Document:

EX-10.4

 Exhibit 10.4 
 COMMITMENT LETTER 
 DIP FACILITIES 

PERSONAL AND CONFIDENTIAL 
 December 23,
2011 
 Aquilex Holdings LLC 
 3344
Peachtree Road, Suite 2100 
 Atlanta, GA 30326 
 Attention: Chief Financial Officer 
 Ladies and Gentlemen: 

Reference is made to that certain restructuring support agreement, dated as of December 23, 2011, by and among Aquilex Holdings LLC
(the “Company” or “you”), certain holders of the Company’s 11 1/8% Senior Notes due 2016 (the “Notes,” and such holders, the “Noteholders”) and
Royal Bank of Canada, as administrative agent for the Company’s Pre-Petition Credit Facilities (as defined in the Term Sheet) (the “Restructuring Support Agreement”), pursuant to which the parties thereto have agreed,
among other things, to (i) support the Pre-Packaged Plan of Reorganization (as defined below) and (ii) enter into a backstop agreement (the “Backstop Agreement”) pursuant to which certain of the Noteholders
(collectively, the “Backstop Parties”) have agreed to backstop a rights offering for equity securities of the post-reorganization Company (the “Rights Offering”). 

You have advised RBC and RBC Capital Markets1 (acting through such of its affiliates or branches as it deems appropriate, “RBC”), Credit
Suisse AG (acting through such of its affiliates or branches as it deems appropriate, “CS”) and Morgan Stanley Senior Funding, Inc. (“MSSF”, together with RBC and CS, “we,”
“us” or the “Commitment Parties”) the Company and certain of the Company’s existing domestic subsidiaries (other than SMS Global, Inc.) are contemplating the filing of cases (the
“Cases”) under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy
Court”) and wish to obtain senior secured superpriority debtor-in-possession financing in connection therewith comprised of $10.0 million revolving facility (the “DIP Revolving Facility”), a $13.2 million letter
of credit facility (the “DIP LC Facility”) and $55.0 million roll-up facility having the terms and conditions set forth in the Summary of Principal Terms and Conditions of the DIP Facilities attached hereto as Exhibit A (the
“Term Sheet;” this commitment letter, the Term Sheet and the Funding Conditions attached hereto as Exhibit B, collectively, this “Commitment Letter”). Capitalized terms used but not defined herein
shall have the meanings assigned to them in the Term Sheet. 
  

	1 	RBC Capital Markets is the global brand name for the corporate and investment banking business of Royal Bank of Canada and its affiliates. 

 1. Commitments; Titles and Roles. 

(a) RBC is pleased to confirm by this Commitment Letter its commitment to you and hereby commits (the “Revolving
Commitment”) to provide or cause one or more of its affiliates to provide the full amount of the DIP Revolving Facility in the aggregate principal amount equal to $10.0 million, subject to the terms and conditions set forth herein.

 (b) With respect to the DIP LC Facility, (i) RBC is pleased to confirm by this Commitment Letter its commitment to you
and hereby commits to provide or cause one or more of its affiliates to provide 56.25% of the DIP LC Facility, (ii) CS is pleased to confirm by this Commitment Letter its commitment to you and hereby commits to provide or cause one or more of
its affiliates to provide 11.50% of the DIP LC Facility, and (iii) MSSF is pleased to confirm by this Commitment Letter its commitment to you and hereby commits to provide or cause one or more of its affiliates to provide 32.25% of the DIP LC
Facility, in each case, subject to the terms and conditions set forth herein (collectively, the “LC Commitments” and together with the Revolving Commitment, the “Commitments”). The Commitments of RBC,
CS and MSSF are several and not joint. 
 (c) It is agreed that RBC Capital Markets will act as lead arranger and lead
bookrunner for the DIP Facilities (collectively, the “Arranger”), and (ii) RBC will act as sole administrative agent and sole collateral agent (in such capacity, the “Administrative Agent”) for
the DIP Facilities. You further agree that no other agents, co-agents, arrangers or bookrunners will be appointed, no other titles will be awarded and no compensation (other than compensation expressly contemplated by this Commitment Letter and the
Fee Letter referred to below) will be paid to any DIP Lender in connection with the DIP Facilities unless you and we shall so agree. 
 (d) Our agreements and commitments described herein are subject to the following conditions precedent: 
 (i) there not having occurred or become known to the Arranger any event, development or circumstance since the date of the Company’s most recently filed 10-Q report filed with the Securities and
Exchange Commission that has caused or would reasonably be expected to cause a material adverse change in or affecting the business, financial condition, results of operations, assets, liabilities or value of the Company and its subsidiaries, taken
as a whole (other than (A) those events typically resulting from the filing of the Cases, (B) the announcement of the filing of the Cases, (C) those circumstances and events occurring on or after September 1, 2011 relating to the
restructuring of the Company’s debt obligations, or (D) those circumstances and events constituting the “Specified Defaults” as defined in each of (x) that certain Forbearance Agreement, dated October 13,
2011 (as amended on November 15, 2011), by and among the Borrower, the Credit Parties, the Pre-Petition Agent and the Pre-Petition Lenders and (y) that certain Forbearance Agreement, dated as of November 15, 2011, by and among the
Borrower, the Credit Parties, and each of the beneficial owners and/or investment advisors or managers of discretionary accounts for the holders or beneficial owners of the Notes named therein); 

  
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 (ii) each Credit Party having executed and delivered definitive financing
documentation with respect to the DIP Facilities (the “DIP Loan Documents”), which shall contain the terms and conditions set forth in the Term Sheet and shall otherwise be in form and substance satisfactory to the Arranger
and its counsel; 
 (iii) the Bankruptcy Court shall have entered, upon motion in form and substance reasonably
satisfactory to the Arranger (the “Approval Motion”), on such prior notice as may be reasonably satisfactory to the Arranger, an interim order, in form and substance acceptable to the Arranger in its sole discretion, that,
among other things (except to the extent the Arranger otherwise agrees in writing in its sole discretion), (A) approves, and authorizes the debtors to execute and deliver and perform under, the DIP Loan Documents, this Commitment Letter, the
Fee Letter, and approves all provisions of each of the foregoing, (B) approves the Roll-Up Facility as part of the DIP Facilities, (C) approves and authorizes the incurrence and payment by the Credit Parties, as debtors-in-possession, of
related fees, interest, indemnities and expenses in connection therewith, (D) provides that the Borrower deliver copies of all financial reports delivered to the Administrative Agent under the DIP Facilities to the Second Lien Agent and
(E) grants the Arranger, the Administrative Agent and the DIP Lenders (x) superpriority administrative claims, and (y) other customary benefits and protections for a financing of this type (the “Interim
Order”). The Interim Order shall be in full force and effect and shall not have been stayed, reversed or vacated, or, without the prior written consent of the Administrative Agent and the Required Lenders, otherwise amended or modified
in any manner that is materially adverse to the rights or interests of any or all of the Arranger, Administrative Agent and DIP Lenders (as determined in good faith by the Administrative Agent). The Bankruptcy Court shall not have entered any order
(including any order approving any debtor-in-possession financing or cash collateral arrangement) that conflicts with or is inconsistent with any of the provisions of the Interim Order in any material respect; 

(iv) prior to the commencement of the Cases, the Credit Parties shall have completed, in accordance with the applicable
provisions of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, any local rules of the Bankruptcy Court and the Restructuring Support Agreement, the prepetition solicitation of votes on, and obtained the acceptances of each solicited
class of creditors on, the pre-packaged plan of reorganization that satisfies the definition of the term “Plan” set forth in the Restructuring Support Agreement as in effect on the date hereof, as such pre-packaged plan of reorganization
may be amended, supplemented or otherwise modified from time to time with the prior written consent of the Arranger in its sole discretion to the extent such amendment, supplement or modification materially and adversely affects the rights and
interests of any or all of the Administrative Agent, the Arranger, the DIP Lenders, each as determined in good faith by the Arranger, together with all exhibits, schedules, annexes, supplements and other attachments thereto that (x) are
consistent with the terms of the Plan (as defined in the Restructuring Support Agreement as in effect on the date hereof), (y) do not materially and adversely affect the rights and interests of

  
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any or all of the Administrative Agent, the Arranger and the DIP Lenders, each as determined in good faith by the Arranger or (z) that are acceptable to the Arranger in its sole discretion
(the “Pre-Packaged Plan of Reorganization”); 
 (v) upon commencement of the Cases, the
Credit Parties shall have filed one or more motions, in form and substance reasonably satisfactory to the Arranger for confirmation of the Pre-Packaged Plan of Reorganization, approval of the related disclosure statement and solicitation procedures,
approval of the Rights Offering and Rights Offering solicitation procedures, approval of other matters relating to confirmation of the Pre-Packaged Plan of Reorganization and scheduling of a combined confirmation and disclosure statement hearing;

 (vi) each of the Restructuring Support Agreement and Backstop Agreement shall be in full force and effect as
determined in good faith by the Arranger; 
 (vii) the Cases shall have commenced on or before February 15,
2012, or such later date to which the Arranger has consented in its sole discretion; and 
 (viii) the other
conditions set forth in the Term Sheet and in the Funding Conditions attached hereto as Exhibit B. 
 2. Fees and
Expenses. In consideration of the execution and delivery of this Commitment Letter by us, you agree to pay (or cause to be paid) the fees and expenses set forth in the Term Sheet and in the Fee Letter dated the date hereof (the “Fee
Letter”) as and when payable in accordance with the terms thereof. 
 3. Indemnification. 

(a) You hereby agree to indemnify and hold harmless the Arranger, the Administrative Agent, the Commitment Parties, the other DIP Lenders
and each of their respective affiliates and all of their respective officers, directors, partners, trustees, employees, shareholders, advisors, agents, attorneys and controlling persons and each of their respective heirs, successors and assigns
(each, an “Indemnified Person”) from and against any and all losses, claims, damages, liabilities and expenses to which any Indemnified Person may become subject arising out of or in connection with this Commitment Letter,
the Fee Letter, the DIP Facilities, the use of the proceeds therefrom and the filing of the cases (the “Transactions”), any of the other transactions contemplated by this Commitment Letter or the Fee Letter, any other
transaction related thereto or any claim, litigation, investigation or proceeding relating to any of the foregoing, regardless of whether any Indemnified Person is a party thereto and which may be brought by you, the Company or any of the Guarantors
or any of their respective affiliates or any other party, and to reimburse each Indemnified Person promptly upon demand for all documented out-of-pocket legal and other expenses reasonably incurred by it in connection with investigating, preparing
to defend or defending, or providing evidence in or preparing to serve or serving as a witness with respect to, any lawsuit, investigation, claim or other proceeding relating to any of the foregoing (including, without limitation, in connection with
the enforcement of the indemnification obligations set forth herein); provided, however, that no Indemnified Person will 

  
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be entitled to indemnity hereunder in respect of any loss, claim, damage, liability or expense to the extent that it is found by a final, non-appealable judgment of a court of competent
jurisdiction that such loss, claim, damage, liability or expense resulted directly from the gross negligence, bad faith or willful misconduct of such Indemnified Person; provided, further, however, that any legal fees shall be
limited to the reasonable and documented fees and out-of-pocket expenses of one firm of attorneys for all Indemnified Parties taken as a whole (plus one additional local firm of attorneys as may be reasonably necessary) and, in the case of different
defenses or an actual or perceived conflict of interest in which an Indemnified Party affected by such different defense or such conflict retains its own counsel, of another firm of counsel for each such Indemnified Party. In no event will any
Indemnified Person be liable on any theory of liability for indirect, special or consequential damages, lost profits or punitive damages as a result of any failure to fund any of the DIP Facilities contemplated hereby or otherwise in connection with
the DIP Facilities. No Indemnified Person will be liable for any damages arising from the use by unauthorized persons of information, projections or other materials sent through electronic, telecommunications or other information transmission
systems that are intercepted by unauthorized persons, except to the extent that it is found by a final, non-appealable judgment of a court of competent jurisdiction that such damages resulted from the gross negligence, bad faith or willful
misconduct of such Indemnified Persons. 
 (b) You further agree that, without the prior written consent of the Commitment
Parties, neither you nor any of your subsidiaries or affiliates will enter into any settlement of a lawsuit, investigation, claim or other proceeding arising out of this Commitment Letter or the transactions contemplated by this Commitment Letter
unless such settlement includes an explicit and unconditional release from the party bringing such lawsuit, investigation, claim or other proceeding of all Indemnified Persons. 

4. Expiration of Commitment. The Commitment will expire at 5:00 p.m., New York City time, on December 23, 2011 unless on or
prior to such time you have executed and returned to the Commitment Parties a copy of this Commitment Letter and the Fee Letter. If you do so execute and deliver to the Commitment Parties this Commitment Letter and the Fee Letter, the Commitment
Parties agree to hold the Commitment available for you until 5:00 p.m., New York City time, on the earlier of (a) the date that is seven days after the commencement of the Cases and (b) February 15, 2012 (such earlier date, the
“Expiration Date”). The Commitment will terminate on the Closing Date, and you agree to rely exclusively on your rights and the commitments set forth in the DIP Loan Documents in respect of all loans and extensions of credit
to be made on or after the Closing Date. 
 5. Confidentiality. 

