Document:

EX-10.1

  Exhibit 10.1

  JOINDER AND THIRD AMENDMENT TO CREDIT AGREEMENT 

   

  THIS JOINDER AND THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), effective as of September 30, 2022, is by and among A-MARK PRECIOUS METALS, INC., a Delaware corporation (the “Borrower”), the other Loan Parties party hereto, BUY GOLD AND SILVER CORP, a Delaware corporation (“BGSC”), MARKSMEN HOLDINGS, LLC, a Delaware limited liability company (“Marksmen”, and together with BGSC, the “New Guarantors” and each, a “New Guarantor”), the Lenders party hereto, and CIBC BANK USA, as administrative agent for the Lenders (in such capacity, the “Agent”).

  RECITALS

  A.The Borrower, the other Loan Parties from time to time party thereto, the Lenders from time to time party thereto, and Agent are party to a Credit Agreement, dated as of December 21, 2021 (as amended by the First Amendment to Credit Agreement, dated as of April 22, 2022, the Waiver and Second Amendment to Credit Agreement, dated as of September 1, 2022, and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 

  B.The Borrower formed BGSC as a domestic Wholly-Owned Subsidiary of Borrower;

  C.AM & ST Associates formed Marksmen as a domestic Wholly-Owned Subsidiary of AM & ST Associates; 

  D.The Borrower desires to (i) modify certain terms and conditions of the Credit Agreement on the terms and conditions set forth herein and (ii) cause each New Guarantor to become a Loan Party under the Credit Agreement on the terms and conditions set forth herein; and 

  E. The Agent and the Lenders are willing to agree to the requested modifications contained in this Amendment, on the terms and conditions set forth herein.

  	NOW, THEREFORE, in consideration of the foregoing promises and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows:

  1.Defined Terms. Capitalized terms used in this Amendment and not defined herein shall have the meaning given in the Credit Agreement.

  2.New Guarantors Joined as Loan Parties Under Credit Agreement; Representations, Warranties and Covenants.  

  (a)Each New Guarantor, for good and valuable consideration received and intending to be legally bound, acknowledges and agrees that, effective upon the execution and delivery of this Amendment, such New Guarantor hereby joins and for all purposes becomes a Loan Party under the Credit Agreement and the other Loan Documents, and fully assumes and otherwise is entitled to and becomes obligated and liable for and undertakes to perform, all rights, benefits, burdens, obligations and liabilities of a Loan Party under the Credit Agreement and the other Loan Documents. 

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  (b)Each New Guarantor joins and makes, as to itself and as of the date of this Amendment, each of the representations and warranties made by the Loan Parties in Section 9 of the Credit Agreement (except to the extent that any such representation or warranty expressly relates to an earlier date) and agrees to the covenants applicable to the Loan Parties set forth in the Credit Agreement. Any disclosures and exceptions to such representations and warranties that otherwise would be disclosed in the Schedules to the Credit Agreement are disclosed in the corresponding Schedules attached to this Amendment as Attachment A and shall be deemed, for purposes of this Amendment and by virtue of having been set forth in the Schedules attached to this Amendment, to have been set forth in the Schedules attached to the Credit Agreement.

  3.Amendments to Credit Agreement.

  (a)The following defined terms are hereby added to Section 1.1 of the Credit Agreement in proper alphabetical order: 

  ““Buy Gold and Silver” means BUY GOLD AND SILVER CORP, a Delaware corporation.”

  ““Marksmen” means MARKSMEN HOLDINGS, LLC, a Delaware limited liability company.” 

  ““September 2022 Distribution” means the dividend or other distribution made by the Borrower to the holders of its Capital Securities on or around the Third Amendment Effective Date in an amount not to exceed $23,600,000.” 

  ““Third Amendment” means the Joinder and Third Amendment to Credit Agreement, dated as of the Third Amendment Effective Date, by and among the Borrower, the other Loan Parties party thereto, the Lenders party thereto, and Agent.”

  ““Third Amendment Effective Date” means September 30, 2022.”

  (b)The following defined term set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:

  ““Permitted Ownership Based Financing” means an Ownership Based Financing (other than Liabilities for Borrowed Metals) between the Borrower and an Ownership Based Financing Counterparty which satisfies the following conditions precedent: (a) both before and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing and no mandatory prepayment under Section 6.2(b) shall then be required; (b) after giving effect to such Ownership Based Financing the aggregate purchase price paid by all Ownership Based Financing Counterparties for all Ownership Based Financing Property under all such Ownership Based Financings does not exceed $500,000,000 outstanding at any time (provided that the aggregate purchase price thereof outstanding at any time may exceed such limit by not more than 10% for a period of up to five (5) consecutive Business Days on not more than five (5) separate occasions in any Fiscal Year (which shall not be consecutive), or such greater 

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  amount as approved by the Required Lenders (in their sole discretion); and (c) after giving effect to the SCMI Ownership Based Financing, the aggregate purchase price paid by SCMI (or any of its affiliates) for all Ownership Based Financing Property thereunder does not exceed $75,000,000 outstanding at any time, or such greater amount as approved by the Required Lenders (in their sole discretion).” 

  (c)Clause (q) in the definition of Permitted Acquisition is hereby amended and restated in its entirety as follows: 

  “(q)		Borrower and its domestic Wholly-Owned Subsidiaries shall not consummate more than three (3) Acquisitions and Investments permitted under Section 11.11(xv) in any Fiscal Year (other than de-minimis Acquisitions where the aggregate consideration paid in connection with the Acquisition is less than or equal to $1,000,000 (for purposes hereof, consideration shall include all amounts paid or payable in connection with an Acquisition, including all transaction costs and all debt, liabilities and contingent obligations incurred or assumed in connection therewith)); provided, that if Borrower and its Wholly-Owned Subsidiaries consummate two (2) or less Acquisitions or Investments permitted under Section 11.11(xv) in any Fiscal Year, then Borrower and its domestic Wholly-Owned Subsidiaries shall be permitted to consummate not more than four (4) Acquisitions and Investments permitted under Section 11.11(xv) in the immediately following Fiscal Year; provided further that, Borrower and its domestic Wholly-Owned Subsidiaries shall not consummate more than one (1) Acquisition or Investment permitted under Section 11.11(xv) during the term of this Agreement where the aggregate consideration paid in connection with the Acquisition or Investment is equal to or greater than $25,000,000 (for purposes hereof, consideration shall include all amounts paid or payable in connection with an Acquisition (including all transaction costs and all debt, liabilities and contingent obligations incurred or assumed in connection therewith)), without the prior approval of the Required Lenders;”

