Document:

Officers' Certificate of Kellogg Company

 Exhibit 4.1 
 KELLOGG COMPANY 
 OFFICERS’ CERTIFICATE 

The undersigned, Joel A. Vander Kooi, Vice President – Treasurer, and Gary H. Pilnick, Senior Vice President, General Counsel,
Corporate Development and Secretary, of Kellogg Company, a Delaware corporation (the “Company”), do hereby certify that pursuant to the authority granted in resolutions (collectively, the “Resolutions”) adopted by the Board of
Directors of the Company on September 22, 2011; and pursuant to Section 2.3 of the Indenture, dated as of May 21, 2009 (the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee
(the “Trustee”), there is established a series of securities under the Indenture with the following terms: 
 1. The
securities are entitled “1.875% Senior Notes due 2016” (the “Notes”). 
 2. The Notes are limited in
aggregate principal amount to $500,000,000 (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.8, 2.9, 2.11 or 12.3 of the Indenture); provided the
Company may, without the consent of holders of the Notes, issue additional Notes having the same ranking and the same interest rate, maturity and other terms as the Notes, which additional Notes will constitute as single series of debt securities
under the Indenture. 
 3. The price to public of the Notes was 99.896% of the principal amount, plus accrued interest, if any,
from November 17, 2011. 
 4. The principal amount of the Notes will mature on November 17, 2016, subject to the
provisions of the Indenture relating to acceleration. 
 5. The Notes will bear interest from November 17, 2011 at the rate
of 1.875% per annum, payable on each May 17 and November 17, commencing May 17, 2012, to the holders of record of the Notes on the May 2 or November 2, as the case may be, immediately preceding such May 17 or
November 17. Interest will be computed on the basis of a 360 day year of twelve 30-day months. 
 6. The principal of and
interest on the Notes will be payable at the office or agency of the Company maintained for that purpose, pursuant to the Indenture, in the City of New York, which shall be initially the corporate trust office of the Trustee; provided, however, that
at the option of the Company, such payment of interest may be made by check mailed to the person entitled thereto as provided in the Indenture. The principal of and interest on the Notes will be payable in the coin or currency of the United States
of America. 
 7. The Notes will be redeemable by the Company prior to maturity as described in Section 2 of the form of
the Note attached hereto as Exhibit A. 
 8. If a Change of Control Repurchase Event (as defined in the form Note
attached hereto as Exhibit A) shall have occurred, holders of the Notes may require the Company to repurchase all or any part of the Notes in the manner provided and subject to the limitations set forth in the form of Note attached
hereto as Exhibit A. 

  
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 9. The Notes will not have the benefit of any sinking fund. 

10. The Notes initially will be represented by securities registered in the name of the nominee of The Depository Trust Company. The
notes will be issued only in fully registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 11. The Notes will initially be issued in the form of one or more global securities, substantially in the form attached as Exhibit A hereto. The Depository Trust Company shall serve as the
depository (the “Depository”) for such global securities. While the Notes are evidenced by one or more global securities, the Depository or its nominee, as the case may be, will be the sole holder thereof for all purposes under the
Indenture. Neither the Company nor the Trustee shall have any responsibility or obligation to the Depository’s participants or the beneficial owners for whom they act with respect to their receipt from the Depository of payments on the Notes or
notices given under the Indenture. 
 All capitalized terms used herein and not otherwise defined shall have the meanings given
such terms in the Indenture. 

  
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 IN WITNESS WHEREOF, we have set our hands as of this 17th day of November, 2011. 

 
  

					
	 KELLOGG COMPANY

			
		 	By:	 	/s/ Joel A. Vander Kooi
		 	 Name:
 Title:
	 	 Joel A. Vander Kooi
 Vice
President—Treasurer

  

					
			
		 	By:	 	/s/ Gary H. Pilnick
		 	 Name:
 Title:
	 	 Gary H. Pilnick
 Senior Vice
President, General Counsel, Corporate Development and Secretary

 Officers’ Certificate 

(Terms of Note) 

  
 3 

 EXHIBIT A 

FORM OF NOTE 
 (SPECIMEN) 
 KELLOGG COMPANY 

1.875% Senior Notes due 2016 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC” and the
“Depository”), to the Company (as defined below) or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  

					
	REGISTERED	 		 	REGISTERED
			
	No. R-1	 		 	 U.S.$500,000,000
 CUSIP No.:
487836 BF 4

 Kellogg Company, a corporation duly organized and existing under the laws of Delaware (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum set forth above or such other
principal sum on the Schedule of Exchanges attached hereto (which shall not exceed U.S.$500,000,000) on November 17, 2016, and to pay interest thereon from November 17, 2011, or from the most recent interest payment date to which interest
has been paid or duly provided for, semiannually on May 17 and November 17 in each year, commencing May 17, 2012, at the rate of 1.875% per annum, until the principal hereof is paid or made available for payment. 

The interest so payable, and punctually paid or duly provided for, on any interest payment date will, as provided in the Indenture, be
paid to the Person in whose name this Security (or one or more predecessor Securities) is registered at the close of business on the regular record date for such interest, which shall be the May 2 or November 2 (whether or not a Business
Day), as the case may be, immediately preceding such interest payment date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Securityholder on such regular record date and may either be paid to
the Person in whose name this Security (or one or more predecessor Securities) is registered at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to
Securityholders of this Series not less than 10 days prior to such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this Series may be
listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

  
 A-1

 Payment of the principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by wire transfer
to an account maintained by the Person entitled thereto as specified in the Security Register, provided that such Person shall have given the Trustee written wire instructions at least five Business Days prior to the applicable Interest Payment
Date. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

* * * * 

  
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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: November 17, 2011 
  

			
	KELLOGG COMPANY
		
	By:	 	 
		 	Name: Joel A. Vander Kooi
		 	Title:   Vice President—Treasurer

  

			
		
	By:	 	 
		 	Name: Gary H. Pilnick
		 	 Title:   Senior Vice President, General
             Counsel, Corporate Development
             and Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 

 

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
     as Trustee

		
	By:	 	 
		 	Authorized Signatory

  
 A-3

 [FORM OF REVERSE SIDE OF SECURITY] 

1.875% Senior Notes due 2016 
 Section 1. Indenture 
 The Company issued the Securities under an
Indenture, dated as of May 21, 2009, between the Company and the Trustee (the “Indenture”). The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act
as in effect on the date of the Indenture. The Securities are subject to all terms and provisions of the Indenture, and Securityholders are referred to the Indenture and the Trust Indenture Act for a statement of such terms and provisions.

 The Securities are senior unsecured obligations of the Company initially limited to $500,000,000 aggregate principal amount
at any one time outstanding. This Security is one of a Series designated as 1.875% Senior Notes due 2016 of the Company. 

Section 2. Optional Redemption  
 The Securities may be redeemed at the Company’s option, at any time in whole or from time to time in part. The redemption price for the Securities to be redeemed on any redemption date will be equal
to the greater of the following amounts: 
  

	 	(a)	100% of the principal amount of the Securities being redeemed on the redemption date; or 

 

	 	(b)	the sum of the present values of the remaining scheduled payments of principal and interest on the Securities being redeemed on that redemption date (not including any
portion of any payments of interest accrued to the redemption date) discounted to the redemption date on a semiannual basis at the Treasury Rate (as defined below), as determined by the Reference Treasury Dealer (as defined below), plus 15 basis
points; 

 plus, in each case, accrued and unpaid interest on the Securities to the redemption date.
Notwithstanding the foregoing, installments of interest on the Securities that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Securityholders as
of the close of business on the relevant record date according to the Securities and the Indenture. The redemption price will be calculated on the basis of a 360-day year consisting of twelve 30-day months. 

The Company will mail notice of any redemption at least 30 days but not more than 60 days before the redemption date to each
Securityholder of the Securities to be redeemed. Once notice of redemption is mailed, the Securities called for redemption will become due and payable on the redemption date and at the applicable redemption price, plus accrued and unpaid interest to
the redemption date. 
 “Treasury Rate” means, with respect to any redemption date, the rate per annum equal to
the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

  
 A-4

 “Comparable Treasury Issue” means the United States Treasury security
selected by the Reference Treasury Dealer as having a maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term of the Securities. 
 “Comparable
Treasury Price” means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or
(B) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such Quotation. 

