Document:

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                                                                   Exhibit 10.46

                             SUBORDINATION AGREEMENT

         This Subordination Agreement (this "Agreement") dated as of May 9, 2003
among  Equinox  Business  Credit  Corp.  ("Senior  Lender"),   Ventures-National
Incorporated ("Subordinated Lender") and Titan PCB East, Inc. ("Company").

                                   BACKGROUND

         As an  inducement  for Senior  Lender to provide a credit  facility  in
favor of Company, Subordinated Lender has agreed to enter into this Agreement to
provide for the subordination of the "Subordinated  Indebtedness" to the "Senior
Indebtedness".

                                   AGREEMENTS

         NOW, THEREFORE,  for good and valuable consideration,  receipt of which
is hereby acknowledged, the parties hereto agree as follows:

         1. Definitions.

         (a) General Terms. For purposes of this Agreement,  the following terms
shall have the following meanings:

                  "Business  Day" shall have the  meaning  set forth in the Loan
Agreement as in effect on the Closing Date.

                  "Company" shall have the meaning set forth in the introductory
paragraph of this Agreement.

                  "Creditor  Agreements"  shall mean,  collectively,  the Senior
Lending Agreements and the Subordinated Lending Agreements.

                  "Creditors"  shall  mean,  collectively,   Senior  Lender  and
Subordinated Lender and their respective successors and assigns.

                  "Default"  shall  have  the  meaning  set  forth  in the  Loan
Agreement.

                  "Distribution"  shall mean any  payment,  whether in cash,  in
kind, securities or any other property, or security for any such Distribution.

                  "Documents"   shall  have  the  meaning   given  to  the  term
"Ancillary Agreements" in the Loan Agreement.

                  "Event" shall have the meaning set forth in Section  2(b)(iii)
hereof.

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                  "Holder of Subordinated Indebtedness" or "Subordinated Lender"
shall mean Ventures-National  Incorporated,  and any other Person(s) at any time
or in any manner  acquiring  any right or  interest  in any of the  Subordinated
Indebtedness, and any successor and assigns of such Person.

                  "Loan  Agreement"  shall mean the Loan and Security  Agreement
dated as of May 9, 2003  between  Company and Senior  Lender as the same may be
amended, supplemented, modified or restated from time to time.

                  "Person"   shall  mean  an  individual,   a   partnership,   a
corporation  (including a business  trust),  a joint stock company,  a trust, an
unincorporated  association,  a joint venture,  a limited liability  company,  a
limited  liability  partnership or other entity,  or a government or any agency,
instrumentality or political subdivision thereof.

                  "Senior  Indebtedness"  shall mean all Obligations of any kind
owed by Company to Senior  Lender  from time to time under or pursuant to any of
the Senior Lending  Agreements  including,  without  limitation,  all principal,
interest accruing thereon, charges, expenses, fees and other sums (including all
interest,  charges, expenses, fees and other sums accruing after commencement of
any case,  proceeding or other action relating to the bankruptcy,  insolvency or
reorganization  of  Company)   chargeable  to  Company  by  Senior  Lender,  and
reimbursement,  indemnity or other obligations due and payable to Senior Lender.
Senior   Indebtedness   shall  continue  to  constitute   Senior   Indebtedness,
notwithstanding  the fact that such  Senior  Indebtedness  or any claim for such
Senior  Indebtedness is  subordinated,  avoided or disallowed  under the federal
Bankruptcy Code or other applicable law. Senior  Indebtedness shall also include
any  indebtedness  of Company  incurred in connection  with a refinancing of the
Senior  Indebtedness  under  the  Senior  Lending  Agreements  if the  terms and
conditions  of  the  agreements,  documents  and  instruments  related  to  such
refinancing,  taken as a whole, are not materially more onerous to the Holder of
Subordinated Indebtedness than those set forth in the Senior Lending Agreements,
as in effect on the date hereof.

                  "Senior  Lender"  shall  have  the  meaning  set  forth in the
introductory paragraph of this Agreement.

                  "Senior Lending  Agreements"  shall mean collectively the Loan
Agreement and the other Documents, each as from time to time in effect.

                  "Subordinated Indebtedness" shall mean all principal, interest
and other amounts  payable or chargeable  in  connection  with the  Subordinated
Lending Agreements.

                  "Subordinated  Lending  Agreements" shall mean,  collectively,
the  Subordinated  Letter  Agreement  and  all  promissory  notes,   agreements,
documents and instruments now or at any time hereafter executed and/or delivered
by Company or any other  person to, with or in favor of  Subordinated  Lender in
connection  therewith or related  thereto,  as all of the foregoing now exist or
may hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced.

                  "Subordinated   Letter   Agreement"   shall  mean  the  letter
agreement  executed and delivered by Company to Subordinated  Lender pursuant to
which Company  acknowledges  that the aggregate  amount of indebtedness  Company
owes to Subordinated Lender as of April 27, 2003 is $225,490.47.

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                  (b)  Other  Terms.  Capitalized  terms not  otherwise  defined
herein shall have the meanings given to them in the Loan Agreement.

