EXHIBIT 10.49

 

AMENDED AND RESTATED REVOLVING CREDIT NOTE

 

$10,000,000.00

   Cincinnati, Ohio           November 10, 2004

 

FOR VALUE RECEIVED, the undersigned (collectively, the “Borrowers”), hereby
promise, jointly and severally, to pay to the order of Fifth Third Bank (the
“Bank”), at its office at Fifth Third Center, MD 109052, Cincinnati, Ohio 45263,
on the Termination Date (as defined in the Agreement referred to below), the
lesser of the principal sum of Ten Million Dollars ($10,000,000.00) and the
aggregate unpaid principal amount of the Revolving Credit Loan made by the Bank
to the Borrowers pursuant to Section 2.1 of the Credit Agreement dated as of
December 7, 1999, as subsequently amended, among the Borrowers and the banks
party thereto (as amended, supplemented or otherwise modified form time to time
(including hereafter modified), the “Agreement”), in lawful money of the United
States of America in immediately available funds, and to pay interest from the
date of disbursement thereof on such principal amount from time to time
outstanding, in like funds, at said office, at a rate or rates per annum and
payable ion the dates determined pursuant to the Agreement.

 

The holder of this Note is authorized to endorse on a schedule attached hereto
and made a part hereof or on a continuation thereof which shall be attached
hereto and made a part hereof all borrowings evidenced by this Note, the length
of each interest period with respect thereto and all payments and repayments of
the principal hereof and interest hereon and the respective dates thereof, or to
otherwise record such information in its internal records, and any such
endorsement or recordation shall constitute prima facie evidence of the accuracy
of the information so recorded; provided, however, that the failure of the
holder hereof to make any such endorsement or recordation or any error in such
endorsement or recordation shall not in any manner affect the obligations of the
Borrowers to make payment of principal and interest in accordance with the terms
of this Note and the Agreement.

 

This Amended and Restated Revolving Credit Note amends, consolidates, replaces
and restates the three Revolving Credit Notes, each dated on or about December
7, 1999, and each in the original maximum amount of $3,333,333.00 from Borrowers
(except CECO Abatement Systems, Inc., who became one of Borrowers pursuant to
the Fourth Amendment to Credit Agreement, dated as of August 20, 2001) to Bank,
PNC Bank, National Association (“PNC”) and Bank One, N.A. (“Bank One”). The
Revolving Credit Notes from Borrowers to PNC and Bank One were previously
assigned by PNC and Bank One to Bank pursuant to that certain Intercreditor
Agreement dated as of November 13, 2003. For all purposes of the Agreement, this
Note is the Revolving Credit Note(s) and the loan evidence by this Note is the
Revolving Credit Loan(s). This Note replaces the prior three Revolving Credit
Notes and is entitled to all of the benefits of the prior three Revolving Credit
Notes, all of the collateral therefore and all rights and benefits of the prior
three Revolving Credit Notes under the Agreement (as previously amended and as
hereinafter amended).

 

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This Note is the Revolving Credit Note referred to in, evidences indebtedness
incurred under, and is entitled to the benefits of the Agreement. The Agreement,
among other things, contains provisions for the acceleration of the maturity
hereof upon the happening of certain events, for a higher rate of interest on
past due amounts and for the amendment or waiver of certain provisions of the
Agreement, all upon the terms and conditions therein specified.

 

The Borrowers hereby waive diligence, presentment, demand, protest, and notice
of any kind whatsoever. The nonexercise by the holder of any of its rights
hereunder in any particular instance shall not constitute a waiver thereof in
that or any subsequent instance.

 

This Note shall be construed and interpretated in accordance with and governed
by the laws of the State of Ohio. Capitalized terms not otherwise defined herein
shall have the meanings set forth in the Agreement.

 

CECO GROUP, INC. By:  

/s/ Marshall J. Morris

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Name:   Marshall J. Morris Title:   CFO CECO FILTERS, INC. By:  

/s/ Marshall J. Morris

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Name:   Marshall J. Morris Title:   Treasurer AIR PURATOR CORPORATIOIN By:  

/s/ Marshall J. Morris

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Name:   Marshall J. Morris Title:   President NEW BUSH CO. INC. By:  

/s/ Marshall J. Morris

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Name:   Marshall J. Morris Title:   Treasurer THE KIRK & BLUM MANUFACTURING
COMPANY By:  

/s/ Marshall J. Morris

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Name:   Marshall J. Morris Title:   Treasurer

 

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KBD/TECHNIC, INC. By:  

/s/ Marshall J. Morris

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Name:   Marshall J. Morris Title:   Treasurer CECO ABATEMENT SYSTEMS, INC. By:  

/s/ Marshall J. Morris

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Name:   Marshall J. Morris Title:   Treasurer

 

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