Document:

Exhibit 10.25

 

			TEXAS CAPITAL BANK

 

Texas Capital Bank, National Association

2000 McKinney Avenue, Suite 700

Dallas, Texas 75201

 

February 12, 2021

 

c/o Flex Leasing Power & Service LLC

6400 S. Fiddlers Green Circle

Suite 900

Greenwood Village, Colorado 80111

Attention: Doug Baltzer

 

Re:       Letter Agreement Regarding Limited Waiver
of Leverage Ratio Financial Covenant

 

Ladies and Gentlemen:

 

Reference is hereby
made to that certain Credit Agreement, dated as of February 8, 2019 (as amended, supplemented or otherwise modified prior to the date
hereof, the “Credit Agreement”),
by and among Flex Leasing Power & Service LLC, a Delaware limited liability company (the “Company”),
the other Loan Parties (as defined in the Credit Agreement) from time to time party thereto, the financial institutions from time to time
party thereto as lenders (the “Lenders”)
and Texas Capital Bank, National Association, as administrative agent (in such capacity, the “Administrative
Agent”). Capitalized terms used herein without definition shall have the meanings
given to them in the Credit Agreement.

 

1.       Company
Request. The Company has advised the Administrative Agent and the Lenders that (a) as of the last day of the fiscal quarter ending
December 31, 2020 (the “Specified Test Date”),
the Company’s Leverage Ratio was greater than 3.50 to 1.00 in contravention of Section 8.2
of the Credit Agreement, and (b) such non-compliance constitutes an Event of Default under Section 9.1(b) of the Credit Agreement (the
“Specified Event of Default”).
The Company has requested that the Lenders enter into this letter agreement (this “Letter
Agreement”) to waive the Specified Event of Default on the terms and conditions set
forth herein.

 

2.       Limited
Waiver. In reliance on the representations, warranties, covenants and agreements contained in this Letter Agreement, the receipt
and sufficiency of which are hereby acknowledged and confessed, and subject to the satisfaction of the conditions precedent in Section
5 hereof, the Lenders hereby waive the Specified Event of Default solely with respect to the Specified Test Date. The Loan
Parties hereby acknowledge that nothing contained herein, nor any past indulgence by the Administrative Agent or any Lender nor any
other action or inaction on behalf of the Administrative Agent or any Lender, shall constitute or be deemed to constitute a consent
to, or waiver of, any other action or inaction of the Company or any other Loan Party which constitutes (or would constitute) a
violation of any provision of the Credit Agreement, the Subordination Agreement or any other Loan Document, or which results (or
would result) in a material breach, Default or Event of Default under the Credit Agreement or any other Loan Document, nor shall
this Letter Agreement constitute a course of conduct or dealing among the parties. The Administrative Agent and the Lenders shall
have no obligation to grant any future waivers, consents or amendments with respect to the Credit Agreement or any other Loan
Document. The parties hereto agree that the limited waiver provided herein shall constitute a one-time waiver and shall not waive,
affect or diminish any right of the Administrative Agent and the Lenders to hereafter demand strict compliance with the Credit
Agreement and the other Loan Documents.

 

    1

     

    

 

3.       Amendments
to the Credit Agreement. In reliance on the representations, warranties, covenants and agreements contained in this Letter Agreement,
the receipt and sufficiency of which are hereby acknowledged and confessed, and subject to the satisfaction of the conditions precedent
in Section 5 hereof, the Credit Agreement is hereby amended as of the date hereof in the manner provided in this Section 3.

 

(a)       Additional
Definitions. Section 1.1 of the Credit Agreement is hereby amended to add thereto in alphabetical order the following definitions
which shall read in full as follows:

 

“Availability
Limitation” means an amount equal to (a) at any time during the Availability Limitation
Period, $1,500,000 and (b) at any time after the expiration of the Availability Limitation Period, $0.00.