(a) Please note that this Commitment Letter, the Fee Letter and any communications provided by the Commitment Parties or any of their
affiliates in connection with the transactions contemplated hereby are exclusively for the information of your Board of Directors and senior management and employees and may not be disclosed to any other person or entity or circulated or referred to
publicly without our prior written consent except, after providing written notice to the Commitment Parties (to the extent permitted by applicable law), pursuant to applicable law or compulsory legal process, including without limitation a subpoena
or order issued by a court of competent jurisdiction or by a judicial, administrative or legislative 

  
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body or committee; provided that we hereby consent to your disclosure of (i) this Commitment Letter, the Fee Letter and such communications and discussions to the Sponsor’s (as
defined in the Existing Credit Agreement) and Company’s officers, directors, agents and other advisors who are directly involved in the consideration of the DIP Facilities and who have been informed by you of the confidential nature of such
advice and the Commitment Letter and Fee Letter and who have agreed to treat such information confidentially, (ii) this Commitment Letter and the Fee Letter, (A) to the office of the U.S. Trustee, to any ad-hoc or statutorily appointed
committee of unsecured creditors, and to their respective representatives and professional advisors on a confidential and “need to know” basis, and (B) as part of the Pre-Packaged Plan of Reorganization (including to the Noteholders
who are subject to a confidentiality undertaking, the Backstop Parties, the agent and the lenders under the Second Lien Facility (as defined below), and each of their respective representatives and professional advisors), the disclosure statement
related thereto, or to the extent required in motions, in form and substance satisfactory to the Arranger in its discretion, to be filed with the Bankruptcy Court solely in connection with obtaining an order of the Bankruptcy Court approving the
Company’s execution, delivery and performance of this Commitment Letter, the Fee Letter, the definitive Loan Documents and the Interim Order. 
 (b) You acknowledge that the Commitment Parties and their respective affiliates (the term “Commitment Parties,” when used in this paragraph, includes all such affiliates) may be
providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which you may have conflicting interests regarding the transactions described herein and otherwise. No Commitment
Party shall use confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter or their other relationships with you in connection with the performance by such Commitment Party of services for other
companies, and no Commitment Party shall furnish any such information to other companies. You also acknowledge that no Commitment Party has any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to
furnish to you, confidential information obtained from other companies. 
 6. [Reserved]. 

7. Survival. The provisions related to indemnification, jurisdiction, governing law, waiver of jury trial and confidentiality
contained herein shall remain in full force and effect regardless of whether the DIP Loan Documents shall be executed and delivered and notwithstanding the termination of this Commitment Letter; provided, however, that your obligations
under this Commitment Letter with respect to indemnification shall be superseded by the provisions of the DIP Loan Documents upon the execution and delivery thereof. 
 8. Choice of Law; Jurisdiction; Waivers. 
 (a) This Commitment Letter and
the rights and obligations of the parties hereunder will be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of law principles that would result in the application of any laws other than the
laws of the State of New York. The Company for itself and its affiliates agrees that any suit or proceeding arising in respect to this Commitment Letter or the Commitment Parties’ commitments or agreements hereunder or the Fee Letter will
be 

  
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tried in the Bankruptcy Court, or in the event that the Bankruptcy Court does not have or does not exercise jurisdiction, then in any Federal court of the United States of America sitting in
the Borough of Manhattan or, if that court does not have subject matter jurisdiction, in any state court located in the City and County of New York, and the Company agrees to submit to the exclusive jurisdiction of, and to venue in, such court.
The parties hereto hereby waive any objection that they may now or hereafter have to the laying of venue of any such suit, action or proceeding brought in any such court, and any claim that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum. The parties hereto hereby waive, to the fullest extent permitted by applicable law, any right to trial by jury with respect to any action or proceeding arising out of or relating to this Commitment
Letter or the Fee Letter. 
 (b) No DIP Lender will be liable in any respect for any of the obligations or liabilities of
any other DIP Lender under this Commitment Letter or arising from or relating to the transactions contemplated hereby. 
 9.
Miscellaneous. 
 (a) This Commitment Letter may be executed in one or more counterparts, each of which will be deemed an
original, but all of which taken together will constitute one and the same instrument. Delivery of an executed signature page of this Commitment Letter by facsimile transmission or other electronic transmission (i.e., “.pdf” or
“.tif”) will be effective as delivery of a manually executed counterpart hereof. This Commitment Letter may not be amended or waived except by an instrument in writing signed by each of the parties hereto. 

(b) You may not assign any of your rights, or be relieved of or assign any of your obligations hereunder without the prior written
consent of the Arranger (and any purported assignment without such consent will be null and void). In connection with any syndication of all or a portion of the Commitment, the rights and obligations of the Commitment Parties hereunder may be
assigned, in whole or in part; with the consent of the Borrower (not to be unreasonably withheld) provided that, unless otherwise agreed by the Borrower, no such assignment shall relieve any Commitment Party of its obligations to make the
Commitments effective on the Closing Date with respect to the portion of the Commitments so assigned to the extent such assignee fails to become a Lender under the DIP Revolving Facility or DIP LC Facility on the Closing Date (and, if applicable,
fund any loans thereunder on the Closing Date). 
 (c) This Commitment Letter, including the attached Exhibits and Schedules,
and the Fee Letter set forth the entire understanding of the parties hereto as to the scope of the Commitment and the obligations of the Commitment Parties hereunder. This Commitment Letter supersedes all prior understandings and proposals, whether
written or oral, between any of the Commitment Parties and you relating to any debtor-in-possession financing or the transactions contemplated hereby. This Commitment Letter is in addition to the agreements of the parties contained in the Fee
Letter. 
 (d) This Commitment Letter has been and is made solely for the benefit of the parties signatory hereto, the
Indemnified Persons, and their respective heirs, successors and assigns, and nothing in this Commitment Letter, expressed or implied, is intended to confer or does confer on any other person or entity any rights or remedies under or by reason of
this Commitment Letter or the agreements of the parties contained herein. 

  
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 (e) You acknowledge that the Commitment Parties may be (or may be affiliated with) full
service financial firms and as such from time to time may effect transactions for their own account or the account of customers, and hold long or short positions in debt or equity securities or loans of companies that may be the subject of the
transactions contemplated by this Commitment Letter. You hereby waive and release, to the fullest extent permitted by law, any claims you have with respect to any conflict of interest arising from such transactions, activities, investments or
holdings, or arising from the failure of such Commitment Party or any of their respective affiliates to bring such transactions, activities, investments or holdings to your attention. In addition, you acknowledge that the transactions contemplated
by this Commitment Letter and the Fee Letter are arm’s-length commercial transactions and that each Commitment Party is acting as principal and in its own best interests. You are relying on your own experts and advisors to determine whether the
transactions contemplated by this Commitment Letter and the Fee Letter are in your best interests. You agree that each Commitment Party will act under this Commitment Letter and the Fee Letter as an independent contractor and that nothing in this
Commitment Letter, the Fee Letter, the nature of our services, or in any prior relationship will be deemed to create an advisory, fiduciary or agency relationship between any Commitment Party on the one hand and you, the Company, or your or their
respective stockholders or your or their respective affiliates on the other hand. 
 (f) You agree that each Commitment Party
has the right to place advertisements in financial and other newspapers and journals at its own expense describing its services to you and the Borrower; provided that we will submit a copy of any such advertisements to you for your approval,
which approval will not be unreasonably withheld. 
 (g) Each Commitment Party hereby notifies the Company and the Guarantors
that, pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) it and each DIP Lender may be required to obtain, verify and record
information that identifies the Company and the Guarantors, which information includes the name and address of the Company and the Guarantors and other information that will allow the Commitment Parties and each DIP Lender to identify the Company
and the Guarantors in accordance with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is effective for each Commitment Party and each DIP Lender. 

[Remainder of this page intentionally left blank] 

  
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 If you are in agreement with the foregoing, kindly sign and return to us the enclosed copy
of this Commitment Letter. 
  

					
	Very truly yours,
	
	ROYAL BANK OF CANADA
		
	By:	 	 /s/ Leslie P. Vowell

		 	Name:	 	Leslie P. Vowell
		 	Title:	 	Attorney-in-Fact

 
					
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
		
	By:	 	 /s/ Megan Kane

		 	Name: Megan Kane
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Didier Siffer

		 	Name: Didier Siffer
		 	Title: Authorized Signatory

  
 Commitment
Letter 

 
					
	MORGAN STANLEY SENIOR FUNDING INC.
		
	By:	 	 /s/ Su Yeo

		 	Name: Su Yeo
		 	Title: Vice President

  
 Commitment
Letter 

									
	 Accepted and agreed to as of the
 date first above written:

	
	AQUILEX HOLDINGS LLC
	
	 By: AQUILEX ACQUISITION SUB III, LLC, its sole member

	
	 By: AQUILEX HOLDCO, L.P., its sole member

	
	 By: AQUILEX HOLDCO GP LLC, its general partner

	
	 By: ONTARIO TEACHERS’ PENSION PLAN BOARD, its sole member

		
	By:	 	 /s/ Darren Smart

		 	Name: Darren Smart
		 	Title: Portfolio Manager

  
 Commitment
Letter 

 EXHIBIT A TO COMMITMENT LETTER 

SUMMARY OF PRINCIPAL TERMS AND CONDITIONS 
 This Summary of Principal Terms and Conditions (this “Term Sheet”) outlines the key terms of the proposed DIP Facilities by and among the Borrower, the Guarantors, the DIP Lenders
and the Administrative Agent (in each case, as defined herein). 
  

			
	BORROWER AND GUARANTORS:	  	Aquilex Holdings LLC (“Aquilex” or the “Borrower”), as debtor and debtor-in-possession under chapter 11 of the United States
Bankruptcy Code, 11 U.S.C. §§ 101, et seq. (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”), jointly
administered with the cases (collectively, the “Cases”) of Aquilex Acquisition Sub III, LLC, Aquilex Corporation, Aquilex Finance Corp., Aquilex HydroChem, Inc., Aquilex HydroChem Industrial Cleaning, Inc., Aquilex Specialty
Repair and Overhaul, Inc., Aquilex SMS, Inc. and Aquilex WSI, Inc. (each a “Guarantor,” collectively, the “Guarantors,” and, together with Aquilex, the “Debtors” or the
“Credit Parties”), in such Bankruptcy Court. The Guarantors shall unconditionally guarantee the obligations of the Borrower under the DIP Facilities, and such guarantees shall be secured by substantially all of the property
of each such Guarantor, subject to the Interim Order (as defined herein) or the Final Order (as defined herein), whichever is then in effect and the terms set forth under “Security and Priority” below.
		
	ADMINISTRATIVE AGENT AND COLLATERAL AGENT:	  	Royal Bank of Canada (the “Administrative Agent”).
		
	SOLE LEAD ARRANGER AND SOLE BOOKRUNNER:	  	RBC Capital Markets (the “Arranger”).1
		
	DIP REVOLVING LENDERS AND DIP LC LENDERS:	  	 Royal Bank of Canada will initially be the sole lender with respect to the DIP Revolving Facility (in such capacity the “DIP
Revolving Lender”).
  
 Royal Bank of Canada, Credit Suisse AG
and Morgan Stanley Senior Funding, Inc. will initially be the sole lenders with respect to the DIP LC Facility (in such capacities, the “DIP LC Lenders”).

		
	PRE-PETITION SECURED FACILITIES:	  	Senior secured credit facilities (the “Pre-Petition Credit Facilities”) provided pursuant to the Amended and Restated Credit Agreement, dated as of April 1,
2010, by and among Aquilex, as the Borrower,

  

	1 	RBC Capital Markets is the global brand name for the corporate and investment banking businesses of Royal Bank of Canada and its affiliates. 

			
		  	 certain of its related entities, as guarantors, RBC, as administrative agent and collateral agent (the “Pre-Petition
Agent”), and the lenders parties thereto (the “Pre-Petition Lenders”) (as amended or otherwise modified prior to the date hereto, the “Pre-Petition Credit Agreement”), which includes a
letter of credit subfacility and a swing line subfacility. All loans and other liabilities in respect of the Pre-Petition Credit Facilities shall be referred to herein as the “Pre-Petition Credit Obligations.” All
Pre-Petition Credit Obligations are secured by first priority liens and security interests on substantially all of the Debtors’ assets, such liens and security interests (the “Pre-Petition First Priority Liens”) subject,
solely with respect to priority, to the Pre-Petition Permitted Encumbrances (as defined herein), if any.
  
 A secured term loan facility (the “Second Lien Facility”) in the amount of $15,000,000 provided pursuant to that certain credit agreement, dated as of November 15, 2011 (all
loans and other liabilities in respect of the Second Lien Facility, the “Second Lien Credit Obligations”), by and among the Debtors, U.S. Bank National Association, as administrative agent and collateral agent (the
“Second Lien Agent”), and the lenders party thereto (the “Second Lien Lenders”).

		
	DIP FACILITIES:	  	 A senior secured super-priority debtor-in-possession financing (the “DIP Facilities”) to include:

 
 (i)     a $10.0
million senior secured revolving facility (the “DIP Revolving Facility”);
  

(ii)    a $13.2 million senior secured letter of credit facility (the “DIP LC
Facility”; and
  

(iii)  the Roll-Up Facility.

 
 As used herein, (a) “DIP Obligations” means the loans and
other obligations under the DIP Facilities, including, without limitation, the Roll-Up Obligations, (b) “DIP Revolver Obligations” means the loans and other obligations under the DIP Revolving Facility, and (c)
“DIP LC Obligations” means the obligations under the DIP LC Facility (the DIP LC Obligations together with the DIP Revolver Obligations, the “DIP Revolver and LC Obligations”).

		
	ROLL-UP FACILITY:	  	The DIP Facilities shall include a roll-up of $55 million of Pre-Petition Credit Obligations (the “Roll-Up Facility”) owing to Pre-Petition Lenders on a
pro rata basis. The Roll-Up Facility shall be junior to the DIP Revolving Facility and DIP LC Facility as provided in the Application of Proceeds section of this Term Sheet. Except as otherwise provided herein, the Roll-Up Facility shall have
the same terms and conditions applicable to the DIP Revolving Facility and the DIP LC Facility.

  
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		  	As used herein, “Roll-Up Obligations” means the loans and other obligations under the Roll-Up Facility. As used herein, “Roll-Up
Lenders” shall mean the holders of claims in respect of Roll-Up Obligations and “DIP Lenders” shall refer to the Roll-Up Lenders, the DIP Revolving Lender and the DIP LC Lenders collectively.
		
