Babcock & Wilcox Enterprises Inc. – Credit Agreements Watch

from 8-K 51 pages This Instrument and the Rights and Obligations Evidenced Hereby, and Any Collateral Security With Respect Thereto, Are Subordinate to the 1st Lien Obligations (As Defined in the Intercreditor Agreement Referred to Below) and the Liens Securing the 1st Lien Obligations, Respectively, in Each Case in the Manner and to the Extent Set Forth in That Certain Intercreditor Agreement Dated as of May 19, 2025 (As Amended, Modified, Supplemented, Extended, Renewed, Restated or Replaced and in Effect From Time to Time, the “Intercreditor Agreement”; Capitalized Terms Used in This Paragraph and Not Otherwise Defined Herein Shall Have the Meanings Assigned to Such Terms in the Intercreditor Agreement), Among the 1st Lien Agent, the 2nd Lien Creditor, the 3rd Lien Agent (Following the Execution of the Joinder Referred to in Section 8.25 Thereof), and the 4th Lien Agent Referred to Therein, and Acknowledged by Babcock & Wilcox Enterprises, Inc., as the Borrower, and the Other Guarantors Party Thereto From Time to Time; and Each Holder of This Instrument, by Its Acceptance Hereof, Irrevocably Agrees to Be Bound by the Provisions of the Intercreditor Agreement. in the Event of a Conflict Between the Provisions of This Instrument and the Provisions of the Intercreditor Agreement, the Provisions of the Intercreditor Agreement Shall Govern and Control in All Respects

from 8-K 108 pages This Instrument and the Rights and Obligations Evidenced Hereby, and Any Collateral Security With Respect Thereto, Are Subordinate to the 1st Lien Obligations (As Defined in the Intercreditor Agreement Referred to Below) and the Liens Securing the 1st Lien Obligations, Respectively, in Each Case in the Manner and to the Extent Set Forth in That Certain Intercreditor Agreement Dated as of May 19, 2025 (As Amended, Modified, Supplemented, Extended, Renewed, Restated or Replaced and in Effect From Time to Time, the “Intercreditor Agreement”; Capitalized Terms Used in This Paragraph and Not Otherwise Defined Herein Shall Have the Meanings Assigned to Such Terms in the Intercreditor Agreement), Among the 1st Lien Agent, the 2nd Lien Creditor, the 3rd Lien Agent (Following the Execution of the Joinder Referred to in Section 8.25 Thereof), and the 4th Lien Agent Referred to Therein, and Acknowledged by Babcock & Wilcox Enterprises, Inc., as the Borrower, and the Other Guarantors Party Thereto From Time to Time; and Each Holder of This Instrument, by Its Acceptance Hereof, Irrevocably Agrees to Be Bound by the Provisions of the Intercreditor Agreement. in the Event of a Conflict Between the Provisions of This Instrument and the Provisions of the Intercreditor Agreement, the Provisions of the Intercreditor Agreement Shall Govern and Control in All Respects

from 10-K 19 pages Guaranty (This “Guaranty”), Dated as of January 18, 2024, by B. Riley Financial, Inc. (The “Guarantor”), in Favor of (I) Axos Bank, in Its Capacity as Administrative Agent (In Such Capacity, the “Administrative Agent”) for the Secured Parties (As Defined in the Credit Agreement Referred to Below), and (II) Such Secured Parties

from 8-K 7 pages Fourth Amendment to Revolving Credit, Guaranty and Security Agreement

from 10-Q/A 13 pages First Amendment, Waiver and Consent to Revolving Credit, Guaranty and Security Agreement and Letter of Credit Issuance and Reimbursement and Guaranty Agreement

from 8-K 58 pages I Letter of Credit Issuance and Reimbursement and Guaranty Agreement

from 8-K 196 pages Revolving Credit, Guaranty and Security Agreement PNC Bank, National Association (As Agent) and the Lenders Party Hereto With Babcock & Wilcox Enterprises, Inc. (Borrower) Certain of Subsidiaries of Babcock &WILCOX Enterprises, Inc. (Guarantors) June 30, 2021

