Common use of Amendment to Tangible Net Worth Covenant Clause in Contracts

Amendment to Tangible Net Worth Covenant. Section 19.1 of the Porcelain Products Co. Subsidiary Loan Agreement shall be amended and restated in its entirety to read as follows: Borrower shall cause its Tangible Net Worth, as measured at the end of each calendar month, to equal or exceed the following amounts during the term of this Agreement: Period Amount ------ ------ April 1, 1997 through June 30, 1997 $6,500,000 July 1, 1997 through September 30, 1997 $6,500,000 October 1, 1997 through December 31, 1997 $6,500,000 January 1, 1998 through March 31, 1998 $7,000,000 April 1, 1998 through June 30, 1998 $7,000,000 July 1, 1998 through September 30, 1998 $7,000,000 October 1, 1998 through December 31, 1998 $7,000,000 Every Month Thereafter $7,000,000 plus an increase of $250,000 each January 1, commencing January 1, 1999

Amendment to Tangible Net Worth Covenant. Section 19.1 of the Porcelain Products Co. Rowe Industries, Inc. Subsidiary Loan Agreement shall sxxxx be amended and restated in its entirety to read as follows: Borrower shall cause its Tangible Net Worth, as measured at the end of each calendar month, to equal or exceed the following amounts during the term of this Agreement: Period Amount ------ ------ April 1, 1997 through June 30, 1997 $6,500,000 100,000 July 1, 1997 through September 30, 1997 $6,500,000 100,000 October 1, 1997 through December 31, 1997 $6,500,000 100,000 January 1, 1998 through March 31, 1998 $7,000,000 250,000 April 1, 1998 through June 30, 1998 $7,000,000 250,000 July 1, 1998 through September 30, 1998 $7,000,000 250,000 October 1, 1998 through December 31, 1998 $7,000,000 250,000 Every Month Thereafter $7,000,000 250,000 plus an increase of $250,000 100,000 each January 1, commencing January 1, 1999

Amendment to Tangible Net Worth Covenant. Section 19.1 of the Porcelain Products Co. Electrodynamics, Inc. Subsidiary Loan Agreement shall be amended and restated in its entirety to read as follows: Borrower shall cause its Tangible Net Worth, as measured at the end of each calendar month, to equal or exceed the following amounts during the term of this Agreement: Period Amount ------ ------ April 1, 1997 through June 30, 1997 $6,500,000 9,000,000 July 1, 1997 through September 30, 1997 $6,500,000 9,000,000 October 1, 1997 through December 31, 1997 $6,500,000 9,000,000 January 1, 1998 through March 31, 1998 $7,000,000 10,000,000 April 1, 1998 through June 30, 1998 $7,000,000 10,000,000 July 1, 1998 through September 30, 1998 $7,000,000 10,000,000 October 1, 1998 through December 31, 1998 $7,000,000 10,000,000 Every Month Thereafter $7,000,000 10,000,000 plus an increase of $250,000 1,000,000 each January 1, commencing January 1, 1999

Amendment to Tangible Net Worth Covenant. Section 19.1 of the Porcelain Products Co. Amcan Specialty Steels, Inc. Subsidiary Loan Agreement shall be amended and restated in its entirety to read as follows: Borrower shall cause its Tangible Net Worth, as measured at the end of each calendar month, to equal or exceed the following amounts during the term of this Agreement: Period Amount ------ ------ April 1, 1997 through June 30, 1997 $6,500,000 4,500,000 July 1, 1997 through September 30, 1997 $6,500,000 4,500,000 October 1, 1997 through December 31, 1997 $6,500,000 4,500,000 January 1, 1998 through March 31, 1998 $7,000,000 4,750,000 April 1, 1998 through June 30, 1998 $7,000,000 4,750,000 July 1, 1998 through September 30, 1998 $7,000,000 4,750,000 October 1, 1998 through December 31, 1998 $7,000,000 4,750,000 Every Month Thereafter $7,000,000 4,750,000 plus an increase of $250,000 each January 1, commencing January 1, 1999

Amendment to Tangible Net Worth Covenant. Section 19.1 of the Porcelain Products Co. Talley Defense Systems, Inc. Subsidiary Loan Agreement Agrexxxxx shall be amended and restated in its entirety to read as follows: Borrower shall cause its Tangible Net Worth, as measured at the end of each calendar month, to equal or exceed the following amounts during the term of this Agreement: Period Amount ------ ------ April 1, 1997 through June 30, 1997 $6,500,000 10,000,000 July 1, 1997 through September 30, 1997 $6,500,000 10,000,000 October 1, 1997 through December 31, 1997 $6,500,000 10,000,000 January 1, 1998 through March 31, 1998 $7,000,000 11,000,000 April 1, 1998 through June 30, 1998 $7,000,000 11,000,000 July 1, 1998 through September 30, 1998 $7,000,000 11,000,000 October 1, 1998 through December 31, 1998 $7,000,000 11,000,000 Every Month Thereafter $7,000,000 11,000,000 plus an increase of $250,000 500,000 each January 1, commencing January 1, 1999

