Document:

Intercreditor Agreement

 Exhibit 10.46 
  
 INTERCREDITOR AGREEMENT 
  
 This Intercreditor Agreement (“Agreement”) is made as of this /13th/ day of November, 2003, by and among PNC BANK, NATIONAL ASSOCIATION (“PNC”), FIFTH THIRD BANK (“Fifth Third”) and BANK ONE, NA (“Bank
One”) (PNC, Fifth Third and Bank One, collectively, “Banks” and individually “Bank”). 
  
 A. By Credit Agreement dated December 7, 1999 (“Credit Agreement”), the Banks agreed to make, and have made, certain loans to CECO Group, Inc.,
CECO Filters, Inc., Air Purator Corporation, New Busch Co., Inc., the Kirk & Blum Manufacturing Company, KBD/Technic, Inc. and CECO Abatement Systems, Inc. (collectively “Borrowers”). 
  
 B. The Credit Agreement has been amended seven times and, as of even date
herewith, an Eighth Amendment to Credit Agreement is being executed (the Credit Agreement as so amended the “Amended Credit Agreement”). 
  
 C. The remaining loans which exist under the Amended Credit Agreement are a Revolving Credit Loan pursuant to which the Revolving Credit Commitment is
$8,000,000 (“Revolving Credit Loan”) and the Term Loan A, which has a principal balance due as of the date hereof of $6,805,880 (“Term Loan A”) (the Revolving Credit Loan and Term Loan A, collectively, the “Loans”).

  
 D. The Loans are secured by various mortgages on real property
and security interest in, and pledges of, personal property, pursuant to various mortgages, security agreements and pledge agreements (collectively “Security Documents”). 
  
 E. Pursuant to the Amended Credit Agreement, the Banks, each have commitments to fund one-third of the amounts required to
fund the Revolving Credit Loan. To date, each of the Banks has funded its commitment under the Revolving Credit Loan and has received payments so that each is owed one-third of the outstanding principal balance of the Revolving Credit Loan. The
Revolving Credit Loan is evidence by three Revolving Credit Notes, one to each Bank (each a “Revolving Credit Note” and together the “Revolving Credit Notes”). Each of the Banks has funded one-third of Term Loan A and has
received one-third of each payment on Term Loan A so that each Bank is owed one-third of the outstanding principal balance of Term Loan A. Term Loan A is evidenced by three Term Loan A Notes (each a “Term Loan A Note” and collectively
“Term Loan A Notes”). 
  
 F. The Banks have agreed to
reorganize the lending relationship which exists under the Amended Credit Agreement so that Fifth Third becomes the sole lender under the Revolving Credit Loan and PNC and Bank One become the only, and equal, lenders under Term Loan A. 

 
 G. The purpose of this Agreement is to set forth the terms of the
reorganization of the lending relationship under the Amended Credit Agreement. 

 Agreement 
  

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the Banks, the Banks agree as follows:

  
 1. Definitions. Unless defined in this Agreement,
capitalized words and phrases used in this Agreement which are defined in the Amended Credit Agreement shall have the meanings ascribed to them in the Amended Credit Agreement. 
  
 2. Revolving Credit Loan. In exchange for the payment of
$            , each, the receipt of which is hereby acknowledged by PNC and Bank One, PNC and Bank One hereby assign to Fifth Third all of their respective rights and obligations
with respect to the Revolving Credit Loan. Simultaneously with the execution and delivery of this Agreement, PNC and Bank One shall deliver to Fifth Third their respective original Revolving Credit Notes, endorsed payable to Fifth Third Bank,
without recourse, by duly authorized officers of PNC and Bank One. By executing this Agreement, Fifth Third agrees to be responsible for the Revolving Credit Commitment of all of the Banks under the Amended Credit Agreement, from and after the date
of this Agreement, and to indemnify and hold harmless PNC and Bank One with regard to any claims by Borrowers resulting from the failure of Fifth Third to fulfill any obligations of the Banks with respect to the Revolving Credit Loan which occurs on
or after the date of this Agreement. 
  
 3. Term A Loan. In
exchange for the payment of $            , each, by PNC and Bank One, the receipt of which is hereby acknowledged by Fifth Third, Fifth Third hereby assigns to PNC and Bank One
(one-half to each) all of Fifth Third’s interest in Term Loan A. Simultaneously with the execution and delivery of this Agreement, Fifth Third shall deliver to PNC and Bank One, Fifth Third’s original Term Loan A Note, endorsed payable to
PNC and Bank One, equally, without recourse, by a duly authorized officer of Fifth Third. 
  