                  (c)  Certain  Matters  of  Construction.  The terms  "herein",
"hereof"  and  "hereunder"  and  other  words of  similar  import  refer to this
Agreement  as  a  whole  and  not  to  any  particular  section,   paragraph  or
subdivision.  Any pronoun  used shall be deemed to cover all  genders.  Wherever
appropriate  in the context,  terms used herein in the singular also include the
plural and vice versa. All references to statutes and related  regulations shall
include any  amendments  of same and any  successor  statutes  and  regulations.
Except as expressly  set forth herein,  all  references  to any  instruments  or
agreements,  including,  without  limitation,  references  to  any  of  Creditor
Agreements shall include any and all modifications or amendments thereto and any
and all extensions or renewals thereof.

         2.  Covenants.  Company  and each Holder of  Subordinated  Indebtedness
hereby covenant that until the Senior  Indebtedness shall have been paid in full
and  satisfied  in cash and the  Loan  Agreement  shall  have  been  irrevocably
terminated,  all in accordance with the terms of the Loan  Agreement,  each will
comply with such of the following provisions as are applicable to it:

                  (a)  Transfers.   Each  Holder  of  Subordinated  Indebtedness
covenants that any transferee from it of any  Subordinated  Indebtedness  shall,
prior to acquiring  such  interest,  execute and deliver a  counterpart  of this
Agreement to each other party hereto.

                  (b) Subordination Provisions. To induce Senior Lender to enter
into  the  Loan   Agreement   and  to  make  loans  and   advances   thereunder,
notwithstanding  any other  provision of the  Subordinated  Indebtedness  to the
contrary, any Distribution with respect to the Subordinated  Indebtedness is and
shall be expressly  junior and  subordinated  in right of payment to all amounts
due and  owing  upon all  Senior  Indebtedness  outstanding  from  time to time.
Specifically, but not by way of limitation:

                  (i)  Payments.  Company  shall  make  no  Distribution  on the
Subordinated  Indebtedness until such time as the Senior Indebtedness shall have
been paid in full in cash and the Loan  Agreement  shall  have been  irrevocably
terminated.

                  [(ii)  Limitation on  Acceleration.  No Holder of Subordinated
Indebtedness  shall be entitled to accelerate  the maturity of the  Subordinated
Indebtedness,  exercise  any remedies or commence  any action or  proceeding  to
recover  any  amounts  due  or  to  become  due  with  respect  to  Subordinated
Indebtedness.

                  (iii) Prior Payment of Senior Indebtedness in Bankruptcy, etc.
In the event of any insolvency or bankruptcy  proceedings relative to Company or
its property, or any receivership,  liquidation, reorganization or other similar
proceedings in connection  therewith,  or, in the event of any  proceedings  for
voluntary   liquidation,   dissolution   or  other  winding  up  of  Company  or
distribution or marshalling of its assets or any  composition  with creditors of

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Company, whether or not involving insolvency or bankruptcy,  or if Company shall
cease its  operations,  call a meeting of its creditors or no longer do business
as a going concern (each  individually or  collectively,  an "Event"),  then all
Senior  Indebtedness  shall be paid in full and  satisfied  in cash and the Loan
Agreement  irrevocably  terminated  before  any  Distribution  shall  be made on
account of any Subordinated Indebtedness. Any such Distribution which would, but
for  the  provisions  hereof,  be  payable  or  deliverable  in  respect  of the
Subordinated Indebtedness,  shall be paid or delivered directly to Senior Lender
or its  representatives,  in the proportions in which they hold the same,  until
amounts owing upon Senior  Indebtedness shall have been paid in full in cash and
the Loan Agreement irrevocably terminated.

         (iv) Power of Attorney.  To enable  Senior Lender to assert and enforce
its rights hereunder in any proceeding  referred to in Section 2(b)(iii) or upon
the happening of any Event, Senior Lender or any person whom it may designate is
hereby irrevocably  appointed attorney in fact for Subordinated Lender with full
power to act in the place and stead of Subordinated  Lender  including the right
to make, present,  file and vote such proofs of claim against Company on account
of all or any part of the  Subordinated  Indebtedness  as Senior Lender may deem
advisable  and to receive and collect any and all  dividends  or other  payments
made  thereon  and to apply  the same on  account  of the  Senior  Indebtedness.
Subordinated  Lender will execute and deliver to Senior Lender such  instruments
as may be  required  by  Senior  Lender  to  enforce  any and  all  Subordinated
Indebtedness,  to  effectuate  the  aforesaid  power of  attorney  and to effect
collection of any and all dividends or other  payments  which may be made at any
time on account thereof,  and Subordinated  Lender hereby  irrevocably  appoints
Senior Lender as the lawful attorney and agent of Subordinated Lender to execute
financing  statements  on behalf  of  Subordinated  Lender  and  hereby  further
authorizes  Senior Lender to file such financing  statements in any  appropriate
public office.

         (v) Payments  Held in Trust.  Should any  Distribution  or the proceeds
thereof, in respect of the Subordinated  Indebtedness,  be collected or received
by Subordinated  Lender or any Affiliate (as such term is defined in Rule 405 of
Regulation C adopted by the Securities and Exchange  Commission  pursuant to the
Securities  Act of 1933) of  Subordinated  Lender  at a time  when  Subordinated
Lender is not  permitted to receive any such  Distribution  or proceeds  thereof
including  if same is  collected  or  received  when  there is or would be after
giving  effect to such  payment a Default or an Event of Default  under the Loan
Agreement,  then  Subordinated  Lender will  forthwith  deliver,  or cause to be
delivered,  the same to Senior Lender in precisely the form held by Subordinated
Lender (except for any necessary  endorsement) and until so delivered,  the same
shall be held in trust by Subordinated  Lender,  or any such  Affiliate,  as the
property of Senior Lender and shall not be commingled with other property of the
Subordinated Lender or any such Affiliate.