	LETTERS OF CREDIT	  	Letters of Credit issued and outstanding under the Pre-Petition Credit Facilities, upon entry of the Interim Order (as defined below) shall be deemed to have been issued under the
DIP LC Facility (such Letters of Credit, the “Assumed Letters of Credit”). Royal Bank of Canada shall issue Letters of Credit under the DIP LC Facility, provided that the aggregate amount of all such Letters of Credit
outstanding at any time may not to exceed $13.2 million, inclusive of the amount of the Assumed Letters of Credit. The face amount of any such Letters of Credit and any other Letters of Credit issued during the term of the DIP Facilities shall
reduce availability under the DIP LC Facility on a dollar-for-dollar basis. Each DIP LC Lender will acquire an irrevocable and unconditional pro rata participation in each Letter of Credit. Drawings under any Letter of Credit will be reimbursed by
the Borrower (whether with its own funds or with the proceeds of Loans under the DIP LC Facility) on the next business day (with such day being determined from the business day on which the Borrower is given notice of any drawing prior to 3:00 p.m.
New York City time).
		
	AVAILABILITY AND USE OF DIP PROCEEDS:	  	 Upon entry of the Interim Order (i) with respect to the DIP Revolving Facility, the Debtors shall be entitled to borrow an amount not to
exceed $5 million and with respect to the DIP LC Facility, the Assumed Letters of Credit shall be issued, the proceeds of which disbursement shall be deposited in the Controlled Account (as defined herein) to fund the Cases and the business of the
Debtors, subject to and in accordance with the Budget, the Interim Order and a final order in form and substance substantially identical to the Interim Order and with such changes that (x) are consistent with the Interim Order and (y) are reasonably
satisfactory to the Administrative Agent authorizing the transactions contemplated by this Term Sheet (the “Final Order”), and (ii) with respect to the Roll-Up Facility, $55 million shall be deemed to be advanced to the
Debtors by the Roll-Up Lenders upon entry of the Interim Order or the Final Order, as applicable, for the purpose of repaying an equivalent amount of Pre-Petition Credit Obligations of such Roll-Up Lenders (other than the L/C Obligations under and
as defined in the Pre-Petition Credit Agreement).
  
 Upon entry of the Final
Order, the remainder of the DIP Revolving Facility shall be available for additional draws as set forth herein under “Conditions to Subsequent Draw.”

		
	CONTROL ACCOUNT:	  	All proceeds of the DIP Revolving Facility shall be wired directly to a deposit account of the Borrower’s subject to a “springing” control agreement in favor of the
Administrative Agent (the “Controlled Account”).

  
 A-3

			
		
	CLOSING DATE:	  	Closing to occur upon satisfaction or waiver by the Administrative Agent of the conditions specified below under “Conditions to Closing Date” (“Closing
Date”).
		
	TERM:	  	 The term of the DIP Facilities shall be that period commencing on the Closing Date and ending on the earliest of (such ending date, the
“Commitment Termination Date”): (a) 120 days following the Petition Date (the “Scheduled Maturity Date”), (b) the effective date of any plan of reorganization for the Debtors; (c) the occurrence of any
Termination Declaration Date (to be defined in the DIP Credit Agreement as the date on which the DIP Obligations shall have been accelerated following the occurrence and continuance of an Event of Default); and (d) the date on which (x) the DIP
Revolver Obligations shall have been indefeasibly repaid and the DIP LC Obligations in respect of Letters of Credit issued or assumed under the DIP LC Facility shall have been cash collateralized or supported by back-to-back letters of credit (or,
if RBC is a lender thereunder, deemed issued under the exit revolver financing upon the closing thereof), in each case, in an manner reasonably acceptable to the issuing lender) and all commitments thereunder shall have been terminated and (y) all
Roll-Up Obligations shall have been indefeasibly paid in full in cash.
  
 All
amounts outstanding under the DIP Facilities shall automatically be due and payable in full in cash on the Commitment Termination Date.

		
	BUDGET AND VARIANCE REPORTS:	  	 On or prior to the Closing Date the Borrower shall provide to the Administrative Agent for distribution to the DIP Lenders, a Budget
setting forth projected weekly cash flows on a line-item basis, in form and substance reasonably satisfactory to the Administrative Agent.
  

As used herein, the term “Budget” means (a) the initial 13-week cash flow budget, in form and substance reasonably satisfactory to
Administrative Agent, setting forth, on a line-item basis, (i) projected cash receipts, (ii) projected disbursements (including ordinary course operating expenses, bankruptcy-related expenses under the Cases, capital expenditures, asset sales and
fees and expenses of Administrative Agent and Pre-Petition Agent (including counsel, financial advisors and other professionals therefor) and any other fees and expenses relating to the DIP Facility) and (iii) the unused availability under the DIP
Facility and unrestricted cash on hand and (b) such updated “rolling” 13-week cash flow budgets in form and substance reasonably satisfactory to Administrative Agent, provided on a bi-weekly basis to Administrative Agent for distribution
to the DIP Lenders to supplement and replace the Budget then in effect.
  

Starting on the second full week after the Petition Date, by the close of business on Thursday of each week during the term of the
DIP

  
 A-4

			
		  	 Facilities, the Borrower shall provide to the Administrative Agent, for distribution to the DIP Lenders, a variance report, certified by
the chief financial officer of the Borrower and in form and substance reasonably satisfactory to the Administrative Agent, comparing actual cash flows by line item on a cumulative basis from the Petition Date through the end of the prior week to the
amounts for the same period set forth in the Budget, with a reasonably detailed explanation of the significant variances.
  
 The DIP Loan Documents shall provide for a Budget variance covenant that, as of the end of any week, as reported in that week’s variance report (the first such report to be delivered on the Thursday
of the second full week after the Petition Date and covering the period from the Petition Date through the close of business on the Friday of the first full week after the Petition Date), cumulative actual cash flow before professional fees and debt
service must exceed an amount equal to the cumulative budgeted cash flow before bankruptcy professional fees and debt service at the end of such week, minus $5 million.
  

Borrowings under the DIP Revolving Facility may not exceed $5 million until the earlier of when Borrower commences variance reporting as set forth in this
section or the Final Order has been entered.

		
	INTEREST RATE:	  	 All amounts outstanding under the DIP Facilities will bear interest, at the Borrower’s option, as follows:

 
 (a) with respect to loans made under the DIP Revolving Facility:

 

i.       at the Base Rate plus 5.25% per annum; or

 
 ii.      at
the reserve adjusted Eurocurrency Rate plus 6.25% per annum; and
  

(b) with respect to loans made under the Roll-Up Facility:
  

i.       at the Base Rate plus 6.25% per annum; or

 
 ii.      at
the reserve adjusted Eurocurrency Rate plus 7.25% per annum.
  
 Any
outstanding principal of loans made to repay reimbursement obligations under the DIP LC Facility will bear interest (x) at the Base Rate plus 5.25% per annum or (y) at the reserve adjusted Eurocurrency Rate plus 6.25% per annum.

 
 As used herein, the terms “Base Rate” and
“Eurocurrency Rate” will have meanings assigned to such terms in the Pre-Petition Credit Agreement and shall include a Eurocurrency Rate floor of 1.50% and a corresponding Base Rate floor. After the occurrence and during the
continuance of an Event of Default, interest on all amounts then outstanding under the DIP Revolving Facility or the DIP LC Facility will accrue at a rate equal to the rate on loans bearing interest at the rate determined by reference to the Base
Rate plus an additional 2.00% per annum and will be payable on demand.

  
 A-5

			
		
		  	Interest on the DIP Facilities shall be paid in cash, monthly in arrears.
		
	FEES:	  	 The fees payable to the DIP Lenders and the Issuing Bank shall be as follows:

 
 “Upfront Facility Fee/OID” equal to 2.00% of the DIP Revolving
Facility.
  
 “Undrawn Commitment Fee” equal to 1.00% per annum
times the daily average undrawn portion of the DIP Revolving Facility and the available portion of the DIP LC Facility.
  
 “Letter of Credit Fees” equal to (i) the applicable margin then in effect for loans bearing interest at the reserve adjusted Eurocurrency Rate made under the DIP Revolving Facility times
(ii) the average daily maximum aggregate amount available to be drawn under all Letters of Credit. In addition, a fronting fee equal to the greater of (i) $500 and (ii) 0.25% per annum of the maximum amount available to be drawn under the
applicable Letter of Credit will be payable to such issuer, as well as certain customary fees assessed thereby.
  
 All fees will be calculated using a 360-day year and actual days elapsed. All fees shall be non-refundable once paid.

		
	SECURITY AND PRIORITY:	  	Subject only to the Carve-Out and any valid, enforceable, perfected and non-avoidable security interests in existence as of the date of filing the Cases (the “Petition
Date”) that are senior to the Pre-Petition First Priority Liens (after giving effect to any applicable intercreditor or subordination agreement) and if not permitted by Section 7.01 of the Pre-Petition Credit Agreement, acceptable to
the Administrative Agent (the “Pre-Petition Permitted Encumbrances”), to secure all DIP Obligations, the Administrative Agent, on behalf of itself and the DIP Lenders, will receive, pursuant to Section 364(c)(2),
Section 364(c)(3) and Section 364(d) of the Bankruptcy Code, through the DIP Loan Documents, Interim Order and Final Order, a fully perfected, first priority security interest (the “DIP Liens”) in the DIP Collateral (as
defined in the DIP Loan Documents and subject to customary exclusions, including that pledges of shares in foreign subsidiaries shall be limited to 65% of the voting shares and 100% of the non-voting shares of first tier foreign subsidiaries).
Pursuant to Section 364(d) of the Bankruptcy Code, the DIP Liens shall have priority, subject to the Carve-Out, over (i) any and all liens and security interests securing the Pre-Petition Credit Obligations and (ii) any and all other pre-petition
and post-petition liens and security interests of any creditor other than the Pre-Petition Permitted Encumbrances and such other customary and other post-petition liens to be
agreed.

  
 A-6

			
		
		  	The DIP Obligations will also have superpriority administrative claim status pursuant to Section 364(c)(1) of the Bankruptcy Code, with priority over any and all other costs and
expenses of administration of any kind, including those specified in, or ordered pursuant to, sections 105, 326, 328, 330, 331, 503(b), 506(c) (subject to entry of the Final Order), 507(a), 507(b), 546(c), 726, 1113, 1114 or any other provision of
the Bankruptcy Code or otherwise, subject only to the Carve-Out (the “DIP Claims”). Subject to the entry of the Final Order, the DIP Claims and the adequate protection claims described below shall be payable from, and have
recourse to, any avoidance action proceeds. DIP Claims in respect of the DIP Revolver and LC Obligations shall be senior to DIP Claims in respect of the Roll-Up Obligations pursuant to the Application of Proceeds section of this Term
Sheet.
		
	CARVE-OUT:	  	 “Carve-Out” shall mean: (i) the amount of fees, costs and disbursements of the Borrower’s retained
professionals (the “Debtor Professional Fees”) incurred (whether or not invoiced) before the delivery of a Carve-Out Trigger Notice that are ultimately allowed by final order of the Bankruptcy Court (whether such Debtor
Professional Fees are allowed before or after the delivery of a Carve-Out Trigger Notice), (ii) the amount of expenditures for fees, costs and disbursements of professionals retained by the statutory committee of unsecured creditors appointed in the
Cases (the “Committee,” and such expenditures and disbursements, the “Committee Professional Fees”) incurred (whether or not invoiced) before the delivery of a Carve-Out Trigger Notice that are
ultimately allowed by final order of the Bankruptcy Court (whether such Committee Professional Fees are allowed before or after the delivery of a Carve-Out Trigger Notice), (iii) all allowed and unpaid Debtor Professional Fees and Committee
Professional Fees that are incurred from and after the delivery of a Carve-Out Trigger Notice in an aggregate amount not in excess of $6.5 million, and (iv) the payment of fees pursuant to 28 U.S.C. § 1930(a). The figures set forth in clause
(iii) in the preceding sentence are collectively referred to herein as the “Carve-Out Cap”.
  
 The term “Carve-Out Trigger Notice” shall mean a written notice delivered by the Administrative Agent to the Borrower’s lead counsel, the U.S. Trustee, Stroock & Stroock
& Lavan LLP, Kirkland & Ellis LLP and lead counsel to any Committee which notice may be delivered following the acceleration of the DIP Facilities after the occurrence and during the continuation of an Event of Default (as defined herein)
under the DIP Loan Documents.

		
	ADEQUATE PROTECTION PAYMENTS AND LIENS	  	As adequate protection for the diminution in the post-petition value of Pre-Petition Agent’s and the Pre-Petition Lenders’ pre-petition interests in the pre-petition
assets of the Debtors, the Pre-Petition Agent and the Pre-Petition Lenders will receive (i) replacement liens on all assets of the Debtors (subject to customary exclusions, including that pledges of shares in foreign subsidiaries shall be
limited

  
 A-7

			
		  	 to 65% of the voting shares and 100% of the non-voting shares of first tier foreign subsidiaries), which shall be subject only to the
DIP Liens, the Carve-Out and the Pre-Petition Permitted Encumbrances (the “Senior Adequate Protection Liens”), (ii) a superpriority administrative expense claim pursuant to Section 507(b) of the Bankruptcy Code that is
subject only to payment of the Carve-Out and to the DIP Claims (the “Senior Claims”), (iii) current cash payment of interest due under the Pre-Petition Credit Agreement at the non-default rate monthly in arrears, subject to
the next paragraphs, and (iv) current cash payment of fees (including the Letter of Credit fees) and expenses due from time to time under the Pre-Petition Credit Agreement, including, without limitation, the reimbursement of reasonable fees and
expenses of counsel, financial advisors and other professionals of Pre-Petition Agent, without regard to the amounts set forth with respect thereto in the Budget.
  

The Pre-Petition Agent expressly reserves the right to seek additional or alternative adequate protection on behalf of itself and the Pre-Petition
Lenders. The Borrower reserves the right to oppose any such request.
  
 As
adequate protection for the diminution in the post-petition value of the Second Lien Agent’s and the Second Lien Lenders’ pre-petition interests in the pre-petition assets of the Debtors, the Second Lien Agent and the Second Lien Lenders
will receive (i) replacement liens on all assets of the Debtors (subject to customary exclusions, including that pledges of shares in foreign subsidiaries shall be limited to 65% of the voting shares and 100% of the non-voting shares of first tier
foreign subsidiaries), which shall be subject only to the DIP Liens, the Carve-Out and the Senior Adequate Protection Liens, (ii) a superpriority administrative expense claim pursuant to Section 507(b) of the Bankruptcy Code that is subject only to
payment of the Carve-Out, the DIP Claims and the Senior Claims, (iii) solely to the extent paid from Second Lien Segregated Account Funds (as defined in the Intercreditor Agreement) current cash payment of costs, fees and expenses due from time to
time under the Second Lien Credit Agreement, including, without limitation, the reimbursement of reasonable fees and expenses of counsel, financial advisors and other professionals of the Second Lien Agent and the Second Lien Lenders, without regard
to the amounts set forth with respect thereto in the Budget and (iv) interest at the non-default contract rate on outstanding obligations to the extent capitalized and added to the principal balance outstanding.

