<SEC-DOCUMENT>0000914122-13-000017.txt : 20130320
<SEC-HEADER>0000914122-13-000017.hdr.sgml : 20130320
<ACCEPTANCE-DATETIME>20130320172802
ACCESSION NUMBER:		0000914122-13-000017
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20130315
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20130320
DATE AS OF CHANGE:		20130320

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MFRI INC
		CENTRAL INDEX KEY:			0000914122
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564]
		IRS NUMBER:				363922969
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32530
		FILM NUMBER:		13705848

	BUSINESS ADDRESS:	
		STREET 1:		7720 LEHIGH AVE
		CITY:			NILES
		STATE:			IL
		ZIP:			60714
		BUSINESS PHONE:		8479661000

	MAIL ADDRESS:	
		STREET 1:		7720 LEHIGH AVE
		CITY:			NILES
		STATE:			IL
		ZIP:			60714

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MIDWESCO FILTER RESOURCES INC
		DATE OF NAME CHANGE:	19970402
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a8-kloanamendment.htm
<DESCRIPTION>8-K
<TEXT>
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		<title>8-K Loan Amendment</title>
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<a name="s285f1663fdb64ec4a6caa85c61a67b03"></a><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WASHINGTON, DC 20549</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">________________</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">FORM 8-K</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Pursuant to Section 13 or 15(d) of the </font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Securities Exchange Act of 1934</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Date of Report (Date of earliest event reported): March 15, 2013</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;"><img src="mfrilogoa09.jpg" style="height:74px;width:165px;"></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MFRI, INC.</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(exact name of registrant as specified in charter)</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:84.9609375%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td width="30%"></td><td width="3%"></td><td width="34%"></td><td width="3%"></td><td width="30%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Delaware</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(State or other jurisdiction of incorporation)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">0-18370</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(Commission File Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">36-3922969</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(IRS Employer Identification No.)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">7720 North Lehigh Avenue, Niles, Illinois  60714</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(Address of principal executive offices)  (Zip Code)</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Registrant's telephone number, including area code:  </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">(847) 966-1000</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Not Applicable</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(Former name or former address, if changed since last report)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">see </font><font style="font-family:inherit;font-size:12pt;">General Instruction A.2. below): </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.359375%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="4%"></td><td width="96%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.359375%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="4%"></td><td width="96%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.359375%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="4%"></td><td width="96%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.359375%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="4%"></td><td width="96%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><hr style="page-break-after:always"><a name="s4CC00913F27D58D1ED70848531CC3429"></a><br><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Item 1.01.</font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Entry into a Material Definitive Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">On March 15, 2013, MFRI, Inc. ("Company") executed the Third Amendment ("Amendment") to Second Amended and Restated Loan and Security Agreement (as amended, the "Agreement") by and among Bank of America, N.A. and the Company and its subsidiaries Midwesco Filter Resources, Inc., Perma-Pipe, Inc., Thermal Care, Inc., TDC Filter Manufacturing, Inc., Midwesco Mechanical and Energy, Inc., Perma-Pipe International Company, LLC, and Perma-Pipe Canada, Inc.  Among other things, the Amendment extends the term of the Agreement through and including November 30, 2016.  The text of the Amendment is filed as Exhibit 10.1 to this report and incorporated herein by reference.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Item 9.01</font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Financial Statements and Exhibits.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d) Exhibits.&#160;&#160;&#160;&#160;The following Exhibits are included with this Current Report on Form 8-K.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit No.</font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Description</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.1</font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Third Amendment to Second Amended and Restated Loan and Security Agreement</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">******</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The statements and certain other information contained in this report, which can be identified by the use of forward-looking terminology such as "may," "will," "expect," "continue," "remains," "intend," "aim," "towards," "should," "prospects," "could," "future," "potential," "believes," "plans," "likely," "anticipate," "position," and "probable," or the negative thereof or other variations thereon or comparable terminology, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby.  