POINDEXTER J B & CO INC
AMENDMENT 10 TO LOAN AGREEMENT
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>5
<FILENAME>amend10.htm
<DESCRIPTION>AMENDMENT 10 TO LOAN AGREEMENT
<TEXT>


                                            <P ALIGN=CENTER><font face="times new roman, times, serif" size=2>AMENDMENT NO. 10 TO LOAN AND SECURITY AGREEMENT</font></p>
                                           <hr>

                                               <P ALIGN=CENTER><font face="times new roman, times, serif" size=2>J.B. POINDEXTER &amp; CO., INC.<br>
                                                         1100 Louisiana Street<br>
                                                              Suite 5400<br>
                                                         Houston, Texas 77002</font></p>
                                                                                <P align=right><font face="times new roman, times, serif" size=2>As of June 29, 2001</font></P>

<P align=left><font face="times new roman, times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Congress Financial Corporation<br>
1133 Avenue of the Americas<br>
New York, New York 10036</font></P>

<p align=left><font face="timesnew roman, times, serif" size=2>Ladies and Gentlemen:</font></p>

         <P><font face="timesnew roman, times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Congress Financial Corporation ("Lender"), J.B. Poindexter &amp; Co., Inc. ("Borrower"), EFP Corporation ("EFP"), Lowy Group,
Inc. ("Lowy"), Magnetic Instruments Corp. ("MIC"), Morgan Trailer Mfg. Co. ("Morgan"), Truck Accessories Group, Inc. ("TAG"), Raider
Industries Inc. ("Raider"), KWS Manufacturing Company, Inc. ("KWS"), Universal Brixius, Inc. ("Brixius"), Morgan Trailer Financial
Corporation ("MTFC") and Morgan Trailer Financial Management, L. P. ("MTF Management", and together with EFP, Lowy, MIC, Morgan, TAG,
Raider, KWS, Brixius and MTFC, each individually sometimes referred to herein as a "Guarantor" and, collectively, "Guarantors") have
entered into certain financing arrangements as set forth in the Loan and Security Agreement, dated as of June 28, 1996, by and among
Lender, Borrower and Guarantors, as amended by Amendment No. 1 to Loan and Security Agreement, dated May 13, 1998, Amendment No. 2 to
Loan and Security Agreement, dated as of June 30, 1998,  Amendment No. 3 to Loan and Security Agreement, dated as of June 24, 1999,
Amendment No. 4 to Loan and Security Agreement, dated as of February 25, 2000, Amendment No. 5 to Loan and Security Agreement, dated
as of March 8, 2000, Amendment No. 6 to Loan and Security Agreement, dated as of March 17, 2000, Amendment No. 7 to Loan and Security
Agreement, dated as of September 29, 2000, Amendment No. 8 to Loan and Security Agreement, dated as of October 31, 2000, Amendment
No. 9 to Loan and Security Agreement, dated as of March 27, 2001, and as further amended by this Amendment No. 10 to Loan and
Security Agreement (this "Amendment"), dated as of the date hereof (and as heretofore amended or may hereafter be further amended,
modified, supplemented, extended, renewed, restated or replaced, the "Loan Agreement"), together with all other agreements,
documents, supplements and instruments now or at any time hereafter executed and/or delivered by any other person, with, to or in
favor of Lender in connection therewith (all of the foregoing, together with this Amendment and the other agreements and instruments
delivered hereunder, as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced, collectively, the "Financing Agreements").</font></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and Guarantors have requested that Lender enter into certain amendments to the
Loan Agreement to permit (a) the merger of Welshman (as hereinafter defined)
with and into Leer (as hereinafter defined) and thereafter the merger of Leer
with and into TAG, with TAG as the surviving corporation and (b) concurrently
therewith, the full and final payment and satisfaction of all obligations of
Welshman and TAG, as successor by merger to Welshman, to Lender under the
Welshman Financing Agreements (as hereinafter defined) and the termination of
the Welshman Financing Agreements in accordance herewith. Lender is willing to
agree to such amendments and termination, subject to the terms and conditions
contained herein. </FONT></P>

         <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the foregoing, the mutual agreements and covenants contained in this Amendment, and other good and
valuable consideration, the adequacy and sufficiency of which are hereby acknowledged, Borrower, Guarantors and Lender agree as
follows:</FONT></P>

