other amount payable hereunder, such amount shall bear interest at a rate per annum equal to
the rate then applicable to Base Rate Loans plus 2.00%, in each case, from the date of such nonpayment until such amount
is paid in full (after as well as before judgment).

 

(d)          Interest
shall be payable in arrears on each Interest Payment Date or on the applicable date with respect to interest payable pursuant to
Section 4.2(c) above.

 

4.3           Conversion
and Continuation Options. (a) The Borrowers’ Agent may elect from time to time to Convert Eurodollar Loans to Base Rate
Loans by giving the Administrative Agent at least two (2) Business Days’ prior irrevocable notice of such election in the
form attached hereto as Annex II (the “Continuation/Conversion Notice”), such Continuation/Conversion Notice
specifying the amount and the date such Conversion is to be made; provided that any such Conversion of Eurodollar Loans
may only be made on the last day of an Interest Period with respect thereto. The Borrowers’ Agent may elect from time to
time to Convert Base Rate Loans to Eurodollar Loans by giving the Administrative Agent irrevocable notice of such election (in
the form of a Continuation/Conversion Notice) prior to 1:00 p.m. (New York City time) at its New York office, three (3) Business
Days before the date of such election. Any such notice of Conversion to Eurodollar Loans shall specify the amount to be Converted,
the date of such Conversion and the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such
notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of outstanding Eurodollar Loans or Base
Rate Loans may be Converted as provided herein; provided that (i) no Base Rate Loan may be Converted into a Eurodollar Loan
when any Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have reasonably
determined that such a Conversion is not appropriate and (ii) no Base Rate Loan may be Converted into a Eurodollar Loan after the
date that is one (1) month prior to the Commitment Termination Date.

 

(b)          Any
Eurodollar Loans may be Continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrowers’
Agent giving the Administrative Agent irrevocable notice (in the form of a Continuation/Conversion Notice) prior to 1:00 p.m. (New
York City time), at its New York office, in each case, three (3) Business Days before the date such Eurodollar Loans are to be
Continued, 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. If the Borrowers’ Agent fails to give timely
notice requesting a Continuation, then the applicable Loans shall be Converted to Base Rate Loans. Any 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 Eurodollar
Loans.

 

    	-56-

    	 

    

 

(c)          During
the existence of an Event of Default, no Loan may be requested as, Converted to or Continued as Eurodollar Loans if the Required
Lenders have reasonably determined that such a request, Conversion or Continuation is not appropriate.

 

4.4           Minimum
Amounts of Tranches; Maximum Number of Tranches. (a) All borrowings, Conversions and Continuations of Loans hereunder and all
selections of Interest Periods hereunder shall be in such amounts and be made pursuant to such elections so that, after giving
effect thereto, the aggregate principal amount of the Eurodollar Loans comprising each Tranche shall be equal to $1,000,000 or
a whole multiple of $100,000 in excess thereof.

 

(b)          No
more than fifteen (15) Tranches of Eurodollar Loans shall be outstanding at any one time; provided that for each Facility Increase
in an aggregate principal amount of $50,000,000, two (2) additional Tranches of Eurodollar Loans may be outstanding (up to a maximum
of twenty (20) Tranches of Eurodollar Loans) at any one time.

 

4.5           Repayment
of Loans; Evidence of Debt. (a) Each Borrower unconditionally promises to pay to the Administrative Agent for the account of
the appropriate Lender or to the relevant Issuing Lender, as applicable, the then unpaid principal amount of each Acquisition Facility
Loan and each Working Capital Facility Loan on the Maturity Date therefor. Each Borrower hereby further agrees to pay interest
on the unpaid principal amount of the Loans and Reimbursement Obligations of such Borrower from time to time outstanding from the
date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in Section 4.2.

 

(b)          Each
Lender shall maintain in accordance with its usual practice a record or records setting forth all of the indebtedness of each Borrower
to such Lender resulting from each Loan or other Extension of Credit of such Lender from time to time, including the amounts of
principal and interest payable and paid to such Lender from time to time under this Agreement.

 

(c)          The
Administrative Agent, on behalf of the Borrowers, shall maintain the Register required by Section 11.7(d), and shall include
a subaccount therein for each Lender, in which it shall record (i) the amount of each Loan and a copy of the Note, if any, evidencing
such Loan, the Type thereof and each Interest Period applicable thereto, (ii) the amount of any principal or interest or fee due
and payable or to become due and payable from the Borrowers to each Lender hereunder, (iii) the amount of such Lender’s share
of any Unreimbursed Amount and (iv) both the amount of any sum received by the Administrative Agent hereunder from the Borrowers
and each Lender’s share thereof.

 

(d)          The
entries made in the Register and the records of each Lender maintained pursuant to Section 4.5(b) shall, to the extent permitted
by applicable Law, be prima facie evidence of the existence and amounts of the obligations of each Borrower therein recorded (absent
manifest error); provided, however, that the failure of any Lender or the Administrative Agent to maintain the Register
or any such account, or any error therein, shall not in any manner affect the obligation of any Borrower to repay (with
applicable interest) the Loans and other extensions of credit hereunder made to the Borrowers by such Lender in accordance with
the terms of this Agreement.

 

(e)          Any
Borrower agrees that, upon the request to the Administrative Agent by any Lender, the Borrowers will execute and deliver to such
Lender a promissory note evidencing the Working Capital Facility Loans, the Swing Line Loans or the Acquisition Facility Loans,
as applicable, of such Lender, substantially in the form of Exhibit A-1, A-2, or A-3, as applicable, with
appropriate insertions as to date and principal amount (individually, a “Note” and, collectively, the “Notes”).

 

    	-57-

    	 

    

 

4.6           Optional
Prepayments. Any Borrower may at any time and from time to time prepay the Loans made to it, in whole or in part, without premium
or penalty, upon notice from the Borrowers’ Agent in the form attached hereto as Annex III (the “Notice of Prepayment”)
delivered to the Administrative Agent (x) no later than 1:00 p.m. (New York City time) at least three (3) Business Days prior to
the proposed prepayment date in the case of Eurodollar Loans, (y) no later than 1:00 p.m. (New York City time) on the proposed
prepayment date in the case of Base Rate Loans, and (z) not later than 1:00 p.m. (New York City time) on the proposed prepayment
date in the case of Swing Line Loans, in each case, which notice shall specify (x) the date and amount of prepayment, (y) which
Loans shall be prepaid and (z) whether the prepayment is of Base Rate Loans, Eurodollar Loans or a combination thereof, and, if
of a combination thereof, the amount allocable to each; provided that if a Eurodollar Loan is prepaid on any day other than
the last day of the Interest Period applicable thereto, or the Borrowers’ Agent revokes any notice of prepayment previously
delivered pursuant to this Section 4.6 after the date/time specified above, such Borrower shall also pay any amounts owing
pursuant to Section 4.14. 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 any amounts payable pursuant to Section 4.14. Partial prepayments pursuant to this Section 4.6 shall be in an
aggregate principal amount of $100,000 or a whole multiple thereof. If any Borrower shall make any prepayment of a Swing Line Loan
after 1:00 p.m. (New York City time) on the fifth Business Day following the making of such Swing Line Loan and the Swing Line
Lender shall have requested from the Lenders Refunded Swing Line Loans in accordance with Section 2.5(a) on account of such
Swing Line Loan, the Administrative Agent shall apply such prepayment in the following order: first, to any other
Swing Line Loans of the Borrowers outstanding at such time, and second, to any outstanding Working Capital Facility Loans
that are Base Rate Loans of such Borrower. If the amount of such prepayment is greater than the outstanding amount of such Swing
Line Loans and such Working Capital Facility Loans that are Base Rate Loans at the time such prepayment is made, the Administrative
Agent shall promptly remit the excess to the applicable Borrower.

 

4.7           Mandatory
Prepayments. (a) If on any date, the Total Working Capital Facility Extensions of Credit exceed the Borrowing Base, then (i)
the Borrowers’ Agent shall specify, at its sole discretion, one or more of the Working Capital Facility Loans, or the Swing
Line Loans of a Borrower or the Borrowers to be prepaid and such Borrower or the Borrowers shall prepay such Loan or Loans, and/or
(ii) if no Working Capital Facility Loans or Swing Line Loans are then outstanding, the Borrowers shall Cash Collateralize, replace
or decrease (if the beneficiary of such Letter of Credit agrees to such decrease) the amount of outstanding Letters of Credit by
an amount sufficient to eliminate such excess, no later than three (3) Business Days immediately following such date.

 

(b)          If
on any date (i) the Total Acquisition Facility Extensions of Credit shall exceed the aggregate Acquisition Facility Commitments,
(ii) the Total Working Capital Facility Extensions of Credit shall exceed the aggregate Working Capital Facility Commitments, and/or
(iii) any extension of credit under this Agreement shall result in any Applicable Sub-Limit being exceeded, then (A) the Borrowers’
Agent shall specify, at its sole discretion, one or more Loans of a Borrower or Borrowers to be prepaid and such Borrower or Borrowers
shall prepay such Loans and (B) if no Loans are then outstanding, the Borrowers shall Cash Collateralize, replace or decrease (if
the beneficiary of such Letter of Credit agrees to such decrease) the amount of outstanding Letters of Credit by an amount sufficient
to eliminate such excess, no later than three (3) Business Days immediately following such date.

 

(c)          Unless
the Required Lenders shall otherwise agree, if on any date any Borrower or any Guarantor shall receive Net Cash Proceeds from any
individual Asset Sale or Recovery Event, then, unless a Reinvestment Notice shall be delivered in respect thereof within three
(3) Business Days thereafter, 100% of such Net Cash Proceeds shall be applied on such third Business Day toward the prepayment
of the relevant Loans (provided, however, that the Borrowers’ Agent shall specify, at its sole discretion,
the Loan or Loans of the Borrowers to be so prepaid) and Cash Collateralization of the relevant Letters of Credit in accordance
with and Section 4.7(d);

 

    	-58-

    	 

    

 

(d)          The
Borrowers’ Agent shall notify the Administrative Agent by written notice of any prepayment hereunder (i) in the case of prepayment
of a Eurodollar Loan, not later than 1:00 p.m. (New York City time), three (3) Business Days before the date of the prepayment,
(ii) in the case of prepayment of a Base Rate Loan, not later than 1:00 p.m. (New York City time) on the date of the prepayment
and (iii) in the case of prepayment of a Swing Line Loan, not later than 1:00 p.m. (New York City time) on the date of prepayment.
Each such notice shall specify the prepayment date, the principal amount of each Loan or portion thereof to be prepaid and, in
the case of a mandatory prepayment, a reasonably detailed calculation of the required amount of such prepayment. Promptly following
receipt of any such notice (other than a notice relating solely to Swing Line Loans), the Administrative Agent shall advise the
Lenders of the contents thereof. Each prepayment of an extension of credit shall be applied ratably to the Loans included in the
prepaid extension of credit and otherwise in accordance with this Section 4.7(d). Prepayments shall be accompanied by accrued
interest to the extent required by Section 4.2.

 

(e)          Any
prepayment of Loans pursuant to this Section 4.7, and the rights of the Lenders in respect thereof, are subject to the provisions
of Section 4.9.

 

(f)          For
the avoidance of doubt, no amounts prepaid under this Section 4.7 shall permanently reduce any Commitments.

 

4.8           Computation
of Interest and Fees. (a) All fees and interest on Base Rate Loans that are calculated using clause (c) of the definition of
“Base Rate” and Eurodollar Loans shall be calculated on the basis of a 360-day year for the actual days elapsed. Interest
on Base Rate Loans (other than Base Rate Loans that are calculated using clause (c) of the definition of “Base Rate”)
shall be calculated on the basis of a 365/366-day year, as the case may be, for the actual days elapsed. The Administrative Agent
shall as soon as practicable notify the Borrowers’ Agent and the Lenders of each determination of each Eurodollar Rate for
any Eurodollar Loans outstanding. Any change in the interest rate on a Loan resulting from a change in the Base Rate 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’ Agent and the 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’ Agent, deliver to the Borrowers’ Agent a statement showing the quotations used by the Administrative Agent
in determining any interest rate pursuant to Section 4.2(a).

 

4.9           Pro
Rata Treatment and Payments. (a) Other than as expressly set forth herein, each borrowing by any Borrower from the Lenders
hereunder and any reduction of the Commitments under any Facility shall be made pro rata according to the respective Commitment
Percentages, as applicable, of the Lenders under such Facility. Other than as expressly set forth herein, each payment (including
each prepayment) by any Borrower on account of principal of and interest and fees on the Loans and Reimbursement Obligations under
any Facility shall be made pro rata according to the respective outstanding principal amounts of the Loans and Reimbursement
Obligations under such Facility, respectively, then held by the Lenders.

 

    	-59-

    	 

    

 

(b)          All
payments (including prepayments) to be made by the Borrowers hereunder on account of principal of Loans (other than Base Rate Loans
on any day other than the Maturity Date of such Loans) shall be accompanied by a payment in an amount equal to all accrued and
unpaid interest on such Loans. All payments (including prepayments) to be made by the Borrowers hereunder, whether on account of
principal, interest, fees or otherwise, shall be made without set-off or counterclaim and shall be made prior to 1:00 p.m. (New
York City time) on the due date thereof to the Administrative Agent for the account of the applicable Lenders at the Administrative
Agent’s office specified in Section 11.2 in United States Dollars in immediately available funds. The Administrative
Agent shall distribute such payments to the appropriate Lenders promptly upon receipt in like funds as received. If any payment
hereunder (other than payments on Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment obligation
shall be extended to the next succeeding Business Day, and, with respect to payments of principal, interest thereon shall be payable
at the then applicable rate during such extension. If any payment on a Eurodollar 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.

 

(c)          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 Commitment Percentage 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, such Lender shall pay to the Administrative Agent
on demand such amount with interest thereon at a rate equal to the daily average Federal Funds Effective Rate for the period until
such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted
to any Lender with respect to any amounts owing under this Section 4.9 shall be conclusive in the absence of manifest error.
If such Lender’s Commitment Percentage of such borrowing is not made available to the Administrative Agent by such Lender
within three (3) Business Days of such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with
interest thereon at the rate per annum applicable to Base Rate Loans on demand from the Borrowers (without duplication of the interest
otherwise applicable thereto).

 

(d)          Subject
to Section 4.18, the application of any payment of Loans (including optional and mandatory prepayments), along with the
application of any proceeds obtained upon the exercise of remedies by the Agents for the Lenders hereunder or under any Loan Document,
shall be made to each Lender based upon its Commitment Percentage, first, to Base Rate Loans and, second, to Eurodollar
Loans. Each payment of the Eurodollar Loans shall be accompanied by accrued interest to the date of such payment on the amount
paid.

 

4.10         Requirements
of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance
by any Lender or the Administrative Agent with any request or directive (whether or not having the force of law) from any central
bank or other Governmental Authority made subsequent to the date hereof:

 

(i)          does
or shall subject any Lender or the Administrative Agent to any Tax or increased Tax of any kind whatsoever with respect to this
Agreement or any other Loan Document, any Loan or any Letter of Credit made by it, or change the basis of taxation of payments
to such Lender or the Administrative Agent in respect thereof (provided, however, that the foregoing shall not apply to (x) any
U.S. federal withholding Tax or Other Taxes, as to which Section 4.11 shall govern, or (y) any Tax imposed on or measured
by a Lender’s or the Administrative Agent’s net income (to the extent it does not change the basis of taxation), including
without limitation any changes in the rate of net income Taxes (or franchise Taxes in lieu thereof) imposed on a Lender or the
Administrative Agent, as applicable);

 

    	-60-

    	 

    

 

(ii)         does
or shall impose, modify or hold applicable any reserve, special deposit, compulsory loan, insurance charge 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 which is not otherwise included in the determination of the Eurodollar
Rate; or

 

(iii)        does
or shall impose on such Lender or the Administrative Agent any other condition, cost or expense (provided, however,
that the foregoing shall not apply to (x) any U.S. federal withholding Tax or Other Taxes, as to which Section 4.11 shall
govern, or (y) any Tax imposed on or measured by a Lender’s net income (to the extent it does not change the basis of taxation),
including any changes in the rate of net income Taxes (or franchise Taxes in lieu thereof) imposed on a Lender); and the result
of any of the foregoing is to increase the cost to such Lender or the Administrative Agent of making, Converting into, Continuing
or maintaining this Agreement or any other Loan Document, any Loan or issuing, providing and maintaining any Letter of Credit or
holding an interest in any Issuing Lender’s obligations thereunder, or to reduce any amount receivable by the Lender or the
Administrative Agent in respect thereof, then the Lender or the Administrative Agent shall use reasonable efforts to designate
a different Applicable Lending Office for funding or booking Loans or issuing Letters of Credit if, in the judgment of such Lender
or the Administrative Agent, as applicable, such designation (x) would eliminate or reduce amounts payable pursuant to this Section
4.10 or eliminate the need to provide the notice specified in clause (c) of this Section 4.10 and (y) would not subject
such Lender or the Administrative Agent to any unreimbursed cost or expense and would not otherwise be disadvantageous to such
Lender or the Administrative Agent; then, in any such case, and to the extent that such cost is not fully compensated for by an
adjustment to the Eurodollar Rate, the Base Rate or any fee on a Letter of Credit or mitigated pursuant to a change in such Lender’s
Applicable Lending Office, the Borrowers shall promptly, after receiving notice as specified in clause (c) of this Section 4.10,
pay such Lender or the Administrative Agent, as applicable, such additional amount or amounts as will compensate such Lender or
the Administrative Agent for such increased cost or reduced amount receivable on a net after-Tax basis

 

(b)          If
any Lender shall have determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or liquidity
or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any
request or directive regarding capital adequacy or liquidity (whether or not having the force of law) from any Governmental Authority
made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s or such corporation’s
capital as a consequence of its obligations hereunder to a level below that which such Lender or such corporation could have achieved
but for such adoption, change or compliance (taking into consideration such Lender’s or such corporation’s policies
with respect to capital adequacy and liquidity) by an amount deemed by such Lender to be material, then from time to time, the
Borrowers shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction
on a net after-Tax basis.

 

(c)          If
any Lender becomes entitled to claim any additional amounts pursuant to this Section 4.10, it shall promptly notify the
Borrowers’ Agent (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled.
A certificate prepared in good faith as to any additional amounts payable pursuant to this Section 4.10 submitted by such
Lender to the Borrowers’ Agent (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error.
The agreements in this Section 4.10 shall survive the termination of this Agreement and the payment of the Loans, Reimbursement
Obligations and all other amounts payable hereunder. No Lender shall be entitled to claim any additional amounts pursuant to Section
4.10(a) and (b) for circumstances which occurred more than 180 days prior to the date such Lender makes a request for
payment hereunder; provided that, if the event giving rise to such increased cost or reduction is retroactive, then the
180-day period shall be extended to include the period of retroactive effect.

 

    	-61-

    	 

    

 

(d)          It
is agreed and understood that, for all purposes under this Agreement (including for purposes of this Section 4.10 and Section
4.11) that (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements
or directives thereunder or issued in connection therewith on in implementation thereof and (ii) all requests, rules, guidelines,
requirements 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 an adoption or change in a Requirement of Law made subsequent to the date hereof, regardless
of the date enacted, adopted, implemented or issued.

 

4.11         Taxes.
(a) Any and all payments by or on behalf of each Loan Party or any Agent under or in respect of this Agreement or any other Loan
Documents to which such Loan Party is a party shall, unless otherwise required by law, be made free and clear of, and without deduction
or withholding for or on account of, any and all present or future taxes, levies, imposts, deductions, charges or withholdings,
and all liabilities (including penalties, interest and additions to tax) with respect thereto, whether now or hereafter imposed,
levied, collected, withheld or assessed by any taxation authority or other Governmental Authority (collectively, “Taxes”).
If any Loan Party or the Agent shall be required under any Requirement of Law to deduct or withhold any Taxes from or in respect
of any sum payable under or in respect of this Agreement, the Loans, the Letters of Credit or any of the other Loan Documents to
any Agent or Lender (including for purposes of this Section 4.11 and Section 4.10 any assignee, successor or participant),
as determined in good faith by the applicable Loan Party or Agent, (i) such Loan Party or Agent shall make all such deductions
and withholdings in respect of Taxes, (ii) such Loan Party or Agent shall pay the full amount deducted or withheld in respect of
Taxes to the relevant taxation authority or other Governmental Authority in accordance with any Requirement of Law, and (iii) in
the case of any Non-Excluded Taxes, the sum payable by such Loan Party shall be increased as may be necessary so that after such
Loan Party or Agent has made all required deductions and withholdings (including deductions and withholdings applicable to additional
amounts payable under this Section 4.11) such Lender or Agent receives an amount equal to the sum it would have received
had no such deductions or withholdings been made or required in respect of Non-Excluded Taxes. For purposes of this Agreement the
term “Non-Excluded Taxes” are Taxes other than, (i) in the case of a Lender or Agent, Taxes that are imposed
on it by the jurisdiction (or political subdivision thereof) under the laws of which such Lender or Agent is organized or has its
applicable lending office, unless such Taxes are imposed solely as a result of such Lender or Agent having executed, delivered
or performed its obligations or received payments under, or enforced, this Agreement, the Loans, the Letters of Credit or any of
the other Loan Documents, in which case such Taxes will be treated as Non-Excluded Taxes, (ii) net income, franchise or branch
profit taxes imposed on a Lender or an Agent (A) by the jurisdiction (or political subdivision thereof) under the laws of which
such Lender or Agent is organized or has its principal office or applicable lending office or (B) that are Other Connection Taxes,
(iii) any U.S. federal withholding Tax imposed on any payment under the law as of the Closing Date, (iv) any Tax imposed on a Transferee
(other than an assignee pursuant to a request by the Borrowers’ Agent under Section 4.17) or successor Agent to the
extent that, under applicable Law in effect on the date of the transfer to such Transferee or such successor Agent, the amount
of such Tax exceeds the Non-Excluded Taxes, if any, that were imposed on payments to the transferring Lender or predecessor Agent,
or (v) any U.S. federal withholding Tax imposed under FATCA. For the avoidance of doubt, the exclusions described in the preceding
sentence will apply to the same effect to direct or indirect beneficial owners of a Lender that is fiscally transparent.

 

    	-62-

    	 

    

 

(b)          In
addition, each Loan Party hereby agrees to pay any present or future stamp, recording, documentary, excise, property or value-added
taxes, or similar taxes, charges or levies that arise from any payment made under or in respect of this Agreement or any other
Loan Document or from the execution, delivery or registration of, any performance under, or otherwise with respect to, this Agreement
or any other Loan Document (collectively, “Other Taxes”).

 

(c)          Each
Loan Party hereby agrees to indemnify each Lender that is not fiscally transparent and, in the case of a Lender that is fiscally
transparent, its direct or indirect beneficial owners for which such Loan Party has received proof of such ownership and entitlement
to the benefits of this Section 4.11 (subject to the same conditions for, and exclusions from indemnification as are applicable
to a Lender that is not fiscally transparent), and each Agent for, and to hold each harmless against, the full amount of
Non-Excluded Taxes and Other Taxes, and the full amount of Taxes of any kind imposed by any jurisdiction on amounts payable under
this Section 4.11 imposed on or paid by such Lender or Agent, and any liability (including penalties, additions to tax,
interest and expenses) arising therefrom or with respect thereto. The indemnity by the Loan Parties provided for in this Section
4.11(c) shall apply and be made whether or not the Non-Excluded Taxes or Other Taxes for which indemnification hereunder is
sought have been correctly or legally asserted. Amounts payable by any Loan Party under the indemnity set forth in this Section
4.11(c) shall be paid within ten (10) days from the date on which the Lender or Agent makes written demand therefor.

 

(d)          Within
thirty (30) days after the date of any payment of Taxes, the applicable Loan Party (or any Person making such payment on behalf
of the Loan Parties) shall furnish to Lender and/or Agent for its own account a certified copy of the original official receipt
evidencing payment thereof or, if unavailable, such evidence as is reasonably satisfactory to such Lender or Agent. A certificate
as to the amount 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.

 

(e)          For
purposes of this Section 4.11(e), the terms “United States” and “United States person”
shall have the meanings specified in Section 7701 of the Code. Each Lender (including for avoidance of doubt any assignee,
successor or participant) or Agent (including for the avoidance of doubt any successor) (i) that is not incorporated under the
laws of the United States, any State thereof, or the District of Columbia or (ii) whose name does not include “Incorporated”,
“Inc.”, “Corporation”, “Corp.”, “P.C.”, “N.A.”, “National Association”,
“insurance company”, or “assurance company” (in the case of a Lender, a “Non-Exempt Lender”)
and (in the case of an Agent, a “Non-Exempt Agent”) shall at or prior to the Closing Date, or in the case of
a Transferee of a Lender or a successor to an Agent, on or prior to the date such Person becomes a Transferee or Agent, deliver
or cause to be delivered to each of the Administrative Agent and the Borrowers’ Agent original copies of the following properly
completed and duly executed documents:

 

(i)          in
the case of a Non-Exempt Lender or Non-Exempt Agent that is not a United States person or is a foreign disregarded entity for U.S.
federal income tax purposes that is entitled to provide such form, a complete and executed (x) U.S. Internal Revenue Service Form
W-8BEN with Part II completed in which Lender claims the benefits of a tax treaty with the United States providing for a zero or
reduced rate of withholding (or any successor forms thereto), including all appropriate attachments or (y) U.S. Internal Revenue
Service Form W-8ECI (or any successor forms thereto); or

 

    	-63-

    	 

    

 

(ii)         in
the case of a Non-Exempt Lender or Non-Exempt Agent that is an individual, (x) a complete and executed U.S. Internal Revenue Service
Form W-8BEN (or any successor forms thereto) and a certificate substantially in the form of the applicable Exhibit D-1,
D-2, D-3 or D-4 (a “Section 4.11 Certificate”) or (y) a complete and executed U.S. Internal
Revenue Service Form W-9 (or any successor forms thereto); or

 

(iii)        in
the case of a Non-Exempt Lender or Non-Exempt Agent that is organized under the laws of the United States, any State thereof, or
the District of Columbia, a complete and executed U.S. Internal Revenue Service Form W-9 (or any successor forms thereto); or

 

(iv)        in
the case of a Non-Exempt Lender or Non-Exempt Agent that (x) is not organized under the laws of the United States, any State thereof,
or the District of Columbia and (y) is treated as a corporation for U.S. federal income tax purposes, a complete and executed U.S.
Internal Revenue Service Form W-8BEN (or any successor forms thereto) and a Section 4.11 Certificate; or

 

(v)         in
the case of a Non-Exempt Lender or Non-Exempt Agent that (A) is treated as a partnership or other non-corporate entity and (B)
is not organized under the laws of the United States, any State thereof, or the District of Columbia, (x)(i) a complete and executed
U.S. Internal Revenue Service Form W-8IMY (or any successor forms thereto) (including all required documents and attachments) and
(ii) a Section 4.11 Certificate, and (y) if the Non-Exempt Lender or Non-Exempt Agent is not a withholding foreign partnership
or withholding foreign trust, without duplication, with respect to each of its beneficial owners and the beneficial owners of such
beneficial owners looking through chains of owners to individuals or entities that are treated as corporations for U.S. federal
income tax purposes (all such owners, “beneficial owners”), the documents that would be provided by each such
beneficial owner pursuant to this Section 4.11(e) if each such beneficial owner were a Lender; or

 

(vi)        in
the case of a Non-Exempt Lender or Non-Exempt Agent that is disregarded for U.S. federal income tax purposes, the document that
would be provided by its beneficial owner pursuant to this Section 4.11(e) if such beneficial owner were the Lender; or

 

(vii)       in
the case of a Non-Exempt Lender or Non-Exempt Agent that (A) is not a United States person and (B) is acting in the capacity of
an “intermediary” (as defined in U.S. Treasury Regulations), (x)(i) a U.S. Internal Revenue Service Form W-8IMY (or
any successor form thereto) (including all required documents and attachments) and (ii) a Section 4.11 Certificate, and (y) if
the intermediary is a “non-qualified intermediary” (as defined in U.S. Treasury Regulations), from each person upon
whose behalf the “non-qualified intermediary” is acting the documents that would be provided by such person pursuant
to this Section 4.11(e) if each such person were a Lender.

 

Each Lender that is not a Non-Exempt Lender
or Non-Exempt Agent shall, at or prior to the Closing Date, or in the case of a Transferee, on or prior to the date such Person
becomes a Transferee, deliver to each of the Administrative Agent and the Borrowers’ Agent a complete and executed U.S. Internal
Revenue Service Form W-9 (or any successor forms thereto). 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’ Agent and the Administrative Agent at the time or times prescribed by law and at such time
or times reasonably requested by the Borrowers’ Agent 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’ Agent or the Administrative Agent as may be necessary for the Borrowers’ Agent 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 paragraph, “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

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Each Person required to deliver any forms,
certificates or other evidence with respect to United States federal withholding tax matters pursuant to Section 4.11(e)
hereby agrees, from time to time after the initial delivery by such Person of such forms, certificates or other evidence, whenever
a lapse in time or change in circumstances renders such forms, certificates or other evidence obsolete or inaccurate in any material
respect, that such Person, to the extent it is entitled to do so, shall promptly (x) deliver to each of the Administrative Agent
and the Borrowers’ Agent new originals of any forms or other certifications required under this Section 4.11(e), properly
completed and duly executed by such Person, together with any other certificate or statement of exemption required in order to
confirm or establish that such Person is entitled to an exemption or reduction in the amount of United States federal income tax
required to be withheld from payments to such Person under this Agreement or any other Loan Documents or (y) notify the Administrative
Agent and the Borrowers’ Agent of its inability to deliver any such forms, certificates or other evidence in which case such
Person shall not be required to deliver any such form or certificate pursuant to this Section 4.11(e).

 

(f)          For
any period with respect to which Lender has failed to provide Borrower with the appropriate form, certificate or other document
described in Section 4.11(e), if required (other than if such failure is due to a change in any Requirement of Law, or in
the interpretation or application thereof, occurring after the date on which a form, certificate or other document originally was
required to be provided by such Lender, such Lender shall not be entitled to indemnification or additional amounts under Section
4.11(a) or (c) with respect to Non-Excluded Taxes imposed by the United States by reason of such failure; provided,
however, that should a Lender become subject to Non-Excluded Taxes because of its failure to deliver a form, certificate
or other document required hereunder, Borrower shall use commercially reasonable efforts as such Lender shall reasonably request
to assist such Lender in recovering such Non-Excluded Taxes.

 

(g)          Without
prejudice to the survival of any other agreement of the Loan Parties hereunder, the agreements and obligations of the Loan Parties
contained in this Section 4.11 shall survive the termination of this Agreement and the other Loan Documents. Nothing contained
in Section 4.10 or this Section 4.11 shall require any Agent or Lender to make available any of its tax returns or
any other information that it deems to be confidential or proprietary.

 

4.12         Lending
Offices. Loans of each Type made by any Lender shall be made and maintained at such Lender’s Applicable Lending Office
for Loans of such Type.

 

4.13         Credit
Utilization Reporting. (a) Within five (5) Business Days after the end of each calendar month, each Issuing Lender shall deliver
a report to the Administrative Agent, substantially in the form of Annex IV (a “Credit Utilization Summary”
and, collectively, the “Credit Utilization Summaries”), setting forth, for each Letter of Credit issued
or provided by such Issuing Lender, (i) the amount available to be drawn or utilized under such Letters of Credit as of
the end of such calendar month and (ii) the amount of any drawings, payments or reductions of such Letters of Credit during such
month, in each case, on an aggregate and per Letter of Credit basis. Upon receiving notice from a Borrower or the beneficiary under
a Letter of Credit issued or provided by such Issuing Lender of a reduction or termination of such Letter of Credit, each Issuing
Lender shall notify the Administrative Agent thereof.

 

(b)          Within
five (5) Business Days after receiving each Credit Utilization Summary from the Issuing Lenders, the Administrative Agent shall
deliver to each Lender (i) the Credit Utilization Summaries of all issued and outstanding Letters of Credit and Loans, (ii) the
information referred to in clauses (i) and (ii) of Section 4.13(a), on an aggregate basis, and (iii) for each Type of Loan,
(A) the amount outstanding under such Loans as of the last day of such calendar month and (B) the amount of any payments of such
Loans during such month.

 

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4.14         Indemnity.
The Borrowers jointly and severally agree to indemnify each Lender and to hold each Lender harmless from any actual loss or expense
(other than, in the case of expenses, any administrative, processing or similar fee in respect thereof exceeding $100 for each
affected Lender for each relevant event) which such Lender sustains or incurs as a result of (a) default by any Borrower in making
a borrowing of, Conversion into or Continuation of Eurodollar Loans after the Borrowers’ Agent has given a notice requesting
the same in accordance with the provisions of this Agreement, (b) default by the Borrowers in making any prepayment of a Eurodollar
Loan after the Borrowers’ Agent has given a notice thereof in accordance with the provisions of this Agreement or (c) the
making of a prepayment of Eurodollar Loans on a day which is not the last day of an Interest Period with respect thereto. This
covenant shall survive the termination of this Agreement and the payment of the Loans, Reimbursement Obligations and all other
amounts payable hereunder.

 

4.15         Inability
to Determine Interest Rate. (a) If prior to the first day of any Interest Period:

 

(i)          the
Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrowers) that, by reason
of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the relevant Eurodollar
Rate for such Interest Period; or

 

(ii)         the
Administrative Agent shall have received notice from the Required Lenders that the relevant Eurodollar Rate determined or to be
determined for such Interest Period, as applicable, will not adequately and fairly reflect the cost to such Lenders of making or
maintaining their affected Eurodollar Loans during such Interest Period;

 

then the Administrative Agent shall give written notice thereof
to the Borrowers’ Agent and the Lenders as soon as practicable thereafter.

 

(b)          If
such notice is given with respect to the Eurodollar Rate applicable to Eurodollar Loans, (x) any such Eurodollar Loan requested
to be made on the first day of such Interest Period shall be made as a Base Rate Loan, (y) any Base Rate Loans that were to have
been Converted on the first day of such Interest Period to Eurodollar Loans shall not be so Converted and shall continue as Base
Rate Loans and (z) any outstanding Eurodollar Loans shall be Converted on the first day of such Interest Period to Base Rate Loans.
Until such notice has been revoked by the Administrative Agent, no further Eurodollar Loans shall be made or Continued as such,
nor shall the Borrowers’ Agent have the right to Convert Loans into such Type.

 

(c)          The
Administrative Agent shall promptly revoke (i) any such notice pursuant to clause (a) above if the Administrative Agent determines
that adequate and reasonable means exist for ascertaining the relevant Eurodollar Rate for the applicable Interest Period and (ii)
any such notice pursuant to clause (b) above upon receipt of notice from the requisite Lenders necessary to give such notice in
clause (b) that the relevant circumstances described in such clause (b) have ceased to exist.

 

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4.16         Illegality.
Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation
or application thereof shall make it unlawful for any Lender to make or maintain Eurodollar Loans as contemplated by this Agreement,
(a) the commitment of such Lender hereunder to make Eurodollar Loans, Continue Eurodollar Loans as such and Convert Base Rate Loans
to Eurodollar Loans shall forthwith be suspended to the extent necessary for such Lender to avoid any such unlawful action until
such Lender notifies the Administrative Agent that it is lawful to make or maintain Eurodollar Loans as contemplated by this Agreement
and (b) such Lender’s Loans then outstanding as Eurodollar Loans, if any, shall be Converted automatically to available and
lawful Interest Periods, if any, or Base Rate Loans, at the option of the Borrowers’ Agent, on the respective last days of
the then current Interest Periods with respect to such Loans or within such earlier period as required by law. If any such Conversion
of a Eurodollar Loan occurs on a day which is not the last day of the then current Interest Period with respect thereto, the Borrowers
shall pay to such Lender such amounts, if any, as may be required pursuant to Section 4.14.

 

4.17         Replacement
of Lenders. If (a)(i)(A) any Borrower is required to pay any additional amount to or indemnify any Lender pursuant to Section
4.11 or (B) any Lender requests compensation under Section 4.10, and (ii) in the case of Section 4.11, a Lender
has declined to designate a different Applicable Lending Office, (b) any Lender invokes Section 4.16, (c) any Lender becomes
a Defaulting Lender, or (d) any Lender has failed to consent to a proposed amendment, waiver or other modification that, pursuant
to the terms of Section 11.1, requires the consent of all the Lenders, or all affected Lenders, and with respect to which
the Required Lenders shall have granted their consent, then, in each case, so long as no Default or Event of Default shall have
occurred and be continuing, the Borrowers’ Agent may, at its sole cost and expense, 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 and obligations
contained in Section 11.7), all of its interests, rights (other than its existing rights to payments pursuant to Sections
4.10 and 4.11) and obligations under this Agreement and the other Loan Documents (or all of its interests, rights and
obligations in respect of the Loans or Commitments that are the subject of the related amendment, waiver or other modification)
to an assignee that shall assume such obligations and become a Lender pursuant to the terms of this Agreement and the other Loan
Documents; provided that (i) the transferring Lender shall have received payment of an amount equal to (A) the outstanding
principal of its Loans, accrued interest thereon, and accrued fees payable to it hereunder, from the Assignee and (B) any additional
amounts (including indemnity payments) payable to it hereunder from the Borrowers and (ii) in the case of a transferring Lender
that is also an Issuing Lender, the Letters of Credit issued by such transferring Lender shall have been cash collateralized or
backed by a letter of credit or other credit support from a non-Defaulting Lender or other bank reasonably acceptable to the transferring
Lender, in each case, on terms and conditions reasonably satisfactory to such transferring Lender; provided, further,
that, if, upon such demand by the Borrowers’ Agent, such Lender elects to waive its request for additional compensation pursuant
to Sections 4.10 or 4.11, or consents to the proposed amendment, waiver or other modification, the demand by the
Borrowers’ Agent for such Lender to so assign all of its rights and obligations under this Agreement shall thereupon
be deemed withdrawn. Nothing in this Section 4.17 shall affect or postpone any of the rights of any Lender or any of the
Obligations of the Borrowers under any of the foregoing provisions of Sections 4.10, 4.11 or 4.16 in any manner.
Each Lender hereby grants to the Administrative Agent an irrevocable power of attorney (which power is coupled with an interest)
to execute and deliver, on behalf of such Lender as assignor, any Assignment and Acceptance necessary to effectuate any assignment
of such Lender’s interest hereunder in the circumstances contemplated by this Section 4.17.

 

4.18         Defaulting
Lender. Notwithstanding any other provision in this Agreement to the contrary, if at any time a Lender becomes a Defaulting
Lender, the following provisions shall apply so long as any Lender is a Defaulting Lender:

 

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(a)          If
any Defaulting Lender (or a Lender who would be a Defaulting Lender but for the expiration of the relevant grace period) as a result
of the exercise of a set-off shall have received a payment in respect of its Loans or its participation interests in Swing Line
Loans, or Letters of Credit which results in its Extensions of Credit under any Facility being less than its Commitment Percentage
of the Total Extensions of Credit under such Facility, then payments (including principal, interest and fees) to such Defaulting
Lender will be suspended until such time as all amounts due and owing to the Lenders under such Facility have been equalized in
accordance with such Lenders’ Commitment Percentages of the Total Extensions of Credit under such Facility. Further, if at
any time prior to the acceleration or maturity of the Obligations under any Facility with respect to which a Defaulting Lender
is a Lender at such time, the Administrative Agent shall receive any payment in respect of principal of a Loan or a reimbursement
of a Letter of Credit under such Facility, the Administrative Agent shall apply such payment first to the Loans and participations
in Letters of Credit and, if applicable, Swing Line Loans, under such Facility and for which such Defaulting Lender shall have
failed to fund its pro rata share until such time as such Defaulting Lender’s obligation to fund such Loans and/or participations
are paid in full or each Lender under such Facility is owed its Commitment Percentage of the Total Extensions of Credit under such
Facility. After acceleration or maturity of the Obligations under any Facility to which a Defaulting Lender is a Lender, subject
to the first sentence of this Section 4.18(a), all principal will be paid ratably as provided in Section 4.9(a).

 

(b)          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:

 

(i)          fees
shall cease to accrue on the Available Commitments of such Defaulting Lender pursuant to Section 2.6.

 

(ii)         with
respect to the obligation of a Lender to fund its pro rata of portion of an Acquisition Facility Loan or a Working Capital
Facility Loan pursuant to Section 2.4(c), all or any part of such Defaulting Lender’s pro rata portion of such
requested Loan shall be reallocated to the Non-Defaulting Lenders under such Facility in accordance with each Non-Defaulting Lender’s
Commitment Percentage (calculated without regard to any Defaulting Lender’s Commitments under such Facility) but only to
the extent that (x) the sum of all Non-Defaulting Lenders’ Available Commitments under such Facility is greater than zero,
(y) the conditions set forth in Section 6.2 are satisfied at such time and (z) each such Non-Defaulting Lender’s Available
Commitment under such Facility is greater than zero

 

(iii)        with
respect to any L/C Participation Obligation or Refunded Swing Line Loan, Swing Line Participation (collectively, “Participation
Obligations”) of such Defaulting Lender that exists at the time a Lender becomes a Defaulting Lender or thereafter:

 

(A)         all
or any part of such Defaulting Lender’s pro rata portion of all Participation Obligation under each Facility to which
such Defaulting Lender is a Lender shall be reallocated among the Non-Defaulting Lenders under such Facility in accordance with
their respective Commitment Percentages (calculated without regard to such Defaulting Lender’s Commitment under such Facility)
but only to the extent that (x) the sum of all Non-Defaulting Lenders’ Available Commitments under such Facility is greater
than zero, (y) the conditions set forth in Section 6.2 are satisfied at such time and (z) each such Non-Defaulting Lender’s
Available Commitment under such Facility is greater than zero;

 

(B)         if
the reallocation described in clause (ii)(A) above cannot, or can only partially, be effected, then the Borrowers shall
within three (3) Business Days following notice by the Administrative Agent (1) Cash Collateralize such Defaulting Lender’s
portion of the Letters of Credit under the applicable Facility (after giving effect to any partial reallocation pursuant to clause
(ii)(A) above) for so long as such Letters of Credit are outstanding and (2) after giving effect to any partial reallocation pursuant
to clause (ii)(A) above, if such Defaulting Lender is a Working Capital Facility Lender, repay the non-reallocated amount
of each Swing Line Loan for so long as such Refunded Swing Line Loan and Swing Line Participation are outstanding;

 

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(C)         if
the Participation Obligations of the Non-Defaulting Lenders under the relevant Facility are reallocated pursuant to clause (ii)(A)
above or Cash Collateralized or repaid pursuant to clause (ii)(B), then the fees payable to the Lenders under such Facility
pursuant to Section 2.6 shall be adjusted or reduced, as applicable, in accordance with such Non-Defaulting Lenders’
Commitment Percentages (calculated without regard to such Defaulting Lender’s Commitment under such Facility); and

 

(D)         if
any Defaulting Lender’s portion of the Participation Obligations under any Facility is neither Cash Collateralized nor reallocated
pursuant to this Section 4.18(b)(ii), then, without prejudice to any rights or remedies hereunder of the Lenders and Issuing
Lenders under such Facility and, in the case of the Working Capital Facility, the Swing Line Lender, all commitment and commission
fees that otherwise would have been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s
Commitment under such Facility that was utilized by the Participation Obligations under such Facility) and letter of credit fees
payable under Section 3.5(a) with respect to such Defaulting Lender’s portion of the Letters of Credit under such
Facility shall be payable to the Issuing Lenders under such Facility and, in the case of the Working Capital Facility, and the
Swing Line Lender, pro rata, until such Participation Obligations are Cash Collateralized, reallocated and/or repaid in
full.

 

(c)          So
long as any Lender under the Working Capital Facility is a Defaulting Lender, (i) no Issuing Lender shall be required to issue,
amend or increase any Letter of Credit, unless it is satisfied that the exposure of the L/C Participants in respect of such Letter
of Credit will be 100% covered by the Commitments of the Non-Defaulting Lenders under the Working Capital Facility and/or Cash
Collateral will be provided by the Borrowers in accordance with Section 4.18(b), and participating interests in any such
newly issued or increased Letter of Credit shall be allocated among Non-Defaulting Lenders under the Working Capital Facility in
a manner consistent with Section 3.5 (and Defaulting Lenders shall not participate therein), and (ii) the Swing Line Lender
shall not be required to advance any Swing Line Loan, unless it is satisfied that the remaining Working Capital Facility Lenders’
exposure in respect of such Swing Line Loan will be 100% covered by the Working Capital Facility Commitments of the Non-Defaulting
Lenders under the Working Capital Facility.

 

(d)          So
long as any Lender is a Defaulting Lender, such Defaulting Lender shall not be a Qualified Counterparty with respect to any Commodity
OTC Agreements or Financial Hedging Agreements, or a Qualified Cash Management Bank with respect to a Cash Management Bank Agreement,
entered into while such Lender is a Defaulting Lender.

 

(e)          In
the event that the Administrative Agent, the Borrowers’ Agent and each Issuing Lender under a Facility in which a Defaulting
Lender is a Lender, and, in the case of the Working Capital Facility, and the Swing Line Lender, each agrees that a Defaulting
Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Participation Obligations
under such Facility shall be readjusted to reflect the inclusion of such Defaulting Lender’s Commitment under such Facility,
and on such date each Lender under such Facility shall purchase at par such of the Loans, funded Participation Obligations and
Commitments under such Facility as the Collateral Agent shall determine may be necessary in order for such Lender to hold such
Loans, funded Participation Obligations and Commitments in accordance with its Commitment Percentage with respect to such Facility.

 

SECTION 5.REPRESENTATIONS AND WARRANTIES

 

To induce the Agents
and the Lenders to enter into this Agreement and to make the Loans and provide other extensions of credit hereunder, the Loan Parties
hereby jointly and severally represent and warrant to each Agent and each Lender as of the Closing Date and each Borrowing Date
that:

 

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5.1           Financial
Condition. (a) The (i) the audited consolidated balance sheet of CEP as of December 31, 2012, (ii) the audited consolidated
balance sheet of Cypress Energy Partners Predecessor (as defined in the Registration Statement) (“SBG”) as of
December 31, 2012, (iii) the audited consolidated balance sheet of Tulsa Inspection Resources, Inc. (“TIR, Inc.”)
as of December 31, 2012, and (iv) the audited statement of revenues and direct operating expenses of assets purchased by CEP from
Moxie Disposal Systems, LLC and Peach Energy Services, LLC for the period from July 1, 2012 through December 3, 2012 (collectively,
the “Moxie Assets” together with CEP, SBG and TIR, Inc., the “Legacy Companies”),
copies of each which have heretofore been furnished to each Lender, in each case are complete and correct and present fairly
in all material respects the financial condition of the relevant Legacy Companies as at such date, and, with respect to CEP, SBG
and TIR Inc., their respective consolidated statements of income, their respective consolidated statements of changes in members’
or stockholders’ equity, and their respective consolidated cash flows for the period then ended. The financial statements
described in this Section 5.1(a), including the related schedules and notes thereto, have been prepared in accordance with
GAAP, in each case applied consistently throughout the periods involved (except as approved by such accountants and as disclosed
therein).

 

(b)          The
(i) the unaudited consolidated balance sheet of CEP, and (ii) the unaudited consolidated balance sheet of TIR, Inc., and (iii)
the unaudited combined balance sheet of CEP and TIR, Inc., in each case as at September 30, 2013, copies of each of which have
heretofore been furnished to each Lender, are complete and correct and present fairly in all material respects the financial condition
of the relevant Legacy Companies as at such date, and, in the case of the balance sheets described in clauses (i) and (ii) their
respective consolidated results of operations and their respective consolidated cash flows, and, in the case of the balance sheet
described in clause (iii), their combined results of operations and cash flows for such quarter and the portion of the period through
September 30, 2013 (subject to normal year-end audit adjustments and the absence of footnotes). All financial statements described
in this clause (b) have been prepared in accordance with GAAP applied consistently throughout the period involved.

 

(c)          The
Annual Budgets have been prepared in good faith under the direction of a Responsible Person of the Borrowers’ Agent. The
Annual Budgets were based upon good faith estimates and assumptions believed by the Loan Parties 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 during the period or periods covered by such financial information may differ from the projected results set
forth therein by a material amount.

 

(d)          Except
as set forth in the Disclosure Letter, no Loan Party has as of the Closing Date any material Guarantee Obligation, contingent liability
or liability for taxes, or any material long-term lease or unusual forward or long-term commitment, including, without limitation,
any material interest rate or foreign currency swap or exchange transaction or other financial derivative which is not reflected
in the foregoing statements or in the notes thereto.

