SEC Contract Filing

Filing Date: 2023-06-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2320346d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EXECUTION VERSION</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>REVOLVING CREDIT, GUARANTY AND SECURITY AGREEMENT</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">THIS
FOURTH AMENDMENT TO REVOLVING CREDIT, GUARANTY AND SECURITY AGREEMENT (this &ldquo;<U>Amendment</U>&rdquo;), dated as of June&nbsp;26,
2023, is entered into by and among BABCOCK&nbsp;&amp; WILCOX ENTERPRISES,&nbsp;INC. (the &ldquo;<U>Borrower</U>&rdquo;), certain Guarantors
from time to time party to the Credit Agreement referred to below (the &ldquo;<U>Guarantors</U>&rdquo; and, together with the Borrower,
the &ldquo;<U>Loan Parties</U>&rdquo; and each, a &ldquo;<U>Loan Party</U>&rdquo;), certain financial institutions from time to time
party to the Credit Agreement referred to below (collectively, the &ldquo;<U>Lenders</U>&rdquo;), and PNC BANK, NATIONAL ASSOCIATION,
a national banking association, as agent for Lenders under the Credit Agreement referred to below (in such capacity, the &ldquo;<U>Agent</U>&rdquo;).
Terms used herein without</FONT> definition shall have the meanings ascribed to them in the Credit Agreement defined below.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Loan Parties, Lenders
and the Agent have previously entered into that certain Revolving Credit, Guaranty and Security Agreement, dated as of June&nbsp;30, 2021
(as amended, restated, modified and/or supplemented from time to time, the &ldquo;<U>Credit Agreement</U>&rdquo;), pursuant to which the
Lenders have made certain loans and financial accommodations available to the Borrower.</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: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Loan Parties, the Lenders and the Agent wish to amend the Credit Agreement on the terms and conditions set forth herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">C.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Loan Parties are entering into this Amendment with the understanding and agreement that, except as specifically provided herein, none
of Agent&rsquo;s or any Lender&rsquo;s rights or remedies as set forth in the Credit Agreement or any Other Document is being waived or
modified by the terms of this Amendment.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration,
the receipt and sufficiency of which are</FONT> hereby acknowledged, the parties hereby agree as follows:</P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment to Credit Agreement</U>. The final
paragraph in <U>Section&nbsp;2.1(a)</U>&nbsp;of the Credit Agreement is hereby amended and restated in its entirety as follows:</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
anything to the contrary provided for in this Section&nbsp;2.1(a)&nbsp;or any other</FONT> provision of this Agreement, Borrowers may
not request, and no Lender shall have any obligation or duty to fund or make, any Revolving Advance unless Borrowers shall provide to
Agent evidence reasonably acceptable to Agent that the aggregate amount of all unrestricted cash and Cash Equivalents on the consolidated
balance sheet of Loan Parties on a Consolidated Basis as of the date such Revolving Advance is requested is less than $40,000,000 (provided
that nothing in this paragraph shall apply to (x)&nbsp;any deemed request for a Revolving Advance under the second sentence of Section&nbsp;2.2(a)&nbsp;or