<p align=left><font face="timesnew roman, times, serif" size=2>1.           <u> Definitions.</u></font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>2.</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>(a)           <U>Additional Definitions.</U>    As used herein, the following terms shall have the respective meanings given to them
below and the Loan Agreement shall be deemed and is hereby amended to include, in addition and not in limitation, each of the
following definitions:</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>(b)</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>(i)           &#147;<U>Leer</U>&#148; shall mean Leer Acquisition Company, Inc., a Delaware corporation, and its successors and assigns.</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>(ii)</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>(iii)         &#147;<U>Midwest</U>&#148; shall mean Midwest Truck After Market, Inc., an Oklahoma corporation, and its successors and
assigns.</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>(iv)</font></p>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(v) &#147;<U>Midwest
Intercreditor Agreement</U>&#148; shall mean the Intercreditor and Subordination
Agreement, dated as of October 31, 1997, between Lender and Midwest Truck After
Market, Inc., as amended, as the same now exists or may hereafter be amended,
modified, supplemented, extended, renewed, restated or replaced. </FONT></P>
<p align=left><font face="timesnew roman, times, serif" size=2>(vi)</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>(vii)     &#147;<U>Welshman</U>&#148; shall mean Welshman Industries, Inc., formerly known as Radco Industries, Inc., a Minnesota
corporation, and its successors and assigns.</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>(viii)</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>(ix)   &#147;<U> Welshman Loan Agreement</U>&#148; shall mean the Loan and Security Agreement, dated October 31, 1997, between Lender
and Welshman, as amended, as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced.</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>(x)</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(xi) &#147;<U>Welshman
Financing Agreements</U>&#148; shall mean, collectively, the Welshman Loan
Agreement together with all other agreements, documents and instruments referred
to therein or related thereto, as the same now exist or may hereafter be
amended, modified, supplemented, extended, renewed, restated or replaced. </FONT></P>
<p align=left><font face="timesnew roman, times, serif" size=2>(xii)</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(xiii) &#147;<U>Welshman
Merger</U>&#148; shall mean the merger of Welshman with and into Leer, with Leer
as the surviving corporation, and immediately thereafter the merger of Leer with
and into TAG, with TAG as the surviving corporation, pursuant to the terms of
the Welshman Merger Agreements. </FONT></P>
<p align=left><font face="timesnew roman, times, serif" size=2>(xiv)</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(xv) &#147;<U>Welshman
Merger Agreements</U>&#148; shall mean, individually and collectively, the
Agreement and Plan of Merger by and between Welshman and Leer, the Agreement and
Plan of Merger by and between Leer and TAG, and all agreements, documents and
instruments related to each of the foregoing, as the same now exist or may
hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced. </FONT></P>
<p align=left><font face="timesnew roman, times, serif" size=2>(xvi)</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) <U>Interpretation</U>.
For purposes of this Amendment, unless otherwise defined herein, all capitalized
terms used herein, shall have the respective meanings ascribed to them in the
Loan Agreement. </FONT></P>
<p align=left><font face="timesnew roman, times, serif" size=2>(d)</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>3.            <U>Consent.</U>  Subject to the terms and conditions contained herein, Lender hereby confirms and agrees that it consents to
the Welshman Merger Agreements (as in effect on the date hereof).</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>4.</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>5.            <U>Encumbrances.</U>  Section 9.8 of the Loan Agreement is hereby amended by adding the following Section 9.8(t) immediately
after Section 9.8(s) thereof:</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>6.</font></p>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3% ALIGN=RIGHT><P> </P></TD>
<TD WIDTH=97%><P><font face="times new roman, times, serif" size=2>(t)the liens of Midwest on the assets of Welshman to which TAG succeeded by
operation of law pursuant to the Welshman Merger, to secure the Indebtedness of
TAG to Midwest permitted under Section&#160;9.9(r) below.&#148;</font></P>
</TD>
</TR>
</TABLE>
<BR>