		
	APPLICATION OF PROCEEDS	  	Upon the occurrence of the Termination Declaration Date, and at all times upon receipt of payments in connection with a sale or disposition of Collateral outside the ordinary course
of business, first, to permanently reduce the DIP Revolver Obligations and all other

  
 A-8

			
		  	obligations owing to the Administrative Agent and/or the DIP Revolving Lenders until paid in full in cash and thereafter, reduce the DIP LC Obligations and all other obligations
owing to RBC as issuing lender and/or the DIP LC Lenders by cash collateralizing (to the extent not backed to backed or and/or canceled) all outstanding Letters of Credit issued or deemed issued under the DIP Loan Documents in accordance with the
DIP Loan Documents and the Interim Order or Final Order, as applicable, second, to permanently reduce the Roll-Up Obligations until paid in full in cash (except to the extent otherwise agreed by the holders of claims in respect of Roll-Up
Obligations representing a majority of such holders in number and holding at least two-thirds in amount of such claims), third, to permanently reduce the Pre-Petition Credit Obligations until paid in full in cash and, fourth, to
permanently reduce the Second Lien Credit Obligations until paid in full in cash and, fifth, to the Debtors or as otherwise directed by an order of the Bankruptcy Court. Following the Termination Declaration Date and prior to application of
proceeds in the immediately preceding sentence funds sufficient to fund the outstanding professional fees and expenses benefitting from the Carve-Out (other than the Carve-Out Cap), plus an amount equal to the unused portion of the Carve-Out Cap,
shall first be wired to the Debtors. The Debtors shall hold these funds in an interest-bearing account in trust for the benefit of parties claiming under the Carve-Out, and upon satisfaction of all such claims any remaining funds shall be returned
to the Administrative Agent for application in accordance with the above.
		
	DIP LOAN DOCUMENTS:	  	The credit agreement governing the DIP Facilities (the “DIP Credit Agreement”) and the other documentation with respect to the DIP Facilities, including the
Interim Order and the Final Order (collectively, the “DIP Loan Documents”) will be consistent with this Term Sheet and otherwise in form and substance reasonably satisfactory to the Administrative Agent and the Debtors. All
orders of the Bankruptcy Court approving or authorizing the DIP Facilities, and all motions relating thereto, shall be in form and substance reasonably satisfactory to the Administrative Agent and the Debtors.
		
	FINANCIAL REPORTING:	  	The DIP Loan Documents will require the Borrower to provide to the Administrative Agent, for distribution to the DIP Lenders, among other things, (a) as a condition to closing of
the DIP Facilities and on the schedule as set forth herein in the section titled “Budget and Variance Reports,” a Budget, (b) on Thursday of each week, as set forth herein in the section titled “Budget and Variance Reports,” a
variance report and (c) within 30 days after the end of each month, internally prepared financial statements prepared on a consolidated basis consisting of an income statement, balance sheet and EBITDA reconciliation on a monthly
basis.

  
 A-9

			
		
	REPRESENTATIONS, WARRANTIES, AND COVENANTS:	  	Representations and warranties, and affirmative and negative covenants to be based on the Pre-Petition Credit Agreement, with such changes and additions customary for
debtor-in-possession financings of this kind, including a negative covenant prohibiting the Debtors from selling (other than customary sales in the ordinary course of business and other exceptions to be agreed) any collateral of the Administrative
Agent and the DIP Lenders, without the express written consent of the Required Lenders, unless such sale shall satisfy the DIP Obligations in full. The DIP Loan Documents will not contain financial maintenance covenants.
		
	EVENTS OF DEFAULT:	  	 Events of default (each, an “Event of Default”) usual and customary for debtor-in-possession financings of this
kind or as are otherwise reasonably required by the Administrative Agent or the Required Lenders in the context of the proposed transaction, including, but not limited to:

 

•         Failure to have entered by the Bankruptcy Court, on
or before on or before the date that is 45 days after the Petition Date, the Final Order.
  

•         Failure to have entered by the Bankruptcy Court, on
or before on or before the date that is 60 days after the Petition Date, an order, in form and substance reasonably acceptable to the Administrative Agent, (i) approving the Debtors’ disclosure statement as containing “adequate
information” under section 1125 of the Bankruptcy Code and (ii) confirming the Pre-Packaged Plan of Reorganization and the transactions contemplated therein under section 1129 of the Bankruptcy Code.

 

•         Failure to have entered by the Bankruptcy Court, on
or before the date that is 60 days after the Petition Date, an order, in form and substance reasonably acceptable to the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed), authorizing the Debtors to enter
into an equity commitment letter (the “Equity Commitment Letter”) with the Backstop Parties pursuant to which such Backstop Parties commit to make an equity investment in the Debtors and otherwise support the Pre-Packaged
Plan of Reorganization, on the terms and conditions set forth in the Equity Commitment Letter.
  

•         Failure of each of the Restructuring Support
Agreement and the Backstop Agreement to remain in full force and effect.
  
 •         Failure to cause the “Effective Date” of the Pre-Packaged Plan of Reorganization to occur on or before the date that is 75 days after
the Petition Date.

  
 A-10

			
		  	 •         Failure of the Interim Order, or upon entry thereof, the Final Order
to remain in full force and effect or any stay, reversal or vacatur, or, without the prior written consent of the Administrative Agent and the Required Lenders, any amendment or modification to the Interim Order or Final Order, as applicable, that
is adverse to the rights or interests of any or all of the Arranger, Administrative Agent, the DIP Lenders, the Pre-Petition Agent or the Pre-Petition Lenders (as determined in good faith by the Administrative Agent).

		
	REMEDIES:	  	Customary for debtor-in-possession financings of this kind and as otherwise reasonably required by the Administrative Agent or the Required Lenders in the context of the proposed
transaction.
		
	REQUIRED LENDERS:	  	Except as otherwise provided herein, amendments and waivers of the DIP Loan Documents will require the approval of DIP Revolving Lenders and the DIP LC Lenders holding a majority of
the revolving loans and undrawn commitments under the DIP Revolving Facility and the DIP LC Facility (the “Required Lenders”), provided that (a) any amendment or waiver that would have the effect of extending the Scheduled
Maturity Date or modifying the Application of Proceeds provisions described herein in a manner that adversely affects a DIP Lender will require the approval of each such DIP Lender adversely affected thereby, (b) with respect to matters relating to
the interest rates and maturity (and, in each case, related defined terms), consent of each DIP Lender directly and adversely affected thereby shall be required, (c) with respect to the release of all or substantially all of the Collateral, the
consent of each DIP Revolving Lender, each DIP LC Lender and the holders of a majority of the Roll-Up Obligations shall be required and (d) any amendment or waiver that applies solely to the terms of the Roll-Up Facility or that is prejudicial to
the interests of the Roll-Up Lenders to a greater extent than the DIP Revolving Lenders and DIP LC Lenders shall require the consent of the holders of a majority of the Roll-Up Obligations.
		
	CONDITIONS TO INITIAL DRAW:	  	The Closing Date shall occur upon satisfaction or waiver of conditions precedent customary for debtor-in-possession financings of this kind or as otherwise reasonably required by
the Administrative Agent and the Required Lenders in the context of the proposed transaction, including, without limitation, those set forth on Exhibit B.
		
	CONDITIONS TO SUBSEQUENT DRAWS	  	 No continuing post-petition default or Event of Default under the DIP Facilities shall exist or be
continuing.
  
 Representations and warranties shall be
true and correct in all material respects at the date of such extension of credit except to the extent that such representations and warranties expressly relate to a prior date, in which case they shall be true and correct in all material respects
as of such earlier date.

  
 A-11

			
		  	 Receipt of notice of borrowing from Borrower, together with customary certifications by an officer of Borrower, at
least 5 business days prior to the requested draw date.
  

The Interim Order or the Final Order, as the case may be, shall be in full force and effect and shall not have been reversed,
modified, stayed or amended in a manner adverse to the DIP Lenders (as determined in good faith by the Administrative Agent) unless such reversal, modification, stay or amendment is acceptable to Administrative Agent and the Required
Lenders.

		
	INDEMNIFICATION:	  	Customary for debtor-in-possession financings of this kind and as otherwise required by the Administrative Agent or the Required Lenders in the context of the proposed
transaction.
		
	GOVERNING LAW:	  	New York.
		
	COUNSEL TO THE ADMINISTRATIVE AGENT:	  	Latham & Watkins LLP.
		
	EXPENSES:	  	Reasonable, documented legal fees and financial advisory fees and expenses, and other reasonable, documented out of pocket expenses of the Administrative Agent in connection with
the Cases, the DIP Facilities, the DIP Loan Documents, and all reasonable, documented out-of-pocket costs and expenses of the Administrative Agent and the DIP Lenders (including reasonable and documented attorneys’ fees of one counsel and such
local counsel as may be reasonably required by the Administrative Agent, in each case, for the Administrative Agent and the DIP Lenders taken as a whole) in connection with the enforcement of remedies under the DIP Facilities to be reimbursed on a
current basis by the Debtors from the proceeds of loans advanced under the DIP Facilities or cash on hand. For avoidance of doubt, all fees and expenses in the immediately preceding sentence shall be reimbursed without regard to the amounts set
forth in the Budget with respect thereto; provided, that, to the extent the amounts of such fees and expenses exceed the amounts set forth therefor in the Budget, the Budget shall be automatically increased to incorporate such additional
amounts.

  
 A-12

 EXHIBIT B TO COMMITMENT LETTER 

FUNDING CONDITIONS 

Capitalized terms used but not defined herein have the meanings assigned to them in the Commitment Letter to which this Exhibit B is attached and of
which it forms a part. The availability of the DIP Facilities is conditioned upon satisfaction of, among other things, the conditions precedent summarized below. 
  

	(a)	Bankruptcy Related Matters. 

  

	 	(i)	No pleading or application seeking certain relief adversely affecting the provision of the DIP Facilities (other than on the terms set forth herein and to be set forth
more fully in the DIP Loan Documents) shall have been filed in the Bankruptcy Court by any Debtor. 

  

	 	(ii)	Except as otherwise acceptable to the Administrative Agent and the Required Lenders, no litigation shall have been commenced by any Debtor which challenges the DIP
Obligations or the Pre-Petition Credit Obligations. 

  

	 	(iii)	The Budget shall have been received and approved by the Administrative Agent (such approval not to be unreasonably withheld). 

 

	 	(iv)	The Cases shall have been commenced in the Bankruptcy Court and all of the first day pleadings shall be in form and substance consistent with the terms of DIP
Facilities, the DIP Loan Documents and the Interim Order, shall not contain, without the written consent of the Arranger, any terms materially adverse to the rights or interests of any or all of the Arranger, Administrative Agent, the DIP Lenders,
the Pre-Petition Agent or the Pre-Petition Lenders (as determined in good faith by the Arranger) and shall otherwise be in form and substance reasonably satisfactory to the Administrative Agent. 

 

	 	(v)	The Interim Order shall have been filed within five days after the commencement of the Cases. 

 

	(b)	Commitment and Fee Letters. The Company shall have complied with all of its obligations under and agreements in the Commitment Letter and the Fee Letter
(including the payment of all fees and out of pocket expenses required to be paid on the Closing Date pursuant to the Fee Letter). 

  

	(c)	Lien and Judgment Searches. The Arranger shall have received the results of recent lien and judgment searches with respect to the Debtors, and such searches
shall not reveal any liens or judgments other than liens and judgments permitted by the DIP Loan Documents or liens and judgments to be discharged substantially concurrently with the closing of the DIP Facilities pursuant to documentation
satisfactory to the Arranger. 

	(d)	Customary Closing Conditions: The Commitment Parties shall be reasonably satisfied that each Credit Party has complied with the following customary closing
conditions: 

 (i) the delivery of customary legal opinions, corporate records and documents from public officials
and officer’s certificates; (ii) delivery of evidence of authority; (iii) execution of the DIP Loan Documents in a form consistent with the Commitment Letter and Term Sheet, which shall be in full force and effect; and
(iv) creation and perfection of liens securing the DIP Facilities (subject to the limitations on perfection of liens expressly set forth in the Commitment Letter customary for cases like these). Each Lender shall have received at least five
days prior to 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 Patriot Act. 

  
 B-2EX-10.5

 Exhibit 10.5 
 RBC CAPITAL MARKETS 
 ROYAL BANK OF CANADA 

Three World Financial Center 
 200 Vesey Street 
 New York, New York 10281 

COMMITMENT LETTER 
 REVOLVING CREDIT FACILITY 
 PERSONAL AND CONFIDENTIAL 

December 23, 2011 
 Aquilex Acquisition
Holdings, LLC 
 c/o Centerbridge Partners, L.P. 
 375 Park Avenue, 12th Floor 
 New York, New York 10152 

Attention: Kyle Cruz 
 Aquilex Holdings LLC

 3344 Peachtree Road, Suite 2100 

Atlanta, GA 30326 
 Attention: Chief Financial
Officer 
 Ladies and Gentlemen: 
 You have advised Royal Bank of Canada (“RBC”) and RBC Capital Markets1 (acting through such of its affiliates or branches as it deems appropriate, together with RBC,
“we,” “us” or the “Commitment Parties”) that Aquilex Acquisition Holdings, LLC (the “AcquisitionCo”) intends to acquire substantially all of the
ownership interests in Aquilex Holdings LLC (the “Company” and together with the AcquisitionCo, “you”) and all of the Company’s existing subsidiaries (collectively, with the Company and each of
the Guarantors (as defined in the Term Sheet), the “Credit Parties”) through the Company’s filing of pre-packaged bankruptcy cases (the “Cases”) under Chapter 11 of the United States Bankruptcy
Code (the “Bankruptcy Code”) with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) or, in the alternative, implementing an out-of-court restructuring (the
“Out-of-Court Restructuring”), and, in either case, you desire to obtain commitments for a $40.0 million first lien revolving credit facility (the “Revolving Credit Facility”) having the terms and
conditions set forth in the Summary of Principal Terms and Conditions of the Revolving Credit Facility attached hereto as Exhibit A (the “Term Sheet;” this commitment letter, the Term Sheet and the Funding Conditions attached
hereto as Exhibit B, collectively, this “Commitment Letter”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Term Sheet. 