  (d)Section 11.4 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

  “11.4		Restricted Payments.  Not (a) make any distribution to any holders of its Capital Securities, (b) purchase or redeem any of its Capital Securities, (c) pay any management fees or similar fees to any of its equity holders or any Affiliate thereof, (d) make any redemption, prepayment (whether mandatory or optional), defeasance, repurchase or any other payment in respect of any Subordinated Debt or (e) set aside funds for any of the foregoing.  Notwithstanding the foregoing: (i) any Subsidiary may pay dividends or make other distributions to Borrower or to a domestic Wholly-Owned Subsidiary; and (ii) Borrower may make the September 2022 Distribution and other discretionary distributions to any holders of its Capital Securities, in each case, so long as at the time of and after giving effect to any such distributions: 

  (a)	no Default or Event of Default has occurred and is continuing or would occur as a consequence of any such distribution; 

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  (b)	Excess Availability, measured at the time of any such distribution and immediately after giving effect to any such distribution, is not less than $25,000,000; 

  (c)	the Borrower would, at the time of any such distribution, and after giving pro forma effect to any such distribution as if such distribution had been made at the beginning of the applicable twelve-month period, have a Fixed Charge Coverage Ratio of at least 1.40 to 1.00; and

  (d)	such distributions do not exceed $35,000,000 in the aggregate (excluding the September 2022 Distribution) in any Fiscal Year.” 

  (e)Section 11.11(xv)(E) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

  “(E)	the Loan parties shall not consummate more than three (3) Permitted Acquisitions and Investments permitted under this Section 11.11(xv) in any Fiscal Year (other than de-minimis Acquisitions where the aggregate consideration paid in connection with the Acquisition is less than or equal to $1,000,000 (for purposes hereof, consideration shall include all amounts paid or payable in connection with an Acquisition, including all transaction costs and all debt, liabilities and contingent obligations incurred or assumed in connection therewith)); provided, that if the Loan Parties consummate two (2) or less Permitted Acquisitions or Investments permitted under this Section 11.11(xv) in any Fiscal Year, then the Loan Parties shall be permitted to consummate not more than four (4) Permitted Acquisitions and Investments permitted under this Section 11.11(xv) in the immediately following Fiscal Year; provided further that, the Loan Parties shall not consummate more than one (1) Permitted Acquisition or Investment permitted under this Section 11.11(xv) during the term of this Agreement where the aggregate consideration paid in connection with the Permitted Acquisition or Investment is equal to or greater than $25,000,000 (for purposes hereof, consideration shall include all amounts paid or payable in connection with an Acquisition (including all transaction costs and all debt, liabilities and contingent obligations incurred or assumed in connection therewith)) without the prior approval of the Required Lenders; provided further that, the aggregate consideration paid in connection with any single Permitted Acquisition (or series of related Acquisitions) shall not be greater than $200,000,000 in the aggregate (for purposes hereof, consideration shall include all amounts paid or payable in connection with an Acquisition (including all transaction costs and all debt, liabilities and contingent obligations incurred or assumed in connection therewith).”

  (f)Section 11.14(d) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

  “(d)	Maximum Ownership Based Financings. Not permit the aggregate purchase price paid by all Ownership Based Financing Counterparties for all Ownership Based Financing Property under all Ownership Based Financings to exceed $500,000,000 outstanding at any time (provided that the aggregate purchase price thereof outstanding at any time may exceed such limit by not more than 10% for a period of up to five (5) 

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  consecutive Business Days on not more than five (5) separate occasions in any Fiscal Year (which shall not be consecutive).” 

  (g)Exhibit B (Form of Compliance Certificate) to the Credit Agreement is hereby replaced with the form of Attachment B to this Amendment.

  (h)Schedule 1.1F (Approved Brokers) to the Credit Agreement is hereby replaced with the form of Attachment C to this Amendment.

  4.Loan Document Amendments.  Each of the other Loan Documents is hereby amended to conform to the amendments to the Credit Agreement as set forth in Paragraph 3 above.

  5.Ratification of Loan Documents and Collateral.  The Loan Documents are ratified and affirmed by the Borrower, and shall remain in full force and effect, as modified by this Amendment. Any property or rights to or interests in property granted as security in the Loan Documents shall remain as security for the Loans and the Obligations of Borrower and the other Loan Parties in the Loan Documents.

  6.Payment of Costs and Fees.  Borrower shall reimburse Agent for all attorney costs, search fees and other expenses incurred in connection with the negotiation, drafting, execution, filing and recording of this Amendment and any related Loan Documents.

  7.Conditions Precedent.  Notwithstanding anything to the contrary set forth herein, the terms and provisions of this Amendment shall not be effective unless and until all of the following shall have occurred or been waived by Agent and the Lenders:

  (a)Borrower, the Loan Parties party hereto, the Lenders party hereto, and Agent shall have executed and delivered this Amendment to Agent.

  (b)No Event of Default or Default shall have occurred and be continuing on the date hereof or would exist after giving effect to this Amendment.

  (c)Borrower shall have paid all fees required to be paid pursuant to Paragraph 6 hereof. 

  (d)Borrower shall have executed and delivered the Third Amendment Fee Letter to Agent. 

  (e)Each New Guarantor shall have executed and delivered to Agent a Joinder to the Guaranty and Collateral Agreement, in form and substance reasonably acceptable to Agent and its counsel. 

  (f)Each New Guarantor shall have executed and delivered to Agent a Collateral Perfection Certificate, in form and substance reasonably acceptable to Agent and its counsel.

  (g)Each New Guarantor shall have delivered to Agent an officer’s certificate certifying the names of the officers of such New Guarantor authorized to sign this Amendment and the other Loan Documents to which such New Guarantor is a party, together with the true 

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  signatures of such officers and copies of (i) the resolutions of the board of directors (or similar governing body) of such New Guarantor evidencing approval of the execution, delivery and performance of this Amendment and the execution and performance of the other Loan Documents to which such New Guarantor is a party, and the consummation of the transactions contemplated thereby, (ii) the charter (or similar formation document), certified by the appropriate Governmental Authority (iii) the bylaws (or similar governing document), and (iv) good standing certificates in its state of formation and in each other state requested by Agent. 