<p align=left><font face="timesnew roman, times, serif" size=2>1.            <U>Indebtedness.</U>  Section 9.9 of the Loan Agreement is hereby amended by adding the following new Section 9.9(r)
immediately after Section 9.9 (q) thereof:</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>2.</font></p>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3% ALIGN=RIGHT><P> </P></TD>
<TD WIDTH=97%><P><font face="times new roman, times, serif" size=2>
(i)
&#147;(r) secured Indebtedness of TAG pursuant to the Secured Subordinated
Promissory Note, dated October&#160;31, 1997, by TAG, as successor by merger to
Radco Industries,&#160;Inc., in favor of Midwest, in the original principal
amount of $410,290.25; <U>provided</U>, <U>that</U>, as to such Indebtedness
each of the following conditions is satisfied: Lender shall have received true,
complete and correct copies of all agreements, documents and instruments related
to or contemplated by such Indebtedness as in effect on the date hereof, and
shall have determined that each of the foregoing (collectively, the
&#147;Midwest Loan Documents&#148;) are satisfactory to Lender in all respects,
&#160;Lender shall have received a duly executed Intercreditor Agreement between
Lender and Midwest, in form and substance reasonably satisfactory to Lender,
&#160;the aggregate amount of such Indebtedness shall not exceed $185,000, less
the aggregate amount of all repayments, repurchases or redemptions, whether
optional or mandatory in respect thereof, &#160;such Indebtedness shall only be
secured by the assets of TAG to which TAG succeeded by operation of law pursuant
to the Welshman Merger, TAG shall only make regularly scheduled payments of
principal and interest in respect of such Indebtedness in accordance with the
terms of the Midwest Loan Documents as in effect on the date of the execution
and delivery thereof, TAG shall not, directly or indirectly, amend, modify,
alter or change any of the terms of such Indebtedness or of any of the Midwest
Loan Documents, without limiting the rights of TAG to make the regularly
scheduled payments referred to in clause (v) above, TAG shall not, directly or
indirectly, retire, defease, purchase or otherwise acquire such Indebtedness, or
set aside or otherwise deposit or invest any sums for such purpose, and TAG
shall furnish to Lender all notices and demands in connection with such
Indebtedness either received by TAG or on its behalf promptly after receipt
thereof.&#148;</font></p>
</TD>
</TR>
</TABLE>

<p align=left><font face="timesnew roman, times, serif" size=2>1.            <U>Releases and Termination.</U></font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>2.</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) Subject to the terms
and conditions contained herein, Lender hereby releases, discharges and acquits
Welshman from: the financing arrangements relating to the Loans (as defined in
the Welshman Loan Agreement) heretofore entered into between Lender and Welshman
pursuant to the Welshman Financing Agreements, all of which arrangements and
agreements are hereby terminated, canceled and of no further force and effect
except for indemnification obligations and other obligations in favor of Lender
that, pursuant to the terms of the Welshman Financing Agreements as in effect on
the date hereof, survive the termination thereof, and (ii) payment and
performance of all obligations, liabilities and indebtedness to Lender of every
kind, nature and description, direct or indirect, absolute or contingent, joint
and/or several, secured or unsecured, due or not due, primary or secondary,
liquidated or unliquidated, contractual or tortious, however acquired, arising
under or in connection with the Welshman Financing Agreements. (ii) (b)
Welshman, for and in consideration of the release above, does hereby release,
discharge and acquit Lender and its officers, directors, agents and employees
and their respective successors and assigns from all obligations to Welshman
(and its officers, directors, agents and employees and their respective
successors and assigns) and from any and all claims, demands, debts, accounts,
contracts, liabilities, actions and causes of action, whether in law or in
equity, that it or any of its officers, directors, employees or agents at any
time had or has, or that any of its or their successors or assigns hereafter can
or may have against Lender and its officers, directors, agents and employees and
their respective successors and assigns, directly or indirectly arising out of
or in any way related to the Welshman Financing Agreements or any transactions
thereunder.</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>(c) </font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>(d)</font></p>







<p align=left><font face="timesnew roman, times, serif" size=2>1.            <U>Indemnification for Returned Items and Related Expenses.</U></font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>2.</font></p>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) Borrower agrees to
indemnify Lender from any and all loss, cost, damage or expense (including
attorneys&#146; fees and legal expenses) which Lender may suffer or incur at any
time as a result of: &#160;any non-payment, claim, refund or dishonor of any
checks or other similar items which have been credited by Lender to the account
of Welshman with Lender and &#160;any bookkeeping, accounting or other errors in
calculation of any amount to be paid to Welshman and Lender hereunder requiring
an adjustment thereto, together with any expenses or other charges incident
thereto and in addition, Borrower agrees to pay Lender on demand all costs and
expenses (including attorneys&#146; fees and legal expenses) incurred in
connection with this Amendment and any instruments or documents contemplated
hereunder. </FONT></P>