“Reference Treasury Dealer” means (A) Barclays Capital Inc. and J.P. Morgan Securities LLC (or their respective affiliates which
are Primary Treasury Dealers), and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company
will substitute therefor another Primary Treasury Dealer; and (B) any two other Primary Treasury Dealers selected by the Company. 
 “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, of the bid and asked prices
for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third business day preceding such
redemption date. 
 On and after the redemption date, interest will cease to accrue on the Securities or any portion of the
Securities called for redemption (unless the Company defaults in the payment of the redemption price and accrued interest). On or before the redemption date, the Company will deposit with a Paying Agent or the Trustee money sufficient to pay the
redemption price of and accrued interest on the Securities to be redeemed on that date. If less than all of the securities of any series are to be redeemed, the securities to be redeemed shall be selected by the Trustee by a method the Trustee deems
to be fair and appropriate. The Securities are not entitled to the benefit of any mandatory redemption. 
 Section 3.
Repurchase Upon a Change of Control Repurchase Event 
 If a Change of Control Repurchase Event (as defined below)
occurs, unless the Company has exercised its right to redeem the Securities as described in Section 2, the Company will make an offer to each Securityholder to repurchase all or any part (equal to $2,000 and integral multiples of $1,000 in
excess thereof) of that holder’s Securities at a repurchase price in cash equal to 101% of the aggregate principal amount of Securities repurchased plus any accrued and unpaid interest on the Securities repurchased to the date of purchase.
Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control (as defined below), but after the public announcement of an impending Change of

  
 A-5

 
Control, the Company will mail a notice to each Securityholder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control
Repurchase Event and offering to repurchase Securities on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior
to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 

The Company will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable in connection with the repurchase of the Securities as a result of a Change of Control Repurchase Event. To
the extent that the provisions of any securities laws or regulations conflict with the Change of Control repurchase event provisions of the Securities, the Company will comply with the applicable securities laws and regulations and will not be
deemed to have breached our obligations under the Change of Control Repurchase Event provisions of the Securities by virtue of such conflict. 
 On the Change of Control Repurchase Event payment date, the Company will, to the extent lawful: 
  

	 	(a)	accept for payment all Securities or portions of Securities properly tendered pursuant to the Company’s offer; 

 

	 	(b)	deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Securities or portions of Securities properly tendered; and

  

	 	(c)	deliver or cause to be delivered to the Trustee the Securities properly accepted, together with an Officers’ Certificate stating the aggregate principal amount of
Securities being purchased by the Company. 

 The Paying Agent will promptly mail to each Securityholder of
properly tendered Securities the purchase price for the Securities, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Securityholder a new Security equal in principal amount to any unpurchased
portion of any Securities surrendered; provided, that each new Security will be in a principal amount of $2,000 and integral multiples of $1,000 in excess thereof. 
 The Company will not be required to make an offer to repurchase the Securities upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in
compliance with the requirements for an offer made by the Company and such third party purchases all Securities properly tendered and not withdrawn under its offer. An offer to repurchase the Securities upon a Change of Control Repurchase Event may
be made in advance of a Change of Control Repurchase Event, if a definitive agreement is in place for a Change of Control at the time of the making of a such an offer. 

  
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 “Below Investment Grade Rating Event” occurs if both the rating on the
Securities is lowered by each of the Rating Agencies and the Securities are rated below Investment Grade by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until
the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Securities is under publicly announced consideration for possible downgrade by any of the
Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be
deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if any of the Rating Agencies making the reduction in rating to which this definition would otherwise apply does not
announce or publicly confirm or inform the trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of
Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 
 “Change of Control” means the occurrence of any of the following: 

(1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or
a series of related transactions, of all or substantially all of our properties or assets and those of our subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the
Company or one of its Subsidiaries; 
 (2) the adoption of a plan relating to the Company’s liquidation or
dissolution; 
 (3) the first day on which a majority of the members of the Company’s Board of Directors are not
Continuing Directors; or 
 (4) the consummation of any transaction or series of related transactions (including, without
limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company or one of its wholly-owned Subsidiaries, becomes the beneficial
owner, directly or indirectly, of more than 50% of the then outstanding shares of the Company’s Voting Stock, measured by voting power rather than number of shares. 
 “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event. 

“Continuing Directors” means, as of any date of determination, any member of the Company’s Board of Directors who
(1) was a member of such Board of Directors on the date of the issuance of the Securities; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members
of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of our proxy statement in which such member was named as a nominee for election as a director). 

  
 A-7

 “Fitch” means Fitch Ratings. 

“Investment Grade” means a rating of BBB- or better by Fitch (or its equivalent under any successor rating categories of
Fitch), Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) or the equivalent
investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company. 

“Moody’s” means Moody’s Investors Service Inc. 

“Rating Agency” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or
S&P ceases to rate the Securities or fails to make a rating of the Securities publicly available for reasons outside of our control, a “nationally recognized statistical rating organization” within the meaning of
Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company as a replacement agency for Fitch, Moody’s or S&P, as the case may be. 
 “S&P” means Standard & Poor’s Ratings Services, a division of McGraw-Hill, Inc. 
 “Voting Stock” means, with respect to any person, capital stock of any class or kind the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the
election of directors (or persons performing similar functions) of such person, even if the right so to vote has been suspended by the happening of such a contingency. 
 Section 4. Sinking Fund 
 The Securities are not subject to any
sinking fund. 
 Section 5. Denominations; Transfer; Exchange 

The Securities are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. A
Securityholder may transfer or exchange Securities in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Securityholder, among other things, to furnish appropriate endorsements or transfer
documents and to pay any taxes required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption or to transfer or exchange any Securities for a period of 15 days prior
to the mailing of a notice of redemption of Securities to be redeemed. 
 A global Security deposited with the Depository or the
Trustee shall be transferred to the beneficial owner thereof in the form of definitive Securities only if (a) the Company notifies the Trustee in writing that the Depository, Euroclear Bank, S.A./ N.V., as operator of the Euroclear System, or
Clearstream Banking, société anonyme, is no longer willing or able to act as a depository or clearing system for the Securities or the Depository ceases to be registered as a clearing agency under the Exchange Act, and a successor
depository or clearing system is not 

  
 A-8

 
appointed within 90 days of this notice or cessation, (b) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of the Securities in definitive
form under the Indenture or (c) upon the occurrence and continuation of an Event of Default under the Indenture with respect to the Securities. Upon surrender by the Depository of the global Securities, certificated Securities will be issued to
each Person that the Depository identifies as the beneficial owner of the Securities represented by the global Security. Upon any such issuance, the Trustee is required to register the certificated Securities in the name of the Person or Persons or
the nominee of any of these Persons and cause the same to be delivered to these Persons. Neither the Company nor the Trustee shall be liable for any delay by the Depository or any participant or indirect participant in identifying the beneficial
owners of the related Securities and each such Person may conclusively rely on, and shall be protected in relying on, instructions from the Depository for all purposes, including with respect to the registration and delivery, and respective
principal amounts, of the Securities to be issued. 
 Section 6. Events of Default 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 Section 7.
Persons Deemed Owners 
 The registered Securityholder may be treated as the owner of it for all purposes. 

Section 8. Unclaimed Money 
 If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its written request unless an abandoned property
law designates another Person. After any such payment, Securityholders entitled to the money must look only to the Company and not to the Trustee for payment. 
 Section 9. Discharge and Defeasance 
 Subject to certain conditions,
the Company at any time may terminate some of or all its obligations under the Securities and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Securities to
redemption or maturity, as the case may be. 
 Section 10. Trustee Dealings with the Company 

Subject to certain limitations imposed by the Trust Indenture Act, the Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if
it were not Trustee. 

  
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 Section 11. No Recourse Against Others 

A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company
under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Securityholder waives and releases all such liability. The waiver and release are part
of the consideration for the issue of the Securities. 
 Section 12. Authentication 

This Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate
of authentication on the other side of this Security. 
 Section 13. Notices 

Notices to Securityholders will be published in authorized daily newspapers in the City of New York. It is expected that publication will
be made in the City of New York in The Wall Street Journal. Any notice given pursuant to these provisions shall be deemed to have been given on the date of publication or, if published more than once, on the date first published. 

Section 14. Governing Law 
 THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 Section 15. CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP
numbers to be printed on the Securities and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Securityholders. No representation is made as to the accuracy of such numbers either as printed on the Securities
or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

Section 16. Defined Terms 
 All terms used in this Security which are defined in the Indenture and not otherwise defined herein shall have the meanings assigned to them in the Indenture. 

The Company will furnish to any Securityholder upon written request and without charge to the Securityholder a copy of the Indenture
which has in it the text of this Security. 

  
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 CERTIFICATE TO BE DELIVERED UPON EXCHANGE 

OR REGISTRATION OF TRANSFER OF SECURITIES 
 This Certificate relates to $500,000,000 principal amount of Securities held in (check applicable space)             book-entry or
             definitive form by                        (the
“Transferor”). 
 The Transferor (check one box below): 
 has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Security held by the Depository a Security or Securities in definitive, registered form of
authorized denominations in an aggregate principal amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above); or 
 has requested the Trustee by written order to exchange or register the transfer of a Security or Securities. 