 

(e)          During
the period from the latter of (i) December 31, 2012 and (ii) the acquisition of such Legacy Party by a Loan Party, in each case,
to and including the Closing Date, there has been no sale, transfer or other disposition by any Legacy Company or any of their
respective consolidated Subsidiaries of any material part of their respective business or property and no purchase or other acquisition
of any business or property (including any Capital Stock of any other Person) material in relation to the consolidated financial
condition of such Legacy Company and its consolidated Subsidiaries at December 31, 2012, other than those sales, transfers, dispositions
and acquisitions disclosed in the Registration Statement or as otherwise disclosed to the Collateral Agent in the Disclosure Letter.

 

5.2           No
Change. Since December 31, 2012, there has been no Material Adverse Effect.

 

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5.3           Existence;
Compliance with Law. Each of the Loan Parties (a) is duly formed or organized, validly existing and in good standing under
the Laws of the jurisdiction of its formation, (b) has the corporate (or analogous) 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, (c) is duly qualified as a foreign entity and in good standing under the Laws of each jurisdiction where such qualification
is required, except where the failure to be so qualified or in good standing could not 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.

 

5.4           Power;
Authorization; Enforceable Obligations. Each of the Loan Parties has the corporate (or analogous) power and authority, and
the legal right, to execute, deliver and perform the Loan Documents to which it is a party and to borrow hereunder and has taken
all necessary corporate (or analogous) action to authorize the borrowings on the terms and conditions of this Agreement and any
Notes and to authorize the execution, delivery and performance of the Loan Documents to which it is a party. Except for (a) the
filing of Uniform Commercial Code financing statements and equivalent filings for foreign jurisdictions and the taking of applicable
actions referred to in Section 5.16 and (b) the filings or other actions listed on Schedule 5.4 (and including, without
limitation, such other authorizations, approvals, registrations, actions, notices or filings as have already been obtained, made
or taken and are in full force and effect), no consent or authorization of, filing with, notice to or other act by or in respect
of, any Governmental Authority or any other Person, to which any Borrower or other Loan Party is subject, is required in connection
with the borrowings hereunder or with the execution, delivery, validity or enforceability of the Loan Documents to which the Loan
Parties are a party (except for any reports required to be filed by the Borrowers’ Agent with the SEC pursuant to the Exchange
Act). This Agreement has been, and each other Loan Document to which any Loan Party is a party will be, duly executed and delivered
on behalf of such Loan Party. This Agreement constitutes, and each other Loan Document to which it is a party when executed and
delivered will constitute, a legal, valid and binding obligation of each Loan Party enforceable against such Loan Party in accordance
with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar
laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding
in equity or at law) and an implied covenant of good faith and fair dealing.

 

5.5           No
Legal Bar. The execution, delivery and performance of the Loan Documents to which any of the Loan Parties is a party, the borrowings
hereunder and the use of the proceeds thereof (i) will not violate any Requirement of Law, in each case to the extent applicable
to or binding upon such Loan Party or its Properties, (ii) will not violate a material Contractual Obligation of any of the Loan
Parties, except where such violation could not reasonably be expected to have a Material Adverse Effect and (iii) will not result
in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any such Requirement
of Law or Contractual Obligation (other than Liens created by the Security Documents in favor of the Collateral Agent and Liens
permitted by Section 8.3).

 

5.6           No
Material Litigation. No litigation, investigation or proceeding to which a Loan Party is party before any arbitrator or Governmental
Authority is pending or, to the knowledge of any Loan Party, threatened by or against any Loan Party or against any of their respective
properties or revenues (a) with respect to any of the Loan Documents, (b) with respect to any of the transactions contemplated
by or occurring simultaneously with the entering into of any of the Loan Documents in which such litigation, investigation or proceeding
is material and has a reasonable basis in fact, or (c) which could reasonably be expected to have a Material Adverse Effect.

 

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5.7           No
Default. No Loan Party is in default under or with respect to any Contractual Obligation in any respect, which could reasonably
be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing.

 

5.8           Ownership
of Property; Liens. Except for minor defects in title that do not interfere with its ability to conduct its business as currently
conducted or to utilize such properties and assets for their intended purposes and except where the failure to have such title
could not reasonably be expected to have a Material Adverse Effect, each Loan Party has defensible 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 tangible personal
property, and none of such property is subject to any Lien except as permitted by Section 8.3.

 

5.9           Intellectual
Property. Each Loan Party owns, is licensed to use or has a common law or contractual right to access and use, all material
trademarks, trade names, copyrights, patents, technology, know-how and processes necessary for the conduct of its business as currently
conducted (the “Intellectual Property”) except for those the failure to own or license which could not reasonably
be expected to have a Material Adverse Effect. Except as set forth on Schedule 5.9, no claim has been asserted nor is pending
by any Person challenging or questioning the use by any such Loan Party of any such Intellectual Property or the validity or effectiveness
of any such Intellectual Property, nor does any Loan Party know of any valid basis for any such claim, except any claim that could
not reasonably be expected to have a Material Adverse Effect. The use of such Intellectual Property by the Loan Parties does not
infringe on the rights of any Person, except for such claims and infringements that, in the aggregate, could not reasonably be
expected to have a Material Adverse Effect.

 

5.10         No
Burdensome Restrictions. No Requirement of Law or Contractual Obligation of any Loan Party has or could reasonably be expected
to have a Material Adverse Effect.

 

5.11         Taxes.
(a) Each Loan Party and each of its Subsidiaries has timely filed or caused to be filed all material Tax returns required to be
filed and has timely paid all material Taxes due and payable by it or imposed with respect to any of its property and all other
material fees or other charges imposed on it or any of its property by any Governmental Authority (other than any Taxes 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 Loan Parties).

 

(b)          There
are no Liens for Taxes and no claim is being asserted with respect to Taxes, except for statutory liens for Taxes not yet due and
payable or for Taxes the amount or validity of which are currently being contested in good faith by appropriate proceedings and,
in each case, with respect to which reserves in conformity with GAAP have been provided on the books of the Borrowers.

 

5.12         Federal
Regulations. No part of the proceeds of any Loan or Letter of Credit will be used for “purchasing” or “carrying”
any “margin stock” within the respective meanings of each of the quoted terms under Regulation U, or for any purpose
which violates, or which would be inconsistent with, the provisions of the regulations of the Board. If requested by any Lender
or the Collateral Agent, the Borrowers will furnish to the Collateral 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 referred to in said Regulation U.

 

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5.13         ERISA.
Neither a Reportable Event nor a failure to satisfy the minimum funding requirements of Section 412 or 430 of the Code has occurred
during the six-year period prior to the date on which this representation is made or deemed made or is reasonably expected to occur
with respect to any Single Employer Plan, no Plan is reasonably expected to be in “at risk” status within the meaning
of Section 430 of the Code and each Plan (including, to the knowledge of the Loan Parties, a Multiemployer Plan or a multiemployer
welfare plan maintained pursuant to a collective bargaining agreement) has complied in all respects with the applicable provisions
of ERISA, the Code and the constituent documents of such Plan, except in each of the foregoing cases for circumstances that, in
the aggregate, could not reasonably be expected to have a Material Adverse Effect. No termination of a Single Employer Plan has
occurred during such six-year period or is reasonably expected to occur (other than a termination described in Section 4041(b)
of ERISA), and no Lien in favor of the PBGC or a Plan has arisen during such six-year period or is reasonably expected to arise.
Except to the extent that any such excess could not reasonably be expected to have a Material Adverse Effect, the present value
of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such 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 Plan allocable to such accrued benefits. Except to the extent that such liability could not reasonably be expected to have
a Material Adverse Effect, neither the Loan Parties nor any Commonly Controlled Entity has had a complete or partial withdrawal
from any Multiemployer Plan, and the Loan Parties would not become subject to any liability under ERISA if a Loan Party or any
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. To the knowledge of the Loan Parties, no such Multiemployer Plan
is in Reorganization, Insolvent or terminating or is reasonably expected to be in Reorganization, become Insolvent or be terminated
or is, or is reasonably expected to be in endangered, seriously endangered or critical status, in each case within the meaning
of Section 432 of the Code. Except to the extent that any such excess could not reasonably be expected to have a Material Adverse
Effect, the present value (determined using actuarial and other assumptions which are reasonable in respect of the benefits provided
and the employees participating) of the aggregate liabilities of the Loan Parties and each Commonly Controlled Entity for the provision
of post-retirement benefits to their current and former employees under Plans which are welfare benefit plans (as defined in Section
3(1) of ERISA) do not, in the aggregate, exceed the total assets under all such Plans allocable to such benefits except as disclosed
in the financial statements of the Loan Parties. Neither the Loan Parties nor any Commonly Controlled Entity has engaged in a prohibited
transaction under Section 406 of ERISA and/or Section 4975 of the Code in connection with any Plan that would subject any Loan
Party to liability under ERISA and/or Section 4975 of the Code that could reasonably be expected to have a Material Adverse Effect.
There is no other circumstance which may give rise to a liability in relation to any Plan that could reasonably be expected to
have a Material Adverse Effect.

 

5.14         Investment
Company Act; Other Regulations. None of the Loan Parties is required to register as an “investment company”, or
a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of
1940. The Loan Parties are not subject to regulation under any federal or state statute or regulation (other than Regulation X
of the Board) which limits their ability to incur Indebtedness.

 

5.15         Subsidiaries.
Schedule 5.15 sets forth as of the Closing Date the names of all direct or indirect Subsidiaries of the Borrowers (other
than the Excluded Subsidiaries), their respective forms of organization, their respective jurisdictions of organization, the total
number of issued and outstanding shares or other interests of Capital Stock thereof, the classes and number of issued and outstanding
shares or other interests of Capital Stock of each such class, and with respect to the Borrowers (other than the Borrowers’
Agent), the name of each holder of Capital Stock thereof and the number of shares or other interests of such Capital Stock held
by each such holder and the percentage of all outstanding shares or other interests of such class of Capital Stock held by such
holders.

 

5.16         Security
Documents. (a) The provisions of the Security Documents are effective to create in favor of the Collateral Agent for the ratable
benefit of the Secured Parties a legal, valid and enforceable Lien in all right, title and interest of each Loan Party party thereto
in the “Collateral” described therein, subject to any Liens permitted by Section 8.3.

 

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(b)          When
proper financing statements or other applicable filings listed in Schedule 5.16 have been filed in the offices in the jurisdictions
listed in Schedule 5.16, the security interest granted under the Security Agreement shall constitute a perfected
first Lien on, and security interest in, all right, title and interest of the Borrowers and those Loan Parties party thereto in
the portion of the “Collateral” described therein that consists of assets included in the Borrowing Base hereunder,
which can be perfected by such filing, subject to any Permitted Borrowing Base Liens.

 

(c)          When
an Account Control Agreement has been entered into with respect to each Pledged Account, the Security Agreement shall constitute
a Perfected First Lien on, and security interest in, all right, title and interest of the Loan Party party thereto in the portion
of the “Collateral” described therein that consists of Pledged Accounts, prior and superior in right to any other Person,
subject to any Permitted Cash Management Liens.

 

5.17         Accuracy
and Completeness of Information. All written factual information, reports and other papers and data with respect to the Loan
Parties (other than the Projections (as defined below) and information of a general economic or industry-specific nature) furnished
pursuant to this Agreement and the other Loan Documents, and all factual statements and representations made in writing, to the
Agents, the Joint Lead Arrangers, or the Lenders by any Loan Party were, at the time the same were so furnished or made, when taken
together with all such other factual written information, reports and other papers and data previously so furnished and all such
other factual statements and representations previously so made in writing, complete and correct in all material respects, to the
extent necessary to give the Agents, the Joint Lead Arrangers, and the Lenders true and accurate knowledge of the subject matter
thereof in all material respects, and did not, as of the date so furnished or made, contain any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements contained therein not misleading in light of
the circumstances in which the same were made. The financial estimates, projected financial information and other forward-looking
statements (the “Projections”) contained in the materials referenced above were based upon good faith estimates and
assumptions believed by the Loan Parties to be reasonable at the time made, it being recognized by the Agent, the Joint Lead Arrangers,
and the Lenders that such Projections are not to be viewed as fact and that actual results during the period or periods covered
by such Projections may differ from the projected results set forth therein by a material amount. No representation or warranty
is made with respect to information of a general economic or industry-specific nature.

 

5.18         Labor
Relations. No Loan Party is engaged in any unfair labor practice which could reasonably be expected to have a Material Adverse
Effect. Except as could not reasonably be expected to have a Material Adverse Effect, there is (a) no unfair labor practice complaint
pending or, to the best knowledge of each Loan Party, threatened against a Loan Party before the National Labor Relations Board
and no grievance or arbitration proceeding arising out of or under a collective bargaining agreement is so pending or, to the knowledge
of any Loan Party, threatened, (b) no strike, labor dispute, slowdown or stoppage pending or threatened against a Loan Party, and
(c) no union representation question existing with respect to the employees of a Loan Party and, no union organizing activities
are taking place with respect to any thereof.

 

5.19         Insurance.
As of the Closing Date, each Loan Party has, with respect to its properties and business, insurance covering the risks, in the
amounts, with deductibles or other retention amounts, and with the carriers listed in the Disclosure Letter, which insurance meets
the requirements of Section 7.5 hereof as of the Closing Date.

 

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5.20         Solvency.
(a) As of the Closing Date, and each other Borrowing Date, immediately after giving effect to Loans and Letters of Credit to be
made, issued or provided on such date, (i) the amount of the “present fair saleable value” of the assets of each Borrower
and of the Loan Parties and their respective Subsidiaries, taken as a whole, will, as of such time, exceed the amount of all “liabilities
of each Borrower and of the Loan Parties and their respective Subsidiaries, taken as a whole, contingent or otherwise”, such
quoted terms are determined in accordance with applicable federal and state Laws governing determinations of the insolvency of
debtors, (ii) the present fair saleable value of the assets of each Borrower and of the Loan Parties and their respective Subsidiaries,
taken as a whole, will be greater than the amount that will be required to pay the liabilities of the Loan Parties and their Subsidiaries,
taken as a whole, on their respective debts as such debts become absolute and matured, (iii) each Borrower and of the Loan Parties
and their respective Subsidiaries, taken as a whole, will not have an unreasonably small amount of capital with which to conduct
their respective businesses, and (iv) each Borrower and of the Loan Parties and their respective Subsidiaries, taken as a whole,
will be able to pay their respective debts as they mature. For purposes of this Section 5.20, “debt” means “liability
on a claim”, “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, and (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.

 

5.21         Use
of Letters of Credit and Proceeds of Loans. (a) The proceeds of (i) the Working Capital Facility Loans shall be used only (A)
to finance the Loan Parties’ purchase, storage and sale of Eligible Commodities, (B) for hedging related to the purchase,
storage and sale of Eligible Commodities, (C) to finance the carrying of accounts receivable, (D) for the payment of contractual
margin calls (with respect to exchange-traded contracts, over-the-counter contracts and otherwise) or establishment of reserves
in connection therewith, (E) to pay any fees and expenses payable to the Lenders, the Agents and any other Secured Parties, and
for the general working capital purposes of the Loan Parties, (F) to refinance all or a portion of the Existing Credit Facilities,
and (G) for other general corporate purposes; and (ii) the proceeds of the Acquisition Facility Loans shall be used only (X) to
refinance all or a portion of the Existing Credit Facilities, (Y) for making Permitted Acquisitions, and (Y) for Capital Expenditures.

 

(b)          Letters
of Credit shall be used only (i) for the general working capital purposes of the Loan Parties, (ii) to facilitate and finance the
purchase of Eligible Commodities for resale or storage, and (iii) to secure the obligations of any Loan Party under any contract
or agreement or in connection with any legal requirement or governmental permit, such as transportation obligations, bonding obligations,
performance and margin-related obligations related to hedging of Eligible Commodities.

 

5.22         Environmental
Matters. Except as set forth on Schedule 5.22:

 

(a)          To
each Loan Party’s knowledge, the facilities and properties owned, leased or operated by the Loan Parties (the “Properties”)
do not contain, and have not previously contained, any Materials of Environmental Concern in amounts or concentrations which (i)
constitute or constituted a violation of, or (ii) could give rise to liability under, any Environmental Law except in either case
insofar as such violation or liability, or any aggregation thereof, is not reasonably likely to result in a Material Adverse Effect.

 

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(b)          To
each Loan Party’s knowledge, (i) except where the failure to be in compliance could not reasonably be expected to have a
Material Adverse Effect, the Properties and all operations at the Properties are in compliance, and have, for the lesser of the
last five years or for the duration of their ownership, lease, or operation by Loan Parties, been in compliance in all material
respects with all applicable Environmental Laws and Environmental Permits, and (ii) there is no contamination at, under or about
the Properties or violation of any Environmental Law or Environmental Permit with respect to the Properties or the business at
the Properties operated by Loan Parties (the “Business”) which could materially interfere with the continued
operation of the Properties or materially impair the fair saleable value thereof. All Environmental Permits necessary in connection
with the ownership and operation of each Loan Party’s business have been obtained and are in full force and effect, except
where any such failure to obtain and maintain in full force and effect (individually or in the aggregate) has not had and is not
reasonably likely to result in a Material Adverse Effect.

 

(c)          No
Loan Party has received any written notice of violation, alleged violation, non-compliance, liability or potential liability pursuant
to Environmental Laws or Environmental Permits with regard to any of the Properties or the Business, nor do the Loan Parties have
knowledge or reason to believe that any such notice will be received or is being threatened, except insofar as such notice or threatened
notice, or any aggregation thereof, does not involve a matter or matters that is or are reasonably likely to result in a Material
Adverse Effect.

 

(d)          To
each Loan Party’s knowledge, 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 which 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, except insofar as any such violation
or liability referred to in this paragraph, or any aggregation thereof, is not reasonably likely to result in a Material Adverse
Effect.

 

(e)          No
judicial proceeding or governmental or administrative action is pending or, to the knowledge of any Loan Party, threatened, under
any Environmental Law to which any Loan Party is or will be named as a party with respect to any of 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 or liens outstanding under any Environmental Law with respect to any of the Properties or the Business,
except insofar as such proceeding, action, decree, order or other requirement or lien, or any aggregation thereof, is not reasonably
likely to result in a Material Adverse Effect.

 

(f)          There
has been no release or threat of release of Materials of Environmental Concern at or from any of the Properties arising from or
related to the operations of any Loan Party in connection with any of 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, except insofar as any
such violation or liability referred to in this paragraph, or any aggregation thereof, is not reasonably likely to result in a
Material Adverse Effect.

 

5.23         Foreign
Corrupt Practices Act. No part of the proceeds of the Loans or Letters of Credit shall be used, directly or indirectly, for
any payments to any governmental official or employee, political party, official of a political party, candidate for political
office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage,
in violation of the United States Foreign Corrupt Practices Act of 1977.

 

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5.24         Sanctions
Laws. No Loan Party and to the knowledge of any Borrower, no Affiliate or broker or other agent of any Loan Party acting or
benefiting in any capacity in connection with the Loans or Letters of Credit is any of the following (a “Restricted Person”):
(i) a Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist
Financing, effective September 24, 2001 (the “Executive Order”); (ii) a Person that is named as a “specially
designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign
Assets Control (“OFAC”) at its official website or any replacement website or other replacement official publication
of such list or similarly named by any similar foreign governmental authority; (iii) an agency of the government of a country,
an organization controlled by a country, or a Person resident in a country that is subject to a sanctions program identified on
the lists maintained by OFAC; or (iv) a Person that derives more than 10% of its assets or operating income from investments in
or transactions with any such country, agency, organization or person. Further, none of the proceeds from the Loans or Letters
of Credit shall be used to finance any operations, investments or activities in, or make any payments to, any such country, agency,
organization or Person subject to OFAC sanctions.

 

SECTION 6.CONDITIONS PRECEDENT

 

6.1           Conditions
Precedent. The obligation of each Lender to make the initial Loan requested to be made by it and the agreement of any Issuing
Lender to issue the initial Letter of Credit requested to be issued by it is subject to the satisfaction or waiver, immediately
prior to or concurrently with the making of such Loan or issuance of such Letter of Credit on the Closing Date, of the following
conditions precedent:

 

(a)          Loan
Documents. The Agents shall have received: 

 

(i)          this
Agreement, executed and delivered by a duly authorized officer of each Borrower;

 

(ii)         the
Guaranty, executed and delivered by a duly authorized officer of each Loan Party thereto;

 

(iii)        the
Security Agreement, executed and delivered by a duly authorized officer of each Loan Party thereto;

 

(iv)        the
Perfection Certificate, executed and delivered by a duly authorized officer of each Loan Party;

 

(v)         for
each Working Capital Facility Lender requesting the same, a Note of the Borrowers substantially in the form of Exhibit A-1
and conforming to the requirements hereof and executed by a duly authorized officer of each Borrower;

 

(vi)        for
each Swing Line Lender requesting the same, a Note of the Borrowers substantially in the form of Exhibit A-2 and conforming
to the requirements hereof and executed by a duly authorized officer of the Borrower;

 

(vii)       for
each Acquisition Facility Lender requesting the same, a Note of the Borrowers substantially in the form of Exhibit A-3 and
conforming to the requirements hereof and executed by an authorized officer of each Borrower; and

 

(viii)      each
of the Account Control Agreements, executed and delivered by a duly authorized officer of each party thereto;

 

(ix)         the
Canadian Security Agreement executed and delivered by a duly authorized officer of each Loan Party party thereto, and

 

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(x)          the
Disclosure Letter executed and delivered by a duly authorized officer of the Borrowers’ Agent.

 

(b)          Secretary’s
Certificates. The Collateral Agent shall have received a certificate of each Loan Party, dated the Closing Date, substantially
in the form of Exhibit E, with appropriate insertions and attachments, reasonably satisfactory in form and substance to
the Collateral Agent, executed by a Responsible Person and the Secretary or any Assistant Secretary on behalf of such Loan Party,
or, if applicable, of the general partner or managing member or members of such Loan Party, on behalf of such Loan Party.

 

(c)          Borrowing
Base Report. The Collateral Agent shall have received a pro forma Borrowing Base Report showing the pro forma Borrowing Base
as of November 30, 2013, in each case, with appropriate insertions and supporting schedules, reasonably satisfactory in form and
substance to the Collateral Agent, and executed by a Responsible Person of the Borrowers’ Agent.

 

(d)          Proceedings
of the Loan Parties. The Collateral Agent shall have received a copy of the resolutions, in form and substance reasonably satisfactory
to the Collateral Agent, of the Board of Directors (or analogous body) of each Loan Party authorizing (i) the execution, delivery
and performance of this Agreement and the other Loan Documents to which it is a party, (ii) the borrowings contemplated hereunder
and (iii) the granting by it of the Liens created pursuant to the Security Documents, certified on behalf of such Loan Party by
the Secretary or an Assistant Secretary of such Loan Party, or, if applicable, of the general partner or managing member or members
of such Loan Party, as of the Closing Date, which certification shall be included in the certificate delivered in respect of such
Loan Party pursuant to Section 6.1(b), shall be in form and substance reasonably satisfactory to the Collateral Agent and
shall state that the resolutions thereby certified have not been amended, modified, revoked or rescinded.

 

(e)          Incumbency
Certificates. The Collateral Agent shall have received a certificate of each Loan Party, dated the Closing Date, as to the
incumbency and signature of the officers of such Loan Party or, if applicable, of the general partner or managing member or members
of such Loan Party, executing any Loan Document, or having authorization to execute any certificate, notice or other submission
required to be delivered to the Collateral Agent or a Lender pursuant to this Agreement, which certificate shall be included in
the certificate delivered in respect of such Loan Party pursuant to Section 6.1(b), shall be reasonably satisfactory in
form and substance to the Collateral Agent, and shall be executed by a Responsible Person and the Secretary or any Assistant
Secretary of such Loan Party, or, if applicable, of the general partner or managing member or members of such Loan Party, on behalf
of such Loan Party.

 

(f)          Organizational
Documents. The Collateral Agent shall have received true and complete copies of the Governing Documents of each Loan Party,
certified as of the Closing Date as complete copies thereof by the Secretary or an Assistant Secretary of such Loan Party, or,
if applicable, of the general partner or managing member or members of such Loan Party, on behalf of such Loan Party, which certification
shall be included in the certificate delivered in respect of such Loan Party pursuant to Section 6.1(b) and shall be in
form and substance reasonably satisfactory to the Collateral Agent.

 

(g)          Good
Standing Certificates. The Collateral Agent shall have received certificates dated as of a recent date from the Secretary of
State or other appropriate authority, evidencing the good standing of each Loan Party in the jurisdiction of its organization.

 

(h)          Consents,
Licenses and Approvals. The Collateral Agent shall have received a certificate of a Responsible Person of the Borrowers’
Agent either (i) attaching copies of all consents, authorizations and filings referred to in Section 5.4, and stating that
such consents, licenses and filings are in full force and effect or (ii) stating that no such consents, licenses or approvals are
so required.

 

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(i)          Borrower’s
Certificate. The Collateral Agent shall have received a certificate substantially in the form of Exhibit N signed by
a Responsible Person of each of the Borrowers, stating on behalf of such Borrower that:

 

(i)          The
representations and warranties contained in Section 5 are true and correct in all material respects on and as of such date,
as though made on and as of such date;

 

(ii)         No
Default or Event of Default exists; and

 

(iii)        There
has not occurred since December 31, 2012 a Material Adverse Effect.

 

(j)          Fees.
The Agents, the Joint Lead Arrangers and the Lenders shall have received the fees (including reasonable fees, disbursements
and other charges of counsel to the Agents to the extent invoiced prior to the Closing Date) to be received on the Closing Date
referred to herein and in the Fee Letter and all reasonable out-of-pocket costs and expenses incurred by the Agents and the Joint
Lead Arrangers in connection with the negotiation of the Credit Documents and due diligence with respect thereto.

 

(k)          Legal
Opinions. The Collateral Agent shall have received, with a counterpart for each Lender, the following executed legal opinions:

 

(i)          the
executed legal opinion of Latham & Watkins LLP, New York counsel to the Loan Parties, substantially in the form of Exhibit
H; and

 

(ii)         the
executed legal opinion of Burnet, Duckworth & Palmer LLP, special Canadian counsel to the Loan Parties.

 

Each such legal opinion shall cover such
other matters incident to the transactions contemplated by this Agreement as the Collateral Agent may reasonably require in accordance
with customary opinion practice.

 

(l)          Lien
Searches. The Collateral Agent shall have received the results of a recent search by a Person reasonably satisfactory to the
Collateral Agent, under the Uniform Commercial Code and equivalent legislation in all relevant jurisdictions and all customary
judgment and tax Lien searches for financing transactions of this nature in all applicable jurisdictions, which may have been filed
with respect to personal property of the Loan Parties, and the results of such search shall be reasonably satisfactory to the Collateral
Agent.

 

(m)          Actions
to Perfect Liens. All filings, recordings, registrations and other actions, including, without limitation, the filing of financing
statements on form UCC-1, necessary or, in the opinion of the Collateral Agent, desirable to perfect the Liens created by the Security
Documents, shall have been filed, registered or recorded or shall have been delivered to the Collateral Agent in proper form for
filing, registration or recordation.

 

(n)          Financial
Statements. The Collateral Agent and the Lenders shall have received the financial statements listed in Section 5.1
and the Annual Budget for the 2014 Fiscal Year.

 

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(o)          Insurance.
Arrangements satisfactory in the reasonable discretion of the Collateral Agent shall have been made for the Collateral Agent to
receive evidence in form and substance reasonably satisfactory to it that all of the requirements of Section 7.5 hereof
and Section 5(q) of the Security Agreement shall have been satisfied; provided that, as of the Closing Date, the Collateral
Agent shall have received a certificate confirming that the Collateral Agent has been named as loss payee or additional insured
consistent with the requirements of Section 7.5 hereof.

 

(p)          PATRIOT
Act. The Agents and the Lenders shall have received, sufficiently in advance of the Closing Date, all documentation and other
information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including the USA PATRIOT Act.

 

(q)          Additional
Matters. All corporate and other proceedings, and all documents, instruments and other legal matters in connection with the
transactions contemplated by this Agreement and the other Loan Documents shall be reasonably satisfactory in form and substance
to the Collateral Agent, and the Collateral Agent shall have received such other documents in respect of any aspect or consequence
of the transactions contemplated hereby or thereby as it shall reasonably request.

 

Upon the satisfaction of the foregoing
conditions precedent in this Section 6.1, the Collateral Agent shall promptly notify the Administrative Agent.

 

6.2           Conditions
to Each Credit Extension. The obligation of each Lender to make any Loan requested to be made by it on any Borrowing Date (including,
without limitation, its initial Loan, if any) and the agreement of the Issuing Lenders to issue or provide any Letter of Credit
(including, without limitation, the initial Letters of Credit, if any) is subject to the satisfaction or waiver of the following
conditions precedent:

 

(a)          Borrowing
Notice. The Administrative Agent shall have received a Borrowing Notice or Letter of Credit Request pursuant to Section
2.4 or Section 3.2, as the case may be.

 

(b)          Representations
and Warranties. Each of the representations and warranties made by the Borrowers and the other Loan Parties in or pursuant
to the Loan Documents shall be true and correct in all material respects on and as of such date as if such representation and warranty
was made on and as of such date, except to the extent any such representation and warranty relates solely to a specified prior
date, in which case such representation and warranty shall have been true and correct in all material respects as of such specified
date.

 

(c)          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.

 

(d)          Borrowing
Base Report. The Collateral Agent shall have timely received a Borrowing Base Report for the most recent period for which such
Borrowing Base Report is required to be delivered in accordance with Section 6.1(c) or Section 7.2(a), as applicable.

 

(e)          Borrowing
Availability. After giving effect to such extension of credit requested to be made on such date,

 

(i)          the
Total Working Capital Facility Extensions of Credit shall not exceed the Borrowing Base as of such date,

 

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(ii)         
the Total Acquisition Facility Extensions of Credit shall not exceed the aggregate Acquisition Facility Commitments,

 

(iii)        the
Total Working Capital Facility Extensions of Credit shall not exceed the aggregate Working Capital Facility Commitments,

 

(iv)        such
extension of credit shall not result in any Applicable Sub-Limit being exceeded,

 

(v)         with
respect to any such extension of credit under the Acquisition Facility, the Borrowers shall be in compliance with the covenants
set forth in Section 8.1 calculated on a pro forma basis, and

 

(vi)        the
Collateral Agent shall have received a certificate of a Responsible Person of the Borrowers’ Agent (such certificate, the
“Availability Certification”) certifying as to the satisfaction of each of the specific conditions set forth
in Sections 6.2(b) and (c) and clauses (i)-(vi) of Section 6.2(e) as of such date.

 

SECTION 7.AFFIRMATIVE COVENANTS

 

The Loan Parties hereby
jointly and severally agree that, so long as any of the Commitments remain in effect or any amount is owing to any Lender or the
Agents hereunder or under any other Loan Document (except contingent indemnification and expense reimbursement obligations for
which no claim has been made), each Loan Party shall:

 

7.1           Financial
Statements. Furnish to the Agents (for distribution to each Lender):

 

(a)          as
soon as available, but in any event within one hundred twenty (120) days after the end of each Fiscal Year, a copy of (i) the audited
consolidated balance sheet of the Borrowers’ Agent as at the end of such year and the related consolidated statements of
income and changes in members’ equity and cash flows for such year, (ii) the audited consolidated balance sheet of CEP-TIR
as at the end of such year and the related consolidated statements of income and changes in members’ equity and cash flows
for such year, and (iii) the combined balance sheet of the Loan Parties as at the end of such year and the related combined statements
of income and changes in members’ equity and cash flows for such year prepared by the Borrowers’ Agent based on the
audited financials referenced in clauses (i) and (ii) above, and (A) in the case of each of clauses (i) – (iii), prepared
in accordance with GAAP and setting forth in each case in comparative form the figures for the previous year, and (B) in the case
of each of clauses (i) and (ii), reported on without a “going concern” or like qualification or exception, or qualification
arising out of the scope of the audit, by Ernst & Young LLP or other independent certified public accountants of nationally
recognized standing;

 

(b)          as
soon as available, but in any event not later than 45 days after the end of each calendar quarter (other than the fourth calendar
quarter), (i) the unaudited consolidated balance sheet of the Borrowers’ Agent as at the end of such calendar quarter and
the related unaudited consolidated statements of income and changes in members’ equity and cash flows for such quarter and
the portion of the Fiscal Year through the end of such quarter, (ii) the unaudited consolidated balance sheet of CEP-TIR as at
the end of such calendar quarter and the related unaudited consolidated statements of income and changes in members’ equity
and cash flows for such quarter and the portion of the Fiscal Year through the end of such quarter, and (iii) the unaudited combined
balance sheet of the Loan Parties as at the end of such calendar quarter and the related unaudited combined statements of income
and changes in members’ equity and cash flows for such quarter and the portion of the Fiscal Year through the end of such
quarter prepared by the Borrowers’ Agent based on the unaudited financials referenced in clauses (i) and (ii) above, and
in the case of each of clauses (i) – (iii), prepared in accordance with GAAP, and setting forth, beginning with the calendar
quarter ending on March 31, 2014, in each case in comparative form the figures for the previous year, certified by a Responsible
Person of the Borrowers’ Agent, as being fairly presented in all material respects (subject to normal year-end audit adjustments
and the absence of footnotes); and

 

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(c)          as
soon as available, but in any event not later than thirty (30) days after the commencement of each Fiscal Year, the Annual Budget
for such Fiscal Year.

 

All such financial statements (other than
the Annual Budgets) shall present fairly in all material respects the financial condition of the Persons covered by such financial
statements as at such date and shall be prepared in reasonable detail and, except as noted herein, in accordance with GAAP, applied
consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or Borrowers’
Agent, as the case may be, and disclosed therein and, with regard to the non-annual financial statements, subject to normal year-end
adjustments and the absence of footnotes). The Annual Budgets shall have been prepared in good faith under the direction of a Responsible
Person of the Borrowers’ Agent and based upon good faith estimates and assumptions believed by the Loan Parties 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 during the period or periods covered by such financial information may differ from the projected
results set forth therein by a material amount.

 

Documents or information required to be
delivered or provided pursuant to Section 7.1(a) or (b) (to the extent any such documents or information 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 Borrowers’ Agent posts the materials containing such documents or information, or provides a
link thereto, on the Borrowers’ Agent website on the Internet; or (ii) on which such documents are posted on the Borrowers’
Agent behalf on an Internet or intranet website, if any, to which each Lender has access (whether a commercial, third-party website
or whether sponsored by the Administrative Agent).

 

7.2           Certificates;
Other Information. Furnish to the Agents (for distribution to the Lenders pursuant to Section 11.2(d):

 

(a)          concurrently
with the delivery of the financial statements referred to in Sections 7.1(a), and 7.1(b), a certificate of a Responsible
Person of the Borrowers’ Agent substantially in the form of Exhibit K (such a certificate, a “Compliance
Certificate”) (A) stating that to the best of such Person’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 be observed, performed or satisfied by it, and that such Responsible Person has obtained no knowledge of any
Default or Event of Default, in each case except as specified in such certificate and (B) showing in detail the calculations supporting
such Person’s certification of the Loan Parties’ compliance with the requirements of Section 8.1.

 

(b)          (x)
within fifteen days after the last day of each calendar month, a Borrowing Base Report for the Loan Parties dated the last day
of such calendar month, (y) at any time upon the occurrence and during the continuance of a Default, upon the request of the Collateral
Agent, a Borrowing Base Report for the Loan Parties dated as of a date within seven (7) Business Days following a request by the
Collateral Agent and (z) at any time and from time to time, as the Borrowers’ Agent may determine in its sole, absolute discretion,
a Borrowing Base Report for the Loan Parties dated as of a date within the seven (7) Business Days preceding delivery thereof to
the Collateral Agent;

 

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(c)          
as soon as available and in any event within ten (10) Business Days after the date of issuance thereof (if any such management
letter is ever issued), any management letter prepared by the independent public accountants who reported on the financial statements
provided for in Section 7.1(a) above, with respect to the internal audit and financial controls of the Borrowers and their
respective Subsidiaries;

 

(d)          if
any such report described in clauses (b) or (c) above is not reasonably satisfactory in form and substance to the Collateral Agent,
the Borrowers’ Agent shall promptly deliver such information supplementing such report as the Collateral Agent may reasonably
request;

 

(e)          promptly,
upon the request of the Collateral Agent, (i) a report that (A) lists all Immaterial Subsidiaries as of the date of such report
(which shall be a date subsequent to the applicable request of the Collateral Agent), and (B) lists the contribution of each Immaterial
Subsidiary to the Combined Total Assets and the Combined EBITDA at such time, and (ii) a certification that as of the date of such
report, the combined assets and combined EBITDA of all Immaterial Subsidiaries do not exceed the limits set forth in the definition
of such term under this Agreement; and

 

(f)          promptly,
such additional financial and other information regarding the Loan Parties as any Lender may from time to time reasonably request.

 

7.3           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 (a) 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 its books,
or (b) not constituting an Event of Default.

 

7.4           Conduct
of Business and Maintenance of Existence. (i) Continue to engage in business as described in Section 8.11 and preserve,
renew and keep in full force and effect its corporate existence and take all reasonable action to maintain all material rights,
privileges and franchises necessary or desirable in the normal conduct of its business except as otherwise permitted pursuant to
Section 8.4 or where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and (ii) comply
with all Contractual Obligations and Requirements of Law, except to the extent that failure to comply therewith could not, in the
aggregate, be reasonably expected to have a Material Adverse Effect.

 

7.5           Maintenance
of Property; Insurance. (i) Keep all its property useful and necessary in its business in good working order and condition
(ordinary wear and tear excepted); (ii) 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 and product liability)
as are usually insured against in the same general area by companies engaged in the same or a similar business, which insurance
shall name the Collateral Agent for the ratable benefit of the Secured Parties as lender loss payee, in the case of property insurance,
as an additional insured, in the case of liability insurance, and with respect to any Mortgaged Property as and when the related
Mortgage and Security Agreement is required to be delivered under the Loan Documents, to the extent available, recipient of a mortgagee
endorsement, in the case of environmental liability insurance, as its interests may appear; (iii) furnish to the Agents (for distribution
to the Lenders pursuant to Section 11.2(d)), upon request, full information as to the insurance carried, evidence of the
underlying policy, the related cover note and all addenda thereto; and (iv) promptly pay all insurance premiums.

 

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7.6           Inspection
of Property; Books and Records; Discussions. At the sole expense of the Loan Parties: (i) keep books of records and accounts
in conformity with GAAP that present fairly the financial condition of the Loan Parties covered thereby and (ii) within three (3)
Business Days of the date agreed or requested therefor, (A) permit representatives of the Collateral Agent and (B) solely during
the continuance of an Event of Default, permit representatives of any Lender, to (x) visit and inspect any of its properties and
examine and make abstracts from any of its books and records upon reasonable notice during normal business hours and as often as
may reasonably be desired; provided that, (1) unless an Event of Default has occurred and is continuing, such visits and
inspections shall not occur more than one time during any Fiscal Year and (2) during the continuance of an Event of Default, such
visits and inspections may occur at any time, and (y) discuss the business, operations, properties and financial and other condition
of the Loan Parties with officers and employees of the Loan Parties and with its independent certified public accountants to the
extent consistent with the national policies of such independent certified public accountants, upon reasonable notice during normal
business hours. Information obtained by the Collateral Agent pursuant to this Section 7.6 shall be shared with Lenders.

 

7.7 Notices. Promptly
give notice to the Administrative Agent (for distribution to the Lenders and the Joint Lead Arrangers, including, without limitation,
if requested by a Lender or Joint Lead Arranger, through posting on Intralinks or other web site in use to distribute information
to the Lenders) 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 Loan Party or (ii) litigation, investigation or proceeding
which may exist at any time between any Loan Party and any Governmental Authority, which in either case could reasonably be expected
to have a Material Adverse Effect;

 

(c)          (i)
any litigation or administrative or arbitration proceeding to which any Loan Party is a party in which if adversely determined
could reasonably be expected to result in a liability in excess of $5,000,000 and not covered by insurance, segregated cash reserves
or bonds, or in which injunctive or similar relief is sought or (ii) any Lien on any of the Collateral (other than Liens created
hereby or Liens permitted on Collateral pursuant to Section 8.3);

 

(d)          the
following events: (i) the occurrence of any Reportable Event with respect to any Single Employer Plan, a determination that a plan
is in "at risk" status within the meaning of Section 430 of the Code, a failure to make any required contribution to
a Plan when such contributions have become due, the creation of any Lien in favor of the PBGC or a Plan, a determination that a
multiemployer plan is in endangered, seriously endangered or critical status, in each case within the meaning of Section 432 of
the Code, or any withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan in which any Borrower
or any other Loan Party is reasonably expected to have a liability in excess of $5,000,000 or (ii) the institution of proceedings
or the taking of any other action by the PBGC to terminate any Single Employer Plan;

 

(e)          the
sum of the Total Working Capital Facility Extensions of Credit exceeding the Borrowing Base; and

 

(f)          the
occurrence of any event which could reasonably be expected to have a Material Adverse Effect.

 

Each notice pursuant to this Section
7.7 shall be accompanied by a statement of a Responsible Person setting forth details of the occurrence referred to therein
and stating what action the Loan Parties propose to take with respect thereto.

 

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7.8           Environmental
Laws. (a) Comply with all applicable Environmental Laws and obtain and comply with any and all Environmental Permits required
by applicable Environmental Laws, except to the extent that failure to do so could not be reasonably expected to have a Material
Adverse Effect. Without limiting the foregoing, comply with all material permits, registrations, licenses or similar authorizations
or notifications required to construct and operate bulk storage tanks and other bulk storage facilities, except to the extent that
failure to do so could not be reasonably expected to have a Material Adverse Effect.

 

(b)          Conduct
and complete all investigations, studies, sampling and testing, and all remedial, removal, compliance and other actions, required
under Environmental Laws, except to the extent the failure to do so could not reasonably be expected to have a Material Adverse
Effect, and promptly comply with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws,
except to the extent that the same are being contested in good faith by appropriate proceedings and the pendency of such proceedings
could not be reasonably expected to have a Material Adverse Effect.

 

7.9           Periodic
Audit of Borrowing Base Assets. Permit the Collateral Agent or any other designee of the Collateral Agent to perform, or to
have an independent inspector perform, a periodic due diligence inspection, test and review of all of the assets of the Loan Parties
that comprise each asset category set forth in the definitions of “Borrowing Base” and the Borrowers’ internal
controls, credit and risk practices and trading book on a mutually convenient Business Day once during each twelve (12) month period
following the Closing Date, the results of which shall be reasonably satisfactory to the Collateral Agent in all material respects
and provided by the Collateral Agent to each Lender; provided, however, if an Event of Default has occurred and is
continuing, the Collateral Agent or any other designee of the Collateral Agent shall be entitled to perform additional due
diligence inspections, tests and reviews of such inventory and accounts receivable on Business Days at any time and/or frequency
that the Collateral Agent or the Required Lenders deem necessary at any time during the occurrence and continuance of an Event
of Default; provided, further, so long as no Event of Default has occurred and is continuing, the Borrowers shall
only be obligated to pay for one periodic audit of the Borrowing Base during each Fiscal Year and if an Event of Default has occurred
and is continuing, the expense of all such due diligence inspections, tests and reviews shall be borne exclusively by the Borrowers.

 

7.10         Collections
of Accounts Receivable. Pursuant to and in accordance with the Security Agreement, (i) instruct each Account Debtor of an Account
Receivable to make all payments to the applicable Loan Party in respect of such Account Receivable to a Controlled Account, (ii)
with respect to any items sent directly to a Loan Party by an Account Debtor, hold such items in trust for the Secured Parties
and promptly deposit such items into a Controlled Account and (iii) otherwise comply with the Security Agreement.

 

7.11         Taxes.
Each Loan Party and each of its Subsidiaries shall timely file or cause to be filed all material Tax returns required to be filed
by it and shall timely pay all material Taxes due and payable by it or imposed with respect to any of its property and all other
material fees or other charges imposed on it or any of its property by any Governmental Authority (other than any Taxes the amount
or validity of which is 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 such Loan Party).

 

7.12         Additional
Collateral; Further Actions.

 

(a)          In
the event that any such Loan Party acquires or forms any additional Wholly-Owned Subsidiary (other than an Excluded Subsidiary),
or any Wholly-Owned Subsidiary no longer qualifies as an Excluded Subsidiary, shall:

 

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(i)          within
30 days (or such longer period as agreed with the Collateral Agent), cause such additional Wholly-Owned Subsidiary to become a
party to the applicable Security Documents and Guaranty;

 

(ii)         if
such additional Wholly-Owned Subsidiary holds any Capital Stock of any Subsidiary (other than an Excluded Subsidiary), cause such
additional Wholly-Owned Subsidiary within 30 days (or such longer period as agreed with the Collateral Agent) to execute such pledge
agreements, each in form and substance satisfactory to the Collateral Agent, and take such other action as shall be necessary or
advisable (including, without limitation, the filing of financing statements on Form UCC-1 and the delivery of pledge agreements)
in order to perfect the pledge of all of the Capital Stock of such Subsidiary in favor of the Collateral Agent for the benefit
of the Secured Parties; provided that if such Wholly-Owned Subsidiary holds any Capital Stock of any Exempt CFC, it shall
cause pledge all non-voting Capital Stock of such Exempt CFC and 65% of the voting stock of such Exempt CFC in the period provided
above;

 

(iii)        cause
such additional Wholly-Owned Subsidiary within 30 days (or such longer period as agreed with the Collateral Agent) to deliver to
the Collateral Agent and the Lenders all documentation and other information required by bank regulatory authorities under applicable
“know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act;

 

(iv)        if
effective to perfect a Lien on such accounts in the applicable jurisdiction or otherwise requested by the Collateral Agent in its
reasonable discretion, cause an Account Control Agreement for each Deposit Account (other than any Excluded Account), Securities
Account and Commodity Account of such additional Wholly-Owned Subsidiary to be executed and delivered by such Wholly-Owned Subsidiary
and the bank, broker or other Person maintaining such Deposit Account, Securities Account or Commodity Account to the extent required
by the Security Agreement within 30 days (or such longer period as agreed with the Collateral Agent);

 

(v)         within
45 days (or such longer period as agreed with the Collateral Agent) cause any such additional Wholly-Owned Subsidiary that owns
a fee simple or material leasehold estate in real property located in the United States to prepare, execute and deliver a mortgage
or deed of trust, as applicable, (if and to the extent permissible under the terms of the lease) in substantially the same form
as the Mortgage and Security Agreement together with any Form UCC-1 financing statements required by the Collateral Agent, and
(B) cause any such Wholly-Owned Subsidiary that owns a fee simple or material leasehold estate in real property located outside
of the United States to prepare, execute and deliver all mortgage or security documentation determined by the Collateral Agent
to be sufficient to create and/or perfect a Lien in favor of the Collateral Agent on such real property, and to take such other
actions as the Collateral Agent shall request in order to create and/or perfect a Lien in favor of the Collateral Agent on such
real property of such Wholly-Owned Subsidiary and cause such Wholly-Owned Subsidiary to deliver a mortgage title insurance policy
and survey of the real property, in each case in form and substance reasonably satisfactory to the Collateral Agent subject to
the matters and in the form required by Schedule 7.15 hereof; and

 

(vi)        within
the time periods described above, take any other action as shall be necessary or advisable (including, without limitation, the
filing of financing statements on Form UCC-1 and any other filing necessary to maintain the perfection of the security interest
in the applicable jurisdiction) to cause such Lien described in this Section 7.12(a) to be a Perfected First Lien on all right,
title and interest of such Collateral.

 

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(b)          Within
the time periods described above in Section 7.12(a), the Collateral Agent shall be entitled to receive legal opinions of one or
more counsel to the Borrowers and such additional Wholly-Owned Subsidiary addressing such matters as the Collateral Agent may reasonably
request and as is customary opinion practice, including, without limitation, the enforceability of each Security Document to which
such additional Wholly-Owned Subsidiary becomes a party and the pledge of the Capital Stock of such Wholly-Owned Subsidiary, and
the creation, validity and perfection of the Liens so granted by such Wholly-Owned Subsidiary and the Borrowers and/or other Loan
Parties to the Collateral Agent for the benefit of the Lenders.

