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IN WITNESS WHEREOF, each of the undersigned has caused this Credit Agreement to be duly executed and delivered as of the date first above written.

BABCOCK & WILCOX ENTERPRISES, INC.

By: /s/ Orville Lunking                

Name: Orville Lunking

Title: Vice President and Treasurer


AMERICON EQUIPMENT SERVICES, INC.

AMERICON, INC.

BABCOCK & WILCOX CONSTRUCTION CO., INC.

BABCOCK & WILCOX EBENSBURG POWER, LLC

BABCOCK & WILCOX EQUITY INVESTMENTS, INC.

BABCOCK & WILCOX HOLDINGS, INC.

BABCOCK & WILCOX INDIA HOLDINGS, INC.

BABCOCK & WILCOX INTERNATIONAL SALES

AND SERVICE CORPORATION

BABCOCK & WILCOX INTERNATIONAL, INC.

BABCOCK & WILCOX MEGTEC HOLDINGS, INC.

BABCOCK & WILCOX MEGTEC, LLC

BABCOCK & WILCOX SPIG, INC.

BABCOCK & WILCOX TECHNOLOGY, LLC

BABCOCK & WILCOX UNIVERSAL, INC.

DELTA POWER SERVICES, LLC

DIAMOND OPERATING CO., INC.

-107-



DIAMOND POWER AUSTRALIA HOLDINGS, INC.

DIAMOND POWER CHINA HOLDINGS, INC.

DIAMOND POWER EQUITY INVESTMENTS, INC.

DIAMOND POWER INTERNATIONAL, LLC

DPS ANSON, LLC

DPS BERLIN, LLC

DPS CADILLAC, LLC

DPS FLORIDA, LLC

DPS GREGORY, LLC

DPS MECKLENBURG, LLC

DPS PIEDMONT, LLC

EBENSBURG ENERGY, LLC

O&M HOLDING COMPANY

PALM BEACH RESOURCE RECOVERY CORPORATION

POWER SYSTEMS OPERATIONS, INC.

REVLOC RECLAMATION SERVICE, INC.

SOFCO-EFS HOLDINGS LLC

THE BABCOCK & WILCOX COMPANY


By: /s/ Robert P. McKinney                

Name: Robert P. McKinney

Title: Assistant Secretary
UNIVERSAL AET HOLDINGS, LLC

UNIVERSAL SILENCER MEXICO, LLC

UNIVERSAL SILENCER MEXICO II, LLC

UNIVERSAL SILENCER PROPERTIES I, LLC

UNIVERSAL SILENCER PROPERTIES II, LLC

UNIVERSAL SILENCER PROPERTIES III, LLC

By: /s/ Robert P. McKinney                

Name: Robert P. McKinney

Title: Assistant Secretary

MEGTEC ACQUISITION, LLC

MEGTEC SYSTEMS, INC.

MTS ASIA, INC.

MEGTEC SYSTEMS AUSTRALIA INC.

MEGTEC INDIA HOLDINGS, LLC

MEGTEC ENERGY & ENVIRONMENTAL, LLC

MEGTEC TURBOSONIC TECHNOLOGIES, INC.

By: /s/ Robert P. McKinney                

Name: Robert P. McKinney

Title: Assistant Secretary
EBENSBURG INVESTORS LIMITED PARTNERSHIP

EBENSBURG POWER COMPANY


By:    BABCOCK & WILCOX EBENSBURG POWER, LLC

Its: General Partner

By: /s/ Robert P. McKinney                

Name: Robert P. McKinney

Title: Assistant Secretary

LIGHTSHIP CAPITAL LLC, as Administrative Agent

By: /s/ Jason Perri                    

Name: Jason Perri

Title: President




Schedule 1.01(a)
Affiliate Agreements
None.

Schedule 1.01(b)
Initial Guarantors
As of the Closing Date:












1.     

Americon Equipment Services, Inc.

2.     

Americon, LLC

3.     

Babcock & Wilcox Construction Co., LLC

4.     

Babcock & Wilcox Ebensburg Power, LLC

5.     

Babcock & Wilcox Equity Investments, LLC

6.     

Babcock & Wilcox Holdings, Inc.

7.     

Babcock & Wilcox India Holdings, Inc.

8.     

Babcock & Wilcox International Sales and Service Corporation

9.     

Babcock & Wilcox International, Inc.

10.     

Babcock & Wilcox MEGTEC Holdings, Inc.