from 8-K 36 pages Amendment No. 5 to Amended and Restated Credit Agreement

from 10-K 29 pages Amendment No. 3 to Amended and Restated Credit Agreement

from 8-K 25 pages Amendment No. 2 to Amended and Restated Credit Agreement

from 8-K 27 pages Amendment No. 1 to Amended and Restated Credit Agreement

from 8-K 2 pages Reference Is Made to (I) That Certain Letter Agreement, Dated January 31, 2020 (The “B, Riley 2020 Backstop”), Between B. Riley Financial, Inc. (“B. Riley”) and Babcock & Wilcox Enterprises, Inc. (The “Company”), Executed in Connection With Amendment No. 20, Dated as of January 31, 2020, to the Company’s Credit Agreement, Dated as of May 11, 2015, Among the Company, Bank of America, N.A., in Its Capacity as Administrative Agent (The “Administrative Agent”), and Each of the Lenders From Time to Time Party Thereto (As Amended, Supplemented or Modified Prior to the Date Hereof and as May Be Further Amended and Restated by the Amendment and Restatement Agreement (As Defined Herein), the “Amended and Restated Credit Agreement”), and (II) That Certain Amendment and Restatement Agreement, Dated as of May 14, 2020 (The “Amendment and Restatement Agreement”), Among the Company, as the Borrower, It Affiliates Party Thereto, the Administrative Agent, and Each of the Lenders

from 10-K 30 pages Portions of This Exhibit Marked by [***] Have Been Omitted Pursuant to Rule 601(b)(10) of Regulation S-K. the Omitted Information Is Not Material And, if Publicly Disclosed, Would Likely Cause Competitive Harm to the Registrant. Amendment No. 21 to Credit Agreement

from 10-K 269 pages Portions of This Exhibit Marked by [***] Have Been Omitted Pursuant to Rule 601(b)(10) of Regulation S-K. the Omitted Information Is Not Material And, if Publicly Disclosed, Would Likely Cause Competitive Harm to the Registrant. Amendment No. 20 to Credit Agreement

from 10-K 28 pages Portions of This Exhibit Marked by [***] Have Been Omitted Pursuant to Rule 601(b)(10) of Regulation S-K. the Omitted Information Is Not Material And, if Publicly Disclosed, Would Likely Cause Competitive Harm to the Registrant. Amendment No. 19 to Credit Agreement

from 10-K 28 pages Portions of This Exhibit Marked by [***] Have Been Omitted Pursuant to Rule 601(b)(10) of Regulation S-K. the Omitted Information Is Not Material And, if Publicly Disclosed, Would Likely Cause Competitive Harm to the Registrant. Amendment No. 18 to Credit Agreement

from 10-K 18 pages Portions of This Exhibit Marked by [***] Have Been Omitted Pursuant to Rule 601(b)(1) of Regulation S-K. the Omitted Information Is Not Material And, if Publicly Disclosed, Would Likely Cause Competitive Harm to the Registrant. Amendment No. 17 to Credit Agreement

from 8-K 288 pages Portions of This Exhibit Marked by [***] Have Been Omitted Pursuant to Rule 601(b)(10) of Regulation S-K. the Omitted Information Is Not Material And, if Publicly Disclosed, Would Likely Cause Competitive Harm to the Registrant. Amendment No. 20 to Credit Agreement

from 8-K 10 pages As Part of Amendment No. 16 (The “Amendment”) to the Credit Agreement, Dated as of May 11, 2015 (As Amended and Supplemented, the “Credit Agreement”), Among Babcock & Wilcox Enterprises, Inc. (The “Company”), as the Borrower, Bank of America, N.A., as Administrative Agent, and the Other Lenders Party Thereto, B. Riley Fbr, Inc. (“B. Riley”) Has Agreed to Extend $150,000,000 of Tranche A-3 Term Loans (As Defined in the Amendment), on the Terms and Subject to the Conditions Set Forth in the Amendment. in Connection With the Entry Into the Amendment and the Extension of the Tranche A-3 Term Loans, B. Riley, Vintage Capital Management LLC (“Vintage”) and the Company (Each a “Party” And, Together, the “Parties”) Hereby Agree as Follows

from 10-K 40 pages Portions of This Exhibit Marked by [***] Have Been Omitted Pursuant to Rule 601(b)(10) of Regulation S-K. the Omitted Information Is Not Material And, if Publicly Disclosed, Would Likely Cause Competitive Harm to the Registrant. Amendment No. 15 and Limited Waiver to Credit Agreement