These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment.  Such risks and uncertainties could cause actual results to differ materially from those projected.  These uncertainties include, but are not limited to, economic conditions, market demand and pricing, competitive and cost factors, and other risk factors.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><hr style="page-break-after:always"><a name="s0682E4AD0C86344E1249848536501B1A"></a><br><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SIGNATURES</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:673px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="240px"></td><td width="16px"></td><td width="417px"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Date:  March 20, 2013</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MFRI, INC.</font></div><div style="font-size:12pt;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="font-size:12pt;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Michael D. Bennett</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Michael D. Bennett</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Vice President, Secretary and Treasurer</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><hr style="page-break-after:always"><a name="s109B0F42A2C898C4C669848FC1FB3126"></a><br><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">EXHIBIT INDEX</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:88.4765625%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="16%"></td><td width="1%"></td><td width="83%"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit No.</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Description</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Third Amendment to Second Amended and Restated Loan and Security Agreement</font></div><div style="padding-bottom:6px;padding-top:6px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br>	</body>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>a3rdamendment.htm
<DESCRIPTION>3RD AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AGREEMENT
<TEXT>
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<a name="s7f4f7fd2a5234a0a95834cc003e85d2d"></a><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.1</font></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THIRD AMENDMENT TO SECOND AMENDED AND</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">RESTATED LOAN AND SECURITY AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THIS THIRD AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT</font><font style="font-family:inherit;font-size:12pt;">&#32;("Third Amendment") is made as of this 15th day of March, 2013, by and among </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">BANK OF AMERICA, N.A.</font><font style="font-family:inherit;font-size:12pt;">, a national banking association ("Bank of America") with an office at 135 South LaSalle Street, 4</font><font style="font-family:inherit;font-size:12pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">th</sup></font><font style="font-family:inherit;font-size:12pt;">&#32;Floor, Chicago, Illinois 60603, individually as a Lender and as Agent ("Agent") for itself and any other financial institution which is or becomes a party hereto (each such financial institution, including Bank of America, is referred to hereinafter individually as a "Lender" and collectively as the "Lenders"), the </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">LENDERS</font><font style="font-family:inherit;font-size:12pt;">&#32;and </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MFRI, INC.</font><font style="font-family:inherit;font-size:12pt;">, a Delaware corporation ("MFRI"), </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MIDWESCO FILTER RESOURCES, INC.</font><font style="font-family:inherit;font-size:12pt;">, a Delaware corporation ("Midwesco"), </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PERMA&#8209;PIPE, INC.</font><font style="font-family:inherit;font-size:12pt;">, a Delaware corporation ("Perma&#8209;Pipe"), </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THERMAL CARE, INC.</font><font style="font-family:inherit;font-size:12pt;">, a Delaware corporation ("Thermal Care"), </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">TDC FILTER MANUFACTURING, INC.</font><font style="font-family:inherit;font-size:12pt;">, a Delaware corporation ("TDC"), </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MIDWESCO MECHANICAL AND ENERGY, INC.</font><font style="font-family:inherit;font-size:12pt;">, a Delaware corporation ("Mechanical") and </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PERMA&#8209;PIPE INTERNATIONAL COMPANY, LLC</font><font style="font-family:inherit;font-size:12pt;">, a Delaware limited liability company ("Perma&#8209;Pipe International") and </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PERMA-PIPE CANADA, INC.</font><font style="font-family:inherit;font-size:12pt;">, a Delaware corporation ("Perma&#8209;Pipe Canada").  Capitalized terms used in this Agreement have the meanings assigned to them in Appendix A, General Definitions.  Accounting terms not otherwise specifically defined herein shall be construed in accordance with GAAP consistently applied.  MFRI, Midwesco, Perma&#8209;Pipe, Thermal Care, TDC, Mechanical, Perma&#8209;Pipe International and Perma&#8209;Pipe Canada are sometimes hereinafter referred to individually as a "Borrower" and collectively as "Borrowers".