11.     

Babcock & Wilcox MEGTEC, LLC

12.     

Babcock & Wilcox SPIG, Inc.

13.     

Babcock & Wilcox Technology, LLC

14.     

Babcock & Wilcox Universal, Inc.

15.     

Delta Power Services, LLC

16.     

Diamond Operating Co., Inc.

17.     

Diamond Power Australia Holdings, Inc.

18.     

Diamond Power China Holdings, Inc.

19.     

Diamond Power Equity Investments, Inc.

20.     

Diamond Power International, LLC

21.     

DPS Anson, LLC

22.     

DPS Berlin, LLC

23.     

DPS Cadillac, LLC

24.     

DPS Florida, LLC

25.     

DPS Gregory, LLC

26.     

DPS Mecklenburg, LLC

27.     

DPS Piedmont, LLC

28.     

Ebensburg Energy, LLC

29.     

Ebensburg Investors Limited Partnership

30.     

MEGTEC Energy & Environmental LLC  

31.     

MEGTEC India Holdings, LLC

32.     

MEGTEC Systems Australia Inc.

33.     

MEGTEC TurboSonic Technologies, Inc.  

34.     

MTS Asia, Inc.

35.     

O&M Holding Company

36.     

Palm Beach Resource Recovery Corporation












37.     

Power Systems Operations, Inc.

38.     

SOFCo – EFS Holdings LLC

39.     

The Babcock & Wilcox Company

40.     

Universal AET Holdings, LLC

41.     

Universal Silencer Mexico II, LLC

42.     

Universal Silencer Mexico, LLC

43.     

Universal Silencer Properties I, LLC

44.     

Universal Silencer Properties II, LLC

45.     

Universal Silencer Properties III, LLC

 


Lenders_and_Commitments'>Schedule 2.01
Lenders and Commitments


















Lender

Initial A Loan Commitment

Initial B Loan Commitment

Delayed Draw Commitment

Lightship Capital LLC

$55,000,000

$120,883,635.46

$20,000,000

Total:

$55,000,000

$120,883,635.46

$20,000,000



Schedule 4.01(a)(vi)
Mortgaged Properties
(A) Owned








1.

20 South Van Buren Avenue, Barberton, Summit County, Ohio 44203 – The Babcock & Wilcox Company










2.

900 B&W Drive and East Halfmile St., West Point, Clay County, Mississippi 39773 – The Babcock & Wilcox Company










3.

3333 Copley Road, Copley, Summit County, Ohio 44321 – The Babcock & Wilcox Company










4.

2600 E. Main Street, Lancaster, Fairfield County, Ohio 43130 – Diamond Power International, LLC









5.

142 South Van Buren Avenue, Barberton, Summit County, Ohio 44203 – The Babcock & Wilcox Company









6.

180 South Van Buren Avenue, Barberton, Summit County, Ohio 44203 – The Babcock & Wilcox Company









7.

830 Prosper Street, De Pere, Brown County, Wisconsin 54115 – Babcock & Wilcox MEGTEC, LLC










8.

815 Industrial Drive, Muscoda, Wisconsin 53573 – Universal Silencer Properties II, LLC










9.

1925 Hwy 51 – 138, Stoughton, Dane County, Wisconsin 53589 – Universal Silencer Properties II, LLC










10.

169 Little Phoebe Church Road, Folkston, Georgia 61537 – The Babcock & Wilcox Company

(B) Leased








1.

None.


Schedule 4.01(a)(x)
Local Counsel Opinions
1. Jones Day, as Delaware, Pennsylvania and Florida counsel to the entities listed below:

    













a.     

Americon Equipment Services, Inc., a Delaware corporation

b.     

Americon, LLC, a Delaware limited liability company

c.     

Babcock & Wilcox Construction Co., LLC, a Delaware limited liability company

d.     

Babcock & Wilcox Ebensburg Power, LLC, a Delaware limited liability company

e.     

Babcock & Wilcox Equity Investments, LLC, a Delaware limited liability company

f.     

Babcock & Wilcox Holdings, Inc., a Delaware corporation

g.     

Babcock & Wilcox India Holdings, Inc., a Delaware corporation

h.     

Babcock & Wilcox International Sales and Service Corporation, a Delaware corporation

i.     

Babcock & Wilcox International, Inc., a Delaware corporation

j.     