 4. Collateral. The Banks acknowledge that all collateral is held pursuant to Security Documents which name PNC, as Agent, as the secured party and that PNC is holding such collateral as Agent for the Banks
under the Amended Credit Agreement. The Banks agree that to avoid the cost of assigning the Security Documents, PNC will continue to hold such collateral as Agent for the Banks under the Amended Credit Agreement, but that the relationship between
the Banks as to the collateral shall be revised in the manner set forth below. From and after the date of this Agreement, PNC and Bank One, equally, shall have, as security for the Borrowers’ obligations under Term Loan A, the first priority
lien and security interest in all real property and equipment which is collateral for the Loans under the Amended Credit Agreement and a second priority lien and security interest in all other collateral for the Loans under the Amended Credit
Agreement and Fifth Third will have, as security for the Borrowers’ obligations under the Revolving Credit Loan, a second priority lien and security interest in all real property and equipment which is collateral for the Loans under the Amended
Credit Agreement and a first priority lien and security interest in all other collateral for the Loans under the Amended Credit Agreement. Upon the occurrence of an Event of Default under the Amended Credit Agreement, PNC and Bank One shall share
equally in the proceeds of any sale or other disposition of all real property and equipment collateral for the Loans under the Amended 
  

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 Credit Agreement, until such time they are paid in full all amounts due to them under Term Loan A. Any proceeds in excess
of the amount due to PNC and Bank One as provided in the proceeding sentence shall be payable to Fifth Third, if necessary, to pay amounts due to Fifth Third under the Revolving Credit Loan. Upon the occurrence of an Event of Default under the
Amended Credit Agreement, Fifth Third shall be entitled to the proceeds of any sale or other disposition of all collateral, other than the real property and equipment collateral, which is security for the Loans under the Amended Credit Agreement,
until Fifth Third is paid in full all amounts due to Fifth Third under the Revolving Credit Loan. Any proceeds in excess of the amounts due to Fifth Third as provided in the preceding sentence shall be payable equally to PNC and Bank One, if
necessary to pay amounts due to them under Term Loan A. To the extent that the foregoing terms are inconsistent with the terms of the Amended Credit Agreement, and in particular Section 7.2(d) and (e) of the Amended Credit Agreement, the terms of
the Amended Credit Agreement are hereby amended. 
  
 5.
Voluntary Repayments. Neither PNC nor Bank One shall accept any voluntary prepayment of Principal of Term Loan A other than in conjunction with the payment in full of Borrowers’ obligations under the Revolving Credit Loan or the sale of
the real property and equipment collateral on which PNC and Bank One have the primary lien and security interest pursuant to paragraph 4 above without the prior written consent of Fifth Third. Fifth Third will not reduce the Revolving Credit
Commitment without the prior written consent of PNC and Bank One so long as Term Loan A is outstanding. 
  
 6. Agent. Under the Credit Agreement, PNC is Agent for the Banks. Effective on the date of this Agreement, except as noted in the following
sentence, Fifth Third shall be Agent for the Banks under the Amended Credit Agreement. PNC shall continue to be Agent for the Banks solely for the purpose of holding collateral as security for the Loans under the Amended Credit Agreement.

  
 7. Relationship to Amended Credit Agreement. This
Agreement amends certain provisions of the Amended Credit Agreement as among the Banks. As among the Banks, in the event of any inconsistency between this Agreement and the Amended Credit Agreement, this Agreement shall be controlling and the
Amended Credit Agreement shall be deemed to be amended hereby. 
  
 8. Modifications in Writing. No amendment, modification, supplement, termination, consent or waiver of, or to, any provision of this Agreement, nor any consent to any departure therefrom, shall in any event be effective unless the
same shall be in writing and signed by or on behalf of each of the Banks. Any waiver of any provision of this Agreement, or any consent to any departure from the terms of any provisions of this Agreement shall be effective only in the specific
instance and for the specific purposes for which given. 
  
 9.
Waivers, Failure or Delay. No failure or delay on the part of any Bank in the exercise of any power, right, remedy or privilege under this Agreement shall impair such power, right, remedy or privilege or shall operate as a waiver thereof; nor
shall any single or partial exercise of any such power, right or privilege preclude any other or further exercise of any other power, right or privilege. The waiver of any such right, power, remedy or privilege with respect to particular facts and
circumstances shall not be deemed to be a waiver with respect to other facts and circumstances. 
  

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 10. Notices and Communications. All notices, demands, instructions, and other communications
required or permitted to be given to or made upon any Bank shall be in writing and shall be delivered or sent by first-class mail, postage prepaid, or via overnight courier or hand delivered or delivered by facsimile transmission, and shall be
deemed to be given for the purposes of this Agreement on the day that such writing is properly dispatched in accordance with the terms hereof to the intended recipient. Unless such address is changed in a notice mailed or delivered in accordance
with the foregoing provisions of this Section, notices, demands, instructions and other communications in writing shall be given to or made upon the Banks at their respective addresses indicated on the signature pages hereof. 
  