</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, Borrowers, Agent, and the Lender signatories thereto hereto entered into that certain Second Amended and Restated Loan and Security Agreement dated April&#160;30, 2012 as amended by a certain First Amendment to Second Amended and Restated Loan and Security Agreement by and among Borrowers, Agent and the Lender signatories thereto dated June 8, 2012 and by a certain Second Amendment to Second Amended and Restated Loan and Security Agreement by and among Borrowers' Agent and the Lender signatures hereto dated October 12, 2012 (said Second Amended and Restated Loan and Security Agreement, as amended from time to time, the "Loan Agreement");</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, in consideration of the following terms and conditions, the parties agreed as follows:</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:24px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:24px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Definitions</font><font style="font-family:inherit;font-size:12pt;">.  Except as otherwise specifically provided for herein, all capitalized terms used herein without definition shall have the meanings contained in the Loan Agreement.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-indent:24px;"><font style="font-family:inherit;font-size:12pt;padding-right:24px;">2.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Amended and Additional Definitions</font><font style="font-family:inherit;font-size:12pt;">.  The definition of "Applicable Margin" contained in Appendix A to the Loan Agreement is hereby deleted and the following in inserted in its stead.  The following definitions of "Reporting Trigger Period," "Term Loan Notes", "Third Amendment Term Loan", "Third Amendment Term Loan Commitment", "Third Amendment" and "Third Amendment Effective Date" are hereby inserted into Appendix A of the Loan Agreement in appropriate alphabetical order:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><hr style="page-break-after:always"><a name="s7f4f7fd2a5234a0a95834cc003e85d2d"></a><br><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Applicable Margin</font><font style="font-family:inherit;font-size:12pt;">:  with respect to any Type of Loan, the margin set forth below, as determined by average Availability for the ninety (90) day period ending the date immediately prior to the first day of each fiscal quarter:</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.359375%;border-collapse:collapse;text-align:left;"><tr><td colspan="7"></td></tr><tr><td width="11%"></td><td width="20%"></td><td width="17%"></td><td width="15%"></td><td width="12%"></td><td width="13%"></td><td width="12%"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Level</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Availability</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Base Rate Revolving Portion</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">LIBOR Revolving Portions</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Base Rate Term Portion</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">LIBOR Term Portion</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Unused Line Fee</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">I</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="font-size:12pt;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#8804; </font><font style="font-family:inherit;font-size:12pt;">$5,500,000</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0.75%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.75%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0.375%</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">II</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="font-size:12pt;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&gt; </font><font style="font-family:inherit;font-size:12pt;">$5,500,000,   but   &#8804;  $7,500,000</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0.5%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.5%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0.75%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.75%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0.375%</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">III</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="font-size:12pt;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&gt; $7,500,000,   but &#8804;    $9,500,000</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0.25%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.25%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0.5%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.5%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0.375%</font></div></td></tr><tr><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">IV</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="font-size:12pt;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&gt; </font><font style="font-family:inherit;font-size:12pt;">$9,500,000</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8212;%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0.25%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.25%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">0.375%</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Until May 1, 2013, margins shall be determined as if Level I were applicable.  Thereafter, the margins shall be subject to increase or decrease upon the first day of each fiscal quarter.  The foregoing notwithstanding, if Borrowers' Fixed Charge Coverage Ratio for the most recently ended "Applicable Margin Measuring Period" (as hereinafter defined) is 1.00 to 1.0 or more, then the percentages in the above grid (other than with respect to the Unused Line Fee) shall be reduced by 0.50% (e.g., Level I Base Rate Revolving Portion would reduce from 0.75% to 0.25%, etc.).  