Babcock & Wilcox MEGTEC Holdings, Inc., a Delaware corporation

k.     

Babcock & Wilcox MEGTEC, LLC, a Delaware limited liability company

l.     

Babcock & Wilcox Technology, LLC, a Delaware limited liability company

m.     

Delta Power Services, LLC, a Delaware limited liability company

n.     

Diamond Operating Co., Inc., a Delaware corporation

o.     

Diamond Power Australia Holdings, Inc., a Delaware corporation

p.     

Diamond Power China Holdings, Inc., a Delaware corporation

q.     

Diamond Power Equity Investments, Inc., a Delaware corporation

r.     

Diamond Power International, LLC, a Delaware limited liability company

s.     

DPS Anson, LLC, a Delaware limited liability company

t.     

DPS Berlin, LLC, a Delaware limited liability company

u.     

DPS Cadillac, LLC, a Delaware limited liability company

v.     

DPS Florida, LLC, a Delaware limited liability company

w.     

DPS Gregory, LLC, a Delaware limited liability company

x.     

DPS Mecklenburg, LLC, a Delaware limited liability company

y.     

DPS Piedmont, LLC, a Delaware limited liability company

z.     

Ebensburg Energy, LLC, a Delaware limited liability company

aa.     

Ebensburg Investors Limited Partnership, a Pennsylvania limited partnership

bb.     

MEGTEC Energy & Environmental LLC   , a Delaware limited liability company

cc.     

MEGTEC India Holdings, LLC, a Delaware limited liability company

dd.     

MEGTEC Systems Australia Inc., a Delaware corporation

ee.     

MEGTEC TurboSonic Technologies, Inc., a Delaware corporation

ff.     

MTS Asia, Inc., a Delaware corporation

gg.     

O&M Holding Company, a Delaware corporation

hh.     

Palm Beach Resource Recovery Corporation, a Florida corporation

ii.     

Power Systems Operations, Inc., a Delaware corporation

jj.     

SOFCo – EFS Holdings LLC, a Delaware limited liability company

kk.     

The Babcock & Wilcox Company, a Delaware corporation

2. Beck, Chaet, Bamberger & Polsky, S.C. as Wisconsin counsel to the entities listed below:













a.     

Babcock & Wilcox Universal, Inc., a Wisconsin corporation

b.     

Universal Silencer Properties I, LLC, Wisconsin limited liability company

c.     

Universal Silencer Properties II, LLC, a Wisconsin limited liability company

d.     

Universal Silencer Properties III, LLC, a Wisconsin limited liability company

e.     

Universal Silencer Mexico, LLC, a Wisconsin limited liability company

f.     

Universal Silencer Mexico II, LLC, a Wisconsin limited liability company

g.     

Universal AET Holdings, LLC, a Wisconsin limited liability company



Schedule 5.02
Consents
None.

Schedule 5.03
Ownership of Subsidiaries
Part A: Wholly-Owned Domestic Subsidiaries :




















Name


Jurisdiction of

Organization


Number of

Shares Authorized


Number of Shares Outstanding

% of Outstanding Shares held by Borrower (direct or indirect)


Americon Equipment Services, Inc.

Delaware

1,000

1,000

100%


Americon, LLC

Delaware

N/A

N/A

100%

Babcock & Wilcox Construction Co., LLC

Delaware

N/A

N/A

100%

Babcock & Wilcox Ebensburg Power, LLC

Delaware

N/A

N/A

100%

Babcock & Wilcox Equity Investments, LLC

Delaware

N/A

N/A

100%

Babcock & Wilcox Holdings, Inc.

Delaware

2,000

1,001

100%

Babcock & Wilcox India Holdings, Inc.

Delaware

1,000

1,000

100%

Babcock & Wilcox International Sales and Service Corporation

Delaware

1,000

1,000

100%

Babcock & Wilcox International, Inc.

Delaware

1,000

1,000

100%

Babcock & Wilcox MEGTEC Holdings, Inc.

Delaware

1,000

1,000

100%

Babcock & Wilcox MEGTEC, LLC

Delaware

1,000

100

100%

Babcock & Wilcox SPIG, Inc.

New Jersey

1,000

1,000

100%

Babcock & Wilcox Technology, LLC

Delaware

N/A

N/A

100%

Babcock & Wilcox Universal, Inc.

Wisconsin

1,000

1

100%

Delta Power Services, LLC

Delaware

N/A

N/A

100%

Diamond Operating Co., Inc.