 11. Headings. Section headings used in this Agreement are for
convenience of reference only and shall not constitute a part of this Agreement for any purpose or affect the construction of this Agreement. 
  
 12. Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different Banks on separate counterparts, each
of which counterpart, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute one and the same Agreement. This Agreement shall become effective upon execution and delivery of
a counterpart hereof by each of the Banks. 
  
 13. Severability
of Provisions. Any provision of this Agreement which is illegal, invalid, prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity, prohibition, or
unenforceability, without invalidating or impairing the remaining provisions hereof, or affecting the validity or enforceability for such provisions in any other jurisdiction. 
  
 14. Complete Agreement. This Agreement is intended by the parties as the final expression of their agreement and is
intended as a complete statement of the terms and conditions of their agreement. 
  
 15. Successors and Assigns. This Agreement is binding upon and inures to the benefit of the successors and assigns of each of the Banks. Each of the Banks agrees to maintain a copy of this Agreement together
with its copies of the Amended Credit Agreement and other documents relating thereto. Each of the Banks expressly reserves its right to transfer or assign its interest, in whole or in part, together with its rights hereunder, provided that, prior to
transferring or assigning any interest to any person or entity, each of the Banks shall disclose to such person or entity the existence and contents of this Agreement, shall provide such person or entity a complete and legible copy hereof, and shall
advise such person or entity that such Bank’s interests are subject to the terms hereof. 
  
 16. Applicable Law and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio. The parties consent to venue as to any matter arising from or relating to this
Agreement in Cincinnati, Hamilton County, Ohio. 
  

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 17. Representations. Each Bank represents and warrants to the other Banks that (a) the execution,
delivery and performance of this Agreement are within its powers, have been duly authorized by all requisite action, and do not and will not contravene the organizational or governance documents, any laws or any agreement or undertaking to which it
is a party or by which it is bound and (b) this Agreement is a legally binding obligation of such Bank, enforceable against such Bank in accordance with its terms. 
  
 18. Jury Wavier. Each Bank hereby voluntarily, irrevocably and unconditionally waives any right to have a jury
participate in resolving any disputes, whether sounding in contract, tort, or otherwise, between the Banks, arising out of, in connection with, relating to, or incidental to, the relationship established under this Agreement, or any other agreement
or document executed or delivered in connection herewith or the transactions between them related hereto. 
  
 IN WITNESS WHEREOF, the Banks have executed this Agreement as of the date first above set forth. 
  

			
	 PNC BANK, NATIONAL ASSOCIATION

		
	 By:
	 	 /s/ William C. Miles

	 Name:
	 	 William C. Miles

	 Its:
	 	 Vice President

	
	 Address

	 201 E. Fifth Street

	 Cincinnati, OH 45202

	 Fax No.: 513-651-8691

	
	 FIFTH THIRD BANK

		
	 By:
	 	 /s/ David G. Fuller

	 Name:
	 	 David G. Fuller

	 Its:
	 	 Vice President

	
	 Address

	 Fifth Third Center

	 MD 109052

	 Cincinnati, OH 45263

	 Fax No.: 513-534-8420

  

 5 

			
	 BANK ONE, NA

		
	 By:
	 	 /s/ Jeffrey C. Nicholson

	 Name:
	 	 Jeffrey C. Nicholson

	 Its:
	 	 First Vice President

	
	 Address

	 100 East Broad Street

	 Columbus, Ohio 43271-0225

	 Fax No.: 614-248-6438

  
 ACKNOWLEDGMENT
AND AGREEMENT OF BORROWERS 
  
 Borrowers hereby acknowledge this
Agreement; agree that Borrowers shall have no rights against PNC or Bank One arising from any failure by Fifth Third to fulfill any obligations of the Banks with respect to the Revolving Credit Loan which occurs on or after the date of this
Agreement; agree that they will not make any voluntary prepayments of principal of Term Loan A other than in conjunction with the payment in full of Borrowers’ obligations under the Revolving Credit Loan or the sale of the real property and
equipment collateral on which PNC and Bank One have the primary lien and security interest pursuant to paragraph 4 above; and agree that this Agreement shall amend the Amended Credit Agreement to the extent contemplated by paragraph 7 of this
Agreement. 
  

			
	 CECO GROUP, INC.

		
	 By:
	 	 /s/ Marshall J. Morris

	 Name:
	 	 Marshall J. Morris

	 Title:
	 	 CFO

	
	 CECO FILTERS, INC.