 

	1 	RBC Capital Markets is the global brand name for the corporate and investment banking business of Royal Bank of Canada and its affiliates. 

 You have informed us that: 

 

	 	•	 	 the Out-of-Court Restructuring will be implemented or the Company will commence the Cases, in either case in accordance with the terms of that certain
Restructuring Support Agreement dated as of December 23, 2011 (such restructuring support agreement, together with all exhibits and schedules thereto, in each case, as amended, supplemented or modified from time to time with the consent of the
Applicable Parties (as defined below) (to the extent that any such amendment, supplement or modification is materially adverse to the interests of the Applicable Parties as determined in good faith by the Arranger) and otherwise in accordance with
the terms thereof, collectively, the “Restructuring Support Agreement”), by and among (a) the Company, (b) certain of the Company’s subsidiaries and affiliates, (c) the holders or investment advisors or
managers for the account of the holders of at least two-thirds in principal amount of 11 1/8% Senior Notes due 2016 of the Company (such Notes, the “Senior Notes”, and any holder of Senior Notes, a “Senior
Noteholder”), (d) certain Senior Noteholders, as Backstop Parties (as defined below), (e) RBC, in its capacity as administrative agent (in such capacity, the “Existing Agent”) under that certain Amended
and Restated Credit Agreement, dated as of April 1, 2010 (as amended through the date hereof, the “Existing Credit Agreement”), (f) the holders of at least two-thirds in principal amount of the loans under the
Existing Credit Agreement, by and among the Company, as the borrower, certain of its related entities, as guarantors, the Existing Agent and the lenders party thereto (the “Existing Lenders”), (g) U.S. Bank National
Association, in its capacity as administrative agent and collateral agent (in such capacity, the “Existing Second Lien Agent”) under that certain Credit Agreement, dated as of November 15, 2011 (as amended through the
date hereof, the “Existing Second Lien Credit Agreement”), by and among the Company, as the borrower, the Existing Second Lien Agent and the lenders party thereto (the “Existing Second Lien Lenders”),
(h) the holders of at least two-thirds in principal amount of the loans under the Second Lien Credit Agreement, (i) Aquilex HoldCo L.P. (“Holdco”), and (j) the Ontario Teachers Pension Plan Board, in its
capacity as indirect holder of 98.5% of the equity interests in the Company (as used herein, “Applicable Parties” shall mean the Arranger (as defined below), the Administrative Agent (as defined below) and the Required
Lenders (as defined in Exhibit A)); 

  

	 	•	 	 pursuant to the Restructuring Support Agreement, the Credit Parties and the other parties thereto have agreed to various undertakings set forth therein
to effectuate and/or support (a) the amendment and restatement of the Existing Credit Agreement and the Out-of-Court Restructuring through the Exchange Offer (as defined in the Restructuring Support Agreement) or (b) to the extent the
Exchange Offer is not consummated, the confirmation and consummation of a pre-packaged plan of reorganization constituting the “Plan” as defined in the Restructuring Support Agreement as in effect on the date hereof (as such Plan may be
amended, supplemented or otherwise modified from time to time with the consent of the Applicable Parties (to the extent that any such amendment, supplement or modification is materially adverse to the interests of the

  
 2 

	 	 
Applicable Parties as determined in good faith by the Arranger) and otherwise in accordance with the terms of the Restructuring Support Agreement, together with all exhibits, schedules, annexes,
supplements and other attachments thereto that are consistent with the terms of the Plan (as defined in the Restructuring Support Agreement as in effect on the date hereof) or do not materially and adversely affect the rights and interests of any or
all of the Arranger, the Administrative Agent, the Lenders, the Existing Agent, the Existing Lenders, and if the Cases have been commenced, the DIP Agent, the DIP Arranger and the DIP Lenders (collectively, the “Secured Lender
Parties”), each as determined in good faith by the Arranger, the “Pre-Packaged Plan of Reorganization”) (as used herein, the “Restructuring” shall mean (a) or (b));

  

	 	•	 	 pursuant to the Restructuring Support Agreement, in the event that the Cases are commenced, the parties thereto consented to the provision of a
debtor-in-possession credit facility (including a roll-up of $55.0 million in principal amount of the loans outstanding under the Existing Credit Agreement (the “Existing Credit Obligations”) on the terms and conditions set
forth in that certain DIP Facilities Commitment Letter, dated of even date herewith among Royal Bank of Canada, RBC Capital Markets, Credit Suisse AG, Morgan Stanley Senior Funding, Inc. and Aquilex Holdings LLC (the “DIP Commitment
Letter”) and pursuant to the Interim Order and Final Order (each, as defined in the DIP Commitment Letter); 

  

	 	•	 	 the Pre-Packaged Plan of Reorganization and Out-of-Court Restructuring each provides for, among other things, (a) at the option of each Senior
Noteholder, on account of the Senior Notes and subject to certain limitations and conditions set forth in the Restructuring Support Agreement, each Senior Noteholder receiving either (i) (x) a pro rata share of a certain percentage of the
common equity of the reorganized Company plus (y) the right to participate in an equity rights offering in the amount of not less than $80 million or $85 million as provided in the Restructuring Support Agreement (the “Rights
Offering”) to be made available to the Senior Noteholders and to be backstopped by Centerbridge Advisors II, LLC, Redwood Capital Management, LLC, GSO Capital Partners, LP and Platinum Equity Advisors, LLC (and any of their affiliates
and managed funds or accounts, together, the “Backstop Parties”), or (ii) a cash payment, (b) the option to convert into convertible preferred equity of the reorganized Company, the loans and other obligations
outstanding under the Existing Second Lien Credit Agreement, (c) a $65.0 million paydown of the Existing Credit Obligations (less in the event the Cases are commenced, the amount of the Loans under the Existing Credit Agreement that are
rolled-up into the debtor-in-possession financing) from a corresponding portion of the proceeds of the Rights Offering, and an amendment and restatement or replacement of the Existing Credit Agreement to govern the terms of the remaining Existing
Credit Obligations, and (d) the Revolving Credit Facility; and 

  

	 	•	 	 the proceeds of the Revolving Credit Facility are expected to be used to fund the working capital needs and general corporate purposes of the Credit
Parties following consummation of the Pre-Packaged Plan of Reorganization or Out-of-Court Restructuring, as applicable. 

  
 3 

 1. Commitments; Titles and Roles. 

(a) RBC is pleased to confirm by this Commitment Letter its commitment to you and hereby commits (the
“Commitment”) to provide or cause one or more of its affiliates to provide $15.0 million of the aggregate principal amount of the Revolving Credit Facility, and hereby commits to use its commercially reasonable efforts to
syndicate the balance of the Revolving Credit Facility, in each case subject to the terms and conditions set forth herein. 

(b) It is agreed that RBC Capital Markets will act as lead arranger and lead bookrunner for the Revolving Credit Facility (collectively,
the “Arranger”), and (ii) RBC will act as sole administrative agent and sole collateral agent (in such capacity, the “Administrative Agent”) for the Revolving Credit Facility. You further agree
that no other agents, co-agents, arrangers or bookrunners will be appointed, no other titles will be awarded and no compensation (other than compensation expressly contemplated by this Commitment Letter and the Fee Letter referred to below) will be
paid to any Lender in connection with the Revolving Credit Facility unless you and we shall so agree. 
 (c) Our agreements and
commitments described herein are subject to the following conditions precedent: 
 (i) there not having occurred
or become known to the Arranger any event, development or circumstance since the date of the Company’s most recently filed 10-Q report filed with the Securities and Exchange Commission, that has caused or would reasonably be expected to cause a
material adverse change in or affecting the business, financial condition, results of operations, assets, liabilities or value of the Company and its subsidiaries, taken as a whole (other than (A) those events typically resulting from the
filing of the Cases (if the Cases are so filed), (B) if applicable, those circumstances and events arising from the announcement of the filing of the Cases or the implementation of the Out-of-Court Restructuring or the announcement thereof,
(C) those circumstances and events occurring on or after September 1, 2011 relating to the restructuring of the Company’s debt obligations, or (D) those circumstances and events constituting the “Specified Defaults” as
defined in each of (x) that certain Forbearance Agreement, dated October 13, 2011 (as amended on November 15, 2011), by and among the Borrower, the Credit Parties, the Existing Agent and the Existing Lenders and (y) that certain
Forbearance Agreement, dated as of November 15, 2011, by and among the Borrower, the Credit Parties, and each of the beneficial owners and/or investment advisors or managers of discretionary accounts for the holders or beneficial owners of the
Senior Notes named therein); 

  
 4 

 (ii) the Arranger having received commitments, in form and substance
acceptable to the Arranger in its sole discretion, from one or more financial institutions acceptable to the Arranger its sole discretion, for at least $25.0 of the Revolving Credit Facility (the commitments of such financial institutions and RBC
hereunder shall be several and not joint); 
 (iii) each of the Restructuring Support Agreement, the Backstop
Agreement (as defined in the Restructuring Support Agreement), if applicable, the Interim Order or Final Order, and, if applicable, the DIP Credit Documents (as defined in the Interim Order or Final Order, as applicable) shall be in full force and
effect at all times prior to the effectiveness of the Pre-Packaged Plan of Reorganization or consummation of the Out-of-Court Restructuring; 
 (iv) each Credit Party, as reorganized debtors, having executed and delivered definitive financing documentation with respect to the Revolving Credit Facility (the “Credit
Documentation”), reasonably satisfactory to the Administrative Agent, the Arranger and their counsel, which shall contain the terms and conditions set forth in the Term Sheet; and 

(v) the other conditions set forth in the Term Sheet and in the Funding Conditions attached hereto as Exhibit B.

 2. Fees and Expenses. In consideration of the execution and delivery of this Commitment Letter by us, you jointly and
severally agree to pay (or cause to be paid) the fees and expenses set forth in the Term Sheet and in the Fee Letter dated the date hereof (the “Fee Letter”) as and when payable in accordance with the terms thereof.

 3. Indemnification. 
 (a) You hereby jointly and severally agree to indemnify and hold harmless the Arranger, the Commitment Parties, the other Lenders and each of their respective affiliates and all of their respective
officers, directors, partners, trustees, employees, shareholders, advisors, agents, attorneys and controlling persons and each of their respective heirs, successors and assigns (each, an “Indemnified Person”) from and against
any and all losses, claims, damages, liabilities and expenses to which any Indemnified Person may become subject arising out of or in connection with this Commitment Letter, the Fee Letter, the Revolving Credit Facility, the use of the proceeds
therefrom and the filing of the cases (if applicable) (the “Transactions”), any of the other transactions contemplated by this Commitment Letter or the Fee Letter, any other transaction related thereto or any claim,
litigation, investigation or proceeding relating to any of the foregoing, regardless of whether any Indemnified Person is a party thereto and which may be brought by you or any of the other Guarantors or any of their respective affiliates or any
other party, and to reimburse each Indemnified Person promptly upon demand for all documented out-of-pocket legal and other expenses reasonably incurred by it in connection with investigating, preparing to defend or defending, or providing evidence
in or preparing to serve or serving as a witness with respect to, any lawsuit, investigation, claim or other proceeding relating to any of the foregoing (including, without limitation, in connection with the enforcement of the indemnification
obligations set forth herein); provided, however, that no Indemnified Person will 

  
 5 

 
be entitled to indemnity hereunder in respect of any loss, claim, damage, liability or expense to the extent that it is found by a final, non-appealable judgment of a court of competent
jurisdiction that such loss, claim, damage, liability or expense resulted directly from the gross negligence, bad faith or willful misconduct of such Indemnified Person provided, further, however, that any legal fees shall be
limited to the reasonable and documented fees and out-of-pocket expenses of one firm of attorneys for all Indemnified Parties taken as a whole (plus any additional local attorneys as may be reasonably necessary) and, in the case of different
defenses or an actual or perceived conflict of interest in which an Indemnified Party affected by such different defense or such conflict retains its own counsel, of another firm of counsel for each such Indemnified Party. In no event will any
Indemnified Person be liable on any theory of liability for indirect, special or consequential damages, lost profits or punitive damages as a result of any failure to fund any of the Revolving Credit Facility contemplated hereby or otherwise in
connection with the Revolving Credit Facility. No Indemnified Person will be liable for any damages arising from the use by unauthorized persons of information, projections or other materials sent through electronic, telecommunications or other
information transmission systems that are intercepted by unauthorized persons, except to the extent that it is found by a court of competent jurisdiction that such damages resulted from the gross negligence, bad faith or willful misconduct of such
Indemnified Person. 
 (b) You further agree that, without the prior written consent of the Commitment Parties, neither you nor
any of your subsidiaries or affiliates will enter into any settlement of a lawsuit, investigation, claim or other proceeding arising out of this Commitment Letter or the transactions contemplated by this Commitment Letter unless such settlement
includes an explicit and unconditional release from the party bringing such lawsuit, investigation, claim or other proceeding of all Indemnified Persons. 
 4. Expiration of Commitment. The Commitment will expire at 5:00 p.m., New York City time, on December 23, 2011 unless on or prior to such time you have executed and returned to the Commitment
Parties a copy of this Commitment Letter and the Fee Letter. If you do so execute and deliver to the Commitment Parties this Commitment Letter and the Fee Letter, the Commitment Parties agree to hold the Commitment available for you until 5:00 p.m.,
New York City time, on February 15, 2012; provided, however, that if the Cases are commenced, the Commitment Parties hereby agree to hold the Commitment available for you until 5:00 p.m., New York City time, on May 15, 2012
(the earlier to occur of such dates is the “Expiration Date”). The Commitment will terminate on the Closing Date, and you agree to rely exclusively on your rights and the commitments set forth in the Credit Documentation in
respect of all loans and extensions of credit to be made on or after the Closing Date. 
 5. Confidentiality. 