Delaware

1,000

1,000

100%

Diamond Power Australia Holdings, Inc.

Delaware

1,000

1,000

100%

Diamond Power China Holdings, Inc.

Delaware

1,000

1,000

100%

Diamond Power Equity Investments, Inc.

Delaware

1,000

1,000

100%

Diamond Power International, LLC

Delaware

N/A

N/A

100%

DPS Anson, LLC

Delaware

N/A

N/A

100%

DPS Berlin, LLC

Delaware

N/A

N/A

100%

DPS Cadillac, LLC

Delaware

N/A

N/A

100%

DPS Florida, LLC

Delaware

N/A

N/A

100%

DPS Gregory, LLC

Delaware

N/A

N/A

100%

DPS Mecklenburg, LLC

Delaware

N/A

N/A

100%

DPS Piedmont, LLC

Delaware

N/A

N/A

100%





















Name


Jurisdiction of

Organization


Number of

Shares Authorized


Number of Shares Outstanding

% of Outstanding Shares held by Borrower (direct or indirect)


Ebensburg Energy, LLC

Delaware

N/A

N/A

100%

Ebensburg Investors Limited Partnership

Pennsylvania

N/A

N/A

100%

MEGTEC Energy & Environmental, LLC

Delaware

N/A

N/A

100%

MEGTEC India Holdings, LLC

Delaware

N/A

N/A

100%

MEGTEC Systems Australia, Inc.

Delaware

100

100

100%

MEGTEC TurboSonic Technologies, Inc.

Delaware

1,000

1,000

100%

MTS Asia, Inc.

Delaware

3,000

100

100%

O&M Holding Company

Delaware

1,000

1,000

100%

Palm Beach Resource Recovery Corporation

Florida

60

60

100%

Power Systems Operations, Inc.

Delaware

1,000

1,000

100%

SOFCo – EFS Holdings LLC

Delaware

N/A

N/A

100%

The Babcock & Wilcox Company

Delaware

101,000

100,101

100%

Universal Silencer Properties I, LLC

Wisconsin

N/A

N/A

100%

Universal Silencer Properties II, LLC

Wisconsin

N/A

N/A

100%

Universal Silencer Properties III, LLC

Wisconsin

N/A

N/A

100%

Universal Silencer Mexico, LLC

Wisconsin

N/A

N/A

100%

Universal Silencer Mexico II, LLC

Wisconsin

N/A

N/A

100%

Universal AET Holdings, LLC

Wisconsin

N/A

N/A

100%

Part B: Wholly-Owned Foreign Subsidiaries :























Name


Jurisdiction of

Organization


Number of

Shares Authorized


Number of Shares Outstanding

% of Outstanding Shares held by Borrower (direct or indirect)


B&W de Panama, Inc.

Panama

100,000

100,000

100%

Babcock & Wilcox Monterrey Finance SARL

Luxembourg

20,200

20,200

100%

B&W PGG Luxembourg Finance

Luxembourg

6,687,310

6,687,310

100%

B&W PGG Luxembourg Canada Holdings

Luxembourg

12,500

12,500

100%

B&W PGG Luxembourg Holdings

Luxembourg

5,100,677

5,100,677

100%

Babcock & Wilcox de Monterrey, S.A. de C.V.

Mexico

Common – Unlimited

Variable – 11,349,464



Common – 50,000

Variable – 11,349,464



100%

Babcock & Wilcox Global Sales & Services

Luxembourg

60,000

60,000

100%

Babcock & Wilcox Global Sales & Services-Chile SpA

Chile

100

100

100%

Babcock & Wilcox Global Sales and Services Brazil Ltda.

Brazil

10,000

10,000

100%

Babcock & Wilcox Global Sales and Services Pte. Ltd.

Singapore

Unlimited

1

100%

Babcock & Wilcox India Private Limited

India

1,000,000

675,020

100%

Babcock & Wilcox International Investments Co., Inc.

Panama

100,000

100,000

100%

Babcock & Wilcox Power Generation Group Canada Corp.

Nova Scotia

Unlimited

10

100%

Babcock & Wilcox Singapore Pte. Ltd.

Singapore

 

 

100%

Babcock & Wilcox Volund A/S

Denmark

100,000

100,000

100%

Babcock & Wilcox Volund Limited

United Kingdom

2

2

100%

BWL Energy (Teesside) Ltd.