		
	 By:
	 	 /s/ Marshall J. Morris

	 Name:
	 	 Marshall J. Morris

	 Title:
	 	 Treasurer

  

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	 AIR PURATOR CORPORATION

		
	 By:
	 	 /s/ Marshall J. Morris

	 Name:
	 	 Marshall J. Morris

	 Title:
	 	 President

	
	 NEW BUSCH CO., INC.

		
	 By:
	 	 /s/ Marshall J. Morris

	 Name:
	 	 Marshall J. Morris

	 Title:
	 	 Treasurer

	
	 THE KIRK & BLUM MANUFACTURING COMPANY

		
	 By:
	 	 /s/ Marshall J. Morris

	 Name:
	 	 Marshall J. Morris

	 Title:
	 	 Treasurer

	
	 KBD/TECHNIC, INC.

		
	 By:
	 	 /s/ Marshall J. Morris

	 Name:
	 	 Marshall J. Morris

	 Title:
	 	 Treasurer

	
	 CECO ABATEMENT SYSTEMS, INC.

		
	 By:
	 	 /s/ Marshall J. Morris

	 Name:
	 	 Marshall J. Morris

	 Title:
	 	 Treasurer

  

 7Eighth Amendment to Credit AGreement

 Exhibit 10.47 
  
 EIGHT AMENDMENT TO CREDIT AGREEMENT 
  
 This EIGHTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made as of the /13th/ day of November, 2003 by and among CECO GROUP, INC., CECO FILTERS, INC., AIR PURATOR CORPORATION, NEW BUSCH CO., INC., THE
KIRK & BLUM MANUFACTURING COMPANY, KBD/TECHNIC, INC. and CECO ABATEMENT SYSTEMS, INC. (the “Borrowers”), and PNC BANK, NATIONAL ASSOCIATION (“PNC”), individually and as agent (in such capacity, the “Agent”) and
FIFTH THIRD BANK (“Fifth Third”) individually, and BANK ONE, NA (“Bank One”), individually (PNC, Fifth Third and Bank One, and their respective successors and assigns, collectively, the “Banks”). 
  
 BACKGROUND 
  
 A. The Agent, the Banks and the Borrowers are parties to a Credit
Agreement dated as of December 7, 1999 (“Credit Agreement”) as amended by Amendment to Credit Agreement, dated as of March 28, 2000, by Second Amendment to Credit Agreement dated as of November 10, 2000, by Third Amendment to Credit
Agreement dated as of March 30, 2001, by Fourth Amendment to Credit Agreement dated as of August 20, 2001, by Fifth Amendment to Credit Agreement dated as of March 27, 2002, by Sixth Amendment to Credit Agreement dated as of May 14, 2002 and by
Seventh Amendment to Credit Agreement dated as of November 13, 2002 (as amended, the “Amended Credit Agreement”). 
  
 B. The Banks by separate Intercreditor Agreement, dated as of the date hereof, agree to modify their positions so that from and after the date
hereof, Fifth Third Bank will be solely responsible for the Revolving Credit Commitment and will have no interest in the Term Loans (now only Term Loan A) and PNC and Bank One will own, on an equal basis, the Term Loan and Fifth Third Bank will
become Agent for all purposes under the Credit Agreement, except for being the mortgagee, pledgee or secured party under existing mortgages, pledges or security agreements, given to secure the Loans made pursuant to the Amended Credit Agreement.

  
 C. Borrowers and Guarantors are willing to consent to
the modification of positions of the Bank as discussed in B. above and further wish to amend the Amended Credit Agreement on the terms and conditions set forth herein. 
  
 NOW, THEREFORE, in consideration of the foregoing and for good and valuable consideration, the legality and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
  
 1. Definitions. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Amended
Credit Agreement. 

 2. Amendments to Credit Agreement. The Credit Agreement is hereby amended as follows:

  
 (a) Beginning on the date hereof, except as noted in
the following sentence, Fifth Third is substituted for PNC as Agent under the Amended Credit Agreement. PNC will continue to act as Agent for the Banks with respect to the mortgages, pledges, security agreements, financing statements and any other
documents involving collateral for the Loans. The parties to this Amendment consent to the foregoing. 
  
 (b) The definitions of “Termination Date” as set forth in Section 1.1 of the Credit Agreement and as revised in the Fourth Amendment to
Credit Agreement and the Seventh Amendment to Credit Agreement shall be deleted and shall be replaced with the following: 
  
 “Termination Date”. January 1, 2005. 
  
