Document:

Exhibit 10.4

EXHIBIT 10.4

THIRD AMENDMENT TO CREDIT AGREEMENT

This Third Amendment to Credit Agreement (“Third Amendment”) is made as of this 12th day of
July, 2010, by and among Borrowers (as defined below), which are listed on attached Schedule 1, the
Lenders (as defined below) signatory hereto and Comerica Bank, as Agent for the Lenders (in such
capacity, the “Agent”).

RECITALS

A. PMFG, Inc. (“Holdings”), Peerless Mfg. Co. (the “Company”), PMC Acquisition, Inc. (“PMC
Acquisition”), and, following the execution and delivery by any other Subsidiary (as defined in the
Credit Agreement), and acceptance by the Agent, from time to time, of a Credit Agreement Joinder
Agreement from such Subsidiary, collectively with the Company, PMC Acquisition and each such
Subsidiary, the “Borrowers” and each individually, a “Borrower”) are party to that certain
Revolving Credit and Term Loan Agreement dated April 30, 2008, with the financial institutions from
time to time signatory thereto (individually a “Lender,” and any and all such financial
institutions collectively the “Lenders”) and Agent (as amended or otherwise modified from time to
time, the “Credit Agreement”).

B. Borrowers have requested that Agent and the Lenders make certain amendments to the Credit
Agreement as set forth herein and Agent and the Lenders are willing to do so, but only on the terms
and conditions set forth in this Third Amendment.

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and
valuable consideration, the sufficiency and receipt of which are hereby acknowledged, Borrowers,
Agent and the Lenders agree as follows:

1. Section 8.6 of the Credit Agreement is amended and restated as follows: Article 8 of the
Credit Agreement is amended as follows:

“8.6 Limitation on Capital Expenditures. Make or commit to make (by
way of the acquisition of securities of a Person or otherwise) any expenditure in
respect of the purchase or other acquisition of fixed or capital assets (excluding
any such asset acquired in connection with normal replacement and maintenance
programs properly charged to current operations) except for (a) Reinvestments of Net
Proceeds from Asset Sales, Insurance Proceeds or Condemnation Proceeds to the extent
permitted under Section 4.8 hereof, (b) Capital Expenditures not to exceed
$1,500,000 in the aggregate to replace and upgrade the equipment and other assets of
Nitram and its Subsidiaries, (c) Capital Expenditures made solely from the Net Cash
Proceeds from the sale of the property located at 2819 Walnut Hill Lane, Dallas,
Texas 75229 in an aggregate amount not to exceed $4,000,000, but only to the extent
such proceeds have not been expended for any other purpose, (d) Capital Expenditures
made during the Fiscal Year ending June 30, 2011 in an aggregate amount not to
exceed 

Detroit 1017576 3

 

 

$2,500,000, only solely in connection with the acquisition by the Borrowers
from CEFCO Global Clean Energy, LLC of

the exclusive rights to use the process for the selective and sequential
capture and removal of pollutants from gaseous mixtures and (e) in addition to the
Capital Expenditures permitted under clause (b), (c) and (d), Capital Expenditures,
the aggregate amount of which in any Fiscal Year shall not exceed the Cap Ex Basket
plus any unused portion of such Cap Ex Basket for the Fiscal Year ending immediately
prior to the applicable Fiscal Year, provided that any amounts carried forward shall
be applied to the last Capital Expenditures made in the applicable Fiscal Year and
shall expire at the end of the applicable Fiscal Year. “Cap Ex Basket” shall mean
(i) at any time on or prior to the Trigger Date, $2,000,000 and (ii) after the
Trigger Date, $3,000,000.”

2. This Third Amendment shall become effective (according to the terms hereof) on the date
(the “Third Amendment Effective Date”) that the following conditions have been fully satisfied by
Borrowers (the “Conditions”):

	 	(a)	 	Agent shall have received via facsimile or electronic mail (followed by the
prompt delivery of original signatures) counterpart originals of this Third Amendment,
in each case duly executed and delivered by the Agent, Borrowers and the Lenders;

	 	(b)	 	Agent shall have received a copy of the fully executed CEFCO Process
Manufacturing Licensing Agreement between Company and CEFCO Global Clean Energy, LLC.