(a) Please note that this Commitment Letter, the Fee Letter and any communications provided by the Commitment Parties or any of their
affiliates in connection with the transactions contemplated hereby are exclusively for the information of your Board of Directors and senior management and employees and may not be disclosed to any other person or entity or circulated or referred to
publicly without our prior written consent except, after providing written notice to the Commitment Parties (to the extent permitted by applicable law), pursuant to applicable law or compulsory legal process, including without limitation a subpoena
or order issued by a court 

  
 6 

 
of competent jurisdiction or by a judicial, administrative or legislative body or committee; provided that we hereby consent to your disclosure of (i) this Commitment Letter, the Fee
Letter and such communications and discussions to your and the Sponsor’s (as defined in the Existing Credit Agreement) officers, directors, agents and other advisors who are directly involved in the consideration of the Revolving Credit
Facility and who have been informed by you of the confidential nature of such advice and the Commitment Letter and Fee Letter and who have agreed to treat such information confidentially, (ii) this Commitment Letter and the Fee Letter,
(a) to the office of the U.S. Trustee, to any ad-hoc or statutorily appointed committee of unsecured creditors, and to their respective representatives and professional advisors on a confidential and “need to know” basis, and
(b) as part of the Pre-Packaged Plan of Reorganization or Out-of-Court Restructuring (including to the Senior Noteholders who are subject to a confidentiality undertaking, the Backstop Parties, the agent and the lenders under the Existing
Second Lien Credit Agreement, and each of their respective representatives and professional advisors), or to the extent required in motions in the cases or in disclosures as part of the Exchange Offer, in form and substance reasonably satisfactory
to the Arranger in its reasonable discretion. 
 (b) You acknowledge that RBC and its affiliates (the term
“RBC,” when used in this paragraph, includes all such affiliates) may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which you may have
conflicting interests regarding the transactions described herein and otherwise. RBC will not use confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter or their other relationships with you
in connection with the performance by RBC of services for other companies, and RBC will not furnish any such information to other companies. You also acknowledge that RBC has no obligation to use in connection with the transactions contemplated by
this Commitment Letter, or to furnish to you, confidential information obtained from other companies. 
 6. Assignment and
Syndication. 
 (a) The parties hereto agree that the Commitment Parties will have the right to and intend to syndicate the
Revolving Credit Facility and the Commitment to one or more groups of financial institutions or other investors, identified by us after consultation with you. The Arranger will have the right to manage all aspects of any such syndication, including
decisions as to the selection of institutions to be approached and when they will be approached, the acceptance of commitments, the amounts offered, the amounts allocated and the compensation provided, provided that AcquisitionCo shall have the
right to consent to each institution providing a commitment with respect to the Revolving Credit Facility. You agree to assist in such syndication process, including, without limitation: (i) ensuring that the syndication efforts benefit
reasonably from your existing lending relationships; (ii) arranging for direct contact between your senior management and other representatives and advisors and the proposed Lenders upon reasonable prior notice and at reasonable times;
(iii) assisting in the preparation of the Marketing Materials referred to in Section 6(b) below; (iv) if reasonably requested by the Arranger, hosting, with the Arranger, one or more meetings of prospective Lenders, and, in connection
with any such Lender meeting, consulting with the Arranger with respect to the presentations to be made at any such meeting, and making available your appropriate officers, representatives and advisors to rehearse such presentations prior to such
meetings, as reasonably 

  
 7 

 
requested by the Arranger with reasonably prior notice and at reasonable times; and (v) taking commercially reasonable efforts to obtaining a public corporate family rating for the Borrower
and public ratings for the Revolving Credit Facility from Moody’s Investors Service, Inc. (“Moody’s”) and a public corporate credit rating for the Borrower and public ratings for the Revolving Credit Facility from
Standard & Poor’s Ratings Group (“S&P”), (collectively, the “Ratings”); provided that such efforts shall not be required to be made until 60 days after the Closing Date. 

(b) To assist the Arranger in its syndication efforts, you agree promptly, following notice from the Arranger, to prepare and provide to
the Arranger (i) one or more information packages regarding the business, operations, financial projections and prospects of the Company (collectively, the “Marketing Materials”) including, without limitation,
projections and any other cash flow forecast reasonably requested by the Arranger and all information relating to the transactions contemplated hereunder and deemed reasonably necessary by RBC to complete the syndication of the Revolving Credit
Facility, and (ii) a version of the Marketing Materials (the “Public Information Materials”) that does not contain projections or other material non-public information concerning the Company, its affiliates or their
securities for purposes of the United States federal and state securities laws (“Material Non-Public Information”). You hereby represent and covenant that (i) all information included in the Marketing Materials (other
than the Cash Flow Forecast and the Budget (the “Projections”)) or otherwise that has been or will be made available to the Arranger by you or any of your representatives in connection with the Revolving Credit Facility is or
will be, when furnished and as of the date when furnished (taken as a whole), complete and correct in all material respects and does not or will not, when furnished (taken as a whole) and as of the date when furnished, contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements contained therein not misleading in the light of the circumstances under which such statements are made and (ii) the Projections that have been or
will be made available to the Arranger by you or any of your representatives have been or will be prepared in good faith based upon assumptions believed by you to be reasonable at the times furnished to the Arranger and the Lenders (it being
understood and agreed by us that Projections are subject to significant uncertainties and contingencies and that the Projections are not to be viewed as facts or as a guarantee of performance or achievement of any particular results and that no
assurance can be given that any particular Projections will be realized, that actual results may differ and that such differences may be material). You understand that in arranging and syndicating the Revolving Credit Facility and the Commitment we
may use and rely on the Marketing Materials without independent verification thereof and that you will promptly notify us of any changes in circumstances that could be expected to call into question the continued reasonableness of any assumption
underlying the Projections. You further agree to assist in updating the Marketing Materials as necessary during the syndication process so as to cause the foregoing representation to continue to be true and correct. 

(c) Before distribution of any Marketing Materials (i) to prospective Lenders that do not wish to receive Material Non-Public
Information concerning the Company and its affiliates or their respective securities (such Lenders, “Public Lenders;” all other Lenders, “Private Lenders”), you agree to provide us with a customary
letter authorizing the dissemination of the Public Information Materials and confirming the absence of Material Non-Public Information therein and (ii) to prospective Private Lenders, you agree to provide us with a customary letter

  
 8 

 
authorizing the dissemination of the Marketing Materials. In addition, at our request, you will identify Public Information Materials by clearly and conspicuously marking the same as
“PUBLIC.” You agree that the Arranger on your behalf may distribute the following documents to all prospective Lenders, unless either of you advise the Arranger in writing (including by email) within a reasonable time prior to their
intended distributions that such documents should only be distributed to prospective Private Lenders: (A) administrative materials for prospective Lenders such as lender meeting invitations and funding and closing memoranda,
(B) notifications of changes to the terms of the Revolving Credit Facility, and (C) other materials intended for prospective Lenders after the initial distribution of the Marketing Materials, including drafts and final versions of Credit
Documentation. If either of you advise the Arranger that any of the foregoing documents should be distributed only to Private Lenders, then the Arranger will not distribute such documents to Public Lenders without further discussions with you.

 (d) To ensure an orderly and effective syndication of the Revolving Credit Facility and the Commitment, you agree that, from
the date hereof until the later of the Closing Date and the completion of syndication as determined by the Arranger (but not later than a date that is 20 days after the Closing Date), you will not, and will not permit the Company or any of your
respective affiliates to, syndicate or issue, attempt to syndicate or issue, announce or authorize the announcement of the syndication or issuance of, any debt facility (including any debtor-in-possession facility), or debt or preferred equity
security of you, the Company or any of your or its respective subsidiaries, including any renewals or refinancings of any existing debt facility, without the prior written consent of the Arranger (other than the syndication of the Revolving Credit
Facility and the replacement or restatement of the Existing Credit Obligations, the debtor- in- possession financing contemplated by DIP Commitment Letter (the “DIP Facility”) and the Rights Offering and any debt refinanced
in the ordinary course not in excess of $2 million). 
 7. Survival. The provisions of this Commitment Letter relating to
the payment of fees and expenses, indemnification and contribution and confidentiality and the provisions of Sections 6 and 8 hereof will survive the expiration or termination of the Commitment or this Commitment Letter (including any extensions)
and the execution and delivery of the Credit Documentation, provided, however, that your obligations under this Commitment Letter with respect to indemnification shall be superseded by the provisions of the Credit Documentation upon
the execution and delivery thereof. 
 8. Choice of Law; Jurisdiction; Waivers. 

(a) This Commitment Letter and the rights and obligations of the parties hereunder will be governed by and construed in accordance with
the laws of the State of New York without regard to conflicts of law principles that would result in the application of any laws other than the laws of the State of New York. You agree for yourself and your affiliates that any suit or proceeding
arising in respect to this Commitment Letter or RBC’s commitments or agreements hereunder or the Fee Letter will be tried in any Federal court of the United States of America sitting in the Borough of Manhattan, or during the pendency of the
Cases, in the Bankruptcy Court or, if that court does not have subject matter jurisdiction, in any state court located in the City and County of New York, and you agree to submit to the exclusive jurisdiction of, and to venue in, such court. The
parties hereto hereby waive any 

  
 9 

 
objection that they may now or hereafter have to the laying of venue of any such suit, action or proceeding brought in any such court, and any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum. The parties hereto hereby waive, to the fullest extent permitted by applicable law, any right to trial by jury with respect to any action or proceeding arising out of or
relating to this Commitment Letter or the Fee Letter. 
 (b) No Lender will be liable in any respect for any of the
obligations or liabilities of any other Lender under this Commitment Letter or arising from or relating to the transactions contemplated hereby. 
 9. Miscellaneous. 
 (a) This Commitment Letter may be executed in one or
more counterparts, each of which will be deemed an original, but all of which taken together will constitute one and the same instrument. Delivery of an executed signature page of this Commitment Letter by facsimile transmission or other electronic
transmission (i.e., “.pdf” or “.tif”) will be effective as delivery of a manually executed counterpart hereof. This Commitment Letter may not be amended or waived except by an instrument in writing signed by each of the parties
hereto. 
 (b) You may not assign any of your rights, or be relieved of or assign any of your obligations hereunder without the
prior written consent of the Arranger (and any purported assignment without such consent will be null and void). In connection with any syndication of all or a portion of the Commitment, the rights and obligations of the Commitment Parties hereunder
may be assigned, in whole or in part, as provided in Section 6 above; provided that no such assignment shall relieve any Commitment Party of its obligations to make the Commitments effective on the Closing Date with respect to the portion of
the Commitment so assigned to the extent such assignee fails to become a Lender under the Revolving Credit Facility on the Closing Date (and, if applicable, fund any loans thereunder on the Closing Date). 

(c) This Commitment Letter, including the attached Exhibits and Schedules, and the Fee Letter set forth the entire understanding of the
parties hereto as to the scope of the Commitment and the obligations of the Commitment Parties hereunder. This Commitment Letter supersedes all prior understandings and proposals, whether written or oral, between any of the Commitment Parties and
you relating to any financing or the transactions contemplated hereby. This Commitment Letter is in addition to the agreements of the parties contained in the Fee Letter. 
 (d) This Commitment Letter has been and is made solely for the benefit of the parties signatory hereto, the Indemnified Persons, and their respective heirs, successors and assigns, and nothing in this
Commitment Letter, expressed or implied, is intended to confer or does confer on any other person or entity any rights or remedies under or by reason of this Commitment Letter or the agreements of the parties contained herein. 

(e) You acknowledge that the Commitment Parties may be (or may be affiliated with) full service financial firms and as such from time to
time may effect transactions for their own account or the account of customers, and hold long or short positions in debt or equity securities 

  
 10 

 
or loans of companies that may be the subject of the transactions contemplated by this Commitment Letter. You hereby waive and release, to the fullest extent permitted by law, any claims you have
with respect to any conflict of interest arising from such transactions, activities, investments or holdings, or arising from the failure of such Commitment Party or any of their respective affiliates to bring such transactions, activities,
investments or holdings to your attention. In addition, you acknowledge that the transactions contemplated by this Commitment Letter and the Fee Letter are arm’s-length commercial transactions and that each Commitment Party is acting as
principal and in its own best interests. You are relying on your own experts and advisors to determine whether the transactions contemplated by this Commitment Letter and the Fee Letter are in your best interests. You agree that each Commitment
Party will act under this Commitment Letter and the Fee Letter as an independent contractor and that nothing in this Commitment Letter, the Fee Letter, the nature of our services, or in any prior relationship will be deemed to create an advisory,
fiduciary or agency relationship between any Commitment Party on the one hand and you, or your stockholders or affiliates on the other hand. 
 (f) You agree that each Commitment Party has the right to place advertisements in financial and other newspapers and journals at its own expense describing its services to you and the Borrower;
provided that we will submit a copy of any such advertisements to you for your approval, which approval will not be unreasonably withheld. 
 (g) Each Commitment Party hereby notifies you and the other Guarantors that, pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Patriot Act”) it and each Lender may be required to obtain, verify and record information that identifies you and the other Guarantors, which information includes the names and addresses of you, the Company and the other
Guarantors and other information that will allow the Commitment Parties and each Lender to identify you and the other Guarantors in accordance with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is
effective for each Commitment Party and each Lender. 
 [Remainder of this page intentionally left blank]

  
 11 

 If you are in agreement with the foregoing, kindly sign and return to us the enclosed copy
of this Commitment Letter. 
  