 (c) From and after the date hereof all rights and obligations of the Banks with respect to the Revolving Credit Loans
shall be rights and obligations of Fifth Third only and all rights and obligations of the Banks with respect to Term Loan A (the one remaining of the Term Loans) shall be the rights and obligations of PNC and Bank One, equally. At or prior to the
date hereof, PNC and Bank One shall each assign its respective Revolving Credit Note to Fifth Third, without recourse, and Fifth Third shall assign equally to PNC and Bank One its Term Loan A Note, without recourse. At or prior to the date hereof,
the Banks shall pay to each other or otherwise make financial adjustments with respect to the assignments of interests in the Notes to each other. By executing this Amendment each of the parties to this Amendment acknowledges that the Notes have
been assigned as provided above pursuant to Section 9.6 of the Credit Agreement and each of the Banks acknowledges full financial settlement among the Banks with respect to the assignments. 
  
 (d) Beginning at the end of the fiscal quarter ending December 31,
2003, Section 6.1(a) Leverage Ratio of the Credit Agreement, as previously modified in paragraph 2(m) of the Third Amendment to Credit Agreement, paragraph 2(h) of the Fourth Amendment to Credit Agreement, paragraph 2(a) of the Fifth
Amendment to Credit Agreement, paragraph 2(a) of the Sixth Amendment to Credit Agreement and paragraph 2(b) of the Seventh Amendment to Credit Agreement, shall be modified as follows: 
  
 (a) Leverage Ratio. Permit the Leverage Ratio, as of the end of the fiscal quarter ending on the dates specified
below, for the prior four consecutive fiscal quarters, to equal or exceed the amount set forth opposite such period: 
  

			
	 Last Day of Fiscal Quarter

	  	Leverage Ratio Must Not
Be Greater Than

	 December 31, 2003 through Termination Date
	  	3.20 to 1

  
 (e) Beginning
with the fiscal quarter ending December 31, 2003, Section 6.1(b) of the Credit Agreement, as previously modified in paragraph 2(n) of the Third Amendment to Credit Agreement, paragraph 2(i) of the Fourth Amendment to Credit Agreement, paragraph 2(b)
of the 
  

 2 

 Sixth Amendment to Credit Agreement and paragraph 2(c) of the Seventh Amendment to Credit Agreement, shall be as follows:

  
 (b) Fixed Charge Coverage Ratio. Permit the Fixed
Charge Coverage Ratio for each four consecutive calendar quarter period ending on each December 31, March 31, June 30 and September 30 thereafter through the Termination Date to be less than 1 to 1; 
  
 (f) Beginning with the four consecutive fiscal quarter period ending
March 31, 2004, Section 6.1(c) Interest Coverage Ratio of the Credit Agreement, as previously modified in paragraph 2(o) of the Third Amendment to Credit Agreement, paragraph 2(j) of the Fourth Amendment to Credit Agreement, paragraph 2(b) of
the Fifth Amendment to Credit Agreement, paragraph 2(c) of the Sixth Amendment to Credit Agreement and paragraph 2(d) of the Seventh Amendment to Credit Agreement, shall be modified as follows: 
  
 (c) Interest Coverage Ratio. Permit the Interest Coverage Ratio, as
of the end of each four consecutive fiscal quarter period ending on the dates specified below, to be less than the amount set forth opposite such period: 
  

			
	 Last Day of Fiscal Quarter

	  	Interest Coverage Ratio
Must Not Be Less Than

	 March 31, 2004 through the Termination
	  	2.1 to 1

  
 (g) The Banks
hereby agree that as security for the Term Loan A Notes, PNC and Bank One shall have as collateral a first secured position as to the mortgages and security interests in the real property and equipment of the Borrowers in which the Banks have
mortgages and security interests pursuant to the Amended Credit Agreement (“Security Interests”) and a second secured position as to all other assets of the Borrowers in which the Banks have Security Interests and that as security for the
Revolving Credit Notes, Fifth Third shall have a second secured position as to the Security Interests in real property and equipment and a first secured position in all other Security Interests. Upon any disposition the real property and equipment
collateral, whether before or after an Event of Default under the Amended Credit Agreement, or upon realization on any collateral after an Event of Default under the Amended Credit Agreement, PNC and Bank One will receive all proceeds from the sale
or realization on the real property and equipment collateral until they are paid in full on amounts due under Term Loan A and any balance shall be available, if necessary, for Fifth Third to pay amounts due on the Revolving Credit Loan and Fifth
Third will receive all proceeds from the sale or realization on all other collateral until it is paid in full on amounts due under the Revolving Credit Loan, and any balance shall be available, if necessary, for PNC and Bank One to pay amounts due
on Term Loan A. As between Bank One and PNC, all proceeds will be shared equally. To the extent that the foregoing is inconsistent with the Amended Credit Agreement and particularly Section 7.2(d) and (e) thereof, the Amended Credit Agreement is so
amended. The foregoing shall only relate to the Banks and their successors and assigns and does not create any rights in any third parties. 
  

