SEC Contract Filing

Filing Date: 2020-08-03

Document Content:
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<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>f10q0620ex10-5_briley.htm
<DESCRIPTION>LIMITED GUARANTY AGREEMENT, DATED AS OF MAY 14, 2020, AMONG THE COMPANY, B&W AND BANK OF AMERICA, N.A
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LIMITED GUARANTY AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This LIMITED GUARANTY
AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this &ldquo;<U>Limited Guaranty</U>&rdquo;),
dated as of May 14, 2020, is made by B. RILEY FINANCIAL, INC. (the &ldquo;<U>Limited Guarantor</U>&rdquo;), in favor of BANK OF
AMERICA, N.A., as administrative agent (in such capacity, the &ldquo;<U>Administrative Agent</U>&rdquo;) for the ratable benefit
of the Administrative Agent, the Revolving Credit Lenders, each L/C Issuer, each co-agent or sub-agent appointed by the Administrative
Agent from time to time pursuant to <U>Section 9.05</U> of the Credit Agreement described below and the other Persons to whom the
Guaranteed Obligations are owed (collectively, the &ldquo;<U>Guaranteed Parties</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>PRELIMINARY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to
that certain Amended and Restated Credit Agreement, dated as of May 14, 2020 (as further amended, restated, supplemented or otherwise
modified from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;), among Babcock &amp; Wilcox Enterprises, Inc. (the &ldquo;<U>Borrower</U>&rdquo;),
the Guarantors, the Lenders, the Administrative Agent, and each L/C Issuer, the Revolving Credit Lenders have agreed to make certain
accommodations under and amend and restate that certain Credit Agreement, dated as of May 11, 2015 (as amended, restated, supplemented
or otherwise modified prior to the date hereof, the &ldquo;Existing Credit Agreement&rdquo;), upon the terms and subject to the
conditions set forth therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, execution
of this Limited Guaranty is a condition precedent to the Credit Agreement, and the Administrative Agent and the Revolving Credit
Lenders are entering into the Credit Agreement in reliance on the Limited Guarantor&rsquo;s obligations hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, execution
of this Limited Guaranty is in partial consideration for the Borrower&rsquo;s agreement to terminate the B. Riley 2020 Backstop
as set forth in that certain letter agreement dated as of the date hereof, among the Limited Guarantor, the Borrower and the Administrative
Agent; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Limited
Guarantor has materially benefited from the Credit Extensions made under the Existing Credit Agreement and will materially benefit
from the Credit Extensions to be made under the Credit Agreement and the payments to be made by the Borrower under that certain
fee letter agreement dated as of the date hereof, between the Borrower and the Limited Guarantor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, and to induce
the Administrative Agent and the other Guaranteed Parties to enter into, and make their respective Credit Extensions and other
accommodations (including extending the maturity of their respective commitments under the Existing Credit Agreement) under the
Credit Agreement, the Limited Guarantor hereby agrees with the Administrative Agent, for the ratable benefit of the Guaranteed
Parties as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<U>Defined Terms</U>.
Capitalized terms used and not otherwise defined herein shall have the meanings herein that are assigned to such terms in the Credit
Agreement. The following terms when used herein shall have the meanings set forth below:</P>

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