Document:

<PAGE>   1
                                                                      EXBT10-10

                                    AGREEMENT

         This Agreement dated as of April 30, 2000 (the "Agreement"), among
Lexington Precision Corporation, a Delaware corporation (the "LPC"), Lexington
Rubber Group, Inc., a Delaware corporation formerly known as Lexington
Components, Inc. ("LRG"; LPC and LRG are referred to individually as "Borrower"
and collectively as the "Borrowers"), and Bank One, NA (formerly known as Bank
One, Akron, NA) ("Lender").

         WHEREAS, Lender and each of the Borrowers have entered into a certain
Credit Facility and Security Agreement dated as of January 31, 1997, including
Rider A thereto, as amended, modified, and supplemented, and certain mortgages,
security agreements, deeds of trust and other documents, instruments, and
agreements in connection therewith, and the Borrowers have executed certain
promissory notes in connection therewith (all of the foregoing, as amended,
modified, and supplemented, being referred to collectively as the "Loan
Documents").

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties hereto, intending to be legally
bound, hereby agree as follows:

         1. WAIVER. Subject to paragraph 2 hereof, the Lender hereby waives,
until August 1, 2000, any Default or Event of Default under any of the Loan
Documents resulting solely from the failure of the LPC to pay any principal or
interest due on February 1, 2000, or May 1, 2000, in respect of (a) LPC's 14%
Junior Subordinated Notes due May 1, 2000, (b) LPC's Junior Subordinated
Convertible Increasing Rate Notes due May 1, 2000, and/or (c) LPC's 12 3/4%
Senior Subordinated Notes due February 1, 2000 (the indebtedness referred to in
clauses (a), (b) and (c) is referred to herein as the "Other Indebtedness").

         2. RESCISSION OF WAIVERS. The foregoing waivers shall be automatically
rescinded, without notice to LPC or LRG, in the event that the holder of any
Other Indebtedness or trustee in respect thereof seeks to accelerate the
maturity of any such Other Indebtedness or to enforce or exercise any remedies
in respect thereto.

         3. EFFECTIVE DATE.

            This Agreement shall be deemed effective as of April 30, 2000.

         4. REPRESENTATIONS AND WARRANTIES. Each of the parties represents and
warrants that: (a) the execution, delivery, and performance of this Agreement
have been duly authorized by all requisite action on its part; and (b) this
Agreement has been duly executed and delivered by it and constitutes its legal,
valid, and binding agreement, enforceable against it in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws affecting the
enforceability of creditors' rights generally or by general equitable
principles.

         5. NO OTHER AMENDMENTS.

         Except as set forth herein, all terms and provisions of the Loan
Documents among Lender, LPC and LRG shall remain in full force and effect.
Except as expressly set forth herein, no other or further amendment, waiver or
consent is implied by, and LPC and LRG shall not be entitled to,

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any other or further amendment, waiver or consent by virtue of the provisions of
this Agreement. In addition, without limiting the foregoing, the waivers of
Lender set forth herein do not constitute an agreement to, and LPC and LRG
acknowledge that Lender may decline to, grant any other or further waivers with
respect to the subject matter hereof or any other matters regardless of whether
or not there occurs any change in facts or circumstances relating to LPC and/or
LRG

         6. GENERAL PROVISIONS.

         (a) DEFINED TERMS. Capitalized terms used herein, unless otherwise
defined herein, shall have the meaning ascribed thereto in the Loan Documents.

         (b) COUNTERPARTS. This Agreement may be executed by the parties in any
number of counterparts and all of said counterparts taken together shall be
deemed to constitute one and the same instrument. This Agreement may be signed
by facsimile transmission of the relevant signature pages hereof.

         (C) GOVERNING LAW. This Agreement shall be governed by, and construed
and interpreted in accordance with, the internal laws of the State of New York.

         (d) SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and
inure to the benefit of the successors and assigns of the parties hereto.

         (e) HEADINGS. The paragraph headings of this Agreement are for
convenience of reference only and are not to be considered in construing this
Agreement.

                                      -2-
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         IN WITNESS WHEREOF, each Borrower and Lender have caused this Agreement
to be duly executed and delivered as of the date first written above.

                                        LEXINGTON PRECISION CORPORATION

                                        By:        Michael A. Lubin
                                           ------------------------------------
                                        Name:      Michael A. Lubin
                                             ----------------------------------
                                        Title:     Chairman of the Board
                                              ---------------------------------

                                        LEXINGTON RUBBER GROUP, INC.

                                        By:        Michael A. Lubin
                                           ------------------------------------
                                        Name:      Michael A. Lubin
                                             ----------------------------------
                                        Title:     Chairman of the Board
                                              ---------------------------------

                                        BANK ONE, NA

                                        By:         Rudolf G. Bentlage
                                           ------------------------------------
                                        Name:       Rudolf G. Bentlage
                                             ----------------------------------
                                        Title:      Vice President
                                              ---------------------------------

                                      -3-<PAGE>   1
                                                                      EXBT10-11

                                                                    May 12, 2000

Lexington Precision Corporation
767 Third Avenue
New York, New York  10017

                  Re:      Amendment to Financing Agreements
                           ---------------------------------
Gentlemen:

         Reference is made to certain financing agreements dated January 11,
1990 between Lexington Precision Corporation ("LPC") and Congress Financial
Corporation ("Congress"), including, but not limited to, an Accounts Financing
Agreement [Security Agreement], as amended (the "Accounts Agreement"), and all
supplements thereto and all other related financing and security agreements
(collectively, all of the foregoing, as the same have heretofore or
contemporaneously been or may be hereafter, amended, replaced, extended,
modified or supplemented, the "Financing Agreements").