  (h)Borrower shall have delivered to Agent an officer’s certificate certifying that, as of the date hereof, (i) all conditions precedent set forth in this Amendment have been satisfied, (ii) no Default or Event of Default exists or will exist immediately after giving effect to this Amendment, and (iii) each of the representations and warranties contained in Section 9 of the Credit Agreement are true and correct in all material respects (without duplication as to any materiality modifiers, qualifications or limitations set forth therein) as if made on and as of the date hereof, except to the extent that any thereof expressly relate to an earlier date, in which case such representation and warranty shall have been true and correct in all material respects (or in all respects, to the extent such representation or warranty is already qualified as to materiality) as of such earlier date.

  (i)Borrower shall have delivered to Agent opinions of counsel for the New Guarantors, in form and substance reasonably satisfactory to Agent and its counsel. 

  (j)Agent shall have received each document (including Uniform Commercial Code financing statements) required by the Collateral Documents or under law or reasonably requested by Agent or any Lender to be filed, registered or recorded in order to create in favor of Agent, for the benefit of the Lenders, a perfected Lien on the collateral described therein, prior to any other Liens (subject only to Permitted Liens), in proper form for filing, registration or recording. 

  (k)Borrower shall have provided Agent with evidence of the existence of insurance required to be maintained pursuant to Section 10.3 of the Credit Agreement, together with evidence that Agent has been named as a lender loss payee and an additional insured on all related insurance policies. 

  (l)With respect to each New Guarantor, the Borrower shall have caused to be delivered to Lender the results of Uniform Commercial Code lien searches, satisfactory to Agent and its counsel.

  (m)Borrower shall have provided to Agent such other items and shall have satisfied such other conditions as may be reasonably required by Agent or any Lender party hereto.

  8.Representations, Warranties and Covenants. Each Loan Party represents, warrants and covenants to Agent and the Lenders that:

  (a)No Default or Event of Default under any of the Loan Documents, after giving effect to this Amendment, has occurred and is continuing.

  (b)After giving effect to the amendments and waivers provided for in this Amendment, each and all representations and warranties of the Loan Parties in the Loan 

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  Documents are true and correct in all material respects (without duplication as to any materiality modifiers, qualifications or limitations set forth therein) on the date hereof (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date, without duplication as to any materiality modifiers, qualifications or limitations set forth therein).

  (c)No Loan Party has any claims, counterclaims, defenses or set-offs with respect to the Loans or the Loan Documents as modified herein. 

  (d)The Loan Documents as modified herein are the legal, valid, and binding obligation of each Loan Party, enforceable against each such Loan Party in accordance with their terms.

  (e)Each Loan Party validly exists under the laws of the State of Delaware, and has the requisite power and authority to execute and deliver this Amendment and to perform the Loan Documents as modified herein. The execution and delivery of this Amendment and the performance of the Loan Documents as modified herein have been duly authorized by all requisite action by or on behalf of the Borrower and each other Loan Party that is a party hereto. This Amendment has been duly executed and delivered by the Borrower and each other Loan Party that is a party hereto.

  9.Miscellaneous.  Section 15.8 (Governing Law), Section 15.20 (Forum Selection and Consent to Jurisdiction) and Section 15.21 (Waiver of Jury Trial) of the Credit Agreement are incorporated mutatis mutandis.

  10.No Novation.  Nothing in this Amendment shall be construed to be or constitute any novation of Borrower’s obligations to the Lenders or the Agent.  

  11.Claims Release. Each Loan Party hereby fully, finally and forever releases, waives, and discharges Agent and each Lender and its successors, assigns, directors, officers, employees, agents and representatives (each a “Releasee”) from any and all actions, causes of action, claims, debts, demands, liabilities, obligations and suits (“Claims”) of whatever kind or nature, in law or in equity, that such Loan Party has or in the future may have, whether known or unknown, arising from events prior to the date hereof in respect to the Loan and the Loan Documents; provided, that with respect to any Releasee, the foregoing release shall not apply to (x) any Claims arising as a result of material breach by, such Releasee of this Amendment, or (y) any Claims resulting from such Releasee’s gross negligence, willful misconduct or bad faith as determined by a final, non-appealable judgment of a court of competent jurisdiction.

  12.Headings of Subdivisions.  The headings of subdivisions in this Amendment are for convenience of reference only, and shall not govern the interpretation of any of the provisions of this Amendment.

  13.Counterpart Execution.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument. Delivery of an executed counterpart of this Amendment by pdf or facsimile shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by pdf or facsimile also shall deliver an original executed 

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  counterpart of this Amendment but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.

  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

   

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  Exhibit 10.1

  	IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above written.  This Amendment shall constitute a Loan Document.

   

  Borrower:

   

  A-MARK PRECIOUS METALS, INC.

  			
	By:
	/s/ Thor Gjerdrum

	Name:
	 Thor Gjerdrum

	Title:
	 President

   

  SUBSIDIARY GUARANTORS:

   

  CFC ALTERNATIVE INVESTMENTS, LLC

  By: its sole member, A-Mark Precious Metals, Inc.

  			
	By:
	/s/ Thor Gjerdrum

	Name:
	 Thor Gjerdrum

	Title:
	 President

   

  AM IP ASSETS, LLC

  			
	By:
	/s/ Thor Gjerdrum

	Name:
	 Thor Gjerdrum

	Title:
	 President

   

  A-M GLOBAL LOGISTICS, LLC 

  			
	By:
	/s/ Thor Gjerdrum

	Name:
	 Thor Gjerdrum

	Title:
	 President

   

   

  [Signature Page to Joinder and Third Amendment]

  

   

   

   

  COLLATERAL FINANCE CORPORATION

  			
	By:
	/s/ Gregory N. Roberts

	Name:
	Gregory N. Roberts

	Title:
	Chief Executive Officer

   

  TRANSCONTINENTAL DEPOSITORY SERVICES, LLC

  			
	By:
	/s/ Gregory N. Roberts

	Name:
	Gregory N. Roberts

	Title:
	Chief Executive Officer

   

  AM&ST ASSOCIATES, LLC

  			
	By:
	/s/ Gregory N. Roberts

	Name:
	Gregory N. Roberts

	Title:
	Chief Executive Officer

   

  GOLDLINE, INC.

  [Signature Page to Joinder and Third Amendment]

  

  			
	By:
	/s/ Gregory N. Roberts

	Name:
	Gregory N. Roberts

	Title:
	Chief Executive Officer

   

  AM SERVICES, LLC

  			
	By:
	/s/ Gregory N. Roberts

	Name:
	Gregory N. Roberts

	Title:
	Chief Executive Officer

   

   

   

   

   

   

  JM BULLION, INC.

