Exhibit 10.20

AMENDMENT NO. 1 TO CREDIT AGREEMENT AND LIMITED CONSENT

THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT AND LIMITED CONSENT dated as of
October 30, 2014 (this “Amendment”), is among CECO ENVIRONMENTAL CORP., a
Delaware corporation (the “Company”), BANK OF AMERICA, N.A., in its capacities
as the Administrative Agent (in such capacity, the “Administrative Agent”), a
Lender and an L/C Issuer, each of the other Lenders party hereto, each of the
L/C Issuers party hereto and each of the Subsidiary Guarantors party hereto.

Recitals:

A. The Company, the Lenders and the L/C Issuers party thereto and the
Administrative Agent have entered into a Credit Agreement dated as of August 27,
2013 (as amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”). Capitalized terms used and not otherwise defined
herein shall have the meanings ascribed to them in the Credit Agreement.

B. The Subsidiary Guarantors and the Administrative Agent have entered into a
Subsidiary Guaranty Agreement dated of even date with the Credit Agreement (as
amended, restated, supplemented or otherwise modified from time to time, the
“Subsidiary Guaranty”).

C. The Company has advised the Administrative Agent and the Lenders that it
desires to consummate, either directly or indirectly through one of its
Subsidiaries, the Acquisition of Emtrol LLC, a New York limited liability
company (the “Emtrol Acquisition”), however, the Emtrol Acquisition is not
currently permitted by the terms of the Credit Agreement.

D. In connection with the Emtrol Acquisition, the Company has further advised
the Administrative Agent, the Lenders and the L/C Issuers of its desire to amend
the Credit Agreement to provide for an increased Letter of Credit Sublimit.

E. Subject to the terms and conditions set forth below, the Administrative
Agent, the Lenders and the L/C Issuers party hereto have agreed to consent to
the consummation of the Emtrol Acquisition and so amend the Credit Agreement.

In furtherance of the foregoing, the parties agree as follows:

Section 1. Amendment to Credit Agreement. Subject to the terms and conditions
set forth herein and in reliance upon the representations and warranties set
forth herein, the definition of “Letter of Credit Sublimit” set forth in
Section 1.01 of the Credit Agreement is hereby amended by replacing the
reference to “$10,000,000” therein with “$20,000,000”.

The amendment to the Credit Agreement is limited to the extent specifically set
forth above and no other terms, covenants or provisions of the Loan Documents
are intended to be affected hereby.

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Section 2. Limited Consent. Subject to the terms and conditions set forth herein
and in reliance upon the representations and warranties set forth herein, each
of the Administrative Agent and the Lenders signatory hereto hereby consents to
the Emtrol Acquisition, so long as (a) at the time of the consummation thereof,
the Emtrol Acquisition would constitute a Permitted Acquisition permitted under
Section 7.02(g)(i) of the Credit Agreement were it not for the fact that the pro
forma Consolidated Leverage Ratio calculated in accordance with clause (d) of
the definition of Permitted Acquisition for the Emtrol Acquisition is greater
than 2.25 to 1.00, (b) at the time of the consummation thereof, the pro forma
Consolidated Leverage Ratio calculated in accordance with clause (d) of the
definition of Permitted Acquisition for the Emtrol Acquisition shall not exceed
2.60 to 1.00, (c) the consummation of the Emtrol Acquisition occurs on or prior
to November 30, 2014 and (d) the Emtrol Acquisition is consummated in all
material respects in accordance with the terms of the acquisition documents
delivered pursuant to Section 3(b) below, without giving effect to any
modifications, amendments, consents or waivers thereto that are material and
adverse to the interests of the Lenders, as reasonably determined by the
Administrative Agent.

The foregoing consent is limited to the extent specifically set forth above and
no other terms, covenants or provisions of the Loan Documents are intended to be
affected hereby.

Section 3. Conditions Precedent. The effectiveness of this Amendment and the
amendment and consent contemplated hereby is subject to the satisfaction of the
following conditions precedent:

(a) The Administrative Agent shall have received counterparts of this Amendment,
duly executed and delivered by the Company, the Subsidiary Guarantors, the
Administrative Agent, the Lenders constituting Required Lenders and the L/C
Issuers.

(b) Each of the Administrative Agent and the Lenders signatory hereto shall have
received, and completed a satisfactory review of, executed copies (or the most
recent available drafts) of the material acquisition documents relating to the
Emtrol Acquisition.

Upon satisfaction of the conditions set forth in this Section 3 and the
effectiveness of this Amendment, the Administrative Agent shall provide notice
of such effectiveness to the Company and the Lenders.

Section 4. Representations And Warranties.