         (vi)  Subrogation.  Subject to the prior payment in full in cash of the
Senior  Indebtedness and the irrevocable  termination of the Loan Agreement,  to
the extent  that  Senior  Lender has  received  any  Distribution  on the Senior
Indebtedness  which,  but for this  Agreement,  would  have been  applied to the
Subordinated  Indebtedness,  Subordinated Lender shall be subrogated to the then
or thereafter rights of Senior Lender including,  without limitation,  the right
to receive any Distribution made on the Senior  Indebtedness until the principal
of, interest on and other charges due under the Subordinated  Indebtedness shall
be paid in full; and,

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for the purposes of such subrogation,  no Distribution to Senior Lender to which
Subordinated  Lender  would  be  entitled  except  for  the  provisions  of this
Agreement  shall, as between  Company,  its creditors (other than Senior Lender)
and  Subordinated  Lender,  be deemed to be a  Distribution  by Company to or on
account of Senior  Indebtedness,  it being understood that the provisions hereof
are and are intended  solely for the purpose of defining the relative  rights of
Subordinated Lender on the one hand, and Senior Lender on the other hand.

                  (vii) Scope of Subordination. The provisions of this Agreement
are  solely  to  define  the  relative  rights  of any  Holder  of  Subordinated
Indebtedness  and Senior  Lender.  Nothing in this  Agreement  shall impair,  as
between  Company  and  Subordinated   Lender  the   unconditional  and  absolute
obligation of Company to punctually  pay the  principal,  interest and any other
amounts and  obligations  owing under the  Subordinated  Lending  Agreements  in
accordance with the terms thereof,  subject to the rights of Senior Lender under
this Agreement.

3. Miscellaneous.

         (a) Provisions of Subordinated  Lending Agreements.  From and after the
date  hereof,  Company and  Subordinated  Lender  shall cause each  Subordinated
Lending Agreement to contain a provision to the following effect:

         "This Agreement is subject to the Subordination Agreement,  dated as of
         May __, 2003, among the Maker, the Payee and Senior Lender, under which
         this Note and the Maker's obligations hereunder are subordinated in the
         manner set forth therein to the prior payment of certain obligations to
         the holders of Senior Indebtedness as defined therein."

         Proof of  compliance  with the  foregoing  shall be  promptly  given to
Senior Lender.

         (b) Additional Agreements. In the event that the Senior Indebtedness is
refinanced  in  full,   Subordinated  Lender  agrees  at  the  request  of  such
refinancing party to enter into a subordination agreement on terms substantially
similar to this Agreement.

         (c)  Survival  of Rights.  The right of Senior  Lender to  enforce  the
provisions of this  Agreement  shall not be prejudiced or impaired by any act or
omitted act of Company or Senior Lender including forbearance,  waiver, consent,
compromise,  amendment,  extension, renewal, or taking or release of security in
respect  of any  Senior  Indebtedness  or  noncompliance  by  Company  with such
provisions, regardless of the actual or imputed knowledge of Senior Lender.

         (d) Bankruptcy  Financing Issues. (i) (i) This Agreement shall continue
in full force and effect  after the filing of any  petition  ("Petition")  by or
against  Company  under the United States  Bankruptcy  Code (the "Code") and all
converted or  succeeding  cases in respect  thereof.  All  references  herein to
Company  shall be deemed to apply to  Company as  debtor-in-possession  and to a
trustee for Company.  If Company shall become subject to a proceeding  under the
Code, and if Senior Lender shall desire to permit the use of cash  collateral or
to provide post-Petition financing from Senior Lender to Company under the Code,
Subordinated

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Lender agrees as follows:  (1) adequate notice to  Subordinated  Lender shall be
deemed to have been  provided  for such  consent or  post-Petition  financing if
Subordinated  Lender  receives  notice  thereof three (3) Business Days (or such
shorter  notice as is given to Senior  Lender)  prior to the  earlier of (a) any
hearing on a request to approve such post-petition  financing or (b) the date of
entry  of an  order  approving  same  and (2) no  objection  will be  raised  by
Subordinated Lender to (a) any such use of cash collateral or such post-Petition
financing  from Senior Lender and (b) Senior Lender  declaring a default  and/or
exercising  all of its rights and  remedies  in  accordance  with any  agreement
evidencing such post-Petition financing from Senior Lender.

                  (ii) Subordinated  Lender shall not join in, solicit any other
person to, or act to cause the commencement of, any case involving Company under
any state or federal  bankruptcy or insolvency laws or seek the appointment of a
receiver  for the affairs or  property of Company  until such time as the Senior
Indebtedness  shall  have  been  paid in full in  cash  and the  Senior  Lending
Agreements shall have been irrevocably terminated.

         (e)  Receipt  of   Agreements;   Consents   and  Waiver  of   Defaults.
Subordinated Lender hereby acknowledges that it has delivered to Senior Lender a
correct and complete copy of the Subordinated Lending Agreements as in effect on
the date hereof. Subordinated Lender, solely for the purposes of this Agreement,
hereby acknowledges receipt of a correct and complete copy of each of the Senior
Lending Agreements as in effect on the date hereof, consents to Company entering
into the Senior  Lending  Agreements  and waives any default or event of default
under the  Subordinating  Lending Agreement as a result of Company entering into
such Senior Lending Agreements.