  			
	By:
	/s/ Michael Wittmeyer

	Name:
	Michael Wittmeyer

	Title:
	President

   

  GOLD PRICE GROUP

  			
	By:
	/s/ Michael Wittmeyer

	Name:
	Michael Wittmeyer

	Title:
	President

   

  [Signature Page to Joinder and Third Amendment]

  

  SILVER.COM, INC. 

  			
	By:
	/s/ Michael Wittmeyer

	Name:
	Michael Wittmeyer

	Title:
	President

   

  PROVIDENT METALS CORP 

  			
	By:
	/s/ Michael Wittmeyer

	Name:
	Michael Wittmeyer

	Title:
	President

   

  NEW GUARANTORS:

   

  BUY GOLD AND SILVER CORP

   

  			
	By:
	/s/ Thor Gjerdrum

	Name:
	 Thor Gjerdrum

	Title:
	 President

   

  MARKSMEN HOLDINGS, LLC

   

  			
	By:
	/s/ Thor Gjerdrum

	Name:
	 Thor Gjerdrum

	Title:
	 President

   

   

  [Signature Page to Joinder and Third Amendment]

  

  AGENT:

   

  CIBC BANK USA

   

   

  By: /s/Jason Simon

  Name: Jason Simon 

  Title:  Managing Director

   

   

   

   

  [Signature Page to Joinder and Third Amendment]

  

  PREMIER VALLEY BANK, as a Lender

  			
	By:
	/s/ Gary Fowler

	Name:
	Gary Fowler

	Title:
	Managing Director

   

   

  [Signature Page to Joinder and Third Amendment]

  

  AXOS BANK, as a Lender

  			
	By:
	/s/ David Park

	Name:
	David Park

	Title:
	Executive Vice President

   

   

  [Signature Page to Joinder and Third Amendment]

  

  BOKF, NA DBA BANK OF OKLAHOMA, as a Lender

  			
	By:
	/s/ Cory Christofferson

	Name:
	Cory Christofferson

	Title:
	Senior Vice President 

   

  [Signature Page to Joinder and Third Amendment]

  

  ZIONS BANCORPORATION, N.A., dba CALIFORNIA BANK & TRUST, as a Lender

  			
	By:
	/s/

	Name:
	 

	Title:
	 

   

   

  [Signature Page to Joinder and Third Amendment]

  

  FIRST FOUNDATION BANK, as a Lender

  			
	By:
	/s/ Joe Kucik

	Name:
	Joe Kucik

	Title:
	Senior Vice President

   

   

  [Signature Page to Joinder and Third Amendment]

  

  HSBC BANK USA, N.A., as a Lender

  			
	By:
	/s/ Scott Yeager

	Name:
	Scott Yeager

	Title:
	Managing Director, FIG

   

   

  [Signature Page to Joinder and Third Amendment]

  

  TEXAS CAPITAL BANK, as a Lender

  			
	By:
	/s/ Megan Perkins

	Name:
	Megan Perkins

	Title:
	Vice President 

   

   

  [Signature Page to Joinder and Third Amendment]

  

  BROWN BROTHERS HARRIMAN & CO., as a Lender

  			
	By:
	/s/ Brandon Jackson

	Name:
	Brandon Jackson

	Title:
	Senior Vice President

   

   

  [Signature Page to Joinder and Third Amendment]

  

  COÖPERATIVE RABOBANK U.A., NEW YORK BRANCH, as a Lender

  			
	By:
	/s/ Paul Moisselin

	Name:
	Paul Moisselin

	Title:
	Executive Director

   

  [Signature Page to Joinder and Third Amendment]

  

  Exhibit 10.1

  COÖPERATIVE RABOBANK U.A., NEW YORK BRANCH, as a Lender

  			
	By:
	/s/ Daniel Salvador

	Name:
	Daniel Salvador

	Title:
	Vice President

   

  [Signature Page to Joinder and Third Amendment]

  

  Attachment A 

   

  Schedules to Credit Agreement

   

  [see attached.]

    

  

  Exhibit 10.1

   

  Attachment B

   

  EXHIBIT B

  FORM OF COMPLIANCE CERTIFICATE

  To:	CIBC Bank USA, as Agent

  Please refer to the Credit Agreement dated as of December 21, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among A-MARK PRECIOUS METALS, INC. (the “Borrower”), the various financial institutions party thereto, and CIBC Bank USA, as Agent.  Terms used but not otherwise defined herein are used herein as defined in the Credit Agreement.

  I.	Reports.  Enclosed herewith is a copy of the [annual audited/monthly] report of Borrower and its Subsidiaries as at _____________, ____ (the “Computation Date”), which report fairly presents in all material respects the financial condition and results of operations (subject to the absence of footnotes and to normal year-end adjustments) of Borrower and its Subsidiaries as of the Computation Date and has been prepared in accordance with GAAP consistently applied.

  II.	Financial Tests.  Borrower hereby certifies and warrants to you that the following is a true and correct computation as at the Computation Date of the following ratios and/or financial restrictions contained in the Credit Agreement:

  				
	A.
	Section 11.14(a) - Minimum Consolidated Working Capital 

	1.
	Consolidated Current Assets of the Consolidated Group
	$________

	2.
	Less: Consolidated Current Liabilities of the Consolidated Group
	$________
 

	3.
	Total (Consolidated Working Capital)
	$________

	4.
	Minimum required
	$150,000,000

	B.
         