<p align=left><font face="timesnew roman, times, serif" size=2>(ii)</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) Borrower agrees that
Lender may pay any and all amounts owing to Lender pursuant to the foregoing
indemnification and Lender may treat such amounts as advances to Borrower and
charge any such amounts to any account of Borrower with Lender, all without
inquiry as to whether such amounts are actually due and owing to Lender and
without regard to any dispute or claim that Borrower may have or assert against
Lender and/or other parties. </FONT></P>

<p align=left><font face="timesnew roman, times, serif" size=2>(c)</font></p>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. <U>Lockboxes</U>. Lender
agrees to send written notification, upon request and at the expense of
Borrower, to any bank or institution with which the Lender has blocked accounts,
lockbox accounts or other arrangements for the receipt or transfer to Lender of
remittances or proceeds from customers of Welshman, to the effect that all such
arrangements with Lender are terminated and to the extent any such arrangements
are in effect with Lender, such arrangements are hereby terminated. Borrower
agrees to establish and maintain, or cause TAG to establish and maintain, at
Borrower&#146;s or TAG&#146;s expense, blocked accounts or lockboxes and related
accounts as Lender may specify, with such banks as are acceptable to Lender,
with respect to all deposits and remittances to be received by Borrower or TAG
in respect of all Accounts and all payments constituting proceeds of Inventory
or other Collateral, in each case with respect of the business and assets of
Welshman to which TAG shall succeed pursuant to the Merger. 4. </FONT></P>

<p align=left><font face="timesnew roman, times, serif" size=2>5.            <U>Representations, Warranties and Covenants.</U>  In addition to the continuing representations, warranties and covenants
heretofore or hereafter made by Borrower or Guarantors to Lender pursuant to the other Financing Agreements, Borrower and Guarantors
hereby represent, warrant and covenant with and to Lender as follows (which representations, warranties and covenants are continuing
and shall survive the execution and delivery hereof and shall be incorporated into and made a part of the Financing Agreements):</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>6.</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>(i)                    The Welshman Merger is valid and effective in accordance with the Welshman Merger Agreements, and the
corporation statutes of the State of Delaware and Minnesota and TAG shall be the surviving corporation pursuant to the Welshman
Merger.</font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>(ii)</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iii) All actions and
proceedings required by the Welshman Merger Agreements, applicable law and
regulation (including, but not limited to, compliance with Hart-Scott-Rodino
Anti-Trust Improvement Act of 1976 as amended) have been taken and the
transactions required thereunder have been duly and validly taken an
consummated. </FONT></P>

<p align=left><font face="timesnew roman, times, serif" size=2>(iv)</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(v) No court of competent
jurisdiction has issued any injunction, restraining order or other order which
prohibits consummation of the transactions described in the Welshman Merger
Agreements and no government action or proceeding has been threatened or
commenced seeking any injunction, restraining order or other order which seeks
to void or otherwise modify the transactions described in the Welshman Merger
Agreements. </FONT></P>

<p align=left><font face="timesnew roman, times, serif" size=2>(vi)</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(vii) The security
interests in and liens upon the assets and properties of Welshman in favor of
Lender shall continue upon such assets and properties to which TAG shall succeed
pursuant to the Welshman Merger, and such security interests and liens and their
perfection and priority shall continue in all respects in full force and effect.
Without limiting the generality of the foregoing, the Welshman Merger shall in
no way limit, impair or adversely affect the Obligations, howsoever arising, or
any security interests or liens securing the same. </FONT></P>

<p align=left><font face="timesnew roman, times, serif" size=2>(viii)</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ix) The Welshman Merger
and the other arrangements contemplated herein do not violate any law or
regulation or any order or decree of any court or governmental instrumentality
in any respect and do not and will not conflict with or result in the breach of,
or constitute a default in any respect under, any agreement, document or
instrument to which Borrower, Welshman or any Guarantor is a party or may be
bound, or result in the creation or imposition of any lien, charge or
encumbrance upon any of the property of Borrower, Welshman, Leer or any
Guarantor or violate any provision of the Certificate of Incorporation or
By-Laws of Borrower, Welshman, Leer or any Guarantor. </FONT></P>

