Document:

Exhibit

JPMORGAN CHASE BANK, N.A.
NINTH AMENDMENT TO CREDIT AGREEMENT
THIS NINTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of April 30, 2017 and is by and between FUEL TECH INC., a Delaware corporation (the “Borrower”), the Loan Parties party hereto, and JPMORGAN CHASE BANK, N.A., a national banking association (“Lender”).
WHEREAS, Lender and the Loan Parties are parties to a Credit Agreement dated as of June 30, 2009 (together with the eight amendments as described below, the “Credit Agreement”). The Credit Agreement evidences certain credit facilities pursuant to which the Lender has made certain revolving loans to the Loan Parties on the terms and conditions set forth therein. The Loan Parties’ obligations under the Credit Agreement were originally evidenced by that certain Promissory Note executed by Borrower in the original principal amount of $25,000,000.00 dated June 30, 2009 (the “Note”);
WHEREAS, pursuant to the First Amendment to Credit Agreement dated October 5, 2009, the parties corrected a scrivener's error which had occurred in Section 6.14 (b) (“Leverage Ratio”) of the Credit Agreement;
WHEREAS, pursuant to the Second Amendment to the Credit Agreement dated November 4, 2009, the Lender waived a default of the covenant set forth in Section 6.14(a) of the Agreement, amended the Minimum Net Income covenant, amended the Leverage Ratio, and amended the definitions of “Permitted Acquisitions” and “Applicable Rate”;
WHEREAS, pursuant to the Third Amendment to the Credit Agreement dated June 30, 2011, the Lender renewed and reduced the revolving credit facility evidenced by the Note to $15,000,000.00 and adjusted the Tangible Net Worth Covenant;
WHEREAS, pursuant to the Fourth Amendment to the Credit Agreement dated June 30, 2013, the Lender extended the maturity date of the revolving credit facility evidenced by the Note to June 30, 2015 and also amended the financial covenants set forth at Sections 6.14(b) (“Leverage Ratio”) and 6.14(c) (“Minimum Tangible Net Worth”) of the Credit Agreement;
WHEREAS, pursuant to the Fifth Amendment to the Credit Agreement dated June 20, 2014,, Lender made further adjustments to Section 6.14(c) of the Credit Agreement (“Minimum Tangible Net Worth”);
WHEREAS, pursuant to the Sixth Amendment to the Credit Agreement dated June 30, 2015, Lender, among other things, renewed the Revolving Credit Facility and extended same until June 30, 2017, changed certain pricing on the Revolving Credit Facility, waived certain financial covenant violations, and restated certain financial covenants;
WHEREAS, pursuant to the Seventh Amendment to the Credit Agreement dated December 31, 2015, the parties agreed, among other things, that (i) certain covenants

(Minimum EBITDA and Shareholder Equity) not be tested for the period ending December 31, 2015, with the Shareholder Equity covenant to be deleted in its entirety, (ii) a new Working Capital covenant be established and tested beginning as of December 31, 2015, and (iii) the Minimum EBITDA covenant be revised and tested beginning as of March 31, 2016;

WHEREAS, pursuant to the Eighth Amendment to the Credit Agreement dated May 9, 2016, the parties agreed, among other things, that (i) the Revolving Commitment would be reduced to $5,000,000.00 after August 1, 2016, (ii) a Cash Collateral Account of $25,000,000.00 as of August 2016 would be in place until Maturity, and (iii) as a result of the creation of the Cash Collateral Account of $25,000,000.00, all financial covenants have been deleted;
WHEREAS, the Lender is willing to so modify the terms of the Credit Agreement, but only on the terms and subject to the conditions set forth herein; and
NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree as follows:
1.The parties acknowledge the accuracy of the foregoing recitals. All capitalized terms used herein without specific definitions should be accorded the meanings set forth for such terms in the Credit Agreement.
2.From and after the date hereof, the definition of “Maturity Date” shall be amended to be April 30, 2019.
3.From and after the date hereof the term Obligations under the Credit Agreement and the Pledge shall be amended to include the obligations of Borrower to guaranty the indebtedness of Beijing Fuel Tech Environmental Technology Co., Ltd. to JPMorgan Chase Bank (China) Company Limited, Shanghai Branch.
4.The obligation of the Lender to amend the Agreement as herein above set forth and the effectiveness of this Amendment, is subject to satisfaction of the following conditions precedent:
		