         
         
         
         
         
         
         
         
	Section 11.14(b) - Minimum Fixed Charge Coverage Ratio

   

   

  

  		
	         
         
         
         
         
         
                 
         
         
                 
         
         
         
         
         
         
         
         
         
         
         
         
         
                
         
         
         
	 

   

   

  

  				
	         
         
         
         
         
         
         
         
         
         
         
                         
         
         
         
         
         
         
  
	 

	1.
	Consolidated Net Income
	$________

	2. 
	Plus:	Interest Expense
	$______

	.........                     
	income tax expense
	$________

	                  
	depreciation
	$________

	                     
	amortization
	$________

	             
                       
	transaction expenses incurred in connection with the Loan Documents and incurred up to $500,000 whether paid concurrently or within thirty (30) of the Closing Date
	$________

	                                                       
         
	non-cash expenses and losses incurred in the ordinary course of business and reasonably acceptable to Agent
	$________

	                                               
         
	non-recurring expenses (including restructuring expenses) reasonably acceptable to Agent
	$________

	                                                    
         
	interest payments received in cash from CFC Borrowers net of operating costs of Collateral Finance Corporation in connection with all CFC Loans
	$________

	                                           
         
	interest payments received in cash from Stacks-Bowers net of operating costs of Borrower in connection with the Spectrum Ownership Based Financing
	$________

	                     
	Less:    non-cash income tax benefits or gains
	$________

	                    
	any cancellation of Debt income
	$________

	         
                    
	additions attributable to minority interests, except to the extent of cash dividends or distributions actually received by the Borrower
	$________

	                       
         
	any non-cash charges previously added back pursuant to the relevant clause above to the extent that, during such period, such non-cash charges have become cash charges
	$________

	                      
	any gains from non-ordinary course asset dispositions
	$________

	                     
	any extraordinary gains including interest income
	$________

	                     
	any gains from discontinued operations
	$________

	          
         
                   
	the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of Borrower or any of its Subsidiaries or is merged into or consolidated with Borrower or any of its Subsidiaries
	$________

	         
         
                             
	the income (or deficit) of any Person (other than a Subsidiary of Borrower) in which Borrower or any of its Subsidiaries has an ownership interest, except to the extent that any such income is actually received by Borrower or such Subsidiary in the form of dividends or similar distributions
	$________

	           
         
         
                            
	the undistributed earnings of any Subsidiary of Borrower to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any contractual obligation (other than under any Loan Documents) or requirement of law applicable to such Subsidiary
	$________

	3. 
	Total (EBITDA)
	$________

	4.
	Less:   Income taxes paid or payable in cash by the Loan Parties net of any income tax refunds to the extent paid in cash
	$________

	5. 
	dividends or distributions of cash paid to the holders of Capital Securities in any Loan Party
	$________

	6.
	unfinanced Capital Expenditures
	$________

	7.
	Sum of (4) through (6)
	$________

	8.
	Remainder of (3) minus (7)
	$________

	9.
	cash Interest Expense
	$________

	10.
	required payments of principal of Funded Debt (excluding the Revolving Loans)
	$________

	11.
	fees paid in connection with any Repo arrangement including the CIBC Permitted Metals Loan Agreement
	$________

	12.
	fees paid in connection with any Unsecured Metals Leases
	$________

	13.
	fees paid in connection with any Ownership Based Financing
	$________

	14.
	Sum of (9) through (13)  
	$________

	15.
	Ratio of (8) to (14)
	____ to 1

	16.
	Minimum Required
	1.20 to 1

	C.
	Section 11.14(c) - Maximum Total Recourse Debt to Consolidated Tangible Net Worth

	         
	1.
	Total Recourse Debt
	$________

	         
	2.
	Consolidated Tangible Assets
	$________

	         
	3.
	Less: Consolidated Liabilities 
	$________

	         
	4.
	Remainder of (2) minus (3) 
	$________

	         
	5.
	Ratio of (1) to (4)
	____ to 1

	         
	6.
	Maximum allowed
	4.50 to 1

	D.
	Section 11.14(d) - Maximum Ownership Based Financings 

   

   

  

  				
	         
	1.
	Total Ownership Based Financings
	$________

	         
	2.
	Maximum allowed
	$500,000,000

	E.
	Section 11.14(e) – Maximum SCMI Ownership Based Financings

	 
	1.
	Total SCMI Ownership Based Financings
	$________

	                 
	2.
	Maximum allowed
	$75,000,000

	Borrower further certifies to you that no Default or Event of Default has occurred and is continuing.

	Borrower has caused this Certificate to be executed and delivered by its duly authorized officer on _________, ____.

	 

   

   

   

  

  A-MARK PRECIOUS METALS, INC., as Borrower

  			
	By:
	 

	Name:
	 

	Title:
	 

   

   

   

   

  

  Exhibit 10.1

  Attachment C

   

  Schedule 1.1F

   

  	
	Approved Brokers

	ABN AMRO Clearing Chicago LLC

	ADM Investor Services, Inc.

	HSBC Bank USAExhibit 10.1 

 

EXECUTION VERSION

 

FIRST AMENDMENT, WAIVER AND CONSENT TO

REVOLVING CREDIT, GUARANTY AND SECURITY AGREEMENT AND LETTER

 OF CREDIT ISSUANCE AND REIMBURSEMENT AND GUARANTY AGREEMENT

 

THIS FIRST AMENDMENT, WAIVER
AND CONSENT TO REVOLVING CREDIT, GUARANTY AND SECURITY AGREEMENT AND LETTER OF CREDIT ISSUANCE AND REIMBURSEMENT AND GUARANTY AGREEMENT
(this “Amendment”), dated as of August 8, 2022, is entered into by and among Babcock &
Wilcox Enterprises, Inc. (the “Borrower”), certain Guarantors from time to time party to the Financing
Agreements referred to below (the “Guarantors” and, together with the Borrower, the “Loan Parties”
and each, a “Loan Party”), certain financial institutions from time to time party to the Financing Agreements referred
to below (collectively, the “Lenders”), PNC BANK, NATIONAL ASSOCIATION, a national banking association (“PNC”),
as agent for Lenders under the Credit Agreement referred to below (in such capacity, the “Agent”)., and PNC, as issuer
under the Letter of Credit Agreement referred to below (in such capacity, the “Issuer”). Terms used herein without
definition shall have the meanings ascribed to them in the Financing Agreements defined below.

 

RECITALS

 

A.            The
Loan Parties, Lenders and the Agent have previously entered into that certain Revolving Credit, Guaranty and Security Agreement,
dated as of June 30, 2021 (as amended, restated, modified and/or supplemented from time to time, the
 “Credit Agreement”), pursuant to which the Lenders have made certain loans and financial accommodations available
to the Borrower

 

B.            The
Loan Parties and the Issuer have previously entered into that certain Letter of Credit Issuance and Reimbursement and Guaranty Agreement,
dated as of June 30, 2021 (as amended, restated, modified and/or supplemented from time to time, the “Letter of Credit
Agreement”, and together with the Credit Agreement, the “Financing Agreements”).

 

C.            The
Loan Parties have requested the Lenders, the Agent and the Issuer waive compliance with certain Payment Conditions for purposes of making
a Permitted Restricted Payment.

 

D.            The
Loan Parties, the Lenders, the Agent and the Issuer also wish to amend the Financing Agreements on the terms and conditions set forth
herein.

