Exhibit 10.26

 

 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT dated and
effective as of March 6, 2017 (this “Amendment”), is among CECO ENVIRONMENTAL
CORP., a Delaware corporation (the “Company”), BANK OF AMERICA, N.A., in its
capacity as the administrative agent (in such capacity, the “Administrative
Agent”), and each of the Lenders (as defined below).

 

Recitals:

 

A.The Company, the lenders party thereto (the “Lenders”) and the Administrative
Agent have entered into an Amended and Restated Credit Agreement dated as of
September 3, 2015 (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 Company has advised the Administrative Agent and the Lenders that it
desires to amend the Credit Agreement as set forth herein.  

C.Subject to the terms and conditions set forth below, the Administrative Agent
and the Lenders have agreed to so amend the Credit Agreement.

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

 

Section 1.Amendment(s) to Credit Agreement.  Subject to the terms and conditions
set forth herein, Section 2.05(a)(i) of the Credit Agreement is amended by
inserting “(excluding from such calculation the final payment due at maturity)”
at the end of the penultimate sentence thereof.  The parties hereto acknowledge
and agree that after giving effect to all principal prepayments of Term Loans
that have occurred prior to the date hereof, the quarterly principal
installments with respect to the Term Loans as of the date hereof shall be as
set forth on Schedule 2.07(a) attached hereto.  

 

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

 

Section 2.Condition Precedent. The effectiveness of this Amendment and the
amendment(s) contemplated hereby is subject to the receipt by the Administrative
Agent of counterparts of this Amendment, duly executed and delivered by the
Company, the Administrative Agent and each of the Lenders.

 

Section 3.Miscellaneous.

 

(a)Ratification and Confirmation of Loan Documents. The Company hereby consents,
acknowledges and agrees to the amendment(s) set forth herein and hereby confirms
and ratifies in all respects the Loan Documents to which the Company is a party
(including, without limitation,

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the continuation of the liens granted under the Collateral Documents to secured
the Secured Obligations), in each case after giving effect to the amendment(s)
contemplated hereby.

 

(b)[Reserved.]

 

(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.

 

By:  /s/ Matthew Eckl___________

Name:  Matthew Eckl_

Title:Chief Financial Officer

 

 

 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

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ADMINISTRATIVE AGENT:

 

BANK OF AMERICA, N.A.,

as Administrative Agent

 

 

By:  /s/ Ronaldo Naval

Name:  Ronaldo Naval

Title:    Vice President

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

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LENDERS:

 

BANK OF AMERICA, N.A., as a Lender

 

 

By:  /s/ Lauren Bryan

Name:  Lauren Bryan

Title:    Officer

 

 

 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

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CITIZENS BANK of pennsylvania, as a Lender

 

 

By:  /s/ Michael Puleo

Name:  Michael Puleo

Title:  Vice Preseident

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

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

 

 

By:  /s/ Joe Carroll

Name:  Joe Carroll

Title:  Senior Underwriter

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

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FIFTH THIRD BANK, n.a., as a Lender

 

 

By:  /s/ John R Gray

Name:  John R Gray

Title:  Officer

 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

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TD bank, n.a., as a Lender

 

 

By:  /s/ Susan Heyward

Name:  Susan Heyward

Title:  Vice President

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

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PNC BANK, NATIONAL ASSOCIATION, as a Lender

 

 

By:  /s/ Gregory S Buchanan

Name:  Gregory Buchanan

Title:  Senior Vice President

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

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citibank, n.a., as a Lender

 

 

By:  /s/ John Torres

Name:  John Torres

Title:  Senior Vice President

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

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ASSOCIATED BANK, NATIONAL ASSOCIATION, as a Lender

 

 

By:  /s/ William W. Carroll

Name:  William W. Carroll

Title:  Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

Signature Page

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SCHEDULE 2.07(a)

 

TERM LOAN FACILITY AMORTIZATION SCHEDULE

Last Business Day of

Principal Payment Amount

March 2017

$1,737,951.72

June 2017

$1,737,951.72

September 2017

$1,737,951.72

December 2017

$2,317,268.97

March 2018

$2,317,268.97

June 2018

$2,317,268.97

September 2018

$2,317,268.97

December 2018

$2,896,586.20

March 2019

$2,896,586.20

June 2019

$2,896,586.20

September 2019

$2,896,586.20

December 2019

$2,896,586.20

March 2020

$2,896,586.20

June 2020

$2,896,586.20

Maturity Date

Entire outstanding principal amount of Term Loans

 

 

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