(a) In order to induce the Administrative Agent, the Lenders and the L/C Issuers
to enter into this Amendment, the Company represents and warrants to the
Administrative Agent, the Lenders and the L/C Issuers as follows:

 

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(i) The representations and warranties of the Company and each other Loan Party
contained in Article V of the Credit Agreement or in any other Loan Document are
true and correct in all material respects on and as of the date hereof, except
(A) that if a qualifier relating to materiality, Material Adverse Effect or a
similar concept applies, such representation or warranty shall be required to be
true and correct in all respects, (B) to the extent that such representations
and warranties specifically refer to an earlier date (except that if a qualifier
relating to materiality, Material Adverse Effect or a similar concept applies,
such representation or warranty shall be required to be true and correct in all
respects as of such earlier date), in which case they are true and correct in
all material respects as of such earlier date, and (C) that for purposes of this
Amendment, the representations and warranties contained in Sections 5.05(a) and
(b) of the Credit Agreement shall be deemed to refer to the most recent
statements furnished pursuant to Sections 6.01(a) and (b), respectively, of the
Credit Agreement.

(ii) Since December 31, 2012, there has been no event or circumstance, either
individually or in the aggregate, that has had or could reasonably be expected
to have a Material Adverse Effect.

(iii) No Default or Event of Default has occurred and is continuing or will
exist after giving effect to this Amendment.

(b) In order to induce the Administrative Agent, the Lenders and the L/C Issuers
to enter into this Amendment, each of the Company and each Subsidiary Guarantor
represents and warrants to the Administrative Agent, the Lenders and the L/C
Issuers that this Amendment has been duly authorized, executed and delivered by
it and constitutes its legal, valid and binding obligation, except as such
enforcement may be limited by applicable bankruptcy, insolvency, reorganization
or other similar laws relating to or limiting creditors’ rights generally and by
general principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law).

Section 5. Miscellaneous.

(a) Ratification and Confirmation of Loan Documents. Each of the Company and
each Subsidiary Guarantor hereby consents, acknowledges and agrees to the
amendment and consent set forth herein and hereby confirms and ratifies in all
respects the Loan Documents to which such Person is a party (including without
limitation, with respect to each Subsidiary Guarantor, the continuation of its
payment and performance obligations under the Subsidiary Guaranty and, with
respect to both the Company and each Subsidiary Guarantor, the continuation and
extension of the liens granted under the Collateral Documents to secure the
Secured Obligations, in each case after giving effect to the amendment and
consent contemplated hereby).

(b) Fees and Expenses. The Company shall pay on demand all reasonable costs and
expenses of the Administrative Agent in connection with the preparation,
negotiation, execution, and delivery of this Amendment and any other documents
prepared in connection herewith, including, without limitation, the reasonable
fees and out-of-pocket expenses of counsel for the Administrative Agent, in each
case, as set forth in Section 10.04(a) of the Credit Agreement.

 

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(c) Headings. Section and subsection headings in this Amendment are included
herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose or be given any substantive effect.

(d) Governing Law; Jurisdiction; Waiver of Jury Trial; Etc. This Amendment shall
be governed by and construed in accordance with the laws of the State of New
York, and shall be further subject to the provisions of Sections 10.14 and 10.15
of the Credit Agreement.

(e) Counterparts. This Amendment may be executed in any number of counterparts,
each of which when executed and delivered shall be deemed to be an original, and
all of which when taken together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page of this Amendment by
facsimile or electronic transmission (including .pdf file) shall be effective as
delivery of a manually executed counterpart hereof.

(f) Entire Agreement. This Amendment, together with all the Loan Documents
(collectively, the “Relevant Documents”), sets forth the entire understanding
and agreement of the parties hereto in relation to the subject matter hereof and
supersedes any prior negotiations and agreements among the parties relating to
such subject matter. No promise, condition, representation or warranty, express
or implied, not set forth in the Relevant Documents shall bind any party hereto,
and no such party has relied on any such promise, condition, representation or
warranty. Each of the parties hereto acknowledges that, except as otherwise
expressly stated in the Relevant Documents, no representations, warranties or
commitments, express or implied, have been made by any party to the other in
relation to the subject matter hereof or thereof. None of the terms or
conditions of this Amendment may be changed, modified, waived or canceled orally
or otherwise except in writing in accordance with Section 10.01 of the Credit
Agreement.

(g) Enforceability. Should any one or more of the provisions of this Amendment
be determined to be illegal or unenforceable as to one or more of the parties
hereto, all other provisions nevertheless shall remain effective and binding on
the parties hereto.

(h) Successors and Assigns. This Amendment shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns
(subject to Section 10.06 of the Credit Agreement).

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

 

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The following parties have caused this Amendment to be executed as of the date
first written above.