					
	Very truly yours,
	
	ROYAL BANK OF CANADA
		
	By:	 	 /s/ Leslie P. Vowell

		 	Name: Leslie P. Vowell
		 	Title: Attorney-in-Fact

 Accepted and agreed to as of the 
 date first above written: 
  

					
	AQUILEX ACQUISITION HOLDINGS, LLC
		
	By:	 	 /s/ Jeff Gelfand

		 	Name: Jeff Gelfand
		 	Title: Senior Managing Director

					
	
	 By: CCP II DEBT ACQUISITON, L.P., its member

  
 Revolving
Commitment Letter 

	
	AQUILEX HOLDINGS LLC
	
	 By: AQUILEX ACQUISITION SUB III, LLC, its sole member

	
	 By: AQUILEX HOLDCO, L.P., its sole member

	
	 By: AQUILEX HOLDCO GP LLC, its general partner

	
	 By: ONTARIO TEACHERS’ PENSION PLAN BOARD, its sole member

									
		
	By:	 	 /s/ Darren Smart

		 	Name: Darren Smart
		 	Title: Portfolio Manager

  
 Revolving
Commitment Letter 

 EXHIBIT A TO COMMITMENT LETTER 

SUMMARY OF TERMS OF EXIT REVOLVING CREDIT FACILITY 
 Set forth below is a summary of the key terms of the Revolving Credit Facility and the documentation related thereto. Capitalized terms used and not otherwise defined herein have the meanings set forth
in the Commitment Letter to which this Summary of Terms of Revolving Credit Facility is attached and of which it forms a part. 
  

			
	 1.      Parties
	  	
		
	 Borrower
	  	Aquilex Holdings LLC or another directly or indirectly wholly-owned subsidiary thereof designated by AcquisitionCo and acceptable to the Administrative Agent and the Lenders on or
before the Closing Date (the “Borrower”).
		
	 Guarantors
	  	The entity that is the direct parent of the Borrower to the extent such entity survives the closing (the “Parent”) and each of the Borrower’s existing
and subsequently acquired or formed direct and indirect domestic (and, to the extent no material adverse tax consequences to the Borrower would result therefrom, foreign) subsidiaries (the “Guarantors;” the Borrower and the
Guarantors, collectively, the “Credit Parties”).
		
	 Lead Arranger and Lead Bookrunner
	  	RBC Capital Markets2 (in such capacity, the “Arranger”).
		
	 Administrative Agent and Collateral Agent
	  	Royal Bank of Canada (in such capacities, the “Administrative Agent” and together with any collateral, syndication or documentation agent, the
“Agents”).
		
	 Lenders
	  	A syndicate of banks, financial institutions and other entities (collectively, the “Lenders”) to be selected by the Arranger with the consent of
AcquisitionCo.
		
	 2.      Revolving Credit Facility
	  	
		
	 Revolving Credit Facility
	  	Approximately four-year senior secured revolving credit facility (the “Revolving Credit Facility” in
an

  

	2 	RBC Capital Markets is the global brand name for the corporate and investment banking business of Royal Bank of Canada. 

			
		  	aggregate principal amount equal to $40.0 million (the loans thereunder, the “Revolving Credit Loans”).
		
	 Availability
	  	The Revolving Credit Facility will be available on a revolving basis during the period commencing on the Closing Date and ending on the Maturity Date.
		
	 Letters of Credit
	  	 A portion of the Revolving Credit Facility not in excess of $20.0 million will be available for the issuance of letters of credit (the
“Letters of Credit”) by Royal Bank of Canada (in such capacity, an “Issuing Lender”). The face amount of any outstanding Letters of Credit will reduce availability under the Revolving Credit Facility
on a dollar-for-dollar basis. No Letter of Credit will have an expiration date after the earlier of (i) one year after the date of issuance, unless the Issuing Lender otherwise agrees, and (ii) five business days prior to the Maturity Date. Letters
of Credit issued by RBC outstanding under the Existing Credit Agreement or, if applicable, any debtor-in-financing, shall be deemed issued under the Revolving Credit Facility effective on the Closing Date.

 
 Drawings under any Letter of Credit will be reimbursed by the Borrower (whether with
its own funds or with the proceeds of Revolving Credit Loans) on the next business day (with such day being determined from the business day on which the Borrower is given notice of any drawing prior to 3:00 p.m. New York City time). Each Lender
under the Revolving Credit Facility will acquire an irrevocable and unconditional pro rata participation in each Letter of Credit.

		
	 Maturity Date
	  	April 1, 2016 (the “Maturity Date”).
		
	 Clean Up Period
	  	 Liquidity (as defined below) must exceed $25.0 million for thirty consecutive days during each calendar year.

 
 “Liquidity” shall mean the sum of unrestricted cash plus
availability under the Revolving Credit Facility, less (i) “stretched payables” (the definition of which is to be agreed), (ii) proceeds from asset sales which have not yet been reinvested and (iii) the excess, if any, of (x) 80% of the
CapEx Budget (as defined below) for the then applicable fiscal year to date less (y) actual capital expenditures for such fiscal year to

  
 Revolving
Commitment Letter 

			
		  	date (it being understood that cash utilized to satisfy the minimum Liquidity financial covenant set forth below does not constitute restricted cash).
		
	 Purpose
	  	The proceeds of the Revolving Credit Loans will be used for working capital and general corporate purposes of the Borrower and its subsidiaries (including, without limitation, to
make the first amortization payment on the Second Lien Term Loans). The Revolving Credit Loans also may be drawn on the Closing Date to pay cash interest previously capitalized and required to be paid to the Existing Lenders on such date, provided
that such draw shall not exceed $1.3 million.
		
	 3.      Certain Payment Provisions
	  	
		
	 Fees and Interest Rates
	  	As set forth on Annex A-I.
		
	 Optional Prepayments and Commitment Reductions
	  	Loans may be prepaid, without premium or penalty (other than customary breakage costs), in minimum amounts to be agreed upon. The unutilized portion of the total commitments under
the Revolving Credit Facility may be reduced or terminated by the Borrower without penalty in minimum amounts to be agreed upon.
		
	 Mandatory Prepayments and Commitment Reductions
	  	The Revolving Credit Loans will be prepaid and the Letters of Credit will be cash collateralized or replaced to the extent such extensions of credit exceed the commitments in
respect of the Revolving Credit Facility.
		
	 4.      Collateral
	  	The obligations of each Credit Party in respect of the Revolving Credit Facility will be secured by a perfected first priority security interest (subject, with respect to priority
only, to permitted liens) in substantially all of its tangible and intangible assets (including, without limitation, intellectual property, real property, licenses, permits, deposit and securities accounts, and all of the capital stock of the
Borrower and each of its direct and indirect domestic and first tier foreign subsidiaries; provided that, with respect to any foreign subsidiaries, if such security interest will cause material adverse tax consequences, then the Lenders will be
secured by a perfected first priority security interest in 65% of the

  
 Revolving
Commitment Letter 

			
		  	 voting stock and 100% of the non-voting stock of such subsidiaries). All such security interests will be perfected on the Closing Date
except as otherwise expressly agreed by the Arranger.
  
 The Administrative
Agent will enter into an Intercreditor Agreement on customary terms for a Revolving Credit Facility of this type with the Collateral Agent for the Second Lien Term Loans (as defined on Exhibit B).

		
	 5.      Certain Conditions
	  	
		
	 Initial Conditions
	  	The availability of the Revolving Credit Facility on the Closing Date is subject to the conditions set forth on Exhibit B to the Commitment Letter and the conditions to each
extension of credit set forth below.
		
	 Conditions to each extension of credit
	  	The making of each extension of credit will be conditioned upon (i) the accuracy of all representations and warranties in the Credit Documentation and (ii) there being no default or
event of default in existence at the time of, or immediately after giving effect to the making of, such extension of credit.
		
	 6.      Certain Documentation Matters
	  	The definitive documentation with respect to the Revolving Credit Facility (the “Credit Documentation”) will contain representations, warranties, covenants
and events of default customary for financings of this type in light of market conditions for this type of credit on the Closing Date and other terms deemed appropriate by the Arranger for this transaction in particular, consistent with the items
set forth in this Term Sheet, including:
		
	 Representations and Warranties
	  	Corporate existence; compliance with law; corporate power and authority; enforceability of Credit Documentation; no conflict with law, material agreements or charter documents;
financial statements; absence of material adverse change; no material litigation; no default; ownership of property; intellectual property; taxes; Federal Reserve regulations; ERISA; Investment Company Act; licenses; permits; consents; franchises
and

  
 Revolving
Commitment Letter 

			
		  	regulatory approvals; subsidiaries; environmental matters; solvency; labor matters; insurance; accuracy of disclosure; creation, perfection and priority of security interests; use
of proceeds; Patriot Act and similar money laundering or anti terrorism laws and real estate (in each case, subject to materiality thresholds and exceptions to be agreed).
		
	 Affirmative Covenants
	  	Delivery of quarterly and annual financial statements, as well as reports, accountants’ letters, projections, annual capital expenditure budgets (such budget as may be modified
by the Borrower as reasonably agreed to by the Administrative Agent, “CapEx Budget”) (at least 30 days prior to the start of each fiscal year), officers’ certificates and other information requested by the Administrative
Agent or the Lenders; payment of other obligations; continuation of business and maintenance of existence and material rights and privileges; compliance with laws and material contractual obligations; maintenance of property and insurance;
maintenance of books and records; commercially reasonable efforts to maintain ratings (but not a minimum rating and provided that no ratings shall be required until 60 days after the Closing Date); right of the Administrative Agent and the Lenders
to inspect property and books and records; notices of defaults, litigation and other material events; compliance with environmental laws; security interests in after-acquired property; further assurances.
		
	 Financial Covenants
	  	Financial covenants consisting of minimum Liquidity of $7.5 million at any time subject to a three Business Day grace period, minimum fixed charge coverage ratio (to be defined as
EBITDA divided by the sum of capex plus interest, principal and fees on debt plus fees on letters of credit) and maximum total net senior secured leverage ratio (to be defined as senior funded debt less unrestricted cash
at the Credit Parties divided by EBITDA), in each case with a cushion in EBITDA above the EBITDA levels set forth in the agreed model delivered to the Arranger on December 9, 2011 and attached hereto as Exhibit C, such cushions to be equal to 30% in
2012, 25% in 2013 and 20% in 2014 and thereafter. The definition of EBITDA shall have the meaning agreed in the Credit Documentation, but

  
 Revolving
Commitment Letter 

			
		  	in any event shall include customary add-backs for one-time charges including severance and restructuring costs.
		
	 Negative Covenants
	  	Limitations on: liens; investments; indebtedness (including preferred stock) (provided that, (i) after the one year anniversary of the Closing Date, subordinated unsecured
indebtedness shall be permitted subject to customary conditions (including customary subordination terms and no default or event of default pro forma for such incurrence) and provided that the consolidated net leverage (pro forma for such
incurrence) shall not exceed 3.50 to 1.00 and (ii) the Borrower may assume debt acquired in connection with an acquisition (but not incurred in contemplation thereof) provided that pro forma for such acquisition and assumption, (a) no default or
event of default exists and (b) the Borrower’s interest coverage ratio for the trailing twelve-month period exceeds 2.0 to 1.0); mergers and acquisitions, consolidations, liquidations and dissolutions; sales of assets; leases; dividends and
other payments in respect of capital stock (with certain ordinary course exceptions to be agreed); capital expenditures (requiring that the Borrower spend at least 80% of the CapEx Budget per year); optional payments and modifications of
subordinated and other debt instruments; amendments to governing documents; transactions with affiliates; sale and leasebacks; changes in fiscal year; negative pledge clauses; restrictions on subsidiary distributions; changes in lines of business;
and changes in the passive holding company status of the Parent and any other holdco guarantor (subject, in each case, to thresholds, exceptions and qualifications to be agreed upon).
		
	 Events of Default
	  	Nonpayment of principal when due; nonpayment of interest, fees or other amounts after a grace period to be agreed upon; material inaccuracy of representations and warranties;
violation of covenants (subject, in the case of certain affirmative covenants, to a grace period to be agreed upon or as expressly set forth herein); cross-default; bankruptcy events; certain ERISA events; material judgments; actual or asserted
invalidity of any guarantee or security document, subordination provisions or

  
 Revolving
Commitment Letter 

			
		  	security interest; and a change of control (the definition of which is to be agreed). Events of Default arising under the Minimum Liquidity Covenant may be cured by an equity
contribution made to the Borrower within 10 business days of such Event of Default.
		
	 Voting
	  	Amendments and waivers will require the approval of Lenders holding not less than a majority of the aggregate amount of the, Revolving Credit Loans and participations in Letters of
Credit and unused commitments under the Revolving Credit Facility (the “Required Lenders”), except that (a) the consent of each Lender directly and adversely affected thereby will be required with respect to
(i) reductions in the amount or extensions of the final maturity of any loan, (ii) reductions in the rate of interest or any fee or extensions of any due date thereof and (iii) increases in the amount or extensions of the expiry date of
any Lender’s commitment and (b) the consent of 100% of the Lenders will be required with respect to (i) modifications to any of the voting percentages; (ii) releases of (A) all or substantially all of the collateral or (B) any of the Guarantors
other than in accordance with the provisions of the Credit Documentation, (iii) modifications to the pro rata provisions of the Credit Documentation and (iv) modifications to the assignment and participation provisions of the Credit
Documentation which further restrict assignments thereunder.
		
		  	The Credit Documentation shall contain (a) customary provisions for replacing non-consenting Lenders in connection with amendments and waivers requiring the consent of all Lenders
or of all Lenders directly affected thereby so long as the Required Lenders shall have consented thereto and any “increased cost” Lenders and (b) customary provisions relating to “defaulting” Lenders (including provisions
relating to the reallocation of letter of credit exposure (up to the available and unused commitments), providing cash collateral to support letters of credit, the suspension of voting rights, rights to receive fees and interest, and termination or
assignment of commitments or Loans of such Lenders).