 

	
	  
	[INSERT NAME OF TRANSFEROR]

  

							
	Dated:	 	   
 
	 	By:	 	   
 

		 		 		 	

 SCHEDULE OF EXCHANGES 
 The following exchanges of a part of this Book-Entry Security have been made: 
  

									
	 Date of
 Exchange
	  	 Amount of decrease in

Principal Amount of
 this Book-Entry Security
	  	 Amount of increase in
 Principal Amount of
 this Book-Entry

Security
	  	 Principal Amount of this
 Book-Entry Security
 following such decrease

(or increase)
	  	 Signature of
 authorized signatory
 of Trustee or

Security Custodian

  

 ASSIGNMENT FORM 
 To assign this Security, fill in the form below: 
 I or we assign and transfer this Security to

  
  
 (Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s soc. sec.
or tax I.D. No.) 
 and irrevocably
appoint                        agent to transfer this Security on the books of the Company. The agent may substitute another to
act for him. 
  

					
	Date:                             
                       	 	Your Signature:	 	  

  
  

Sign exactly as your name appears on the other side of this Security.EX-10.1

 Exhibit 10.1 
 FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD 
 AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT AND 
 FIRST AMENDMENT TO SECURITY AGREEMENT 

This FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO SECURITY
AGREEMENT (this “Agreement”) is entered into as of November 15, 2011, by and among AQUILEX HOLDINGS LLC, a Delaware limited liability company (the “Borrower”), each other Loan Party listed on the signature
pages hereto, the Lenders listed on the signature pages hereto and ROYAL BANK OF CANADA, as Administrative Agent and Collateral Agent (in such capacities, the “Agent”), and as L/C Issuer (in such capacity, the
“L/C Issuer”). 
 RECITALS 

WHEREAS, the Borrower, Holdings, the Agent, the L/C Issuer and the Lenders are parties to that certain Amended and Restated Credit
Agreement, dated as of April 1, 2010 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall
have the meanings ascribed thereto in the Credit Agreement), pursuant to which, among other things, the Agent, the L/C Issuer and the Lenders named therein agreed, subject to the terms and conditions set forth in the Credit Agreement, to make
senior secured credit facilities and certain other financial accommodations available to the Borrower; 
 WHEREAS, as of
October 13, 2011, the Borrower, the Loan Parties, the Agent, the L/C Issuer and the Lenders signatory thereto entered into a Forbearance Agreement and Second Amendment to Amended and Restated Credit Agreement (the “Forbearance
Agreement”) pursuant to which, among other things, the Required Lenders agreed to forbear through December 8, 2011 from exercising remedies with respect to the Specified Defaults as set forth therein; 

WHEREAS, the Borrower has requested that the Credit Agreement be amended to allow the Borrower and Guarantors to incur additional
Indebtedness, in the form of new second lien term loans (the “Second Lien Term Loans”), the proceeds of which would be used by the Borrower in accordance with a budget approved in accordance with the terms hereof by the Agent to
provide the Borrower with additional liquidity to continue operations and negotiate a comprehensive financial restructuring with the Lenders and the holders of the Senior Notes and which Second Lien Term Loans would be repaid, in certain
circumstances, with the proceeds of a debtor-in-possession financing as further described herein; 
 WHEREAS, the Borrower has
also requested that in connection with the incremental liquidity provided by the Second Lien Term Loans, the Forbearance Agreement be amended to extend the Forbearance Period to February 3, 2012; and 

WHEREAS, subject to the terms and conditions set forth herein, the Agent, the L/C Issuer and the Required Lenders have agreed to
such amendments and to so extend the Forbearance Period. 

  
 1 

 NOW, THEREFORE, in consideration of the foregoing, the terms, covenants and conditions
contained herein 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 Credit Agreement. 
 (a) Section 1.01 of
the Credit Agreement is hereby amended to insert the following new definitions in the appropriate alphabetical order: 

“Bondholder Letter Agreement” means a letter agreement substantially in the form attached as Exhibit D to the Third
Amendment. 
 “Budget” means the 13-week budget attached as Exhibit A to the Third Amendment, as amended,
supplemented or otherwise modified from time to time with the written consent of the Agent (such consent not to be unreasonably withheld, delayed or conditioned). 
 “DIP Financing” has the meaning ascribed to such term in the Second Lien Intercreditor Agreement. 
 “Roll-Up Portion of the DIP Financing” has the meaning ascribed to such term in the Second Lien Intercreditor Agreement. 

“Second Lien Agent” has the meaning ascribed to such term in the definition of “Second Lien Credit Agreement.”

 “Second Lien Credit Agreement” means that certain Second Lien Credit Agreement to be entered into among
certain holders of the Senior Notes, as lenders (the “Second Lien Lenders”), U.S. Bank National Association, as agent (in such capacity, together with its successors and assigns, the “Second Lien Agent”), the other
agents named therein and the Borrower, in form and substance satisfactory to the Agent, and having the terms set forth in, and otherwise consistent with the Second Lien Term Sheet attached as Exhibit B to the Third Amendment. 

“Second Lien Lenders” has the meaning ascribed to such term in the definition of “Second Lien Credit
Agreement.” 
 “Second Lien Intercreditor Agreement” means an intercreditor agreement substantially in the
form attached as Exhibit C to the Third Amendment. 
 “Second Lien Loan Documents” means the “Loan
Documents” as defined in the Second Lien Credit Agreement. 
 “Second Lien Segregated Account” has the
meaning ascribed to such term in the Second Lien Intercreditor Agreement. 

  
 2 

 “Second Lien Segregated Account Funds” has the meaning ascribed to such
term in the Second Lien Intercreditor Agreement. 
 “Second Lien Term Loans” means the term
loans extended pursuant to the Second Lien Credit Agreement and Section 7.03(s). 
 “Specified
Indebtedness” has the meaning ascribed to such term in Section 9.01(e). 
 “Specified Revolving Exit
Facility” has the meaning ascribed to such term in Section 11.21(b). 
 “Third Amendment”
means the First Amendment to Forbearance Agreement and Third Amendment to Amended and Restated Credit Agreement, dated as of November 15, 2011. 
 (b) Section 7.01(aa) of the Credit Agreement is hereby amended and restated as follows: 
 “(aa) (i) Liens securing Indebtedness permitted to be incurred pursuant to Section 7.03(s) provided that such Liens are subject to the Second Lien Intercreditor Agreement and
(ii) Liens incurred prior to the effective date of the Third Amendment pursuant to this Section 7.01(aa) as in effect prior to such date” 
 (c) Section 7.03(s) is hereby amended and restated as follows: 

“(s) (i) Indebtedness of the Borrower in an aggregate principal amount not to exceed $15,000,000 (exclusive of
interest, fees and other similar amounts, if any, added to principal pursuant to the terms thereof) incurred pursuant to the Second Lien Credit Agreement and any guaranty thereof by the Guarantors, in each case, secured by Liens permitted under
Section 7.01)(aa) and (ii) Indebtedness incurred prior to the effective date of the Third Amendment pursuant to this Section 7.03(s) as in effect prior to such date; and” 

(d) Section 7.10 is hereby amended to insert the following new clause (b) and re-letter existing clause (b) as clause (c):

 “, (b) the Second Lien Loan Documents” 

(e) Section 8.01(d) is hereby amended and restated as follows: 

“the performance of obligations under the Loan Documents and the Second Lien Loan Documents to which it is a
party,” 
 (f) Section 9.01(e) is hereby amended and restated as follows: 

  
 3 

 “(e) Cross-Default. Any Loan Party or any Restricted Subsidiary
(A) fails to make any payment beyond the applicable grace period with respect thereto, if any (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness (other than Indebtedness
hereunder) under the Second Lien Credit Agreement or having an aggregate principal amount of not less than the Threshold Amount (any such Indebtedness, “Specified Indebtedness”), or (B) fails to observe or perform any other
agreement or condition relating to any such Specified Indebtedness, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Specified Indebtedness (or a trustee or agent on behalf
of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, all such Specified Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer
to repurchase, prepay, defease or redeem all such Indebtedness to be made, prior to its stated maturity (it being agreed that, if an event described in this paragraph (e) in respect of the Second Lien Term Loans has been subsequently cured or
waived by the applicable parties under the Second Lien Credit Agreement, any Event of Default arising under this paragraph (e) shall be deemed cured at the time of such cure or waiver under the Second Lien Credit Agreement); or”

 (g) The following Section 11.21 is added to the Credit Agreement: 

Section 11.21. DIP Financing. (a) Notwithstanding anything in this Credit Agreement to the contrary, in
addition to the prepayment of Second Lien Term Loans, as set forth in the Second Lien Intercreditor Agreement, the interim or final order approving any DIP Financing provided by the Lenders (or any one of them) may also provide that the proceeds of
any Roll-Up Portion of the DIP Financing repay pre-petition Obligations owing solely to the Lenders providing such DIP Financing (or, if applicable, such Lenders’ Approved Funds holding such pre-petition Obligations); provided that
(y) each Lender has been offered the opportunity to participate in its ratable share of such DIP Financing (based on the outstanding amount of such Lender’s pre-petition Obligations, excluding Revolving Credit Commitments in an amount not
to exceed the issued and outstanding Letters of Credit) and (z) inclusion in such Roll-Up Portion of the DIP Financing is determined ratably, based on the amount of DIP Financing provided by such Lender or its Affiliate, as the case may be);