         (f) No Amendment of  Subordinated  Lending  Agreements.  So long as the
Loan Agreement remains in effect, neither Company nor any Holder of Subordinated
Indebtedness   shall  enter  into  any  amendment  to  or  modification  of  any
Subordinated  Lending  Agreements  which  relates  to or affects  the  principal
amount,  interest  rate,  payment  terms,  or any  other  material  covenant  or
agreement of Company thereunder or in respect thereof, without the prior written
consent of Senior Lender.

         (g) Amendments to Senior Lending Agreements.  Nothing contained in this
Agreement,  or in any other  agreement  or  instrument  binding  upon any of the
parties  hereto,  shall in any manner  limit or  restrict  the ability of Senior
Lender  from  increasing  or  changing  the terms of the loans  under the Senior
Lending  Agreements,  or to  otherwise  waive,  amend or  modify  the  terms and
conditions of the Senior Lending Agreements, in such manner as Senior Lender and
Company  shall  mutually  determine.  Each Holder of  Subordinated  Indebtedness
hereby  consents  to any and all such  waivers,  amendments,  modifications  and
compromises,  and any  other  renewals,  extensions,  indulgences,  releases  of
collateral or other accommodations granted by Senior Lender to Company from time
to time,  and agrees  that none of such  actions  shall in any manner  affect or
impair the subordination  established by this Subordination Agreement in respect
of the Subordinated Indebtedness.

         (h) Notice of Default and Certain Events. Senior Lender and the Holders
of Subordinated  Indebtedness  shall undertake in good faith to notify the other
of the occurrence of any of the following as applicable:

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                  (i) the obtaining of actual knowledge of the occurrence of any
default under any of the Subordinated Lending Agreements;

                  (ii) the  acceleration  of any Senior  Indebtedness  by Senior
Lender  or of any  Subordinated  Indebtedness  by  any  Holder  of  Subordinated
Indebtedness;

                  (iii) the granting by Senior Lender of any waiver of any Event
of  Default  under  the  Loan  Agreement  or  the  granting  by  any  Holder  of
Subordinated  Indebtedness  of any waiver of any "default" or "event of default"
under the Subordinated Lending Agreements; or

                  (iv) the  payment in full by Company  (whether  as a result of
refinancing or otherwise) of all Senior Indebtedness.

                  The failure of any party to give such notice  shall not affect
the  subordination  of  the  Subordinated   Indebtedness  as  provided  in  this
Agreement.  (i) Notices. Any notice or other communication required or permitted
pursuant to this Agreement shall be deemed given (a) when  personally  delivered
to any  officer  of the party to whom it is  addressed,  (b) on the  earlier  of
actual receipt thereof or three (3) days following  posting thereof by certified
or registered  mail,  postage  prepaid,  or (c) upon actual receipt thereof when
sent by a  recognized  overnight  delivery  service or (d) upon  actual  receipt
thereof when sent by  telecopier  to the number set forth below with  electronic
confirmation of receipt,  in each case addressed to each party at its address or
telecopier  number set forth below or at such other address or telecopier number
as has been furnished in writing by a party to the other by like notice:

                  If to Senior Lender:      Equinox Business Credit Corp.
                                            120 Wood Avenue South, Suite 515
                                            Iselin, New Jersey 08830
                                            Attention: Allen H. Vogel
                                            Telephone: (732) 635-9800
                                            Facsimile: (732) 635-1111

                  with a copy to:           Loeb & Loeb LLP
                                            345 Park Avenue
                                            New York, New York 10154
                                            Attention:  Miriam L. Cohen, Esq.
                                            Telephone: (212) 407-4000
                                            Facsimile: (212) 407-4990

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               If to Subordinated
               Lender:                Ventures-National Incorporated
                                      1818 North Farwell Avenue
                                      Milwaukee, Wisconsin 53202
                                      Attention:  David Marks
                                      Telephone: (414) 283-2616
                                      Facsimile:  (414) 283-2609

               If to Company:         Titan PCB East, Inc.
                                      2 Industrial Way
                                      Amesbury, Massachusetts 01913
                                      Attention:   Robert E. Ciri
                                      Telephone: (978) 388-5740
                                      Facsimile:  (978) 388-3940

               with a copy to:        Mirick, O'Connell De Mallie & Lougee, LLP
                                      100 Front Street
                                      Worcester, Massachusetts 01608-1477
                                      Attention: Joseph H. Baldiga, Esq.
                                      Telephone: (508) 791-8500
                                      Facsimile: (508) 791-8502

         (j) Books and Records.  Subordinated Lender shall (a) make notations on
the books of  Subordinated  Lender  beside all  accounts or on other  statements
evidencing or recording any  Subordinated  Indebtedness  to the effect that such
Subordinated  Indebtedness is subject to the provisions of this  Agreement,  (b)
furnish  Senior  Lender,  upon  request  from time to time,  a statement  of the
account between Subordinated Lender and Company and (c) give Senior Lender, upon
its request, full and free access to Subordinated Lender's books pertaining only
to such accounts with the right to make copies thereof.