Amendment to Tangible Net Worth Covenant. Section 19.1 of the Porcelain Products Co. Dimetrics, Inc. Subsidiary Loan Agreement shall be amended and restated in its entirety to read as follows: Borrower shall cause its Tangible Net Worth, as measured at the end of each calendar month, to equal or exceed the following amounts during the term of this Agreement: Period Amount ------ ------ April 1, 1997 through June 30, 1997 $6,500,000 3,500,000 July 1, 1997 through September 30, 1997 $6,500,000 3,500,000 October 1, 1997 through December 31, 1997 $6,500,000 3,500,000 January 1, 1998 through March 31, 1998 $7,000,000 4,000,000 April 1, 1998 through June 30, 1998 $7,000,000 4,000,000 July 1, 1998 through September 30, 1998 $7,000,000 4,000,000 October 1, 1998 through December 31, 1998 $7,000,000 4,000,000 Every Month Thereafter $7,000,000 4,000,000 plus an increase of $250,000 100,000 each January 1, commencing January 1, 1999

Amendment to Tangible Net Worth Covenant. Section 19.1 of the Porcelain Products Co. John J. McMullen Associates, Inc. Subsidiary Loan Agreement shall Xxxxxxxxx xxxxx be amended and restated in its entirety to read as follows: Borrower shall cause its Tangible Net Worth, as measured at the end of each calendar month, to equal or exceed the following amounts during the term of this Agreement: Period Amount ------ ------ April 1, 1997 through June 30, 1997 $6,500,000 7,000,000 July 1, 1997 through September 30, 1997 $6,500,000 7,000,000 October 1, 1997 through December 31, 1997 $6,500,000 7,000,000 January 1, 1998 through March 31, 1998 $7,000,000 7,250,000 April 1, 1998 through June 30, 1998 $7,000,000 7,250,000 July 1, 1998 through September 30, 1998 $7,000,000 7,250,000 October 1, 1998 through December 31, 1998 $7,000,000 7,250,000 Every Month Thereafter $7,000,000 7,250,000 plus an increase of $250,000 each January 1, commencing January 1, 1999

Amendment to Tangible Net Worth Covenant. Section 19.1 of the Porcelain Products Co. Universal Propulsion Company, Inc. Subsidiary Loan Agreement shall be amended and restated in its entirety to read as follows: Borrower shall cause its Tangible Net Worth, as measured at the end of each calendar month, to equal or exceed the following amounts during the term of this Agreement: Period Amount ------ ------ April 1, 1997 through June 30, 1997 $6,500,000 13,000,000 July 1, 1997 through September 30, 1997 $6,500,000 13,000,000 October 1, 1997 through December 31, 1997 $6,500,000 13,000,000 January 1, 1998 through March 31, 1998 $7,000,000 13,500,000 April 1, 1998 through June 30, 1998 $7,000,000 13,500,000 July 1, 1998 through September 30, 1998 $7,000,000 13,500,000 October 1, 1998 through December 31, 1998 $7,000,000 13,500,000 Every Month Thereafter $7,000,000 13,500,000 plus an increase of $250,000 500,000 each January 1, commencing January 1, 1999

Amendment to Tangible Net Worth Covenant. Section 19.1 of the Porcelain Products Co. Talley Metals Technology, Inc. Subsidiary Loan Agreement Agxxxxxxt shall be amended and restated in its entirety to read as follows: Borrower shall cause its Tangible Net Worth, as measured at the end of each calendar month, to equal or exceed the following amounts during the term of this Agreement: Period Amount ------ ------ April 1, 1997 through June 30, 1997 $6,500,000 21,500,000 July 1, 1997 through September 30, 1997 $6,500,000 21,500,000 October 1, 1997 through December 31, 1997 $6,500,000 21,500,000 January 1, 1998 through March 31, 1998 $7,000,000 22,000,000 -9- Period Amount ------ ------ April 1, 1998 through June 30, 1998 $7,000,000 22,000,000 July 1, 1998 through September 30, 1998 $7,000,000 22,000,000 October 1, 1998 through December 31, 1998 $7,000,000 22,000,000 Every Month Thereafter $7,000,000 22,000,000 plus an increase of $250,000 each January 1, commencing January 1, 1999