 (b) as part of any plan of reorganization that provides for a working capital revolving credit exit financing
facility in an aggregate principal amount of not more than $40,000,000 (the “Specified Revolving Exit Facility”), the Lenders shall not raise any objection (whether under section 1129(b)(1), section 1129(b)(2)(A)(i), (ii) or
(iii), or any other section of the Bankruptcy Code, or otherwise) and shall be deemed to affirmatively consent to (i) the principal amount of such Specified Revolving Exit Facility (to the extent such principal amount does not exceed
$40,000,000) or (ii) the granting as security for Specified 

  
 4 

 
Revolving Exit Facility of first priority liens on all or substantially all of the assets (including, without limitation, the Collateral) of any or all of the Loan Parties after giving effect to
such plan of reorganization, which liens may be senior to the liens securing the remaining First Lien Obligations; provided that the Lenders expressly reserve their respective rights to raise any and all other objections to any such plan of
reorganization, including, without limitation, objections concerning any of the other terms of the Specified Revolving Exit Facility or the terms of any intercreditor agreement or arrangement governing the lien priorities of the Specified Revolving
Exit Facility and remaining First Lien Obligations; provided further that any such intercreditor agreement or arrangement shall be in a form customary for exit financings of this type and shall be reasonably acceptable to the First Lien Agent and
the lenders under the Specified Revolving Exit Financing Facility. 
 (c) the Budget in the form attached as
Exhibit A to the Third Amendment is acceptable, and may be amended, supplemented or otherwise modified from time to time with the written consent of the Administrative Agent (such consent not to be unreasonably withheld, delayed or conditioned);

 (d) the Administrative Agent is hereby authorized and directed to execute and deliver the Second Lien
Intercreditor Agreement and any amendments required to any existing Collateral Documents necessary to effectuate the second lien contemplated thereby, and the Secured Parties shall be bound by all of the provisions thereof, including, without
limitation, the repayment of the Second Lien Obligations (as defined in the Second Lien Intercreditor Agreement) from the proceeds of any Specified DIP Financing, as defined in, and to the extent provided in, the Second Lien Intercreditor Agreement;
and 
 (e) the Administrative Agent is hereby authorized and directed to execute and deliver the Bondholder
Letter Agreement, and the Secured Parties shall be bound by all of the provisions thereof. 
 No amendment or
waiver of any provision of Section 11.21(b) shall be effective unless the same shall be in writing and signed by investors holding a majority of the outstanding amount of Senior Notes. The holders of the Senior Notes are hereby made
express third-party beneficiaries of this Section 11.21. 
 SECTION 2 Amendment to Forbearance Agreement. 

(a) Section 3(a) of the Forbearance Agreement is hereby amended to replace the date “December 8, 2011” in
clause (ii) thereof with the date “February 3, 2012”. 
 (b) Section 3(a) of the Forbearance Agreement is
hereby further amended by amending and restating clause (E) therein and adding the following new clause (F) as follows: 
 “(E) the making of any payment in respect of the Senior Notes (other than reasonable fees and expenses of the following: (1) Stroock & Stroock & Lavan

  
 5 

 
LLP and one Delaware counsel, if any, (2) Kirkland & Ellis LLP and (3) Houlihan Lokey Capital, Inc.) and (F) the making of any payment in respect of the Second Lien Term
Loans (other than (1) payments from the Second Lien Segregated Accounts or the Second Lien Segregated Account Funds, (2) payments of fees, expenses and other amounts payable to (i) the Second Lien Agent and counsel for the Second Lien
Agent under its fee letter, as in effect on the closing date, and/or the Second Lien Credit Agreement, (ii) the professionals described in clause (E), (iii) such other local counsel (including Dutch counsel) as shall be reasonably required
by the holders of the Second Lien Term Loans and (iv) any closing fees payable to, and all reasonable out of pocket expenses of, the Second Lien Lenders in accordance with the terms of the of the Second Lien Credit Agreement (it being
understood that any such fees and expenses of the Second Lien Lenders shall be limited to the extent expressly set forth herein)).” 
 (c) The definition of Forbearance Default set forth in Section 3(a) of the Forbearance Agreement is hereby amended to amend and restate clause (B) thereof as follows: “(B) the failure
of Borrower or any other Loan Party to timely comply with any term, condition, or covenant set forth in this Agreement, or the Third Amendment”. 
 (d) Section 3(a) of the Forbearance Agreement is further amended to insert the following sentence at the end thereof: 
 Notwithstanding clause (A) in the first sentence of this Section, if the Event of Default that occurs is an Event of Default under Section 9.01(e) that is triggered by a default under
Section 6.20 or Section 6.21(a), (b), (c) or (d) of the Second Lien Credit Agreement (and is not otherwise a default under the Credit Agreement), then for so long as neither the Second Lien Agent nor the Second Lien Lenders have
accelerated the Second Lien Term Loans and no Second Lien Claimholder (as defined in the Intercreditor Agreement) is taking any Enforcement Action (as defined in the Intercreditor Agreement) such Event of Default shall not constitute a Forbearance
Default nor shall it effect a termination of the Forbearance Period unless such default under the Second Lien Credit Agreement remains outstanding on the third Business Day following the date of such default. 

(e) Exhibit A to the Forbearance Agreement is hereby replaced in its entirety with Exhibit A set forth in Schedule I hereto. 

SECTION 3 Amendment to Security Agreement. 
 (a) The final paragraph of Section 1 of the Security Agreement is hereby amended to insert the following new clause (f) at the end thereof: 

“(f) the Second Lien Segregated Account and the Second Lien Segregated Account Funds, provided that upon the Discharge of Second Lien
Obligations (as defined in the Intercreditor Agreement), the Collateral shall include such Second Lien Segregated Account and such Second Lien Segregated Account Funds.” 

  
 6 

 SECTION 4 Agreements of the Lenders and of the Loan Parties. 

(a) The Loan Parties hereby agree as follows: 

(i) on or before January 27, 2012, the Loan Parties shall have either (A) consummated an out-of-court
restructuring or (B) commenced voluntary cases under Chapter 11 of Title 11 of the United States Code to implement a pre-packaged plan of reorganization; 
 (ii) in addition to those reporting items set forth in the Credit Agreement and in the Forbearance Agreement, the Borrower shall deliver to the Agent for distribution to the Lenders: 

(A) following delivery of the Budget on the Amendment Effective Date, on each Thursday during the term of the Second Lien
Term Loans, an updated budget, in each case, in form and substance reasonably satisfactory to the Agent (each, a “Updated Bridge Budget”) for the subsequent 13-week period consistent with the form of the Initial Bridge Budget; and

 (B) on each Thursday during the term of the Second Lien Term Loans, commencing on the third Thursday after the
Amendment Effective Date (unless the Amendment Effective Date occurs on a Thursday or a Friday, in which case commencing on the second Thursday after the Amendment Effective Date), a variance report (the “Variance Report”) setting
forth actual cash receipts and disbursements of the Loan Parties for the prior week and setting forth all the variances, on a line-item and aggregate basis, from the amount set forth for such week as compared to (1) the Initial Bridge Budget on
a weekly and cumulative basis (which shall be subject to the variances set forth above), and (2) the most recent Updated Bridge Budget (as applicable) delivered by the Loan Parties, in each case, on a weekly and cumulative basis (which shall be
subject to the variances set forth above) (and each such Variance Report shall include explanations for all material variances and shall be certified by the Chief Financial Officer of the Loan Parties). 

SECTION 5 Representations, Warranties and Covenants of Borrower and Each Other Loan Party. 