<p align=left><font face="timesnew roman, times, serif" size=2>(x)</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(xi) Borrower and
Guarantors have delivered, or caused to be delivered, to Lender, true, correct
and complete copies of the Welshman Merger Agreements. </font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>(xii) </font></p>
<p align=left><font face="timesnew roman, times, serif" size=2>(b) This Amendment has been duly authorized, executed and delivered by Borrower, Guarantors, Leer
and Welshman, and the agreements and obligations of Borrower, Guarantors, Leer
and Welshman contained herein constitute legal, valid and binding obligations of
Borrower, Guarantors, Leer and Welshman enforceable against Borrower,
Guarantors, Leer and Welshman in accordance with their respective terms. </FONT></P>

<p align=left><font face="times new roman, times, serif" size=2>(c)</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(d) Neither the execution and delivery of this Amendment, nor the modifications to the Financing
Agreements contemplated by this Amendment nor the consents and releases
contained herein shall violate any applicable law or regulation, or any order or
decree of any court or any governmental instrumentality in any respect or does
or shall conflict with or result in the breach of, or constitute a default in
any respect under, any indenture, including, without limitation, the Senior
Indenture or any material mortgage, deed of trust, security agreement, agreement
or instrument to which Borrower, Leer, Welshman or any Guarantor is a party or
may be bound, or violate any provision of the organizational documents of
Borrower, Guarantors, Leer or Welshman.</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(e) All of the representations and warranties set forth in the Loan Agreement as
amended hereby, and the other Financing Agreements, are true and correct in all
material respects, except to the extent any such representation or warranty is
made as of a specified date, in which case such representation or warranty shall
have been true and correct as of such date.</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(f)</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(g) No Event of Default exists on the date of this
Amendment (after giving effect to the amendments to the Loan Agreement provided
in this Amendment). </FONT></P>

<p align=left><font face="times new roman, times, serif" size=2>(h)</font></p>
<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7. <U>Amendment Fee</U>. In
consideration of the foregoing, Borrower agrees to pay Congress a fee for
entering into this Amendment in the amount of $10,000, which shall be fully
earned on the date hereof and which shall be due and payable on the date of
execution hereof. Such fee may be charged by Lender to any loan account of
Borrower maintained by Lender under the Financing Agreements. </FONT></P>