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 3. Term Loan Payments. 
  
 (a) The outstanding principal balance of Term Loan A on the date hereof is $6,805,880. Principal payment on Term Loan
A shall continue at $523,530.00 per quarter due on November 30, 2003, February 28, 2004, May 31, 2004, August 31, 2004, and November 30, 2004. The final principal payment of $4,188,230 shall be due on January 1, 2005. Beginning with the November 30,
2003 payment, principal and interest payments with respect to Term Loan A shall be divided equally between PNC and Bank One. 
  
 (b) Term Loan B and Term Loan C have been paid in full and are terminated. 
  
 4. Interest Rates. 
  

Annex I to the Credit Agreement, as modified by paragraph 2(f) of the Third Amendment to Credit Agreement, paragraph 2(c) of the Fourth Amendment to
Credit Agreement, paragraph 4 of the Sixth Amendment to Credit Agreement and paragraph 4 of the Seventh Amendment to Credit Agreement, is hereby further modified to provide that from and after the date of this Amendment the interest rate on all
Loans is Base Rate plus 5% per annum. 
  
 5. Extension
Fee. Upon execution of this Amendment, Borrowers shall pay to: (i) Fifth Third, an Extension Fee in the amount of $20,000; (ii) PNC, an Extension Fee in the amount of $10,000; and (iii) Bank One, an Extension Fee in the amount of $10,000.
Provided that all amounts due pursuant to Term Loan A have not been paid in full prior thereto, on June 30, 2004, Borrowers shall pay to: (i) PNC, and additional Extension Fee in the amount of $5,000; and (ii) Bank One, an additional Extension Fee
in the Amount of $5,000. If all amounts due pursuant to Term Loan A have been paid prior to June 30, 2004, the additional Extension Fees payable to PNC and Bank One shall not be payable. 
  
 6. Appraisals and Field Audits. After January 1, 2004, Borrowers shall engage appraisals of the equipment and
real property of Borrowers by one or more appraisers who are acceptable to the Banks. Copies of the appraisals shall be completed and distributed to the Banks prior to March 1, 2004. After the date of this Amendment, Fifth Third shall perform all
field audits under the Amended Credit Agreement and shall promptly provide copies of reports of the field audits to the other Banks. 
  
 7. Amendment to the Loan Documents. All references to the Credit Agreement in the Loan Documents and in any documents executed in connection
therewith shall be deemed to refer to the Credit Agreement as amended by this Amendment and all prior amendments to the Credit Agreement. 
  
 8. Ratification of the Loan Documents. Notwithstanding anything to the contrary herein contained or any claims of the parties to the
contrary, the Agent, the Banks and the Borrowers agree that the Loan Documents and each of the documents executed in connection therewith are in full force and effect and each such document shall remain in full force and effect, as further amended
by this Amendment, and each of the Borrowers hereby ratifies and confirms its obligations thereunder. 
  

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 9. Representations and Warranties. 
  
 (a) Each Borrower hereby certifies that (i) the representations and
warranties of such Borrower in the Credit Agreement as previously amended and as amended herein, are true and correct in all material respects as of the date hereof, as if made on the date hereof, provided that, for purposes of this Amendment, only:
(x) the representations and warranties made in Section 3.1(a) and (b) and 3.21 of the Amended Credit Agreement shall relate to the most recent financial statements of the type referred to therein which have been given by the Borrowers to the Banks
(but the foregoing shall not be a waiver of any Default or Event of Default based on any representation or warranty made by the Borrowers in the Credit Agreement or any amendment thereof, prior to this Amendment, being untrue at the time made, or
for any breach of any covenant contained in the Credit Agreement, as amended prior to the date of this Amendment); (y) the representations and warranties made in Section 3.1(c) of the Amended Credit Agreement shall be made as of the date of this
Amendment and not as of the Closing Date; and (z) the representations and warranties made in Section 3.2 of the Amended Credit Agreement shall refer to Material Adverse Effect since the last audited consolidated financial statements of the Borrowers
provided to the Banks by the Borrowers, instead of since September 30, 1999 (but the foregoing shall not be a waiver of any Default or Event of Default based on any representation or warranty made by the Borrowers in the Credit Agreement or any
amendment thereof, prior to this Amendment, being untrue at the time made, or for any breach of any covenant contained in the Credit Agreement, as amended prior to the date of this Amendment); and (ii) no Event of Default and no event which could
become an Event of Default with the passage of time or the giving of notice, or both, under the Credit Agreement or the other Loan Documents exists on the date hereof. 
  