	 	(c)	 	Borrowers shall have paid to the Agent all fees and reasonable costs and
expenses, if any, owed to the Agent and accrued to the Third Amendment Effective Date,
in each case, as and to the extent required to be paid in accordance with the Loan
Documents.

3. Borrowers hereby certify to the Agent and the Lenders as of the Third Amendment Effective
Date and after giving effect to this Amendment, that (a) execution and delivery of this Third
Amendment and the other Loan Documents required to be delivered hereunder, and the performance by
Borrowers of their obligations under the Credit Agreement as amended hereby (herein, as so amended,
the “Amended Credit Agreement”) are within the Borrowers’ powers, have been duly authorized, are
not in contravention of law or the terms of its articles of incorporation or bylaws or other
organizational documents of the parties thereto, as applicable, and except as have been previously
obtained do not require the consent or approval, material to the amendments contemplated in this
Third Amendment, of any governmental body, agency or authority, and the Amended Credit Agreement
and the other Loan Documents required to be delivered hereunder will constitute the valid and
binding obligations of such undersigned parties enforceable in accordance with its terms, except as
enforcement thereof may be limited by applicable bankruptcy, reorganization, insolvency,
moratorium, ERISA or similar laws affecting the enforcement of creditors’ rights generally and by
general principles of equity (whether enforcement is sought in a proceeding in equity or at law),
(b) the representations and warranties set forth in Section 6 of the Amended Credit Agreement are
true and correct on and as of the Third Amendment Effective Date (except to the extent such
representations specifically relate to an earlier date), and (c) on and as of the Third Amendment
Effective Date, after giving
effect to this Third Amendment, no Default or Event of Default shall have occurred and be
continuing.

 

2

 

4. Except as specifically set forth above, this Third Amendment shall not be deemed to amend
or alter in any respect the terms and conditions of the Amended Credit Agreement (including without
limitation all conditions and requirements for Advances and any financial covenants), any of the
Notes issued thereunder or any of the other Loan Documents. Nor shall this Third Amendment
constitute a waiver or release by the Agent or the Lenders of any right, remedy, Default or Event
of Default under or a consent to any transaction not meeting the terms and conditions of the
Amended Credit Agreement, any of the Notes issued thereunder or any of the other Loan Documents.
Furthermore, this Third Amendment shall not affect in any manner whatsoever any rights or remedies
of the Lenders with respect to any other non-compliance by Borrowers or any Guarantor with the
Amended Credit Agreement or the other Loan Documents, whether in the nature of a Default or Event
of Default, and whether now in existence or subsequently arising, and shall not apply to any other
transaction. Borrowers hereby confirm that each of the Collateral Documents continues in full
force and effect and secures, among other things, all of its obligations, liabilities and
indebtedness owing to the Agent and the Lenders under the Credit Agreement and the other Loan
Documents (where applicable, as amended herein).

5. Borrowers hereby acknowledge and agree that this Third Amendment and the amendments
contained herein do not constitute any course of dealing or other basis for altering any obligation
of Borrowers, any other Credit Party, any Guarantor or any other party or any rights, privilege or
remedy of the Lenders under the Credit Agreement, any other Loan Document, any other agreement or
document, or any contract or instrument.

6. Except as specifically defined to the contrary herein, capitalized terms used in this Third
Amendment shall have the meanings set forth in the Credit Agreement.

7. This Third Amendment may be executed in counterpart in accordance with Section 13.9 of the
Credit Agreement and shall be considered a “Loan Document” within the meaning of the Credit
Agreement.

8. This Third Amendment shall be construed in accordance with and governed by the laws of the
State of Texas.

 

3

 

WITNESS the due execution hereof as of the day and year first above written.

	 	 	 	 	 
	 	COMERICA BANK, as Agent

 	 
	 	By:  	/s/ Kelly Cowherd
 	 
	 	 	Name:  	Kelly Cowherd 	 
	 	 	Title:  	Assistant Vice President 	 

Signature Page to Third Amendment (1017576)

 

 

	 	 	 	 	 
	 	PMFG, INC.

 	 
	 	By:  	/s/ Peter J. Burlage
 	 
	 	 	Name:  	Peter J. Burlage 	 
	 	 	Title:  	President 	 

	 	 	 	 	 
	 	PEERLESS MFG. CO.