 

(c)          (i)
With respect to any Material Real Property located in the United States that were not Mortgaged Properties on the Closing Date
or pursuant to Section 7.15, including pipelines, identified by the Collateral Agent or with respect to any such property
acquired by any Loan Party after the Closing Date, the applicable Loan Party shall within 45 days (or such longer period as agreed
with the Collateral Agent), upon the request of the Collateral Agent, prepare, execute and deliver a mortgage or deed of trust,
as applicable (if and to the extent permissible under the terms of the lease), in substantially the same form as the Mortgage and
Security Agreement together with any Form UCC-1 financing statements required by the Collateral Agent, and with respect to any
fee simple or leasehold estate in Material Real Property of any of the Loan Parties (other than an Exempt CFC or any Subsidiaries
thereof) located outside the United States, the applicable Loan Party shall prepare, execute and deliver all mortgage or security
documentation determined by the Collateral Agent to be sufficient to create and/or perfect a Lien in favor of the Collateral Agent
on such real property, and take such other actions as the Collateral Agent shall request in order to create and/or perfect a Lien
in favor of the Collateral Agent on any Mortgaged Property of such Loan Party; and (ii) with respect to any Material Real Property
of any Loan Party (whether or not mortgaged on the Closing Date or thereafter), other than any pipelines and gathering systems
owned by any Loan Party, including in each case any gathering receipt, relay, and pump stations connected to any of the foregoing
(collectively, “Pipelines”), the applicable Loan Party shall, upon the request of the Collateral Agent, cause
such Loan Party to deliver a mortgagee’s title insurance policy (only for a Mortgaged Property located in the United States),
survey (only for a Mortgaged Property located in the United States) and appraisal of such Mortgaged Property, in each case in form
and substance reasonably satisfactory to the Collateral Agent subject to the matters and in the form required by Schedule 7.15
hereof, and (iii) upon the request of the Collateral Agent, the Borrowers’ Agent shall deliver legal opinions of one or more
counsel to the applicable Loan Party with respect to each Mortgage and Security Agreement and each non-United States mortgage and
collateral document, addressing such matters as the Collateral Agent may reasonably request and is customary opinion practice,
including the enforceability of such Security Documents, and the creation, validity and perfection of the Liens so granted by the
applicable Loan Party and (iv) with respect to any Material Real Property located in the United States of any Loan Party other
than Pipelines (whether or not mortgaged on the Closing Date or thereafter), the applicable Loan Party shall deliver, upon the
request of the Collateral Agent, a “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination
and if such Mortgaged Property is located in a flood zone, flood acknowledgements, flood insurance and evidence of the payment
of premiums then due and payable for such flood insurance, in each case in form and substance reasonably satisfactory to the Collateral
Agent and subject to the requirements set forth in Schedule 7.15.

 

(d)          Upon
request of the Collateral Agent, the Loan Parties shall promptly order and, upon completion, provide the Collateral Agent, an ESA,
inclusive of 40 CFR 312 representations for each Mortgaged Property other than Pipelines identified by the Collateral Agent (in
its reasonable discretion), prepared by an environmental consultant reasonably acceptable to the Collateral Agent, in form, scope
and substance reasonably satisfactory to the Collateral Agent, together with a letter from the environmental consultant permitting
the Agents and the Lenders to rely on the environmental assessment as if addressed to and prepared for each of them.

 

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7.13         Use
of Proceeds. Use the entire amount of the proceeds of the Loans and the Letters of Credit as set forth in Section 5.21.

 

7.14         Cash
Management. Maintain all of the Pledged Accounts of the Loan Parties at a Cash Management Bank.

 

7.15         Post
Closing Deliverables. The Loan Parties shall deliver to the Collateral Agent each item set forth on Schedule 7.15 in
form and substance satisfactory to the Collateral Agent within the time period established for each such item on such Schedule.

 

SECTION 8.NEGATIVE COVENANTS

 

The Loan Parties hereby
jointly and severally agree that, so long as any of the Commitments remain in effect or any amount is owing to any Lender or the
Administrative Agent hereunder or under any other Loan Document (except contingent indemnification and expense reimbursement obligations
for which no claim has been made), no Loan Party shall, directly or indirectly:

 

8.1           Financial
Condition Covenants.

 

(a)          Maximum
Adjusted Leverage Ratio. Permit, as of the last day of any fiscal quarter starting with the fiscal quarter ending December
31, 2013, for the twelve-month period ending on such day, the Adjusted Leverage Ratio to exceed the Maximum Adjusted Leverage Ratio
applicable as of such day in accordance with the definition thereof.

 

(b)          Minimum
Combined Interest Coverage Ratio. Permit, as of the last day of any fiscal quarter starting with the fiscal quarter ending
December 31, 2013, for the twelve-month period ending on such day, the Combined Interest Coverage Ratio to be less than the Minimum
Combined Interest Coverage Ratio.

 

8.2           Limitation
on Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, or permit any preferred stock to be issued or outstanding,
except:

 

(a)          Indebtedness
of such Loan Party under this Agreement and the other Loan Documents;

 

(b)          Indebtedness
in respect of purchase money security interests, Financing Leases or Synthetic Leases; provided that the sum of the aggregate
amount of Indebtedness permitted under Sections 8.2(b), 8.2(g), 8.2(i), and 8.2(l) does not exceed
ten percent (10%) of the Combined Capital at any one time outstanding;

 

(c)          Indebtedness
outstanding on the date hereof and listed on Schedule 8.2, or any refinancings, refundings, renewals or extensions thereof
(such refinanced, refunded, renewed or extended Indebtedness, “Permitted Refinancing Indebtedness”); provided
that (i) the stated amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension
(except to the extent of non-cash interest and the reasonable and customary transactional costs and expenses incurred by the Loan
Parties in connection with incurring such Permitted Refinancing Indebtedness), (ii) such refinancing, refunding, renewal or extended
Indebtedness shall (A) not have a stated final maturity prior to the final maturity date of the Indebtedness being refinanced,
refunded, renewed or extended and (B) have an average life to maturity equal to or greater than such Indebtedness, (iii) the terms
of such refinancing, refunding, renewal or extension shall not be more restrictive than the terms of such Indebtedness when taken
as a whole, (iv) any guarantee entered into in connection with such refinancing, refunding, renewal or extension that is not a
refinancing of an existing guarantee of such Indebtedness shall not be permitted under this Section 8.2(c) and (v) if the
Indebtedness being refinanced, refunded, renewed or extended is subordinated, such Permitted Refinancing Indebtedness shall be
subordinated to at least the same extent, and on terms at least as favorable to the Lenders, as the Indebtedness being refinanced,
refunded, renewed or extended;

 

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(d)          Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient
funds in the ordinary course of business or other cash management services in the ordinary course of business; provided
that such Indebtedness (other than credit or purchase cards) is extinguished within one (1) Business Day after notification to
the Borrowers’ Agent of its incurrence;

 

(e)          Indebtedness
owed by any Loan Party to any other Loan Party;

 

(f)          Contingent
Obligations of a Loan Party with respect to Indebtedness of another

Loan Party that is permitted hereunder;

 

(g)          Indebtedness
of any Person that becomes a Subsidiary after the date hereof pursuant to a Permitted Acquisition and Indebtedness of any Person
secured by assets acquired in a Permitted Acquisition; provided that (i) such Indebtedness exists at the time such Person
becomes a Subsidiary or such assets are acquired and is not created in contemplation of or in connection with such Person becoming
a Subsidiary or such assets being acquired, and (ii) the sum of the aggregate amount of Indebtedness permitted under Sections
8.2(b), 8.2(g), 8.2(i), and 8.2(l) does not exceed ten percent (10%) of the Combined Capital at any one
time outstanding;

 

(h)          Indebtedness
of any Loan Party in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations, in each case
provided in the ordinary course of business;

 

(i)          Permitted
Non-Compete Indebtedness and other obligations issued, undertaken or assumed as the deferred purchase price of property or services;
provided that the sum of the aggregate amount of Indebtedness permitted under Sections 8.2(b), 8.2(g), 8.2(i),
and 8.2(l) does not exceed ten percent (10%) of the Combined Capital at any one time outstanding;

 

(j)          unsecured
private placement or other term Indebtedness of a Credit Party; provided, that

 

(i)          such
Indebtedness does not impose any financial covenants on any Credit Party that are more onerous than the covenants set forth in
this Agreement;

 

(ii)         such
Indebtedness shall not require any scheduled payment on account of principal (whether by redemption, purchase, retirement, defeasance,
set-off or otherwise) prior to six (6) months following the Commitment Termination Date; and

 

(iii)        (x)
the Loan Parties are in compliance with Section 8.1 immediately after giving pro forma effect to the incurrence of
any such Indebtedness; and (y) no Default or Event of Default exists both immediately before and after giving effect to
the incurrence of such Indebtedness.

 

(k)          Indebtedness
consisting of the financing of insurance premiums in the ordinary course of business to defer the cost the underlying policy; and

 

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(l)          additional
unsecured Indebtedness of the Loan Parties; provided that the sum of the aggregate amount of Indebtedness permitted under
Sections 8.2(b), 8.2(g), 8.2(i), and 8.2(l) does not exceed ten percent (10%) of the Combined Capital
at any one time outstanding.

 

8.3           Limitation
on Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned
or hereafter acquired, except for:

 

(a)          Liens
for taxes, assessments or governmental charges or levies not yet due and payable or which are being contested in good faith by
appropriate proceedings; provided that adequate reserves with respect thereto are maintained on the books of such Loan Party,
in conformity with GAAP;

 

(b)          carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlord’s Liens, or other similar Liens
arising in the ordinary course of business which are not overdue for a period of more than 60 days or which are being contested
in good faith by appropriate proceedings or which have been bonded over or otherwise adequately secured against;

 

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

 

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

 

(e)          Permitted
Cash Management Liens;

 

(f)          easements,
rights-of-way, restrictions and other similar title exceptions and encumbrances, landlords’ and lessors’ Liens on rented
premises and restrictions on transfers of leases, each incurred in the ordinary course of business which, in the aggregate, are
not substantial in amount, secure obligations that do not constitute Indebtedness, and which 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 the Loan Parties;

 

(g)          Liens
created pursuant to the Security Documents and the other Loan Documents;

 

(h)          First
Purchaser Liens;

 

(i)          netting
and other offset rights granted by any Loan Party to counterparties under Commodity Contracts and Financial Hedging Agreements
on or with respect to payment and other obligations owed by such Loan Party to such counterparties;

 

(j)          Liens
in existence on the Closing Date that are listed, and the property subject thereto described, on Schedule 8.3;

 

(k)          Purchase
money Liens securing the Indebtedness permitted by Section 8.2(b) above; provided that (i) such Lien shall not apply
to any other Property other than the asset acquired with such purchase money Indebtedness, (ii) the principal amount of the Indebtedness
secured by such Lien does not exceed the purchase price of the asset acquired with such permitted Indebtedness, and (iii) such
Lien attached within ten (10) days of the acquisition of such property;

 

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(l)          Liens
arising from judgments, orders, or other awards not constituting an Event of Default;

 

(m)          Liens
arising solely by virtue of UCC financing statement filings (or similar filings under applicable law) regarding operating leases
entered into by a Loan Party or a Subsidiary thereof in the ordinary course of business;

 

(n)          (i)
pledges and deposits of cash in the ordinary course of business securing liability for reimbursement or indemnification obligations
of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property,
casualty or liability insurance to such Person and (ii) Liens on proceeds of insurance policies securing Indebtedness permitted
under Section 8.2(k);

 

(o)          Liens
on cash earnest money or escrowed deposits in favor of the seller of any property to be acquired in an Investment permitted pursuant
to Section 8.7, to be applied against the purchase price for and indemnities with respect to such Investment, solely to
the extent such Investment would have been permitted on the date of the creation of such Lien and provided that with respect to
each such Investment, the earnest money Lien shall not be in place for a period in excess of ninety (90) days; provided that,
if such Investment requires a regulatory review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law
94-435, as amended), such period shall be 180 days (as such period may be extended from time to time by the Collateral Agent in
its reasonable discretion); and

 

(p)          Liens
on assets not included in the Borrowing Base securing obligations of the Loan Parties in an amount not to exceed the greater of
(i) $10,000,000 and (ii) 10% of the Combined Capital.

 

8.4           Limitation
on Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or
suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially
all of its property, business or assets of such Loan Party, except for the following, in each case so long as, at the time thereof
and immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing:

 

(a)          the
merger, consolidation, amalgamation or liquidation of any Subsidiary into any Borrower in a transaction in which such Borrower
is the surviving or resulting entity or the merger, consolidation, amalgamation or liquidation of any Borrower into any other Borrower;
provided, that if such merger, consolidation, amalgamation or liquidation is with the Borrowers’ Agent, the Borrowers’
Agent is the surviving or resulting entity;

 

(b)          the
merger, consolidation, amalgamation or liquidation of any Wholly-Owned Subsidiary into or with a Wholly-Owned Subsidiary or the
merger, consolidation, amalgamation or liquidation of any Person into a Wholly-Owned Subsidiary or pursuant to which such Person
will become a Wholly-Owned Subsidiary in a transaction in which the resulting or surviving entity is a Wholly-Owned Subsidiary;

 

(c)          the
conveyance, sale, lease, assignment, transfer or disposal of all, or substantially all, of the property, business or assets of
a Loan Party to another Loan Party; and

 

(d)          sales
or other Dispositions permitted under Section 8.6;

 

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(e)          any
Loan Party may be liquidated or dissolved so long as such dissolution or liquidation results in all assets of such Loan Party being
owned by a Loan Party; and

 

(f)          any
Loan Party may enter into any MLP Restructuring Transactions.

 

8.5           Restricted
Payments. Declare or pay any 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 shares of any class of Capital Stock of
the Loan Parties or any warrants or options to purchase any such Stock, 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 the Borrowers
or any other Loan Party (such declarations, payments, setting apart, purchases, redemptions, defeasances, retirements, acquisitions
and distributions, being herein called “Restricted Payments”); provided that:

 

(a)          the
Borrowers’ Agent may make Permitted Available Cash Restricted Payments, if at the time of such Restricted Payment and after
giving effect thereto (i) no Default or Event of Default has occurred and is continuing, (ii) the Loan Parties are in compliance
with the covenants set forth in Section 8.1 calculated on a pro forma basis after giving effect thereto,
and (iii) both (x) the Borrowing Base exceeds the Total Working Capital Facility Extensions of Credit by, and (y) the aggregate
Available Working Capital Facility Commitments equals, in the case of each clause (x) and (y), an amount not less than $5,000,000;

 

(b)          CEP-TIR
may make Permitted Tax Distributions to any Person that owns a direct Equity Interest in CEP-TIR, if at the time of such Restricted
Payment pursuant to and after giving effect thereto (i) no Default or Event of Default has occurred and is continuing and (ii)
the Loan Parties are in compliance with the covenants set forth in Section 8.1 calculated on a pro forma basis after
giving effect thereto;

 

(c)          CEP-TIR
may make Restricted Payments if at the time of such Restricted Payment and after giving effect thereto (i) no Default or Event
of Default has occurred and is continuing, (ii) the Loan Parties are in compliance with the covenants set forth in Section 8.1
calculated on a pro forma basis after giving effect thereto, and (iii) both (x) the Borrowing Base exceeds the Total
Working Capital Facility Extensions of Credit by, and (y) the aggregate Available Working Capital Facility Commitments equals,
in the case of each clause (x) and (y), an amount not less than $5,000,000;

 

(d)          each
Loan Party may declare and make dividend payments or other distributions payable solely in the common or subordinated Capital Stock
of such Person;

 

(e)          each
Loan Party and any Subsidiary of any Loan Party may make Restricted Payments to (i) any Loan Party, and (ii) any other Person that
owns a direct Equity Interest in such Subsidiary, if with respect to this clause (ii), such Restricted Payment (A) is made ratably
to all direct Equity Interest holders or if not ratably made to all direct Equity Interest holders, such Restricted Payment to
any other Person that is not a Loan Party shall not be greater than the Restricted Payments made to the Loan Parties, and (B) no
Default or Event of Default has occurred and is continuing and (C) the Loan Parties are in compliance with the covenants set forth
in Section 8.1 calculated on a pro forma basis after giving effect thereto;

 

(f)          
each Loan Party may purchase, redeem or otherwise acquire its common or subordinated Equity Interests with the proceeds received
from the substantially concurrent issue of new common or subordinated Capital Stock;

 

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(g)          Restricted
Payments may be made in the form of accepting forfeitures or holding back any portion of the underlying Capital Stock of the Borrowers
in connection with the cashless exercise of options, warrants, conversion and other rights or tax withholding with respect to the
exercise of equity based awards under employee equity incentive compensation programs of the Borrowers, the Subsidiaries and the
General Partner;

 

(h)          (x)
the Borrowers may repurchase, redeem or otherwise acquire any Capital Stock of the Borrowers held by any current or former officer,
director, consultant, or employee of the Borrowers, the Subsidiaries and the General Partner pursuant to any equity subscription
agreement, stock option agreement, shareholders’, members’ or partnership agreement or similar agreement, plan or arrangement
or any Plan and (y) to the extent such payments are deemed to be Restricted Payments, the Borrowers may make payments under stock
appreciation rights, phantom stock or other similar cash settled interests issued under any Borrower’s long term incentive
program; provided that (i) the aggregate Restricted Payments made under this clause (f) shall not exceed $2,500,000 during any
fiscal year and (ii) if at the time of such Restricted Payment pursuant to and after giving effect thereto no Default or Event
of Default has occurred and is continuing and the Loan Parties are in compliance with the covenants set forth in Section 8.1
calculated on a pro forma basis after giving effect thereto;

 

(i)          payments
to the General Partner of the administrative fee provided for in accordance with the Omnibus Agreement attached as an exhibit to
the Registration Statement, if at the time of such Restricted Payment pursuant to and after giving effect thereto (i) no Default
or Event of Default has occurred and is continuing, (ii) the Loan Parties are in compliance with the covenants set forth in Section
8.1 calculated on a pro forma basis after giving effect thereto; and

 

(j)          any
Loan Party may enter into any MLP Restructuring Transactions.

 

8.6           Limitation
on Dispositions. Dispose of any of its property, business or assets (including Accounts Receivable and leasehold interests),
whether now owned or hereafter acquired, except:

 

(a)          Dispositions
of obsolete or worn out property or property no longer used or useful in the conduct of the business of the Loan Parties in the
ordinary course of business or the termination, surrender or sublease a lease of real Property in the ordinary course of business
or which is no longer needed in the business of the Loan Parties;

 

(b)          the
Disposition of Eligible Commodity inventory in the ordinary course of business;

 

(c)          
the Disposition or discount without recourse of accounts receivable arising in the ordinary course of business in connection with
the compromise or collection thereof; and

 

(d)          Dispositions
of permitted under Sections 8.4 and 8.5;

 

(e)          Dispositions
of property by among the Loan Parties or by a Subsidiary to a Loan Party;

 

(f)          Dispositions
of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase price of similar
replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement
property;

 

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(g)          Dispositions
(in each case for reasonably equivalent value), in any Fiscal Year, other property having, together with any Property otherwise
Disposed of from the Closing Date until the Commitment Termination Date pursuant to this Section 8.6 in an amount equal
to an aggregate purchase price not to exceed 40% of Combined Capital in the aggregate based upon the most recent financial statements
delivered pursuant to Section 7.1 at the time of such Disposition; and

 

(h)          any
Loan Party may enter into any MLP Restructuring Transactions.

 

8.7           Limitation
on Investments, Loans and Advances. Make any Investment in any Person, except:

 

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

 

(b)          Investments
in Cash Equivalents;

 

(c)          Investments
by any Loan Party in any other Loan Party;

 

(d)          with
respect to any Disposition permitted under Section 8.6, Investments constituting non-cash consideration received in connection
with such Disposition so long as such consideration does not exceed 25% of the aggregate consideration received with respect to
such Disposition;

 

(e)          Investments
(including debt obligations and equity securities) received in connection with the bankruptcy, insolvency, arrangement or reorganization
of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising
in the ordinary course of business;

 

(f)          Investments
in existence on the Closing Date and listed on Schedule 8.7, together with any renewals and extensions thereof, so long
as the principal amount of such renewal or extension does not exceed the original principal amount of such Investment;

 

(g)          Investments
(including, but not limited to, Investments in Capital Stock, intercompany loans, and Contingent Obligations with respect to Indebtedness
otherwise expressly permitted hereunder) after the Closing Date by Loan Parties in Excluded Subsidiaries, in partnerships, joint
ventures or any other Person that substantially all of its assets produce “qualifying income” as such term is defined
in Section 7704(d) of the Code, provided that (A) no Default or Event of Default shall have occurred and is continuing,
or would result therefrom, and (B) the aggregate amount of such Investments under this clause (g) shall not exceed $4,000,000 in
the aggregate at any time outstanding;

 

(h)          Contingent
Obligations permitted by Section 8.2;

 

(i)          Permitted
Acquisitions;

 

(j)          additional
cash Investments by the Loan Parties in amounts not to exceed the amount of cash equity contributions received from issuances of
Capital Stock in the Borrowers’ Agent contributed after the date hereof for the purpose of funding such Investments; provided
that such Investments are subject to a Perfected First Lien;

 

(k)          in
the case of any Person that becomes a Subsidiary (other than an Excluded Subsidiary) after the Closing Date, any Investment of
such Person in effect at the time such Person so becomes a Subsidiary, so long as such Investment was not entered into in contemplation
of such Person becoming such a Subsidiary;

 

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(l)          any
other Investment not permitted under this Section 8.7 in an aggregate amount not to exceed the greater of (i) $10,000,000
and (ii) 10% of the Combined Capital at the time of making such Investment; and

 

(m)          any
Loan Party may enter into any MLP Restructuring Transactions.

 

8.8           Limitation
on Transactions with Affiliates. Engage in any transaction with any Affiliate or Subsidiary (other than a Loan Party) unless
such transaction is (i) otherwise permitted under this Agreement, (ii) on terms no less favorable in all material respects to such
Loan Party than it would obtain in a comparable arm’s-length transaction with a Person which is not an Affiliate or Subsidiary,
(iii) the payment of fees, expenses, indemnities or other payments to the General Partner in connection with reimbursable general
corporate and overhead expenses of the Borrowers’ Agent and its Subsidiaries and the operation, management and other services
rendered to Borrowers’ Agent and its Subsidiaries, in each case pursuant to the Governing Documents of the Borrowers’
Agent, (iv) any issuance, grant or award of stock, options, other equity related interests or other equity securities in each case
with respect to a Loan Party to any such employees, officers, directors or consultants, in each case in the ordinary course of
business, (v) the transactions described in “Certain Relationships and Related Party Transactions” in the Registration
Statement and (v) transaction listed on Schedule 8.8

 

8.9           Accounting
Changes. Make any significant change in its accounting treatment or reporting practices, except as required by GAAP, or change
its Fiscal Year without the consent of the Required Lenders (such consent not to be unreasonably withheld, conditioned or delayed).

 

8.10         Limitation
on Negative Pledge Clauses. Enter into, or permit to exist, with any Person any agreement which effectively prohibits or limits
the ability of a Loan Party to create, incur, assume or suffer to exist any Lien upon or otherwise transfer any interest in any
of its property, assets or revenues as Collateral, whether now owned or hereafter acquired, other than:

 

(a)          this
Agreement;

 

(b)          the
Loan Documents;

 

(c)          agreements
evidencing Indebtedness permitted to be incurred under Section 8.2(c), and any purchase money security interests or Financing
Leases permitted by this Agreement (in which cases, any prohibition or limitation shall only be effective against the assets
financed thereby);

 

(d)          leases,
contracts and agreements containing restrictions on assignment entered into in the ordinary course of business;

 

(e)          licensing
agreements or management agreements with customary provisions restricting assignment, entered into in the ordinary course of business;

 

(f)          agreements
that neither restrict the Agents’ or any Secured Party’s ability to obtain first priority liens on Collateral included
in the Borrowing Base nor restrict in any material respect the Agents’ or any Secured Party’s ability to exercise the
remedies available to them under applicable Law and the Security Documents, subject to Liens permitted hereunder; provided
that in no event shall such agreements restrict the payment of the Loans and other Obligations;

 

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(g)          Commodity
Contracts and Financial Hedging Agreements not included in the Borrowing Base and containing restrictions on the assignment thereof;
provided that, for the avoidance of doubt, to the extent any such prohibition, restriction or limitation is ineffective
as a matter of law, the account receivable deriving from or the proceeds of such contract or agreement may be included in the Borrowing
Base;

 

(h)          agreements
purporting to prohibit the existence of any Liens upon, or transferring of any interest in, any Excluded Asset (as such term is
defined in the Security Agreement); and

 

(i)          customary
restrictions and conditions on transfers and investments contained in any agreement relating to the sale of any asset or any Subsidiary
pending the consummation of such sale.

 

8.11         Limitation
on Lines of Business. Enter into any business except any energy related, oil field service or pipeline service related business
or activity that produces “qualifying income” as such term is defined in Section 7704(d) of the Code, and any activities
reasonably related, complementary or incidental thereto.

 

8.12         Governing
Documents. Amend its Governing Documents in any manner that could reasonably be expected to be materially adverse to the interests
of the Lenders and the Agents without the prior written consent of the Required Lenders, which shall not be unreasonably withheld,
conditioned or delayed; provided that the Borrowers’ Agent’s Partnership Agreement may be amended and restated
concurrently with the initial public offering of the Capital Stock of the Borrowers’ Agent in the form initially attached
to the Registration Statement.

 

8.13         Anti-Money
Laundering and Anti-Terrorism Finance Laws; Foreign Corrupt Practices Act; Sanctions Laws; Restricted Person. The Borrowers
shall not, and shall not permit any Subsidiary to, (i) engage in or conspire to engage in any transaction that evades or
avoids, or has the purpose of evading or avoiding, or attempts to violate, any prohibition set forth in any Specified Law, (ii)
cause or permit any of the funds that are used to repay the Obligations to be derived from any unlawful activity with the result
that the making of the Loans or the issuance of the Letters of Credit would be in violation of any Applicable Law, (iii) use any
part of the proceeds of the Loans or Letters of Credit, directly or indirectly, for any payment to any governmental official or
employee, political party, official of a political party, candidate for political office, or anyone else acting in an official
capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign
Corrupt Practices Act of 1977 or (iv) use any of the proceeds from the Loans or Letters of Credit to finance any operations, investments
or activities in, or make any payments to, any Restricted Person.

 

SECTION 9.EVENTS OF DEFAULT

 

9.1           Events
of Default. If any of the following events shall occur and be continuing:

 

(a)          (i)
Any Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in accordance with the terms thereof
or hereof, or (ii) any Loan Party shall fail to pay any interest on any Loan or Reimbursement Obligation, or any other amount payable
hereunder or under any of the other Loan Documents, when such interest or other amount becomes due in accordance with the terms
thereof or hereof, and in the case of this clause (ii), the same shall remain unremedied for a period of three (3) Business Days;
or

 

(b)          Any
representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or which is identified as
such and 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 incorrect in any material respect on or as of the
date made or deemed made; or

 

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(c)          Any
Loan Party shall default in the observance or performance of any covenant contained in any of Sections 7.1, 7.7,
7.13, 7.15, and SECTION 8; or

 

(d)          Any
Loan Party shall default in the observance or performance of any other obligation applicable to it contained in this Agreement
or any other Loan Document (other than as provided in paragraphs (a), (b), and (c) of this Section 9), and such default
shall continue unremedied for a period of thirty (30) days after the earlier of (x) such Loan Party having knowledge of such default
or (y) notice thereof from the Administrative Agent to the Borrowers’ Agent; or

 

(e)          Any
Loan Party shall (A) default in any payment of principal of or interest on any Indebtedness (other than the Loans or Reimbursement
Obligations) or in the payment of any Guarantee Obligation, beyond the period of grace, if any, provided in the instrument or agreement
under which such Indebtedness or Guarantee Obligation was created, if the aggregate amount of the Indebtedness and/or Guarantee
Obligations of any Loan Party in respect of which such default or defaults shall have occurred is at least $5,000,000; (B) default
in the observance or performance of any other agreement or condition relating to any such Indebtedness or such Guarantee Obligation
(in each case involving the amounts specified in clause (A) above) 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 permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Guarantee Obligation
(or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice
if required, such Indebtedness to become due prior to its stated maturity (other than with respect to Indebtedness that is, by
its terms, callable upon demand) or such Guarantee Obligation to become payable; or (C) default in the observance or performance
of any obligation (payment or otherwise) under a Financial Hedging Agreement or a Commodity OTC Contract that would allow the counterparty
thereof to exercise a right to terminate its position under such Financial Hedging Agreement or Commodity OTC Contract, if the
aggregate net exposure with regard to all such positions is in excess of $5,000,000; or

 

(f)          (i)
Any Loan Party shall 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, arrangement, liquidation, winding-up 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, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or
(B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial
part of its assets, or any Loan Party shall make a general assignment for the benefit of its creditors; or (ii) there shall be
commenced against any Loan Party any case, proceeding or other action of a nature referred to in clause (i) above which (A) results
in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded
for a period of sixty (60) days; or (iii) there shall be commenced against any Loan Party any case, proceeding or other action
seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its
assets which results in the entry of an order for any such relief with regard to all or any substantial part of its assets, which
shall not have been vacated, discharged, or stayed or bonded pending appeal within forty-five (45) days from the entry thereof;
or (iv) any Loan Party shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in,
any of the acts set forth in clause (i), (ii), or (iii) above; or (v) any Loan Party shall generally not, or shall be unable to,
or shall admit in writing its inability to, pay its debts as they become due.

 

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(g)          (i)
Any Person that is a fiduciary, party-in-interest or disqualified person with respect to a Plan shall engage in any non-exempt
“prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving such Plan; (ii)
any failure to satisfy the minimum funding requirements of Section 412 or 430 of the Code, whether or not waived, shall occur with
respect to any Plan, a Plan shall obtain “at risk” status within the meaning of Section 430 of the Code or any Lien
in favor of the PBGC or a Plan shall arise on the assets of any Loan Party or any Commonly Controlled Entity; (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; (iv) any Single Employer Plan shall terminate pursuant to Section 4041(c) or 4042 of ERISA; (v) the Loan
Parties or any Commonly Controlled Entity incur any liability in connection with a complete or partial withdrawal from, or the
Insolvency, Reorganization or termination of, a Multiemployer Plan or any such Multiemployer Plan obtains endangered, seriously
endangered or critical status, in each case within the meaning of Section 432 of the Code; or (vi) any other event or condition
shall occur or exist with respect to a Plan; and in each case in clauses (i) through (vi) above, such event or condition, together
with all other such events or conditions, if any, could reasonably be expected to have a Material Adverse Effect; or

 

(h)          One
or more judgments or decrees shall be entered against any Loan Party involving in the aggregate a liability (to the extent not
paid or covered by insurance) of $10,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged,
stayed or bonded pending appeal within sixty (60) days from the entry thereof; or

 

(i)          (i)
Any of the Security Documents shall cease, for any reason, to be in full force and effect, or any Loan Party shall so assert or
(ii) the Lien created by any of the Security Documents shall cease to be enforceable and of the same effect and priority purported
to be created thereby (other than, in each case, by reason of the express release thereof pursuant to Section 11.5) against
any portion of Collateral with a value exceeding $500,000; or

 

(j)          The
Guaranty shall cease, for any reason (other than by reason of the express release thereof pursuant to Section 11.5), to
be in full force and effect or any Loan Party or any Affiliate of any Loan Party shall so assert; or

 

(k)          Any
Change of Control shall occur;

 

then, and in any such event, (A) if such
event is an Event of Default specified in clause (i) or (ii) of Section 9.1(f) hereof with respect to a Borrower, the Commitments
shall immediately and automatically terminate and the Loans and Reimbursement Obligations (except as provided in the following
paragraph) hereunder (with accrued interest thereon) and all other amounts owing under this Agreement 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’ Agent 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’ Agent, declare the Loans and, except
as provided in the following paragraph, Reimbursement Obligations hereunder (with accrued interest thereon) and all other amounts
owing under this Agreement (including, without limitation, all amounts of L/C Obligations) to be due and payable forthwith, whereupon
the same shall immediately become due and payable.

 

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With respect to all outstanding
Letters of Credit with respect to which demand for payment shall not have occurred at the time of an acceleration pursuant to the
preceding paragraph, the Borrowers shall at such time Cash Collateralize the aggregate then-undrawn and unexpired amount of such
Letters of Credit. The Borrowers hereby grant to the Collateral Agent, for the benefit of the Issuing Lenders, the Lenders, the
L/C Participants and the other Secured Parties, a security interest in such Cash Collateral to secure all obligations of the Borrowers
under this Agreement and the other Loan Documents and all other Obligations. Cash Collateralized amounts shall be applied by the
Collateral Agent to the payment of drafts drawn under such Letters of Credit, and fees owing with respect to such Letters of Credit,
and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied
to repay other obligations of such Borrowers hereunder and under the Notes and any other Obligations. After all such Letters of
Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations
of each Borrower hereunder and under the Notes and all other Obligations shall have been paid in full, the balance, if any, in
such cash collateral account shall be returned to the applicable Borrower. The Borrowers shall execute and deliver to the Collateral
Agent, for the account of the Issuing Lenders, the Lenders, the L/C Participants and the other Secured Parties, such further documents
and instruments as the Collateral Agent may reasonably request to evidence the creation and perfection of the security interest
in such Cash Collateral account.

 

SECTION 10.THE AGENTS

 

10.1         Appointment.
(a) Each Lender hereby irrevocably designates and appoints the Agents as the agents of such Lender under this Agreement and the
other Loan Documents, and each such Lender irrevocably authorizes each 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 such 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, no Agent shall
have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and
no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any
other Loan Document or otherwise exist against any Agent.

 

(b)          Each
Qualified Counterparty and each Qualified Cash Management Bank, pursuant to the terms of the applicable Hedging Agreement Qualification
Notification and/or by accepting the grant by the Loan Parties of the security interest in the Collateral pursuant to the Security
Documents, hereby irrevocably designates and appoints the Agents as the agents of such Qualified Counterparty or Qualified Cash
Management Bank under this Agreement and the other Loan Documents, and each such Qualified Counterparty and Qualified Cash Management
Bank irrevocably authorizes each 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 such 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, no Agent shall have any duties or responsibilities, except those expressly
set forth herein, or any fiduciary relationship with any Qualified Counterparty or Qualified Cash Management Bank, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan
Document or otherwise exist against any Agent.

 

    	-99-

    	 

    

 

10.2         Delegation
of Duties. Each 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. No Agent shall
be responsible for the negligence or misconduct of any agents or attorneys in-fact selected by it with reasonable care.

 

10.3         Exculpatory
Provisions. Neither any Agent nor any of its officers, directors, employees, agents, attorneys-in-fact, Subsidiaries or Affiliates
(each, an “Agent-Related Person”) 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 for 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 Administrative Agent
or Collateral Agent 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 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. In no event shall the Agents be responsible or
liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss
of profit) irrespective of whether such Agent has been advised of the likelihood of such loss or damage and regardless of the form
of action.

 

10.4         Reliance
by Agents. Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any Note, writing, resolution,
notice, consent, certificate, affidavit, letter, cablegram, telegram, 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, without limitation, counsel to the Borrowers or any other
Loan Party), independent accountants and other experts selected by such Agent with reasonable care. The Agents may deem and treat
the payee of any Note as the owner thereof for all purposes unless a notice of assignment, negotiation or transfer thereof shall
have been filed with such Agent. Each 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 such greater percentage
of Lenders as shall be required therefor under Section 11.1) as it deems appropriate or as otherwise required by Section
11.1 or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may
be incurred by it by reason of taking or continuing to take any such action. Each 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 such greater percentage of Lenders as shall be required therefor under Section 11.1) and such request and any
action taken or failure to act pursuant thereto shall be binding upon all of the Lenders and all future holders of the Loans and
all other Obligations.

 

10.5         Notice
of Default. No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder
unless such Agent has received notice from a Lender, or the Borrowers’ Agent or any other Loan Party 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 give notice thereof to the Lenders. The Agents
shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders;
provided that unless and until an Agent shall have received such directions, such 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.

 

    	-100-

    	 

    

 

10.6         Non-Reliance
on Agents and Other Lenders. Each Lender expressly acknowledges that none of the Agents nor any of their respective officers,
directors, employees, agents, attorneys-in-fact, Subsidiaries or Affiliates has made any representations or warranties to it and
that no act by any Agent hereinafter taken, including any review of the affairs of the Borrowers or any 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 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 Borrowers and the other Loan Parties and made its own decision to extend credit to the Borrowers hereunder and enter into
this Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent 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 Borrowers and other Loan Parties. Except for notices, reports and other documents expressly required to be furnished to
the Lenders by the Administrative Agent or the Collateral Agent hereunder or under any of the other Loan Documents, no Agent shall
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 the Borrowers or any other Loan Party which may
come into the possession of such Agent or any of their respective officers, directors, employees, agents, attorneys-in-fact, Subsidiaries
or Affiliates. Without limiting the generality of the foregoing, no Agent shall have any duty to monitor the Collateral used to
calculate the Borrowing Base or the reporting requirements or the contents of reports delivered by the Borrowers’ Agent.
Each Lender assumes the responsibility of keeping itself informed at all times.

 

10.7         Indemnification.
The Lenders agree to indemnify each Agent and each other Agent-Related Person on an after-Tax basis in its capacity as such (to
the extent not reimbursed by the Borrowers and without limiting the obligation of the Borrowers to do so), ratably according to
their respective Commitment Percentages in effect on the date on which indemnification is sought, from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever
which may at any time (including, without limitation, at any time following the payment of the Loans and Reimbursement Obligations
and the cash collateralization of the L/C Obligations) be imposed on, incurred by or asserted against such Agent or such Agent-Related
Person in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents
contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted
by such Agent under or in connection with any of the foregoing (including the fees and expenses of such Agent’s or such Agent-Related
Person’s counsel); provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting solely from such Agent’s
or such Agent-Related Person’s gross negligence or willful misconduct. The agreements in this Section 10.7 shall survive
the payment of the Loans, Reimbursement Obligations and all amounts payable hereunder and the cash collateralization of the L/C
Obligations.

 

10.8         Agents
in Their Individual Capacity. Each Agent and its Subsidiaries and Affiliates may make loans and other extensions of credit
to, accept deposits from and generally engage in any kind of business with the Borrowers and the other Loan Parties and their Subsidiaries
and Affiliates as though such Agent were not an Agent hereunder and under the other Loan Documents. With respect to the Loans and
other extensions of credit made by it hereunder, 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.

 

    	-101-

    	 

    

 

10.9         Successor
Agents. The Administrative Agent and the Collateral Agent may resign as the Administrative Agent or the Collateral Agent, as
applicable, upon thirty (30) days’ notice to the Borrowers’ Agent and the Lenders. If the Administrative Agent or the
Collateral Agent shall resign as the Administrative Agent or the Collateral Agent, as applicable, under this Agreement and the
other Loan Documents, then the Required Lenders shall appoint BMO Harris Bank N.A. as the replacement Agent in such capacity; provided
that the Credit Exposure Percentage of BMO Harris Bank with respect to the Facilities at such time is not less than 35%, unless
BMO Harris Bank N.A. is not willing to serve in such capacity, in which case the Required Lenders shall appoint from among the
Lenders (unless no Lender is willing to act as such Agent, in which case such Agent may be any Person approved by the Required
Lenders) a successor Administrative Agent or Collateral Agent, as applicable, for the Lenders, which successor Administrative Agent
or Collateral Agent shall be approved by the Borrowers’ Agent (which approval shall not be unreasonably withheld and shall
not be required during the continuance of an Event of Default), whereupon such successor Administrative Agent or Collateral Agent
shall succeed to the rights, powers and duties of the Administrative Agent or the Collateral Agent, as applicable, and the term
“Administrative Agent” or “Collateral Agent”, as applicable, shall mean such successor Administrative Agent
or the Collateral Agent effective upon such appointment and approval, and the former Administrative Agent’s or Collateral
Agent’s rights, powers and duties as Administrative Agent or Collateral Agent, as applicable, shall be terminated, without
any other or further act or deed on the part of such former Administrative Agent or Collateral Agent, as applicable, or any of
the parties to this Agreement or any holders of the Loans or other Obligations. After any retiring Administrative Agent’s
or Collateral Agent’s resignation as Administrative Agent or Collateral Agent, the provisions of this Section 10 shall
inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent or Collateral
Agent, as applicable, under this Agreement and the other Loan Documents. If no successor Administrative Agent or Collateral Agent
has accepted appointment as Administrative Agent or Collateral Agent by the date which is thirty (30) days following a retiring
Administrative Agent’s or Collateral Agent’s, as applicable, notice of resignation, the retiring Administrative Agent’s
or Collateral Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the
duties of such Administrative Agent or Collateral Agent, as applicable, hereunder and under the other Loan Documents until such
time, if any, as the Required Lenders appoint a successor agent as provided for above.

 

10.10         Collateral
Matters. (a) The Collateral Agent is authorized on behalf of all of the Lenders, without the necessity of any notice to or
further consent from the Lenders, from time to time to take any action with respect to any Collateral or the Loan Documents which
may be necessary to perfect and maintain perfected the security interest in and Liens upon the Collateral granted pursuant to the
Loan Documents.

 

(b)          The
Lenders, and each Qualified Counterparty and each Qualified Cash Management Bank (pursuant to the terms of the applicable Hedging
Agreement Qualification Notification and/or by accepting the grant by the Loan Parties of the security interest in the Collateral
pursuant to the Security Documents), irrevocably authorize the Collateral Agent, at its option and in its discretion, to release
any Lien granted to or held by the Collateral Agent upon any Collateral (i) upon termination of the Commitments, and payment in
full of all Loans and all other Obligations known to the Collateral Agent and payable under this Agreement or any other Loan Document
(except indemnification obligations for which no claim has been made and of which no Responsible Person of any Loan Party has knowledge
or any obligations owed under a Commodity OTC Agreement with a Qualified Counterparty, any Financial Hedging Agreement with a Qualified
Counterparty or any Cash Management Bank Agreement with a Qualified Cash Management Bank); (ii) constituting property sold or to
be sold or disposed of as part of or in connection with any sale, transfer or other disposition permitted hereunder; (iii) constituting
property in which the Loan Parties owned no interest at the time the Lien was granted or at any time thereafter; (iv) constituting
property leased to any Loan Party under a lease which has expired or been terminated in a transaction permitted under this Agreement
or is about to expire and which has not been, and is not intended by the Borrowers to be, renewed or extended; (v) consisting of
an instrument evidencing Indebtedness or other debt instrument, if the indebtedness evidenced thereby has been paid in full; or
(vi) if approved, authorized or ratified in writing by the portion of the Lenders required by Section 11.1. Upon request
by the Collateral Agent at any time, the Lenders will confirm in writing the Collateral Agent’s authority to release
particular types or items of Collateral pursuant to this Section 10.10; provided that the absence of any such confirmation
for whatever reason shall not affect the Collateral Agent’s rights under this Section 10.10.

 

    	-102-

    	 

    

 

(c)          The
Collateral 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 Collateral Agent shall
not be responsible for the negligence or misconduct of any agents or attorneys in fact selected by it with reasonable care.

 

10.11         Force
Majeure. The Agents shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility
hereunder by reason of any occurrence beyond the control of the Agents (including but not limited to any act or provision of any
present or future law or regulation or governmental authority, any act of God or war, civil unrest, local or national disturbance
or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication
facility).

 

SECTION 11. MISCELLANEOUS

 

11.1         Amendments
and Waivers. Neither this Agreement nor 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 11.1. The Required Lenders may, or, with the written
consent of the Required Lenders, the Administrative Agent may, from time to time, (a) enter into written amendments, supplements
or modifications hereto and to the other Loan Documents with the Loan Parties party thereto for the purpose of adding any provisions
to this Agreement or the other Loan Documents or changing in any manner the rights and obligations of the Lenders or of the Loan
Parties party thereto hereunder or thereunder or (b) waive or consent to any departure from, prospectively, concurrently or retrospectively,
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 or consent and no such amendment, supplement or modification shall:

 

(i)          reduce
the amount or extend the scheduled date of maturity of any Loan or payment Obligation hereunder or any installment thereof (excluding
mandatory prepayments), or extend the due date for any Reimbursement Obligation, or reduce the stated rate of any interest or fee
payable hereunder or extend the scheduled date of any payment thereof or increase the amount or extend the expiration date of any
Lender’s Commitment, in each case without the additional written consent of each Lender affected thereby, or

 

(ii)         increase
any percentage in the definition of “Borrowing Base” or otherwise amend or modify the definition of “Borrowing
Base” or any direct or indirect component definition thereof that has the effect of increasing the Borrowing Base Availability,
in each case without the written consent of the Supermajority Lenders; or

 

    	-103-

    	 

    

 

(iii)        amend,
modify or waive any provision of this Section 11.1 or change the percentage specified in the definition of Required Lenders
or Supermajority Lenders, or consent to the assignment or transfer by the Borrowers’ Agent of any of their rights and obligations
under this Agreement and the other Loan Documents, in each case without the written consent of all of the Lenders, or

 

(iv)        consent
to the release by the Collateral Agent of all or substantially all of the Collateral or release any guarantor from its Guarantee
Obligations under the Guaranty or provide for the Collateral or the Guaranty to no longer secure or guarantee all Obligations ratably,
without the written consent of all of the Lenders, except to the extent such release is permitted or required under this Agreement,
or

 

(v)         amend,
modify or waive any provision of Section 10, or any other provision affecting the rights, duties or obligations of any Agent,
without the written consent of any Agent directly affected thereby, or

 

(vi)        amend,
modify or waive any provision of Section 3, or any provision of Section 11.7(c) affecting the right of the Issuing
Lenders to consent to certain assignments thereunder, without the written consent of the Issuing Lenders or any other provision
affecting the rights, duties or obligations of any Issuing Lenders, without the additional written consent of any Issuing Lender
directly affected thereby.

 

Notwithstanding anything
to the contrary herein, 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 (x) the Commitment of any Defaulting Lender
may not be increased or extended without the consent of such Lender and (y) 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. 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 Agents
and all future holders of the Loans and other Obligations. In the case of any waiver, the Loan Parties, the Lenders and the Agents
shall be restored to their former positions 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.

 

11.2         Notices.

 

(a)          General.
All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by facsimile
transmission) and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made (a) in the case
of delivery by overnight courier or delivery by hand, when delivered, (b) in the case of delivery by mail, three (3) Business Days
after being deposited in the mails, postage prepaid, or (c) in the case of delivery by facsimile transmission, when sent and receipt
has been electronically confirmed, addressed as follows in the case of Borrowers’ Agent and the Administrative Agent, and
as set forth in Schedule 1.0 in the case of the other parties hereto, or to such other address as may be hereafter notified
by the respective parties hereto:

 

    	-104-

    	 

    

 

	 	The Borrowers’ Agent:	Cypress Energy Partners, L.P.	 
	 	 	5727 S. Lewis Avenue, Suite 500	 
	 	 	Tulsa, Oklahoma   74105	 
	 	 	Attention:   G. Les Austin	 
	 	 	Fax:  (918) 748-3905	 
	 	 	 	 
	 	The Administrative Agent:	Deutsche Bank Trust Company Americas	 
	 	 	60 Wall Street	 
	 	 	New York, New York 10005	 
	 	 	Attention:   Project Finance Administrative Agent	 
	 	 	Services – Cypress Energy Partners	 
	 	 	 	 
	 	The Collateral Agent:	Deutsche Bank AG, New York Branch	 
	 	 	60 Wall Street	 
	 	 	New York, New York 10005	 
	 	 	Attention: Christopher Chapman	 
	 	 	 	 
	 	with a copy to:	Mayer Brown LLP	 
	 	 	214 North Tryon Street, Suite 3800	 
	 	 	Charlotte, North Carolina  28202	 
	 	 	Attention:   E. Perry Hicks, Esq.	 
	 	 	Fax:   704-444-3500	 
	 	 	 	 
	 	BMO Harris Bank N.A.,:	BMO Harris Bank N.A.	 
	 	as Joint Lead Arranger	111 West Monroe Street	 
	 	 	Chicago, IL 60605	 
	 	 	Attention:   Anthony Kwilosz	 

 

provided that any notice, request
or demand to or upon the Administrative Agent, the Issuing Lenders or the Lenders pursuant to Section 2.4, 2.5,
3.2, 3.5, 3.6, 4.1, 4.3, 4.6, 4.7, or 4.9 shall not be effective until
received.

 

(b)          Limited
Use of Electronic Mail. Except as permitted otherwise in Section 11.2(d), electronic mail and internet and intranet
websites may be used only to distribute routine communications, such as financial statements and other information, and
to distribute Loan Documents for execution by the parties thereto, and may not be used to deliver any notice hereunder.