 (b) Each Borrower further represents that it has all the requisite power and authority to enter into and to perform
its obligations under this Amendment, and that the execution, delivery and performance of this Amendment have been duly authorized by all requisite action and will not violate or constitute a default under any provision of any applicable law, rule,
regulation, order, writ, judgment, injunction, decree, determination or award presently in effect or of the Articles of Incorporation or by-laws of such Borrower, or of any indenture, note, loan or credit agreement, license or any other agreement,
lease or instrument to which such Borrower is a party or by which such Borrower or any of its properties are bound. 
  
 (c) Each Borrower also further represents that its obligation to repay the Loans, together with all interest accrued thereon, is absolute and
unconditional, and there exists no right of set off or recoupment, counterclaim or defense of any nature whatsoever to payment of the Loans, and each Borrower further represents that the Agents and Banks have fully performed all of their respective
obligations under the Loan Documents through the date of this Amendment. 
  
 (d) Each Borrower also further represents that there have been no changes to the Articles of Incorporation, by-laws or other organizational documents of each such Borrower since the most recent date true and
correct copies thereof were delivered to the Agent. 
  

 5 

 10. Conditions Precedent. The effectiveness of the amendments set forth herein are subject
to the fulfillment, to the satisfaction of the Banks and their counsel, of the following conditions precedent: 
  
 (a) The Borrowers shall have delivered to the Banks the following, all of which shall be in form and substance satisfactory to the Banks and shall
be duly completed and executed: 
  
 (i) This
Amendment and the consents of the Guarantor and the Subordinated Creditors as attached hereto; and 
  
 (ii) Such additional documents, certificates and information as the Agent may require pursuant to the terms hereof or otherwise reasonably
request. 
  
 (b) The Banks acknowledge that they have
received evidence which is satisfactory to the Banks that $1,200,000 has been invested by owners in CECO Group, Inc. prior to the date of this Amendment. Borrowers acknowledge that they are required to provide company prepared, preliminary and draft
financial statements to the Banks on or before February 29, 2004 to establish that the financial covenants for December 31, 2003 as set forth in the Amended Credit Agreement have been satisfied. If those financial statements show that the Fixed
Charge Coverage Ratio is less than 1 to 1 as required by the Amended Credit Agreement, on or before March 31, 2004, the Borrowers shall provide to the Banks evidence which is satisfactory to the Banks that an additional $300,000 has been invested by
owners in CECO Group, Inc. Such investment shall not, however, cure any default which results from failure of the Borrowers to satisfy any financial covenants in the Amended Credit Agreement. 
  
 (c) After giving effect to the amendments contained herein, the
representations and warranties set forth in the Amended Credit Agreement shall be true and correct on and as of the date hereof. 
  
 (d) After giving effect to the amendments contained herein, no Event of Default hereunder, and no event which, with the passage of time or the
giving of notice, or both, would become such an Event of Default shall have occurred and be continuing as of the date hereof. 
  
 (e) The Borrowers shall have paid the portion of the Extension Fee which is due upon execution of this Amendment as provided in paragraph 5 above
and the reasonable fees and disbursements of the Banks’ counsel incurred in connection with this Amendment. 
  
 11. No Waiver. Except as expressly provided herein, this Amendment does not and shall not be deemed to constitute a waiver by the Agent or
the Banks of any Event of Default, or of any event which with the passage of time or the giving of notice or both would constitute an Event of Default, nor does it obligate the Agent or the Banks to agree to any further modifications to the Amended
Credit Agreement or any other Loan Document or constitute a waiver of any of the Agent’s or the Banks’ other rights or remedies. 
  

 6 

 12. Waiver and Release. The Borrowers each on behalf of themselves, their agents,
employees, officers, directors, successors and assigns, do hereby waive and release Agent and Banks, their agents, employees, officers, directors, affiliates, parents, successors and assigns, from any claims arising from or related to administration
of the Amended Credit Agreement and the Loan Document and any course of dealing among the parties not in compliance with those agreements from the inception of the Credit Agreement whether known or unknown through the date of execution and delivery
of this Amendment. 
  
 13. Effective Date. The
parties hereto agree that this Amendment shall for all purposes be deemed to be effective as of the date set forth in the first paragraph of this Amendment (the “effective date”) and for all purposes the Amended Credit Agreement shall be
deemed to have been amended as of such date to reflect the amendments to the Credit Agreement set forth in herein, even though this Amendment is executed after such date. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above written. 

 

			
	 CECO GROUP, INC.

		
	 By:
	 	 /s/ Marshall J. Morris

	 Name:
	 	 Marshall J. Morris

	 Title:
	 	 CFO

	
	 CECO FILTERS, INC.