 

“Availability
Limitation Period” means the period from February 12, 2021 until the Leverage Ratio
as of the last day of any fiscal quarter thereafter is less than 3.50 to 1.00 as evidenced by a Compliance Certificate setting forth the
information and certifying as to the matters set forth in Section 6.1(d) of the Credit Agreement and demonstrating compliance with the
covenants set forth in Article 8 of the Credit Agreement (with reasonably detailed calculations demonstrating compliance thereof). Upon
the expiration of the Availability Limitation Period, the Administrative Agent shall promptly deliver written notice thereof to the Company
and the Lenders.

 

(b)       Restated
Definition. The definition of “Availability” contained
in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:

 

“Availability”
means, as of any date, the difference between (a) an amount equal to the lesser of (i) the Borrowing Base
in effect on such date and (ii) the aggregate amount of the Commitments of the Lenders on such date less (b) the total Revolving
Credit Exposure of the Lenders on such date less (c) the Availability Limitation.

 

(c)       Amendment
to Section 2.1(a) of the Credit Agreement. Section 2.1(a) of the Credit Agreement is hereby amended by amending and restating the
proviso contained in the first sentence of such section to read in full as follows:

 

provided that the Revolving Credit
Exposure of all Lenders shall not exceed the lesser of (i) the aggregate amount of the Commitments of the Lenders minus the Availability
Limitation and (ii) the Borrowing Base minus the Availability Limitation.

 

(d)       Amendment
to Section 2.2(a)(i) of the Credit Agreement. Section 2.2(a)(i) of the Credit Agreement is hereby amended by amending and restating
clause (x) therein to read in full as follows:

 

(x) the Revolving Credit Exposure of
all Lenders shall not exceed the lesser of (I) the aggregate amount of the Commitments of the Lenders minus the Availability Limitation
and (II) the Borrowing Base minus the Availability Limitation, in each case in effect at such time,

 

    2

     

    

 

(e)       Amendment
to Section 2.3(a) of the Credit Agreement. Section 2.3(a) of the Credit Agreement is hereby amended by amending and restating clause
(i)(A) therein to read in full as follows:

 

(A) the Revolving Credit Exposure of
all Lenders shall not exceed the lesser of (x) the aggregate amount of the Commitments of the Lenders minus the Availability Limitation
and (y) the Borrowing Base minus the Availability Limitation, in each case in effect at such time,

 

(f)       Amendment
to Section 2.9(a) of the Credit Agreement. Section 2.9(a) of the Credit Agreement is hereby amended by amending and restating clause
(iii)(A) therein to read in full as follows:

 

(A)       immediately
after giving effect thereto and to any concurrent prepayments hereunder, the Revolving Credit Exposure of all Lenders would exceed the
lesser of (x) the aggregate amount of the Commitments of the Lenders minus the Availability Limitation and (y) the Borrowing Base
minus the Availability Limitation, in each case in effect at such time or

 

(g)       Amendment
to Section 2.9(c) of the Credit Agreement. Section 2.9(c) of the Credit Agreement is hereby amended by amending and restating clause
(i) therein to read in full as follows:

 

(i)       If
at any time the Revolving Credit Exposure of the Lenders exceeds the lesser of (A) the aggregate amount of the Commitments of the Lenders
minus the Availability Limitation and (B) the Borrowing Base minus the Availability Limitation, in each case in effect at
such time, then Borrowers shall immediately prepay the entire amount of such excess to Administrative Agent, for the ratable account of
Lenders, and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that no Borrower
shall be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.9(c) unless after the prepayment
in full of the Revolving Credit Loans and Swing Line Loans the Revolving Credit Exposure of the Lenders exceeds the lesser of (x) the
aggregate amount of the Commitments of the Lenders minus the Availability Limitation and (y) the Borrowing Base minus the
Availability Limitation, in each case in effect at such time.