 

(c)          Reliance
by Agents and Lenders. The Agents and the Lenders shall be entitled to rely and act upon any notices (including telephonic
notices) purportedly given by or on behalf of the Borrowers’ Agent 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 Borrowers shall indemnify each Agent and each Lender
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 Borrowers’ Agent. All telephonic notices to and other communications with the Administrative Agent may
be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

 

    	-105-

    	 

    

 

(d)          Intralinks.
Each Loan Party and Lender hereby acknowledges that the Administrative Agent will make information available to the Secured Parties
by posting the information on IntraLinks or another similar electronic system (the “Platform”). Each Lender
hereunder agrees that any document or notice posted on the Platform by the Administrative Agent shall be deemed to have been delivered
to the Lenders. The Borrowers and the Lenders further agree that, to the extent reasonably practicable, any document delivered
to the Administrative Agent for purposes of compliance with any provision of this Agreement or for dissemination to any other party
hereto shall be delivered to the Administrative Agent in electronic form capable of being posted to the Platform. With respect
to the Platform, the parties agree and acknowledge the following:

 

(i)          Each
Loan Party understands that the distribution of materials and other communications through an electronic medium is not necessarily
secure and that there are confidentiality and other risks associated with such distribution and agrees and assumes the risks associated
with such electronic distribution, except to the extent caused by the willful misconduct or gross negligence of the applicable
Agent, as determined by a final non-appealable judgment of a court of competent jurisdiction; and

 

(ii)         The
Platform is provided “as is” and “as available”. Neither the Administrative Agent, any other Agent nor
any of their respective Affiliates warrants the accuracy or completeness of the information contained on the Platform or the adequacy
of the Platform and each expressly disclaims liability for errors or omissions in the information contained on the Platform. 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 the Administrative Agent, any other
Agent or any of their respective Affiliates in connection with the information contained on the Platform.

 

11.3         No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any 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 or under any other Loan Document 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 and in the other Loan Documents provided are cumulative and not exclusive of any rights, remedies, powers and privileges
provided by Law.

 

11.4         Survival
of Representations and Warranties. All representations and warranties made herein, in the other Loan Documents and in any document,
certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement
and the making of the Loans and other Extensions of Credit hereunder.

 

11.5         Release
of Collateral and Guarantee Obligations. (a) Upon any sale or other transfer of any Collateral that is permitted under the
Loan Documents by any Loan Party or a sale of all of the assets of, or all of the Capital Stock of, a Subsidiary in a transaction
that is permitted under the Loan Documents (other than a sale, transfer or other disposition to another Loan Party), or upon the
effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to Section
10.10 hereof, the security interest in such Collateral shall automatically terminate and Collateral Agent or Administrative
Agent, as the case may be, shall execute and a deliver a termination or satisfaction of any Mortgage and Security Agreement affecting
such Collateral, in proper form for recording.

 

(b)          Upon
any sale or other transfer of all of the Capital Stock of any Loan Party that is permitted or consented to under the Loan Documents
(other than a sale or transfer to another Loan Party), the Guaranty of such Loan Party shall automatically be released and terminated.

 

    	-106-

    	 

    

 

(c)          Upon
termination of the Commitments and payment in full of the Loans and all other Obligations payable under this Agreement or any other
Loan Document (except indemnification obligations for which no claim has been made and of which no Responsible Person of any Loan
Party has knowledge) and the termination or expiration of all Letters of Credit, the pledge and security interest granted pursuant
to this Agreement and the other Loan Documents shall automatically terminate and all rights to the Collateral shall revert to the
applicable Loan Party. Upon any such termination or pursuant to any termination or release as described in Section 11.5(a),
the Collateral Agent will, at the applicable Loan Party’s expense, execute and deliver to such Loan Party such documents
as such Loan Party shall reasonably request to evidence such termination.

 

11.6         Payment
of Costs and Expenses. The Borrowers agree (a) to pay or reimburse each Agent and the Joint Lead Arrangers for all its reasonable
and documented out-of-pocket costs and expenses incurred in connection with the development, preparation, negotiation, execution,
delivery and administration 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, without limitation, the reasonable and documented fees and disbursements of one counsel to the Agents
and the Joint Lead Arrangers (including the fees and expenses of Mayer Brown LLP), (b) to pay or reimburse each Lender, the Swing
Line Lender, each Issuing Lender, each Agent and the Joint Lead Arrangers, for all its documented 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, without limitation, the documented fees and disbursements of counsel to each Lender, the Joint Lead Arrangers,
the Swing Line Lender and each Issuing Lender and of counsel to the Agents, (c) to pay or reimburse the Agents and the Joint Lead
Arrangers for its documented costs and expenses incurred in connection with inspections performed pursuant to Section 7.9,
and any other due diligence performed in connection with this Agreement and the other Loan Documents, including the reasonable
and documented fees and disbursements of counsel to the Agents (including the fees and expenses of Mayer Brown LLP), (d) to pay,
indemnify, and hold each Lender, the Swing Line Lender, the Issuing Lenders, each Agent and the Joint Lead Arrangers 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 similar taxes (except to the extent the Borrowers have otherwise indemnified such Person for such taxes under
Section 4.11(b)), if any, which 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 (including the determination of whether or not any such waiver or consent is required) under or in
respect of, this Agreement, the other Loan Documents and any such other documents, and (e) on a net after-Tax basis, to pay, indemnify,
and hold each Lender, the Issuing Lenders and the Agents, and each of their respective officers, employees, directors, trustees,
agents, advisors, affiliates, partners 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 other than Taxes (as to which Section 4.10 and Section 4.11 shall govern) with respect
to the execution, delivery, enforcement, performance and administration of this Agreement, the other Loan Documents, and any such
other documents, including, without limitation, any of the foregoing relating to the violation of, noncompliance with or liability
under, any Environmental Law applicable to the operations of the Borrowers and any of its Subsidiaries, or any of the Properties,
including the fees and expenses of such Indemnitee’s counsel (all the foregoing in this clause (e), 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 (x) found by a final, non-appealable judgment of a court
of competent jurisdiction (unless settled by final binding mediation or final determination by another form of alternative dispute
resolution chosen by the parties) to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result
from a claim brought by any Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder
or under any other Loan Document, if such Loan Party has obtained a final, non-appealable judgment of a court of competent jurisdiction
(unless settled by final binding mediation or final determination by another form of alternative dispute resolution chosen by the
parties) in its favor on such claim. The agreements in this Section 11.6 shall survive repayment of the Loans, Reimbursement
Obligations and all other amounts payable hereunder. This Section 11.6 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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11.7         Successors
and Assigns; Participations and Assignments. (a) This Agreement shall be binding upon and inure to the benefit of the Borrowers,
the Lenders, the Agents and their respective successors and assigns, except as otherwise provided in Section 8.4, that no
Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of
each Lender (and any purported such assignment or transfer by such Borrower without such consent of each Lender shall be null and
void).

 

(b)          Any
Lender may, in accordance with applicable Law, at any time sell to one or more banks, financial institutions or other entities
(individually, a “Participant” and, collectively, the “Participants”) participating interests
in any Loan or Reimbursement Obligation owing to such Lender, any Commitment of such Lender or any other interest of such Lender
hereunder and under the other Loan Documents (a “Participation”). In the event of any such sale by a Lender
of a participating interest to a Participant, such Lender’s obligations under this Agreement to the other parties to this
Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain
the holder of any such Loan, Reimbursement Obligation or other interest for all purposes under this Agreement and the other Loan
Documents, and the Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement and the other Loan Documents, except with respect to Sections
4.10 and 4.11, under which the Participant has certain rights with respect thereto. In no event shall any Participant
under any such Participation have any right to approve any amendment to or waiver of any provision of any Loan Document, or
any consent to any departure by any Loan Party therefrom, except to the extent that such amendment, waiver or consent would reduce
the principal of, or the stated rate of interest on, the Loans, Reimbursement Obligation or any fees payable hereunder, or postpone
the date of the final maturity of the Loans or Reimbursement Obligations, in each case to the extent subject to such Participation
(and, for the avoidance of doubt, the Borrowers may exercise any rights granted to it in Section 4.17 with respect to the
Lender that sold a Participation to such Participant to the extent that the direction by such Participant to such Lender
to not consent to any such amendment would cause the applicable Lender to be subject to the provisions of Section 4.17).
The Borrowers agree that if amounts outstanding under this Agreement are due or unpaid during an Event of Default, or shall have
been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall, to the maximum
extent permitted by applicable Law, be deemed to have the right of setoff in respect of its participating interest in amounts owing
under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under
this Agreement; provided that in purchasing such participating interest, such Participant shall be deemed to have agreed
to share with the Lenders the proceeds thereof as provided in Section 11.8(a) as fully as if it were a Lender hereunder.
The Borrowers also agree that each Participant shall be entitled to the benefits of, and bound by the obligations imposed on the
Lenders in, Sections 4.10, 4.11 and 4.14 with respect to its Participation in the Commitments and the Loans
and other extensions of credit hereunder outstanding from time to time as if it were a Lender.

 

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(c)          Any
Lender may, in accordance with applicable Law, at any time and from time to time assign to any Lender or any Subsidiary, Affiliate
or Approved Fund thereof, or, with the consent of the Collateral Agent, and, in the case of an assignment of the Working Capital
Facility Commitment, the Issuing Lenders, and Swing Line Lender, and, so long as no Default or Event of Default has occurred and
is continuing, the Borrowers’ Agent (which consent shall not be unreasonably withheld or delayed), to any other Person (the
“Assignee”), all or any part of its rights and obligations under this Agreement and the other Loan Documents
pursuant to an Assignment and Acceptance, substantially in the form of Exhibit F, appropriately completed (an “Assignment
and Acceptance”), executed by such Assignee, such assigning Lender (and, in the case of an Assignee that is not
then a Lender or any Subsidiary, Affiliate or Approved Fund thereof, by the Collateral Agent, and in the case of an Assignment
of the Working Capital Facility Commitment, the Issuing Lenders, and Swing Line Lender, and, so long as no Default or Event of
Default has occurred and is continuing and the Borrowers’ Agent is not deemed to consent to such assignment, the Borrowers’
Agent) and attaching the Assignee’s relevant tax forms, administrative details and wiring instructions, and delivered to
the Administrative Agent for its acceptance and recording in the Register; provided that (i) each such assignment to an Assignee
(other than any Lender) shall be in an aggregate principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof
(other than in the case of (A) an assignment of all of a Lender’s interests under this Agreement or (B) an assignment to
another Lender, a Subsidiary, an Affiliate or an Approved Fund of such assigning Lender), unless otherwise agreed by the Collateral
Agent and, so long as no Default or Event of Default has occurred and is continuing, the Borrowers’ Agent (such amount to
be aggregated in respect of assignments by to any Lender and the affiliates or Approved Funds thereof), (ii) in the case of an
assignment by a Lender to a Bank CLO managed by such Lender or an affiliate of such Lender, unless such assignment to such Bank
CLO has been consented to by the Collateral Agent, and in the case of an Assignment of the Working Capital Facility Commitment,
the Issuing Lenders, and the Swing Line Lender, and, so long as no Default or Event of Default has occurred and is continuing,
the Borrowers’ Agent (such consent not to be unreasonably withheld or delayed), the assigning Lender shall retain the sole
right to approve any amendment, waiver or other modification of this Agreement or any other Loan Document; provided that
the Assignment and Acceptance between such Lender and such Bank CLO may provide that such Lender will not, without the consent
of such Bank CLO, agree to any amendment, modification or waiver that requires the consent of each Lender directly affected thereby
pursuant to Section 11.2, and (iii) each Assignee shall comply with the provisions of Section 4.11(e) and (iv) each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations
under this Agreement with respect to the Loans or the Commitments assigned, and each Lender assigning all or a portion of its rights
and obligations must do so on a pro rata basis among the two separate Facilities. Upon such execution, delivery, acceptance and
recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder
shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender
hereunder with Commitments as set forth therein, and (y) the assigning Lender thereunder shall, to the extent provided in such
Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance
covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such assigning
Lender shall cease to be a party hereto). Notwithstanding any provision of this paragraph (c) and paragraph (e) of this Section
11.7, (x) the consent of the Borrowers’ Agent shall not be required, and, unless requested by the Assignee and/or the
assigning Lender, new Notes shall not be required to be executed and delivered by the Borrowers’ Agent, for any assignment
which occurs at any time when any of the events described in Section 9.1(f) shall have occurred and be continuing and (y)
the Borrowers’ Agent shall be deemed to have consented to any assignment that requires such consent pursuant to the
terms thereof unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after
having received notice thereof. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does
not comply with this Section 11.7 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 Section 11.7(b).

 

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(d)          The
Administrative Agent, on behalf of the Borrowers, shall maintain at the address of the Administrative Agent referred to in Section
11.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation
of the names and addresses of the Lenders (including all Assignees and successors) and the Commitments of, and principal amounts
of the Loans and other Obligations owing to, each Lender from time to time. The entries made in the Register shall, to the extent
permitted by applicable Law, be prima facie evidence of the existence and amounts of the obligations of the Borrowers therein recorded
(absent manifest error), and the Borrowers, the Administrative Agent and the Lenders may (and, in the case of any Loan or other
Obligation hereunder not evidenced by a Note, shall) treat each Person whose name is recorded in the Register as the owner of a
Loan or other Obligation hereunder as the owner thereof for all purposes of this Agreement and the other Loan Documents, notwithstanding
any notice to the contrary; provided, however, that the failure of the Administrative Agent to maintain the Register,
or any error therein, shall not in any manner affect the obligation of the Borrowers to repay (with applicable interest) the Loans
and other extensions of credit hereunder made to the Borrowers by such Lender in accordance with the terms of this Agreement. Any
assignment of any Loan or other Obligation hereunder, whether or not evidenced by a Note, shall be effective only upon appropriate
entries with respect thereto being made in the Register. The Register shall be available for inspection by the Borrowers’
Agent or any Lender at any reasonable time and from time to time upon reasonable prior notice. The parties intend for the Loans
or other Obligations to be in registered form for tax purposes and this provision shall be construed in accordance with that intent.

 

(e)          Upon
its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and, in the case of an Assignee that
is not then a Lender (or any Subsidiary, Affiliate or Approved Fund thereof), by the Administrative Agent, and in the case of an
assignment of the Working Capital Facility Commitment, the Issuing Lenders, and the Swing Line Lender and, so long as no Default
or Event of Default has occurred and is continuing, the Borrowers’ Agent), together with payment to the Administrative Agent
by the assigning Lender of a registration and processing fee of $3,500 (other than in the case of an assignment to a Lender or
an Affiliate of a Lender or any pledge or assignment by a Lender of any Loan or Note to any Federal Reserve Bank), the Administrative
Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto record
the information contained therein in the applicable Register and give notice of such acceptance and recordation to the Lenders
and the Borrowers’ Agent.

 

(f)          The
Borrowers authorize each Lender to disclose to any Participant or Assignee (each, a “Transferee”) and any prospective
Transferee in each case, any and all financial information in such Lender’s possession concerning the Borrowers, the other
Loan Parties and their Subsidiaries and Affiliates which has been delivered to such Lender by or on behalf of the Borrowers or
the other Loan Parties pursuant to this Agreement or which has been delivered to such Lender by or on behalf of the Borrowers or
other Loan Parties in connection with such Lender’s credit evaluation of the Borrowers, the other the Loan Parties and their
Subsidiaries or Affiliates prior to becoming a party to this Agreement; provided that such Transferee or prospective Transferee
shall have agreed to be bound by the provisions of Section 11.16 hereof.

 

(g)          For
avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this Section 11.7 concerning assignments
of Loans and other extensions of credit hereunder and Notes relate only to absolute assignments and that such provisions do not
prohibit assignments creating security interests, including, without limitation, (i) any pledge or assignment by a Lender of any
Loan or Note to any Federal Reserve Bank in accordance with applicable Law and (ii) any pledge or assignment by a Lender which
is a fund to its trustee for the benefit of such trustee and/or its investors to secure its obligations under any indenture or
Governing Documents to which it is a party; 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.

 

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11.8         Adjustments;
Set-off. (a) If any Lender (a “Benefited Lender”) shall at any time receive any payment of all or part of
its Loans or Reimbursement Obligations with regards to either Facility, or interest thereon, 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
9.1(f), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender under such
Facility, if any, in respect of such other Lender’s Loans or Reimbursement Obligations under such Facility, or interest thereon,
except to the extent specifically provided hereunder, such Benefited Lender shall purchase for cash from the other Lenders under
such Facility a participating interest in such portion of each such other Lender’s Loans or Reimbursement Obligations under
such Facility, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall
be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with
each of the Lenders under such Facility; except that with respect to any Lender that is a Defaulting Lender by virtue of such Lender
failing to fund its Commitment Percentage of any Loan or Participation Obligation, such Defaulting Lender’s pro rata
share of the excess payment shall be allocated to the Lender (or the Lenders, pro rata) that funded such Defaulting Lender’s
Commitment Percentage thereof; provided, however, that if all or any portion of such excess payment or benefits is
thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned,
to the extent of such recovery, but without interest; provided further, that to the extent prohibited by applicable law
as described in the definition of “Excluded Swap Obligation,” no amounts received from, or set off with respect to,
any Guarantor shall be applied to any Excluded Swap Obligations of such Guarantor. Each Borrower agrees that each Lender so purchasing
a portion of another Lender’s Loans or Reimbursement Obligations may exercise all rights of payment (including, without limitation,
rights of set-off) with respect to such portion as fully as if such Lender were the direct holder of such portion.

 

(b)          In
addition to any rights and remedies of the Lenders provided by Law, each Lender shall have the right, without prior notice to the
Borrowers, any such notice being expressly waived by the Borrowers to the extent permitted by applicable Law, during the existence
of an Event of Default, upon any amount becoming due and payable by the Borrowers 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 the Borrowers. Each Lender agrees to promptly notify the Borrowers’
Agent and the Administrative Agent after any such set-off and application made by such Lender; provided that the failure
to give such notice shall not affect the validity of such set-off or application.

 

11.9         Counterparts.
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including
by facsimile transmission or electronic mail transmission in portable document format of signature pages hereto), and all of said
counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of
this Agreement by facsimile transmission or by electronic mail in portable document format shall be effective as delivery of a
manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the
Borrowers’ Agent and the Administrative Agent.

 

11.10         Severability.
Any provision of this Agreement which 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.

 

11.11         Integration.
This Agreement and the other Loan Documents represent the agreement of the parties hereto with respect to the subject matter hereof,
and there are no promises, undertakings, representations or warranties relative to subject matter hereof not expressly set forth
or referred to herein or in the other Loan Documents.

 

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11.12         Governing
Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION
5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

11.13         Submission
to Jurisdiction. Each Loan Party hereby irrevocably and unconditionally:

 

(a)          submits
for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which
it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of
the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate
courts from any thereof;

 

(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)          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 the Loan Parties as the case may be, at their address set forth
in Section 11.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto;

 

(d)          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

 

(e)          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.

 

11.14         Acknowledgements.
Each Loan Party 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 Agents nor any Lender has any fiduciary relationship with or duty to the Loan Parties arising out of or in connection with
this Agreement or any of the other Loan Documents, and the relationship between the Borrowers and the other Loan Parties, on one
hand, and Agents and Lenders, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(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 the Loan Parties and the Lenders.

 

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11.15         Waivers
of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

11.16         Confidentiality.
(a) Each Lender Party shall use its best efforts to (i) keep confidential (and shall cause its directors, officers, employees,
representatives, agents or auditors (collectively, “Representatives”) to keep confidential) all information
that such Lender Party receives from or on behalf of the Loan Parties other than information that is identified by any of the Loan
Parties as being non-confidential information (all such information that is not so identified being “Confidential
Information”); provided that nothing in this Section 11.16 shall prevent any Lender Party from (A)
disclosing, subject to the terms and requirements of this Section 11.16, such information to a Subsidiary or an Affiliate
or its Representatives, (B) disclosing Confidential Information in connection with the exercise of any remedy hereunder or (C)
using Confidential Information solely for purposes of evaluating and administering the Loans and the Loan Documents, and (ii) subject
to Section 11.16(d), not disclose Confidential Information to Representatives of its Trading Business.

 

(b)          Notwithstanding
anything in this Section 11.16 to the contrary, any Confidential Information may be disclosed by any Lender Party (the affected
Lender Party being the “Disclosing Party”) if the Disclosing Party is compelled by judicial process or
is required by Law or regulation or is requested to do so by any examiner or any other regulatory authority or recognized
self-regulatory organization including, without limitation, the New York Stock Exchange, the Federal Reserve Board, the New York
State Banking Department and the Securities & Exchange Commission, in each case having or asserting jurisdiction over the Disclosing
Party.

 

(c)          The
obligations of each Lender Party and its Representatives under this Section 11.16 with respect to Confidential Information
shall not apply to (i) any Confidential Information which, as of the date of disclosure by such Lender Party or its Representatives,
is in the public domain or subsequently comes into the public domain other than as a result of a breach of the obligations of such
Lender Party or its Representatives hereunder, or (ii) any Confidential Information that was or becomes available to such Lender
Party or its Representatives from a person or source that is or was not, to the knowledge of such Lender Party or its Representatives,
bound by a confidentiality agreement with any Loan Party or otherwise prohibited from transferring such information to any other
Person, or (iii) any Confidential Information which was or becomes available to such Lender Party or its Representatives without
any obligation of confidentiality prior to its disclosure by or on behalf of the Loan Parties or (iv) any Confidential Information
that was developed by such Lender Party or its Representative without the use of information provided by any Loan Party.

 

(d)          Notwithstanding
anything herein to the contrary, any Lender Party may disclose Confidential Information to those Representatives of its Trading
Business, solely to the extent (i) such disclosure is (A) advisable, in the good faith discretion of such Lender Party, to assist
such Lender Party in protecting and enforcing its rights under any Loan Document and other credit facilities which such Lender
Party or any of its Subsidiaries or Affiliates has with the applicable Loan Party (or any of its Subsidiaries or Affiliates) and
(B) relevant to such assistance, (ii) such Representatives have been advised of, and agree to, the confidential nature, and restrictions
on use, of such Confidential Information and need to know same in connection with providing such assistance, and (iii) such Confidential
Information is not used for any purpose other than that set forth in this Section 11.16.

 

11.17         Specified
Laws. Each Lender, the Administrative Agent and the Collateral Agent (for itself and not on behalf of any Lender) hereby notifies
the Borrowers that pursuant to the requirements of the Specified Laws, it is required to obtain, verify and record information
that identifies the Borrowers, which information includes the names and addresses of the Borrowers and other information that will
allow such Lender, the Administrative Agent, or the Collateral Agent, as applicable, to identify the Borrowers in accordance with
the Specified Laws.

 

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11.18         Additional
Borrowers. At any time and from time-to-time after the Closing Date, the Borrowers’ Agent may request that any of its
Subsidiaries become a borrower under this Agreement (each Subsidiary which becomes a borrower pursuant to the terms of this Section
11.18, an “Additional Borrower”). Such Subsidiary shall become an Additional Borrower with effect
on and from the date on which the Administrative Agent notifies the Borrowers’ Agent that each of the following has
been satisfied (which date shall be within ten (10) Business Days after each Lender has received the documents referred to in Section
11.18(d):

 

(a)          the
Administrative Agent receives a duly completed and executed Joinder Agreement, substantially in the form of Exhibit P;

 

(b)          the
Borrowers’ Agent confirms that no Default or Event of Default is continuing or would occur as a result of that Subsidiary
becoming an Additional Borrower and each of the representations and warranties relating to the Additional Borrower and the Loan
Parties is true and not misleading in any material respect (except that any representation and warranty that is qualified by “materiality”
or “Material Adverse Effect” shall be true and correct in all respects as so qualified) as if made on date of
accession of Additional Borrower;

 

(c)          the
Subsidiary is incorporated, organized or formed in the United States of America or another jurisdiction approved by the Required
Lenders;

 

(d)          the
Collateral Agent shall have received the results of a recent search by a Person reasonably satisfactory to the Collateral Agent,
of the Uniform Commercial Code (if relevant), judgment and tax Lien filings, and all customary searches for financing transactions
of this nature in all applicable jurisdictions, which may have been filed with respect to personal property of such Additional
Borrower, and the results of such search shall be reasonably satisfactory to the Collateral Agent;

 

(e)          each
Lender shall have received all of the documents referred to in Section 6.1(b) with respect to that Additional Borrower and
has confirmed to the Collateral Agent that such documents are in form and substance reasonably satisfactory to such Lender;

 

(f)          such
Additional Borrower becomes a Grantor; and

 

(g)          Additional
Borrower appoints the Borrowers’ Agent to act on its behalf as the agent for such Additional Borrower hereunder and under
the other Loan Documents and authorizes the Borrowers’ Agent to take such actions on its behalf and to exercise such powers
as are delegated to the Borrowers’ Agent by the terms hereof or thereof, together with such actions and powers as are reasonably
incidental thereto, and the Borrowers’ Agent accepts such appointment (which appointment shall not be terminated or revoked
without the consent of the Collateral Agent and the Required Lenders).

 

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11.19      Joint and Several
Liability. Upon entry into this Agreement by an Additional Borrower, all Loans, upon funding, shall be deemed to be jointly
funded to and received by the Borrower Parties. Each Borrower Party jointly and severally agrees to pay, and shall be jointly and
severally liable under this Agreement for, all Obligations, regardless of the manner or amount in which proceeds of Loans are used,
allocated, shared, or disbursed by or among the Borrower Parties themselves, or the manner in which an Agent and/or any Lender
accounts for such Loans or other extensions of credit on its books and records. Each Borrower Party shall be liable for all amounts
due to an Agent and/or any Lender under this Agreement, regardless of which Borrower Party actually receives Loans or other Extensions
of Credit hereunder or the amount of such Loans and Extensions of Credit received or the manner in which such Agent and/or such
Lender accounts for such Loans or other Extensions of Credit on its books and records. Each Borrower Party’s Obligations
with respect to Loans and other Extensions of Credit made to it, and such Borrower Party’s Obligations arising as a result
of the joint and several liability of such Borrower Party hereunder, with respect to Loans and other Extensions of Credit made
to the other Borrower Parties hereunder, shall be separate and distinct obligations, but all such Obligations shall be primary
obligations of such Borrower Party. The Borrower Parties acknowledge and expressly agree with the Agents and each Lender that the
joint and several liability of each Borrower Party is required solely as a condition to, and is given solely as inducement for
and in consideration of, credit or accommodations extended or to be extended under the Loan Documents to any or all of the other
Borrower Parties and is not required or given as a condition of Extensions of Credit to such Borrower Party. Each Borrower Party’s
obligations under this Agreement shall be separate and distinct obligations. Each Borrower Party’s obligations under this
Agreement shall, to the fullest extent permitted by Law, be unconditional irrespective of (i) the validity or enforceability, avoidance,
or subordination of the Obligations of any other Borrower Party or of any Note or other document evidencing all or any part of
the Obligations of any other Borrower Party, (ii) the absence of any attempt to collect the Obligations from any other Borrower
Party, any Guarantor, or any other security therefor, or the absence of any other action to enforce the same, (iii) the waiver,
consent, extension, forbearance, or granting of any indulgence by an Agent and/or any Lender with respect to any provision of any
instrument evidencing the Obligations of any other Borrower Party or any Guarantor, or any part thereof, or any other agreement
now or hereafter executed by any other Borrower Party or any Guarantor and delivered to an Agent and/or any Lender, (iv) the failure
by an Agent and/or any Lender to take any steps to perfect and maintain its security interest in, or to preserve its rights to,
any security or collateral for the Obligations of any other Borrower Party or any Guarantor, (v) an Agent’s and/or any Lender’s
election, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy
Code, (vi) any borrowing or grant of a security interest by any other Borrower Party, as debtor-in-possession under Section
364 of the Bankruptcy Code, (vii) the disallowance of all or any portion of an Agent’s and/or any Lender’s claim(s)
for the repayment of the Obligations of any other Borrower Party under Section 502 of the Bankruptcy Code, or (viii) any
other circumstances which might constitute a legal or equitable discharge or defense of a guarantor or of any other Borrower Party.
With respect to any Borrower Party’s Obligations arising as a result of the joint and several liability of the Borrower Parties
hereunder with respect to Loans or other Extensions of Credit made to any of the other Borrower Parties hereunder, such Borrower
Party waives, until the Obligations shall have been paid in full and this Agreement shall have been terminated, any right to enforce
any right of subrogation or any remedy which an Agent and/or any Lender now has or may hereafter have against any other Borrower
Party, any endorser or any guarantor of all or any part of the Obligations, and any benefit of, and any right to participate in,
any security or collateral given to an Agent and/or any Lender to secure payment of the Obligations or any other liability of any
Borrower Party to an Agent and/or any Lender. Upon any Event of Default, the Agents may proceed directly and at once, without notice,
against any Borrower Party to collect and recover the full amount, or any portion of the Obligations, without first proceeding
against any other Borrower Party or any other Person, or against any security or collateral for the Obligations. Each Borrower
Party consents and agrees that the Agents shall be under no obligation to marshal any assets in favor of any Borrower Party or
against or in payment of any or all of the Obligations. Each Borrower Party further acknowledges that credit extended to each Borrower
Party hereunder will directly or indirectly benefit each other Borrower Party.

 

    	-115-

    	 

    

 

11.20      Contribution
and Indemnification among the Borrowers. Each Borrower Party is obligated to repay the Obligations as joint and several obligor
under this Agreement. To the extent that any Borrower Party shall, under this Agreement as a joint and several obligor, repay any
of the Obligations constituting Loans made to another Borrower Party hereunder or other Obligations incurred directly and primarily
by any other Borrower Party (an “Accommodation Payment”), then the Borrower Party making such Accommodation
Payment shall be entitled to contribution and indemnification from, and be reimbursed by, each of the other Borrower Parties in
an amount, for each of such other Borrower Parties, equal to a fraction of such Accommodation Payment, the numerator of which fraction
is such other Borrower Party’s Allocable Amount (as defined below) and the denominator of which is the sum of the Allocable
Amounts of all of the Borrower Parties. As of any date of determination, the “Allocable Amount” of each Borrower Party
shall be equal to the maximum amount of liability for Accommodation Payments which could be asserted against such Borrower Party
hereunder without (a) rendering such Borrower Party “insolvent” within the meaning of Section 101(31) of the
Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer Act (“UFTA”) or Section 2 of the
Uniform Fraudulent Conveyance Act (“UFCA”), (b) leaving such Borrower Party with unreasonably small capital
or assets, within the meaning of Section 548 of the Bankruptcy Code, Section 4 of the UFTA, or Section 5 of
the UFCA, or (c) leaving such Borrower Party unable to pay its debts as they become due within the meaning of Section 548
of the Bankruptcy Code or Section 4 of the UFTA, or Section 5 of the UFCA. All rights and claims of contribution,
indemnification, and reimbursement under this Section 11.20 shall be subordinate in right of payment to the prior payment
in full of the Obligations. The provisions of this Section 11.20 shall, to the extent expressly inconsistent with any provision
in any Loan Document, supersede such inconsistent provision.

 

11.21      Express Waivers by Borrower Parties
in Respect of Cross Guaranties and Cross Collateralization. Each Borrower Party agrees as follows:

 

(a)            Each Borrower
Party hereby waives: (i) notice of acceptance of this Agreement; (ii) notice of the making of any Loans, the issuance of any Letter
of Credit or any other financial accommodations made or extended under the Loan Documents or the creation or existence of any Obligations;
(iii) notice of the amount of the Obligations, subject, however, to such Borrower Party’s right to make inquiry of the Administrative
Agent to ascertain the amount of the Obligations at any reasonable time; (iv) notice of any adverse change in the financial condition
of any other Borrower Party or of any other fact that might increase such Borrower Party’s risk with respect to such other
Borrower Party under the Loan Documents; (v) notice of presentment for payment, demand, protest, and notice thereof as to any promissory
notes or other instruments among the Loan Documents; and (vi) all other notices (except if such notice is specifically required
to be given to such Borrower Party hereunder or under any of the other Loan Documents to which such Borrower Party is a party)
and demands to which such Borrower Party might otherwise be entitled;

 

(b)           Each Borrower
Party hereby waives the right by statute or otherwise to require an Agent or any other Secured Party to institute suit against
any other Borrower Party or to exhaust any rights and remedies which an Agent or any other Secured Party has or may have against
any other Borrower Party. Each Borrower Party further waives any defense arising by reason of any disability or other defense of
any other Borrower Party (other than the defense that the Obligations shall have been fully and finally performed and paid) or
by reason of the cessation from any cause whatsoever of the liability of any such Borrower Party in respect thereof;

 

(c)            Each Borrower
Party hereby waives and agrees not to assert against an Agent or any Lender: (i) any defense (legal or equitable), set-off, counterclaim,
or claim which such Borrower Party may now or at any time hereafter have against any other Borrower Party or any other party liable
under the Loan Documents; (ii) any defense, set-off, counterclaim, or claim of any kind or nature available to any other Borrower
Party against an Agent or any Lender, arising directly or indirectly from the present or future lack of perfection, sufficiency,
validity, or enforceability of the Obligations or any security therefor; (iii) any right or defense arising by reason of any claim
or defense based upon an election of remedies by an Agent or any Lender under any applicable law; and (iv) the benefit of any statute
of limitations affecting any other Borrower Party’s liability hereunder;

  

    	-116-

    	 

    

 

(d)            Each Borrower Party
consents and agrees that, without notice to or by such Borrower Party and without affecting or impairing the obligations of such
Borrower Party hereunder, the Agents may (subject to any requirement for consent of any of the Lenders to the extent required by
this Agreement), by action or inaction: (i) compromise, settle, extend the duration or the time for the payment of, or discharge
the performance of, or may refuse to or otherwise not enforce the Loan Documents; (ii) release all or any one or more parties to
any one or more of the Loan Documents or grant other indulgences to any other Borrower Party in respect thereof; (iii) amend or
modify in any manner and at any time (or from time to time) any of the Loan Documents; or (iv) release or substitute any Person
liable for payment of the Obligations, or enforce, exchange, release, or waive any security for the Obligations or any Guaranty
of the Obligations.

 

(e)             Each Borrower Party
represents and warrants to the Agents and the Lenders that, as of the date of entry of any Additional Borrower into this Agreement,
such Borrower Party is currently informed of the financial condition of all other Borrower Parties and all other circumstances
which a diligent inquiry would reveal and which bear upon the risk of nonpayment of the Obligations. Each Borrower Party further
represents and warrants that, as of the date of entry of such Borrower Party into this Agreement, such Borrower Party has read
and understands the terms and conditions of the Loan Documents. Each Borrower Party agrees that none of the Agents or any Lender
has any responsibility to inform any Borrower Party of the financial condition of any other Borrower Party or of any other circumstances
which bear upon the risk of nonpayment or nonperformance of the Obligations.

 

11.22   Limitation on
Obligations of Borrower Parties. In the event that in any action or proceeding involving any state or foreign corporate law,
or any state, federal or foreign bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally,
the obligations of any Borrower, including for the obligations of any other Borrower Party, under this Agreement shall be held
or determined to be void, avoidable, invalid or unenforceable (including because of Section 548 of the Bankruptcy Code or
any applicable state or federal Law relating to fraudulent conveyances or transfers), then, notwithstanding any other provision
of this Agreement to the contrary, the amount of such liability of a Borrower Party shall, without any further action by any Loan
Party, Agent or Lender, be automatically limited and reduced to the highest amount that is valid and enforceable (such highest
amount determined hereunder being the relevant Borrower’s “Maximum Liability”); provided that nothing
contained in this Section 11.22 shall limit the liability of any Borrower Party to repay Loans made directly or indirectly
to or for the benefit of that Borrower Party or any Subsidiary of that Borrower Party (including Loans advanced to any other Borrower
Party and then re-loaned or otherwise transferred to, or for the benefit of, such Borrower Party or any of its Subsidiaries), Obligations
relating to Letters of Credit issued for the direct or indirect benefit of such Borrower Party or any of its Subsidiaries, and
all interest, fees, expenses and other related Obligations under the Loan Documents with respect thereto, for which such Borrower
Party shall be primarily liable for all purposes hereunder. This Section 11.22 with respect to the Maximum Liability of
each Borrower Party is intended solely to preserve the rights of the Agents and the Lenders to the maximum extent not subject to
avoidance under applicable Law, and no Loan Party nor any other person or entity shall have any right or claim under this Section
11.22 with respect to such Maximum Liability, except to the extent necessary so that the obligations of any Borrower Party
hereunder shall not be rendered void, voidable, invalid or unenforceable under applicable Law.

 

[Signature Pages Follow]

 

    	-117-

    	 

    

 

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.

 

	 	BORROWERS:
	 	 
	 	CYPRESS ENERGY PARTNERS, L.P.,
	 	as Borrowers’ Agent and as a Borrower
	 	By: 	Cypress Energy Partners GP, LLC,
	 	 	its general partner

 

	 	CYPRESS ENERGY PARTNERS, LLC,
	 	CYPRESS ENERGY PARTNERS – TIR, LLC,
	 	 
	 	By: 	/s/ Peter
    C. Boylan III
	 	 	Name : Peter C. Boylan III
	 	 	Title:    President and Chief Executive Officer

 

	 	TULSA INSPECTION RESOURCES, LLC,
	 	 
	 	By: 	/s/ Randall Lorett
	 	 	Name : Randall Lorett
	 	 	Title:    President and Chief Executive Officer

 

[Signature Page to Credit Agreement]

 

    	 

    	 

    

 

	 	 	DEUTSCHE BANK AG, NEW YORK BRANCH,
	 	 	as Lender, Swing Line Lender, Issuing Bank, and
	 	 	Collateral Agent 
	 	 	 
	 	By: 	/s/ Chris Chapman
	 	 	Name : Chris Chapman
	 	 	Title:    Director
	 	 	 
	 	By:	/s/ Shai Bandner
	 	 	Name : Shai Bandner
	 	 	Title:    Vice President

 

[Signature Page to Credit Agreement]

 

    	 

    	 

    

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	 	 	as Administrative Agent
	 	 	 	 
	 	 	By: 	Deutsche Bank National Trust Company
	 	 	 	 
	 	 	By:	/s/ Wanda Camacho
	 	 	 	Name : Wanda Camacho
	 	 	 	Title:    Vice President
	 	 	 	 
	 	 	By:	/s/ Linda Reale
	 	 	 	Name : Linda Reale
	 	 	 	Title:    Vice President

 

[Signature Page to Credit Agreement]

 

    	 

    	 

    

 

	 	BMO HARRIS BANK, N.A.,
	 	 	as a Lender and Joint Lead Arranger
	 	 	 
	 	By: 	/s/ Anthony Kwilosz
	 	 	Name : Anthony Kwilosz
	 	 	Title:    Senior Vice President

 

[Signature Page to Credit Agreement]

 

    	 

    	 

    

 

	 	BOKF, NA d/b/a Bank of Oklahoma,
	 	 	as a Lender 
	 	 	 
	 	By: 	/s/ Stevens E. Warrick 
	 	 	Name : Stevens E. Warrick
	 	 	Title:    Senior Vice President

 

[Signature Page to Credit Agreement]

 

    	 

    	 

    

 

	 	COMERICA BANK,
	 	 	as a Lender 
	 	 	 
	 	By: 	/s/ Evan Elsea
	 	 	Name : Evan Elsea
	 	 	Title:    Officer

 

[Signature Page to Credit Agreement]

 

    	 

    	 

    

 

	 	BANK SNB, NATIONAL ASSOCIATION,
	 	 	as a Lender 
	 	 	 
	 	By: 	/s/ David L. York
	 	 	Name : David L. York
	 	 	Title:    President, Tulsa Division

 

[Signature Page to Credit Agreement]

 

    	 

    	 

    

 

	 	CITIZENS SECURITY BANK,
	 	 	as a Lender 
	 	 	 
	 	By: 	/s/ Sandy Bjornson
	 	 	Name : Sandy Bjornson
	 	 	Title:    Executive Vice President

 

[Signature Page to Credit Agreement]

 

    	 

    	 

    

 

SCHEDULE 7.15

 

POST CLOSING DELIVERABLES

 

	 	 	Deliverable	 	Due Date
	 	 	 	 	 
	1.	 	Real Estate Deliverables:	 	90 days after the 
	 	 	(i)          Mortgage.  The Collateral Agent shall have received a Mortgage and Security Agreement for each Mortgaged Property listed on Schedule 1.1(F) located in the United States, executed and delivered by a duly authorized officer of the applicable Loan Party.	 	Closing Date, as may be extended to 120 days from theClosing Date upon 
	 	 	 	 	approval from the 
	 	 	(ii)         Real  Estate  Surveys.  The
    Collateral Agent shall have received, and the title insurance company issuing the policy referred to in clause (iii) below
    (the “Title Insurance Company”) shall have received, maps or plats of an as-built survey of the sites of
    each Mortgaged Property identified by the Collateral Agent (in its reasonable discretion), certified to the Collateral Agent
    on behalf of the Lenders and the Title Insurance Company in a manner reasonably satisfactory to them, dated a date reasonably
    satisfactory to the Collateral Agent and the Title Insurance Company by an independent professional licensed land surveyor
    reasonably satisfactory to the Collateral Agent and the Title Insurance Company.	 	Collateral Agent
	 	 	 	 	 
	 	 	(iii)        Title Insurance Policy. The Collateral Agent shall have received in respect of each Mortgaged Property identified by the Collateral Agent (in its reasonable discretion) a mortgagee’s title policy (or policies) or marked up unconditional binder for such insurance dated the Closing Date. Each such policy shall (i) be in an amount reasonably satisfactory to the Collateral Agent but not in excess of 110% of the appraised value of the applicable Mortgaged Property; (ii) be issued at ordinary rates; (iii) insure that the Mortgage and Security Agreement insured thereby creates a valid first Lien on such parcel free and clear of all defects and encumbrances, except such defects and encumbrances which are permitted hereunder and disclosed in the applicable policy; (iv) name DBNY, individually and as Collateral Agent, as the insured thereunder; (v) to the extent available, be in the form of ALTA Loan Policy 2006 (or equivalent policies); (vi) contain such endorsements and affirmative coverage as the Collateral Agent may reasonably request; and (vii) be issued by Chicago Title Insurance Company or such other title companies reasonably satisfactory to the Collateral Agent (including any such title companies acting as co-insurers or reinsurers, at the option of the Collateral Agent). The Collateral Agent shall have received evidence reasonably satisfactory to it that all premiums in respect of each such policy, and all charges for mortgage recording tax, if any, have been paid.	 	 
	 	 	 	 	 
	 	 	(iv)        Copies of Recorded Documents. The Collateral Agent shall have received a copy of all recorded documents referred to, or listed as exceptions to title in, the title policy or policies referred to in clause (ii) above.	 	 
	 	 	 	 	 
	 	 	(v)         Environmental Reports. An American Society for Testing & Materials E1527-05 compliant Phase I Environmental Site Assessment (“ESA”), inclusive of 40 CFR 312 representations for each Mortgaged Property, prepared by an environmental consultant reasonably acceptable to the Collateral Agent, in form, scope, and substance reasonably satisfactory to the Collateral Agent.	 	 
	 	 	 	 	 

 

    	Sch. 7.15 - 1

    	 

    

 

SCHEDULE 7.15

 

	 	 	Deliverable	 	Due Date
	 	 	(vi)        Flood
    Determination. The Collateral Agent and Lenders shall have received, in form and substance reasonably acceptable
    to the Collateral Agent, (i) a “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard
    Determination with respect to each Mortgaged Property and (ii) for each Mortgaged Property that is located in a flood
    zone, (A) flood acknowledgements executed by the applicable Borrowers, (B) flood insurance, in an amount reasonably
    satisfactory to the Collateral Agent, (1) maintained with a financially sound and reputable insurer, (2) covering buildings
    and contents for such Mortgaged Property and (3) naming the Collateral Agent, as mortgagee and (C) evidence of the payment of
    premiums then due and payable for the flood insurance required by clause (B).	 	 
	 	 	 	 	 
	2.	 	Close the existing deposit accounts of the Loan Parties that are maintained at the following financial institutions: (i) Spirit Bank, (ii) Wells Fargo Bank and (iii) TD Bank.	 	60 days after the Closing Date, as may be extended to 90 days from the Closing Date upon approval from the Collateral Agent
	 	 	 	 	 
	3.	 	Evidence that a financing charge statement has been registered to amend the collateral description in the Personal Property Security Act (Alberta) registration against Foley Inspection Services Inc. in favor of Toronto-Dominion Bank.	 	30 days after the Closing Date, as may be extended to 45 days from the Closing Date upon approval from the Collateral Agent
	 	 	 	 	 
	4.	 	Evidence that each Personal Property Security Act (Alberta) registration against the parties to the Canadian Security Agreement (or their respective predecessor organizations) in favor of Wells Fargo has been terminated.	 	30 days after the Closing Date, as may be extended to 45 days from the Closing Date upon approval from the Collateral Agent
	 	 	 	 	 
	5.	 	Evidence that the Personal Property Security Act (Alberta) registrations against Tulsa Inspection Resources – Acquisition Corp. in favor of Trent Foley, Foley Family Trust and Foley Family Trust Trust has been terminated.	 	60 days after the Closing Date, as may be extended to 90 days from the Closing Date upon approval from the Collateral Agent

 

    	Sch. 7.15 - 2

    	 

    

 

EXHIBIT A-1

TO CREDIT AGREEMENT

 

FORM OF

WORKING CAPITAL FACILITY NOTE

 

	$[_______]	[DATE]

 

The undersigned Borrowers (collectively,
the “Borrowers”), for value received, hereby jointly and severally promise to pay to [NAME OF LENDER] (the “Lender”)
the principal sum of [AMOUNT] ($[_______]) or, if less, the amount of Working Capital Facility Loans loaned by the Lender to the
Borrowers pursuant to the Credit Agreement referred to below, in lawful money of the United States of America and in immediately
available funds, on the date(s) and in the manner provided in the Credit Agreement. The Borrowers also jointly and severally promise
to pay interest on the unpaid principal balance hereof, for the period such balance is outstanding, in like money, at the rates
of interest as provided in the Credit Agreement described below, on the date(s) and in the manner provided in the Credit Agreement.
If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest to be paid in accordance with the
Credit Agreement, from the date hereof until the date of actual payment (and before as well as after judgment) computed at the
rate per annum set forth in the Credit Agreement.

 

This Working Capital Facility Note is issued
pursuant to, and is entitled to the benefits of, that certain Credit Agreement, dated as of December 24, 2013, by and among Cypress
Energy Partners, L.P., as the borrowers’ agent, the Borrowers, each additional borrower that becomes a signatory thereto
from time to time, Deutsche Bank AG, New York Branch, as lender, issuing bank, swing line lender and collateral agent, Deutsche
Bank Trust Company Americas, as administrative agent, and the several banks and other financial institutions or entities party
thereto as “Lenders” (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), and evidences the Working Capital Facility Loans made by the Lender to the Borrowers thereunder. All capitalized
terms used but not defined herein shall have the meanings specified in the Credit Agreement. This Working Capital Facility Note
is also entitled to the benefits of any Guaranty and is secured by the Collateral.

 

The Credit Agreement provides for the acceleration
of the maturity of principal upon the occurrence and during the continuance of certain Events of Default and for prepayments on
the terms and conditions specified therein.

 

The Borrowers, each for itself and its
successors and assigns, hereby waive presentment, diligence, protest and demand and notice of dishonor, protest, demand, non-payment
and any other notice or formality with respect to the enforcement of this Working Capital Facility Note, except any notices required
under the terms of the Credit Agreement.

 

THIS WORKING CAPITAL FACILITY NOTE SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING FOR SUCH PURPOSES SECTIONS 5-1401
AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK.

 

[Signature Page Follows]

 

    	 

    	 

    

 

	 	BORROWERS:
	 	 
	 	CYPRESS ENERGY PARTNERS, L.P.,
	 	By:	Cypress General Partners GP, LLC,
	 	 	its general partner
	 	CYPRESS ENERGY PARTNERS, LLC
	 	CYPRESS ENERGY PARTNERS-TIR, LLC
	 	 
	 	By:	 
	 	 	Name:  Peter C. Boylan III
	 	 	Title:    President and Chief Executive Officer
	 	 
	 	TULSA INSPECTION RESOURCES, LLC
	 	 
	 	By:	 
	 	 	Name:  Randall Lorett
	 	 	Title:    President and Chief Executive Officer

 

    	 

    	 

    

 

EXHIBIT A-2

TO CREDIT AGREEMENT

 

FORM OF

SWING LINE NOTE

 

	$[_______]	[DATE]

 

The undersigned Borrowers (collectively,
the “Borrowers”), for value received, hereby jointly and severally promise to pay to [DEUTSCHE BANK AG, NEW
YORK BRANCH (the “Swing Line Lender”) the principal sum of [AMOUNT] ($[_______]) or, if less, the amount
of Swing Line Loans loaned by the Swing Line Lender to the Borrowers pursuant to the Credit Agreement referred to below,
in lawful money of the United States of America and in immediately available funds, on the date(s) and in the manner provided in
the Credit Agreement. The Borrowers also jointly and severally promise to pay interest on the unpaid principal balance hereof,
for the period such balance is outstanding, in like money, at the rates of interest as provided in the Credit Agreement described
below, on the date(s) and in the manner provided in the Credit Agreement. If any amount is not paid in full when due hereunder,
such unpaid amount shall bear interest to be paid in accordance with the Credit Agreement, from the date hereof until the date
of actual payment (and before as well as after judgment) computed at the rate per annum set forth in the Credit Agreement.