Northern Ireland

100

100

50%

Diamond Power Central & Eastern Europe s.r.o.

Czech Republic

200,000

200,000

100%

Diamond Power do Brasil Limitada

Brazil

500,000

300,000

100%

Diamond Power Finland OY

Finland

600

600

100%

Diamond Power Machine (Hubei) Co., Inc.

China

N/A

N/A

100%

Diamond Power Specialty (Proprietary) Limited

Republic of South Africa

1,000

1

100%

Diamond Power Specialty Limited

United Kingdom

500,000

500,000

100%

Diamond Power Sweden AB

Sweden

5,000

5,000

100%

DCS - Dry Cooling Services S.r.l.

Italy

10,000

10,000

100%

Babcock & Wilcox Volund AB

Sweden

5,000

5,000

100%

Babcock & Wilcox Loibl GmbH

Germany

300,000

1

100%

P. T. Babcock & Wilcox Asia

Indonesia

1,200

800

100%

Servicios de Fabricacion de Valle Soleado, S.A. de C.V.

Mexico

Unlimited

50,000

100%

Servicios Profesionales de Valle Soleado, S.A. de C.V.

Mexico

Unlimited

50,000

100%





















Name


Jurisdiction of

Organization


Number of

Shares Authorized


Number of Shares Outstanding

% of Outstanding Shares held by Borrower (direct or indirect)


MEGTEC IEPG BV

Netherlands

90,000

900

100%

MTS Environmental GmbH

Germany

25,000

25,000

100%

MEGTEC Systems S.A.S.

France

328,334

81,670

100%

MEGTEC Systems Amal AB

Sweden

5,000

1,000

100%

MEGTEC Systems AB

Sweden

50,000

50,000

100%

MEGTEC Environmental Limited

United Kingdom

100,000

50,000

100%

MEGTEC Systems Limited

United Kingdom

50,000

50,000

100%

MEGTEC Systems India Private Limited

India

100,000

100,000

100%

MEGTEC Systems (Shanghai), Ltd.

China

N/A

N/A

100%

MEGTEC Thermal Energy & Environmental Technology (Shanghai), Ltd.

China

N/A

N/A

100%

MEGTEC TurboSonic, Inc.

Ontario

1,955,000

1,955,000

100%

SPIG Kuhlturmtechnologien GmbH

Germany

25,000

25,000

100%

SPIG Turn Apa de Racine

Romania

N/A

N/A

100%

B and W South Africa

South Africa

100

100

100%

SPIG Torres de Resfriamento Ltda.

Brazil

200

200

100%

SPIG (Shanxi) Cooling System Co., Ltd.

China

N/A

N/A

100%

SPIG Korea Ltd.

Korea

200,981,500,

200,981,500

100%

Universal Asia Pacific, Pte. Ltd.

Singapore

1,000

1,000

100%

Babcock & Wilcox Universal Europe, Ltd.

United Kingdom

1,000

1

100%

Universal Silencer (Shanghai) Co., Ltd.

China

1

1

100%

Babcock & Wilcox Universal, S. de R.L. de C.V.

Mexico

3000

3000

100%

Universal Acoustic & Emission Technologies, Pvt. Ltd.

India

596,600

596,600

100%

SPIG Sogutma Sistemleri Tlc Ltd.

Turkey

200

200

100%

SPIG Cooling Tower India Pvt. Ltd.

India

165,000

165,000

100%

Part C: Subsidiaries that are not Wholly-Owned Subsidiaries :























Name


Jurisdiction of

Organization


Number of

Shares Authorized


Number of Shares Outstanding

% of Outstanding Shares held by Borrower (direct or indirect)


BWL Energy (Teesside) Ltd.

Northern Ireland

Ordinary A – 50

Ordinary B – 50



Ordinary A – 50

Ordinary B - 50



50%

(50 – Ordinary A shares)



Diamond Power Germany GmbH**

Germany

125,700

125,700

94.9%

(119,400 shares)



Diamond Power Services S.E.A. Ltd.

Thailand

784

784

79.7%

(625 shares)



SPIG Vostok

Russia

N/A

N/A

95%

SPIG (Shanxi) Cooling Technology Company Ltd.

China

N/A

N/A

60%

BWL Energy (Teesside) Ltd.

Northern Ireland

100

100

50%

**The Constituent Documents of Diamond Power Germany GmbH restrict the transfer or hypothecation of any Stock in such Person.




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