 

(h)       Amendment
to Section 4.2(e) of the Credit Agreement. Section 4.2(e) of the Credit Agreement is hereby amended and restated in its entirety to
read in full as follows:

 

(e)       Availability
Under Revolving Credit Facility. With respect to any request for a Credit Extension under the Commitments, immediately after giving
effect to the Credit Extension so requested, the total Revolving Credit Exposure of the Lenders shall not exceed the lesser of (i) the
Borrowing Base in effect as of the date of such Credit Extension minus the Availability Limitation and (ii) the aggregate Commitments
of the Lenders in effect as of the date of such Credit Extension minus the Availability Limitation.

 

4.       Equity
Cure. In reliance on the representations, warranties, covenants and agreements contained in this Letter Agreement, the receipt
and sufficiency of which are hereby acknowledged and confessed, and subject to the satisfaction of the conditions precedent in Section
5 hereof, notwithstanding anything to the contrary in Section 9.3 of the Credit Agreement or the definition of Specified EBITDA
Equity Contribution, the parties hereto agree that (a) the Limited Waiver Contribution (as defined below) shall be deemed to
constitute a “Specified EBITDA Equity Contribution” and
the exercise of a “Cure Right” for
purposes of Section 9.3 of the Credit Agreement, (b) Annualized EBITDA and EBITDA shall be deemed increased by $1,500,000 for the
fiscal quarter ending December 31, 2020 and any four fiscal quarter period containing such fiscal quarter solely for the purpose of
measuring compliance with Sections 8.1 and 8.2 of the Credit Agreement and not for any other purpose under the Credit Agreement (it
being understood that, with respect to the calculation of Annualized EBITDA, $1,500,000 will be added after the amount of EBITDA set
forth in clause (a) of the definition of Annualized EBITDA has been annualized for any applicable fiscal quarter) and (c) the
mandatory prepayment of the Loans made pursuant to Section 2.9(c)(ii) of the Credit Agreement and Section 5(b)(ii) hereof
with respect to any cash proceeds of the Limited Waiver Contribution shall not serve as a reduction to Debt for purposes of
calculating the Leverage Ratio for the four fiscal quarter period ending December 31, 2020.

 

    3

     

    

 

5.       Conditions
Precedent. The effectiveness of this Letter Agreement is subject to the following:

 

(a)       Counterparts.
The Administrative Agent shall have received executed counterparts of this Letter Agreement from each Loan Party and the Lenders.

 

(b)       Contribution;
Prepayments. The Administrative Agent shall have received evidence satisfactory to it that (i) the Company shall have received cash
proceeds from Parent in an amount equal to at least $1,500,000 (the “Limited Waiver
Contribution”) and (ii) the Company shall have prepaid the Loans in an aggregate
principal amount equal to $1,500,000 plus accrued interest thereon. The prepayment herein shall be applied in the same manner as set forth
in the last paragraph of Section 2.9(c) of the Credit Agreement.

 

(c)       Waiver
Fee. The Administrative Agent shall have received a non-refundable waiver fee in an amount equal to $22,500.

 

(d)       Parent
Loan Notes. The Administrative Agent shall have received executed counterparts to the Parent Loan Notes evidencing the Parent Loan
owing by Parent to the Subordinated Lenders in the aggregate principal amount of $1,500,000, which Parent Loan Notes shall be in form
and substance satisfactory to the Administrative Agent and the proceeds thereof shall be contributed to the Company pursuant to clause
(b) above.

 

6.       Representations
and Warranties; Ratifications and Affirmations of the Loan Parties. To induce the Lenders and the Administrative Agent to enter into
this Letter Agreement, each Loan Party hereby represents and warrants to the Lenders and the Administrative Agent as follows:

 

(a)       after
giving effect to this Letter Agreement, each representation and warranty of such Loan Party contained in the Credit Agreement, the
Subordination Agreement and the other Loan Documents is true and correct in all material respects on and as of the date hereof,
except (i) to the extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as
of the date hereof, such representations and warranties shall continue to be true and correct in all material respects as of such
specified earlier date, and (ii) to the extent that any such representation and warranty is expressly qualified by materiality or by
reference to a Material Adverse Effect, such representation and warranty (as so qualified) shall continue to be true and correct in
all respects; and

 

(b)       after
giving effect to this Letter Agreement, no Default or Event of Default exists.