Applicable Margin Measuring Period means the six (6) month period ended April 30, 2013 and each twelve (12) month period ended May 31, 2013 and the last day of each calendar month thereafter.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Reporting Trigger Period</font><font style="font-family:inherit;font-size:12pt;">&#32;- the period (a) commencing on the day that an Event of Default occurs, or Availability is less than the greater of (x) $9,500,000 and (y) 25% of the Borrowing Base at any time; and (b)&#160;continuing until, during the preceding 60 consecutive days, no Event of Default has existed and Availability has been greater than the greater of (x) $9,500,000 and (y) 25% of the greater of the Borrowing Base and the Revolving Credit Maximum Amount, at all times.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Term Loan Notes</font><font style="font-family:inherit;font-size:12pt;">&#32;- prior to the funding of the Third Amendment Term Loan, the Secured Promissory Notes executed by Borrowers on or about March&#160;28, 2005 in favor of each applicable Lender to evidence its 2005 Term Loan and upon the funding of Third Amendment Term Loan, the Term Loan Note attached to the Third Amendment as </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit 1.3</font><font style="font-family:inherit;font-size:12pt;">, together with any replacement or successor notes therefor.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Third Amendment Term Loan Commitment</font><font style="font-family:inherit;font-size:12pt;">&#32;- with respect to any Lender, the amount of such Lender's Third Amendment Term Loan Commitment pursuant to subsection&#160;1.3 of the Agreement (as Section 1.3 is amended by the Third Amendment), as set forth below such Lender's name on the signature pages to the Third Amendment or any Assignment and Acceptance Agreement executed by such Lender.  In the event that the aggregate and if the amount of the Third Amendment Term Loan is less than $2,500,000, then each Lender's Third Amended Term Loan Commitment shall be proportionately reduced.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Third Amendment</font><font style="font-family:inherit;font-size:12pt;">&#32;- that certain Third Amendment to Loan and Security Agreement dated as of March 15, 2013 by and among Borrowers, Lenders and Agent.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Third Amendment Effective Date</font><font style="font-family:inherit;font-size:12pt;">&#32;- as defined in Section 14 of the Third Amendment.</font></div><br><hr style="page-break-after:always"><a name="s7f4f7fd2a5234a0a95834cc003e85d2d"></a><br><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Third Amendment Term Loan</font><font style="font-family:inherit;font-size:12pt;">&#32;- as defined in Section 1.3 of the Loan Agreement (as Section 1.3 is amended by the Third Amendment).</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:24px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:24px;">3.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Term Loan</font><font style="font-family:inherit;font-size:12pt;">.  Section 1.3 of the Loan Agreement is hereby deleted and the following is inserted in its stead: </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">"1.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Term Loan</font><font style="font-family:inherit;font-size:12pt;">.  On or about March 28, 2005, each Lender made a term loan (collectively, the "2005 Term Loan") to Borrowers in the original aggregate principal amount of $4,300,000.  Upon [ten (10)] Business Days' prior written notice to Agent, each Lender shall make additional term loans (the "Third Amendment Term Loan") to Borrowers. The aggregate amount of the Third Amendment Term Loan shall be equal to (x) the lesser of (i) $2,500,000 and (ii) 85% net orderly liquidation value of Borrower's Equipment as determined by an appraisal in form and substance reasonably acceptable to Agent and dated no later than sixty (60) days prior to the date of the requested Third Amendment Term Loan </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">minus</font><font style="font-family:inherit;font-size:12pt;">&#32;(y) the outstanding principal balance of the 2005 Term Loan as of the date the Third Amendment Term Loan is to be advanced.  The proceeds of such Third Amendment Term Loan shall be used solely for purposes for which the proceeds of the Revolving Credit Loans are permitted to be used.  The 2005 Term Loan and the Third Amendment Term Loan are hereunder collectively referred to as the "Term Loan".  The Term Loan shall be repayable in accordance with the terms of the Term Loan Notes (which Borrowers agree to execute and deliver to the Lenders prior to or simultaneously with the making of the Third Amendment Term Loan) and shall be secured by all of the Collateral.  The foregoing notwithstanding, Borrowers shall not be permitted to request and Lenders shall not be required to make any Third Amendment Term Loans if (x) after giving effect thereto, a Default or Event of Default exists or (y) MRFI's chief financial officer has not delivered to Agent a Compliance Certificate in form and substance reasonably acceptable to Agent evidencing that the Fixed Charge Coverage Ratio for the most recently ended Measuring Period equaled or exceeded 1.00 to 1.0." </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:24px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:24px;">4.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Principal Payments of Revolving Credit Loans</font><font style="font-family:inherit;font-size:12pt;">.  