 

E.            The
Loan Parties are entering into this Amendment with the understanding and agreement that, except as specifically provided herein, none
of Agent’s, Issuer’s or any Lender’s rights or remedies as set forth in the Financing Agreements or any Other
Document is being waived or modified by the terms of this Amendment.

 

    

     

    

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereby agree as follows:

 

1.            Amendments
to Credit Agreement.

 

(a)            The
following defined terms are hereby added to Section 1.2 of the Credit Agreement in their proper alphabetical order:

 

“AB Amount”
has the meaning set forth in definition of “Advance Billing Adjustment”.

 

“Advance
Billing Adjustment” means, as of any fiscal quarter end testing date, an amount equal to (a) the amount of progress billing
or other advance billing constituting a Current Liability (the “AB Amount”) as of such date of determination less
(b) the AB Amount as of the last day of the fiscal quarter immediately preceding the fiscal quarter described in clause (a) above.

 

“Current
Assets” means, with respect to Loan Parties on a Consolidated Basis, as of any applicable testing date, all current assets
of such Person as of any date of determination calculated in accordance with GAAP less the Advance Billing Adjustment as of such
testing date.

 

“Current
Liabilities” means, with respect to Loan Parties on a Consolidated Basis, as of any applicable testing date, all liabilities
which should, in accordance with GAAP, be classified as current liabilities, and in any event shall include all Indebtedness payable
on demand or within one year from any date of determination without any option on the part of the obligor to extend or renew beyond such
year, all accruals for federal or other taxes based on or measured by income and payable within such year, but excluding the current
portion of long-term debt required to be paid within one year and the outstanding principal balance of the Revolving Loan.

 

“Current
Ratio” shall mean, with respect to Loan Parties on a Consolidated Basis as of any applicable testing date, the ratio of (a) Current
Assets to (b) Current Liabilities.

 

(b)            Section 6.5
of the Credit Agreement is hereby amended by adding the following clause (f) immediately following clause (e):

 

“(f)          Current
Ratio Covenant. Cause Loan Parties on a Consolidated Basis to maintain as of the end of the fiscal quarter ending June 30, 2022
and as of the end of each fiscal quarter ending thereafter, a Current Ratio tested as of such date of not less than 1.25 to 1.00.”

 

(c)            Exhibit 1.2(b) to
the Credit Agreement is hereby replaced with the new Exhibit 1.2(b) attached to this Amendment.

 

2.             Limited
Waiver. The Borrowers request the Lenders, the Agent and the Issuer waive compliance with clause (j) of the definition of Payment
Conditions in the Credit Agreement solely for purposes of the making of a Permitted Restricted Payment under clause (g) of the definition
thereof in connection with making a dividend in respect of Preferred Equity after the date hereof and on or prior to September 30,
2022 in an aggregate amount not to exceed $3,715,000 (the “Requested Waiver”). Subject to satisfaction of the conditions
precedent set forth in Section 5 below, the Lenders, the Agent and the Issuer hereby consent to the Requested Waiver (such consent,
the “Limited Waiver”). Notwithstanding the foregoing, this Limited Waiver does not establish a course of conduct among
Loan Parties and the Lenders, the Agent and the Issuer and Loan Parties hereby agree that the Lenders, the Agent and the Issuer are not
obligated to waive any similar conditions under the Financing Agreements in the future.

 

    2

     

    

 

3.             Consent
under Intercreditor Agreement. Agent hereby consents to an amendment to the Reimbursement/Cash Collateral Facility Agreement entered
into on the date hereof on substantially similar terms as this Amendment (the “Reimbursement/Cash Collateral Amendment”),
notwithstanding anything to the contrary in Section 10.4(c) of the Intercreditor Agreement.

 

4.             Amendment
Fee. In consideration of the agreements set forth herein, Borrower hereby agrees to pay to PNC, for the benefit of the Lenders, an
amendment fee in the amount of $125,000(the “Amendment Fee”), which fee is non-refundable when paid and is fully-earned
as of and due and payable in cash on the date of this Amendment (and which PNC is authorized to withdraw from the Borrower’s account).

 

5.             Effectiveness
of this Amendment. The Agent and the Issuer must be satisfied that the following conditions have been met before this Amendment is
effective.

 

(a)            Amendment.
The Agent and the Issuer have received this Amendment, fully executed in a sufficient number of counterparts for distribution to all
parties.

 

(b)            Amendment
to Reimbursement/Cash Collateral Facility. The Agent and the Issuer have received a fully executed copy of the Reimbursement/Cash
Collateral Amendment.

 

(c)            Amendment
Fee. PNC has received the Amendment Fee.

 

(d)            Representations
and Warranties. The representations and warranties set forth herein must be true and correct in all material respects (except that
such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality
in the text thereof).

 

6.             Representations
and Warranties. Each Loan Party represents and warrants as follows:

 

(a)            Authority.
Such Loan Party has full power, authority and legal right to enter into this Amendment and to perform all its Obligations hereunder and
under the Other Documents (as amended or modified hereby). This Amendment has been duly executed and delivered by such Loan Party, and
this Amendment constitutes the legal, valid and binding obligation of such Loan Party enforceable in accordance with its terms, except
as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’
rights generally. The execution, delivery and performance of this Amendment (i) are within such Loan Party’s corporate powers,
have been duly authorized by all necessary corporate action, are not in contravention of law or the terms of such Loan Party’s
bylaws, articles of incorporation or other applicable documents relating to such Loan Party’s formation or to the conduct of such
Loan Party’s business or of any material agreement or undertaking to which such Loan Party is a party or by which such Loan Party
is bound, (ii) will not, in any material respect, conflict with or violate any law or regulation, or any judgment, order or decree
of any Governmental Body, (iii) will not require the Consent of any Governmental Body or any other Person, except those Consents
which have been duly obtained, made or compiled prior to the date hereof and which are in full force and effect or except those which
the failure to have obtained would not have, or could not reasonably be expected to have a Material Adverse Effect and (iv) will
not conflict with, nor result in any breach in any of the provisions of or constitute a default under or result in the creation of any
Lien except Permitted Encumbrances upon any asset of any Loan party under the provisions of any material agreement, charter document,
operating agreement or other instrument to which such Loan Party is a party or by which it or its property is a party or by which it
may be bound.