	(a)
	Lender, Borrower and Loan Parties shall have executed this Amendment;

(b)Borrower shall be in good standing in the States of Illinois and Delaware;
		
	(c)
	Borrower shall pay all costs and fees incurred by Lender in connection with the preparation and performance of this Amendment;

		
	(d)
	There shall be no less than $6,020,000.00 in the Cash Collateral Account; and

		
	(e)
	Borrower shall ratify its obligation to guaranty the indebtedness of Beijing Fuel Tech Environmental Technology Co., Ltd. to JPMorgan Chase Bank (China) Company Limited, Shanghai Branch.

2
Ninth Amendment to  
Credit Agreement

successors and assigns of the Borrower, Loan Parties and the Lender.
6.Except as expressly amended hereby, the Credit Agreement shall remain in full force and effect. The Credit Agreement and its eight prior amendments as well as the Cash Collateral Account Pledge Agreement and all rights and powers created thereby are in all respects ratified and confirmed.
7.This Amendment has been duly authorized, executed and delivered on behalf of the Borrower and Loan Parties pursuant to all requisite corporate authority, and the Credit Agreement as amended hereby constitutes the legal, valid and binding obligation of the Borrower and Loan Parties, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to creditor’s rights.
8.Borrower hereby certifies, represents and warrants to Lender that all certifications, representations and warranties made by Borrower to Lender in or in connection with the Credit Agreement and the Cash Collateral Account Pledge Agreement were true in all material respects as of the date of the Credit Agreement and the Cash Collateral Account Pledge Agreement and are true in all material respects on and as of the date hereof as if made on and as of the date hereof.
9.Borrower and the Loan Parties hereby acknowledge and agree that they have no defenses, offsets or counterclaims to the payment of principal, interest, fees or other liabilities owing under the Credit Agreement and the Cash Collateral Pledge Agreement and they hereby waive and relinquish any such defenses, offsets or counterclaims and Borrower and the Loan Parties hereby release Lender and its respective officers, directors, agents, affiliates, successors and assigns from any claim, demand or cause of action, known or unknown, contingent or liquidated, which may exist or hereafter be known to exist relating to any matter prior to the date hereof.
10.Except as otherwise specified herein, this Amendment embodies the entire agreement and understanding between Lender and Borrower with respect to the subject matter hereof and supersedes all prior agreements, consents and understandings relating to such subject matter.
11.This Amendment may be signed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.
12.This Amendment is governed and controlled by the laws of the state of Illinois.
[Signature Page to Follow]
3
Ninth Amendment to  
Credit Agreement

IN WITNESS WHEREOF, this Amendment has been duly executed as of the date and year specified at the beginning hereof.
BORROWER:
FUEL TECH, INC.,
a Delaware corporation
By:    
Name: Title:
LOAN GUARANTOR:
FUEL TECH S.r.l.,
organized under the laws of the Italian Republic
By:    
Name: Title:
LENDER:
JPMORGAN CHASE BANK, N.A., a national association
By:    
Name: Title:
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Ninth Amendment to  
Credit AgreementExhibit 4.1

 

CAREY WATERMARK INVESTORS 2 INCORPORATED

 

AMENDED AND RESTATED DISTRIBUTION REINVESTMENT PLAN

 

1.         Participation; Agent.  Carey Watermark Investors 2 Incorporated’s Distribution Reinvestment Plan (“Plan”) is available to stockholders of record of the Class A Common Stock, par value $.001 per share, and the Class T Common Stock, par value $.001 per share, (collectively, the “Common Stock”) of Carey Watermark Investors 2 Incorporated (“CWI 2” or the “Company”). DST Systems, Inc. (“DST”) acting as agent for each participant in the Plan, will apply cash distributions that become payable to such participant on shares of Common Stock (including shares held in the participant’s name and shares accumulated under the Plan), to the purchase of additional whole and fractional shares of Common Stock of the same class for such participant, i.e. distributions paid on Class A Common Stock will be used to purchase additional shares of Class A Common Stock, and distributions paid on Class T Common Stock will be used to purchase additional shares of Class T Common Stock.