Clause (i) of Subsection 3.2.1 of the Loan Agreement is hereby deleted and the following is inserted in its stead. </font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">"3.2.1&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Principal</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;text-indent:100px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:44px;">(i)</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Revolving Credit Loans</font><font style="font-family:inherit;font-size:12pt;">.  Principal on account of Revolving Credit Loans shall be payable by Borrowers to Agent for the ratable benefit of Lenders immediately upon the earliest of (i)&#160;while a Trigger Period exists, the receipt by Agent or any Borrower of any proceeds of any of the Collateral (except as otherwise provided herein), including without limitation pursuant to subsections&#160;3.3.1 and 6.2.4, to the extent of said proceeds, subject to Borrowers' rights to reborrow such amounts in compliance with subsection&#160;1.1.1 hereof; (ii)&#160;the occurrence of an Event of Default in consequence of which Agent or Majority Lenders elect to accelerate the maturity and payment of the Obligations, or (iii)&#160;termination of this Agreement pursuant to Section&#160;4 hereof; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that, if an Overadvance shall exist at any time, Borrowers shall, on demand, repay the Overadvance.  Each payment (including principal prepayment) by Borrowers on account of principal of the Revolving Credit Loans shall be applied </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">first</font><font style="font-family:inherit;font-size:12pt;">&#32;to the Base Rate Portion, and </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">second</font><font style="font-family:inherit;font-size:12pt;">&#32;to LIBOR Portions."</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;padding-left:148px;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">*&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;*</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:24px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:24px;">5. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Term of Agreement</font><font style="font-family:inherit;font-size:12pt;">.  Section 4.1 of its Loan Agreement is hereby deleted and the following is inserted in its stead:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">"4.1  Term of Agreement.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Subject to the right of Lenders to cease making Loans to Borrowers during the continuance of any Default or Event of Default, this Agreement shall be in effect for a period through and including November 30, 2016 (the "Term"), unless terminated as provided in Section 4.2 hereof."</font></div><br><hr style="page-break-after:always"><a name="s7f4f7fd2a5234a0a95834cc003e85d2d"></a><br><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:24px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:24px;">6. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Cash Dominion</font><font style="font-family:inherit;font-size:12pt;">.  Subsection 6.2.4 of the Loan Agreement is hereby deleted and the following is inserted in its stead.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">"6.2.4&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Maintenance of Dominion Account</font><font style="font-family:inherit;font-size:12pt;">.  Borrowers shall maintain a Dominion Account or Accounts pursuant to lockbox and blocked account arrangements acceptable to Agent with Bank.  Borrowers shall issue to Bank an irrevocable letter of instruction directing Bank to deposit all payments or other remittances received in the lockbox and blocked accounts to the Dominion Account. While a Trigger Period exists, all funds deposited in any Dominion Account shall immediately become the property of Agent, for the ratable benefit of Lenders and shall be applied on account of the Obligations as provided in subsection 3.2.1. Borrowers shall obtain the agreement by Bank in favor of Agent to waive any recoupment, setoff rights, and any security interest in, or against, the funds so deposited.  Agent assumes no responsibility for such lockbox and blocked account arrangements, including, without limitation, any claim of accord and satisfaction or release with respect to deposits accepted by any bank thereunder."</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:24px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:24px;">7. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Quarterly Financial Statements for MFRI and its domestic Subsidiaries</font><font style="font-family:inherit;font-size:12pt;">.  The following is inserted into subsection 8.1.3 as clause (ii)-(a) and the last sentence of subsection&#160;8.1.3 is hereby deleted and the following is inserted in its stead:</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">"8.1.3&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Financial Statements</font><font style="font-family:inherit;font-size:12pt;">.  Keep, and cause each of its Subsidiaries to keep, adequate records and books of account with respect to its business activities in which proper entries are made in accordance with customary accounting practices reflecting all its financial transactions; and cause to be prepared and furnished to Agent and each Lender, the following, all to be prepared in accordance with GAAP applied on a consistent basis, unless MFRI's certified public accountants concur in any change therein and such change is disclosed to Agent and is consistent with GAAP:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;text-indent:192px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">*&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;*</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(ii)-(a) not later than 30 days after the end of each fiscal month unaudited interim financial statements of MFRI and its domestic Subsidiaries as of the