 

Each Loan Party hereby expressly (x) ratifies and affirms its obligations
under the Credit Agreement and the other Loan Documents to which it is a party and (y) acknowledges the validity, enforceability and binding
effect against such Loan Party of the Credit Agreement and each other Loan Document to which such Loan Party is a party.

 

    4

     

    

 

7.       Release
of Claims. The Company and each other Loan Party hereby forever releases, discharges and acquits the Administrative Agent, the
L/C Issuer, the Swing Line Lender and the Lenders, their respective officers, directors, agents and employees and their respective
affiliates, successors, assigns, shareholders and controlling persons, from any and all obligations to the Company or any of the
other Loan Parties (and their respective successors, assigns, affiliates, shareholders and controlling persons) and from, and hereby
further waives, releases and discharges, any and all claims (including, without limitation, crossclaims, counterclaims, rights of
set-off and recoupment), demands, debts, accounts, contracts, liabilities, damages, action and causes of action (collectively, the
 “Released Claims”), whether in law or in equity, of whatsoever nature and kind, whether known or unknown,
whether now or hereafter existing, that the Company or any of the other Loan Parties at any time had or has, or that their
respective successors, assigns, affiliates, shareholders and controlling persons hereafter can or may have against the
Administrative Agent or the Lenders, their respective officers, directors, agents or employees and their respective affiliates,
successors, assigns, shareholders and controlling persons, in each case in connection with the Credit Agreement, the other Loan
Documents and the transactions contemplated thereby.

 

8.       Miscellaneous.

 

(a)       This
Letter Agreement shall be governed by and construed in accordance with the laws of the State of Texas without regard to principles of
conflicts of law to the extent that the application of the laws of another jurisdiction will be required thereby. The provisions of Section
11.12 of the Credit Agreement is hereby incorporated by reference and made a part hereof.

 

(b)       The
expense reimbursement and indemnification provisions of Section 11.1 and Section 11.2 of the Credit Agreement are hereby incorporated
by reference and made a part hereof.

 

(c)       THIS
LETTER AGREEMENT REPRESENTS THE FINAL AGREEMENT AMONG THE PARTIES REGARDING THE MATTERS SET FORTH HEREIN AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

(d)       This
Letter Agreement may be executed in separate counterparts and delivery of an executed signature page hereof by facsimile or electronic
mail (including .pdf) shall be effective as delivery of a manually executed counterpart hereof. This Letter Agreement constitutes a “Loan
Document” under and as defined in Section 1.1 of the Credit Agreement.

 

[Signature Pages Follow]

 

    5

     

    

 

	 	Very truly yours,
	 	 	 
	 	TEXAS CAPITAL BANK, NATIONAL
	 	ASSOCIATION
	 	 	 
	 	By:	/s/ Jerra Hayden
	 	Name:	Jerra Hayden
	 	Title:	Senior Vice President

 

[Signature
Page
to Letter Agreement
Re:

Limited
Waiver of Leverage
Ratio Financial Covenant
– Flex Leasing Power
& Service LLC]

 

    

     

    

 

	Accepted and Agreed
    to:	 
	 	 	 
	BORROWERS:	 
	 	 	 
	FLEX LEASING
    POWER & SERVICE LLC,	 
	a Delaware limited
    liability company	 
	 	 	 
	By:	/s/ Darin Romine	 
	Name:	Darin Romine	 
	Title:	SVP	 
	 	 	 
	FLEX LEASING
    POWER AND SERVICE ULC,	 
	an Alberta unlimited
    liability corporation	 
	 	 	 
	By:	/s/ Darin Romine	 
	Name:	Darin Romine	 
	Title:	SVP	 
	 	 	 
	GUARANTOR:	 
	 	 	 
	FLEX POWER
    CO.,	 
	a Delaware corporation	 
	 	 	 
	By:	/s/ Darin Romine	 
	Name:	Darin Romine	 
	Title:	SVP	 

 

[Signature
Page
to Letter Agreement
Re:

Limited
Waiver of Leverage Ratio
Financial Covenant – Flex
Leasing Power & Service
LLC]Exhibit 10.26

 

FOURTH AMENDMENT
TO CREDIT AGREEMENT

 

This
FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and entered into on June 29, 2021
(the “Fourth Amendment Effective Date”), by and among FLEX LEASING POWER & SERVICE LLC, a Delaware
limited liability company (the “Company”), the other Borrowers and Loan Parties party hereto, TEXAS
CAPITAL BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”),
and the Lenders (as defined below) party hereto.