 

This Swing Line Note is issued pursuant
to, and is entitled to the benefits of, that certain Credit Agreement, dated as of December 24, 2013, by and among Cypress Energy
Partners, L.P., as the borrowers’ agent, the Borrowers, each additional borrower that becomes a signatory thereto from time
to time, Deutsche Bank AG, New York Branch, as lender, issuing bank, swing line lender and collateral agent, Deutsche Bank Trust
Company Americas, as administrative agent, and the several banks and other financial institutions or entities party thereto as
“Lenders” (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
and evidences the Swing Line Loans made by the Swing Line Lender to the Borrowers thereunder. All capitalized terms used but not
defined herein shall have the meanings specified in the Credit Agreement. This Swing Line Note is also entitled to the benefits
of any Guaranty and is secured by the Collateral.

 

The Credit Agreement provides for the acceleration
of the maturity of principal upon the occurrence and during the continuance of certain Events of Default and for prepayments on
the terms and conditions specified therein.

 

The Borrowers, each for itself and its
successors and assigns, hereby waive presentment, diligence, protest and demand and notice of dishonor, protest, demand, non-payment
and any other notice or formality with respect to the enforcement of this Swing Line Note, except any notices required under the
terms of the Credit Agreement.

 

THIS SWING LINE NOTE SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING FOR SUCH PURPOSES SECTIONS 5-1401 AND 5-1402 OF
THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK.

 

[Signature Page Follows]

 

    	 

    	 

    

 

	 	BORROWERS:
	 	 
	 	CYPRESS ENERGY PARTNERS, L.P.,
	 	By: Cypress General Partners GP, LLC,
	 	 
	 	CYPRESS ENERGY PARTNERS, LLC
	 	CYPRESS ENERGY PARTNERS-TIR, LLC
	 	 
	 	 
	 	By:	 
	 	 	Name:  Peter C. Boylan III
	 	 	Title:    President and Chief Executive Officer
	 	 
	 	TULSA INSPECTION RESOURCES, LLC
	 	 
	 	By:	 
	 	 	Name:  Randall Lorett
	 	 	Title:    President and Chief Executive Officer

 

    	 

    	 

    

 

EXHIBIT A-3

TO CREDIT AGREEMENT

 

FORM OF

ACQUISITION FACILITY NOTE

 

	$[_______]	[DATE]

 

The undersigned Borrowers (collectively,
the “Borrowers”), for value received, hereby jointly and severally promise to pay to [NAME OF LENDER] (the “Lender”)
the principal sum of [AMOUNT] ($[_______]) or, if less, the amount of Acquisition Facility Loans loaned by the Lender to the Borrowers
pursuant to the Credit Agreement referred to below, in lawful money of the United States of America and in immediately available
funds, on the date(s) and in the manner provided in the Credit Agreement. The Borrowers also jointly and severally promise to pay
interest on the unpaid principal balance hereof, for the period such balance is outstanding, in like money, at the rates of interest
as provided in the Credit Agreement described below, on the date(s) and in the manner provided in the Credit Agreement. If any
amount is not paid in full when due hereunder, such unpaid amount shall bear interest to be paid in accordance with the Credit
Agreement, from the date hereof until the date of actual payment (and before as well as after judgment) computed at the rate per
annum set forth in the Credit Agreement.

 

This Acquisition Facility Note is issued
pursuant to, and is entitled to the benefits of, that certain Credit Agreement, dated as of December 24, 2013, by and among Cypress
Energy Partners, L.P., as the borrowers’ agent, the Borrowers, each additional borrower that becomes a signatory thereto
from time to time, Deutsche Bank AG, New York Branch, as lender, issuing bank, swing line lender and collateral agent, Deutsche
Bank Trust Company Americas, as administrative agent, and the several banks and other financial institutions or entities party
thereto as “Lenders” (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), and evidences the Acquisition Facility Loans made by the Lender to the Borrowers thereunder. All capitalized
terms used but not defined herein shall have the meanings specified in the Credit Agreement. This Acquisition Facility Note is
also entitled to the benefits of any Guaranty and is secured by the Collateral.

 

The Credit Agreement provides for the acceleration
of the maturity of principal upon the occurrence and during the continuance of certain Events of Default and for prepayments on
the terms and conditions specified therein.

 

The Borrowers, each for itself and its
successors and assigns, hereby waive presentment, diligence, protest and demand and notice of dishonor, protest, demand, non-payment
and any other notice or formality with respect to the enforcement of this Acquisition Facility Note, except any notices required
under the terms of the Credit Agreement.

 

THIS ACQUISITION FACILITY NOTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING FOR SUCH PURPOSES SECTIONS 5-1401 AND
5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK.

 

[Signature Page Follows]

 

    	 

    	 

    

 

 

	 	BORROWERS:
	 	 
	 	CYPRESS ENERGY PARTNERS, L.P.,
	 	By:	Cypress General Partners GP, LLC,
	 	 	its general partner

 

	 	CYPRESS ENERGY PARTNERS, LLC
	 	CYPRESS ENERGY PARTNERS-TIR, LLC
	 	 
	 	By:	 
	 	 	Name:  Peter C. Boylan III
	 	 	Title:    President and Chief Executive Officer
	 	 
	 	TULSA INSPECTION RESOURCES, LLC
	 	 
	 	By:	 
	 	 	Name:  Randall Lorett
	 	 	Title:    President and Chief Executive Officer

 

    	 

    	 

    

 

EXHIBIT B

TO CREDIT AGREEMENT

 

FORM OF

SECURITY AGREEMENT

 

Please see attached.

 

    	 

    	 

    

 

EXECUTION VERSION

 

SECURITY AGREEMENT

 

THIS SECURITY AGREEMENT
(this “Agreement”) is entered into as of December 24, 2013 by and among CYPRESS ENERGY PARTNERS, L.P., a Delaware
limited partnership (“CEP LP”), the other grantors listed on the signature pages hereto (together with CEP LP,
the “Initial Grantors”), and collectively with any additional grantors, whether now existing or hereafter formed
that become parties to this Agreement by executing a Security Agreement Supplement hereto in substantially the form of Annex
I, the “Grantors”) and DEUTSCHE BANK AG, NEW YORK BRANCH, as collateral agent for the Banks under
the Credit Agreement (in such capacity, the “Collateral Agent”).

 

PRELIMINARY STATEMENT

 

Pursuant to that certain
Credit Agreement dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”), by and among CEP LP, certain affiliates of CEP LP (together with CEP LP, the
“Borrowers”), the several banks and other financial institutions or entities from time to time parties thereto
as lender (the “Lenders”), the Administrative Agent and the Collateral Agent, the Lenders have agreed to extend
credit and issue letters of credit to the Borrowers on the terms and conditions specified therein. The Grantors are entering into
this Agreement in order to induce the Lenders to enter into and extend credit and issue letters of credit to the Borrowers under
the Credit Agreement and to induce the Qualified Counterparties and Qualified Cash Management Banks to enter into Financial Hedging
Agreements, Commodity OTC Agreements and Cash Management Agreements.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to induce (a) the Lenders
to extend credit and issue letters of credit for the account of the Borrowers, (b) the Qualified Counterparties to enter into Financial
Hedging Agreements and Commodity OTC Agreements and (c) Qualified Cash Management Banks to enter Cash Management Bank Agreements,
each Grantor agrees, for the benefit of each Secured Party, as follows:

 

ARTICLE I

 

DEFINITIONS

 

1.1.     Terms
Defined in the UCC. The following terms that are defined in the UCC and not otherwise defined in this Agreement are
used herein as defined in the UCC: Accounts, Chattel Paper, Commodity Account, Deposit Account, Documents, Equipment, Farm Products,
General Intangibles, Goods, Instruments, Inventory, Investment Property, Letter of Credit, Letter-of-Credit Rights, Payment Intangibles,
Proceeds, Securities Account, Security and Supporting Obligations.

 

1.2.     Definitions
of Certain Terms Used Herein. As used in this Agreement, unless otherwise defined herein, capitalized terms which are
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement, the following terms
shall have the following meanings:

 

“Collateral Agent” has the meaning
set forth in the preamble.

 

“Banks” means the Lenders,
Qualified Counterparties and Qualified Cash Management Banks, collectively with their respective successors and assigns.

 

“Bankruptcy Code”: the provisions
of Title 11 of the United States Code, 11 U.S.C. §§101 et seq.

 

    	 

    	 

    

 

“Bankruptcy
Law”: the Bankruptcy Code and any other federal, state or foreign bankruptcy, insolvency, receivership or similar law
affecting creditors’ rights generally.

 

“Collateral”
means all Accounts, Chattel Paper, Commercial Tort Claims, Commodity Accounts, Computer Hardware and Software Collateral, Copyright
Collateral, Deposit Accounts, Documents, Equipment, Fixtures, General Intangibles, Instruments, Intellectual Property Collateral,
Inventory, Investment Property, Letter of Credit Rights, Patent Collateral, Payment Intangibles, Securities Accounts, Trademark
Collateral, and Supporting Obligations, wherever located, in which any Grantor now has or hereafter acquires any right, title or
interest, and the Proceeds (including Stock Rights), insurance proceeds and products thereof, together with all books and records,
customer lists, credit files, computer files, programs, printouts, other computer materials and records, writings, databases, information
and other records relating to, used or useful in connection with, evidencing, embodying, incorporating or referring to, any of
the foregoing and all other personal property not otherwise described above; provided that Collateral shall exclude Excluded
Assets.

 

“Collateral Agent” has the meaning
set forth in the preamble.

 

“Collateral Account”
means any collateral account established by the Collateral Agent as provided in Section 7.1.

 

“Commercial
Tort Claims” has the meaning set forth in Article 9 of the UCC and shall include those certain currently existing commercial
tort claims of any Grantor, including each commercial tort claim specifically described in Exhibit “I”.

 

“Commodity
Account Control Agreement” means an agreement, in form and substance reasonably satisfactory to the Collateral Agent,
among any Grantor, a “commodity intermediary” (as defined in Article 9 of the UCC) holding such Grantor’s assets,
including funds and commodity contracts (other than Deposit Accounts and Securities Accounts), and the Collateral Agent that provides
for the Collateral Agent to have Control over all deposits, commodity contracts and other balances held in a Commodity Account
maintained by any Grantor with such commodity intermediary.

 

“Computer Hardware and Software
Collateral” means all of the Grantors’ right, title and interest throughout the world in and to:

 

		(a)	all computer and other electronic data processing hardware, integrated computer systems, central processing units, memory units,
display terminals, printers, computer elements, card readers, tape drives, hard and soft disk drives, cables, electrical supply
hardware, generators, power equalizers, accessories and all peripheral devices and other related computer hardware, including all
operating system software, utilities and application programs in whatsoever form;

 

		(b)	all software programs (including source code, object code and all related applications and data files), designed for use on
the computers and electronic data processing hardware described in clause (a) above;

 

		(c)	all firmware associated therewith;

 

		(d)	all documentation (including flow charts, logic diagrams, manuals, guides, specifications, training materials, charts and pseudo
codes) with respect to such hardware, software and firmware described in clauses (a) through (c) above; and

 

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		(e)	all rights with respect to all of the foregoing, including copyrights, licenses, options, warranties, service contracts, program
services, test rights, maintenance rights, support rights, improvement rights, renewal rights and indemnifications and any substitutions,
replacements, improvements, error corrections, updates, additions or model conversions of any of the foregoing.

 

“Control” has the meaning
set forth in Article 8 or, if applicable, in Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the UCC.

 

“Copyright” is defined in clause
(a) of the definition of “Copyright Collateral”.

 

“Copyright Collateral” means all
of the Grantors’ right, title and interest throughout the world in and to:

 

		(a)	all copyrights, registered or unregistered and whether published or unpublished, now or hereafter in force including copyrights
registered in the United States Copyright Office and corresponding offices in other countries of the world, and registrations and
recordings thereof and all applications for registration thereof, whether pending or in preparation and all extensions and renewals
of the foregoing (collectively, “Copyrights”);

 

		(b)	all Copyright licenses and other agreements for the grant by or to such Grantor of any right to use any items of the type referred
to in clause (a) above (each, a “Copyright License”);

 

		(c)	the right to sue for past, present and future infringements of any of the Copyrights owned by such Grantor, and for breach
or enforcement of any Copyright License; and

 

		(d)	all proceeds of, and rights associated with, the foregoing (including Proceeds, licenses, royalties, income, payments, claims,
damages and proceeds of infringement suits).

 

“Copyright License” is defined
in clause (b) of the definition of “Copyright Collateral”.

 

“Credit Agreement” has the meaning
set forth in the first recital.

 

“Deposit Account
Control Agreement” means an agreement, in form and substance reasonably satisfactory to the Collateral Agent, among any
Grantor, a banking institution holding such Grantor’s funds (other than Securities Accounts or Commodity Accounts), and the
Collateral Agent that provides for the Collateral Agent to have Control over all deposits and balances held in a Deposit Account
maintained by any Grantor with such banking institution.

 

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“Excluded
Assets” means (i) voting Capital Stock of any Foreign Subsidiary in excess of 65% of the total outstanding amount of
any class of voting Capital Stock to the extent that security over a greater percentage would result in an adverse tax consequence
to the Loan Parties, taken as a whole or, as a result of Section 956 of the Code, (ii) any right or interest in any contract, lease,
permit, license or license agreement (including any Copyright License, Patent License, Trademark License or Trade Secret License)
covering real or personal property or Intellectual Property Collateral of any Borrower if under the terms of such contract, lease,
permit, license or license agreement, or applicable Law with respect thereto, the grant of a Lien therein is prohibited by Law
or under the terms of, or triggers a termination right or the abandonment, invalidation or unenforceability of, such contract,
lease, permit, license, or license agreement and such prohibition, termination right or abandonment, invalidation or unenforceability
has not been waived or the consent of the other party to such contract, lease, permit, license or license agreement has not been
obtained, (iii) property subject to Liens permitted by the Credit Agreement securing purchase money indebtedness or capital leases
solely to the extent that a grant or perfection of a Lien in favor of the Collateral Agent on any such property is prohibited by
or results in a breach or termination of, or constitutes a default under, or requires the consent of any Person other than the
Grantors which has not been obtained under the documentation governing such Liens or the obligations secured by such Liens, (iv)
any “intent to use” Trademark applications for which a statement of use has not been filed with the PTO, (v) Equity
Interests in any Subsidiary of any Grantor (other than a Wholly-Owned Subsidiary) acquired after the Closing Date to the extent
the grant of a security interest pursuant to this Agreement is prohibited by the terms of the Organizational Documents or any joint
venture agreement of such Subsidiary and such prohibition (A) existed at the time such Subsidiary was acquired and (B) was not
created in anticipation or contemplation thereof and (vi) motor vehicles covered by a certificate of title; provided that
the exclusions set forth in clauses (ii) and (iii) above shall in no way be construed to apply to the extent that any described
prohibition is ineffective or unenforceable under Sections 9-406, 9-407, 9-408, or 9-409 of the UCC or other applicable law; provided
further that (1) Excluded Assets shall not include and the security interest granted hereby shall attach at all times to all
Proceeds of any such property described in clauses (ii) and (iii) above, (2) the security interest granted hereby
shall attach to such property immediately and automatically (without need for any further grant or act) at such time as none of
the conditions described in clauses (ii) and (iii) above shall exist and (3) to the extent severable, the security
interest granted hereby shall in any event attach to all rights in respect of such property that are not subject to any of the
conditions described in clauses (ii) and (iii) above, and (iv) the Excluded Accounts.

 

“Foreign Subsidiary”
shall mean any Subsidiary that is (i) treated as a “controlled foreign corporation” within the meaning of Section 957
of the Code, (ii) any domestic Subsidiary, substantially all the assets of which consist of Equity Interests in one or more entities
properly treated as controlled foreign corporations within the meaning of Section 957 of the Code or (iii) a Subsidiary of any
entity described in clauses (i) or (ii).

 

“Grantors” has the meaning set
forth in the preamble.

 

“Initial Grantors” has the meaning
set forth in the preamble.

 

“Insolvency
Proceeding”: as to any Grantor, any of the following: (a) any case or proceeding with respect to such Person under any
Bankruptcy Law or any other or similar proceedings seeking any stay, reorganization, arrangement, composition or readjustment of
the obligations and indebtedness of such Grantor, (b) any proceeding seeking the appointment of any trustee, receiver, liquidator,
custodian or other insolvency official with similar powers with respect to such Grantor or any of its assets, (c) any proceeding
for liquidation, dissolution or other winding up of the business of such Grantor, (d) any assignment for the benefit of creditors
or (e) any marshalling of assets of such Grantor.

 

“Intellectual Property”
means Trademarks, Patents, Copyrights, Trade Secrets and all other similar types of intellectual property under any Law in the
United States or anywhere else in the world.

 

“Intellectual
Property Collateral” means, collectively, the Computer Hardware and Software Collateral, the Copyright Collateral, the
Patent Collateral, the Trademark Collateral and the Trade Secrets Collateral.

 

“IP Collateral Security Agreement”
has the meaning set forth in Section 3.1.3 .

 

“Patent” is defined in clause
(a) of the definition of “Patent Collateral”.

 

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“Patent Collateral”
means all of the Grantors’ right, title and interest throughout the world in and to:

 

		(a)	all letters patent and applications for letters patent throughout the world, including all patent disclosures and patent applications
in preparation for filing, including all reissues, divisionals, continuations, continuations in part, substitutions, extensions,
renewals and reexaminations of any of the foregoing (collectively, “Patents”);

 

		(b)	all Patent licenses, and other agreements for the grant by or to such Grantor of any right to use any items of the type referred
to in clause (a) above (each, a “Patent License”);

 

		(c)	the right to sue third parties for past, present and future infringements of any Patent or Patent application, and for breach
or enforcement of any Patent License; and

 

		(d)	all proceeds of, and rights associated with, the foregoing (including Proceeds, licenses, royalties, income, payments, claims,
damages and proceeds of infringement suits).

 

“Patent License” is defined in
clause (b) of the definition of “Patent Collateral”.

 

“Pledged Collateral” has the meaning
set forth in Section 3.11.

 

“PTO” means the United
States Patent and Trademark Office and any substitute or successor entity.

 

“Receivables” means the
Accounts, Chattel Paper, Documents, Instruments and any other rights or claims to receive money that are General Intangibles or
that are otherwise included as Collateral.

 

“Secured Obligations”
means the Obligations; provided that Secured Obligations shall not include any Excluded Swap Obligations.

 

“Secured Party” means, collectively,
the Banks, the Collateral Agent and the Collateral Agent.

 

“Securities
Account Control Agreement” means an agreement, in form and substance reasonably satisfactory to the Collateral Agent,
among any Grantor, a securities intermediary holding such Grantor’s assets, including funds and securities (other than Deposit
Accounts and Commodity Accounts), and the Collateral Agent that provides for the Collateral Agent to have Control over all deposits,
securities and other balances held in a Securities Account maintained by any Grantor with such securities intermediary.

 

“Security Agreement Supplement”
means an agreement, substantially in the form of Annex I, by which a new Grantor is joined to this Agreement.

 

“Senior Obligations”: all Secured
Obligations other than the Subordinated Obligations.

 

“Senior Parties”: collectively
the Secured Parties solely with respect to the Senior Obligations.

 

“Stock Rights”
means any dividends or other distributions and any other right or property which any Grantor shall receive or shall become entitled
to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Equity Interest constituting Collateral,
any right to receive an Equity Interest constituting Collateral and any right to receive earnings, in which any Grantor now has
or hereafter acquires any right, issued by an issuer of such Equity Interest constituting Collateral.

 

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“Subordinated
Obligations”: the portion of the Secured Obligations arising under any (a) Cash Management Bank Agreement to a Qualified
Cash Management Bank (other than such Secured Obligations to the extent secured by property of any Grantor held in a Cash Management
Account with such Cash Management Bank), (b) Commodity OTC Agreement to a Qualified Counterparty (other than such Secured Obligations
to the extent secured by property of any Grantor consisting of cash or short-term investments deposited as collateral by such Grantor
with such Qualified Counterparty pursuant to the terms of such Commodity OTC Agreement) or (c) Financial Hedging Agreement to a
Qualified Counterparty (other than such Secured Obligations to the extent secured by property of any Grantor consisting of cash
or short-term investments deposited as collateral by such Grantor with such Qualified Counterparty pursuant to the terms of such
Financial Hedging Agreement).

 

“Subordinated Parties”:
collectively, the Cash Management Banks and Qualified Counterparties, solely in such capacities and with respect to Subordinated
Obligations.

 

“Termination Date” means
the date on which the conditions set forth in the first sentence of Section 11.5(c) of the Credit Agreement first exist.

 

“Trade Secrets” is defined in clause
(a) of the definition of “Trade Secret Collateral”.

 

“Trade Secrets Collateral”
means all of the Grantors’ right, title and interest throughout the world in and to:

 

		(a)	all common law and statutory trade secrets and all other confidential information, know-how, inventions,
proprietary processes, formulae, models, and methodologies (collectively, “Trade Secrets”) obtained by or used
in or contemplated at any time for use in the business of a Grantor, whether or not reduced to a writing or other tangible form
that are protectable under applicable law, including all documents and things embodying, incorporating or referring in any way
to the foregoing;

 

		(b)	all Trade Secret licenses and other agreements for the grant by or to such Grantor of any right
to use any Trade Secret (each a “Trade Secret License”), including the right to sue for and to enjoin and to
collect damages for the actual or threatened misappropriation of any Trade Secret and for the breach or enforcement of any such
Trade Secret License; and

 

		(c)	all proceeds of, and rights associated with, the foregoing (including Proceeds, licenses, royalties,
income, payments, claims, damages and proceeds of infringement suits).

 

“Trade Secrets License” is defined
in clause (b) of the definition of “Trade Secret Collateral”. “Trademark” is defined
in clause (a) of the definition of “Trademark Collateral”.

 

“Trademark Collateral”
means all of the Grantors’ right, title and interest throughout the world in and to:

 

		(a)	(i) all trademarks, trade names, corporate names, company names,
business names, fictitious business names, trade styles, service marks, certification marks, collective marks, logos and other
source or business identifiers, and all goodwill of the business associated therewith, now existing or hereafter adopted or acquired,
whether currently in use or not, all registrations and recordings thereof and all applications in connection therewith, whether
pending or in preparation for filing, including registrations, recordings and applications in the PTO and corresponding offices
in other countries of the world, and all common law rights relating to the foregoing, and (ii) the right to obtain all reissues,
extensions or renewals of the foregoing (collectively, “Trademarks”);

 

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		(b)	all Trademark licenses and other agreements for the grant by or to such Grantor of any right to
use any Trademark (each, a “Trademark License”);

 

		(c)	all of the goodwill of the business connected with the use of, and symbolized by the Trademarks
described in clause (a) and, to the extent applicable, clause (b);

 

		(d)	the right to sue third parties for past, present and future infringements or dilution of the Trademarks
described in clause (a) and, to the extent applicable, clause (b) or for any injury to the goodwill associated with
the use of any such Trademark or for breach or enforcement of any Trademark License; and

 

		(e)	all proceeds of, and rights associated with, the foregoing (including Proceeds, licenses, royalties,
income, payments, claims, damages and proceeds of infringement suits).

 

“Trademark License” is defined
in clause (b) of the definition of “Trademark Collateral”.

 

“Transaction
Document” means, collectively, the Loan Documents, any Financial Hedging Agreement or any Commodity OTC Agreement with
a Qualified Counterparty, any Cash Management Agreement with a Qualified Cash Management Bank and any other agreement or document
delivered in connection therewith.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York; provided that, if perfection or the effect of perfection
or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect
in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from
time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection
or non-perfection or priority.

 

The foregoing definitions shall be equally applicable
to both the singular and plural forms thereof.

 

ARTICLE II

 

SECURITY INTEREST

 

2.1.     Grant
of Security Interest. Each of the Grantors hereby pledges, assigns and grants to the Collateral Agent, on behalf of
and for the benefit of itself and the other Secured Parties, a continuing security interest in all of such Grantor’s right,
title and interest, whether now owned or hereafter acquired and wherever located, in and to the Collateral to secure the prompt
and complete payment and performance of the Secured Obligations in accordance with their terms.

 

2.2.     Grantors
Remain Liable. Anything herein to the contrary notwithstanding:

 

2.2.1     the
Grantors will remain liable under the contracts and agreements included in the Collateral to the extent set forth therein, and
will remain liable under such contracts and agreements to the same extent as if this Agreement had not been executed;

 

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2.2.2     the
exercise by the Collateral Agent of any of its rights hereunder will not release any Grantor from any of its duties or obligations
under any such contracts or agreements included in the Collateral; and

 

2.2.3     no
Secured Party will have any obligation or liability under any contracts or agreements included in the Collateral by reason of this
Agreement, nor will any Secured Party be obligated to perform any of the obligations or duties of any Grantor thereunder or to
take any action to collect or enforce any claim for payment assigned hereunder.

 

2.3.     Distributions
on Pledged Collateral. In the event that any Stock Right with respect to any Capital Stock pledged hereunder is permitted
to be paid (in accordance with Section 8.5 of the Credit Agreement), such Stock Right or payment may be paid directly to
the applicable Grantor, as applicable. If any Distribution is made in contravention of Section 8.5 of the Credit Agreement,
such Grantor shall hold the same, segregated and in trust, for the Collateral Agent until paid to the Collateral Agent in accordance
herewith.

 

2.4.     Security
Interest Absolute, etc. This Agreement shall in all respects be a continuing, absolute, unconditional and irrevocable
grant of security interest, and shall remain in full force and effect until the Termination Date has occurred. All rights of the
Secured Parties and the security interests granted to the Collateral Agent (for its benefit and the benefit of each other Secured
Party) hereunder, and all obligations of the Grantors hereunder, shall, in each case, be absolute, unconditional and irrevocable
irrespective of:

 

2.4.1     any
lack of validity, legality or enforceability of any Transaction Document;

 

2.4.2     the
failure of any Secured Party (i) to assert any claim or demand or to enforce any right or remedy against any Grantor or any other
Person under the provisions of any Transaction Document or otherwise, or (ii) to exercise any right or remedy against any other
guarantor (including any other Grantor) of, or collateral securing, any Secured Obligations;

 

2.4.3     any
change in the time, manner or place of payment of, or in any other term of, all or any part of the Secured Obligations, or any
other extension, compromise or renewal of any Secured Obligations;

 

2.4.4     any
reduction, limitation, impairment or termination of any Secured Obligations for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to (and each Grantor hereby waives any right to or claim of) any
defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality, nongenuineness,
irregularity, compromise, unenforceability of, or any other event or occurrence affecting, any Secured Obligations or otherwise;

 

2.4.5     any
amendment to, rescission, waiver or other modification of, or any consent to or departure from, any of the terms of any Transaction
Document, in each case in accordance with the terms of such Transaction Document;

 

2.4.6     any
addition, exchange or release of any collateral or of any Person that is (or will become) a guarantor (including the Grantors hereunder)
of the Secured Obligations, or any surrender or non-perfection of any collateral, or any amendment to or waiver or release or addition
to, or consent to or departure from, any other guaranty held by any Secured Party securing any of the Secured Obligations;

 

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2.4.7     any
change, restructuring or termination of the organizational structure or existence of any Grantor or any other Person; or

 

2.4.8     any
other circumstance which might otherwise constitute a defense available to, or a legal or equitable discharge of, any Grantor,
any surety or any guarantor (other than the defense of payment in full of the Secured Obligations).

 

2.5.     Postponement
of Subrogation. Each Grantor agrees that it will not exercise any rights against another Grantor that it may acquire
by way of rights of subrogation under any Transaction Document to which it is a party until after the Termination Date. No Grantor
shall seek or be entitled to seek any contribution or reimbursement from any other Grantor, in respect of any payment made under
any Transaction Document or otherwise, until the occurrence of the Termination Date. Any amount paid to such Grantor on account
of any such subrogation rights prior to the Termination Date shall be held in trust for the benefit of the Secured Parties and
shall immediately be paid and turned over to the Collateral Agent for the benefit of the Secured Parties in the exact form received
by such Grantor (duly endorsed in favor of the Collateral Agent, if required), to be credited and applied against the Secured Obligations,
whether matured or unmatured, in accordance with Section 7.2; provided that if such Grantor has made payment to the
Secured Parties of all or any part of the Secured Obligations and the Termination Date has occurred, then at such Grantor’s
request, the Collateral Agent (on behalf of the Secured Parties) will, at the expense of such Grantor, execute and deliver to such
Grantor appropriate documents (without recourse and without representation or warranty) necessary to evidence the transfer by subrogation
to such Grantor of the Collateral Agent’s or any Secured Party’s interest in the Secured Obligations resulting from
such payment. In furtherance of the foregoing, at all times prior to the Termination Date, such Grantor shall refrain from taking
any action or commencing any proceeding against any Grantor (or its successors or assigns, whether in connection with a bankruptcy
proceeding or otherwise) to recover any amounts in respect of payments made under this Agreement to any Secured Party.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES

 

In order to induce
(a) the Lenders to extend credit and issue letters of credit to the Borrowers and (b) certain of the Secured Parties to enter into
Financial Hedging Agreements, Commodity OTC Agreements and Cash Management Bank Agreements, each of the Initial Grantors represents
and warrants to the Collateral Agent and the other Secured Parties, and each Grantor that becomes a party to this Agreement pursuant
to the execution of a Security Agreement Supplement represents and warrants (after giving effect to supplements to each of the
Exhibits hereto with respect to such subsequent Grantor as attached to such Security Agreement Supplement), that:

 

3.1.     Authorization,
Title, Validity and Enforceability.

 

3.1.1     Each
Grantor has the corporate (or analogous) power and authority, and the legal right, to execute, deliver and perform the Loan Documents
to which it is a party and has taken all necessary corporate (or analogous) action to authorize the creation and perfection of
the security interest in favor of the Collateral Agent on the terms and conditions of this Agreement and to authorize the execution,
delivery and performance of the Loan Documents to which it is a party. This Agreement has been, and each other Loan Document to
which any Grantor is a party will be, duly executed and delivered on behalf of such Grantor. This Agreement constitutes, and each
other Loan Document to which it is a party when executed and delivered will constitute, a legal, valid and binding obligation of
each Grantor enforceable against such Grantor in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general
equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing.

 

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3.1.2     Except
for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize
such properties and assets for their intended purposes and except where the failure to have such title could not reasonably be
expected to have a Material Adverse Effect, each Grantor has defensible 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 tangible personal property, and none of such
property is subject to any Lien except as permitted by Section 4.1.4.

 

3.1.3     When
(x) financing statements have been filed in the appropriate offices against such Grantor in the locations listed on Exhibit
“H” (including any central notice filing statements under any applicable foreign jurisdiction) and (y) with respect
to Intellectual Property Collateral, when security agreements in the form of Exhibits K-1, K-2 or K-3, as applicable (the “IP
Collateral Security Agreements”) have been filed with the PTO or the United States Copyright Office, as applicable (to
the extent perfection may be achieved by the filing of such IP Collateral Security Agreements), the Collateral Agent will have
a fully perfected first priority security interest (subject, as to priority, only to Liens permitted under Section 4.1.4 to
be prior to the Liens of the Collateral Agent) in the Collateral owned by such Grantor in which a security interest may
be perfected by such filings.

 

3.2.     Conflicting
Laws and Contracts. The execution, delivery and performance of the Loan Documents to which any Grantor is a party, the
creation and perfection of the security interest in the Collateral granted hereunder and compliance with the terms and provisions
thereof (i) will not violate any Requirement of Law, in each case to the extent applicable to or binding upon such Grantor or its
Properties, (ii) will not violate a material Contractual Obligation of any of the Grantor, except where such violation could not
reasonably be expected to have a Material Adverse Effect and (iii) will not result in, or require, the creation or imposition of
any Lien on any of their respective properties or revenues pursuant to any such Requirement of Law or Contractual Obligation (other
than any Lien in favor of the Collateral Agent or Liens permitted under Section 4.1.4 hereof).

 

3.3.     Principal
Location. As of the Closing Date, such Grantor’s mailing address and the location of its place of business (if
it has only one) or its chief executive office (if it has more than one place of business), is disclosed in Exhibit “A”.
Such Grantor shall not change its chief executive office or sole place of business unless the Collateral Agent shall have received
at least thirty (30) days prior written notice of such change (or such lesser period as is acceptable to the Collateral Agent).
Such location set forth on Exhibit “A” is such Grantor’s location for the purposes of Section 9-301 and
9-307 of the UCC, and such Grantor has not had a different location for the purposes of Section 9-301 and 9-307 of the UCC during
the past five years.

 

3.4.     Property
Locations. As of the Closing Date, the tangible Collateral of each Grantor is located solely at the locations of such
Grantor described in Exhibit “A”. All of said locations are owned by such Grantor except for locations (i) which
are leased by such Grantor as lessee as designated in Part B of Exhibit “A” and (ii) at which Inventory is held
in a storage facility or terminal by such Grantor as designated in Part C of Exhibit “A”.

 

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3.5. No
Other Names; Corporate History. Except as described in Exhibit “J”,
(a) in the last four months such Grantor has not conducted business under any name except
the name in which it has executed this Agreement, which is the exact name as it appears in such Grantor’s Governing Documents,
as amended, and as filed with such Grantor’s jurisdiction of organization as of the Closing Date, and (b) during the period
from the latter of (i) December 31, 2012 and (ii) the acquisition of such Legacy Party by a Grantor, in each case, to and including
the Closing Date, there has been no sale, transfer or other disposition by any Legacy Company or any of their respective consolidated
Subsidiaries of any material part of their respective business or property and no purchase or other acquisition of any business
or property (including any Capital Stock of any other Person) material in relation to the consolidated financial condition of such
Legacy Company and its consolidated Subsidiaries at December 31, 2012, other than those sales, transfers, dispositions and acquisitions
disclosed in the Registration Statement or as otherwise disclosed to the Collateral Agent in the Disclosure Letter.

 

3.6.     Accounts
and Chattel Paper. The names of the obligors, amounts owing, due dates and other information with respect to the Accounts
and Chattel Paper owned by such Grantor are and will be correctly stated, in all material respects, in all records of such Grantor
relating thereto and in all invoices and reports with respect thereto furnished to the Collateral Agent by such Grantor from time
to time.

 

3.7.     Filing
Requirements. None of the Collateral owned by such Grantor is covered by any certificate of title. None of the Collateral
owned by such Grantor is of a type for which Liens may be perfected by filing under any federal statute except for (i) the aircraft,
ships and railcars described in Part A of Exhibit “B” and (ii) the Patents, Trademarks and Copyrights held by
such Grantor and described in Part B of Exhibit “B”. The location of any Fixtures owned by such Grantor is set
forth in Exhibit “C” together with the name and address of the record owner of each such property.

 

3.8.     No
Financing Statements. No financing statement describing all or any portion of the Collateral which has not lapsed or
been terminated naming such Grantor as debtor has been filed in any jurisdiction except financing statements (i) naming the Collateral
Agent as the secured party and (ii) permitted under Section 4.1.4 hereof; provided, that nothing herein shall be
deemed to constitute an agreement to subordinate any of the Liens of the Collateral Agent under the Transaction Documents to any
Liens otherwise permitted under Section 4.1.4 hereof.

 

3.9.     Federal
Employer Identification Number; State Organization Number; Jurisdiction of Organization. Such Grantor’s federal
employer identification number is, and if such Grantor is a registered organization, such Grantor’s state of organization,
type of organization and state of organization identification number are set forth in Exhibit “D”.

 

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3.10.     Pledged
Collateral.

 

3.10.1 Exhibit
“E” sets forth a complete and accurate list of the Instruments, Securities and other Investment Property
owned by such Grantor as of the Closing Date but shall not include any Excluded Assets (“Pledged Collateral”).
Each Grantor is the direct and beneficial owner of the Pledged Collateral listed on Exhibit “E” as being owned
by it, free and clear of any Liens, except for Liens permitted under Section 4.1.4 hereof. Each Grantor further represents
and warrants that (i) all Pledged Collateral constituting Capital Stock have been (to the extent such concepts are relevant with
respect to such Capital Stock) duly and validly issued, are fully paid and non-assessable and constitute the percentage of the
issued and outstanding Capital Stock of the respective issuers thereof indicated on Exhibit “E” hereto and,
in the case of limited liability companies and partnerships, are not represented by a certificate and have not provided that they
securities governed by Article 8 of the UCC, (ii)         with respect to any certificates delivered to the Collateral Agent representing
an Equity Interest, either such certificates are Securities as defined in Article 8 of the UCC as a result of actions by the issuer
or otherwise, or, if such certificates are not Securities, such Grantor has so informed the Collateral Agent so that the Collateral
Agent may take steps to perfect its security interest therein as a General Intangible, (iii) all Pledged Collateral held by a securities
intermediary is covered by a Securities Account Control Agreement, (iv) to such Grantor’s knowledge and except as otherwise
disclosed to the Collateral Agent, all Pledged Collateral representing indebtedness owed to such Grantor has been duly authorized,
authenticated or issued and delivered by the issuer of such indebtedness, is the legal, valid and binding obligation of such issuer
and such issuer (subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principles of equity) is not in default thereunder and (v) with respect to Securities constituting
Collateral that are uncertificated (other than uncertificated Securities credited to a Securities Account) owned by any Grantor,
such Grantor has caused the issuer thereof either to (A) register the Collateral Agent as the registered owner of such security
or (B) agree in an authenticated record with such Grantor and the Collateral Agent that such issuer will comply with instructions
with respect to such security originated by the Collateral Agent, or the Collateral Agent, as an agent of the Collateral Agent,
without further consent of such Grantor.

 

3.10.2 As
of the Closing Date and except as set forth on Exhibit “E”, (i) none of
the Pledged Collateral owned by it has been issued or transferred in violation in any material
respect of the securities registration, securities disclosure, or similar laws of any jurisdiction to which such issuance or transfer
may be subject, (ii) there are existing no options, warrants, calls or commitments of any character whatsoever relating to such
Pledged Collateral and (iii) no consent, approval, authorization, or other action by, and no giving of notice, filing with, any
Governmental Authority or any other Person is required for the pledge by such Grantor of such Pledged Collateral pursuant to this
Agreement or for the execution, delivery and performance of this Agreement by such Grantor, or for the exercise by the Collateral
Agent, or the Collateral Agent, as an agent of the Collateral Agent, of the voting or other rights provided for in this Agreement
or for the remedies in respect of the Pledged Collateral pursuant to this Agreement, except as may be required in connection with
such disposition by Laws affecting the offering and sale of securities generally and those that have been obtained or made and
are in full force and effect.

 

3.11.     Deposit
Accounts, Commodity Accounts and Securities Accounts. All of such Grantor’s Deposit Accounts, Commodity
Accounts and Securities Accounts as of the Closing Date are listed on Exhibit “F”.

 

3.12.     Letter-of-Credit
Rights and Chattel Paper. Exhibit “G” lists all Letter-of-Credit Rights and Chattel Paper of such
Grantor valued individually in excess of $100,000 as of the Closing Date (or such later date when such Person joined this Agreement
as a Grantor). All action by such Grantor necessary to protect and perfect the Collateral Agent’s Lien on each item listed
on Exhibit “G” (including the delivery of all originals and the placement of a legend on all Chattel Paper as
required hereunder) has been duly taken to the extent requested by the Collateral Agent. Upon taking of all such actions, the Collateral
Agent will have a fully perfected first priority security interest in the Collateral listed on Exhibit “G”,
subject, as to priority, only to Liens permitted under Section 4.1.4 to be prior to the Liens of the Collateral Agent.

 

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3.13.     Intellectual Property
Collateral.

 

3.13.1     In respect
of the Intellectual Property Collateral:

 

(b)             Part B of Exhibit “B” lists
a complete and accurate list of all issued and applied-for Patents owned by each Grantor, including those that have been issued
by, or for which an application has been filed with, the PTO or corresponding offices in other countries of the world, and a complete
and accurate list of all Patent Licenses under which Grantor grants an exclusive license to any third party excluding to any other
Grantor;

 

(c)             Part B of Exhibit “B” lists
a complete and accurate list of all registered and applied-for Trademarks owned by each Grantor, including those that are registered,
or for which an application for registration has been filed, with the PTO or corresponding offices in other countries of the world,
and a complete and accurate list of all Trademark Licenses under which Grantor grants an exclusive license to any third party excluding
to any other Grantor; and

 

(d)             Part B of Exhibit “B” lists
a complete and accurate list of all registered and applied-for Copyrights owned by each Grantor, including those that are registered,
or for which an application for registration has been made, with the United States Copyright Office or corresponding offices in
other countries of the world, and a complete and accurate list of all Copyright Licenses under which Grantor grants an exclusive
license to any third party excluding to any other Grantor.

 

3.13.2     Except as
disclosed on Exhibit “B”, in respect of each Grantor:

 

(a) each registration of the
owned Intellectual Property Collateral is subsisting, unexpired, and, to such Grantor’s knowledge, duly registered, and the
owned Intellectual Property has not been abandoned or adjudged invalid or unenforceable, in whole or in part, except, in each case,
as could not reasonably be expected to have a Material Adverse Effect;

 

(b)             such Grantor is the sole and exclusive owner
of the entire and unencumbered right, title and interest in and to the owned Intellectual Property Collateral (except for Liens
permitted by Section 8.3 of the Credit Agreement and intellectual property licenses from such Grantor to any third party),
and no written claim has been delivered to such Grantor in the past two (2) years stating that such Grantor is or may be, in conflict
with, infringing, misappropriating, diluting, misusing or otherwise violating any of the rights of any third party or that challenges
the ownership, use, protectability, registerability, validity, enforceability of any owned Intellectual Property Collateral or,
to such Grantor’s knowledge, any other Intellectual Property Collateral, except as could not reasonably be expected to have
a Material Adverse Effect;

 

(c)             such Grantor has made all filings to maintain
the registrations of the Trademark Collateral, and has paid all renewal, maintenance, and other fees and taxes required to maintain
each and every registration and application of owned Intellectual Property Collateral, except as could not reasonably be expected
to have a Material Adverse Effect;

 

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(d)             such Grantor has taken reasonable steps to
safeguard its material Trade Secrets and to its knowledge (i) no employee, independent contractor or agent of such Grantor has
misappropriated any Trade Secrets of any other Person in the course of the performance of his or her duties as an employee, independent
contractor or agent of such Grantor; and (ii) no employee, independent contractor or agent of such Grantor is in default or breach
of any term of any employment agreement, non-disclosure agreement, assignment of inventions agreement or similar agreement or contract
relating in any way to the protection, ownership, development, use or transfer of such Grantor’s owned Intellectual Property
Collateral, except, in each of subsection (i) and (ii) above, as could not reasonably be expected to have a Material Adverse Effect;

 

(e)             no action by such Grantor is currently pending
or threatened in writing which asserts that any third party is materially infringing, misappropriating, diluting, misusing or voiding
any owned Intellectual Property Collateral;

 

(f)             no settlement or consents, covenants not to
sue, nonassertion assurances, or releases have been entered into by such Grantor or to which such Grantor is bound that materially
and adversely affects its rights to own or use any owned Intellectual Property Collateral;

 

(g)             except for the Liens permitted by Section
8.3 of the Credit Agreement, such Grantor has not made a previous assignment, sale, transfer or agreement constituting a present
or future assignment, sale or transfer of any owned Intellectual Property Collateral for purposes of granting a security interest
or as collateral that has not been terminated or released; and

 

(h)             all employees, independent contractors and
agents who have contributed to the creation or development of any owned Intellectual Property Collateral have been a party to an
enforceable “work for hire” and/or assignment agreement with such Grantor, according and granting exclusive ownership
of such owned Intellectual Property Collateral to such Grantor, except where failure to enter into any such agreement could not
reasonably be expected to have a Material Adverse Effect.

 

3.14.     Authorization,
Approval, etc. Except as have been obtained or made and are in full force and effect, no authorization, approval or
other action by, and no notice to or filing with, any Governmental Authority or any other third party is required either:

 

3.14.1     for
the grant by the Grantors of the security interest granted hereby or for the execution, delivery and performance of this Agreement
by the Grantors;

 

3.14.2     for
the perfection or maintenance of the security interests hereunder including the first priority nature of such security interest,
subject, as to priority, only to Liens permitted under Section 4.1.4 to be prior to the Liens of the Collateral Agent (except
with respect to the Uniform Commercial Code financing statements, any equivalent filings required under the Laws of any foreign
jurisdiction or, with respect to Intellectual Property Collateral, the recordation of the IP Security Agreements in the PTO or
the United States Copyright Office, as applicable) or the exercise by the Collateral Agent of its rights and remedies hereunder;
or

 

3.14.3     for
the exercise by the Collateral Agent of the voting or other rights provided for in this Agreement, except (i) with respect to any
securities issued by a Subsidiary of the Grantors, as may be required in connection with a disposition of such securities by Laws
affecting the offering and sale of securities generally and (ii) any “change of control” or similar filings required
by state licensing agencies.

 

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3.15. Substantial
Benefit. Each Grantor will, as a result of being a Borrower or the parent or a Subsidiary
of a Borrower, derive substantial direct and indirect benefits from (a) the extensions of credit and issuances of letters of credit
made from time to time to the Borrowers by the Lenders pursuant to the Credit Agreement and (b) the execution and delivery of Financial
Hedging Agreements, Commodity OTC Agreements and Cash Management Bank Agreements among the Borrowers, other Grantors and certain
Secured Parties. Each Grantor acknowledges that the Secured Parties are relying on this representation in agreeing to make such
extensions of credit and issuances of letters of credit pursuant to the Credit Agreement to the Borrowers.

 

ARTICLE IV

 

COVENANTS

 

From the date of this
Agreement until the Termination Date, each of the Initial Grantors agrees, and from and after the effective date of any Security
Agreement Supplement applicable to any Grantor (and after giving effect to supplements to each of the Exhibits hereto with respect
to such subsequent Grantor as attached to such Security Agreement Supplement) and thereafter until the Termination Date each such
subsequent Grantor agrees:

 

4.1.     General.

 

4.1.1     Records
and Reports. Each Grantor shall keep and maintain complete, accurate and proper books and records with respect to the
Collateral owned by such Grantor, and furnish to the Collateral Agent such information, reports and schedules relating to and further
identifying the Collateral as the Collateral Agent shall from time to time reasonably request.

 

4.1.2     Financing
Statements and Other Actions; Defense of Title. Each Grantor hereby authorizes the Collateral Agent to file all financing
statements (including any central notice filing statements under any applicable foreign jurisdiction) describing the Collateral
owned by such Grantor and take such other actions as may from time to time reasonably be requested by the Collateral Agent in order
to maintain a first priority perfected security interest in and, if applicable, Control of, the Collateral owned by such Grantor,
subject to Liens permitted under Section 4.1.4 hereof. Such financing statements may describe the Collateral in the same
manner as described herein or may contain an indication or description of Collateral that describes such Property in any other
manner as the Collateral Agent may determine, in its sole discretion, is necessary, advisable or prudent to ensure that the perfection
of the security interest in the Collateral granted to the Collateral Agent herein, including, without limitation, describing such
property as “all assets” or “all personal property, whether now owned or hereafter acquired.” Each Grantor
will take any and all actions necessary to defend title to the Collateral owned by such Grantor against all persons and to defend
the security interest of the Collateral Agent in such Collateral and the priority thereof against any Lien not expressly permitted
under Section 4.1.4 hereof.

 

4.1.3     Disposition
of Collateral. No Grantor will sell, lease or otherwise dispose of the Collateral owned by such Grantor except dispositions
specifically permitted pursuant to Section 8.6 of the Credit Agreement.

 

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4.1.4     Liens.
No Grantor will create, incur, or suffer to exist any Lien on the Collateral owned by such Grantor except Liens permitted
under Section 8.3 of the Credit Agreement; provided, that nothing herein shall be deemed to constitute an agreement to subordinate
any of the Liens of the Collateral Agent under the Transaction Documents to any Liens permitted under Section 8.3 of the
Credit Agreement.

 

4.1.5     Locations.
No Grantor will maintain any Collateral with a value in excess of $100,000 (other than Collateral in transit) or out for
repair at a location other than a location specified in Exhibit “A” unless such Grantor shall have given the
Collateral Agent not less than ten (10) Business Days’ (or such lesser period as is acceptable to the Collateral Agent) prior
written notice of such event or occurrence.