end of such month and of the portion of the fiscal year then elapsed, on a Consolidated and consolidating basis, certified by the principal financial officer of MFRI as prepared in accordance with GAAP and fairly presenting in all material respects the financial position and results of operations of MFRI and its domestic Subsidiaries for such month and period subject only to changes from audit and year-end adjustments and except that such statements need not contain notes and do not include MFRI's Foreign Subsidiaries; the monthly financial statements to be delivered pursuant to this clause (ii)-(a) of subsection 8.1.3 are in addition those to be delivered pursuant to clause (ii) of subjection 8.1.3;"</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;padding-left:48px;text-indent:144px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">*&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;*</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Concurrently with the delivery of the financial statements described in paragraphs (i), (ii) and (ii)-(a) of this subsection 8.1.3, or more frequently if reasonably requested by Agent, MFRI shall cause to be prepared and furnished to Agent a Compliance Certificate in the form of </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit 8.1.3</font><font style="font-family:inherit;font-size:12pt;">&#32;hereto executed by the Chief Financial Officer of MFRI (a "Compliance Certificate")."</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:24px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:24px;">8. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Borrowing Base Certificates</font><font style="font-family:inherit;font-size:12pt;">.  Subsection 8.1.4 of the Loan Agreement is hereby deleted and the following is inserted in its stead.</font></div><br><hr style="page-break-after:always"><a name="s7f4f7fd2a5234a0a95834cc003e85d2d"></a><br><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">"8.1.4&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Borrowing Base Certificates</font><font style="font-family:inherit;font-size:12pt;">.  On or before the 15th&#160;day of each month (third Business Day of each week if a Reporting Trigger Period exists) from and after the date hereof, Borrowers shall deliver to Agent, in form acceptable to Agent, a Borrowing Base Certificate (on a Consolidated and consolidating basis) as of the last day of the immediately preceding month (or week, if a Reporting Trigger Period exists), with such supporting materials as Agent shall reasonably request.  If Borrowers deem it advisable, or Agent shall request, Borrowers shall execute and deliver to Agent Borrowing Base Certificates more frequently than monthly (weekly, if a Reporting Trigger Period exists)."</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:24px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:24px;">9. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Total Indebtedness</font><font style="font-family:inherit;font-size:12pt;">.&#160;&#160;&#160;&#160;Clause (xv) of subsection 8.2.3 of the Loan Agreement is hereby deleted and the following is inserted in its stead.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">"8.2.3&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Total Indebtedness</font><font style="font-family:inherit;font-size:12pt;">.  Create, incur, assume, or suffer to exist, or permit any Subsidiary of any Borrower to create, incur or suffer to exist, any Indebtedness, except:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;padding-left:48px;text-indent:240px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">*&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;*</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(xv)&#160;Money Borrowed incurred by foreign Subsidiaries of Borrowers which does not exceed at any time, in the aggregate, the amount of such all Indebtedness existing as of the Third Amendment Effective Date (approximately $14,500,000) </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">plus</font><font style="font-family:inherit;font-size:12pt;">&#32;$15,000,000 and the guaranty of such Money Borrowed by Borrowers so long as all such guaranties are unsecured; for purposes of this clause (xv) of subsection&#160;8.2.3 only the amount of outstanding Money Borrowed with respect to any outstanding letter of credit or letter of credit guaranty issued on behalf of a Foreign Subsidiary of Borrower shall be deemed to be $0 until such time as a draw has been made on such letter of credit or letter of credit guaranty;"</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;padding-left:48px;text-indent:240px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">*&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;*</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:24px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:72px;">10. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Stock Repurchases.</font><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;Clause (iv) of subsection 8.2.7 of the Loan Agreement is hereby deleted and the following is inserted in its stead:</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">"8.2.7&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Distributions</font><font style="font-family:inherit;font-size:12pt;">.  