         (k)  Binding  Effect;  Other.  This  Agreement  shall  be a  continuing
agreement,  shall be binding  upon and shall inure to the benefit of the parties
hereto from time to time and their respective  successors and assigns,  shall be
irrevocable  and  shall  remain  in full  force  and  effect  until  the  Senior
Indebtedness  shall  have  been  satisfied  or paid in full in cash and the Loan
Agreement  shall have been  irrevocably  terminated,  but shall  continue  to be
effective, or be reinstated,  as the case may be, if at any time payment, or any
part  thereof,  of any amount paid by or on behalf of Company with regard to the
Senior  Indebtedness is rescinded or must otherwise be restored or returned upon
the  insolvency,  bankruptcy,  dissolution,  liquidation  or  reorganization  of
Company, or upon or as a result of the appointment of a receiver,  intervenor or
conservator of, or trustee,  custodian,  or similar officer,  for Company or any
substantial part of its property, or otherwise,  all as though such payments had
not been made. No action which Senior Lender or Company may take or refrain from
taking  with  respect  to the  Senior  Indebtedness,  including  any  amendments
thereto,  shall affect the  provisions of this  Agreement or the  obligations of
Subordinated  Lender  hereunder.  Any  waiver  or  amendment  hereunder  must be
evidenced by a signed writing of the party to be bound  thereby,  and shall only
be effective in the specific  instance.  This Agreement shall be governed by and
construed in accordance  with the laws of the State of New Jersey.  The headings
in this Agreement are for  convenience of reference only, and shall not alter or
otherwise affect the meaning hereof.

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         (l)  Security.  Until the Senior  Indebtedness  shall have been paid in
full in cash and the Loan  Agreement  shall  have been  irrevocably  terminated,
Subordinated  Lender hereby disclaims any and all security  interests,  liens or
other encumbrances on or in any property (personal or real) of the Company.

         (m) No Challenge to Validity, Etc. of Liens.  Notwithstanding  anything
to the  contrary  expressed  or  implied  in  this  Agreement,  each  Holder  of
Subordinated  Indebtedness  agrees  that it will not at any time (a)  challenge,
cooperate  with  a  challenge  or  consent  to  a  challenge  to  the  validity,
perfection,  priority  or  enforceability  of any Liens (as  defined in the Loan
Agreement as in effect on the Closing Date) on the Collateral (as defined in the
Loan  Agreement),  or the Agent's right to foreclosure,  realization  upon, levy
upon, or  liquidation of any of the Collateral or (b) object to the Agent moving
during an Event for relief from the automatic  stay imposed under Section 362 of
the Code.

         (n) Defense to Enforcement. If any Holder of Subordinated Indebtedness,
in  contravention of the terms of this Agreement,  shall commence,  prosecute or
participate in any suit, action or proceeding  against the Company,  then Senior
Lender may  intervene  and  interpose  such defense or pleas in its name. If any
Holder  of  Subordinated  Indebtedness,  in  contravention  of the terms of this
Agreement,  shall  attempt to collect any of the  Subordinated  Indebtedness  or
enforce any of its right under any of the  Subordinated  Lending  Agreements  or
this Agreement,  then Senior Lender may, by virtue of this  Agreement,  restrain
the  enforcement  thereof  in the  name  of  Senior  Lender.  If any  Holder  of
Subordinated  Indebtedness,  in  contravention  of the terms of this  Agreement,
obtains  any  cash  or  other   assets  of  the  Company  as  a  result  of  any
administrative,  legal  or  equitable  actions  or  otherwise,  such  Holder  of
Subordinated  Indebtedness agrees forthwith to pay, deliver and assign to Senior
Lender,  with  appropriate  endorsements,  any  such  cash or other  assets  for
application to Senior Indebtedness.

         4.  Representations and Warranties.  Subordinated Lender represents and
warrants  to  Senior  Lender  that  Subordinated  Lender  is the  holder  of the
Subordinated  Indebtedness.  Subordinated Lender agrees that it shall not assign
or transfer any of the Subordinated  Indebtedness without (i) prior notice being
given to Senior Lender and (ii) such assignment or transfer being made expressly
subject to the terms of this Agreement.  Subordinated Lender further warrants to
Senior  Lender that it has full right,  power and  authority  to enter into this
Agreement  and,  to the extent  Subordinated  Lender is an agent or trustee  for
other parties, that this Agreement shall fully bind all such other parties.

         5. Negative Covenants.

                  (a) Company shall not directly or  indirectly  grant a Lien to
any Person in any of the  Collateral to secure or satisfy all or any part of the
Subordinated Indebtedness without the prior written consent of Lender.

                  (b) No  Subordinated  Lender shall permit to exist any Lien on
any  property  or assets of any  Company  to secure or  provide  for  payment or
performance of the Subordinated

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Indebtedness  or  exercise  any  right  of set  off or  counterclaim  which  the
Subordinated  Lender may have with respect to any amounts  payable or to be paid
by the Subordinated Lender to Company. In the event that any Subordinated Lender
has or at any time  acquires  any Lien in the  Collateral  securing  the  Senior
Indebtedness,  or any part thereof,  each Subordinated  Lender hereby waives any
right that it may have whether such right arises under  Sections  9-611  through
9-614 of the Uniform  Commercial Code or other applicable law, to receive notice
of the Lender's  intended  disposition of such Collateral (or a portion thereof)
or of the  Lender's  proposed  retention of such assets in  satisfaction  of the
Senior  Indebtedness (or a portion thereof).  Each  Subordinated  Lender further
agrees  that in the event  Company  consents  or fails to  object to a  proposed
retention  of  such  Collateral  (or  a  portion   thereof)  by  the  Lender  in
satisfaction  of  the  Senior   Indebtedness  (or  a  portion   thereof),   such
Subordinated  Lender hereby  consents to such proposed  retention  regardless of
whether  such  Subordinated  Lender is  provided  with  notice of such  proposed
retention.