 

4.1.6     Other
Financing Statements. No Grantor will suffer to exist or authorize the filing of any financing statement naming it as
debtor covering all or any portion of the Collateral owned by such Grantor, except any financing statement authorized under Section
4.1.2 hereof and with respect to Liens permitted under Section 4.1.4 hereof.

 

4.2.     Receivables.

 

4.2.1     Certain
Agreements on Receivables. Other than with respect to Instruments representing inter-company indebtedness between the
Loan Parties permitted under the Credit Agreement, no Grantor will make or agree to make any discount, credit, rebate or other
reduction in the original amount owing on a Receivable or accept in satisfaction of a Receivable less than the original amount
thereof, except that, prior to the occurrence and continuation of an Event of Default, such Grantor may reduce the amount of Accounts
arising from the sale of Inventory or the rendering of services in accordance with its present policies and in the ordinary course
of its business.

 

4.2.2     Collection
of Receivables. Except as otherwise provided above in Section 4.2.1, each Grantor will collect and enforce, at such
Grantor’s sole expense, all amounts due or hereafter due to such Grantor under the Receivables owned by such Grantor.

 

4.2.3     Delivery
of Invoices. After the occurrence and during the continuance of an Event of Default, each Grantor will deliver to the
Collateral Agent immediately upon its request duplicate invoices with respect to each Account owned by such Grantor bearing such
language of assignment as the Collateral Agent shall specify.

 

4.2.4     Disclosure
of Counterclaims on Accounts. If (i) any discount, credit or agreement to make a rebate or to otherwise reduce the amount
owing on an otherwise Eligible Account Receivable owned by such Grantor exists or (ii) if, to the knowledge of such Grantor, any
dispute, setoff, claim, counterclaim or defense exists or has been asserted or threatened with respect to an otherwise Eligible
Account Receivable, such Grantor will disclose such fact to the Collateral Agent in writing in connection with the next Borrowing
Base Report.

 

4.3.     Inventory
and Equipment/ Maintenance of Goods. Each Grantor will do all things necessary to maintain, preserve, protect and keep
the Inventory and the Equipment owned by such Grantor in good working order and condition (ordinary wear and tear excepted) and
make all necessary and proper repairs, renewals and replacements so that its business carried on in connection therewith may be
properly conducted at all times.

 

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4.4.     Instruments,
Securities, Chattel Paper and Documents. Each Grantor will (i) deliver to the Collateral Agent immediately upon
execution of this Agreement the originals of all Chattel Paper, Securities and Instruments constituting Collateral (if any then
exist), other than individual Chattel Paper, Securities and Instruments having a value less than $100,000 (except that the Securities
evidencing ownership of each Subsidiary (subject to the limits on Excluded Subsidiaries) will be delivered to the Collateral Agent
regardless of value), (ii) hold in trust for the Collateral Agent upon receipt and immediately thereafter deliver (except as provided
in Subsection 4.4(i) above) to the Collateral Agent any Chattel Paper, Securities and Instruments constituting Collateral,
and (iii) upon the Collateral Agent’s request, deliver to the Collateral Agent (and thereafter hold in trust for the Collateral
Agent upon receipt and immediately deliver to the Collateral Agent) any Document or any other Chattel Paper, Securities or Instruments
evidencing or constituting Collateral.

 

4.5.     Uncertificated
Securities and Certain Other Investment Property. Each Grantor will cause the appropriate issuers of uncertificated
Securities (other than uncertificated Securities credited to a Securities Account) or other types of Investment Property not represented
by certificates which are Collateral owned by such Grantor either to (A) register the Collateral Agent as the registered owner
of such security or (B) agree in an authenticated record with such Grantor and the Collateral Agent that such issuer will comply
with instructions with respect to such security originated by the Collateral Agent without further consent of such Grantor.

 

4.6.     Stock
and Other Ownership Interests.

 

4.6.1     Changes
in Capital Structure of Issuers. Except as expressly permitted in the Credit Agreement, no Grantor will (i) permit
or suffer any issuer of Capital Stock constituting Collateral owned by such Grantor to dissolve, liquidate, retire any of its Capital
Stock or other Instruments or Securities evidencing ownership, reduce its capital or merge or consolidate with any other entity,
or (ii) vote in favor of any of the foregoing.

 

4.6.2     Issuance
of Additional Capital Stock. Except as expressly permitted in the Credit Agreement, no Grantor will permit or suffer
the issuer of any Capital Stock constituting Collateral to issue any additional Capital Stock, except to such Grantor as
permitted under the Credit Agreement.

 

4.6.3     Registration
of Pledged Collateral. Each Grantor will permit any registrable Collateral owned by such Grantor to be registered in
the name of the Collateral Agent or its nominee at any time at the option of the Collateral Agent following the occurrence and
during the continuance of an Event of Default and without any further consent of such Grantor.

 

4.6.4     Exercise
of Rights in Pledged Collateral. Each Grantor will permit the Collateral Agent or its nominee at any time after
an Event of Default has occurred and is continuing, without notice, to exercise or refrain from exercising any and all voting and
other consensual rights pertaining to the Collateral owned by such Grantor or any part thereof, and to receive all dividends and
interest in respect of such Collateral.

 

4.7.     Control
Agreements. Each Grantor will provide to the Collateral Agent (i) a Commodity Account Control Agreement duly executed
on behalf of each commodities intermediary holding an exchange traded Commodity Account of such Grantor, (ii) a Securities Account
Control Agreement duly executed on behalf of each securities intermediary holding a Securities Account of such Grantor and (iii)
a Deposit Account Control Agreement duly executed on behalf of each financial institution holding a Deposit Account (other than
Excluded Accounts) of such Grantor (other than with respect to Deposit Accounts maintained for employee benefits and petty cash).

 

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4.8.     Letter-of-Credit
Rights. Each Grantor will use commercially reasonable efforts to cause each issuer of a letter of credit having a face
or stated amount in excess of $100,000, to consent to the assignment of proceeds of the letter of credit in order to give the Collateral
Agent Control of the Letter-of-Credit Rights, with respect to such letter of credit.

 

4.9.     Federal,
State or Municipal Claims. Each Grantor will notify the Collateral Agent of any Collateral owned by such Grantor which
constitutes a claim against the United States government or any state or local government or any instrumentality or agency thereof,
the assignment of which claim is restricted by federal, state or municipal law at any time.

 

4.10.     Intellectual
Property. If, after the date hereof, any Grantor obtains rights to, or applies for or seeks registration of, any new
issued and applied-for Patents, registered and applied-for Trademarks and registered and applied-for Copyrights owned by such Grantor
in addition to the Intellectual Property Collateral described in Part B of Exhibit “B”, which are all of such
issued, registered and applied-for Patents, Trademarks and Copyrights owned by such Grantor as of the Closing Date, then such Grantor
shall give the Collateral Agent notice thereof as part of the next Compliance Certificate provided to the Collateral Agent pursuant
to the Credit Agreement. Each Grantor agrees promptly upon request by the Collateral Agent to execute and deliver to the Collateral
Agent any supplement to this Agreement or any other document reasonably requested by the Collateral Agent to evidence such security
interest in a form appropriate for recording in the applicable federal office including any IP Collateral Security Agreement. Each
Grantor also hereby authorizes the Collateral Agent to modify this Agreement unilaterally (i) by amending Part B of Exhibit
“B” to include any future Intellectual Property Collateral of which the Collateral Agent receives notification
from such Grantor pursuant hereto and (ii) by recording, in addition to and not in substitution for this Agreement, a duplicate
original of this Agreement (or other short form security agreement) containing in Part B of Exhibit “B” a description
of such future Intellectual Property Collateral.

 

4.11.     Commercial
Tort Claims. If, after the date hereof, any Grantor identifies the existence of a Commercial Tort Claim belonging to
such Grantor that has arisen in the course of such Grantor’s business with a value in excess of $100,000 in addition to the
Commercial Tort Claims described in Exhibit “I”, which are all of such Grantor’s Commercial Tort Claims
as of the Closing Date, then such Grantor shall give the Collateral Agent prompt notice thereof, but in any event not less
frequently than quarterly. Each Grantor agrees promptly to execute and deliver to the Collateral Agent any supplement to this Agreement
or any other document reasonably requested by the Collateral Agent to evidence the grant of a security interest in such Commercial
Tort Claim in favor of the Collateral Agent.

 

4.12.     New
Subsidiaries. Pursuant to Section 7.12 of the Credit Agreement, any new Wholly-Owned Subsidiary of a Grantor (other
than an Excluded Subsidiary), whether by acquisition, creation or designation, or any Subsidiary of a Grantor ceasing to be an
Excluded Subsidiary is required to enter into this Agreement by executing and delivering in favor of the Collateral Agent a Security
Agreement Supplement. Upon the execution and delivery of a Security Agreement Supplement by such Subsidiary, such Subsidiary shall
become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery
of a Security Agreement Supplement shall not require the consent of any other Grantor under this Agreement. The rights and obligations
of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor hereunder.

 

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4.13.     Change
of Name, etc. No Grantor will change its name or place of incorporation or organization or federal taxpayer identification
number except upon 30 days’ prior written notice to the Collateral Agent (or such lesser period as is acceptable to the Collateral
Agent).

 

4.14.     Further
Assurances, etc. Each Grantor agrees that, from time to time at its own expense, it will promptly execute and deliver
all further instruments and documents, and take all further action, that may be necessary or that the Collateral Agent may reasonably
request in writing, in order to perfect, preserve and protect any security interest granted or purported to be granted hereby or
to enable the Collateral Agent to exercise and enforce the rights and remedies of the Secured Parties hereunder with respect to
any Collateral. Without limiting the generality of the foregoing, such Grantor will:

 

(a)             from
time to time upon the request of the Collateral Agent, promptly deliver to the Collateral Agent such stock powers, instruments
and similar documents, reasonably satisfactory in form and substance to the Collateral Agent, with respect to such Collateral as
the Collateral Agent may reasonably request and will, from time to time upon the request of the Collateral Agent, after the occurrence
and during the continuance of any Event of Default, promptly transfer any securities constituting Collateral into the name of any
nominee designated by the Collateral Agent;

 

(b)             file
(and hereby authorize the Collateral Agent and the Collateral Agent to file) such instruments or notices (including any assignment
of claim form under or pursuant to the federal assignment of claims statute, 31 U.S.C. § 3726, any successor or amended version
thereof or any regulation promulgated under or pursuant to any version thereof), as may be necessary or that the Collateral Agent
may reasonably request in order to perfect and preserve the security interests and other rights granted or purported to be granted
to the Collateral Agent hereby; and

 

(c)             furnish
to the Collateral Agent, from time to time at the Collateral Agent’s reasonable request, statements and schedules further
identifying and describing the Collateral and such other reports in connection with the Collateral as the Collateral Agent may
request, all in reasonable detail.

 

With respect to the foregoing and the grant
of the security interest hereunder, each Grantor hereby authorizes the Collateral Agent and the Collateral Agent to make all relevant
filings with the PTO, the United States Copyright Office and, after the occurrence and during the continuance of an Event of Default,
corresponding offices in other countries of the world in respect of the Intellectual Property Collateral. Each Grantor agrees that
a carbon, photographic or other reproduction of this Agreement or any UCC financing statement covering the Collateral or any part
thereof shall be sufficient as a UCC financing statement where permitted by Laws.

 

ARTICLE V

 

DEFAULT

 

5.1.     Remedies.

 

5.1.1     Upon
the occurrence and during the continuation of an Event of Default, the Collateral Agent may exercise any or all of the following
rights and remedies:

 

(i)             Those
rights and remedies provided in this Agreement, the Credit Agreement or any other Transaction Document; provided that this
Section 5.1.1(i) shall not be understood to limit any rights or remedies available to the Collateral Agent and the Secured
Parties prior to an Event of Default.

 

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(ii)             Those
rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected Collateral) or under
any other applicable law (including, without limitation, any law governing the exercise of a bank’s right of setoff or bankers’
lien) when a debtor is in default under a security agreement.

 

(iii)             Give
notice of sole control or any other instruction under any Deposit Account Control Agreement, Commodity Account Control Agreement
or Securities Account Control Agreement and take any action therein with respect to such Collateral.

 

(iv)             Without
notice (except as specifically provided in Section 8.1 hereof or elsewhere herein) sell, lease, assign, grant an option
or options to purchase or otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale,
for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent may deem commercially reasonable.

 

5.1.2     The
Collateral Agent, on behalf of the Secured Parties, may comply with any applicable state or federal law requirements in connection
with a disposition of the Collateral and compliance will not be considered to adversely affect the commercial reasonableness of
any sale of the Collateral.

 

5.1.3     The
Collateral Agent shall have the right upon any such public sale or sales and, to the extent permitted by law, upon any such private
sale or sales, to purchase for the benefit of the Collateral Agent and the other Secured Parties, the whole or any part of the
Collateral so sold, free of any right of equity redemption, which equity redemption each Grantor hereby expressly releases.

 

5.1.4     Until
the Collateral Agent is able to effect a sale, lease, or other disposition of Collateral, the Collateral Agent shall have the right
to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Collateral
or its value or for any other purpose deemed appropriate by the Collateral Agent. The Collateral Agent may, if it so elects, seek
the appointment of a receiver or keeper to take possession of Collateral and to enforce any of the Collateral Agent’s remedies
(for the benefit of the Collateral Agent and the Secured Parties), with respect to such appointment without prior notice or hearing
as to such appointment.

 

5.1.5     Notwithstanding
the foregoing, except as required by applicable law, neither the Collateral Agent nor the other Secured Parties shall be required
to (i) make any demand upon, or pursue or exhaust any of their rights or remedies against, any Grantor, any other obligor, guarantor,
pledgor or any other Person with respect to the payment of the Secured Obligations or to pursue or exhaust any of their rights
or remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof, (ii) marshal the Collateral or
any guarantee of the Secured Obligations or to resort to the Collateral or any such guarantee in any particular order, or (iii)
effect a public sale of any Collateral.

 

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5.1.6     Each
Grantor recognizes that the Collateral Agent may be unable to effect a public sale of any or all the Pledged Collateral and may
be compelled to resort to one or more private sales thereof. Each Grantor also acknowledges that any private sale may result in
prices and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding such circumstances,
agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue
of such sale being private. The Collateral Agent shall be under no obligation to delay a sale of any of the Pledged Collateral
for the period of time necessary to permit any Grantor or the issuer of the Pledged Collateral to register such securities for
public sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if the applicable Grantor
and the issuer would agree to do so.

 

5.2.     Grantors’
Obligations Upon Default. Upon the request of the Collateral Agent, if an Event of Default has occurred and is continuing,
each Grantor will:

 

5.2.1     Assembly
of Collateral. Assemble and make available to the Collateral Agent the Collateral and all records relating thereto at
any place or places specified by the Collateral Agent.

 

5.2.2     Secured
Party Access. Permit the Collateral Agent, by the Collateral Agent’s representatives and agents, to enter any
premises where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession
of all or any part of the Collateral and to remove all or any part of the Collateral.

 

5.3.     License. The Collateral
Agent is hereby granted a non-exclusive license to use, following the occurrence and during the continuance of an Event
of Default, without charge, each Grantor’s labels, Patents, Copyrights, Trademarks, Trade Secrets, and advertising matter,
or any Property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale, and selling
any Collateral, and, following the occurrence and during the continuance of an Event of Default, such Grantor’s rights under
all licenses and all franchise agreements that constitute Collateral shall inure to the Collateral Agent’s benefit. All use
of Grantor’s Copyrights and Trademarks shall be in accordance with Grantor’s trademark usage and quality control requirements
and all good will associated therewith shall inure to the benefit of Grantor. Without limiting the foregoing, all Collateral produced,
advertised and sold under this Section 5.3 shall conform to the quality of such Collateral produced, advertised and sold by Grantor.
In addition, each Grantor hereby irrevocably agrees that the Collateral Agent may, following the occurrence and during the continuance
of an Event of Default, sell any of such Grantor’s Inventory directly to any person, including without limitation persons
who have previously purchased such Grantor’s Inventory from such Grantor and in connection with any such sale or other enforcement
of the Collateral Agent’s rights under this Agreement, may sell Inventory which bears any Trademark owned by or licensed
to such Grantor and any Inventory that is covered by any Copyright owned by or licensed to such Grantor and the Collateral Agent
may finish any work in process and affix any Trademark owned by or licensed to such Grantor and sell such Inventory as provided
herein.

 

ARTICLE VI

 

WAIVERS, AMENDMENTS AND REMEDIES

 

No delay or omission
of any Secured Party to exercise any right or remedy granted under this Agreement shall impair such right or remedy or be construed
to be a waiver of any default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall
not preclude any other or further exercise thereof or the exercise of any other right or remedy. No waiver, amendment or other
variation of the terms, conditions or provisions of this Agreement whatsoever shall be valid unless in writing signed by the Collateral
Agent, the Collateral Agent and each Grantor, and then only to the extent in such writing specifically set forth; provided
that the addition of any Subsidiary as a Grantor hereunder by execution of a Security Agreement Supplement shall not require receipt
of any consent from or execution of any documentation by any other Grantor party hereto. All rights and remedies contained in this
Agreement or by law afforded shall be cumulative and all shall be available to the Secured Parties until the Termination Date.

 

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ARTICLE VII

 

PROCEEDS

 

7.1.     Special
Collateral Account. The Collateral Agent shall, at any time after the occurrence and during the continuation of an Event
of Default, require all cash proceeds of the Collateral to be deposited in a Controlled Account identified by the Collateral Agent.
No Grantor shall have any control whatsoever over said Collateral Account. The Collateral Agent shall from time to time, apply
the collected balances in said Collateral Account in accordance with Section 7.2.

 

7.2.     Application
of Proceeds. If an Event of Default shall have occurred, the Collateral Agent shall apply all or any part of the Proceeds
constituting Collateral, whether or not held in the Collateral Account or any other collateral account, and any Proceeds of any
Transaction Document in respect of the Collateral, or otherwise received by the Collateral Agent in respect of the Collateral,
in the following order:

 

(i)             First, to pay incurred and unpaid fees
and expenses of the Agents under the Loan Documents;

 

(ii)             Second, to the Collateral Agent, for
application by it towards payment of all amounts then due and owing and remaining unpaid in respect of interest and fees
pro rata among the Secured Parties according to the amounts of such Secured Obligations (other than the Subordinated Obligations)
then due and owing and remaining unpaid to the Secured Parties;

 

(iii)             Third, to the Collateral Agent, for
application by it towards (i) payment of all principal on all Loans then outstanding and all Unreimbursed Amounts then outstanding
and (ii) Cash Collateralizing any outstanding Letters of Credit, pro rata among the Secured Parties according to the amounts
of the Secured Obligations to be so paid or Cash Collateralized under this clause

 

(iii)             owing to the Secured Parties;

 

(iv)             Fourth, to the Collateral Agent, for
application by it towards payment of all other amounts then due and owing and remaining unpaid in respect of the Secured
Obligations (other than the Subordinated Obligations), pro rata among the Secured Parties according to the amounts of such
Obligations (other than the Subordinated Obligations) then due and owing and remaining unpaid to the Secured Parties;

 

(v)             Fifth, to the Collateral Agent, for
application by it towards prepayment of the Secured Obligations (other than the Subordinated Obligations), pro rata
among the Secured Parties according to the amounts of the Obligations (other than the Subordinated Obligations) being so prepaid
then held by the Secured Parties;

 

(vi)             Sixth, to the Collateral Agent, for
application by it towards payment of all amounts then due and owing and remaining unpaid in respect of the Subordinated
Obligations and prepayment of the remaining Subordinated Obligations, pro rata among the Subordinated Parties according
to the amounts of the Subordinated Obligations then due and owing and remaining unpaid or being so prepaid then held by the Subordinated
Parties; and

 

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(vii) Seventh, any balance
of such Proceeds remaining after the Secured Obligations shall have been paid in full, no Letters of Credit shall be outstanding
and the Commitments shall have terminated, shall be paid over to the applicable Grantor or to whomsoever else may be lawfully entitled
to receive the same.

 

Notwithstanding the foregoing, no amounts received from any
Guarantor shall be applied to any Excluded Swap Obligations of such Guarantor.

 

ARTICLE VIII

 

GENERAL PROVISIONS

 

8.1.     Notice
of Disposition of Collateral; Condition of Collateral. Each Grantor hereby waives notice of the time and place of any
public sale or the time after which any private sale or other disposition of all or any part of the Collateral may be made. To
the extent such notice may not be waived under applicable law, any notice made shall be deemed reasonable if sent to the Borrowers’
Agent, addressed as set forth in Article IX, at least ten days prior to (i) the date of any such public sale or (ii) the
time after which any such private sale or other disposition may be made. To the maximum extent permitted by applicable law, each
Grantor waives all claims, damages, and demands against the Collateral Agent and each other Secured Party arising out of the repossession,
retention or sale of the Collateral, except to the extent such arise out of the gross negligence or willful misconduct of the Collateral
Agent or such Secured Party (or any of their respective affiliates, officers, directors, employees, agents or representatives)
as finally determined by a court of competent jurisdiction.

 

8.2.     Limitation
on Collateral Agent’s and Secured Parties’ Duty with Respect to the Collateral. The Collateral Agent shall have
no obligation to clean-up or otherwise prepare the Collateral for sale. The Collateral Agent and each Secured Party shall
use reasonable care with respect to the Collateral in its possession or under its control; provided that the Collateral
Agent shall be deemed to have exercised reasonable care in the custody and preservation of any of the Collateral, if such Collateral
is accorded treatment substantially equal to that which the Collateral Agent accords its own property. Neither the Collateral Agent
nor any other Secured Party shall have any other duty as to any Collateral in its possession or control or in the possession or
control of any agent or nominee of the Collateral Agent or such Secured Party other than to account for money received, or any
income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. To the extent
that applicable law imposes duties on the Collateral Agent to exercise remedies in a commercially reasonable manner, each Grantor
acknowledges and agrees that it is commercially reasonable for the Collateral Agent (i) to fail to incur expenses deemed significant
by the Collateral Agent to prepare Collateral for disposition or otherwise to transform raw material or work in process into finished
goods or other finished products for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed
of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or
disposition of Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against account debtors
or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection
remedies against account debtors and other Persons obligated on Collateral directly or through the use of collection agencies and
other collection specialists, (v) to advertise dispositions of Collateral through publications or media of general circulation,
whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as
such Grantor, for expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional
auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose
of Collateral by utilizing internet sites that provide for the auction of assets of the, types included in the Collateral or that
have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather
than retail markets, (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance
or credit enhancements to insure the Collateral Agent against risks of loss, collection or disposition of Collateral or to provide
to the Collateral Agent a guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate
by the Collateral Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist
the Collateral Agent in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this
Section 8.2 is to provide non-exhaustive indications of what actions or omissions by the Collateral Agent would be commercially
reasonable in the Collateral Agent’s exercise of remedies against the Collateral and that other actions or omissions by the
Collateral Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 8.2.
Without limitation upon the foregoing, nothing contained in this Section 8.2 shall be construed to grant any rights to any
Grantor or to impose any duties on the Collateral Agent that would not have been granted or imposed by this Agreement or by applicable
law in the absence of this Section 8.2.

 

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8.3.     Compromises
and Collection of Collateral. Each Grantor and the Collateral Agent recognize that setoffs, counterclaims, defenses
and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be
or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable
may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, each
Grantor agrees that the Collateral Agent may at any time and from time to time, if an Event of Default has occurred and is continuing,
compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Collateral Agent, acting
in its sole discretion, shall determine or abandon any Receivable, and any such action by the Collateral Agent shall be commercially
reasonable so long as the Collateral Agent acts in good faith based on information known to it at the time it takes any such action.

 

8.4.     Secured
Party Performance of Grantor’s Obligations. The Collateral Agent may from time to time, at its option, perform
any action which the Collateral Agent deems reasonably necessary for the maintenance, preservation or protection of any Collateral
or of its security interest therein if any Grantor fails to perform such action within a reasonable time after being requested
in writing to so perform (it being understood that no such request need be given after the occurrence and during the continuance
of an Event of Default). Without having any obligation to do so, at any time when an Event of Default has occurred and is continuing,
the Collateral Agent may perform or pay any obligation which any Grantor has agreed to perform or pay in this Agreement and such
Grantor shall reimburse the Collateral Agent for any amounts paid by the Collateral Agent pursuant to this Section 8.4 Each Grantor’s
obligation to reimburse the Collateral Agent pursuant to the preceding sentence shall be a Secured Obligation payable on demand.

 

8.5. Authorization
for Secured Party to Take Certain Action. Each Grantor irrevocably authorizes the Collateral
Agent at any time and from time to time in the sole discretion of the Collateral Agent and appoints the Collateral Agent as its
attorney in fact (i) to indorse and collect any cash proceeds of the Collateral, (ii) to file a carbon, photographic or other reproduction
of this Agreement or any financing statement with respect to the Collateral as a financing statement and to file any other financing
statement or amendment of a financing statement in such offices as the Collateral Agent in its sole discretion deems necessary
or desirable to perfect and to maintain the perfection and priority of the Collateral Agent’s security interest in the Collateral,
(iii) to contact and enter into one or more agreements with the issuers of uncertificated securities which are Collateral owned
by such Grantor and which are Securities or with financial intermediaries holding other Investment Property which is Collateral
as may be necessary or advisable to give the Collateral Agent Control over such Securities or other Investment Property, (iv) after
the occurrence and during the continuation of an Event of Default, to enforce payment of the Instruments, Accounts and other Receivables
in the name of the Collateral Agent or such Grantor, (v) to apply the proceeds of any Collateral received by the Collateral Agent
to the Secured Obligations as provided in Article VII and (vi) to discharge past due taxes, assessments, charges, fees or
Liens on the Collateral (except for such Liens permitted under Section 4.1.4 hereof) if any Grantor fails to perform such
action within a reasonable time after being requested in writing to so perform (it being understood that no such request need be
given after the occurrence and during the continuance of an Event of Default), and each Grantor agrees to reimburse the Collateral
Agent on demand for any payment made or any expense incurred by the Collateral Agent in connection therewith, provided that this
authorization shall not relieve any Grantor of any of its obligations under this Agreement, under the Credit Agreement.

 

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8.6.     Specific
Performance of Certain Covenants. Each Grantor acknowledges and agrees that a breach of any of the covenants contained
in Sections 4.1.3, 4.1.4, 4.4, 4.5, 4.6, 4.7, 4.8, 4.9, 4.10, 4.12,
4.13 5.2, or 8.8or in Article VII hereof will cause irreparable injury to the Collateral Agent
and the Secured Parties, that the Collateral Agent and Secured Parties have no adequate remedy at law in respect of such
breaches and therefore agrees, without limiting the right of the Collateral Agent or the Secured Parties to seek and obtain specific
performance of other obligations of the Grantors contained in this Agreement, that the covenants of the Grantors contained in the
Sections referred to in this Section 8.6 shall be specifically enforceable against the Grantors.

 

8.7.     Use
and Possession of Certain Premises. If an Event of Default has occurred and is continuing, the Collateral Agent shall
be entitled to occupy and use any premises owned or leased by the Grantors where any of the Collateral or any records relating
to the Collateral are located until the Secured Obligations are paid or the Collateral is removed therefrom, whichever first occurs,
without any obligation to pay any Grantor for such use and occupancy.

 

8.8.     Dispositions
Not Authorized. No Grantor is authorized to sell or otherwise dispose of the Collateral except as set forth in Section
4.1.3 hereof and notwithstanding any course of dealing between any Grantor and the Collateral Agent or other conduct of the
Collateral Agent, no authorization to sell or otherwise dispose of the Collateral (except as set forth in Section 4.1.3 hereof)
shall be binding upon the Collateral Agent or the Secured Parties unless such authorization is in writing signed by the Collateral
Agent with the consent or at the direction of the Required Lenders.

 

8.9.     Benefit
of Agreement. The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the Grantors,
the Collateral Agent and the other Secured Parties and their respective successors and assigns (including all persons who become
bound as a debtor to this Agreement), except that the Grantors shall not have the right to assign their rights or delegate their
obligations under this Agreement or any interest herein except as otherwise permitted in the Credit Agreement, without the prior
written consent of the Collateral Agent.

 

8.10.     Reinstatement.
Each Grantor agrees that to the extent that, after payment in full of the Secured Obligations, such payment or any part
thereof is subsequently invalidated, voided, declared to be fraudulent or preferential, set aside, recovered, rescinded or is required
to be retained by or repaid to a trustee, receiver, or any other Person under any bankruptcy code, common law, or equitable cause,
then the Lien and security interest in the Collateral created hereunder shall be revived, reinstated and continued in full force
and effect, as if said payment had not been made. The Lien and security interest in the Collateral created hereunder shall not
be released or discharged by any payment to any Secured Party from any source that is thereafter paid, returned or refunded in
whole or in part by reason of the assertion of a claim of any kind relating thereto, including, but not limited to, any claim for
breach of contract, breach of warranty, preference, illegality, invalidity, or fraud asserted by any account debtor or by any other
Person.

 

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8.11.     Survival
of Representations. All representations and warranties of the Grantors contained in this Agreement shall survive the
execution and delivery of this Agreement.

 

8.12.     Expenses.
The Grantors agree (a) to pay or reimburse the Collateral for all its reasonable and documented out-of-pocket costs and
expenses incurred in connection with the development, preparation, negotiation, execution, delivery and administration of, and
any amendment, supplement or modification to, this Agreement and any other documents prepared in connection herewith or therewith,
and the consummation and administration of the transactions contemplated hereby and thereby, including, without limitation, the
reasonable and documented fees and disbursements of one counsel to the Collateral Agent in each relevant jurisdictions (including
the fees and expenses of Mayer Brown LLP) and (b) to pay or reimburse each Lender, the Swing Line Lender, each Issuing Lender,
each Agent and the Joint Lead Arrangers, for all its documented 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, without limitation,
the documented fees and disbursements of counsel to each Lender, the Joint Lead Arrangers, the Swing Line Lender and each Issuing
Lender and of counsel to the Agents. Any and all costs and expenses incurred by the Grantors in the performance of actions required
pursuant to the terms hereof shall be borne solely by the Grantors.

 

8.13.     Headings.
The title of and section headings in this Agreement are for convenience of reference only, and shall not govern the interpretation
of any of the terms and provisions of this Agreement.

 

8.14.     Termination.
This Agreement shall continue in effect (notwithstanding the fact that from time to time there may be no Secured Obligations
outstanding) until the Termination Date.

 

8.15.     Entire
Agreement. This Agreement, the Credit Agreement and the other Transaction Documents embody the entire agreement and
understanding between the Grantors and the Collateral Agent relating to the Collateral and supersedes all prior agreements and
understandings between the Grantors and the Collateral Agent relating to the Collateral.

 

8.16.     CHOICE
OF LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT
GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

 

8.17.     Collateral
Releases.

 

(a)             The
Collateral Agent is authorized to, and shall release any Lien granted to or held by it upon any Collateral (i) upon the occurrence
of the Termination Date; or (ii) constituting property being sold or disposed of in compliance with the terms of the Transaction
Documents (with respect to which the Collateral Agent may rely conclusively on any certificate of any Borrower, without further
inquiry) and, to the extent that the property being sold or disposed of constitutes 100% of the Capital Stock in a Borrower or
other Grantor, the Collateral Agent is authorized to release any Guaranty provided by such Borrower or such other Grantor with
regards to the obligations under the Credit Agreement; or (iii) constituting property in which the Borrowers owned no interest
at the time the Lien was granted or at any time thereafter; or (iv) if approved, authorized or ratified in writing by the Required
Lenders (other than with respect to a release of all or substantially all of the Collateral, which shall require the approval of
each Lender).

 

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(b) Without
in any manner limiting the authority of the Collateral Agent to act without any specific or
further authorization or consent by the Lenders (as set forth in clause (a) above), each Secured Party agrees to confirm
in writing, upon request by the Collateral Agent the authority to release Collateral conferred upon the Collateral Agent under
clause (a) above. Upon receipt by the Collateral Agent of confirmation from the Required Lenders of its authority to release
any particular item or types of Collateral, and upon prior written request by any Grantor, the Collateral Agent shall (and is hereby
irrevocably authorized by the Secured Parties to) execute such documents as may be necessary to evidence the release of the Liens
granted to the Collateral Agent for the benefit of the Secured Parties upon such Collateral; provided, however, that (i) the Collateral
Agent shall not be required to execute any such document on terms which, in the opinion of the Collateral Agent would expose the
Collateral Agent to liability or create any obligations or entail any consequence other than the release of such Liens without
recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Secured Obligations or any
Lien upon (or obligations of any Grantor in respect of) all interests in the Collateral retained by any Grantor).

 

8.18.     Agent
Discretion. Notwithstanding anything else to the contrary herein, whenever reference is made in this Agreement to any
discretionary action by, consent, designation, specification, requirement or approval of, notice, request or other communication
from, or other direction given or action to be undertaken or to be (or not to be) suffered or omitted by the Collateral Agent or
the Collateral Agent or to any election, decision, opinion, acceptance, use of judgment, expression of satisfaction, reasonable
satisfaction or other exercise of discretion, rights or remedies to be made (or not to be made) by the Collateral Agent or the
Collateral Agent, it is understood that in all cases such Agents shall be fully justified in failing or refusing to take any such
action under this Agreement as it deems appropriate. This Section 8.18 (i) is applicable only with regards to the Credit Agreement
and the parties thereto and (ii) is intended solely for the benefit of the Collateral Agent, the Collateral Agent and their successors
and permitted assigns and is not intended to and will not entitle the other parties hereto to any defense, claim or counterclaim,
or confer any rights or benefits on any party hereto

 

8.19.     Additional
Grantors. Upon the execution and delivery by any other Person of a supplement in the form of Annex I hereto,
such Person shall become a “Grantor” hereunder with the same force and effect as if it were originally a party to this
Agreement and named as a “Grantor” hereunder. The execution and delivery of such supplement shall not require the consent
of any other Grantor hereunder, and the rights and obligations of each Grantor hereunder shall remain in full force and effect
notwithstanding the addition of any new Grantor as a party to this Agreement.

 

ARTICLE IX

 

NOTICES

 

9.1.     Sending
Notices. Any notice required or permitted to be given under this Agreement shall be sent (and deemed received) in the
manner set forth in Section 11.2 of the Credit Agreement and to the addresses set forth on the signature pages of the Credit Agreement
with respect to any Bank, the Collateral Agent. Any notice delivered to the Borrowers’ Agent shall be deemed to have been
delivered to all of the Grantors.

 

9.2.     Change
in Address for Notices. Each of the Grantors and the Collateral Agent may change the address for service of notice upon
it by a notice in writing to the other parties.

 

 

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ARTICLE X

 

SUBORDINATION PROVISIONS

 

10.1.     Who May Exercise Remedies.

 

10.1.1     Senior
Parties Exclusive Rights. Subject to Section 10.1.2 below, until the date on which all Senior Obligations shall
have been paid in full, no Letters of Credit shall be outstanding and the Commitments shall have been terminated, the Senior Parties
will have the exclusive right to:

 

(i)           commence
and maintain any action under Section 5.1 hereof (an “Enforcement Action”) or exercise rights with respect
to a Lien, credit bid their debt, make any set-off, sue or participate in any suit, action or proceeding to enforce payment or
collection or enforce any redemption or mandatory prepayment obligation, or commence any judicial enforcement of rights and remedies;

 

(ii)           subject
Sections 10.10 and 11.5 of the Credit Agreement, make determinations regarding the release or Disposition of, or
restrictions with respect to, the Collateral; and

 

(iii)          otherwise
enforce the rights and remedies of a secured creditor under the UCC and the Bankruptcy Laws of any applicable jurisdiction.

 

10.1.2     Subordinated
Parties Rights. Notwithstanding Section 10.1.1, a Subordinated Party may:

 

(i)            file
a proof of claim or statement of interest, vote on a plan of reorganization (including a vote to accept or reject a plan of partial
or complete liquidation, reorganization, arrangement, composition or extension), and make other filings, arguments and motions,
with respect to the Subordinated Obligations and the Collateral in any Insolvency Proceeding commenced by or against any Grantor,
in each case in accordance with this Security Agreement;

 

(ii)           take
action to create, perfect, preserve or protect its Lien on the Collateral, so long as such actions are not adverse to the priority
status in accordance with this Security Agreement of Liens on the Collateral securing the Senior Obligations or Senior Parties’
rights to exercise remedies;

 

(iii)          file
necessary pleadings in opposition to a claim objecting to or otherwise seeking the disallowance of a Subordinated Obligation or
a Lien securing the Obligation; and

 

(iv)          join
(but not exercise any control over) a judicial foreclosure or Lien enforcement proceeding with respect to the Collateral initiated
by the Collateral Agent on behalf of the Senior Parties, to the extent that such action could not reasonably be expected to materially
interfere with the Enforcement Action, but no Subordinated Party may receive any proceeds thereof unless expressly permitted herein.

 

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10.1.3     Reservation
of Rights as Unsecured Creditor. Except as otherwise expressly set forth in this Section 10.1.1, Subordinated
Parties may exercise rights and remedies as unsecured creditors, other than initiating or joining in an involuntary case or proceeding
under the Bankruptcy Code with respect to a Grantor against a Grantor that has guaranteed or granted Liens to secure the Subordinated
Obligations, in accordance with the terms of the Loan Documents and the Cash Management Bank Agreements, Commodity OTC Agreements
or Financial Hedging Agreements to which the Subordinated Party is a party and applicable law; provided, that any judgment
Lien obtained by a Subordinated Party as a result such exercise of rights will be included in the Collateral and be subject to
this Security Agreement for all purposes (including in relation to the Senior Obligations).

 

10.2.     Manner
of Exercise.

 

10.2.1     Enforcement
Actions. Subject to the terms of the Loan Documents, a Senior Party may take any Enforcement Action (i) in any manner
in its sole discretion in compliance with applicable law, (ii) without consultation with or the consent of any Subordinated Party,
(iv) regardless of whether an Insolvency Proceeding has been commenced,
(iv) regardless of any provision of any Cash Management Bank Agreement, Commodity OTC Agreement or Financial Hedging Agreement,
and (v) regardless of whether such exercise is adverse to the interest of any Subordinated Party.

 

10.2.2     Non-Impairment.
The rights of a Senior Party to enforce any provision of this Security Agreement or any other Loan Document will not be
prejudiced or impaired by:

 

(i)            any act or failure to act
of any Grantor, or (ii) noncompliance by any Person other than such Senior Party with any provision of this Security Agreement,
any other Loan Document or any Cash Management Bank Agreement, Commodity OTC Agreement or Financial Hedging Agreement.

 

10.2.3      No
Contesting Enforcement Actions. No Subordinated Party will contest, protest or object to, or take any action to hinder,
and each waives any and all claims with respect to, any Enforcement Action by a Senior Party.

 

10.2.4      Subordinated
Party Enforcement. Subject to the terms of the Loan Documents and the applicable Cash Management Bank Agreements, Commodity
OTC Agreements or Financial Hedging Agreements, following the date on which the Senior Obligations shall have been paid in full,
no Letters of Credit shall be outstanding and the Commitments shall have been terminated, a Subordinated Party may take any Enforcement
Action.

 

10.3.        Relief
from Automatic Stay. Until the date on which the Senior Obligations shall have been paid in full, no Letters of Credit
shall be outstanding and the Commitments shall have been terminated, no Subordinated Party will, or will direct the Collateral
Agent on its behalf to, seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of the Collateral,
without the prior written consent of the Collateral Agent, on behalf of the Senior Parties, or oppose any request by the Collateral
Agent, on behalf of the Senior Parties, for relief from the automatic stay or any other stay in any Insolvency Proceeding.

 

    	29

    	 

    

 

ARTICLE XI

 

THE AGENTS

 

Deutsche Bank Trust Company Americas has
been appointed Administrative Agent for the Banks pursuant to Section 10 of the Credit Agreement. Deutsche Bank AG, New
York Branch has been appointed Collateral Agent for the Banks pursuant to Section 10 of the Credit Agreement. It is expressly
understood and agreed by the parties to this Agreement that any authority conferred upon the Administrative Agent or the Collateral
Agent, as applicable, hereunder is subject to the terms of the delegation of authority made by the Lenders to such Agent pursuant
to the Credit Agreement, and that such Agent has agreed to act (and any successor agent shall act) as such hereunder only on the
express conditions contained in such Section 10 of the Credit Agreement with respect to the Banks. Any successor agent appointed
pursuant to Section 10 of the Credit Agreement shall be entitled to all the rights, interests and benefits of each Agent
hereunder.

 

[SIGNATURE PAGES TO FOLLOW]

 

    	30

    	 

    

  

IN WITNESS WHEREOF, each of the Grantors
and each Agent have executed this Agreement as of the date first above written.

 

	 	GRANTORS:
	 	 
	 	CYPRESS ENERGY PARTNERS, L.P.
	 	By:	Cypress Energy Partners GP, LLC,
	 	 	its general partner

 

	 	CYPRESS ENERGY PARTNERS, LLC,
	 	CYPRESS ENERGY PARTNERS – TIR, LLC
	 	CYPRESS ENERGY PARTNERS – PECOS SWD, LLC
	 	CYPRESS ENERGY PARTNERS – ORLA SWD, LLC 
	 	CYPRESS ENERGY PARTNERS – WILLIAMS SWD, LLC
	 	CYPRESS ENERGY PARTNERS – MOUNTRAIL SWD, LLC
	 	CYPRESS ENERGY PARTNERS – BAKKEN, LLC
	 	CYPRESS ENERGY PARTNERS – TEXAS, LLC
	 	CYPRESS ENERGY PARTNERS – SBG, LLC
	 	CYPRESS ENERGY SERVICES, LLC

 

	 	By:	 
	 	 	Name: Peter C. Boylan III
	 	 	Title: President and Chief Executive Officer

 

	 	CYPRESS ENERGY PARTNERS – TIOGA SWD, LLC
	 	CYPRESS ENERGY PARTNERS – MANNING SWD, LLC
	 	CYPRESS ENERGY PARTNERS – GRASSY BUTTE SWD, LLC 
	 	CYPRESS ENERGY PARTNERS – 1804 SWD, LLC
	 	CYPRESS ENERGY PARTNERS – GREEN RIVER SWD, LLC

 

	 	By:	 
	 	 	Name: Peter C. Boylan III
	 	 	Title: President

 

	 	TULSA INSPECTION RESOURCES, LLC
	 	TULSA INSPECTION RESOURCES HOLDINGS, LLC
	 	TULSA INSPECTION RESOURCES –
	 	NONDESTRUCTIVE EXAMINATION, LLC

 

	 	By:	 
	 	 	Name: Randall Lorett
	 	 	Title: President and Chief Executive Officer

 

[Signature Page to Security Agreement]

 

    	 

    	 

    

 

	 	DEUTSCHE BANK AG NEW YORK BRANCH,
	 	as Collateral Agent
	 	 
	 	By:	 
	 	 	Name: Chris Chapman
	 	 	Title: Director
	 	 	 
	 	By:	 
	 	 	Name: Shai Bandner
	 	 	Title: Vice President

 

[Signature Page to Security Agreement]

 

    	 

    	 

    

 

EXHIBIT C

TO CREDIT AGREEMENT

 

FORM OF

GUARANTEE AGREEMENT

 

Please see attached.

 

    	 

    	 

    

 

EXECUTION VERSION

 

GUARANTEE AGREEMENT

 

GUARANTEE AGREEMENT,
dated as of December 24, 2013 (this “Agreement”), made by each signatory hereto (each a “Guarantor”,
collectively, the “Guarantors”), in favor of DEUTSCHE BANK AG, NEW YORK BRANCH (“DBNY”),
as collateral agent (in such capacity, the “Collateral Agent”) for the Secured Parties as described and defined
below.

 

RECITALS

 

WHEREAS, pursuant to
the Credit Agreement, dated as of December 24, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among CYPRESS ENERGY PARTNERS, L.P., a Delaware limited partnership, CYPRESS ENERGY PARTNERS, LLC, a Delaware
limited liability company, CYPRESS ENERGY PARTNERS – TIR, LLC, a Delaware limited liability company, TULSA INSPECTION RESOURCES,
LLC, a Delaware limited liability company and each additional borrower that becomes a signatory thereto from time to time (each
a “Borrower”, and collectively, the “Borrowers”), DBNY, as lender, issuing bank, swing line
lender, and the Collateral Agent, DEUTSCHE BANK TRUST COMPANY AMERICAS, as administrative agent, and the other financial institutions
from time to time party thereto as “Lenders” (together with DBNY, the “Lenders”), the Lenders have
severally agreed to make loans and issue letters of credit for the account of the Pledgors upon the terms and subject to the conditions
set forth therein;

 

WHEREAS, the Borrowers
and Guarantors are an affiliated group of businesses that engaged in related businesses and each Guarantor will derive substantial
direct and indirect benefit from the extensions of credit to the Borrowers under the Credit Agreement; and

 

WHEREAS, it is a condition
precedent to the obligation of the Lenders to extend credit and issue letters of credit to the Borrowers under the Credit Agreement
that each Guarantor shall have executed and delivered this Agreement to the Collateral Agent on behalf of and for the ratable benefit
of the Secured Parties (as defined in the Credit Agreement).

 

NOW, THEREFORE, in consideration
of the premises and to induce (i) the Collateral Agent and the Lenders to enter into the Credit Agreement, (ii) the Lenders to
make their respective extensions of credit under the Credit Agreement, and (iii) the Qualified Counterparties and Qualified Cash
Management bank to enter into Financial Hedging Arrangements, Commodity OTC Agreements and Cash Management Agreements, the Guarantors
hereby agree with the Collateral Agent, on behalf and for the ratable benefit of the Secured Parties, as follows:

 

1.          Defined
Terms.

 

(a)        Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

(b)        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 and paragraph references are to this Agreement unless
otherwise specified.

 

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

 

    	 

    	 

    

 

2.          Guarantee.

 

(a)        Each Guarantor
hereby, unconditionally and irrevocably, guarantees to the Collateral Agent, on behalf and for the ratable benefit of the Secured
Parties and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by
the Borrowers when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations.

 

(b)        Anything herein
or in any other Loan Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder and under the
other Loan Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and
state laws relating to the insolvency of debtors.

 

(c)        Each Guarantor
further agrees to pay any and all reasonable and documented expenses (including, without limitation, the fees and disbursements
of counsel) which may be paid or incurred by the Collateral Agent or any Secured Party in enforcing, or obtaining advice of counsel
in respect of, any rights with respect to, or collecting, any or all of the Obligations and/or enforcing any rights with respect
to, or collecting against, the Guarantor under this Agreement. This Agreement shall remain in full force and effect until the Obligations
are paid in full and the Commitments are terminated, notwithstanding that from time to time prior thereto the Borrowers may be
free from any Obligations.

 

(d)         The Guarantor
agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor hereunder
without impairing this Agreement or affecting the rights and remedies of the Collateral Agent or any Secured Party hereunder.

 

(e)         No payment or
payments made by any Borrower, any Guarantor, any other guarantor or any other Person or received or collected by the Collateral
Agent or any Secured Party from any Borrower, any Guarantor, any other guarantor or any other Person by virtue of any action or
proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the
Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of the Guarantors hereunder which shall,
notwithstanding any such payment or payments other than payments made by any Guarantor in respect of the Obligations or payments
received or collected from any Guarantor in respect of the Obligations, remain liable for the Obligations up to the maximum liability
of each Guarantor hereunder until the Obligations are paid in full and the Commitments are terminated.

 

(f)          Each Guarantor
agrees that whenever, at any time, or from time to time, it shall make any payment to the Collateral Agent or any Secured Party
on account of its liability hereunder, it will notify the Collateral Agent in writing that such payment is made under this Agreement
for such purpose.

 

3.          Right of Contribution.
Each Guarantor hereby agrees that, to the extent a Guarantor shall have paid more than its proportionate share of any payment made
hereunder or in respect of the Obligations, such Guarantor shall be entitled to seek and receive contribution from and against
any other Guarantor hereunder which has not paid its proportionate share of such payment. The provisions of this Section 3 shall
be subject to the terms and conditions of Section 5. The provisions of this Section 3 shall in no respect limit the
obligations and liabilities of any Guarantor to the Collateral Agent and the Secured Parties, and each Guarantor shall remain liable
to the Collateral Agent and the Secured Parties for the full amount guaranteed by it hereunder.