 

    3

     

    

  

(b)            Representations
and Warranties. Each of the representations and warranties made by a Loan Party in or pursuant to the Financing Agreements, the Other
Documents and any related agreements to which it is a party, and each of the representations and warranties contained in any certificate,
document or financial or other statement furnished at any time under or in connection with the Financing Agreements, the Other Documents
or any related agreement are true and correct in all material respects on and as of the date hereof as though made on and as of the date
hereof, other than representations and warranties relating to a specific earlier date, and in such case such representations and warranties
are true and correct in all material respects as of such earlier date.

 

(c)            No
Default. No event has occurred and is continuing that constitutes a Default or an Event of Default.

 

7.             Choice
of Law. This Amendment shall in accordance with Section 5-1401 of the General Obligations Law of the State of New York, be governed
by and construed in accordance with the laws of the State of New York.

 

8.             Counterparts;
Facsimile Signatures. This Amendment may be executed in any number of and by different parties hereto on separate counterparts, all
of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature
delivered by a party by facsimile transmission or by electronic transmission (including email transmission of a PDF copy or other copy
of an image of a signed counterpart) shall be deemed to be an original signature hereto.

 

9.             Reference
to and Effect on the Other Documents.

 

(a)            Upon
and after the effectiveness of this Amendment, each reference in the Financing Agreements to “this Agreement”, “hereunder”,
 “hereof” or words of like import referring to the Financing Agreements, and each reference in the Other Documents to the
 “Credit Agreement”, “Letter of Credit Agreement” or “Financing Agreements”, “thereof”
or words of like import referring to the Financing Agreements, shall mean and be a reference to the Financing Agreements as modified
and amended hereby.

 

(b)            Except
as specifically amended above, the Financing Agreements and all Other Documents, are and shall continue to be in full force and effect
and are hereby in all respects ratified and confirmed and shall constitute the legal, valid, binding and enforceable obligations of Borrower
to the Agent, the Issuer and the Lenders, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium
or similar laws affecting creditors’ rights generally.

 

    4

     

    

  

(c)            The
execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of the Agent, the Issuer and/or the Lenders under any of the Other Documents, nor constitute a waiver of any provision
of any of the Other Documents.

 

(d)            To
the extent that any terms and conditions in any of the Other Documents shall contradict or be in conflict with any terms or conditions
of the Financing Agreements, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly
to reflect the terms and conditions of the Financing Agreements as modified or amended hereby.

 

10.           Estoppel.
To induce the Agent, the Issuer and the Lenders to enter into this Amendment and to continue to make cash collateral available under
the Financing Agreements, each Loan Party hereby acknowledges and agrees that, to its knowledge, as of the date hereof, there exists
no right of offset, defense, counterclaim or objection in favor of any Borrower as against the Agent, the Issuer or any Lender with respect
to the Obligations.

 

11.           Integration.
This Amendment, together with the Other Documents, incorporates all negotiations of the parties hereto with respect to the subject matter
hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof.

 

12.           Severability.
If any part of this Amendment is contrary to, prohibited by, or deemed invalid under Applicable Laws, such provision shall be inapplicable
and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall
be given effect so far as possible.

 

13.           Submission
of Amendment. The submission of this Amendment to the parties or their agents or attorneys for review or signature does not constitute
a commitment by the Agent, the Issuer or any Lender to make any changes to the terms of the Financing Agreements and this Amendment shall
have no binding force or effect until all of the conditions to the effectiveness of this Amendment have been satisfied as set forth herein.

 

14.           Guarantor’s
Acknowledgment. With respect to the amendments to the Financing Agreements effected by this Amendment, each Loan Party signatory
hereto that is a Guarantor hereby acknowledges and agrees to this Amendment and confirms and agrees that its Guaranty (as modified and
supplemented in connection with this Amendment) is and shall continue to be, in full force and effect and is hereby ratified and confirmed
in all respects except that, upon the effectiveness of, and on and after the date of this Amendment, each reference in such Guaranty
to either Financing Agreements, “thereunder”, “thereof” or words of like import referring to either Financing
Agreements, shall mean and be a reference to such Financing Agreement as amended or modified by this Amendment. Although the Agent, the
Issuer and the Lenders have informed the Guarantors of the matters set forth above, and each Guarantor has acknowledged the same, each
Guarantor understands and agrees that neither Agent, Issuer nor any Lender has any duty under the Financing Agreements, the Guaranty
or any other agreement with any Guarantor to so notify any Guarantor or to seek such an acknowledgement, and nothing contained herein
is intended to or shall create such a duty as to any transaction hereafter.

  

[signature pages follow]

 

    5

     

    

 

IN WITNESS WHEREOF, the parties
have entered into this Amendment as of the date first above written.

 

	 	BABCOCK & WILCOX ENTERPRISES, INC., as Borrower
	 	 	 
	 	By:	/s/ Rodney Carlson
	 	Name:	Rodney Carlson
	 	Title:	Treasurer

 

Signature Page to First Amendment, Waiver
and Consent to

Revolving Credit, Guaranty and Security Agreement and Letter of Credit Issuance and Reimbursement and Guaranty Agreement

 

    

     

    

 

	 	GUARANTORS:
	 	 
	 	AMERICON EQUIPMENT SERVICES, INC.
	 	AMERICON, LLC
	 	BABCOCK & WILCOX CONSTRUCTION CO., LLC
	 	BABCOCK & WILCOX EBENSBURG POWER, LLC
	 	BABCOCK & WILCOX EQUITY INVESTMENTS, LLC
	 	BABCOCK & WILCOX HOLDINGS, LLC,
	 	BABCOCK & WILCOX INDIA HOLDINGS, INC.
	 	BABCOCK & WILCOX INTERNATIONAL SALES AND SERVICE CORPORATION
	 	BABCOCK & WILCOX INTERNATIONAL, INC.
	 	THE BABCOCK & WILCOX COMPANY
	 	BABCOCK & WILCOX TECHNOLOGY, LLC
	 	DELTA POWER SERVICES, LLC
	 	DIAMOND OPERATING CO., INC.
	 	DIAMOND POWER AUSTRALIA HOLDINGS, INC.
	 	DIAMOND POWER CHINA HOLDINGS, INC.
	 	DIAMOND POWER EQUITY INVESTMENTS, INC.
	 	DIAMOND POWER INTERNATIONAL, LLC
	 	EBENSBURG ENERGY, LLC
	 	O&M HOLDING COMPANY
	 	POWER SYSTEMS OPERATIONS, INC.
	 	SOFCO – EFS HOLDINGS LLC
	 	BABCOCK & WILCOX SPIG, INC.
	 	BABCOCK & WILCOX CANADA CORP.