 	 
	 	By:  	/s/ Peter J. Burlage
 	 
	 	 	Name:  	Peter J. Burlage 	 
	 	 	Title:  	President 	 

	 	 	 	 	 
	 	NITRAM ENERGY, INC.

 	 
	 	By:  	/s/ Peter J. Burlage
 	 
	 	 	Name:  	Peter J. Burlage 	 
	 	 	Title:  	President 	 

	 	 	 	 	 
	 	BOS-HATTEN, INC.

 	 
	 	By:  	/s/ Peter J. Burlage
 	 
	 	 	Name:  	Peter J. Burlage 	 
	 	 	Title:  	President 	 

	 	 	 	 	 
	 	BURGESS — MANNING, INC.

 	 
	 	By:  	/s/ Peter J. Burlage
 	 
	 	 	Name:  	Peter J. Burlage 	 
	 	 	Title:  	President 	 

	 	 	 	 	 
	 	BURMAN MANAGEMENT, INC.

 	 
	 	By:  	/s/ Peter J. Burlage
 	 
	 	 	Name:  	Peter J. Burlage 	 
	 	 	Title:  	President 	 

Signature Page to Third Amendment (1017576)

 

 

LENDERS:

	 	 	 	 	 
	 	COMERICA BANK, as a Lender, Issuing Lender
 and Swing
Line Lender

 	 
	 	By:  	/s/ Kelly Cowherd
 	 
	 	 	Name:  	Kelly Cowherd 	 
	 	 	Title:  	Assistant Vice President 	 

Signature Page to Third Amendment (1017576)

 

 

	 	 	 	 	 
	 	MB FINANCIAL BANK, N.A.

 	 
	 	By:  	/s/ David G. Killpack
 	 
	 	 	Name:  	David G. Killpack 	 
	 	 	Title:  	Senior Vice President 	 

Signature Page to Third Amendment (1017576)

 

 

	 	 	 	 	 
	 	CITIBANK N.A.

 	 
	 	By:  	/s/ Morah T. Purvia
 	 
	 	 	Name:  	Morah T. Purvia 	 
	 	 	Title:  	Vice President 	 

Signature Page to Third Amendment (1017576)

 

 

SCHEDULE 1

Peerless Mfg. Co.

PMC Acquisition, Inc.

Nitram Energy, Inc.

Bos-Hatten, Inc.

Burgess — Manning, Inc.

Burman Management, Inc.Exhibit 10.1

Exhibit 10.1

August 21, 2009

Insurance Services Office, Inc.

545 Washington Boulevard

Jersey City, New Jersey 07310-1686

	 	 	 	 	 
	 

	 	Re:
	 	Bank of America, N.A., et al -to- Insurance Services Office, Inc.:
	 

	 	 	 	Letter Amendment

Ladies and Gentlemen:

Reference is hereby made to that certain Credit Agreement dated as of July 2, 2009, executed
by and among Insurance Services Office, Inc., a Delaware corporation (hereinafter referred to as
the “Borrower”), as borrower, certain lenders made party thereto (hereinafter collectively
referred to as the “Lenders”), and Bank of America, N.A., in its capacity as the
Administrative Agent for the Lenders (hereinafter, in such capacity, referred to as the
“Administrative Agent”) (hereinafter referred to as the “Credit Agreement”).
Defined terms used but not expressly defined herein shall have the same meanings when used herein
as set forth in the Credit Agreement.

In order to correct an errant cross-reference in Section 2.05(b)(iii) of the Credit
Agreement, the Borrower and the Administrative Agent, for itself and on behalf of the Lenders,
hereby covenant and agree that the reference in said Section 2.05(b)(iii) to “Section
7.02” shall be deleted and a new corrected reference to “Section 7.03” shall be
inserted in its place and stead.

Kindly indicate the agreement of the Borrower with the terms and conditions of this letter
amendment by countersigning in the space provided below, and returning a countersigned copy of this
letter amendment to the undersigned.

	 	 	 	 	 
	 	Very truly yours,

BANK OF AMERICA, NATIONAL ASSOCIATION, in its

capacity as the Administrative Agent for the Lenders

 	 
	 	By:  	/s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	ACCEPTED AND AGREED AS OF THE 21ST DAY OF AUGUST, 2009:
	 
	 	 	 	 
	INSURANCE SERVICES OFFICE, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00178-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00178-of-00352.parquet"}]]