 

    	-2-

    	 

    

 

4.         Right of Set-off.
Each Guarantor hereby irrevocably authorizes each Secured Party at any time and from time to time during the existence of an Event
of Default without notice to the Guarantors, any such notice being expressly waived by each Guarantor, to set-off and appropriate
and apply 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 Secured Party to or for the credit or the account of the Guarantors, or any part thereof in such
amounts as such Secured Party may elect, against and on account of the obligations and liabilities of the Guarantors to such Secured
Party hereunder and claims of every nature and description of such Secured Party against any Guarantor, in any currency, whether
arising hereunder, under the Credit Agreement, any Note, any Loan Documents or otherwise, as such Secured Party may elect, whether
or not the Collateral Agent or any Secured Party has made any demand for payment and although such obligations, liabilities and
claims may be contingent or unmatured. The Collateral Agent and each Secured Party shall notify the Guarantors promptly of any
such set-off and the application made by the Collateral Agent or such Secured Party, provided that the failure to give such
notice shall not affect the validity of such set-off and application. The rights of the Collateral Agent and each Secured Party
under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) which
the Collateral Agent or such Secured Party may have.

 

5.         No Subrogation.
Notwithstanding any payment or payments made by the Guarantors hereunder or any set-off or application of funds of any Guarantor
by any Secured Party, no Guarantor shall be entitled to be subrogated to any of the rights of the Collateral Agent or any Secured
Party against any Borrower or any other guarantor or any collateral security or guarantee or right of offset held by any Secured
Party for the payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement
from any Borrower or any other guarantor in respect of payments made by any Guarantor hereunder, until all amounts owing to the
Collateral Agent and the Secured Parties by the Borrowers on account of the Obligations are paid in full and the Commitments are
terminated. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Obligations
shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Collateral Agent and the Secured
Parties, segregated from other funds of the Guarantors, and shall, forthwith upon receipt by such Guarantor, be turned over to
the Collateral Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Collateral Agent, if
required), to be applied against the Obligations, whether matured or unmatured, in such order as the Collateral Agent and the Secured
Parties may determine.

 

6.          Amendments, etc. with respect to the Obligations; Waiver of Rights. Each Guarantor
shall remain obligated hereunder notwithstanding that, without any reservation of rights against such Guarantor and without notice
to or further assent by such Guarantor, any demand for payment of any of the Obligations made by the Collateral Agent or any Secured
Party may be rescinded by such party and any of the Obligations continued, and the Obligations, or the liability of any other party
upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from
time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released
by the Collateral Agent or any Secured Party, and the Credit Agreement, the Notes and the other Loan Documents and any other documents
executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the
Collateral Agent (or the Required Lenders, as the case may be) may deem advisable from time to time, and any collateral security,
guarantee or right of offset at any time held by the Collateral Agent or any Secured Party for the payment of the Obligations may
be sold, exchanged, waived, surrendered or released. Neither the Collateral Agent nor any Secured Party shall have any obligation
to protect, secure, perfect or insure any Lien at any time held by it as security for the Obligations or for the guarantees under
this Agreement or any property subject thereto. When making any demand hereunder against any Guarantor, the Collateral Agent or
any Secured Party may, but shall be under no obligation to, make a similar demand on any Borrower or any other guarantor, and any
failure by the Collateral Agent or any Secured Party to make any such demand or to collect any payments from any Borrower or any
such other guarantor or any release of any Borrower or such other guarantor shall not relieve any Guarantor of its obligations
or liabilities hereunder, and shall not impair or affect the rights and remedies, express or implied, or as a matter of law, of
the Collateral Agent or any Secured Party against such Guarantor. For the purposes hereof “demand” shall include the
commencement and continuance of any legal proceedings.

 

    	-3-

    	 

    

 

7.         Guarantee Absolute
and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations
and notice of or proof of reliance by the Collateral Agent or any Secured Party upon this Agreement or acceptance of this Agreement,
the Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended,
amended or waived, in reliance upon this Agreement; and all dealings between the Borrowers and the Guarantors, on the one hand,
and the Collateral Agent and the Secured Parties, on the other hand, likewise shall be conclusively presumed to have been had or
consummated in reliance upon this Agreement. Each Guarantor waives diligence, presentment, protest, demand for payment and notice
of default or nonpayment to or upon any Borrower or any Guarantor with respect to the Obligations. Each Guarantor understands and
agrees that this Agreement shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to
(a) the validity, regularity or enforceability of the Credit Agreement, any Note or any other Loan Document, any of the Obligations
or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time
held by the Collateral Agent or any Secured Party, (b) any defense, set-off or counterclaim (other than a defense of payment or
performance) which may at any time be available to or be asserted by any Borrower against the Collateral Agent or any Secured Party,
or (c) any other circumstance whatsoever (with or without notice to or knowledge of any Borrower or any Guarantor) which constitutes,
or might be construed to constitute, an equitable or legal discharge of any Borrower for the Obligations, or of any Guarantor under
this Agreement, in bankruptcy or in any other instance. When pursuing its rights and remedies hereunder against any Guarantor,
the Collateral Agent and any Secured Party may, but shall be under no obligation to, pursue such rights and remedies as it may
have against any Borrower or any other Person or against any collateral security or guarantee for the Obligations or any right
of offset with respect thereto, and any failure by the Collateral Agent or any Secured Party to pursue such other rights or remedies
or to collect any payments from any Borrower or any such other Person or to realize upon any such collateral security or guarantee
or to exercise any such right of offset, or any release of any Borrower or any such other Person or any such collateral security,
guarantee or right of offset, shall not relieve any Guarantor of any liability hereunder, and shall not impair or affect the rights
and remedies, whether express, implied or available as a matter of law, of the Collateral Agent and the Secured Parties against
any Guarantor. This Agreement shall remain in full force and effect and be binding in accordance with and to the extent of its
terms upon each Guarantor and the successors and assigns thereof, and shall inure to be benefit of the Collateral Agent and the
Secured Parties, and their respective successors, indorsees, transferees and assigns, until all the Obligations and the obligations
of each Guarantor under this Agreement shall have been satisfied by payment in full and the Commitments shall be terminated, notwithstanding
that from time to time during the term of the Credit Agreement the Borrowers may be free from any Obligations.

 

    	-4-

    	 

    

 

8.           Reinstatement.
This Agreement shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof,
of any of the Obligations is rescinded or must otherwise be restored or returned by the Collateral Agent or any Secured Party upon
the insolvency, bankruptcy, dissolution, liquidation or reorganization of any Borrower or any Guarantor, or upon or as a result
of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, any Borrower or any Guarantor
or any substantial part of its property, or otherwise, all as though such payments had not been made.

 

9.           Not Affected
by Bankruptcy. Notwithstanding any modification, discharge or extension of the Obligations or any amendment, modification,
stay or cure of the Lender’s rights which may occur in any bankruptcy or reorganization case or proceeding against any Borrower,
whether permanent or temporary, and whether or not assented to by the Lender, each of the Guarantors hereby agrees that the Guarantors
shall be obligated hereunder to pay and perform the Obligations and discharge their other obligations in accordance with the terms
of the Obligations and the terms of this Agreement. Each Guarantor understands and acknowledges that, by virtue of this Agreement,
it has specifically assumed any and all risks of a bankruptcy or reorganization case or proceeding with respect to any Borrower.
Without in any way limiting the generality of the foregoing, any subsequent modification of the Obligations in any reorganization
case concerning any Borrower shall not affect the obligation of any Guarantor to pay and perform the Obligations in accordance
with the original terms thereof.

 

10.           Payments.
Each Guarantor hereby guarantees that payments hereunder will be paid to the Collateral Agent without set-off or counterclaim in
U.S. Dollars at the office of the Collateral Agent specified in Section 11.2 of the Credit Agreement, or as otherwise directed
by the Collateral Agent from time to time.

 

11.           Representations
and Warranties. Each Guarantor hereby represents and warrants that:

 

(a)           it is duly formed
or organized, validly existing and in good standing under the laws of the jurisdiction of its formation and has the corporate (or
analogous) 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;

 

(b)           it has the corporate
(or analogous) power and authority, and the legal right, to execute, deliver and perform its obligations under this Agreement and
the other Loan Documents to which it is a party, and has taken all necessary corporate (or analogous) action to authorize its execution,
delivery and performance of this Agreement and the other Loan Documents to which it is a party;

 

(c)           this Agreement
and each of the other Loan Documents to which such Guarantor is a party has been duly executed and delivered on behalf of each
Guarantor, and constitutes a legal, valid and binding obligation of such Guarantor enforceable in accordance with its terms, subject
to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to
or affecting creditors’ rights generally, general equitable principles (whether considered on a proceeding in equity or at
law) and an implied covenant of good faith and fair dealing;

 

(d)           the execution,
delivery and performance of this Agreement and the other Loan Documents to which such Guarantor is a party (i) will not violate
any Requirement of Law in each case to the extent applicable to or binding upon such Guarantor or its Properties or (ii) will not
violate any material Contractual Obligation of any Guarantor, except where such violation could not reasonably be expected to have
a Material Adverse Effect, and (iii) will not result in or require the creation or imposition of any Lien on any of the properties
or revenues of any Guarantor pursuant to any Requirement of Law or Contractual Obligation of any Guarantor (other than Liens created
by the Security Documents in favor of the Collateral Agent and Liens permitted by Section 8.3 of the Credit Agreement;

 

    	-5-

    	 

    

 

(e)           no consent or
authorization of, filing with, notice to, or other act by or in respect of, any Governmental Authority or any other Person (including,
without limitation, any stockholder or creditor of any Guarantor), to which a Guarantor is subject, is required in connection with
the execution, delivery, performance, validity or enforceability of this Agreement or the other Loan Documents to which such Guarantor
is a party (except for any reports required to be filed by the Borrowers’ Agent with the SEC pursuant to the Exchange Act);

 

(f)           no litigation,
investigation or proceeding to which a Guarantor is party before any arbitrator or Governmental Authority is pending or, to the
knowledge of each Guarantor, threatened by or against any Guarantor or against any of their respective properties or revenues (i)
with respect to this Agreement or any other Loan Document to which such Guarantor is a party or any of the transactions contemplated
hereby or thereby, or (ii) which could reasonably be expected to have a Material Adverse Effect;

 

(g)           except for minor
defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties
and assets for their intended purposes and except where the failure to have such title could not reasonably be expected to have
a Material Adverse Effect, each Guarantor has defensible 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 tangible personal property, and none of such property is
subject to any Lien except as permitted by Section 8.3 of the Credit Agreement; and

 

(h)           it has filed
or caused to be filed all material tax returns required to be filed and has timely paid all material Taxes due and payable by it
or imposed with respect to any of its property and all other material fees or other charges imposed on it or any of its property
by any Governmental Authority (other than any taxes 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 each Guarantor).

 

Each Guarantor agrees
that the foregoing representations and warranties shall be deemed to have been made by each Guarantor on the Borrowing Date by
a Borrower under the Credit Agreement on and as of such Borrowing Date as though made hereunder on and as of such date.

 

12.           Covenants.
Each Guarantor hereby covenants and agrees with the Collateral Agent and each Secured Party that, from and after the date of this
Agreement until the Obligations are paid in full (except for contingent indemnification and expense reimbursement obligations for
which no claim has been made) and the Commitments are terminated:

 

(a)           if any Guarantor
shall at any time acquire any shares of Capital Stock of any Subsidiary (other than an Excluded Subsidiary) which is not a Guarantor
hereunder, such Guarantor and such Subsidiary shall promptly deliver to the Collateral Agent an addendum to this Agreement, substantially
in the form of Exhibit A to this Agreement, duly completed; and

 

(b)           each Guarantor
shall take, or shall refrain from taking, as the case may be, each action that is necessary to be taken or not taken, as the case
may be, so that no Default or Event of Default is caused by the failure to take such action or to refrain from taking such action
as set forth in the Credit Agreement to the extent such covenants relate to such Guarantor.

 

    	-6-

    	 

    

 

13.           Authority
of Collateral Agent. Each Guarantor acknowledges that the rights and responsibilities of the Collateral Agent under this Agreement
with respect to any action taken by the Collateral Agent or the exercise or non-exercise by the Collateral Agent of any option,
right, request, judgment or other right or remedy provided for herein or resulting or arising out of this guarantee shall, as between
the Collateral Agent and the Secured Parties, be governed by the Credit Agreement and by such other agreements with respect thereto
as may exist from time to time among them, but, as between the Collateral Agent and each Guarantor, the Collateral Agent shall
be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to act or refrain from
acting, and no Guarantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority.

 

14.           Notices.
All notices, requests and demands to or upon the Collateral Agent, any Lender or the Guarantors to be effective shall be in writing
(or by telex, fax or similar electronic transfer confirmed in writing) and shall be deemed to have been duly given or made (1)
in the case of delivery by overnight courier or delivery by hand, when delivered or (2) if given by mail, three (3) Business Days
after being deposited in the mails, postage prepaid, or (3) if by telex, fax or similar electronic transfer, when sent and receipt
has been confirmed, addressed as follows:

 

(a)           if to the Collateral Agent or any
Secured Party, at its address or transmission number for notices provided in Section 11.2 of the Credit Agreement; and

 

(b)           if to any Guarantor, to the Borrowers’
Agent at its address or transmission number for notices set forth for notices provided in Section 11.2 of the Credit Agreement.

 

The Collateral Agent, each Secured Party and
any Guarantor may change its address and transmission numbers for notices by notice in the manner provided in this Section.

 

15.           Severability.
Any provision of this Agreement which 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.

 

16.           Integration.
This Agreement represents the agreement of each Guarantor with respect to the subject matter hereof and there are no promises or
representations by the Collateral Agent or any Secured Party relative to the subject matter hereof not reflected herein.

 

17.          Amendments
in Writing; No Waiver; Cumulative Remedies.

 

(a)           None of the terms
or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed
by each Guarantor and the Administrative Agent, provided that any provision of this Agreement may be waived by the Collateral
Agent and the Secured Parties in a letter or agreement executed by the Collateral Agent or by telex or facsimile transmission from
the Collateral Agent.

 

(b)
          Neither the Collateral Agent nor any Secured Party shall by any act (except by a written instrument pursuant to Section
17(a)17(a) hereof), delay, indulgence, omission or otherwise be deemed to have waived
any right or remedy hereunder or to have acquiesced in any default or Event of Default or in any breach of any of the terms and
conditions hereof. No failure to exercise, nor any delay in exercising, on the part of the Collateral Agent or any Secured Party,
any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or
privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
A waiver by the Collateral Agent or any Secured Party of any right or remedy hereunder on any one occasion shall not be construed
as a bar to any right or remedy which the Collateral Agent or such Secured Party would otherwise have on any future occasion.

 

    	-7-

    	 

    

 

The rights and remedies herein provided are
cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.

 

18.           Section Headings.
The section headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof
or be taken into consideration in the interpretation hereof.

 

19.           Successors
and Assigns. This Agreement shall be binding upon the successors and assigns of each Guarantor and shall inure to the benefit
of the Collateral Agent and the Secured Parties and their successors and assigns.

 

20.           GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION
5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

21.           Submission To Jurisdiction; Waivers.
Each Guarantor hereby irrevocably and unconditionally:

 

(a)           submits for itself
and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party,
or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts
of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts
from any thereof;

 

(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)           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 the Guarantors at its address set forth under its signature below or at such other address
of which the Collateral Agent shall have been notified pursuant hereto;

 

(d)           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

 

(e)           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.

 

    	-8-

    	 

    

 

22.          Acknowledgments.
Each Guarantor hereby acknowledges that:

 

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

 

(b)           neither the Collateral
Agent nor any Secured Party has any fiduciary relationship with or duty to any Guarantor arising out of or in connection with this
Agreement or any of the other Loan Documents to which it is a party, and the relationship between the Guarantors, the Borrowers
and the other Loan Parties, on one hand, and the Collateral Agent and the Secured Parties, on the other hand, in connection herewith
or therewith is solely that of debtor and creditor; and

 

(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
Secured Parties or among the Guarantors, the Borrowers, any of the other Loan Parties and the Secured Parties.

 

23.           WAIVER OF JURY
TRIAL. EACH GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

 

[SIGNATURE PAGE FOLLOWS]

 

    	-9-

    	 

    

 

IN WITNESS WHEREOF,
each of the undersigned has caused this Agreement to be duly executed and delivered by its duly authorized officer as of the
day and year first above written.

 

	 	GUARANTORS:
	 	 
	 	CYPRESS ENERGY SERVICES, LLC
	 	CYPRESS ENERGY PARTNERS – PECOS SWD, LLC
	 	CYPRESS ENERGY PARTNERS – ORLA SWD, LLC
	 	CYPRESS ENERGY PARTNERS – WILLIAMS SWD, LLC
	 	CYPRESS ENERGY PARTNERS – BAKKEN, LLC
	 	CYPRESS ENERGY PARTNERS – TEXAS, LLC
	 	CYPRESS ENERGY PARTNERS – MOUNTRAIL SWD, LLC
	 	CYPRESS ENERGY PARTNERS – SBG, LLC
	 	CYPRESS ENERGY PARTNERS – TIOGA SWD, LLC
	 	CYPRESS ENERGY PARTNERS – MANNING SWD, LLC
	 	CYPRESS ENERGY PARTNERS – GRASSY BUTTE SWD, LLC
	 	CYPRESS ENERGY PARTNERS – 1804 SWD, LLC
	 	CYPRESS ENERGY PARTNERS – GREEN RIVER SWD, LLC

 

	 	By:	 
	 	 	Name: Peter C. Boylan, III
	 	 	Title: President

 

[Signature Page to Guarantee Agreement]

 

    	 

    	 

    

 

	 	GUARANTORS:
	 	 
	 	TULSA INSPECTION RESOURCES HOLDINGS, LLC
	 	TULSA INSPECTION RESOURCES –  NONDESTRUCTIVE EXAMINATION, LLC
	 	TULSA INSPECTION RESOURCES – CANADA ULC
	 	TULSA INSPECTION RESOURCES – ACQUISITION ULC
	 	FOLEY INSPECTION SERVICES ULC

 

	 	By:	 
	 	 	Name: Randall Lorett
	 	 	Title: Chief Executive Officer

 

[Signature Page to Guarantee Agreement]

 

    	 

    	 

    

  

EXHIBIT A

To Guarantee Agreement

 

ADDENDUM TO GUARANTEE AGREEMENT

 

The undersigned, ______________________, a _______
[corporation], (a “New Guarantor”):

 

(i)            agrees
to all of the provisions of the Guarantee Agreement, dated as of December 24, 2013 (as amended, supplemented or otherwise modified
prior to the date hereof, the “Agreement”), made by signatories thereto as Guarantors (collectively, the “Guarantors”),
in favor of DEUTSCHE BANK AG, NEW YORK BRANCH (“DBNY”), as collateral agent (in such capacity, the “Collateral
Agent”), pursuant to the Credit Agreement, dated as of December 24, 2013 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among CYPRESS ENERGY PARTNERS, L.P., a Delaware limited partnership,
CYPRESS ENERGY PARTNERS, LLC, a Delaware limited liability company, CYPRESS ENERGY PARTNERS – TIR, LLC, a Delaware limited
liability company, TULSA INSPECTION RESOURCES, LLC, a Delaware limited liability company and each additional borrower that becomes
a signatory thereto from time to time (each a “Borrower”, and collectively, the “Borrowers”),
DBNY, as lender, issuing bank, swing line lender, and the Collateral Agent, DEUTSCHE BANK TRUST COMPANY AMERICAS, as administrative
agent, and the other financial institutions from time to time party thereto as “Lenders”; and

 

(ii)             effective
on the date hereof becomes a party to the Agreement, as a Guarantor, with the same effect as if the undersigned were an original
signatory to the Agreement (with the representations and warranties contained therein being deemed to be made by the New Guarantor
on and as of the date hereof).

 

Terms defined in the Agreement and the Credit
Agreement shall have such defined meanings when used herein.

 

    	Exh. A-1

    	 

    

 

EXHIBIT A

To Guarantee Agreement

 

By its acceptance hereof, the undersigned
Guarantor hereby ratifies and confirms its obligations under the Agreement, as supplemented hereby.

 

	 	[NAME OF NEW GUARANTOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Date:

 

	ACCEPTED AND AGREED:	 
	 	 
	DEUTSCHE BANK AG, NEW YORK BRANCH (“DBNY”),	 
	as Collateral Agent	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	Exh. A-2

    	 

    

 

EXHIBIT D-1

TO CREDIT AGREEMENT

 

FORM OF

SECTION 4.11 CERTIFICATE

 

(For Foreign Lenders That Are Not Partnerships For
U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Credit Agreement dated as of December 24, 2013, by and among CYPRESS ENERGY PARTNERS, L.P., a Delaware limited partnership
(the “Borrowers’ Agent”), the other borrowers from time to time party thereto (together with the Borrowers’
Agent, the “Borrowers” and each, a “Borrower”) the financial institutions from time to time
party thereto as a lender (the “Lenders”), DEUTSCHE BANK AG, NEW YORK BRANCH, as collateral agent, and DEUTSCHE
BANK TRUST COMPANY AMERICAS, as administrative agent (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”).

 

The undersigned hereby
certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in
respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code,
(iii) it is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is
not a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has
furnished the Administrative Agent and the Borrowers’ Agent with a certificate of its non-U.S. Person status on IRS Form
W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes,
the undersigned shall promptly so inform the Borrowers’ Agent and the Administrative Agent, and (2) the undersigned shall
have at all times furnished the Borrowers’ Agent and the Administrative Agent with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar
years preceding such payments.

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	Date: ________ __, 20[  ]	 

 

    	D-1-1

    	 

    

 

EXHIBIT D-2

TO CREDIT AGREEMENT

 

FORM OF

SECTION 4.11 CERTIFICATE

 

(For Foreign Participants That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Credit Agreement dated as of December 24, 2013, by and among CYPRESS ENERGY PARTNERS, L.P., a Delaware limited partnership
(the “Borrowers’ Agent”), the other borrowers from time to time party thereto (together with the Borrowers’
Agent, the “Borrowers” and each, a “Borrower”) the financial institutions from time to time
party thereto as a lender (the “Lenders”), DEUTSCHE BANK AG, NEW YORK BRANCH, as collateral agent, and DEUTSCHE
BANK TRUST COMPANY AMERICAS, as administrative agent (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”).

 

The undersigned hereby
certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate,
(ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of any
Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to
any Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has
furnished its participating Lender, the Administrative Agent and the Borrowers’ Agent with a certificate of its non-U.S.
Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on
this certificate changes, the undersigned shall promptly so inform such Lender, the Administrative Agent and the Borrowers’
Agent in writing, and (2) the undersigned shall have at all times furnished such Lender, the Administrative Agent and the Borrowers’
Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF PARTICIPANT]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	Date: ________ __, 20[  ]	 

 

    	D-2-1

    	 

    

 

EXHIBIT D-3

TO CREDIT AGREEMENT

 

FORM OF

SECTION 4.11 CERTIFICATE

 

(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Credit Agreement dated as of December 24, 2013, by and among CYPRESS ENERGY PARTNERS, L.P., a Delaware limited partnership
(the “Borrowers’ Agent”), the other borrowers from time to time party thereto (together with the Borrowers’
Agent, the “Borrowers” and each, a “Borrower”) the financial institutions from time to time
party thereto as a lender (the “Lenders”), DEUTSCHE BANK AG, NEW YORK BRANCH, as collateral agent, and DEUTSCHE
BANK TRUST COMPANY AMERICAS, as administrative agent (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”).

 

The undersigned hereby
certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii)
its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation,
neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement
entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none
of its direct or indirect partners/members is a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B)
of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to any Borrower
as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has
furnished its participating Lender, the Administrative Agent and the Borrowers’ Agent with IRS Form W-8IMY [accompanied by
a withholding statement] and one of the following forms from each of its partners/members that is claiming the portfolio interest
exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender, the Administrative
Agent and the Borrowers’ Agent and (2) the undersigned shall have at all times furnished such Lender, the Administrative
Agent and the Borrowers’ Agent with a properly completed and currently effective certificate in either the calendar year
in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF PARTICIPANT].	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	Date: ________ __, 20[  ]	 

 

    	D-3-1

    	 

    

 

EXHIBIT D-4

TO CREDIT AGREEMENT

 

FORM OF

SECTION 4.11 CERTIFICATE

 

(For Foreign Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Credit Agreement dated as of December 24, 2013, by and among CYPRESS ENERGY PARTNERS, L.P., a Delaware limited partnership
(the “Borrowers’ Agent”), the other borrowers from time to time party thereto (together with the Borrowers’
Agent, the “Borrowers” and each, a “Borrower”) the financial institutions from time to time
party thereto as a lender (the “Lenders”), DEUTSCHE BANK AG, NEW YORK BRANCH, as collateral agent, and DEUTSCHE
BANK TRUST COMPANY AMERICAS, as administrative agent (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”).

 

The undersigned hereby
certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which
it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as
well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or
any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit
pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A)
of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of any Borrower within the meaning
of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation
related to any Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has
furnished the Administrative Agent and the Borrowers’ Agent with IRS Form W-8IMY [accompanied by a withholding statement]
and one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS
Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial
owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform the Borrowers’ Agent and the Administrative
Agent, and (2) the undersigned shall have at all times furnished the Borrowers’ Agent and the Administrative Agent with a
properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	Date: ________ __, 20[  ]	 

 

    	 

    	 

    

 

EXHIBIT E

TO CREDIT AGREEMENT

 

FORM OF

SECRETARY’S CERTIFICATE

 

Reference is made to that certain Credit
Agreement, dated as of the date hereof (the “Credit Agreement”), by and among Cypress Energy Partners,
L.P., a Delaware limited partnership (the “MLP”), Cypress Energy Partners, LLC (“OLLC”),
Cypress Energy Partners – TIR, LLC, a Delaware limited liability company (“CEP-TIR”), and Tulsa Inspection
Resources, LLC (“TIR LLC”) (each a “Borrower” and collectively, the “Borrowers”),
Deutsche Bank AG, New York Branch as collateral agent and as Lender, Issuing Bank, and Swing Line Lender, Deutsche Bank Trust Company
Americas, as administrative agent (the “Agent”), and the other Lenders and agents party thereto (capitalized
terms used but not defined herein have the meanings assigned to such terms in the Credit Agreement).

 

Pursuant to Section 6.1(b) of the Agreement, the undersigned,
the duly authorized, qualified, and elected (or appointed) Secretary of [__________________] (the “Credit Party”),
hereby certifies that:

 

Attached hereto as Exhibit
A is a true and complete copy of the certificate of formation of the Credit Party, together with any and all amendments thereto,
as certified by the relevant Secretary of State (or other applicable Governmental Authority) and such certificate has not been
revoked or further amended and is in full force and effect on the date hereof.

 

Attached hereto as Exhibit
B is a true and complete copy of the limited liability company agreement of the Credit Party, including, all amendments thereto,
as in full force and effect on the date hereof.

 

Attached hereto as Exhibit
C is a true and complete copy of the written consent of the Board of Managers of the Credit Party, providing for the approval
of the Credit Agreement and all other agreements or matters contemplated thereby or executed in connection therewith, which written
consent has not been modified or rescinded and remains in full force and effect on the date hereof

 

Attached hereto as Exhibit
D is a copy of a written confirmation from (a) the Secretary of State or equivalent Governmental Authority of each state listed
on Exhibit D, confirming that the Credit Party is in good standing in such state, and (b) the Secretary of State or equivalent
Governmental Authority of each other state listed on Exhibit D in which the Credit Party is qualified to do business, confirming
that the Credit Party is in good standing in such state.

 

Each person listed on
Exhibit E holds the positions set forth on Exhibit E and is qualified to act in such capacities and to execute and
deliver the Credit Agreement and the other Loan Documents on behalf of the Credit Party, and the signature set forth opposite each
name is the authentic signature of such person.

 

This Certificate may be relied upon by Latham
& Watkins LLP in connection with its legal opinion to be delivered in connection with the Credit Agreement.

 

[signature page follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the undersigned has
executed this Certificate on behalf of the Credit Party as of this December [], 2013.

 

	 	By:	 
	 	Name:
	 	Title:

 

The undersigned,
the duly elected, acting and qualified [________________] of the Credit Party certifies that [_________________]
is the duly authorized, qualified, and elected (or appointed)
Secretary of the Credit Party and the signature above
is his true signature.

 

	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

EXHIBIT F

TO CREDIT AGREEMENT

 

FORM OF

ASSIGNMENT AND ACCEPTANCE

 

This Assignment and
Acceptance (the “Assignment and Acceptance”) is dated as of the Effective Date set forth below and is entered
into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).
All capitalized terms used but not defined herein shall have the meanings specified in the Credit Agreement identified below (as
amended, the “Credit Agreement”), 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 Acceptance 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 (i) 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 any letters of credit, guarantees, and swingline loans included in such facilities)
and (ii) 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 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 (i) above (the
rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned
Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in
this Assignment and Acceptance, without representation or warranty by the Assignor.

 

	1.	Assignor:	 
	 	 	 
	2.	Assignee:	 
	 	 	[and is an Affiliate/Approved Fund of [identify Lender]1]
	 	 	 
	3.	Borrower(s):	Cypress Energy Partners, L.P., as Borrowers’ Agent, and certain signatories to the Credit Agreement as Borrowers (collectively, the “Borrowers”)
	 	 	 
	4.	Administrative Agent:	Deutsche Bank Trust Company Americas, as Administrative Agent for the Lenders under the Credit Agreement
	 	 	 
	5.	Credit Agreement:	That certain Credit Agreement, dated as of December 24, 2013, among the Borrowers, the Lenders from time to time party thereto, Deutsche Bank AG, New York Branch, as collateral agent and Deutsche Bank Trust Company Americas, as administrative agent.

 

 

1 Select as applicable.

 

    	 

    	 

    

 

6.      Assigned
Interest:

 

	Aggregate Amount of	 	 	 	 	 	 	 	 	 	 
	Acquisition Facility	 	 	 	 	 	 	 	 	 	 
	Commitment/Acquisition	 	 	Amount of Acquisition	 	 	Percentage Assigned of	 	 	 	 
	Facility Loans for all	 	 	Facility	 	 	Acquisition Facility	 	 	 	 
	Acquisition Facility	 	 	Commitment/Acquisition	 	 	Commitment/Acquisition	 	 	 	 
	Lenders	 	 	Facility Loans Assigned	 	 	Facility Loans2	 	 	CUSIP Number	 
	$		 	 	$		 	 	 		%	 	 		 

 

	Aggregate Amount of	 	 	 	 	 	 	 	 	 	 
	Working Capital Facility	 	 	Amount of Working	 	 	Percentage Assigned of	 	 	 	 
	Commitment/Working	 	 	Capital Facility	 	 	Working Capital	 	 	 	 
	Capital Facility Loans	 	 	Commitment/Working	 	 	Facility	 	 	 	 
	for all Working Capital	 	 	Capital Facility Loans	 	 	Commitment/Working	 	 	 	 
	Facility Lenders	 	 	Assigned	 	 	Capital Facility Loans3	 	 	CUSIP Number	 
	$		 	 	$		 	 	 		%	 	 		 

 

Effective Date:                                     ,
20 [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

[Remainder of Page Intentionally Left
Blank]

 

 

2 Set
forth, to at least 9 decimals, as a percentage of the Acquisition Revolving Commitment/Acquisition Revolving Loans of all
Lenders thereunder. Assigned percentages for Acquisition Revolving Loans and Working Capital Revolving
Loans must be the same (i.e., assignments must be made pro rata for each type Loan).

 

3 Set
forth, to at least 9 decimals, as a percentage of the Working Capital Revolving Commitment/Working Capital Revolving Loans
of all Lenders thereunder. Assigned percentages for Acquisition Revolving Loans and Working Capital Revolving Loans must be the
same (i.e., assignments must be made pro rata for each type Loan).

 

    	 

    	 

    

 

The terms set forth in this Assignment and Acceptance are hereby
agreed to:

 

	 	ASSIGNOR
	 	 
	 	[NAME OF ASSIGNOR]
	 	 
	 	By:	 
	 	Title:	 

 

 

	 	ASSIGNEE
	 	 
	 	[NAME OF ASSIGNEE]
	 	 
	 	By:	 
	 	Title:	 

 

	[Consented to and]4  Accepted:	 
	 	 
	DEUTSCHE BANK AG, NEW YORK BRANCH, as Collateral Agent
	 	 
	By:	 	 
	Title:	 	 

 

	[Consented to:]5	 
	 	 
	[NAME OF RELEVANT PARTY]	 
	 	 
	By:	 	 
	Title:	 	 

 

4To be added only if
the consent of the Collateral Agent is required by the terms of the Credit Agreement.

5To be added only if the consent of the Borrowers’
Agent and/or other parties is required by the terms of the Credit Agreement.

 

    	 

    	 

    

 

EXHIBIT G

TO CREDIT AGREEMENT

 

FORM OF

BORROWING BASE REPORT

 

Date: _____________

 

Deutsche Bank Trust Company Americas

60 Wall Street

MSNYC60-2710

New York, New York 10005

Attention: Chris Chapman

 

Reference is hereby
made to that certain Credit Agreement dated as of December 24, 2013 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among CYPRESS ENERGY PARTNERS, L.P., a Delaware limited partnership (“Borrowers’
Agent”), the other Borrowers party thereto (the “Borrowers”), each of the financial institutions which
may from time to time become a party thereto as a lender (individually, a “Lender” and collectively, the “Lenders”),
Deutsche Bank AG, New York Branch, as collateral agent and Deutsche Bank Trust Company Americas, as administrative agent for the
Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”). All capitalized
terms used but not defined herein have the same meanings specified in the Credit Agreement. The Borrowers’ Agent hereby delivers
the Borrowing Base Report as of [●] and certifies to the Administrative
Agent that:

 

(i)no Default or Event of Default has occurred and
is continuing under the Credit Agreement, and

 

(ii)the amounts and information
in the attached Borrowing Base Report and supporting materials thereto were accurate and true as of the date thereof.

 

	 	Sincerely,
	 	 
	 	CYPRESS ENERGY PARTNERS, L.P.
	 	 
	 	By: Cypress Energy Partners GP, LLC,
	 	       its general partner

 

	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Notes: 

		1.	[This Borrowing Base Report is an estimated consolidated Borrowing Base] 

		2.	[The Borrowing Base Report is prepared using [DATE] cut-off] 

		3.	[Loan Parties’ Inventory is based on Fair Market Value as of [DATE]] 

 

    	 

    	 

    

 

EXHIBIT H

TO CREDIT AGREEMENT

 

FORM OF

LATHAM WATKINS LEGAL OPINION

 

[SEPARATELY PROVIDED]

 

    	 

    	 

    

 

EXHIBIT I

TO CREDIT AGREEMENT

 

 

FORM OF

CASH COLLATERAL DOCUMENTATION

 

[SEPARATELY PROVIDED]

 

    	 

    	 

    

 

EXHIBIT J

TO CREDIT AGREEMENT

 

[RESERVED]

 

    	 

    	 

    

 

EXHIBIT K

TO CREDIT AGREEMENT

 

FORM OF

COMPLIANCE CERTIFICATE

 

[Letterhead of Company]

 

December [__], 2013

 

Deutsche Bank Trust Company Americas 60 Wall Street

MSNYC60-2710

New York, New York 10005

Attention: Project Finance Manager-Cypress Energy

Telecopy No.: [______________]

 

Ladies and Gentlemen:

 

I hereby certify to you as follows:

 

(a)    I am the duly
elected [Title] of Cypress Energy Partners GP, LLC, the general partner of CYPRESS ENERGY PARTNERS, L.P., a Delaware limited partnership
(the “Company”) acting as Borrowers’ Agent. All capitalized terms used but not defined herein shall have
the meanings specified in the Credit Agreement dated as of December 24, 2013 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among the Company, certain affiliates of Company (together with
Company, each a “Borrower” and collectively, the “Borrowers”), each of the financial institutions
which may from time to time become a party thereto as a lender (individually, a “Lender” and collectively, the
“Lenders”), Deutsche Bank AG, New York Branch, as collateral agent and Deutsche Bank Trust Company Americas,
as administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Administrative
Agent”).

 

(b)   I have reviewed
the terms of the Credit Agreement, and have made, or have caused to be made under my supervision, a detailed review of the transactions
and the condition of the Loan Parties during the immediately preceding [applicable time period].

 

(c)To the best of my
knowledge, each Loan Party during such period has observed or performed all of its covenants and other agreements and satisfied
every condition contained in the Credit Agreement and the other Loan Documents to be observed, performed or satisfied by it.

 

(d)   Except as disclosed
on Annex A attached hereto, the review described in paragraph (b) above did not disclose the existence during or at the
end of such period, and I have no knowledge of the existence as of the date hereof, of any condition or event which constitutes
a Default or an Event of Default.

 

(e)    Provided in
Annex B to this Certificate are the financial statements and information required to be furnished to the Administrative
Agent pursuant to Section 7.1 of the Credit Agreement. Such financial statements fairly present in all material respects the financial
condition and results of operations of (i) the Borrowers’ Agent and its Subsidiaries on a consolidated basis (ii) Cypress
Energy Partners – TIR, LLC and its Subsidiaries on a consolidated basis, each prepared in accordance with GAAP consistently
applied and with respect to quarterly financial statements, subject to normal year-end audit adjustments and the absence of footnotes.

 

    	K-1

    	 

    

 

(f)    Provided in
Annex C to this Certificate are the financial data and computations evidencing compliance with Section 8.1(a) (Adjusted
Leverage Ratio), all of which data and computations are true, correct and complete in all material respects.

 

(g)    Provided in
Annex D to this Certificate are the financial data and computations evidencing compliance with Section 8.1(b) (Interest
Coverage Ratio), all of which data and computations are true, correct and complete in all material respects.

 

The foregoing certifications are made and delivered this day
of [●], 20[●].

 

    	K-2

    	 

    

 

	 	Very truly yours,
	 	 
	 	CYPRESS ENERGY PARTNERS, L.P.
	 	 
	 	By: Cypress Energy Partners GP, LLC, 

its general partner

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

Annex A

 

Disclosure of Known Defaults and Events
of Default

 

[If none, insert “NONE”.]

 

    	 

    	 

    

 

Annex B

 

Financial Statements and Information

 

    	 

    	 

    

 

Annex C

 

Additional Leverage Ratio Data and Computations

 

    	 

    	 

    

 

Annex D

 

Interest Coverage Ratio Data and Computations

 

    	 

    	 

    

 

EXHIBIT L

TO CREDIT AGREEMENT

 

FORM OF

INCREASE AND NEW LENDER AGREEMENT

 

This INCREASE AND NEW
LENDER AGREEMENT (this “Agreement”), dated [●],
20[●], is made by CYPRESS ENERGY PARTNERS, L.P., a Delaware limited partnership (the “Borrowers’
Agent”), each Lender designated on the signature pages hereto as an “Increasing Lender” (each an “Increasing
Lender” and collectively, the “Increasing Lenders”), each Lender designated on the signature pages
hereto as a “New Lender” (each a “New Lender” and collectively, the “New Lenders”
and collectively with the Increasing Lender, the “Lenders”) and DEUTSCHE BANK TRUST COMPANY AMERICAS, as administrative
agent for the Secured Parties (in such capacity, together with its successors in such capacity, the “Administrative Agent”).
Capitalized terms used in this Agreement and not defined herein, including in this preamble, have the meanings set forth for such
terms in the Credit Agreement (as hereinafter defined).

 

WHEREAS, the Borrowers,
the Administrative Agent, Deutsche Bank AG New York Branch, as collateral agent, and the Lenders party thereto have entered into
a Credit Agreement dated as of December 24, 2013 (as it may be amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”).

 

WHEREAS, the parties
hereto desire to evidence an increase in the aggregate [Working Capital Facility] [Acquisition Facility] Commitments pursuant to
Section 4.1(b)(iii) of the Credit Agreement as set forth herein.

 

NOW, THEREFORE, for good and valuable consideration
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.The aggregate
[Working Capital Facility] [Acquisition Facility] Commitments are hereby increased
from $[[●]] [[●]] to $[_____]6.

 

2.Each of the parties
identified below as New Lender or an Increasing Lender, as applicable, hereby (i) accepts and agrees or continues to accept and
agree, as applicable, to be bound by the terms of the Credit Agreement as a Lender thereunder, and (ii) acknowledges and agrees
or continues to acknowledge and agree, as applicable, that the amount of its Commitment after giving effect to the Facility Increase
is set forth opposite its signature below.

 

3.This instrument shall be governed by and
construed in accordance with the law of the State of New York.

 

4.This instrument may
be executed by different parties hereto on any number of separate counterparts, each of which, when so executed and delivered,
shall be an original, and all such counterparts shall together constitute one and the same instrument.

 

This Agreement shall
be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Agreement 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 Agreement by telecopy or electronic transmission (in .pdf format) shall be effective as delivery of
a manually executed counterpart of this Agreement. 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 INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION
5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

 

 

6 Aggregate amount
after giving effect to all increases under Section 4.1(b)(iii) of the Credit Agreement shall not exceed $100,000,000.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, each party hereto has
caused this Agreement to be executed and delivered by its officer thereunto duly authorized as of the date above first written.

 

	 	CYPRESS ENERGY PARTNERS, L.P.,
	 	as Borrowers’ Agent
	 	 
	 	By:   Cypress Entergy Partners GP, LLC,
	 	         its general partner

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	 	as Administrative Agent
	 	 
	 	 
	 	BY:      DEUTSCHE BANK NATIONAL TRUST
	 	             COMPANY

 

	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Working Capital Facility Commitment: $[●]	 
	Acquisition Facility Commitment:  $[●]	[●], as a [New Revolving][Increasing] Lender

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Address:
	 	[●]
	 	[●]
	 	Attention: [●]
	 	Telephone: [●]
	 	Facsimile: [●]

 

    	 

    	 

    

 

EXHIBIT M

TO CREDIT AGREEMENT

 

FORM OF

PERFECTION CERTIFICATE

 

Please see attached.

 

    	 

    	 

    

 

EXECUTION VERSION

 

PERFECTION CERTIFICATE

 

The undersigned are
officers of Cypress Energy Partners, L.P., a Delaware limited partnership (“Cypress Energy”), Cypress Energy
Partners – TIR, LLC, a Delaware limited liability company (“CEP-TIR”), Cypress Energy Partners, LLC, a
Delaware limited liability company (“CEP LLC”) and Tulsa Inspection Resources, LLC, a Delaware limited liability
company (“TIR” and together with Cypress Energy, CEP LLC and CEP-TIR, the “Borrowers ”),
and each of the Borrower’s respective Subsidiaries 1 other than the Excluded
Subsidiaries as of the Closing Date (collectively, the “Credit Parties”). Capitalized terms used herein and
not otherwise defined herein have the meanings assigned to them in that certain Credit Agreement dated as of December 24, 2013
(the “Credit Agreement”), by and among the Credit Parties, each additional Borrower that becomes a party thereto,
Deutsche Bank AG, New York Branch, as Collateral Agent, Deutsche Bank Trust Company Americas, as Administrative Agent, and the
financial institutions parties thereto as Lenders. The undersigned hereby certify, represent and warrant all of the following information
provided in this Perfection Certificate (this “Perfection Certificate”) is true, complete and correct
in all respects:

 

1.             Attached hereto
as Schedule 1 is the exact name and jurisdiction of incorporation or organization for each Credit Party as it appears in
their respective articles/certificate of incorporation, certificate of limited partnership, certificate of formation or other formation
documents, as well as each jurisdiction in which such Credit Party is qualified to transact business as a foreign corporation,
foreign partnership or foreign limited liability company (as applicable) and the organizational number and federal taxpayer identification
number for each Credit Party.

 

2.             Except as set
forth in Schedule 2 hereto, no Credit Party has changed its name in the past five (5) years.

 

		3.	Except as set forth in Schedule 3 hereto, no Credit Party does business under any other name.

 

4.             Except as set
forth in Schedule 4 hereto, no Credit Party has acquired, merged or consolidated with a non-Affiliate within the past four
(4) months. If any such change has taken place, indicate the nature of such change and give the names of each corporation or other
entity that was merged or consolidated with or acquired by any of the Credit Parties in such transaction (including each name under
which each such corporation or entity has done business) and the address of each place of business of each such corporation or
entity immediately prior to such merger, consolidation or acquisition and within four (4) months prior to the date of this Perfection
Certificate.

 

5.             Except as set
forth in Schedule 5 hereto, no Credit Party is: (i) a transmitting utility (as defined in the Uniform Commercial Code as
in effect in the jurisdiction of organization of such Credit Party), (ii) primarily engaged in farming operations (as defined in
the Uniform Commercial Code), (iii) a trust, (iv) a foreign air carrier within the meaning of the federal aviation act of 1958,
as amended or (v) a branch or agency of a bank which bank is not organized under the law of the United States or any state thereof.

 

 

1   As used
herein, “Subsidiary” shall mean, with respect to any person, a corporation, limited liability company, partnership
or other entity of which a majority of the outstanding shares of stock of each class having ordinary voting power or other equity
interests is owned, directly or indirectly, by such person.

 

    	 

    	 

    

 

6.            Attached hereto
as Schedule 6 is the following information with respect to all real property at any time owned or leased (as lessee or sublessee)
by any of the Credit Parties with a value in excess of $500,000 as of the closing date under the Credit Agreement (the “Closing
Date”); provided that any real property consisting solely of an office lease shall not be required to be listed:

 

Real Property Owned:

 

		(a)	To the extent available, its complete address (including county); and

		(b)	Whether improved or unimproved;

		(c)	If improved, type of improvements;

		(d)	Use of property; and

		(e)	Approximate value.

 

Real Property Leased:

 

		(a)	To the extent available, its complete address (including county);

		(b)	Landlord’s name and complete address; and

		(c)	Use of property.

 

7.            Attached hereto
as Schedule 7 is the complete address (including the county) of the Credit Parties’ chief executive offices and, if
different from their respective chief executive offices, of the offices where any of the Credit Parties keeps or will keep as of
the Closing Date its respective books and records relating to its respective accounts, general intangibles, or contract rights,
specifying in each case whether such locations are or will be owned or leased by a Credit Party and, if leased, specifying the
name and address of the landlord.

 

8.            Attached hereto
as Schedule 8 is the complete address (including the county) of each location where any Credit Party keeps or will as of
the Closing Date keep any inventory or machinery and equipment (under bailment or otherwise), other than the places of business
listed in the answers to questions 6 through 9, specifying in each case whether such location is or will be owned or leased by
such Credit Party, or stored at such location under bailment by a Credit Party, and, if leased or stored under bailment, specifying
the name and address of the landlord or bailee.

 

9.            Attached hereto
as Schedule 9 is the name and address (including the county) of any person or entity other than the Credit Parties having
possession of any of the Credit Parties’ inventory or machinery and equipment as of the Closing Date.

 

10.          Attached
hereto as Schedule 10 are the complete addresses (including county) where goods purchased by the Credit Party after
the Closing Date might in the usual course of the purchase transaction be located, even temporarily, for purposes of shipment.

 

    	2

    	 

    

 

11.           Attached hereto
as Schedule 11 is a description, including the complete address, of any interest in any goods other than inventory or machinery
and equipment, such as timber, crops, minerals or the like that is or will be owned by any Credit Party as of the Closing Date.

 

12.           Attached hereto
as Schedule 12 is a list and description of each of the Credit Parties’ machinery and equipment that will, as of the
Closing Date, consist of any of the following:

 

		(a)	airplanes;

		(b)	ships and other vessels; and

		(c)	railroad locomotives and rolling stock.

 

13.           Attached hereto
as Schedule 13 is a list of the Credit Parties’ accounts receivables as of the Closing Date that are to be payable
by the United States Government or any political subdivision thereof, which includes (i) the aggregate amount thereof and (ii)
the percentage that each account receivable is of all of the Credit Parties’ accounts receivables.

 

14.           Attached hereto
as Schedule 14 is the following information with respect to each patent and patent application in which any of the Credit
Parties will have any interest (whether as owner, licensee or otherwise) as of the Closing Date:

 

Patents:

 

		(a)	Nature of interest (e.g., owner, licensee, other);

		(b)	Description;

		(c)	Registration number;

		(d)	Issue date; and

		(e)	Country of issuance.

 

Patent Applications:

 

		(a)	Nature of interest (e.g. owner licensee other);

		(b)	Description;

		(c)	Date of application; and

		(d)	Country of application.

 

15.           Attached hereto
as Schedule 15 is the following information with respect to each registered trademark and trademark application in which
any of the Credit Parties will have any interest (whether as owner, licensee or otherwise) as of the Closing Date:

 

Registered Trademarks:

 

		(a)	Nature of interest (e.g., owner, licensee, other);

		(b)	Registered trademark;

		(c)	Registered number;

		(d)	Property covered;

		(e)	Date of registration; and

 

    	3

    	 

    

 

		(f)	Country of registration.

 

Trademark Applications:

 

		(a)	Nature of interest (e.g., owner, licensee, other);

		(b)	Trademark to which application applies;

		(c)	Property covered;

		(d)	Date of application; and

		(e)	Country of application.