To induce the Agent, the L/C Issuer and the Lenders to execute and deliver this Agreement, the Borrower and each other Loan Party
represents, warrants and covenants that: 
 (a) the individual executing this Agreement on behalf of the Borrower and each other
Loan Party is authorized to so act and the execution of this Agreement by such individual makes the obligations set forth herein legal, valid, binding and enforceable against the Borrower or such other Loan Party in accordance with their respective
terms, except as the enforcement thereof may be subject to (i) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and (ii) general

  
 7 

 
principles of equity (regardless of whether such enforcement is sought in a proceeding in equity or at law); 
 (b) except with respect to the Specified Defaults, each of the representations and warranties contained in the Credit Agreement and the other Loan Documents (other than the representations and warranties
in Section 5.05(b) and Section 5.17 of the Credit Agreement), as updated from time to time pursuant to the Perfection Certificates delivered to the Agent under the Credit Agreement, is true and correct in all material respects on and as of
the date hereof as if made on the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as
of such earlier date, and each of the agreements and covenants in the Credit Agreement and the other Loan Documents is hereby reaffirmed with the same force and effect as if each were separately stated herein and made as of the date hereof;

 (c) neither the execution, delivery and performance of this Agreement nor the consummation of the transactions contemplated
hereby does or shall contravene, result in a breach of, or violate (i) any provision of the Borrower’s or any other Loan Party’s corporate charter, bylaws, operating agreement, or other governing documents, (ii) any material Laws
or (iii) any indenture, mortgage, deed of trust, lease, agreement or other instrument to which the Borrower or any other Loan Party is a party or by which the Borrower or any other Loan Party or any of their respective property is bound except
with respect to this clause (iii) to the extent such contravention, breach or violation would not reasonably be expected to have a Material Adverse Effect; 
 (d) as of the date hereof, except for the Specified Defaults, no Event of Default has occurred and is continuing under this Agreement, the Credit Agreement or any other Loan Document; and 

(e) the Secured Parties’ security interest in the Collateral continues to be valid, binding, and enforceable first-priority security
interests that secures the Obligations (subject, with respect to priority only, to Liens permitted by Section 7.01 of the Credit Agreement). 
 SECTION 6 Ratification of Liability. 
 The Borrower and each other
Loan Party hereby (a) ratifies and reaffirms all of its payment and performance obligations and obligations to indemnify, contingent or otherwise, under this Agreement, the Credit Agreement, the Forbearance Agreement and each other Loan
Document to which such Loan Party is a party, and each such Loan Party hereby ratifies and reaffirms its grant of Liens on or security interests in its properties pursuant to such Loan Documents to which it is a party as security for the Obligations
under or with respect to the Credit Agreement, and confirms and agrees that such Liens and security interests hereafter secure all of the Obligations. The Borrower and each other Loan Party acknowledges receipt of a copy of this Agreement and all
other agreements or documents executed or delivered in connection herewith, (b) consents to the terms and conditions of same and (c) agrees and acknowledges that each of the Loan Documents remains in full force and effect and is hereby
ratified and confirmed. 

  
 8 

 SECTION 7 Reference to and Effect upon the Credit Agreement. 

(a) Except as expressly modified hereby, all terms, conditions, covenants, representations and warranties contained in the Credit
Agreement, the Forbearance Agreement and other Loan Documents, all rights of the Secured Parties and all of the Obligations shall remain in full force and effect. Each of the Borrower and each other Loan Party hereby confirms that no such party has
any right of setoff, recoupment or other offset or any defense, claim or counterclaim with respect to any of the Obligations, the Credit Agreement, the Forbearance Agreement or any other Loan Document. 

(b) Except as expressly set forth herein or in the Forbearance Agreement, the effectiveness of this Agreement shall not directly or
indirectly (i) create any obligation to make any further Loans, Letters of Credit or financial accommodations under the Credit Agreement or to continue to defer any enforcement action after the occurrence of any Default or Event of Default
(including, without limitation, any Forbearance Default), (ii) constitute a consent or waiver of any past, present or future violations of any provisions of the Credit Agreement, the Forbearance Agreement or any other Loan Documents,
(iii) amend, modify or operate as a waiver of any provision of the Credit Agreement, the Forbearance Agreement or any other Loan Documents or any right, power or remedy of the Agent, the L/C Issuer or any Lender, (iv) constitute a
consent to any merger or other transaction or to any sale, restructuring or refinancing transaction or plan of reorganization, or (v) constitute a course of dealing or other basis for altering any Obligations or any other contract or
instrument. Except as expressly set forth herein, the Agent, the L/C Issuer and the Lenders reserve all rights, powers, and remedies under the Credit Agreement, the Forbearance Agreement, the other Loan Documents and applicable law. 

(c) From and after the Amendment Effective Date, (i) the term “Agreement” in the Credit Agreement, and all references to
the Credit Agreement in any Loan Document shall mean the Credit Agreement, as amended hereby, (ii) the term “Agreement” in the Forbearance Agreement, and all references to the Forbearance Agreement in any Loan Document shall mean the
Forbearance Agreement as amended hereby and (iii) the term “Loan Documents” in the Credit Agreement and the other Loan Documents shall include, without limitation, this Agreement and any agreements, instruments and other documents
executed and/or delivered in connection herewith. 
 (d) This Agreement shall not be deemed or construed to be a satisfaction,
reinstatement, novation or release of the Credit Agreement or any other Loan Document. 
 SECTION 8 Construction. 

This Agreement and all other agreements and documents executed or delivered in connection herewith have been prepared through the joint
efforts of all of the parties hereto. Neither the provisions of this Agreement or any such other agreements and documents nor any alleged ambiguity therein shall be interpreted or resolved against any party on the ground that such party or its
counsel drafted this Agreement or such other agreements and documents, or based on any other rule of strict construction. Each of the parties hereto represents and declares that such party has carefully read this Agreement and all other agreements
and documents 

  
 9 

 
executed or delivered in connection herewith, and that such party knows the contents hereof and signs the same freely and voluntarily. The parties hereto acknowledge that they have been
represented by legal counsel of their own choosing in negotiations for and preparation of this Agreement and all other agreements and documents executed or delivered in connection herewith and that each of them has read the same and had their
contents fully explained by such counsel and is fully aware of their respective contents and legal effect. 
 SECTION 9 Counterparts.

 This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed an original,
but all such counterparts shall constitute one and the same instrument, and all signatures need not appear on any one counterpart. Any party hereto may execute and deliver a counterpart of this Agreement by delivering by facsimile or other
electronic transmission (including .pdf or .tif) a signature page of this Agreement signed by such party, and any such facsimile or other electronic signature shall be treated in all respects as having the same effect as an original signature.

 SECTION 10 Severability. 
 The invalidity, illegality, or unenforceability of any provision in or obligation under this Agreement in any jurisdiction shall not affect or impair the validity, legality, or enforceability of the
remaining provisions or obligations under this Agreement or of such provision or obligation in any other jurisdiction. 
 SECTION 11
Further Assurances. 
 The Borrower and each other Loan Party agrees to, and to cause any other Loan Party to, take
all further actions and execute all further documents as the Agent may from time to time reasonably request to carry out the transactions contemplated by this Agreement and all other agreements executed or delivered in connection herewith.

 SECTION 12 Section Headings. 
 Section headings in this Agreement are included herein for convenience of reference only and shall not constitute part of this Agreement for any other purpose. 

SECTION 13 Notices. 
 All notices, requests, and demands to or upon the respective parties hereto shall be given in accordance with the Credit Agreement. 
 SECTION 14 Effectiveness. 
 This Agreement shall become effective at
the time (the “Amendment Effective Date”) that all of the following conditions precedent have been met (or waived) as determined by the Agent in its sole discretion: 

  
 10 

 (a) Agreement. The Agent shall have received duly executed signature pages for this
Agreement signed by the Agent, the L/C Issuer, the Required Lenders, the Borrower and each other Loan Party. 
 (b)
Second Lien Credit Documents; Second Lien Intercreditor Agreement. The Agent shall have received duly executed signature pages for the Second Lien Intercreditor Agreement and the Second Lien Loan Documents, all of which shall be in form and
substance satisfactory to the Agent, and the Second Lien Intercreditor Agreement. 
 (c) Letter from Holders of Senior
Notes. The Agent shall have received duly-executed signature pages with respect to the Bondholder Letter Agreement. 
 (d)
Documentation. The Borrower and the other Loan Parties shall have delivered to the Agent such customary documents and instruments as the Agent may require, all of the foregoing of which shall be in form and substance acceptable to the Agent.

 (e) Amendment Fee. The Agent shall have received, for the pro rata account of the consenting Lenders, a non-refundable
Amendment Fee in the amount of $250,000. 
 (f) Expenses. The Borrower shall have reimbursed all reasonable invoiced fees
and expenses of the Agent’s financial advisor, Zolfo Cooper, and counsel, Latham & Watkins LLP (including out-of-pocket expenses). 
 SECTION 15 Assignments; No Third Party Beneficiaries. 
 This
Agreement shall be binding upon and inure to the benefit of the Borrower, each other Loan Party, the Agent, the L/C Issuer, the Lenders and their respective successors and assigns; provided that neither the Borrower nor any other Loan
Party shall be entitled to delegate any of its duties hereunder and shall not assign any of its rights or remedies set forth in this Agreement without the prior written consent of the Agent and the Required Lenders in their respective sole
discretion. 
 SECTION 16 Final Agreement. 
 This Agreement, the Credit Agreement, the other Loan Documents and the other written agreements, instruments, and documents entered into in connection therewith (collectively, the “Borrower/Lender
Documents”) set forth in full the terms of agreement between the parties hereto and thereto and are intended as the full, complete, and exclusive contracts governing the relationship between such parties, superseding all other discussions,
promises, representations, warranties, agreements and understandings among the parties with respect thereto. No term of the Borrower/Lender Documents may be amended, restated, waived or otherwise modified except in a writing signed by the party
against which enforcement of the modification, amendment, or waiver is sought. Any waiver of any condition in, or breach of, any of the foregoing in a particular instance shall not operate as a waiver of other or subsequent conditions or breaches of
the same or a different kind. The exercise or failure to exercise any rights or remedies by the Agent, the L/C Issuer or any Lender under any of the foregoing in a particular instance shall not operate as a waiver to exercise the same or
different rights and remedies in any other instances. There are no oral agreements among the parties hereto. 