 

COMPANY:

CECO ENVIRONMENTAL CORP.,

a Delaware corporation

By:

/s/ Edward J. Prajzner

Name: Edward J. Prajzner Title: Chief Financial Officer SUBSIDIARY GUARANTORS:
AARDING THERMAL ACOUSTICS USA INC. ADWEST TECHNOLOGIES, INC. AVC, INC. CECO
ABATEMENT SYSTEMS, INC. CECO FILTERS, INC. CECO GROUP, INC. CECO MEXICO HOLDINGS
LLC CECOAIRE, INC. EFFOX INC. FISHER-KLOSTERMAN, INC. GMD ENVIRONMENTAL
TECHNOLOGIES, INC.

MET-PRO TECHNOLOGIES LLC

(f/k/a Mustang Acquisition II, LLC)

MUSTANG ACQUISITION, INC. NEW BUSCH CO., INC. THE KIRK & BLUM MANUFACTURING
COMPANY By:

/s/ Edward J. Prajzner

Name: Edward J. Prajzner Title: Chief Financial Officer CECO GROUP GLOBAL
HOLDINGS LLC FKI, LLC By:

/s/ Edward J. Prajzner

Name: Edward J. Prajzner Title: Chief Financial Officer

AMENDMENT NO. 1 TO CREDIT AGREEMENT AND LIMITED CONSENT

Signature Page

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H.M. WHITE, INC. By:

/s/ Edward J. Prajzner

Name: Edward J. Prajzner Title: Chief Financial Officer KBD/TECHNIC, INC. By:

/s/ Edward J. Prajzner

Name: Edward J. Prajzner Title: Chief Financial Officer BIO-REACTION INDUSTRIES
INC. MET-PRO HOLDINGS LLC MPC INC. PRISTINE WATER SOLUTIONS INC. STROBIC AIR
CORPORATION By:

/s/ Edward J. Prajzner

Name: Edward J. Prajzner Title: Chief Financial Officer MET-PRO INDUSTRIAL
SERVICES, INC. By:

/s/ Edward J. Prajzner

Name: Edward J. Prajzner Title: Chief Financial Officer

AMENDMENT NO. 1 TO CREDIT AGREEMENT AND LIMITED CONSENT

Signature Page

 

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ADMINISTRATIVE AGENT:

BANK OF AMERICA, N.A.,

as Administrative Agent

By:

/s/ Anthony W. Kell

Name: Anthony W. Kell Title: Vice President

AMENDMENT NO. 1 TO CREDIT AGREEMENT AND LIMITED CONSENT

Signature Page

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LENDERS: BANK OF AMERICA, N.A., as a Lender and an L/C Issuer By:

/s/ Joseph R. Jackson

Name: Joseph R. Jackson Title: Vice President

AMENDMENT NO. 1 TO CREDIT AGREEMENT AND LIMITED CONSENT

Signature Page

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FIFTH THIRD BANK, N.A., as a Lender and an L/C Issuer By:

/s/ Nick Jevic

Name: Nick Jevic Title: Vice President

AMENDMENT NO. 1 TO CREDIT AGREEMENT AND LIMITED CONSENT

Signature Page

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CITIZENS BANK, NATIONAL ASSOCIATION,

as a Lender and an L/C Issuer

By:

/s/ Dale R. Carr

Name: Dale R. Carr Title: Senior Vice President

AMENDMENT NO. 1 TO CREDIT AGREEMENT AND LIMITED CONSENT

Signature Page

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JPMORGAN CHASE BANK, N.A., as a Lender By:

/s/ Steven P. Sullivan

Name: Steven P. Sullivan Title: Authorized Officer

AMENDMENT NO. 1 TO CREDIT AGREEMENT AND LIMITED CONSENT

Signature Page

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ASSOCIATED BANK, NATIONAL ASSOCIATION, as a Lender By:

/s/ Mark Palazzo

Name: Mark Palazzo Title: Senior Vice President

AMENDMENT NO. 1 TO CREDIT AGREEMENT AND LIMITED CONSENT

Signature Page

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BRANCH BANKING AND TRUST COMPANY,

as a Lender

By:

/s/ Ryan T. Hamilton

Name: Ryan T. Hamilton Title: Assistant Vice President

AMENDMENT NO. 1 TO CREDIT AGREEMENT AND LIMITED CONSENT

Signature Page

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THE HUNTINGTON NATIONAL BANK,

as a Lender

By:

/s/ Joshua D. Elsea

Name: Joshua D. Elsea Title: Vice President

AMENDMENT NO. 1 TO CREDIT AGREEMENT AND LIMITED CONSENT

Signature Page

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PNC BANK, NATIONAL ASSOCIATION,

as a Lender

By:

/s/ Gregory Buchanan

Name: Gregory Buchanan Title: Senior Vice President

AMENDMENT NO. 1 TO CREDIT AGREEMENT AND LIMITED CONSENT

Signature Page

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TD BANK, N.A., as a Lender By:

/s/ Susan Schwartz

Name: Susan Schwartz Title: Vice President

AMENDMENT NO. 1 TO CREDIT AGREEMENT AND LIMITED CONSENT

Signature Page