         6.  Proceedings.   ANY  JUDICIAL   PROCEEDING  BROUGHT  BY  OR  AGAINST
SUBORDINATED  LENDER OR COMPANY  WITH  RESPECT TO THIS  AGREEMENT OR ANY RELATED
AGREEMENT MAY BE BROUGHT IN ANY COURT OF COMPETENT  JURISDICTION IN STATE OF NEW
JERSEY,  UNITED  STATES OF  AMERICA,  AND,  BY  EXECUTION  AND  DELIVERY OF THIS
AGREEMENT EACH PARTY THERETO ACCEPTS FOR THEMSELVES AND IN CONNECTION WITH THEIR
PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE
AFORESAID  COURTS,  AND  IRREVOCABLY  AGREE TO BE BOUND  BY ANY  FINAL  JUDGMENT
RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT.  NOTHING HEREIN SHALL AFFECT
THE RIGHT TO SERVE  PROCESS IN ANY MANNER  PERMITTED  BY LAW OR SHALL  LIMIT THE
RIGHT OF  SENIOR  LENDER TO BRING  PROCEEDINGS  AGAINST  SUBORDINATED  LENDER OR
COMPANY IN ANY COURTS OF ANY OTHER  JURISDICTION.  ANY  JUDICIAL  PROCEEDING  BY
SUBORDINATED  LENDER OR COMPANY  AGAINST  SENIOR LENDER  INVOLVING,  DIRECTLY OR
INDIRECTLY,  ANY  MATTER  OR  CLAIM IN ANY WAY  ARISING  OUT OF,  RELATED  TO OR
CONNECTED WITH THIS AGREEMENT OR ANY RELATED AGREEMENT, SHALL BE BROUGHT ONLY IN
A COURT LOCATED IN THE STATE OF NEW JERSEY;  PROVIDED THAT  NOTWITHSTANDING  THE
FOREGOING,  IF IN ANY JUDICIAL  PROCEEDING BY OR AGAINST  SUBORDINATED LENDER OR
COMPANY  THAT IS BROUGHT IN ANY OTHER  COURT SUCH COURT  DETERMINES  THAT SENIOR
LENDER  IS AN  INDISPENSABLE  PARTY,  SUBORDINATED  LENDER OR  COMPANY  SHALL BE
ENTITLED TO JOIN OR INCLUDE EACH PARTY HERETO IN SUCH  PROCEEDINGS IN SUCH OTHER
COURT.  SUBORDINATED  LENDER AND COMPANY WAIVE ANY OBJECTION TO JURISDICTION AND
VENUE OF ANY ACTION INSTITUTED  HEREUNDER AND SHALL NOT ASSERT ANY DEFENSE BASED
ON LACK OF JURISDICTION OR VENUE OR BASED UPON FORUM NON CONVENIENS.

         7. Waiver Of Jury Trial.  EACH PARTY HERETO HEREBY EXPRESSLY WAIVES ANY
RIGHT TO TRIAL BY JURY OF ANY  CLAIM,  DEMAND,  ACTION  OR CAUSE OF  ACTION  (A)
ARISING  UNDER THIS  AGREEMENT  OR ANY OTHER  INSTRUMENT,  DOCUMENT OR AGREEMENT
EXECUTED OR DELIVERED IN

                                       10
<PAGE>

CONNECTION  HEREWITH,  OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL
TO THE  DEALINGS OF ANY  CREDITOR OR COMPANY OR ANY OF THEM WITH RESPECT TO THIS
AGREEMENT OR ANY OTHER INSTRUMENT,  DOCUMENTS OR AGREEMENT EXECUTED OR DELIVERED
BY THEM IN CONNECTION  HEREWITH,  OR THE TRANSACTIONS RELATED HERETO OR THERETO,
IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING,  AND WHETHER SOUNDING IN
CONTRACT OR TORT OR OTHERWISE  AND EACH PARTY HERETO  HEREBY AGREES AND CONSENTS
THAT ANY  CLAIM,  DEMAND,  ACTION OR CAUSE OF ACTION  SHALL BE  DECIDED BY COURT
TRIAL WITHOUT JURY,  AND THAT ANY OF THEM MAY FILE AN ORIGINAL  COUNTERPART OR A
COPY OF THIS SECTION WITH ANY COURT AS WRITTEN  EVIDENCE OF THEIR CONSENT TO THE
WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

         8. Company  Acknowledgement.  Company agrees that (i) nothing contained
in this Agreement shall be deemed to amend, modify, supercede or otherwise alter
the terms of the  respective  agreements  between  Company and each Creditor and
(ii) this  Agreement  is solely for the benefit of the  Creditors  and shall not
give Company, its successors or assigns or any other person any rights vis-a-vis
any Creditor.