<p align=left><font face="times new roman, times, serif" size=2>8.</font></p>
<p align=left><font face="times new roman, times, serif" size=2>9.            <U>Conditions Precedent.</U>  The effectiveness of the consents, amendments and releases set forth herein, shall be subject to
the fulfillment of each of the following conditions precedent:</font></p>
<p align=left><font face="times new roman, times, serif" size=2>10.</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(a)                  receipt by Lender of an original of this Amendment, duly authorized, executed and delivered by Borrower,
Guarantors, Leer and Welshman;</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(b)</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(c)                  receipt by Lender of evidence, in form and substance satisfactory to Lender, that the Welshman Merger Agreements
have been duly executed and delivered by and to the appropriate parties thereto and the transactions contemplated under the terms of
the Welshman Merger Agreements have been consummated prior to or contemporaneously with the execution of this Amendment;</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(d)</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(e)                  receipt by Lender of evidence, in form and substance satisfactory to Lender, that all  required consents or
approvals of any persons other than Lender to the Welshman Merger and the other arrangements contemplated herein have been obtained;</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(f)</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(g)                  receipt by Lender of evidence, in form and substance satisfactory to Lender, that (i) the Articles of Merger
with respect to the Welshman Merger have been filed with the Secretary of State of Delaware and the Secretary of State of Minnesota,
as applicable and such merger is valid and effective in accordance with the terms and provisions of the applicable corporate statutes
of the State of Delaware and the State of Minnesota, and (ii) the Welshman Merger is valid and effective in accordance with the terms
and provisions of the applicable corporate statutes of the State of Delaware and the State of Minnesota;</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(h)</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(i)                 receipt by Lender of evidence, in form and substance satisfactory to Lender, of the amendment and ratification of
the Midwest Intercreditor Agreement to substitute TAG for Welshman thereunder and with respect to such other matters as Lender may
require;</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(j)</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(k)                  all representations and warranties contained herein and in the Loan Agreement shall be true and correct in all
material respects;</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(l)</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(m)                  receipt by Lender of evidence, in form and substance satisfactory to Lender, that Lender has a continuing, valid
perfected and first priority security interests in and liens upon the Collateral (as defined in the Welshman Loan Agreement) of
Welshman and any other property which is intended to be security for the Obligations, subject only to the Permitted Liens;</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(n)</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(o)                  the Indebtedness of Welshman to Congress under the Welshman Financing Agreements shall have been assumed by TAG
by operation of law pursuant to the Merger and TAG shall have authorized Congress in a manner satisfactory to Congress, to add such
Indebtedness to the Obligations of TAG to Congress in the amount of $___________ (in addition to any amounts paid to Lender on such
date in respect of Obligations under th Loan Agreement), before noon on the hereof;</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(p)</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(q)                  receipt by Lender of the fee referred to in Section 8 hereof; and</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(r)</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(s)                   after giving effect to the amendments to the Loan Agreement provided in this Amendment, no Event of Default
shall exist or have occurred and no event, act or condition shall have occurred or exist which with notice or passage of time or both
would constitute an Event of Default.</font></p>
<p align=left><font face="times new roman, times, serif" size=2>(t)</font></p>
<p align=left><font face="times new roman, times, serif" size=2>11.           <U>Waiver of Early Termination Fee.</U>  Notwithstanding the provisions of Section 12.1(c) of the Welshman Loan Agreement or
any other provision of the Welshman Financing Agreements to the contrary, no early termination fee shall be due and payable by
Welshman or any other party in connection with the repayment herewith of the Loans and other Obligations under the Welshman Loan
Agreement in accordance with the terms hereof.</font></p>
<p align=left><font face="times new roman, times, serif" size=2>12.</font></p>
<p align=left><font face="times new roman, times, serif" size=2>13.           <U>Effect of this Amendment.</U>  Except for the specific amendments expressly set forth herein, no other waiver, changes or
modifications to the Financing Agreements, and no waivers of any provisions thereof are intended or implied, and in all other
respects the Financing Agreements are hereby specifically ratified, restated and confirmed by all parties hereto as of the date
hereof.  To the extent of conflict between the terms of this Amendment and the other Financing Agreements, the terms of this
Amendment shall control.  The Loan Agreement and this Amendment shall be read and construed as one agreement.</font></p>
<p align=left><font face="times new roman, times, serif" size=2>14.</font></p>
<p align=left><font face="times new roman, times, serif" size=2>15.           <U>Governing Law.</U>  The rights and obligations hereunder of each of the parties hereto shall be governed by and interpreted
and determined in accordance with the internal laws of the State of New York (without giving effect to principles of conflicts of
laws).</font></p>
<p align=left><font face="times new roman, times, serif" size=2>16.</font></p>
<p align=left><font face="times new roman, times, serif" size=2>17.          <U> Binding Effect.</U>  This Amendment shall be binding upon and inure to the benefit of each of the parties hereto and their
respective successors and assigns.</font></p>
<p align=left><font face="times new roman, times, serif" size=2>18.</font></p>
<p align=left><font face="times new roman, times, serif" size=2>19.           <U>Counterparts.</U>  This Amendment may be executed in any number of counterparts, but all of such counterparts shall together
constitute but one and the same agreement.  In making proof of this Amendment, it shall not be necessary to produce or account for
more than one counterpart thereof signed by each of the parties hereto.</font></p>
<p align=left><font face="times new roman, times, serif" size=2>20.</font></p>
<p align=left><font face="times new roman, times, serif" size=2>21.</font></p>
<p align=left><font face="times new roman, times, serif" size=2>22.</font></p>
                                             <P ALIGN=CENTER><font face="times new roman, times, serif" size=2>[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]</font></P>






<P align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
sign in the space provided below and return a counterpart of this Amendment,
whereupon this Amendment, as so agreed to and accepted by Lender, shall become a
binding agreement among Borrower, Guarantors and Lender. </FONT></P>

<p align=center><font face="times new roman, times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;Very truly yours,</font></p>

<p align=center><font face="times new roman, times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.B. POINDEXTER &amp; CO., INC.</font></p>

<p align=center><font face="times new roman, times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:________________________</font></p>

<p align=center><font face="times new roman, times, serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:_____________________ </font></p>

<p align=left><font face="times new roman, times, serif" size=2>AGREED AND ACCEPTED:</font></p>

<p align=left><font face="times new roman, times, serif" size=2>CONGRESS FINANCIAL CORPORATION</font></p>

<p align=left><font face="times new roman, times, serif" size=2>By:_________________________________</font></p>

<p align=left><font face="times new roman, times, serif" size=2>Title:______________________________</font></p>


<p align=left><font face="times new roman, times, serif" size=2>WELSHMAN INDUSTRIES, INC.
 (formerly known as Radco Industries, Inc.)</font></p>

<p align=left><font face="times new roman, times, serif" size=2>By:____________________________</font></p>