 

16.           Attached hereto
as Schedule 16 is the following information with respect to each copyright and copyright application in which any of the
Credit Parties will have any interest (whether as owner, licensee or otherwise) as of the Closing Date:

 

Copyrights:

 

		(a)	Nature of interest (e.g., owner, licensee, other);

		(b)	Copyright;

		(c)	Copyright number;

		(d)	Property covered;

		(e)	Date of copyright;

		(f)	Docket number; and

		(g)	Country of registration.

 

Copyright Applications:

 

		(a)	Nature of interest (e.g., owner, licensee, other);

		(b)	Copyright to which application applies;

		(c)	Property covered;

		(d)	Date of application; and

		(e)	Country of application.

 

17.           Attached hereto
as Schedule 17 is a list the Credit Parties’ assets consisting of instruments or equity interests (e.g., promissory
notes or shares of stock) or chattel paper or book entry securities in excess of $1,000,000 as of the Closing Date, whether or
not such equity interests are evidenced by certificates (which if so, copies of all outstanding certificates shall be attached).

 

18.           Attached hereto
as Schedule 18 is a list of each bank, commodity and securities account, excluding Excluded Accounts, to be held by one
or more of the Credit Parties as of the Closing Date, including the bank or brokerage where such account is located, the account
number and the principal purpose of the account.

 

19.           Attached hereto
as Schedule 19 is a list, in reasonable detail, of all commercial tort claims for monetary damages in excess of $1,000,000
of any Credit Party as of the Closing Date.

 

    	4

    	 

    

  

CYPRESS ENERGY PARTNERS, L.P.,

by Cypress Energy Partners GP, LLC, its general
partner

CYPRESS ENERGY PARTNERS, LLC

CYPRESS ENERGY PARTNERS – TIR, LLC

CYPRESS ENERGY SERVICES, LLC

CYPRESS ENERGY PARTNERS – PECOS SWD, LLC

CYPRESS ENERGY PARTNERS – ORLA SWD, LLC

CYPRESS ENERGY PARTNERS – WILLIAMS SWD, LLC

CYPRESS ENERGY PARTNERS – BAKKEN, LLC

CYPRESS ENERGY PARTNERS – TEXAS, LLC

CYPRESS ENERGY PARTNERS – MOUNTRAIL SWD, LLC

CYPRESS ENERGY PARTNERS – SBG, LLC

CYPRESS ENERGY PARTNERS – TIOGA SWD, LLC

CYPRESS ENERGY PARTNERS – MANNING SWD, LLC

CYPRESS ENERGY PARTNERS – GRASSY BUTTE SWD, LLC

CYPRESS ENERGY PARTNERS – 1804 SWD, LLC

CYPRESS ENERGY PARTNERS – GREEN RIVER SWD, LLC

 

	By:	 	 
	Name:	Peter C. Boylan, III	 
	Title:	President	 

 

TULSA INSPECTION RESOURCES, LLC

TULSA INSPECTION RESOURCES HOLDINGS, LLC

TULSA INSPECTION RESOURCES – NONDESTRUCTIVE EXAMINATION,
LLC

TULSA INSPECTION RESOURCES – CANADA ULC

FOLEY INSPECTION SERVICES ULC

TULSA INSPECTION RESOURCES – ACQUISITION ULC

 

	By:	 	 
	Name:	Randall Lorett	 
	Title:	Chief Executive Officer	 

 

[Signature Page to Perfection Certificate]

 

    	 

    	 

    

 

Schedule 1

 

	 	 	 	 	Organizational	 	 	 	 
	 	 	State of	 	# or Corporate	 	 	 	 
	 	 	Incorporation/	 	Access Number	 	 	 	Foreign
	Name	 	Formation	 	(as applicable)	 	FEIN	 	Qualifications
	 	 	 	 	 	 	 	 	 
	Cypress Energy	 	Delaware	 	5401651	 	61-1721523	 	 
	Partners, L.P.	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Cypress Energy	 	Delaware	 	5337514	 	46-4295803	 	 
	Partners – TIR,	 	 	 	 	 	 	 	 
	LLC	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Cypress Energy	 	Delaware	 	5113497	 	90-0807385	 	 
	Partners, LLC	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Cypress Energy	 	Delaware	 	5221587	 	46-1168107	 	Texas - 801676536
	Partners – Pecos	 	 	 	 	 	 	 	 
	SWD, LLC	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Cypress Energy	 	Delaware	 	5221581	 	46-1177303	 	Texas – 801676528
	Partners – Orla	 	 	 	 	 	 	 	 
	SWD, LLC	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Cypress Energy	 	Delaware	 	5221098	 	46-1183840	 	North Dakota-
	Partners –	 	 	 	 	 	 	 	32977000
	Williams SWD,	 	 	 	 	 	 	 	 
	LLC	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Cypress Energy	 	Delaware	 	5204377	 	46-1259092	 	North Dakota -
	Partners – Bakken,	 	 	 	 	 	 	 	32561200
	LLC	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Cypress Energy	 	Texas	 	801632907	 	46-1285974	 	 
	Partners – Texas,	 	 	 	 	 	 	 	 
	LLC	 	 	 	 	 	 	 	 
	Cypress Energy	 	Delaware	 	5361238	 	46-3167770	 	North Dakota –
	Services, LLC	 	 	 	 	 	 	 	35690600
	 	 	 	 	 	 	 	 	 
	Cypress Energy	 	Delaware	 	5221669	 	46-1194977	 	North Dakota-
	Partners –	 	 	 	 	 	 	 	32977100
	Mountrail SWD,	 	 	 	 	 	 	 	 
	LLC	 	 	 	 	 	 	 	 
	Cypress Energy	 	Delaware	 	5244782	 	46-1421409	 	 
	Partners – SBG,	 	 	 	 	 	 	 	 
	LLC	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

	

 Cypress Energy	 	North	 	28291600	 	27-4503230	 	 
	Partners – Tioga	 	Dakota	 	 	 	 	 	 
	SWD, LLC	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Cypress Energy	 	North	 	28874100	 	37-1634247	 	 
	Partners –	 	Dakota	 	 	 	 	 	 
	Manning SWD,	 	 	 	 	 	 	 	 
	LLC	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Cypress Energy	 	North	 	29709800	 	45-3049047	 	 
	Partners – Grassy	 	Dakota	 	 	 	 	 	 
	Butte SWD, LLC	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Cypress Energy	 	North	 	29709900	 	45-3049110	 	 
	Partners – 1804	 	Dakota	 	 	 	 	 	 
	SWD, LLC	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Cypress Energy	 	North	 	31425700	 	45-4851534	 	 
	Partners – Green	 	Dakota	 	 	 	 	 	 
	River SWD, LLC	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Tulsa Inspection	 	Delaware	 	5435856	 	37-1744632	 	Oklahoma
	Resources, LLC	 	 	 	 	 	 	 	Colorado
	 	 	 	 	 	 	 	 	Minnesota
	 	 	 	 	 	 	 	 	Nebraska
	 	 	 	 	 	 	 	 	Texas
	 	 	 	 	 	 	 	 	 
	Tulsa Inspection	 	Delaware	 	5442322	 	90-1035133	 	 
	Resources	 	 	 	 	 	 	 	 
	Holdings, LLC	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Tulsa Inspection	 	Delaware	 	5445161	 	80-0966595	 	 
	Resources –	 	 	 	 	 	 	 	 
	Nondestructive	 	 	 	 	 	 	 	 
	Examination, LLC	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Tulsa Inspection	 	Alberta	 	2017887197	 	N/A	 	Alberta
	Resources –	 	 	 	 	 	 	 	Saskatchewan
	Canada ULC	 	 	 	 	 	 	 	Nova Scotia
	 	 	 	 	 	 	 	 	British Columbia
	 	 	 	 	 	 	 	 	 
	Tulsa Inspection	 	Alberta	 	2015449834	 	N/A	 	Alberta
	Resources –	 	 	 	 	 	 	 	 
	Acquisition ULC	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Foley Inspection	 	Alberta	 	205974918	 	N/A	 	Alberta
	Services ULC	 	 	 	 	 	 	 	Saskatchewan
	 	 	 	 	 	 	 	 	Nova Scotia
	 	 	 	 	 	 	 	 	British Columbia

 

    	 

    	 

    

 

Schedule 2

 

	Grantor	 	Date
    of Change	 	Description
    of Change
	 	 	 	 	 
	Cypress Energy Partners, LLC	 	August 15, 2012	 	Name was changed from Cypress Energy Partners, LP to Cypress Energy
    Partners, LLC
	 	 	 	 	 
	Cypress Energy Partners – Tioga SWD, LLC	 	November 25, 2013	 	Name was changed from SBG Tioga Facility LLC to Cypress Energy
    Partners – Tioga SWD, LLC
	 	 	 	 	 
	Cypress Energy Partners – Manning SWD, LLC	 	November 25, 2013	 	Name was changed from SBG
    Manning Facility LLC to Cypress Energy Partners – Manning SWD, LLC
	 	 	 	 	 
	Cypress Energy Partners – Grassy Butte SWD, LLC	 	November 25, 2013	 	Name was changed from SBG Grassy Butte LLC to Cypress Energy Partners
    – Grassy Butte SWD, LLC
	 	 	 	 	 
	Cypress Energy Partners – 1804 SWD, LLC	 	November 25, 2013	 	Name was changed from SBG 1804 Facility LLC to Cypress Energy Partners
    – 1804 SWD, LLC
	 	 	 	 	 
	Cypress Energy Partners – Green River SWD, LLC	 	December 21, 2012	 	Name was changed from SBG Green River LLC to SBG Green River Facility.
	 	 	 	 	 
	 	 	November 25, 2013	 	Name was further changed from SBG Green River Facility to Cypress
    Energy Partners – Green River SWD, LLC

 

    	 

    	 

    

 

	Tulsa Inspection Resources – Canada, ULC	 	December 5, 2013	 	Name changed from Tulsa Inspection Resources – Canada Inc. to Tulsa Inspection Resources – Canada ULC
	 	 	 	 	 
	Tulsa Inspection Resources – Acquisition ULC	 	December 12, 2013	 	Name changed from Tulsa Inspection Resources – Acquisition Corp. to Tulsa Inspection Resources – Acquisition ULC
	 	 	 	 	 
	Foley Inspection Services ULC	 	December 18, 2013	 	Name changed from Foley Inspection Services, Inc.   to Foley Inspection Services ULC

  

    	 

    	 

    

 

Schedule 3

 

Tulsa Inspection Resources I, LLC

 

    	 

    	 

    

 

Schedule 4

 

None.

 

    	 

    	 

    

 

Schedule 5

 

None.

 

    	 

    	 

    

 

Schedule 6

 

	Legal Entity

    Name	 	Legal

    Description	 	Latitude /

    Longitude	 	Address	 	County	 	State	 	Approximate

    Value	 	Improved?

    (Y/N)	 	Description

    of

    Improvement
	Cypress Energy Partners - Tioga SWD, LLC	 	NWNW Sec 15- T156N - R96W	 	48' 20.24 - 103' 36.59	 	10798 Hwy 2, Tioga, ND 58852	 	Williams	 	North Dakota	 	$	2,100,000	 	Yes	 	Salt water disposal well
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cypress Energy Partners - Manning SWD, LLC	 	SWSW Sec 18 143 95	 	47' 11.5 - 102' 46.41	 	1496 Hwy 22 Manning, ND 58642	 	Dunn	 	North Dakota	 	$	2,000,000	 	Yes	 	Salt water disposal well
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cypress Energy Partners - Grassy Butte SWD, LLC	 	SENE Sec 35 147 99	 	47' 30.34 - 103' 14.57	 	651 Hwy 85 N Grassy Butte, ND 58634	 	Mckenzie	 	North Dakota	 	$	2,000,000	 	Yes	 	Salt water disposal well
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cypress Energy Partners - 1804 SWD, LLC	 	SWSW Sec 35 155 93	 	48' 11.50 - 102' 36.41	 	5402 92nd Ave NW Ross, ND  58776	 	Mountrail	 	North Dakota	 	$	2,215,000	 	Yes	 	Salt water disposal well
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cypress Energy Partners - Green River SWD, LLC	 	NWNW Sec 23 141 99	 	47' 01.24 - 103' 12.04	 	2710 Hwy 85 SW Belfield, ND 58622	 	Billings	 	North Dakota	 	$	2,000,000	 	Yes	 	Salt water disposal well

 

    	 

    	 

    

 

	Cypress Energy Partners - Williams SWD, LLC	 	Lots 29, 31, 41 and 42 located in the Missouri Ridge Commercial Park Subdivision
    lying in the S1/2 of Section 12 T155N-R101W of the 5th P.M., Pherrin Township	 	48.260667 / - 103.531312	 	5835 135TH Ave., NW Williston, ND 58801	 	Williams	 	North Dakota	 	$	1,500,000	 	Yes	 	Salt water disposal well
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cypress Energy Partners - Mountrail SWD, LLC	 	Lot 3 & 4 (W1/2SW1/4) Section 13 T152N-95W	 	48.242074 / - 102.3724	 	5702 Highway 8 Stanley, ND 58784	 	Mountrail	 	North Dakota	 	$	1,500,000	 	Yes	 	Salt water disposal well
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cypress Energy Partners - Pecos SWD, LLC	 	Section 21, Block 5, H&GN RR CO. Survey	 	31.368275 / - 103.531312	 	5344 S. Valley Street Pecos, TX  79772	 	Reeves	 	Texas	 	$	1,500,000	 	Yes	 	Salt water disposal well
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cypress Energy Partners - Orla SWD, LLC	 	Section 8, Block 56, Township 3, T&P Railroad Company Survey	 	31.73829 / - 103.83812	 	2973 CR 436 Orla, TX  79770	 	Reeves	 	Texas	 	$	1,500,000	 	Yes	 	Salt water disposal well

 

    	 

    	 

    

 

Schedule 7

 

	Credit Party	 	Chief Executive Office	 	Leased?	 	Landlord
	 	 	 	 	 	 	 
	Cypress Energy Partners, L.P.	 	5727 S. Lewis Ave. Suite 500, Tulsa, OK 74104	 	Yes	 	Principal Equity Properties, LP – 13831 NW Freeway #510, Houston TX 77040
	 	 	 	 	 	 	 
	Cypress Energy Partners – TIR, LLC	 	5727 S. Lewis Avenue, Suite 500, Tulsa, Oklahoma 74105	 	Yes	 	Principal Equity Properties, LP – 13831 NW Freeway #510, Houston TX 77040
	 	 	 	 	 	 	 
	Tulsa Inspection Resources, LLC	 	4111 S. Darlington Ave. Ste. 1000 Tulsa, OK 74135	 	Yes	 	Southland Tower LLC, An Arkansas Limited Liability Company, c/o CB Richard Ellis Oklahoma – 1401 S. Boulder Ave #100, Tulsa, OK 74119
	 	 	 	 	 	 	 
	Cypress Energy Partners, LLC	 	5727 S. Lewis Avenue, Suite 500, Tulsa, Oklahoma 74105	 	Yes	 	Principal Equity Properties, LP – 13831 NW Freeway #510, Houston TX 77040
	 	 	 	 	 	 	 
	Cypress Energy Partners – Pecos SWD, LLC	 	5727 S. Lewis Avenue, Suite 500, Tulsa, Oklahoma 74105	 	Yes	 	Principal Equity Properties, LP – 13831 NW Freeway #510, Houston TX 77040
	 	 	 	 	 	 	 
	Cypress Energy Partners – Orla SWD, LLC	 	5727 S. Lewis Avenue, Suite 500, Tulsa, Oklahoma 74105	 	Yes	 	Principal Equity Properties, LP – 13831 NW Freeway #510, Houston TX 77040
	 	 	 	 	 	 	 
	Cypress Energy Partners – Williams SWD, LLC	 	5727 S. Lewis Avenue, Suite 500, Tulsa, Oklahoma 74105	 	Yes	 	Principal Equity Properties, LP – 13831 NW Freeway #510, Houston TX 77040
	 	 	 	 	 	 	 
	Cypress Energy Partners – Bakken, LLC	 	5727 S. Lewis Avenue, Suite 500, Tulsa, Oklahoma 74105	 	Yes	 	Principal Equity Properties, LP – 13831 NW Freeway #510, Houston TX 77040
	 	 	 	 	 	 	 
	Cypress Energy Partners – Texas, LLC	 	5727 S. Lewis Avenue, Suite 500, Tulsa, Oklahoma 74105	 	Yes	 	Principal Equity Properties, LP – 13831 NW Freeway #510, Houston TX 77040

 

    	 

    	 

    

 

	Cypress Energy Services, LLC	 	5727 S. Lewis Avenue, Suite 500, Tulsa, Oklahoma 74105	 	Yes	 	Principal Equity Properties, LP – 13831 NW Freeway #510, Houston TX 77040
	 	 	 	 	 	 	 
	Cypress Energy Partners – Mountrail SWD, LLC	 	5727 S. Lewis Avenue, Suite 500, Tulsa, Oklahoma 74105	 	Yes	 	Principal Equity Properties, LP – 13831 NW Freeway #510, Houston TX 77040
	 	 	 	 	 	 	 
	Cypress Energy Partners – SBG, LLC	 	5727 S. Lewis Avenue, Suite 500, Tulsa, Oklahoma 74105	 	Yes	 	Principal Equity Properties, LP – 13831 NW Freeway #510, Houston TX 77040
	 	 	 	 	 	 	 
	Cypress Energy Partners – Tioga SWD, LLC	 	5727 S. Lewis Avenue, Suite 500, Tulsa, Oklahoma 74105	 	Yes	 	Principal Equity Properties, LP – 13831 NW Freeway #510, Houston TX 77040
	 	 	 	 	 	 	 
	Cypress Energy Partners – Manning SWD, LLC	 	5727 S. Lewis Avenue, Suite 500, Tulsa, Oklahoma 74105	 	Yes	 	Principal Equity Properties, LP – 13831 NW Freeway #510, Houston TX 77040
	 	 	 	 	 	 	 
	Cypress Energy Partners – Grassy Butte SWD, LLC	 	5727 S. Lewis Avenue, Suite 500, Tulsa, Oklahoma 74105	 	Yes	 	Principal Equity Properties, LP – 13831 NW Freeway #510, Houston TX 77040
	 	 	 	 	 	 	 
	Cypress Energy Partners – 1804 SWD, LLC	 	5727 S. Lewis Avenue, Suite 500, Tulsa, Oklahoma 74105	 	Yes	 	Principal Equity Properties, LP – 13831 NW Freeway #510, Houston TX 77040
	 	 	 	 	 	 	 
	Cypress Energy Partners – Green River SWD, LLC	 	5727 S. Lewis Avenue, Suite 500, Tulsa, Oklahoma 74105	 	Yes	 	Principal Equity Properties, LP – 13831 NW Freeway #510, Houston TX 77040
	 	 	 	 	 	 	 
	Tulsa Inspection Resources Holdings, LLC	 	4111 S. Darlington Ave. Ste. 1000 Tulsa, OK 74135	 	Yes	 	Southland Tower LLC, An Arkansas Limited Liability Company, c/o CB Richard Ellis Oklahoma – 1401 S. Boulder Ave #100, Tulsa, OK 74119
	 	 	 	 	 	 	 
	Tulsa Inspection Resources – Nondestructive Examination, LLC	 	4111 S. Darlington Ave. Ste. 1000 Tulsa, OK 74135	 	Yes	 	Southland Tower LLC, An Arkansas Limited Liability Company, c/o CB Richard Ellis Oklahoma – 1401 S. Boulder Ave #100, Tulsa, OK 74119

 

    	 

    	 

    

 

	Tulsa Inspection Resources – Canada ULC	 	5920 Macleod Trail SW - Suite #501 Calgary Alberta  T2H 0K2	 	Yes	 	Macleod Place Holding Corp - 5920 Macleod Trail SW - Suite #501, Calgary AB  T2H 0K2
	 	 	 	 	 	 	 
	Tulsa Inspection Resources – Acquisition ULC	 	5920 Macleod Trail SW - Suite #501 Calgary Alberta  T2H 0K2	 	Yes	 	Macleod Place Holding Corp - 5920 Macleod Trail SW - Suite #501, Calgary AB  T2H 0K2
	 	 	 	 	 	 	 
	Foley Inspection Services ULC	 	5920 Macleod Trail SW - Suite #501 Calgary Alberta  T2H 0K2	 	Yes	 	Macleod Place Holding Corp - 5920 Macleod Trail SW - Suite #501, Calgary AB  T2H 0K2

 

    	 

    	 

    

 

Schedule 8

 

None.

 

    	 

    	 

    

 

Schedule 9

 

None.

 

    	 

    	 

    

 

Schedule 10

 

None.

 

    	 

    	 

    

 

Schedule 11

 

None.

 

    	 

    	 

    

 

Schedule 12

 

None.

 

    	 

    	 

    

 

Schedule 13

 

None.

 

    	 

    	 

    

 

Schedule 14

 

Patents:

 

		·	None.

 

Patent Applications:

 

		·	None.

 

    	 

    	 

    

 

Schedule 15

 

Registered Trademark:

 

		·	None.

 

Trademark Applications:

 

		·	Trademark Application #1:

 

(a)         Nature
of interest (e.g., owner, licensee, other): Cypress Energy Holdings, LLC is the Owner.

(b)         Trademark
to which application applies: CYPRESS ENERGY PARTNERS (& design)

(c)         Property
covered:

 

Class 1: fresh water, hot water and brine for oil
and gas drilling operations, namely, fluids to assist in hydraulic fracing

 

Class 35: Operation of landfills for others

 

Class 37: Removal, pumping and
disposal of waste fluids produced in connection with oil and gas production; drilling and production waste landfill services; rental
of water pipes and lighting for drilling operations; drilling pit services; waste oil collection for recycling; pumping of fluids
used in drilling; environmental services, namely, advice and consultancy regarding the cleanup of fluids and other materials utilized
in drilling and completion work to the energy industry; provision of advice and consultancy regarding disposal, namely, cleanup,
reclamation or recycling of waste produced in connection with oil and gas production

 

Class 40: Recycling and treatment
of water; treatment of soil and waste produced in connection with oil and gas production; water desalination services; treatment
and recycling of waste fluids produced in connection with oil and gas production; environmental services, namely, remediation advice,
namely advice and consulting regarding the treatment of drilling fluid and waste and additional fluids and waste streams generated
in the production of oil and gas to the energy industry; provision of advice and consultancy regarding the treatment, management
and recycling of waste produced in connection with oil and gas production; provision of advice and consultancy regarding the disposal
of flowback, produced water, pit water, and other fluids and solids, namely, treatment of waste produced in connection with oil
and gas production

 

(d)         Date
of application: Filed October 25, 2012

(e)         Country
of application: United States

 

    	 

    	 

    

 

		·	Trademark Application #2:

 

(a)         Nature
of interest (e.g., owner, licensee, other): Cypress Energy Holdings, LLC is the Owner.

(b)         Trademark
to which application applies: CYPRESS ENERGY PARTNERS

(c)         Property
covered:

 

Class 1: fresh water, hot water and brine for oil
and gas drilling operations, namely, fluids to assist in hydraulic fracing

 

Class 35: Operation of landfills for others

 

Class 37: Removal, pumping and
disposal of waste fluids produced in connection with oil and gas production; drilling and production waste landfill services; rental
of water pipes and lighting for drilling operations; drilling pit services; waste oil collection for recycling; pumping of fluids
used in drilling; environmental services, namely, advice and consultancy regarding the cleanup of fluids and other materials utilized
in drilling and completion work to the energy industry; provision of advice and consultancy regarding disposal, namely, cleanup,
reclamation or recycling of waste produced in connection with oil and gas production

 

Class 40: Recycling and treatment
of water; treatment of soil and waste produced in connection with oil and gas production; water desalination services; treatment
and recycling of waste fluids produced in connection with oil and gas production; environmental services, namely, remediation advice,
namely advice and consulting regarding the treatment of drilling fluid and waste and additional fluids and waste streams generated
in the production of oil and gas to the energy industry; provision of advice and consultancy regarding the treatment, management
and recycling of waste produced in connection with oil and gas production; provision of advice and consultancy regarding the disposal
of flowback, produced water, pit water, and other fluids and solids, namely, treatment of waste produced in connection with oil
and gas production

 

(d)         Date
of application: Filed October 25, 2012

(e)         Country
of application: United States

 

		·	Trademark Application #3:

 

(a)          Nature
of interest (e.g., owner, licensee, other): Cypress Energy Holdings,

LLC is the Owner.

(b)          Trademark
to which application applies: CYPRESS ENERGY

PARTNERS

(c)          Property
covered: Pipeline inspection services for energy company transmission lines; Technical supervision, quality control and inspection
in the field of pipelines and pipeline integrity

(d)          Date
of application: January 21, 2013

 

    	 

    	 

    

 

(e)          Country
of application: United States

 

		·	Trademark Application #4:

 

(a)          Nature
of interest (e.g., owner, licensee, other): Cypress Energy Holdings, LLC is the Owner.

(b)          Trademark
to which application applies: CYPRESS ENERGY PARTNERS (& design)

(c)          Property
covered: Pipeline inspection services for energy company transmission lines; Technical supervision, quality control and inspection
in the field of pipelines and pipeline integrity

(d)          Date
of application: January 21, 2013

(e)          Country
of application: United States

 

    	 

    	 

    

 

Schedule 16

 

Copyright:

 

		·	None.

 

Copyright Application

 

		·	None.

 

    	 

    	 

    

 

Schedule 17

 

		·	25% ownership interest in Alati Arnegard LLC

 

    	 

    	 

    

 

Schedule 18

 

	Name on Account	 	Bank	 	Acct #
	Cypress Energy Partners, LLC	 	Bank Of Oklahoma	 	309292417
	Tulsa Inspection Resources, LLC	 	Bank of Oklahoma	 	209924950
	Tulsa Inspection Resources – Nondestructive Examination, LLC	 	Bank of Oklahoma	 	209924917
	Cypress Energy Partners Grassy Butte SWD LLC	 	Starion Financial	 	20018638
	Cypress Energy Partners 1804 SWD LLC	 	Starion Financial	 	20018646
	Tioga SWD LLC Cypress Energy Partners	 	Starion Financial	 	20019008
	Cypress Energy Partners Manning SWD LLC	 	Starion Financial	 	20019382
	Cypress Energy Partners Green River SWD LLC	 	Starion Financial	 	20019745
	Tulsa  Inspection Resources – Canada ULC	 	Toronto-Dominion Bank	 	5373957
	Foley Inspection Services ULC	 	Toronto –Dominion Bank	 	5373949
	Various accounts at Spirit Bank and Wells Fargo Bank, N.A. to be closed.	 	 	 	 

  

    	 

    	 

    

 

Schedule 19

 

None.

 

    	 

    	 

    

 

EXHIBIT N

 TO CREDIT AGREEMENT

 

FORM OF

BORROWER’S CERTIFICATE

 

Pursuant to Sections 6.1(h) and
(i) of the Credit Agreement dated as of December 24, 2013 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”; terms defined therein being used herein as therein defined), among Cypress
Energy Partners, L.P., as a Borrower and as Borrowers’ Agent, the other Borrowers party thereto, the Lenders from time to
time parties thereto, Deutsche Bank AG, New York Branch, as collateral agent and Deutsche Bank Trust Company Americas, as administrative
agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”),
the undersigned, solely in his/her capacity as a Responsible Person of the Borrower and not in his/her individual capacity, hereby
certifies as follows:

 

		(i)	The representations and warranties contained in Section 5 of the Credit Agreement are true and correct in all material
respects on and as of such date, as though made on and as of such date;

		(ii)	no Default or Event of Default exists;

		(iii)	there has not occurred since December 31, 2012, a Material Adverse Effect;

		(iv)	except for the filing of Uniform Commercial Code financing statements and equivalent filings for foreign jurisdictions and
the taking of applicable actions referred to in Section 5.16 of the Credit Agreement, [attached as Exhibit B hereto
is a list of all consents, authorizations and filings referred to in Section 5.4 of the Credit Agreement, all of
which are in full force and effect as of the date hereof.][no consents, licenses, or approvals referred to in Section 5.4
of the Credit Agreement are required.]

 

[SIGNATURE PAGE FOLLOWS]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the undersigned has executed this Borrower’s
Certificate as of the date and year first above written.

 

	 	CYPRESS ENERGY PARTNERS, L.P., as
	 	Borrowers’ Agent
	 	 	 
	 	By: 	Cypress Energy Partners GP, LLC,
	 	 	its general partner
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

EXHIBIT O

TO CREDIT AGREEMENT

 

FORM OF

HEDGING AGREEMENT QUALIFICATION NOTIFICATION

 

_________ __, 201_

 

Deutsche Bank Trust Company Americas

60 Wall Street

New York, New York 10005

Attention: Project Finance Administrative Agent Services –
Cypress Energy Partners

 

Re: Hedging Agreement Qualification Notification

 

Reference is made to the Credit Agreement,
dated as of December 24, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Cypress Energy Partners, as a Borrower and the Borrowers’ Agent, the other Borrowers party thereto,
the Lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as Collateral Agent and Deutsche Bank Trust Company
Americas, as Administrative Agent for the Lenders. Capitalized terms used herein but not defined herein shall have the meanings
provided in the Credit Agreement.

 

(a) This Hedging Agreement Qualification
Notification is being delivered pursuant to the terms of the Credit Agreement, and the undersigned (the “Hedging Counterparty”)
hereby represents to the Administrative Agent that:

 

		1.	It is a counterparty to a [Financial Hedging][Commodity OTC] Agreement with [ ], dated as of, [ ], 20[ ] (the “Hedging
Agreement”).

		2.	At the time the Hedging Agreement was entered into, the Hedging Counterparty was a Lender under the Credit Agreement.

		3.	It is not a Defaulting Lender under the Credit Agreement.

		4.	The aggregate unrealized amounts due to it under the Hedging Agreement as of the date hereof is: $[____].

 

(b) The Hedging Counterparty hereby
acknowledges and agrees to the terms of the Loan Documents, including, without limitation, Section 10 of the Credit Agreement
and Sections 7 and 10 of the Security Agreement.

 

The Hedging Counterparty hereby further acknowledges
and agrees that:

 

This Hedging Agreement Qualification Notification
shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. Delivery of
an executed counterpart of a signature page of this Hedging Agreement Qualification Notification by telecopy or electronic transmission
(in .pdf format) shall be effective as delivery of a manually executed counterpart of this Hedging Agreement Qualification Notification.
THIS HEDGING AGREEMENT QUALIFICATION NOTIFICATION AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY,
AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

    	 

    	 

    

 

	 	Very truly yours,
	 	 	 	 
	 	[QUALIFIED COUNTERPARTY]
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 

    	 

    

 

EXHIBIT P

TO CREDIT AGREEMENT

 

FORM OF ADDITIONAL BORROWER JOINDER

 

JOINDER AGREEMENT,
dated as of [_________ __, 20__] (this “Agreement”), among the Borrowers’ Agent, the Existing Borrowers,
the New Borrower and the Administrative Agent (as each such term is defined below).

 

RECITALS

 

Pursuant to Section
11.18 of that certain Credit Agreement, dated as of December 24, 2013 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Cypress Energy Partners, L.P. (the “Borrowers’
Agent”), the other Borrowers party thereto (together with the Borrowers’ Agent, the “Existing Borrowers”),
the Lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as collateral agent and Deutsche Bank Trust Company
Americas, as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative
Agent”), the undersigned Person not party to the Credit Agreement (the “New Borrower”) is a Subsidiary
of the Borrowers’ Agent and has agreed to become party to the Credit Agreement on the terms and subject to the conditions
set forth in this Agreement.

 

NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the Borrowers’ Agent, the New Borrower and the Administrative Agent hereby agree as follows:

 

1.Defined Terms. Unless otherwise
defined herein, terms defined in the Credit Agreement are used herein as therein defined.

 

2. Joinder.

 

(a)The New Borrower
hereby agrees to be bound by all of the provisions of the Credit Agreement, and effective on the date hereof becomes a party to
the Credit Agreement as a Borrower (the “Joinder Effective Date”) with the same effect as if it were an original
signatory to the Credit Agreement. All obligations of the Borrowers under the Credit Agreement shall be joint and several. All
references to the “Borrower” in the Credit Agreement shall be deemed to refer to each of the Existing Borrowers and
the New Borrower or the New Borrower, in each case as necessary or advisable to permit the New Borrower to borrow Loans and request
Letters of Credit under the Credit Agreement and as otherwise required or advisable in connection therewith. From and after the
Joinder Effective Date, the New Borrower shall have the rights and obligations of a Borrower under the Credit Agreement and under
the other Loan Documents and shall be bound by the provisions thereof.

 

(b)All notices to the
New Borrower required to be delivered pursuant to the Credit Agreement and all other notices or correspondence shall be directed
to the Borrowers’ Agent for receipt of all such notices. The New Borrower hereby appoints the Borrowers’ Agent to act
on its behalf under the Credit Agreement and the other Loan Documents and has authorized the Borrowers’ Agent to take such
actions on its behalf and to exercise such powers as are delegated to the Borrowers’ Agent by the terms hereof, together
with such actions and powers as are reasonably incidental thereto, and that the Borrowers’ Agent hereby accepts such appointment.
Such appointment shall not be terminated or revoked without the consent of the Administrative Agent and the Required Lenders.

 

3. Conditions Precedent. This Agreement
shall become effective upon the satisfaction of the following conditions precedent:

 

    	 

    	 

    

 

(a)          Documents. The Administrative
Agent shall have received (each of the following documents being referred to herein as an “Additional Document”):

 

(i)          this
Agreement, executed and delivered by a duly authorized officer of the Borrowers’ Agent, the Existing Borrowers and the New
Borrower;

 

(ii)          if
the New Borrower is not a Grantor immediately prior to the effectiveness of this Agreement, a Security Agreement Supplement in
form and substance substantially similar to Annex I to the Security Agreement, executed and delivered by a duly authorized officer
of the New Borrower, pursuant to which the New Borrower becomes a Grantor;

 

(iv)          [reserved];

 

(v)          for
each Working Capital Facility Lender requesting the same, a Note of the New Borrower substantially in the form of Exhibit A-1
and conforming to the requirements of the Credit Agreement and executed by a duly authorized officer of the New Borrower;

 

(vi)          [reserved];

 

(vii)          for
each Swing Line Lender requesting the same, a Note of the New Borrower substantially in the form of Exhibit A-2 and conforming
to the requirements of the Credit Agreement and executed by a duly authorized officer of the New Borrower; and

 

(viii)          for
each Acquisition Facility Lender requesting the same, a Note of the New Borrower substantially in the form of Exhibit A-3
and conforming to the requirements of the Credit Agreement and executed by an authorized officer of the New Borrower.

 

(b)          Secretary’s
Certificate. The Administrative Agent shall have received a certificate of the New Borrower, dated as of the Joinder
Effective Date, substantially in the form of Exhibit E to the Credit Agreement, with appropriate insertions and attachments, reasonably
satisfactory in form and substance to the Administrative Agent, executed by a Responsible Person of the New Borrower, or, if applicable,
of the general partner or managing member or members of the New Borrower.

 

(c)          Proceedings.
The Administrative Agent shall have received a copy of the resolutions in form and substance reasonably satisfactory to
the Administrative Agent, of the Board of Directors (or analogous body) of the New Borrower authorizing the execution, delivery
and performance of this Agreement [and any Notes] delivered on the Joinder Effective Date and the other Loan Documents to which
it is a party.

 

(d)          Incumbency
Certificate. The Administrative Agent shall have received a certificate of the New Borrower, dated as of the Joinder
Effective Date, as to the incumbency and signature of the officers of the New Borrower, or, if applicable, of the general partner
or managing member or members of such new Borrower, executing any Additional Document, which certificate shall be included in the
certificate delivered pursuant to Section 3(b), shall be reasonably satisfactory in form and substance to the Administrative Agent,
and shall be executed by a Responsible Person of the New Borrower, or, if applicable, of the general partner or managing member
or members of the New Borrower.

 

(e)          Organizational
Documents. The Administrative Agent shall have received true and complete copies of the Governing Documents of the New
Borrower, certified as of the Joinder Effective Date as complete and correct copies thereof by the Secretary or an Assistant Secretary
of the New Borrower, or, if applicable, of the general partner or managing member or members of the New Borrower, which certification
shall be included in the certificate delivered pursuant to Section 3(b) and shall be in form and substance reasonably satisfactory
to the Administrative Agent.

 

    	 

    	 

    

 

(f)          Good
Standing Certificates. The Administrative Agent shall have received certificates dated as of a recent date from the
Secretary of State or other appropriate authority, evidencing the good standing of the New Borrower to the extent relevant under
applicable laws, in the jurisdiction of its organization.

 

(g)          Consents,
Licenses and Approvals. The Administrative Agent shall have received a certificate of a Responsible Person of the New
Borrower either (i) attaching copies of all consents, authorizations and filings referred to in Section 5.4 of the Credit Agreement,
and stating that such consents, licenses and filings are in full force and effect, and each such consent, authorization and filing
shall be in form and substance reasonably satisfactory to the Administrative Agent or (ii) stating that no such consents, licenses
or approvals are so required.

 

(h)          Certification
of the Borrowers’ Agent. The Borrowers’ Agent shall have confirmed that no Default or Event of Default is
continuing or would occur as a result of the New Borrower becoming a Borrower and each of the representations and warranties relating
to the New Borrower and the Loan Parties in the Credit Agreement (other than the representations and warranties set forth in Sections
5.1, 5.4, 5.6, 5.7, 5.17 and 5.20) is true and not misleading in any material respect (except that any representation and warranty
that is qualified by “materiality” or “Material Adverse Effect” shall be true and correct in all respects
as so qualified) as if made on the date of accession of the New Borrower.

 

(i)          Legal
Opinions. The Administrative Agent shall have received an executed legal opinion of counsel to the New Borrower with
respect to the jurisdiction of incorporation, organization or formation of the New Borrower, in form and substance reasonably satisfactory
to the Administrative Agent.

 

(j)          PATRIOT
Act. The Administrative Agent shall have received all documentation and other information requested by it that are required
by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations,
including the USA PATRIOT Act.

 

5.          No
Other Amendments or Waivers. Except as expressly amended or waived hereby, the Credit Agreement, any Notes issued thereunder
and the other Loan Documents shall remain in full force and effect in accordance with their respective terms, without any waiver,
amendment or modification of any provision thereof.

 

6.          Effect
on Credit Agreement. From and after the Joinder Effective Date, the New Borrower shall be a party to the Credit Agreement
and, to the extent provided in this Agreement, have the rights and obligations of a Borrower thereunder and under the other Loan
Documents and shall be bound by the provisions thereof.

 

7.          Loan
Document. Each of the parties hereto agree that this Agreement constitutes a “Loan Document” for all purposes
under the Credit Agreement and the other Loan Documents.

 

8.          Counterparts.
This Agreement may be executed by one or more of the parties hereto on any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same instrument.

 

    	 

    	 

    

 

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

 

[SIGNATURE PAGES FOLLOW]

 

    	 

    	 

    

 

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

 

	 	CYPRESS ENERGY PARTNERS, L.P., as Borrowers’ Agent
	 	 	 
	 	
        By: Cypress Energy Partners GP, LLC,

        its general partner

	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

ANNEX I-A

TO CREDIT AGREEMENT

 

FORM OF BORROWING
NOTICE7

 

COMPANY NAME/HEADER

 

[DATE]                  

 

Borrowing Notice

 

Deutsche Bank Trust Company Americas,

as Administrative Agent

60 Wall Street

New York, New York 10005

Attention: Project Finance Administrative Agent Services –
Cypress Energy Partners

 

Ladies and Gentlemen:

 

This
Borrowing Notice is furnished pursuant to Section 2.4 of that certain Credit Agreement dated as of December 24, 2013 (as amended,
modified, renewed or extended from time to time, the “Credit Agreement”) among Cypress Energy Partners, L.P.
(the “Borrowers’ Agent”), the other Borrowers Party thereto, the lenders party thereto, Deutsche Bank
AG, New York Branch, as collateral agent and Deutsche Bank Trust Company Americas, as administrative agent for the Lenders (in
such capacity, together with its successors in such capacity, the “Administrative Agent”). Unless otherwise
defined herein, capitalized terms used in this Borrowing Notice have the meanings ascribed thereto in the Credit Agreement. The
Borrower represents that, as of this date, the conditions precedent set forth in Section [6.1 and]8
6.2 of the Credit Agreement have been satisfied.

 

		1.	Borrowing Notice. The Borrower hereby notifies the Administrative Agent of its request for
the following borrowing (the “Borrowing”):

 

		(1)	The Borrowing shall be a[n] [Acquisition Facility] [Working Capital Facility] [Swing Line] Loan

 

		(2)	The Borrowing shall be a Base Rate Loan in an aggregate amount of
$[___] and Eurodollar Loan in an aggregate amount of $[___] 9

 

		(3)	Borrowing Date of the Borrowing (must be a Business Day):Aggregate amount of the Borrowing: $ [___]

 

 

7 With respect to the Loans to be made on the Closing
Date, the form of Borrowing Notice shall be as agreed by the Administrative Agent.

8 Applicable to initial Loans only.

9 If borrowing a Eurodollar Loan, please also complete
Exhibit A attached hereto.

 

    	 

    	 

    

 

		(5)	If any portion of the Borrowing is a Eurodollar Loan, the duration of Interest Period:

	One	 	 	Three	 
	Month	 	 	Months	 
	Two	 	 	 	 
	Months  	 	 	Six Months	 

 

Bank Name

City, State

ABA#

Account Name

Account #

 

		2.	Availability Certification. The undersigned hereby, solely in his capacity as a Responsible
Person of the Borrower and not in his individual capacity, certifies that he is a Responsible Person of the Borrower and
further certifies as follows that, after giving effect to the extension of credit required pursuant to this Borrowing Notice:

 

		(1)	each of the representations and warranties made by the Borrowers and the other Loan Parties in
or pursuant to the Loan Documents is true and correct in all material respects on and as of the date hereof as if such representation
and warranty was made on and as of such date, except to the extent any such representation and warranty relates solely to a specified
prior date, in which case such representation and warranty shall have been true and correct in all material respects as of such
specified date;

 

		(2)	no Default or Event of Default has occurred or is continuing on the date hereof or after giving
effect to the extensions of credit requested to be made on such date;

 

		(3)	the Total Working Capital Facility Extensions of Credit shall not exceed the Borrowing Base as
of such date;

 

		(4)	the Total Acquisition Facility Extensions of Credit shall not exceed the aggregate Acquisition
Facility Commitments;

 

		(5)	the Total Working Capital Facility Extensions of Credit shall not exceed the aggregate Working
Capital Facility Commitments;

 

		(6)	such extension of credit shall not result in any Applicable Sub-Limit being exceeded; and

 

		(7)	with respect to any such extension of credit under the Acquisition Facility, the Borrowers shall
be in compliance with the covenants set forth in Section 8.1 of the Credit Agreement calculated on a pro forma basis.

 

    	 

    	 

    

 

The foregoing certifications
and representations shall collectively be deemed to constitute the Availability Certification required to be delivered in connection
with this Borrowing Notice pursuant to Section 6.2(e) of the Credit Agreement, and such requirements shall be deemed satisfied
upon receipt of this Borrowing Notice by the Administrative Agent.

 

	 	CYPRESS ENERGY PARTNERS, L.P., as 
	 	Borrowers’ Agent
	 	 	 
	 	By:	Cypress Energy Partners GP, LLC,
	 	 	its general partner
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

EXHIBIT A

TO BORROWING NOTICE

 

[Request for Eurodollar Loan]

 

Please see attached.

 

    	 

    	 

    

 

ANNEX I-B

TO CREDIT AGREEMENT

 

FORM OF

LETTER OF CREDIT REQUEST

 

    	 

    	 

    

 

ANNEX II

TO CREDIT AGREEMENT

 

FORM OF CONTINUATION/CONVERSION NOTICE

 

[Date]

 

Deutsche Bank Trust Company Americas,

as Administrative Agent

60 Wall Street

New York, New York 10005

Attention: Project Finance Administrative Agent Services –
Cypress Energy Partners

 

Ladies and Gentlemen:

 

This Continuation/Conversion Notice is
delivered to you pursuant to Section 4.3 of the Credit Agreement, dated as of December 24, 2013 (as amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among Cypress Energy Partners, as a Borrower
and the Borrowers’ Agent, the other Borrowers party thereto, the Lenders from time to time parties thereto, Deutsche Bank
AG, New York Branch, as Collateral Agent and Deutsche Bank Trust Company Americas, as Administrative Agent for the Lenders. Unless
otherwise defined herein or the context otherwise requires, capitalized terms used herein have the meanings provided in the Credit
Agreement.

 

The Borrower hereby requests that on [ ](the “Continuation/Conversion
Date”),

 

1. $[ ] of the presently outstanding principal
amount of the [Working Capital Facility] [Acquisition Facility] Loans originally made on [ ],

 

2. and all
presently being maintained as [Base Rate Loans] [Eurodollar Loans with an Interest Period of [one][two][three][six] months]1,

 

3. be [Converted into][Continued as],

 

4. [Base Rate Loans] [Eurodollar Loans
with an Interest Period of [one][two][three][six] months]2.

 

The undersigned, solely in his capacity
as a Responsible Person of the Borrower and not in his individual capacity, hereby certifies that the following statements are
true on the date hereof, and will be true on the proposed Continuation/Conversion Date, both before and after giving effect thereto
and to the application of the proceeds therefrom:

 

(i) the foregoing
Continuation or Conversion complies with the terms and conditions of the Credit Agreement (including, without limitation, Section
4.3 and Section 4.4 of the Credit Agreement); and

 

(ii) If a Loan is being Converted to or
Continued as Eurodollar Loans, unless the Administrative Agent or Required Lenders have otherwise consented, no Event of Default
has occurred and is continuing, or would result from such proposed continuation or conversion.

 

[Signature page follows]

 

 

1 If continuing a Eurodollar Loan, please also complete
Exhibit A attached hereto.

2 If converting to a Eurodollar Loan, please also
complete Exhibit A attached hereto.

    	II-1

    	 

    

 

ANNEX III

TO CREDIT AGREEMENT

 

The Borrower has
caused this Continuation/Conversion Notice to be executed and delivered, and the certification and warranties contained herein
to be made, by its duly authorized officer this [__] day of [__], 201[_]..

 

	 	CYPRESS ENERGY PARTNERS, L.P., as
	 	Borrowers’ Agent
	 	 	 
	 	By:	Cypress Energy Partners GP, LLC,
	 	 	its general partner
	 	 	 	 
	 	By: 	 
	 	 	Name:	 
	 	 	Title:	 

 

    	II-2

    	 

    

 

EXHIBIT A

 TO CONTINUATION/CONVERSION NOTICE

 

[Request for Continuation of /Conversion
to a Eurodollar Loan]

 

Please see attached.

 

    	 

    	 

    

 

ANNEX III

TO CREDIT AGREEMENT

 

FORM OF NOTICE OF PREPAYMENT

 

[Date]

 

Deutsche Bank Trust Company Americas, as Administrative Agent

60 Wall Street

New York, New York 10005

Attention: Project Finance Administrative Agent Services –
Cypress Energy Partners

 

Ladies and Gentlemen:

 

This Notice of Prepayment is delivered
to you pursuant to Section 4.6 of the Credit Agreement, dated as of December 24, 2013 (as amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among Cypress Energy Partners, as a Borrower
and the Borrowers’ Agent, the other Borrowers party thereto, the Lenders from time to time parties thereto, Deutsche Bank
AG, New York Branch, as Collateral Agent and Deutsche Bank Trust Company Americas, as Administrative Agent for the Lenders. Unless
otherwise defined herein or the context otherwise requires, capitalized terms used herein have the meanings provided in the Credit
Agreement.

 

The Borrower hereby notifies the Administrative
Agent that it shall prepay [Working Capital Facility] [Acquisition Facility] [Swing Line] Loans, on [______] [__], 201[_], in aggregate
principal amount[s] of [$[ ] of [Working Capital Facility] [Acquisition Facility] [Swing Line] Loans outstanding as Base Rate Loans]
[and][$[ ] of [Working Capital Facility] [Acquisition Facility] Loans outstanding as Eurodollar Loans].

 

[Signature page follows]

 

    	III-1

    	 

    

 

The Borrower has caused this Notice of
Prepayment to be executed and delivered by its duly authorized officer this [__] day of [__], 201[_].

 

	 	CYPRESS ENERGY PARTNERS, L.P., as
	 	Borrowers’ Agent
	 	 	 	 
	 	By:	Cypress Energy Partners GP, LLC,
	 	 	its general partner
	 	 	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title:	 

 

    	III-2

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