		
	 By:
	 	 /s/ Marshall J. Morris

	 Name:
	 	 Marshall J. Morris

	 Title:
	 	 Treasurer

  

 7 

			
	 AIR PURATOR CORPORATION

		
	 By:
	 	 /s/ Marshall J. Morris

	 Name:
	 	 Marshall J. Morris

	 Title:
	 	 President

	
	 NEW BUSCH CO., INC.

		
	 By:
	 	 /s/ Marshall J. Morris

	 Name:
	 	 Marshall J. Morris

	 Title:
	 	 Treasurer

	
	THE KIRK & BLUM MANUFACTURING COMPANY
		
	 By:
	 	 /s/ Marshall J. Morris

	 Name:
	 	 Marshall J. Morris

	 Title:
	 	 Treasurer

	
	 KBD/TECHNIC, INC.

		
	 By:
	 	 /s/ Marshall J. Morris

	 Name:
	 	 Marshall J. Morris

	 Title:
	 	 Treasurer

	
	 CECO ABATEMENT SYSTEMS, INC.

		
	 By:
	 	 /s/ Marshall J. Morris

	 Name:
	 	 Marshall J. Morris

	 Title:
	 	 Treasurer

  

 8 

			
	PNC BANK, NATIONAL ASSOCIATION, as Agent and as a Bank
		
	 By:
	 	 /s/ William C. Miles

	 Name:
	 	 William C. Miles

	 Title:
	 	 Vice President

	
	 FIFTH THIRD BANK, as a Bank

		
	 By:
	 	 /s/ David G. Fuller

	 Name:
	 	 David G. Fuller

	 Title:
	 	 Vice President

	
	 BANK ONE, NA, as a Bank

		
	 By:
	 	 /s/ Jeffrey C. Nicholson

	 Name:
	 	 Jeffrey C. Nicholson

	 Title:
	 	 First Vice President

  

 9 

 GUARANTOR’S CONSENT 
  
 By Corporate Guaranty, dated December 7, 1999 (the “Guaranty”), the undersigned (the “Guarantor”)
guaranteed to the Agent and the Banks, subject to the terms and conditions set forth therein, the prompt payment and performance of all of the Obligations (as defined therein). The Guarantor consents to the Borrowers’ execution of the foregoing
Eighth Amendment to Credit Agreement. The Guarantor hereby acknowledges and agrees that the Guaranty remains unaltered and in full force and effect and is hereby ratified and confirmed in all respects. 
  

			
	 CECO ENVIRONMENTAL CORP.

		
	 By:
	 	 /s/ Phillip J. DeZwirek

	 Name:
	 	 Phillip J. DeZwirek

	 Title:
	 	 Chairman, CEO

  

 10 

 SUBORDINATED CREDITOR’S CONSENT 
  
 The undersigned (the “Subordinated Creditor”) is a party to the Subordination Agreement with the Agent and the
Banks and other subordinated creditors, dated December 7, 1999 (the “Subordination Agreement”). The Subordinated Creditor consents to the Borrowers’ execution of the foregoing Eighth Amendment to Credit Agreement. The Subordinated
Creditor hereby acknowledges and agrees that the Subordination Agreement remains unaltered and in full force and effect and is hereby ratified and confirmed in all respects. 
  

			
	 GREEN DIAMOND OIL CORP.

		
	 By:
	 	 /s/ Phillip J. DeZwirek

	 Name:
	 	 Phillip J. DeZwirek

	 Title:
	 	 President

  

 11 

 SUBORDINATED CREDITOR’S CONSENT 
  
 The undersigned (the “Subordinated Creditor”) is a party to the Subordination Agreement with the Agent and the
Banks and other subordinated creditors, dated December 7, 1999 (the “Subordination Agreement”). The Subordinated Creditor consents to the Borrowers’ execution of the foregoing Eighth Amendment to Credit Agreement. The Subordinated
Creditor hereby acknowledges and agrees that the Subordination Agreement remains unaltered and in full force and effect and is hereby ratified and confirmed in all respects. 
  

			
	 ICS TRUSTEE SERVICES, LTD.

		
	 By:
	 	  

	 Name:
	 	 
	 Title
	 	 

  

 12 

 SUBORDINATED CREDITOR’S CONSENT 
  
 The undersigned (the “Subordinated Creditor”) is a party to the Subordination Agreement with the Agent and the
Banks and other subordinated creditors, dated December 7, 1999 (the “Subordination Agreement”). The Subordinated Creditor consents to the Borrowers’ execution of the foregoing Eighth Amendment to Credit Agreement. The Subordinated
Creditor hereby acknowledges and agrees that the Subordination Agreement remains unaltered and in full force and effect and is hereby ratified and confirmed in all respects. 
  

	
	 HARVEY SANDLER

	
	

  
  
  
  

 13

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