 

RECITALS:

 

WHEREAS,
the Loan Parties are party to that certain Credit Agreement dated as of February 8, 2019 (as amended, restated, supplemented or
otherwise modified, the “Credit Agreement”), by and among the Company, the other Borrowers from time to
time party thereto, the other Loan Parties from time to time party thereto, the financial institutions from time to time party
thereto as lenders (the “Lenders”) and the Administrative Agent. Capitalized terms used but not defined
herein have the meaning set forth in the Credit Agreement, as amended hereby.

 

WHEREAS, the Company,
the other Borrowers, the other Loan Parties, the Administrative Agent and the Lenders desire to amend the Credit Agreement as provided
herein upon the terms and conditions set forth herein.

 

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

 

SECTION 1.     Amendments
to the Credit Agreement. In reliance upon the representations, warranties, covenants and conditions contained in this Amendment,
and subject to the terms, and satisfaction of the conditions precedent set forth in Section 2 hereof, the Credit Agreement
is hereby amended (a) with respect to the amendment set forth in Section 1.3(a) hereof, effective as of April 30,
2021 and (b) with respect to all other amendments set forth in Section 1 hereof (including, for the avoidance of doubt,
Section 1.3(b) and Section 1.3(c) hereof), effective as of the Fourth Amendment Effective Date, in each
case, in the manner provided in this Section 1.

 

1.1      Additional
Definitions. Section 1.1 of the Credit Agreement is hereby amended to add thereto in alphabetical order the following definitions
which shall read in full as follows:

 

“FlexEnergy”
means FlexEnergy, Inc., a Delaware corporation.

 

“Fourth
Amendment” means that certain Fourth Amendment to Credit Agreement dated as of the Fourth Amendment Effective Date,
by and among the Company, the other Borrowers and the other Loan Parties party thereto, the Administrative Agent and the Lenders party
thereto.

 

“Fourth
Amendment Effective Date” means June 29, 2021.

 

    1 

     

    

 

1.2      Restated
Definitions. The definitions of the following terms contained in Section 1.1 of the Credit Agreement are hereby amended and restated
in their respective entireties to read in full as follows:

 

“Availability
Limitation” means an amount equal to (a) at any time during the Availability Limitation Period (i) from
February 12, 2021 until (but not including) the Fourth Amendment Effective Date, $1,500,000 and (ii) on and after the Fourth
Amendment Effective Date, $3,500,000, and (b) at any time after the expiration of the Availability Limitation Period, $0.00.

 

“Loan
Documents” means this Agreement, the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment,
each Guaranty, the Security Documents, the Notes, the Issuer Documents, and all other promissory notes, security agreements, deeds of
trust, assignments, letters of credit, guaranties, and other instruments, documents, or agreements executed and delivered pursuant to
or in connection with this Agreement or the Security Documents; provided that the term “Loan Documents” shall not include
any Bank Product Agreement.