         9.  Counterparts;  Facsimile.  This  Agreement  may be  executed by the
parties  hereto in one or more  counterparts,  each of which  shall be deemed an
original and all of which when taken together shall  constitute one and the same
agreement. Any signature delivered by a party by facsimile transmission shall be
deemed to be an original signature hereto.

                           [Signature Page to Follow]

                                       11
<PAGE>

         IN WITNESS WHEREOF, the undersigned have entered into this Agreement as
of this ____ day of May, 2003.

                                EQUINOX BUSINESS CREDIT CORP.,
                                as Senior Lender

                                By: /s/ Allen H. Vogel
                                    ----------------------------------------
                                Name: Allen H. Vogel
                                Title: President

                                VENTURES-NATIONAL INCORPORATED,
                                as Subordinated Lender

                                By: /s/ David M. Marks
                                    ----------------------------------------
                                Name: David M. Marks
                                Title: Chairman

                                TITAN PCB EAST, INC.,
                                as Company

                                By: /s/ Robert E. Ciri
                                    ----------------------------------------
                                Name: Robert E. Ciri
                                Title: President

                                       12
<PAGE>

STATE OF Wisconsin     )
                                    :  ss.:
COUNTY OF Milwaukee   )

         On the 2nd day of May, 2003,  before me personally  came David M. Marks
to me known,  who,  being by me duly  sworn did  depose and say that s/he is the
Chairman of  Ventures-National  Incorporated,  the corporation  described in and
which executed the above  instrument;  and that s/he signed her/his name thereto
by order of the board of directors of said corporation.

                                  P. Schloabe
                                  --------------------------------
                                  Notary Public

STATE OF ______________)
                                    :  ss.:
COUNTY OF ____________)

         On the _______ day of May, 2003,  before me personally came Allen Vogel
to me  known,  who,  being by me duly  sworn did  depose  and say that he is the
________________ of Equinox Business Credit Corp., the corporation  described in
and which executed the above instrument;  and that he was authorized to sign his
name thereto.

                                  --------------------------------
                                  Notary Public

STATE OF Massachusetts)
                                    :  ss.:
COUNTY OF Worcestor)

         On the 5th day of May, 2003,  before me personally  came Robert E. Ciri
to me known,  who,  being by me duly  sworn did  depose and say that s/he is the
President  of Titan PCB  East,  Inc.,  the  corporation  described  in and which
executed  the above  instrument;  and that s/he signed  her/his  name thereto by
order of the board of directors of said corporation.

                                  /s/ Glen Mair
                                  --------------------------------
                                  Notary Public<PAGE>

                                                                   Exhibit 10.47

         AMENDMENT  NO. 1 (this  "Amendment")  dated as of May 5,  2003,  to the
         SECURITY AGREEMENT (the "Security  Agreement") as of February 27, 2003,
         between Titan PCB East,  Inc., a Delaware  corporation (the "Company"),
         and Personal  Resources  Management,  Inc. (the "Collateral  Agent") as
         Collateral  Agent on behalf of the  Purchasers  of the Note (as defined
         herein) as identified on Exhibit A attached hereto  (collectively,  the
         "Secured Parties" and each individually, a "Secured Party").

--------------------------------------------------------------------------------

         WHEREAS,  the Secured Parties have been granted a security  interest in
certain assets (the "Assets") of the Company pursuant to the Security  Agreement
to  provide  security  for  the  payment  obligations  of the  Company  under  a
Promissory  Note issued by the Company to the Purchasers  upon the sale of which
the Company received gross proceeds of $640,000 (the "Note Proceeds");

         WHEREAS,   in  connection   with  a  subsequent   financing  (the  "New
Financing"),  the Company has been requested to grant a first priority  security
interest in the Assets to the prospective lender which requires a termination of
the  security  interest  granted  under the Security  Agreement  and the related
financing statements filed in accordance with the Uniform Commercial Code;

         WHEREAS, in order to facilitate the New Financing,  the Company desires
to transfer to Titan EMS,  Inc.,  a Delaware  corporation  and  affiliate of the
Company ("Titan EMS"), the Note Proceeds and to transfer and assign to Titan EMS
all of its rights and obligations under the Note and the Security Agreement,  as
amended  hereby,  and Titan EMS desires to (i) receive the Note  Proceeds,  (ii)
assume  all of the  Company's  rights  and  obligations  under  the Note and the
Security Agreement, as amended hereby, and (iii) amend the Security Agreement to
become a party  thereto  and  provide  for the grant of a security  interest  in
certain of its assets (the "Titan EMS Assets"); and

         WHEREAS,  the Secured  Parties are willing to consent to the assignment
to and assumption by Titan EMS of the Company's rights and obligations under the
Note  and  the  Security  Agreement,  as  amended  hereby,  and  thereby  permit
termination  of  their  security  interest  in the  Assets  upon the  grant  and
perfection  of a first  priority  security  interest  in the Titan EMS Assets as
security  for  payment  obligations  under the  Note,  to be  evidenced  by this
Amendment and an instrument of assignment  and assumption  substantially  in the
form attached hereto as Exhibit A (the "Assignment and Assumption Agreement").