<p align=left><font face="times new roman, times, serif" size=2>Title:_________________________</font></p>


<p align=left><font face="times new roman, times, serif" size=2>LEER ACQUISITION COMPANY, INC.</font></p>

<p align=left><font face="times new roman, times, serif" size=2>By:____________________________</font></p>

<p align=left><font face="times new roman, times, serif" size=2>Title:_________________________</font></p>


<p align=left><font face="times new roman, times, serif" size=2>ACKNOWLEDGED AND CONSENTED TO:</font></p>

<p align=left><font face="times new roman, times, serif" size=2>EFP CORPORATION</font></p>

<p align=left><font face="times new roman, times, serif" size=2>By:_____________________________</font></p>

<p align=left><font face="times new roman, times, serif" size=2>Title:__________________________</font></p>

                                                  <P ALIGN=CENTER><font face="times new roman, times, serif" size=2>[SIGNATURES CONTINUE ON NEXT PAGE]</font></P>






<P ALIGN=CENTER><font face="times new roman, times, serif" size=2>[SIGNATURES CONTINUED FROM PREVIOUS PAGE]</font></P>
<p align=left><font face="times new roman, times, serif" size=2>LOWY GROUP, INC.</font></p>

<p align=left><font face="times new roman, times, serif" size=2>By:_____________________________</font></p>

<p align=left><font face="times new roman, times, serif" size=2>Title:__________________________</font></p>


<p align=left><font face="times new roman, times, serif" size=2>MAGNETIC INSTRUMENTS CORP.</font></p>

<p align=left><font face="times new roman, times, serif" size=2>By:_____________________________</font></p>

<p align=left><font face="times new roman, times, serif" size=2>Title:___________________________</font></p>


<p align=left><font face="times new roman, times, serif" size=2>MORGAN TRAILER MFG. CO.</font></p>

<p align=left><font face="times new roman, times, serif" size=2>By:_______________________________</font></p>

<p align=left><font face="times new roman, times, serif" size=2>Title:____________________________</font></p>


<p align=left><font face="times new roman, times, serif" size=2>TRUCK ACCESSORIES GROUP, INC.</font></p>

<p align=left><font face="times new roman, times, serif" size=2>By:_______________________________</font></p>

<p align=left><font face="times new roman, times, serif" size=2>Title:____________________________</font></p>


<p align=left><font face="times new roman, times, serif" size=2>RAIDER INDUSTRIES INC.</font></p>

<p align=left><font face="times new roman, times, serif" size=2>By:_______________________________</font></p>

<p align=left><font face="times new roman, times, serif" size=2>Title:____________________________</font></p>


                                                  <P ALIGN=CENTER><font face="times new roman, times, serif" size=2>[SIGNATURES CONTINUE ON NEXT PAGE]</font></P>






                                               <P ALIGN=CENTER><font face="times new roman, times, serif" size=2>[SIGNATURES CONTINUED FROM PREVIOUS PAGE]</font></P>

<p align=left><font face="times new roman, times, serif" size=2>KWS MANUFACTURING COMPANY, INC.</font></p>

<p align=left><font face="times new roman, times, serif" size=2>By:______________________________</font></p>

<p align=left><font face="times new roman, times, serif" size=2>Title:___________________________</font></p>


<p align=left><font face="times new roman, times, serif" size=2>UNIVERSAL BRIXIUS, INC.</font></p>

<p align=left><font face="times new roman, times, serif" size=2>By:______________________________</font></p>

<p align=left><font face="times new roman, times, serif" size=2>Title:___________________________</font></p>


<p align=left><font face="times new roman, times, serif" size=2>MORGAN TRAILER FINANCIAL CORPORATION</font></p>

<p align=left><font face="times new roman, times, serif" size=2>By:_______________________________</font></p>

<p align=left><font face="times new roman, times, serif" size=2>Title:____________________________</font></p>


<p align=left><font face="times new roman, times, serif" size=2>MORGAN TRAILER FINANCIAL MANAGEMENT, L.P.</font></p>

<p align=left><font face="times new roman, times, serif" size=2>By: MORGAN TRAILER MFG. CO., as General Partner</font></p>

       <p align=left><font face="times new roman, times, serif" size=2>By:__________________________________</font></p>

       <p align=left><font face="times new roman, times, serif" size=2>Title:_________________________________</font></p>




</TEXT>
</DOCUMENT>