 

1.3      Amendments
to Section 6.1 of the Credit Agreement. Section 6.1 of the Credit Agreement is hereby amended by:

 

(a)            amending
and restating the parenthetical appearing immediately after the phrase “one hundred twenty (120) days” in clause (a) therein
to read in full as follows:

 

(or
(x) within one hundred fifty (150) days in the case of the fiscal year ending December 31, 2018 and (y) on or prior
to July 31, 2021 in the case of the fiscal year ending December 31, 2020)

 

(b)            deleting
the word “and” appearing immediately after the semi-colon in clause (q) therein; and

 

(c)            re-lettering
clause (r) therein as new clause (s), and inserting a new clause (r) immediately after clause (q) therein to read in full
as follows:

 

(r)            Quarterly
Financial Statements. As soon as available, and in any event within sixty (60) days after the last day of each fiscal quarter of FlexEnergy,
a copy of an unaudited financial report of FlexEnergy and its Subsidiaries as of the end of such quarter and for the portion of the fiscal
year then ended, containing, on a consolidated basis, respectively, balance sheets and statements of income, retained earnings, and cash
flow, in each case setting forth in comparative form and figures for the corresponding period of the preceding fiscal year, all in reasonable
detail and prepared in accordance with GAAP and to fairly and accurately present (subject to year-end audit adjustments) the financial
condition and results of operations of FlexEnergy and its Subsidiaries, on a consolidated
basis, as of the dates and for the periods indicated therein; and

 

    2 

     

    

 

SECTION 2.     Conditions
Precedent to Amendment. This Amendment will be effective as of the Fourth Amendment Effective Date on the condition that the following
conditions precedent will have been satisfied:

 

2.1      Counterparts.
The Administrative Agent shall have received counterparts of this Amendment duly executed by each of the Loan Parties, the Administrative
Agent and each Lender.

 

2.2      Expenses.
The Administrative Agent shall have received payment or reimbursement of its out-of-pocket expenses in connection with this Amendment
and any other out-of-pocket expenses of the Administrative Agent required to be paid or reimbursed pursuant to the Credit Agreement, including
the reasonable fees, charges and disbursements of counsel for the Administrative Agent.

 

2.3      Other
Documents. The Administrative Agent shall have been provided with such documents, instruments and agreements, and the Loan Parties
shall have taken such actions, in each case as the Administrative Agent may reasonably require in connection with this Amendment and the
transactions contemplated hereby.

 

SECTION 3.     Representations
and Warranties. Each Loan Party hereby represents and warrants to the Lenders the following:

 

3.1      Representations
and Warranties. The representations and warranties contained in the Credit Agreement, as amended hereby, and the other Loan Documents
are true and correct in all material respects (without duplication of any materiality qualification applicable thereto) on and as of the
date hereof as though made on and as of the date hereof, except to the extent such representations and warranties expressly relate to
an earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date,
and except for any change of facts expressly permitted under the provisions of the Credit Agreement and the other Loan Documents.

 

3.2      No
Default. No Default or Event of Default has occurred and is continuing as of the date hereof.

 

3.3      Enforceability.
This Amendment has been duly executed and delivered by such Loan Party, and the Credit Agreement, as amended hereby, constitutes a legal,
valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and subject to general
principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

SECTION 4.     Survival
of Representations and Warranties. All representations and warranties made in this Amendment, including any Loan Document furnished
in connection with this Amendment, shall survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation
by the Administrative Agent or any closing shall affect the representations and warranties or the right
of the Administrative Agent or any Lender to rely upon them.

 

    3 

     

    

 

SECTION 5.     Expenses.
As provided in Section 11.1 of the Credit Agreement and subject to the limitations expressly set forth therein, the Borrowers
hereby agree to pay on demand all legal and other fees, costs and expenses incurred by the Administrative Agent in connection with the
negotiation, preparation, and execution of this Amendment and all related documents.

 

SECTION 6.     No
Implied Waivers. No failure or delay on the part of the Administrative Agent or any Lender in exercising, and no course of dealing
with respect to, any right, power or privilege under this Amendment, the Credit Agreement or any other Loan Document shall operate as
a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Amendment, the Credit Agreement
or any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

 

SECTION 7.     Ratification
and Affirmation of Loan Parties. Each of the Loan Parties hereby expressly (a) acknowledges the terms of this Amendment,
(b) ratifies and affirms its obligations under the Loan Documents to which it is a party, (c) acknowledges, renews and extends
its continued liability under the Loan Documents to which it is a party, and (d) agrees, with respect to each Loan Party that is
a Guarantor, that its guarantee under the Guaranty remains in full force and effect with respect to the Obligations as amended hereby.
Any and all of the terms and provisions of the Credit Agreement and the other Loan Documents shall, except as amended hereby, remain in
full force and effect. The Loan Parties hereby extend the Liens securing the Obligations until the Obligations have been paid in full,
and agree that the amendments and waivers herein contained shall in no manner affect or impair the Obligations or the Liens securing payment
and performance thereof, all of which are ratified and confirmed.