 

2.         Eligibility.  Participation in the Plan is limited to registered owners of Common Stock. Shares held by a broker-dealer or nominee must be transferred to ownership in the name of the stockholder in order to be eligible for this Plan. Further, a stockholder who wishes to participate in the Plan may purchase shares through the Plan only after receipt of a prospectus relating to the Plan, which prospectus may also relate to a concurrent public offering of shares by CWI 2. A participating stockholder is required to include all of the shares owned by such stockholder in the Plan.

 

3.         Stock Purchases.  In making purchases for the accounts of participants, DST may commingle the funds of one participant with those of other participants in the Plan. All shares purchased under the Plan will be held in the name of each participant. Purchases will be made directly from CWI 2 at the most recently published estimated net asset value (“NAV”) per share of CWI 2’s Class A Common Stock or Class T Common Stock, as applicable, as determined by Carey Lodging Advisors, LLC (the “Advisor”) or another firm CWI 2 chooses for that purpose. DST shall have no responsibility with respect to the market value of the Common Stock acquired for participants under the Plan.

 

4.         Timing of Purchases.  DST will make every reasonable effort to reinvest all distributions on the day the cash distribution is paid (except where necessary to comply with applicable securities laws) by CWI 2. If, for any reason beyond the control of DST, reinvestment of the distributions cannot be completed within 30 days after the applicable distribution payment date, participants’ funds held by DST will be distributed to the participant.

 

5.         Account Statements.  Following the completion of the purchase of shares after each distribution, DST will provide to each participant an account statement showing the cash distribution, the number of shares purchased with the cash distribution and the year-to-date and cumulative cash distributions paid.

 

6.         Expenses and Commissions.  There will be no direct expenses to participants for the administration of the Plan. Administrative fees associated with the Plan will be paid by CWI 2.

 

7.         Taxation of Distributions.  The reinvestment of distributions does not relieve the participant of any taxes which may be payable on such distributions.

 

8.         Stock Certificates.  No stock certificates will be issued to a participant.

 

9.         Voting of Shares.  In connection with any matter requiring the vote of either or both classes of CWI 2 stockholders, each participant will be entitled to vote all of the whole shares held by the participant in the Plan. Fractional shares will not be voted.

 

10.       Absence of Liability.  Neither CWI 2 nor DST shall have any responsibility or liability as to the value of CWI 2’s shares, any change in the value of the shares acquired for any participant’s account, or the rate of return earned on, or the value of, the interest-bearing accounts, if any, in which distributions are invested. Neither CWI 2 nor DST shall be liable for any act done in good faith, or for any good faith omission to act, including,

 

 

without limitation, any claims of liability: (a) arising out of the failure to terminate a participant’s participation in the Plan upon such participant’s death prior to the date of receipt of such notice, and (b) with respect to the time and prices at which shares are purchased for a participant. NOTWITHSTANDING THE FOREGOING, LIABILITY UNDER THE U.S. FEDERAL SECURITIES LAWS CANNOT BE WAIVED. Similarly, CWI 2 and DST have been advised that in the opinion of certain state securities commissioners, indemnification is also considered contrary to public policy and therefore unenforceable.

 

11.       Termination of Participation.  A participant may terminate participation in the Plan at any time by written instructions to that effect to DST. To be effective on a distribution payment date, the notice of termination and termination fee must be received by DST at least 15 days before that distribution payment date. Upon receipt of notice of termination from the participant, DST may also terminate any participant’s account at any time in its discretion by notice in writing mailed to the participant.

 

12.       Amendment, Supplement, Termination and Suspension of Plan.  This Plan may be amended, supplemented or terminated by CWI 2 at any time by the delivery of written notice to each participant at least 10 days prior to the effective date of the amendment, supplement or termination. Any amendment or supplement shall be effective as to the participant unless, prior to its effective date, DST receives written notice of termination of the participant’s account. Amendment may include an appointment by CWI 2 or DST with the approval of CWI 2 of a successor agent, in which event such successor shall have all of the rights and obligations of DST under this Plan. CWI 2 may suspend the Plan with regard to either or both classes of Common Stock at any time without notice to the participants.

 

13.       Governing Law.  This Plan and the authorization card signed by the participant (which is deemed a part of this Plan) and the participant’s account shall be governed by and construed in accordance with the laws of the State of Maryland provided that the foregoing choice of law shall not restrict the application of any state’s securities laws to the sale of shares to its residents or within such state. This Agreement cannot be changed orally.

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