         NOW,  THEREFORE,  based on the premises and  conditions set forth above
and for  good and  valuable  consideration,  the  receipt  of  which  is  hereby
acknowledged by the parties hereto, the parties hereto agree as follows:

<PAGE>

                              AMENDMENT AND WAIVER
                              --------------------

          The  undersigned,  being all of the parties hereto and to the Security
Agreement,  hereby agree to amend the  Security  Agreement,  effective  upon the
execution  and  delivery  of the  Assignment  and  Assumption  Agreement  and as
follows:

         1.       Titan EMS is hereby added,  and the Company is hereby removed,
                  as a party to the Security  Agreement in full  substitution of
                  the  Company  such  that  every   reference  in  the  Security
                  Agreement  to "Titan PCB East,  Inc." or "the  Company"  shall
                  hereafter be deemed a reference to Titan EMS.

         2.       The definition of  "Collateral" is hereby deleted and replaced
                  in its entirety with the following:

                            "Collateral"  means  all  "equipment"  held  by  the
                            Company as such term is  defined in the UCC and,  to
                            the extent not included within such definition,  all
                            machinery,  equipment,   furnishings,  vehicles  and
                            supplies  (installed and  uninstalled),  and any and
                            all additions, substitutions and replacements of any
                            of the foregoing,  wherever  located,  together with
                            all attachments,  components,  parts,  equipment and
                            accessories  installed or to be installed thereon or
                            affixed   or  to  be   affixed   thereto,   and  all
                            franchises,  licenses,  permits and operating rights
                            authorizing  or relating to the Company's  rights to
                            operate  and  maintain  its  equipment,  whether now
                            owned or hereafter acquired by the Company."

         3.       The definition of (a) Accounts,  (b) Contracts,  (c) Equipment
                  and  Licenses,   (d)  Furniture  and  Fixtures,   (e)  General
                  Intangibles,  (f) Inventory,  (g) cash and cash accounts,  (h)
                  Miscellaneous  Items and (i) Proceeds  Equipment  and Licenses
                  are hereby be deleted and  Schedule 1 Excluded  Collateral  is
                  bereby  deleted,  and any and all  references  to such defined
                  terms are hereby deleted.

         4.       Section 2 is  hereby  shall be  deleted  and  replaced  in its
                  entirety with the following:

                            "2.   Grant  of  Security   Interest;   Pledge.   As
                            collateral  security  for the  prompt  and  complete
                            payment  and   performance   when  due  of  all  the
                            Obligations,   all  in  accordance  with  the  terms
                            thereof,  the Company  hereby assigns and pledges to
                            the Collateral  Agent for the benefit of the Secured
                            Parties,  and hereby grants to the Collateral  Agent
                            for  the  benefit  of  the  Secured  Parties,  their
                            successors and assigns,  a security  interest in all
                            the Company's  right,  title and interest in, to and
                            under  the  Collateral,   whether  now  existing  or
                            hereafter from time to time acquired."

         5.       Section 3 is hereby deleted.

         6.       Section  4(d) is hereby  deleted and  replaced in its entirety
                  with the following:

<PAGE>

                            "(d) The Company's chief executive  office,  and the
                            locations where the Company's records concerning the
                            Collateral are kept is in Fremont,  California.  The
                            Company's jurisdiction of incorporation is the State
                            of Delaware.  The  Company's  exact legal name is as
                            set forth in the first  paragraph  of this  Security
                            Agreement."

         7.       The address to which notices to the Company  should be sent as
                  set forth in Section 10 is hereby  changed to:  44358 Old Warm
                  Springs Boulevard, Fremont, California 94538.

         8.       On  and  after  the  effectiveness  of  this  Amendment,  each
                  reference in the Agreement to "this  Agreement,"  "hereunder,"
                  "herein," or words of like import  referring to the  Agreement
                  shall mean and be a reference  to the  Agreement as amended by
                  this Amendment.

         9.       Capitalized  terms used herein and not otherwise  defined have
                  the  respective  meanings  ascribed to them in the  Agreement.
                  Except as set forth above,  the  provisions  of the  Agreement
                  shall  remain in full  force and effect as  originally  stated
                  therein.

         10.      This Amendment may be executed in any number of  counterparts,
                  each of which shall be an original,  but all of which together
                  shall constitute one instrument.

         11.      THIS   AMENDMENT   SHALL  BE  GOVERNED  BY  AND  CONSTRUED  IN
                  ACCORDANCE  WITH  THE LAWS OF THE  STATE OF NEW YORK  (WITHOUT
                  GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAWS PROVISIONS).

                  [THE REMAINDER OF THIS PAGE LEFT BLANK INTENTIONALLY]

<PAGE>

         IN WITNESS  WHEREOF,  the parties have caused this Amendment to be duly
executed and  delivered by their proper and duly  authorized  officers as of the
date and year first written above.

                                   TITAN PCB EAST, INC.

                                   By:  /s/ David M. Marks
                                        -------------------------------
                                        Name: David M. Marks
                                        Title: Chairman

                                   PERSONAL RESOURCES MANAGEMENT  as AGENT

                                   By: /s/ Fred Kudish
                                       -------------------------------
                                       Name: Fredric Kudish
                                       Title: President

                                   TITAN EMS, INC.

                                   By: /s/ David M. Marks
                                       ---------------------------------
                                       Name: David M. Marks
                                       Title: Chairman

   ACKNOWLEDGED AND AGREED

VENTURES-NATIONAL INCORPORATED

By: /s/ David M. Marks
    -------------------------------
    Name: David M. Marks
    Title: Chairman

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