 

	 	By:	/s/ Rodney Carlson
	 	Name:	Rodney Carlson
	 	Title:	Treasurer

 

Signature Page to First Amendment, Waiver
and Consent to

Revolving Credit, Guaranty and Security Agreement and Letter of Credit Issuance and Reimbursement and Guaranty Agreement

 

    

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION, as Agent, sole Lender, and Issuer 
	 	 
	 	By:	/s/ Mathew Leighton
	 	Name:	Mathew Leighton
	 	Title:	Senior Vice President

 

Signature Page to First Amendment, Waiver
and Consent to

Revolving Credit, Guaranty and Security Agreement and Letter of Credit Issuance and Reimbursement and Guaranty Agreement

 

    

 

     

    

 

Exhibit 1.2(b) 

Form of Compliance Certificate

 

COMPLIANCE CERTIFICATE

 

PNC Bank, National Association 

2 International Place, 29th Floor 

Boston, MA 02110 

Attention: Relationship Manager – Babcock & Wilcox

 

MSD PCOF Partners XLV, LLC 

c/o MSD Partners, L.P. 

645 Fifth Ave, 21st Floor 

New York, New York 10022 5910 

Attn: Marcello Liguori 

Email: mliguori@msdpartners.com

 

The undersigned, the [Chief Executive
Officer / Chief Financial Officer / Treasurer / Controller] of BABCOCK & WILCOX ENTERPRISES, INC., a corporation
organized under the laws of Delaware (“Borrowing Agent”), certifies to (i) PNC BANK, NATIONAL ASSOCIATION,
in its capacity as agent (in such capacity, “Agent”) under the Credit Agreement referenced below, and the
financial institutions referenced below, that, pursuant to the terms and conditions of that certain Revolving Credit, Guaranty and
Security Agreement, by and among Borrowing Agent, as the borrower thereunder, the financial institutions party thereto from time to
time, and Agent, dated as of June 30, 2021 (as may be amended, modified, supplemented, renewed, restated or replaced from time
to time, the “Credit Agreement”); and (ii) MSD PCOF Partners XLV, LLC as agent for the Cash Collateral
Providers under that certain Reimbursement, Guaranty and Security Agreement, by and among Borrowing Agent, as the borrower
thereunder, the financial institutions party thereto from time to time (the “Cash Collateral Providers”), dated
as of June 30, 2021 (as may be amended, modified, supplemented, renewed, restated or replaced from time to time, the
 “Reimbursement Agreement”, and together with the Credit Agreement, the “Debt Documents”); the
Loan Parties are in compliance for the [month / quarter /
fiscal year] ending___________________     , 20___ with all
required covenants set forth in the Debt Documents and no Default or Event of Default exists (if not true, in the “Comments
Regarding Exceptions” section below specify the Default or Event of Default, its nature, when it occurred, whether it is
continuing and the steps being taken by the Loan Parties with respect to such Default or Event of Default). Capitalized terms
used in this Compliance Certificate and not otherwise defined herein shall have the meanings ascribed to them in the Credit
Agreement and the Reimbursement Agreement, as applicable.

 

Without limiting the foregoing,
the undersigned certifies that the Loan Parties are in compliance with the requirements or restrictions imposed by Sections 6.5 and 7.6,
of the Credit Agreement or Reimbursement Agreement, as applicable, except as may be set forth below

 

     

     

    

 

[Attached hereto as Schedule
A are covenant calculations which show such compliance (or non-compliance) with [Section 6.5 and]1 [7.6]2
of the Credit Agreement or Reimbursement Agreement, as applicable.]

 

[Compliance status is indicated by circling Yes/No under “Complies”
column.]

 

	Financial Covenants	Required	Actual	Complies
	Section 6.5 (a) – Fixed Charge Coverage Ratio	≥ 1.00 to 1.00	___ to 1.00	Yes/No
	Section 6.5 (b) – Senior Net Leverage Ratio	≤ 2.50 to 1.00	___ to 1.00	Yes/No
	Section 6.5(c) Cash Repatriation Covenant	≤ $35,000,000	$__________	Yes/No
	Section 6.5(d) Minimum Liquidity Covenant	≥ $30,000,000	$__________	Yes/No
	Section 6.5(f) Current Ratio Covenant	≥ 1.25 to 1.00	___ to 1.00	Yes/No
	Section 7.6 – Maximum Capital Expenditures	≤ $7,500,000	$__________	Yes/No

 

[Since the date of the
last Compliance Certificate, there has been no change to the Loan Parties’ operating or other deposit accounts, securities
accounts, commodities accounts, and other accounts, other than Excluded Deposit Accounts, at which any Loan Party maintains funds or
investments, except as set forth below: _________________________________.

 

Since the date of the
last Compliance Certificate, there has been no change to the Loan Parties’ registered Intellectual Property, including any
applications for any of the foregoing, and including any licenses pursuant to which any Loan Party is a licensee of any of the
foregoing, except as set forth below: _________________________________.

 

Since the date of the last
Compliance Certificate, there has been no change to the Loan Parties’ leased locations or to locations of equipment and Inventory
(except for Inventory in transit) or other Collateral with a value equal to the Dollar Equivalent of $500,000 or greater (other than those
locations permitted in the Credit Agreement or the Reimbursement Agreement, as applicable), except as set forth below: __.]3

 

[Since the date of the last
Compliance Certificate, there has been no change to Loan Parties’ Equity Interests except as set forth below:
_________________________________.]4

 

[Attached as Exhibit I
hereto are updates to the following schedules as permitted by Section 9.17 of the Credit Agreement or Reimbursement Agreement, as
applicable]5

 

Comments
Regarding Exceptions: _________________________________. 

 

[signature page follows]

 

 

1
For quarterly certificate only.

2
For annual certificate only.

3
To be provided with quarterly compliance certificates

4
To be provided with quarterly compliance certificates

5
To be provided with quarterly compliance certificates

 

     

     

    

 

	 	Very truly yours,

 

	 	BABCOCK & WILCOX ENTERPRISES, INC. as Borrower

 

	 	By: 	

	 	Name:

	 	Title:

 

     

     

    

 

SCHEDULE A TO COMPLIANCE CERTIFICATE

 

Calculations

 

     

     

    

 

EXHIBIT I TO COMPLIANCE CERTIFICATE

 

Updates to Schedules

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