 

SECTION 8.     Severability.
Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting the validity or
enforceability of such provision in any other jurisdiction.

 

SECTION 9.     APPLICABLE
LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

 

SECTION 10.     Successors
and Assigns. This Amendment is binding upon and shall inure to the benefit of the Administrative Agent, the Lenders and the Loan
Parties and their respective successors and assigns, except the Loan Parties may not assign or transfer any of their rights or obligations
hereunder without the prior written consent of the Administrative Agent, other than as expressly permitted under the terms of the Credit
Agreement.

 

SECTION 11.     Counterparts.
This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed and delivered shall be deemed an original but all of which when taken together shall constitute but one and the same
instrument. Delivery of an executed signature page of this Amendment by facsimile transmission or PDF electronic transmission shall
be effective as delivery of a manually executed counterpart hereof.

 

    4 

     

    

 

SECTION 12.     Effect
of Consent. No consent or waiver, express or implied, by the Administrative Agent to or for any breach of
or deviation from any covenant, condition or duty by the Borrowers shall be deemed a consent or waiver to or of any other breach of the
same or any other covenant, condition or duty.

 

SECTION 13.     Headings.
The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

SECTION 14.     Reaffirmation
of Loan Documents. This Amendment shall be deemed to be an amendment to the Credit Agreement, and the Credit Agreement, as amended
hereby, and the other Loan Documents are hereby ratified, approved and confirmed in each and every respect. All references to the Credit
Agreement herein and in any other document, instrument, agreement or writing shall hereafter be deemed to refer to the Credit Agreement
as amended hereby.

 

SECTION 15.     Loan
Document. This Amendment constitutes a “Loan Document” under and as defined in the Credit Agreement.

 

SECTION 16.    Entire
Agreement. THE CREDIT AGREEMENT, THIS AMENDMENT, THE OTHER LOAN DOCUMENTS, AND ALL OTHER INSTRUMENTS, DOCUMENTS AND AGREEMENTS
EXECUTED AND DELIVERED IN CONNECTION WITH THIS AMENDMENT REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES.

 

[THE REMAINDER OF THIS
PAGE HAS BEEN INTENTIONALLY LEFT BLANK]

 

    5 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have executed this Amendment as of the date set forth above.

 

	 	BORROWERS:
	 	 	 
	 	FLEX LEASING POWER & SERVICE
    LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Darin Romine
	 	Name:	Darin Romine
	 	Title:	Senior Vice President
	 	 	 
	 	FLEX LEASING POWER AND SERVICE ULC,
	 	an Alberta unlimited liability corporation
	 	 	 
	 	By:	/s/ Darin Romine
	 	Name:	Darin Romine
	 	Title:	Senior Vice President

 

[Signature
Page to Fourth Amendment To Credit Agreement – Flex
Leasing Power & Service LLC]

 

     

     

    

 

	 	GUARANTORS:
	 	 	 
	 	FLEX POWER CO.,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Darin Romine
	 	Name:	Darin Romine
	 	Title:	SVP

 

[Signature
Page to Fourth Amendment To Credit Agreement – Flex Leasing Power &
Service LLC]

 

     

     

    

 

	 	ADMINISTRATIVE AGENT AND LENDER:
	 	 	 
	 	TEXAS CAPITAL BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ Dan Clubb
	 	Name:	Dan Clubb
	 	Title:	SVP

 

[Signature
Page to Fourth Amendment To Credit Agreement – Flex Leasing Power &
Service LLC]

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