         In connection with the financing arrangements pursuant to the Accounts
Agreement and the other Financing Agreements, the parties hereto hereby agree to
amend the Financing Agreements, as set forth below:

         1.       Definitions:
                  -----------

                  (a) The definition of "Working Capital" contained in Section
I(m) of the Covenants Supplement to Accounts Financing Agreement, dated January
11, 1990, as amended by the letter agreement re: Amendment to Financing
Agreements, dated August 13, 1998, between LPC and Congress, is hereby deleted
in its entirety and replaced with the following:

                  "(m) "Working Capital" shall mean, as of December 31, 1999 and
         at all times thereafter, as to Borrower, at any time, the amount, if
         any, by which (i) the aggregate net book value of all assets of
         Borrower which would, in accordance with generally accepted accounting
         principles, consistently applied, be classified as current assets at
         such time, exceeds (ii) all Indebtedness of Borrower which would, in
         accordance with generally accepted accounting principles, consistently
         applied, be classified as current liabilities at such time; provided,
         that, in computing Working Capital hereunder, (i) none of the current
         portion of long- term Indebtedness of Borrower, determined in
         accordance with generally accepted accounting principles consistently
         applied, (ii) none of the Obligations of

                                       -1-

<PAGE>   2

         Borrower to Congress, (iii) none of the outstanding Indebtedness of
         Borrower arising under the CIT Financing Agreements (as such term is
         defined in the letter agreement re: Amendment to Financing Agreements,
         dated March 30, 1999, by and between Borrower and Congress) and (iv)
         none of the outstanding Indebtedness of Borrower and LRG arising under
         the Bank One Financing Agreements (as such term is defined in the
         letter agreement re: Amendment to Financing Agreements, dated as of
         March 10, 1999, by and between Borrower and Congress), shall be
         considered current liabilities."

                  (b) Capitalized terms used herein, unless otherwise defined
herein, shall have the meanings ascribed thereto in the Accounts Agreement and
the other Financing Agreements.

         2. REPRESENTATIONS, WARRANTIES AND COVENANTS. In addition to the
continuing representations, warranties and covenants heretofore or hereafter
made by LPC to Congress pursuant to the Financing Agreements, LPC hereby
represents, warrants and covenants with and to Congress 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):

                  (a) Except for the Event of Default referenced in the
Agreement, dated as of April 30, 2000, among LPC, LRG and Congress, no Event of
Default exists or has occurred and is continuing on the date of this Amendment.

                  (b) This Amendment has been duly executed and delivered by LPC
and is in full force and effect as of the date hereof, and the agreements and
obligations of LPC contained herein constitute the legal, valid and binding
obligations of LPC enforceable against LPC in accordance with their terms.

         3. CONDITIONS TO EFFECTIVENESS OF AMENDMENT. Anything contained in this
Amendment to the contrary notwithstanding, the terms and provisions of this
Amendment shall only become effective upon the satisfaction of the following
additional conditions precedent:

                  (a) Congress shall have received an executed original or
executed original counterparts (as the case may be) of this Amendment, together
with an Amendment between LRG and Congress with respect to the LRG Financing
Agreements and the documents and instruments required thereunder (if any) and
the satisfaction of all conditions precedent to the effectiveness thereof, which
shall be in form and substance satisfactory to Congress;

                  (b) All representations and warranties contained herein, in
the Accounts Agreement and in the other Financing Agreements shall be true and
correct in all material respects; and

                                       -2-

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                  (c) Except for the Event of Default referenced in the
Agreement, dated as of April 30, 2000, among LPC, LRG and Congress, no Event of
Default shall have occurred and no event shall have occurred or condition be
existing which, with notice or passage of time or both, would constitute an
Event of Default.

         4. EFFECT OF THIS AMENDMENT. Except as modified pursuant hereto, the
Accounts Agreement and all supplements to the Accounts Agreement and all other
Financing Agreements, are hereby specifically ratified, restated and confirmed
by the parties hereto as of the date hereof and no existing defaults or Events
of Default have been waived in connection herewith. To the extent of conflict
between the terms of this Amendment and the Accounts Agreement or any of the
other Financing Agreements, the terms of this Amendment control.

         5. FURTHER ASSURANCES. LPC shall execute and deliver such additional
documents and take such additional actions as may reasonably be requested by
Congress to effectuate the provisions and purposes of this Amendment.

         6. GOVERNING LAW. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York without reference to its
principles of conflicts of law.

         By the signatures hereto of the duly authorized officers, the parties
hereto mutually covenant, warrant and agree as set forth herein.

                                            Very truly yours,

                                            CONGRESS FINANCIAL CORPORATION

                                            By:       Herbert C. Korn
                                               ---------------------------

                                            Title:    Vice President
                                                  ------------------------

AGREED AND ACCEPTED:

LEXINGTON PRECISION CORPORATION

By:       Warren Delano
   -------------------------

Title:    President
     -----------------------

                                       -3-

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