Except as otherwise provided for in Section 8.2.6, declare or make, or permit any Subsidiary of any Borrower to declare or make, any Distributions, except for:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;text-indent:192px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">*&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;*</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(iv)&#160;&#160;&#160;&#160;Repurchases by MFRI of outstanding shares of its publicly owned common stock </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">&#32;that after giving effect to any such repurchase, each of the following conditions precedent is satisfied:  (1)&#160;no Default of Event of Default has occurred and is continuing; (2)&#160;Availability equals or exceeds Eleven Million Dollars ($11,000,000); (3) the aggregate amount of such repurchases does not exceed One Million Five Hundred Thousand Dollars ($1,500,000); and (4) the Fixed Charge Coverage Ratio for the most recently ended twelve month period computed on a pro forma basis treating the repurchase in question and all other such repurchases made within the current month as having been made within such most recently ended twelve month period equals or exceeds 1.10 to 1."</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:24px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:24px;">11. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Restricted Investment</font><font style="font-family:inherit;font-size:12pt;">.  Subsection 8.2.12 is hereby deleted and the following is inserted in its stead:</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">"8.2.12  Restricted Investment.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)&#160;&#160;&#160;&#160;Make or have, or permit any Subsidiary of any Borrower to make or have, any Restricted Investment, except for (w) Restricted Investments existing as of January 13, 2013, </font></div><br><hr style="page-break-after:always"><a name="s7f4f7fd2a5234a0a95834cc003e85d2d"></a><br><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(x) so long as after giving effect to such Restricted Investments no Default or Event of Default exists, Restricted Investments with an amount equal to $500,000 or less (aggregating all related Restricted Investments in determining whether such $500,000 basket is exceeded), (y)&#160;such other Restricted Investments made after January 13, 2013 as consented to in writing by Agent and (z) Restricted Investments permitted pursuant to clauses (b), (c) and/or (d) below;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)&#160;&#160;&#160;&#160;Other than (x) with respect to cash investments in Bayou Perma Pipe Canada, Ltd. ("Canadian Joint Venture") existing in the amount of $7,003,757 as of June 1, 2012, (y) as provided in clause (c) below and (z)&#160;as provided in the next sentence, make or have or permit any Subsidiary of any Borrower to make or have any cash investments in Canadian Joint Venture.  Agent and Lenders shall also have been deemed to have consented to MFRI executing a limited guarantee (for an amount not to exceed $3,000,000) in connection with a mortgage loan to Canadian Joint Venture, the proceeds of which shall be used by Canadian Joint Venture for working capital purposes, so long as Agent shall have received substantially final copies of such limited guaranty and the underlying documents and the form and substance of such limited guaranty and underlying documents are acceptable to Agent.  MFRI's obligations under such limited guaranty shall not be secured by a Lien on any asset of MFRI or its domestic Subsidiaries; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(c)&#160;&#160;&#160;&#160;Borrowers may make an additional $1,000,000 cash investment in Canadian Joint Venture so long as (x) after giving effect to any such investment, no Default or Event of Default exists and (y)&#160;such additional cash investment is made with the equal proceeds of a Distribution or repayment of intercompany Money Borrowed by Canadian Joint Venture or a Foreign Subsidiary; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)&#160;&#160;&#160;&#160;Borrowers may make additional Restricted Investments so long as, after giving effect to any such Restricted Investment, (x) no Default or Event of Default exists, (y) Availability computed immediately after giving effect to any such Restricted Investments and on a pro form basis for the 30 days immediately proceeding the date on which such Restricted Investment is to be made, assuming that such Restricted Investment was made on the first day of such 30 day period exceeds $9,500,000 and (z) the Fixed Charge Coverage Ratio for the most recently ended Measuring Period equaled or exceeded 1.20 to 1.0." </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:24px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:72px;">12. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Financial Covenant</font><font style="font-family:inherit;font-size:12pt;">.  Exhibit 8.3 to this Loan Agreement is hereby deleted and Exhibit 8.3 attached to this Third Amendment is inserted in its stead.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:24px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:72px;">13. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Amendment Fee</font><font style="font-family:inherit;font-size:12pt;">.  In order to induce Agent and Lenders to enter into this Third Amendment, Borrowers agree to pay to Agent for the ratable benefit of Lenders an amendment fee in the amount of One Hundred Fourteen Thousand Dollars ($114,000).  Said amendment fee shall be due and payable and be deemed fully earned and non-refundable on the date hereof.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:24px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:72px;">14. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Conditions Precedent</font><font style="font-family:inherit;font-size:12pt;">.  This Third Amendment shall become effective upon satisfaction of each of the following conditions precedent:</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:96px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">a.</font><font style="font-family:inherit;font-size:12pt;">Borrowers, Agent and Lenders shall have executed and delivered to each other this Third Amendment;</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:96px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">b.