  
 11 

 SECTION 17 Applicable Law. 

This Agreement and the rights and obligations of the parties hereunder (including any claims sounding in contract law or tort law arising
out of the subject matter hereof) shall be governed by, and shall be 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 law other than the law of
the State of New York. 
 SECTION 18 General Release; Covenant Not to Sue. 

(a) In consideration of, among other things, the Agent’s, the L/C Issuer’s and the Required Lenders’ execution and delivery
of this Agreement, the Borrower and each other Loan Party, on behalf of themselves and their agents, representatives, officers, directors, advisors, employees, successors and assigns (collectively, “Releasors”), hereby forever
waive, release and discharge, to the fullest extent permitted by law, each Releasee (as hereinafter defined) from any and all liens, claims, interests and causes of action of any kind or nature (collectively, the “Claims”) that such
Releasor now has or hereafter may have against any or all of the Agent, the L/C Issuer and any Lender in any capacity and their respective affiliates, subsidiaries, shareholders and “controlling persons” (within the meaning of the federal
securities laws), and their respective successors and assigns and each and all of the officers, directors, employees, agents, attorneys and other representatives of each of the foregoing (collectively, the “Releasees”), based on
facts existing on or before the Amendment Effective Date that relate to: (i) any Loan Document, (ii) any transaction, action or omission contemplated thereby or (iii) any aspect of the dealings or relationships between or among any or
all of the Borrower and the other Loan Parties, on the one hand, and any or all of the Agent, the L/C Issuer and the Lenders, on the other hand, relating to any Loan Document or transaction, action or omission contemplated thereby. The provisions of
this Section 17 shall survive the termination of this Agreement, the Credit Agreement, the other Loan Documents and payment in full of the Obligations. 
 (b) The Borrower and each other Loan Party, on behalf of themselves and their successors, assigns, and other legal representatives, hereby unconditionally and irrevocably agree that they will not sue any
Releasee on the basis of any Claim released, remised and discharged by the Borrower or any other Loan Party pursuant to Section 17 hereof. If the Borrower, any other Loan Party or any of its successors, assigns or other legal
representatives violates the foregoing covenant, the Borrower and each other Loan Party, each for itself and its successors, assigns and legal representatives, agrees to pay, in addition to such other damages as any Releasee may sustain as a result
of such violation, all reasonable attorneys’ fees and costs incurred by any Releasee as a result of such violation. 

(Signature pages to follow) 

  
 12 

 IN WITNESS WHEREOF, this First Amendment to Forbearance Agreement and Third Amendment to
Amended and Restated Credit Agreement has been executed by the parties hereto as of the date first written above. 
  

											
	AQUILEX HOLDINGS LLC, as Borrower
			
		 	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/	 		 	Russell Hammond
		 		 	Name: Russell Hammond
		 		 	Title: Director

  

									
	 AQUILEX ACQUISITION SUB III, LLC, as a
 Loan Party

			
		 	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/	 	Russell Hammond
		 	Name: Russell Hammond
		 	Title: Director

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	AQUILEX CORPORATION, as a Loan Party
		
	By: /s/	 	Jay W. Ferguson
		 	Name: Jay W. Ferguson
		 	Title: CFO and Treasurer
	
	 AQUILEX HYDROCHEM, INC., as a Loan
 Party

		
	By: /s/	 	Jay W. Ferguson
		 	Name: Jay W. Ferguson
		 	Title: CFO and Treasurer
	
	 AQUILEX HYDROCHEM INDUSTRIAL
 CLEANING, INC., as a Loan Party

		
	By: /s/	 	Jay W. Ferguson
		 	Name: Jay W. Ferguson
		 	Title: CFO and Treasurer
	
	AQUILEX SMS, INC., as a Loan Party
		
	By: /s/	 	Jay W. Ferguson
		 	Name: Jay W. Ferguson
		 	Title: CFO and Treasurer
	
	AQUILEX WSI, INC., as a Loan Party
		
	By: /s/	 	Jay W. Ferguson
		 	Name: Jay W. Ferguson
		 	Title: CFO and Treasurer

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	AQUILEX FINANCE CORP., as a Loan Party
		
	By: /s/	 	Jay W. Ferguson
		 	Name: Jay W. Ferguson
		 	Title: CFO and Treasurer
	
	 AQUILEX SPECIALTY REPAIR AND
 OVERHAUL, INC., as a Loan Party

		
	By: /s/	 	Jay W. Ferguson
		 	Name: Jay W. Ferguson
		 	Title: CFO and Treasurer
	
	ROYAL BANK OF CANADA, as the Agent
		
	By: /s/	 	Ann Hurley
		 	Name: Ann Hurley
		 	Title: Manager, Agency
	
	ROYAL BANK OF CANADA, as the L/C Issuer
		
	By: /s/	 	Leslie P. Vowell
		 	Name: Leslie P. Vowell
		 	Title: Attorney-in-Fact
	
	Royal Bank of Canada, as Lender
		
	By: /s/	 	Leslie P. Vowell
		 	Name: Leslie P. Vowell
		 	Title: Attorney-in-fact

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	CCP Credit Acquisition Holdings, LLC, as Lender
		
	By: /s/	 	Jeffrey Gelfand
		 	Name: Jeffrey Gelfand
		 	Title: Authorized Signatory
	
	Centerbridge Special Credit Partners, L.P., asLender
	
	By: /s/ Jeffrey Gelfand
		 	Name: Jeffrey Gelfand
		 	Title: Authorized Signatory
	
	REDWOOD MASTER FUND, LTD., as Lender
	By:	 	REDWOOD CAPITAL MANAGEMENT,
	LLC, its Investment Manager
		
	By : /s/	 	Jonathan Kolatch
		 	Name: Jonathan Kolatch
		 	Title: Managing Member
	
	 Madison Park Funding II, Ltd., as Lender
 By: Credit Suisse Asset Management, LLC, as collateral manager

	
	By: /s/ David H. Lerner
		 	Name: David H. Lerner
		 	Title: Authorized Signatory

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	 Madison Park Funding III, Ltd., as Lender
 By: Credit Suisse Asset Management, LLC, as
 collateral manager

		
	By: /s/	 	David H. Lerner
		 	Name: David H. Lerner
		 	Title: Authorized Signatory
	
	AUSTRALIANSUPER, as Lender
	 By: Credit Suisse Asset Management, LLC, as
 sub-advisor to Bentham Asset Management Pty
 Ltd. in its capacity as agent of and
investment
 manager for AustralianSuper Pty Ltd. in its
 capacity as trustee of AustralianSuper

		
	By: /s/	 	David H. Lerner
		 	Name: David H. Lerner
		 	Title: Authorized Signatory
	
	 Atrium V, as Lender
 By: Credit Suisse Asset Management, LLC, as
 collateral manager

		
	By: /s/	 	David H. Lerner
		 	Name: David H. Lerner
		 	Title: Authorized Signatory
	
	Atrium III, as Lender
	
	By: /s/ David H. Lerner
		 	Name: David H. Lerner
		 	Title: Authorized Signatory

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	Alterra Bermuda Limited,
	
	Global Indemnity (Cayman) Limited,
	
	Stellar Performer Global Series W – Global Credit,
	
	SunAmerica Senior Floating Rate Fund, Inc.,
	
	U.A.I. (Luxembourg) Investment S.a.r.l.,
	
	UMC Benefit Board, Inc.,
	
	Wellington Trust Company, National Association Multiple Common Trust Funds Trust – Opportunistic Fixed Income Allocation Portfolio, each severally but not jointly,
as Lender
	
	By: Wellington Management Company, LLP, as its Investment Adviser
		
	By:	 	/s/ Steven M. Hoffman
		 	 Name: Steven M. Hoffman

Title: Vice President and Counsel

	
	ABS Loans 2007 Limited, a subsidiary of Goldman Sachs Institutional Funds II PLC, as Lender
		
	By: /s/	 	 Cormac Bohan
 Name: Cormac
Bohan
 Title: Authorised Signatory

		
	By: /s/	 	 Sinead Murphy
 Name: Sinead
Murphy
 Title: Authorised Signatory

	
	GOLDMAN SACHS ASSET MANAGEMENT CLO, PUBLIC LIMITED COMPANY, as Lender By: Goldman Sachs Asset Manager, L.P., as Manager, as Lender

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	By: /s/	 	[Illegible]
		 	 Name: [Illegible]
 Title:
VP

		
		 	Pioneer Floating Rate Trust
		 	Pioneer Floating Rate Fund
		 	Pioneer Strategic Income Fund
		 	Pioneer High Yield Fund
		 	Pioneer Global High Yield Fund
		 	Met Investors Series Trust - Pioneer Strategic
		 	Income Portfolio
		 	ING Pioneer High Yield Portfolio, as Lender
		