  
 Revolving
Commitment Letter 

			
	 Assignments and Participations
	  	Lenders will be permitted to make assignments in a minimum amount of $5.0 million (unless such assignment is of a Lender’s entire interest) to banks, financial institutions or
other entities acceptable to the Administrative Agent (not to be unreasonably withheld, conditioned or delayed and provided that no such acceptance shall be required in connection with assignments to the Agents or to other Lenders (or to affiliates
or approved funds of the Agents or Lenders) and so long as no event of default has occurred and is continuing, the Borrower, which acceptance of the Borrower may not be unreasonably withheld or delayed; provided, however, that the acceptance of the
Borrower will not be required in connection with assignments to the Agents or to other Lenders (or to affiliates or approved funds of the Agents or Lenders), and provided, further, however, that such bank, financial institution or other entity will
be deemed acceptable to the Borrower if the Borrower does not otherwise reject such bank, financial institution or other entity within 5 business days of the date on which acceptance is requested. In addition, any assignment of commitments under the
Revolving Credit Facility is subject to the consent, not to be unreasonably withheld, of the Issuing Lender.
		
	 Yield Protection
	  	The Credit Documentation will contain customary provisions (i) protecting the Lenders against increased costs or loss of yield resulting from changes in reserve, tax, capital
adequacy and other requirements of law and from the imposition of or changes in withholding or other taxes and (ii) indemnifying the Lenders for actual “breakage costs” incurred in connection with, among other things, any prepayment
of a LIBOR Loan (as defined in Annex A-I) on a day other than the last day of an interest period with respect thereto.
		
	 Expenses and Indemnification
	  	The Borrower will pay (i) all reasonable, documented out-of-pocket expenses of the Agents and the Arranger associated with the syndication of the Revolving Credit Facility and the
preparation, negotiation, execution, delivery and administration of the Credit Documentation and any amendment or waiver with respect thereto (including the reasonable fees, disbursements and other charges of one firm of

  
 Revolving
Commitment Letter 

			
		  	attorneys (plus any additional local attorneys as may be reasonably necessary) and the documented charges of IntraLinks) and (ii) all reasonable, documented out-of-pocket expenses
of the Administrative Agent, the Agents and the Lenders in connection with the enforcement of the Credit Documentation or in any bankruptcy case or insolvency proceeding commenced after the Closing Date.
		
		  	The Administrative Agent, the other Agents, the Arranger and the Lenders (and their affiliates and each of their respective officers, directors, partners, trustees, employees,
shareholders, advisors, agents, attorneys and controlling persons and each of their respective heirs, successors and assigns) will have no liability for, and will be indemnified and held harmless against, any loss, liability, cost or expense,
including the reasonable and documented fees, disbursements and other charges of counsel incurred, in respect of the Revolving Credit Facility, the use or the proposed use of proceeds thereof or the Restructuring Transactions (as defined in Exhibit
A) (except to the extent resulting from the gross negligence, bad faith or willful misconduct of the indemnified party as determined by a final, non-appealable judgment of a court of competent jurisdiction).
		
	 Governing Law and Forum
	  	State of New York.
		
	 Counsel to the Administrative Agent and the Arranger
	  	Latham & Watkins LLP.

  
 Revolving
Commitment Letter 

 Annex A-I 

Interest and Certain Fees 
  

			
	 Interest Rate Options
	  	The Borrower may elect that the loans comprising each borrowing bear interest at a rate per annum equal to:
		
		  	(i) the Base Rate plus 6.25% (“Base Rate Loans”); or
		
		  	(ii) the LIBOR Rate plus 7.25% (“LIBOR Loans”);
		
		  	“Base Rate” means the higher of (i) the rate of interest per annum announced by RBC from time to time as its prime commercial lending rate for United States
Dollar loans in the United States for such day (the “Prime Rate”) and (ii) the federal funds effective rate as in effect from time to time plus 0.50%. In no event shall the Base Rate be less than the sum of the
one-month LIBOR Rate plus 1.00%.
		
		  	“LIBOR Rate” means the rate (adjusted for statutory reserve requirements for eurocurrency liabilities) at which eurodollar deposits for one, two, three, six
or, if available to all Lenders, nine or twelve months (as selected by the Borrower) appearing on the Reuters Screen LIBOR01 Page.
		
		  	No new LIBOR interest period may be selected when any event of default is continuing.
		
	 Interest Payment Dates
	  	For Base Rate Loans, quarterly in arrears.
		
		  	For LIBOR Loans, on the last day of each relevant interest period and, in the case of any interest period longer than three months, on each successive date three months after the
first day of such interest period.
		
	 Upfront Closing Fee
	  	The Borrower will pay on the Closing Date a closing fee to each Lender (other than a defaulting Lender) party to the Credit Documentation as a Lender under the Credit Facilities on
the Closing Date, as fee compensation for the availability of such Lender’s commitments under the Revolving Credit Facility, an amount equal to 2.00% of the aggregate amount of such Lender’s commitments thereunder such fee to be payable on
the Closing Date.
		
	 Commitment Fees
	  	The Borrower will pay a commitment fee calculated in respect of any undrawn portion of the Revolving Credit Facility (except any undrawn amounts not eligible to be borrowed as a
result of Letters of Credit outstanding) from the Closing Date of 1.00% per annum and will be paid quarterly in arrears.
		
	 Letter of Credit Fees
	  	The Borrower will pay a commission on all outstanding Letters of Credit at a per annum rate equal to the Applicable Margin

			
		  	then in effect with respect to Revolving Credit Loans that are LIBOR Loans on the face amount of each Letter of Credit. Such commission will be shared ratably among the Lenders
participating in the Revolving Credit Facility and will be payable quarterly in arrears.
		
		  	In addition to letter of credit commissions, a fronting fee equal to the greater of (i) $500 and (ii) 0.25 % per annum on the maximum amount available to be drawn under the
applicable Letter of Credit will be payable quarterly in arrears to such Issuing Lender for its own account. In addition, certain customary fees will be payable to each Issuing Lender for its own account.
		
	 Default Rate
	  	After the occurrence and during the continuance of an Event of Default interest on all outstanding amounts will bear interest at a rate equal to 2.00% per annum above the
rate applicable to Base Rate Loans.
		
	 Rate and Fee Basis
	  	All per annum rates will be calculated on the basis of a year of 360 days (or 365 days, in the case of Base Rate Loans the interest rate payable on which is then based on the
Prime Rate) and the actual number of days elapsed.

  
 A-I-2

 EXHIBIT B TO COMMITMENT LETTER 

FUNDING CONDITIONS 

Capitalized terms used but not defined herein have the meanings assigned to them in the Commitment Letter to which this Exhibit B is attached and of
which it forms a part. The availability of the Revolving Credit Facility is conditioned upon satisfaction of, among other things, the conditions precedent summarized below. 

 

	(a)	Restructuring Transactions. 

  

	 	(i)	AcquisitionCo or the Borrower shall have received the gross cash proceeds of the Rights Offering in an aggregate amount as required by subclause (iv) below, and,
if received by AcquisitionCo, AcquisitionCo shall have contributed the same (less any expenses to be paid by AcquisitionCo in connection with the Restructuring) to the Borrower as cash common equity or as preferred equity on the terms set forth in
the Restructuring Support Agreement or otherwise reasonably acceptable to the Arranger and the Required Lenders. 

  

	 	(ii)	 The Restructuring shall have been consummated either (i) substantially upon the Exchange Offer having been consummated (or shall be consummated
substantially contemporaneously with the occurrence of the Closing Date) in accordance with the terms of the Restructuring Support Agreement, or (ii) if the Cases shall have been commenced, then substantially upon the effective date of the
Borrower’s Pre-Packaged Plan of Reorganization (which shall occur substantially contemporaneously with the occurrence of the Closing Date). The Borrower’s Pre-Packaged Plan of Reorganization and related Disclosure Statement and other
solicitation materials, the Confirmation Order (as defined below) and all documents to be executed and/or delivered in connection with implementation of the Pre-Packaged Plan of Reorganization or the consummation thereof (collectively, the
“Plan Documents”) shall be in form and substance consistent with this Commitment Letter and the Restructuring Support Agreement and otherwise reasonably satisfactory to the Arranger, and no provision of any Plan Document
shall have been waived, amended, supplemented or otherwise modified in any respect that is materially adverse to the rights and interest of any or all of the Secured Lender Parties, each as determined in good faith by the Arranger. The Bankruptcy
Court shall have entered a final and non-appealable (unless the Arranger consents to permit the Closing Date to occur notwithstanding the appeal period shall have not lapsed) order (the “Confirmation Order”) confirming the
Pre-Packaged Plan of Reorganization and approving the Pre-Packaged Plan of Reorganization-related solicitation procedures, and the Confirmation Order shall approve the funding under the Revolving Credit Facility and all other transactions
contemplated by the Revolving Credit Facility, shall be in full force and effect and shall not have been stayed, reversed or vacated, or otherwise amended or modified in any manner that is materially adverse to the rights or interests of any or all
of the Secured Lender Parties, without the consent of the Arranger (each as determined in good faith by the Arranger). All conditions precedent to the 

	 	
effectiveness of the Pre-Packaged Plan of Reorganization (other than (I) the occurrence of the Closing Date of the Revolving Credit Facility and any other conditions that are to be satisfied
simultaneously with the occurrence of the Closing Date and (II) any other conditions precedent that are waived in accordance with the terms of the Pre-Packaged Plan of Reorganization and do not materially adversely affect the rights and interest of
any or all of the Arranger, the Administrative Agent, the Lenders, the DIP Agent, the DIP Arranger, the DIP Lenders, the Existing Agent and the Existing Lenders, without the consent of the Arranger (each as determined in good faith by the Arranger),
shall have been satisfied, and the Pre-Packaged Plan of Reorganization shall have, or contemporaneously with the funding of the Revolving Credit Facility the Pre-Packaged Plan of Reorganization shall, become effective, and all transactions
contemplated by the Pre-Packaged Plan of Reorganization to be consummated on the effective date thereof (other than any transactions that do not materially adversely affect the rights and interest of any or all of the Secured Lender Parties, each as
determined in good faith by the Arranger) shall have been substantially consummated. 

  

	 	(iii)	The Restructuring Support Agreement shall remain in full force and effect, and all actions or transactions required to have been taken or consummated on or prior to the
Closing Date shall have been taken or consummated (except to the extent waived by the requisite parties), and, to the extent the Cases were commenced, the transactions contemplated by the Pre-Packaged Plan of Reorganization or the Out-of-Court
Restructuring, as applicable, to occur on the effective date of the Pre-Packaged Plan of Reorganization or the Out-of-Court Restructuring, as applicable, shall have been consummated on the Closing Date. 

 

	 	(iv)	The gross proceeds of the Rights Offering shall be in an amount equal to (x) in the case of an Out-of-Court Restructuring, not less than $80 million or (y) in
the case of a proceeding under the Bankruptcy Code, not less than $85 million, such amounts plus cash on hand to be sufficient to (a) provide for a $65 million pay-down of the loans outstanding under the Existing Credit Agreement, (b) in
the event the Cases are consummated, repay the any debtor-in-possession financing in full in cash, and (c) pay all Restructuring Expenses (as defined in the Restructuring Support Agreement) and other distributions under the Pre-Packaged Plan of
Reorganization, and all other fees and expenses payable in cash in connection with the Restructuring Transactions, including funding the administration of the Cases. If any cash payments are required to be made to second lien lenders that elect to
receive cash on account of the second lien loans outstanding under that certain Second Lien Credit Agreement dated as of November 15, 2011, by and among the Company, as borrower, U.S. Bank National Association, as the Second Lien Agent, each of
the guarantors named therein and the lenders party thereto, the gross proceeds of the Rights Offering shall be increased to yield an equivalent amount. 

  

	 	(v)	 The Arranger shall be satisfied in its reasonable judgment that (a) concurrently with the consummation of the Restructuring, all pre-existing
indebtedness of the Parent, the Borrower and their respective subsidiaries (other than the certain indebtedness to be agreed that will be assumed or retained by the Borrower and Guarantors, including

  
 B-2

	 	
Existing Credit Obligations as reduced by the $65.0 million pay-down (the “Second Lien Term Loans”) (less, in the event the Cases are commenced, the amount of loans under
the Existing Credit Agreement that are rolled up into any debtor-in-possession financing (which debtor-in-possession financing has been repaid in full)) shall have been satisfied or otherwise discharged, and all liens and security interests related
thereto shall have been terminated or released, (b) the respective indebtedness of the Parent, the Borrower and their respective subsidiaries and any liens securing same that are outstanding immediately after the consummation of the
Restructuring shall not exceed an amount to be agreed upon prior to the Closing Date, (c) to the extent the Borrower has commenced the Cases, no event of default shall have occurred and be continuing under any debtor in possession credit
facilities immediately prior to the Closing Date and (d) there shall not occur as a result of, and after giving effect to, the effectiveness of the Restructuring, an event of default (or any event which with the giving of notice or lapse of
time or both will be an event of default) under any of the reorganized Parent’s, Borrower’s or their respective subsidiaries’ debt instruments and other material agreements (including the Credit Documentation).

 The transactions described above are collectively referred to herein as the “Restructuring
Transactions.” 
  

	(b)	Commitment and Fee Letters. You shall have complied with all of your obligations under and agreements in the Commitment Letter and the Fee Letter (including the
payment of all fees and out of pocket expenses required to be paid on the Closing Date pursuant to the Fee Letter). 

  

	(c)	Lien and Judgment Searches. The Arranger shall have received the results of recent lien and judgment searches with respect to the Credit Parties, and such
searches shall not reveal any liens or judgments other than liens and judgments permitted by the Credit Documentation or liens and judgments to be discharged substantially concurrently with the closing of the Revolving Credit Facility.

  

	(d)	Customary Closing Conditions: The Commitment Parties shall be reasonably satisfied that each Credit Party has complied with the following customary closing
conditions: (i) the delivery of customary legal opinions, corporate records and documents from public officials and officer’s certificates; (ii) delivery of evidence of authority; (iii) execution of the Credit Documentation,
which shall be in full force and effect; (iv) satisfactory insurance (together with a customary insurance broker’s letter); (v) solvency of the Borrower and each Guarantor pro forma for the Restrucuturing Transactions and the delivery
of a solvency certificate to that effect from the chief financial officer of the Borrower in form and substance reasonably satisfactory to the Arranger; and (vi) creation and perfection of liens securing the Revolving Credit Facility (provided
that foreign law security documents and real estate security documentation to be agreed may be perfected within a period of time after the Closing Date to be agreed). Each Lender shall have received at least five days prior to 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 Patriot Act. 

  
 B-3

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