</font><font style="font-family:inherit;font-size:12pt;">Each Borrower shall have delivered to Agent a Certificate of the Secretary of such Borrower, together with true and correct copies, of the resolutions of the Board of Directors (Members) authorizing or ratifying the execution, delivery and performance of this Third Amendment and the other Loan Documents to be executed by such Borrower and the names of the officer or officers of each such Borrower </font></div><br><hr style="page-break-after:always"><a name="s7f4f7fd2a5234a0a95834cc003e85d2d"></a><br><div style="line-height:120%;padding-left:0px;text-align:justify;"><font style="font-family:inherit;font-size:12pt;">authorized to sign this Third Amendment and the other Loan Documents to be executed by each such Borrower together with a sample of the true signature of each such officer;</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:96px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">c.</font><font style="font-family:inherit;font-size:12pt;">Borrowers shall have executed and delivered to Agent an amended and restated Fee Letter; and</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:96px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">d.</font><font style="font-family:inherit;font-size:12pt;">Borrowers shall have paid to Agent for the ratable benefit of Lenders the Amendment fee referred to in Section 13 of the Third Amendment.</font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The date on which all of the above conditions precedent have been satisfied or waived is hereinafter referred to as the "Third Amendment Effective Date."</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:24px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:72px;">15. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Governing Law</font><font style="font-family:inherit;font-size:12pt;">.  This Third Amendment shall be governed by, and construed in accordance with, the laws of the State of Illinois, without regard to the principles thereof relating to conflict of laws.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:24px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:72px;">16. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Execution in Counterparts</font><font style="font-family:inherit;font-size:12pt;">.  This Third Amendment may be executed in any number of counterparts, which shall, collectively and separately, constitute one Agreement.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:24px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:72px;">17. </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Continuing Effect</font><font style="font-family:inherit;font-size:12pt;">.  Except as otherwise provided herein, the Loan Agreement remains in full force and effect.</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-indent:240px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"></font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">(Signature Page Follows)</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><hr style="page-break-after:always"><a name="s4211F82B917849DEA7AB849E9B9A04AB"></a><br><div style="line-height:120%;text-indent:192px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"></font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">(Signature Page to Third Amendment to Second Amended and</font></div><div style="line-height:120%;text-indent:192px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Restated Loan and Security Agreement)</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:673px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="240px"></td><td width="16px"></td><td width="417px"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MFRI, INC.</font></div><div style="font-size:12pt;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="font-size:12pt;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Karl J. 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Schmidt</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Vice President and Chief Financial Officer</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MIDWESCO FILTER RESOURCES, INC.</font></div><div style="font-size:12pt;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="font-size:12pt;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By: </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">/s/ Michael D. Bennett</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Michael D. 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registered assigns at the office of Bank of America, N.A., a national banking association, as agent for such Lender, or at such other place in the United States of America as the holder of this Note may designate from time to time in writing, in lawful money of the United States of America, in immediately available funds, at the time of payment, the principal sum of __________ ($______), together with interest from and after the date hereof on the unpaid principal balance outstanding from time to time.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Note (the "Note") is one of the Term Notes referred to in, and is issued pursuant to, that certain Second Amended and Restated Loan and Security Agreement dated as of April 30, 2012, by and among Borrowers, the lender signatories thereto (including Lender) and Bank of America, a national banking association ("Bank of 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All of the terms, covenants and conditions of the Loan Agreement and the Security Documents are hereby made a part of this Note and are deemed incorporated herein in full.  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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