	By: /s/	 	 Margaret C. Begley
 Name:
Margaret C. Begley
 Title: Secretary and Associate General Counsel

	
	 Melbourne Holdings 1, L.P., as a Lender Party
 By: Melbourne Holdings GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P.
Its:
 Managing Member

		
	By: /s/	 	 Mike Harmon

		 	 Name: Mike Harmon
 Title:
Managing Director

	
	Second Signature
		
	By: /s/	 	 Adam Pierce
 Name: Adam
Pierce
 Title: Senior Vice President

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	Melbourne Holdings 4, L.P., as a Lender Party
	By: Melbourne Holdings GP, LLC Its: General Partner
	By: Oaktree Capital Management, L.P. Its Managing Member
		
	By: /s/	 	 Mike Harmon
 Name: Mike
Harmon
 Title: Managing Director

	
	Second signature
		
	By: /s/	 	Adam Pierce
		 	Name: Adam Pierce
		 	Title: Senior Vice President
	
	Melbourne Holdings 10, L.P., as a Lender Party
	By: Melbourne Holdings GP, LLC Its: General Partner
	By : Oaktree Capital Management, L.P. Its: Managing Member
		
	By: /s/	 	Mike Harmon
		 	Name: Mike Harmon
		 	Title: Managing Director
	
	Second Signature
		
	By: /s/	 	Adam Pierce
		 	Name: Adam Pierce
		 	Title: Senior Vice President
	
	Melbourne Holdings 6, L.P., as a Lender Party
	By: Melbourne Holdings GP, LLC Its: General Partner
	By: Oaktree Capital Management, L.P. Its: Managing Member

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	By: /s/	 	Mike Harmon
		 	Name: Mike Harmon
		 	Title: Managing Director
	
	Second Signature
		
	By: /s/	 	Adam Pierce
		 	Name: Adam Pierce
		 	Title: Senior Vice President

 
			
	
	 Melbourne Holdings 7, L.P., as a Lender Party
 By: Melbourne Holdings GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P.
Its: Managing Member

 
			
		
	By: /s/	 	Mike Harmon
		 	Name: Mike Harmon
		 	Title: Managing Director
	
	Second Signature
		
	By: /s/	 	Adam Pierce
		 	Name: Adam Pierce
		 	Title: Senior Vice President

 
	
	
	 Melbourne Holdings 9, L.P., as a Lender Party
 Melbourne Holdings GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P.
Its: Managing Member

 
			
		
	By: /s/	 	Mike Harmon
	.	 	Name: Mike Harmon
		 	Title: Managing Director
	
	Second Signature
		
	By: /s/	 	Adam Pierce
		 	Name: Adam Pierce
		 	Title: Senior Vice President

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	 Second Street Holdings 3, L.P., as a Lender Party
 By: PF5 GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P. Its: Managing
Member

 
			
		
	By: /s/	 	Mike Harmon
		 	Name: Mike Harmon
		 	Title: Managing Director
	
	Second Signature
		
	By: /s/	 	Adam Pierce
		 	Name: Adam Pierce
		 	Title: Senior Vice President

 
	
	
	 Second Street Holdings 1, L.P., as a Lender Party
 By: PF5 GP, LLC Its: General Partner 
 By: Oaktree Capital Management, L.P. Its:
Managing Member

 
			
		
	By: /s/	 	Mike Harmon
		 	Name: Mike Harmon
		 	Title: Managing Director
	
	Second Signature
		
	By: /s/	 	Adam Pierce
		 	Name: Adam Pierce
		 	Title: Senior Vice President

 
	
	
	 Melbourne Holdings 5, L.P., as a Lender Party
 By: Melbourne Holdings GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P.
Its: Managing Member

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	By: /s/	 	Mike Harmon
		 	Name: Mike Harmon
		 	Title: Managing Director
	
	Second Signature
		
	By: /s/	 	Adam Pierce
		 	Name: Adam Pierce
		 	Title: Senior Vice President

 
			
	
	Melbourne Holdings 8, L.P., as a Lender Party
	By: Melbourne Holdings GP, LLC Its: General Partner
	By: Oaktree Capital Management, L.P. Its: Managing Member

 
			
		
	By: /s/	 	Mike Harmon
		 	Name: Mike Harmon
		 	Title: Managing Director
	
	Second Signature
		
	By: /s/	 	Adam Pierce
		 	Name: Adam Pierce
		 	Title: Senior Vice President

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	 Second Street Holdings 2, L.P., as a Lender Party
 By: PF5 GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P. Its Managing
Member

		
	By: /s/	 	Mike Harmon
		 	Name: Mike Harmon
		 	Title: Managing Director
	
	Second Signature
		
	By: /s/	 	Adam Pierce
		 	Name: Adam Pierce
		 	Title: Senior Vice President

 
			
	
	 Second Street Holdings 9, L.P., as a Lender Party
 By: PF5 GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P. Its: Managing
Member

 
			
		
	By: /s/	 	Mike Harmon
		 	Name: Mike Harmon
		 	Title: Managing Director
	
	Second Signature
		
	By: /s/	 	Adam Pierce
		 	Name: Adam Pierce
		 	Title: Senior Vice President

 
			
	
	Melbourne Holdings 2, L.P., as a Lender Party
	By: Melbourne Holdings GP, LLC Its: General Partner
	By: Oaktree Capital Management, L.P. Its Managing Member

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	By: /s/	 	Mike Harmon
		 	Name: Mike Harmon
		 	Title: Managing Director
	
	 Second Signature

		
	By: /s/	 	Adam Pierce
		 	 Name: AdamPierce

		 	 Title: Senior Vice President

	
	Melbourne Holdings 3, L.P., as a Lender Party
	Melbourne Holdings GP, LLC Its: General Partner
	By: Oaktree Capital Management, L.P. Its: Managing Member
		
	 By: /s/
	 	 Mike Harmon

		 	 Name: Mike Harmon

		 	 Title: Managing Director

		
	 By: /s/
	 	 Adam Pierce

		 	 Name: Adam Pierce

		 	 Title: Senior Vice President

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	 Second Street Holdings 6, L.P., as a Lender Party
 By: PF5 GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P. Its: Managing
Member

		
	 By:  /s/
	 	 Mike Harmon

		 	 Name: Mike Harmon

		 	 Title: Managing Director

	
	 Second Signature

		
	 By:  /s/
	 	 Adam Pierce

		 	 Name: Adam Pierce

		 	 Title: Senior Vice President

	
	 Second Street Holdings 10, L.P., as a Lender Party

By: PF5 GP, LLC Its: General Partner

By: Oaktree Capital Management, L.P. Its: Managing Member

		
	 By:  /s/
	 	 Mike Harmon

		 	 Name: Mike Harmon

		 	 Title: Managing Director

	
	 Second Signature

		
	 By:  /s/
	 	 Adam Pierce

		 	 Name: Adam Pierce

		 	 Title: Senior Vice President

	
	 Second Street Holdings 4, L.P., as a Lender Party
 By: PF5 GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P. Its: Managing
Member

 SIGNATURE PAGE TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 

TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO SECURITY 

AGREEMENT 

 
			
	 By: /s/
	 	Mike Harmon
		 	 Name: Mike Harmon

		 	 Title: Managing Director

	
	 Second Signature

		
	 By: /s/
	 	 Adam Pierce

		 	 Name: Adam Pierce

		 	 Title: Senior Vice President

	
	 Second Street Holdings 5, L.P., as a Lender Party
 By: PF5 GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P.
Its:
 Managing Member

		
	 By: /s/
	 	 Mike Harmon

		 	 Name: Mike Harmon

		 	 Title: Managing Director

	
	 Second Signature

		
	 By: /s/
	 	 Adam Pierce

		 	 Name: Adam Pierce

		 	 Title: Senior Vice President

	
	 Second Street Holdings 11, L.P., as a Lender Party
 By: PF5 GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P.
Its:
 Managing Member

		
	 By: /s/
	 	 Mike Harmon

		 	 Name: Mike Harmon

		 	 Title: Managing Director

	
	 Second Signature

		
	 By: /s/
	 	 Adam Pierce

		 	 Name: Adam Pierce

		 	 Title: Senior Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 

TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO SECURITY 

AGREEMENT 

 
			
	 Second Street Holdings 8, L.P., as a Lender Party
 By: PF5 GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P. Its: Managing
Member

		
	 By: /s/
	 	Mike Harmon
		 	Name: Mike Harmon
		 	Title: Managing Director
	
	 Second Signature

		
	 By: /s/
	 	 Adam Pierce

		 	Name: Adam Pierce
		 	Title: Senior Vice President
	
	 Oaktree Power Opportunities Fund III Delaware, L.P. as a Lender Party Oaktree Fund GP, LLC Its: General
Partner
 By: Oaktree Fund GP I, L.P. Its:
 Managing Member

		
	 By: /s/
	 	 Mike Harmon

		 	Name: Mike Harmon
		 	Title: Authorized Signatory
	
	 Second Signature

		
	 By: /s/
	 	 Adam Pierce

		 	Name: Adam Pierce
		 	Title: Authorized Signatory
	
	 Melbourne Holdings 12, L.P., as a Lender Party 
 By: Melbourne Holdings GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P.
Its Managing Member

		
	 By: /s/
	 	Mike Harmon
		 	Name: Mike Harmon
		 	Title: Managing Director

 SIGNATURE PAGE TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 

TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO SECURITY 

AGREEMENT 

 
			
	Second Signature
		
	 By: /s/
	 	 Adam Pierce

		 	 Name: Adam Pierce

		 	 Title: Senior Vice President

 SIGNATURE PAGE TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 

TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO SECURITY 

AGREEMENT 

 
			
	 Second Street Holdings 7, L.P., as a Lender Party
 By: PF5 GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P.
Its:
 Managing Member

		
	 By: /s/
	 	 Mike Harmon

		 	 Name: Mike Harmon

		 	 Title: Managing Director

	
	 Second Signature

		
	 By: /s/
	 	 Adam Pierce

		 	 Name: Adam Pierce

		 	 Title: Senior Vice President

	
	 Second Street Holdings 12, L.P., as a Lender Party
 By: PF5 GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P.
Its
 Managing Member

		
	 By: /s/
	 	 Mike Harmon

		 	 Name: Mike Harmon

		 	 Title: Managing Director

	
	 Second Signature

		
	 By: /s/
	 	 Adam Pierce

		 	 Name: Adam Pierce

		 	 Title: Senior Vice President

	
	 Melbourne Holdings 11, L.P., as a Lender Party 
 By: Melbourne Holdings GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P.
Its:
 Managing Member

		
	 By: /s/
	 	 Mike Harmon

		 	 Name: Mike Harmon

		 	 Title: Managing Director

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	Second Signature
		
	By: /s/	 	Adam Pierce
		 	 Name: Adam Pierce
 Title:
Senior Vice President

	
	Columbus Nova CLO Ltd. 2006-I
	Columbus Nova CLO Ltd. 2006-II
	Columbus Nova CLO Ltd. 2007-I
	 Columbus Nova CLO Ltd. 2007-II, as a Lender
 Parties

	
	By: Columbus Nova Credit Investments
	Management, LLC, their Collateral Manager
		
	By: /s/	 	Steven J. Vaccaro
		 	 Name: Steven J. Vaccaro
 Title:
Authorized Signatory

	
	Cumberland II CLO Ltd
	Schiller Park CLO Ltd.
	Bridgeport CLO II Ltd.
	 DFR Middle Market CLO Ltd.,
 as a Lender Parties

	
	By: Deerfield Capital Management, LLC,
	their Collateral Manager
		
	By: /s/	 	Steven J. Vaccaro
		 	 Name: Steven J. Vaccaro
 Title:
Authorized Signatory

	
	TELOS CLO 2006-1, Ltd., as Lender
	Managed by Tricadia Loan Management LLC
		
	By: /s/	 	Ro Toyoshima
		 	 Name: Ro Toyoshima
 Title:
Managing Director

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	TELOS CLO 2007-2, Ltd., as Lender
	Managed by Tricadia Loan Management LLC
		
	By: /s/	 	 Ro Toyoshima
 Name: Ro
Toyoshima
 Title: Managing Director

	
	Black Diamond CLO 2006-1 (CAYMAN) LTD.
	By: Black Diamond CLO 2006-1 Adviser, L.L.C.,
	As Its Collateral Manager as Lender
		
	By: /s/	 	 Stephen H. Deckoff
 Name:
Stephen H. Deckoff
 Title: Managing Principal

	
	BlackRock Senior Income Series
		
	By: /s/	 	 C. Adrian Marshall
 Name: C.
Adrian Marshall
 Title: Authorized Signatory

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	 Melbourne Holdings 13, L.P., as a Lender Party 
 By: Melbourne Holdings GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P.
Its: Managing Member

 
			
		
	By: /s/	 	Mike Harmon
		 	Name: Mike Harmon
		 	Title: Managing Director
	
	Second Signature

 
			
		
	By: /s/	 	Adam Pierce
		 	Name: Adam Pierce
		 	Title: Senior Vice President

 
			
		
		 	 Melbourne Holdings 14, L.P., as a Lender Party Melbourne Holdings GP, LLC Its: General Partner

By:Oaktree Capital Management, L.P. Its: Managing Member

			
		
	By: /s/	 	Mike Harmon
		 	Name: Mike Harmon
		 	Title: Managing Director
	
	Second Signature

 
			
		
	By: /s/	 	Adam Pierce
		 	Name: Adam Pierce
		 	Title: Senior Vice President

 
			
		
		 	 Melbourne Holdings 15, L.P., as a Lender Party Melbourne Holdings GP, LLC Its: General Partner

By: Oaktree Capital Management, L.P. Its: Managing Member

			
		
	 By: /s/
	 	Mike Harmon
		 	Name: Mike Harmon
		 	Title: Managing Director

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	Second Signature
		
	 By: /s/
	 	 Adam Pierce

		 	 Name: Adam Pierce

		 	 Title: Senior Vice President

	
	 Second Street Holdings 13, L.P., as a Lender Party
 By: PF5 GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P. Its: Managing
Member

		
	 By: /s/
	 	 Mike Harmon

		 	 Name: Mike Harmon

		 	 Title: Managing Director

	
	 Second Signature

		
	 By: /s/
	 	 Adam Pierce

		 	 Name: Adam Pierce

		 	 Title: Senior Vice President

	
	 Second Street Holdings 14, L.P., as a Lender Party
 By: PF5 GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P. Its: Managing
Member

		
	 By: /s/
	 	 Mike Harmon

		 	 Name: Mike Harmon

		 	 Title: Managing Director

	
	 Second Signature

		
	 By: /s/
	 	 Adam Pierce

		 	 Name: Adam Pierce

		 	 Title: Senior Vice President

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	 Second Street Holdings 15, L.P., as a Lender Party
 By: PF5 GP, LLC Its: General Partner
 By: Oaktree Capital Management, L.P. Its: Managing
Member

		
	 By: /s/
	 	 Mike Harmon

		 	 Name: Mike Harmon

		 	 Title: Managing Director

	
	 Second Signature

		
	 By: /s/
	 	 Adam Pierce

		 	Name: Adam Pierce
		 	Title: Senior Vice President
	
	Littlejohn Opportunities Master Fund, LP, as Lender
		
	 By: /s/
	 	 Richard Maybaum

		 	Name: Richard Maybaum
		 	Title: Managing Director
	
	CETUS CAPITAL II, LLC, as Lender
		
	 By: /s/
	 	 Richard Maybaum

		 	 Name: Richard Maybaum

		 	 Title: Managing Director

	
	Credit Suisse AG, Cayman Islands Branch as Lender
		
	 By: /s/
	 	 Megan Kane

		 	 Name: Megan Kane

		 	 Title: Authorized Signatory

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 
			
	 [Aviva Life & Annuity Company], as Lender

		
	 By: /s/
	 	Christopher Langs
		 	Name: Christopher Langs
		 	Title: Vice President

  
 SIGNATURE PAGE
TO FIRST AMENDMENT TO FORBEARANCE AGREEMENT, THIRD AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO
SECURITY 
 AGREEMENT 

 EXHIBIT A 

[Budget to be attached] 

  
 A-1

 EXHIBIT B 

[Second Lien Term Sheet to be attached] 

  
 B-1

 EXHIBIT C 

[Second Lien Intercreditor to be attached] 

  
 C-1

 EXHIBIT D 

[Bondholder Letter Agreement to be attached] 

  
 D-1

 SCHEDULE I 

Exhibit A 
 1.
The Events of Default under Section 9.01(b) of the Credit Agreement arising from the failure to meet the Total Leverage Ratio tests set forth in Section 7.13 for each of the Test Periods ending September 30, 2011 and December 31,
2011. 
 2. The Events of Default under Section 9.01(b) of the Credit Agreement arising from the failure to meet the
Interest Coverage Ratio tests set forth in Section 7.14 for each of the Test Periods ending September 30, 2011 and December 31, 2011. 
 3. The Events of Default under Section 9.01(b) of the Credit Agreement arising from the failure to meet the Senior Secured Leverage Ratio tests set forth in Section 7.15 for each of the Test
Periods ending September 30, 2011 and December 31, 2011. 
 4. The Event of Default under Section 9.01(e) of the
Credit Agreement arising from the failure to make the interest payment on the Senior Notes due on December 15, 2011; provided that this item 4 shall only be included for so long as the holders of Senior Notes are forbearing from any
remedies with respect thereto. 

  
 1-1

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