On January 17, 2014, TOR Minerals International Inc. entered into the third amendment with American Bank, N.A. Under the terms of the Amendment, which has an effective date of January 1, 2014, the company is required to pledge a certificate of deposit in the amount of $350,000 as additional security against the outstanding loan balance of $910,447.00. In addition, the company will be required to maintain a ratio of cash flow to debt service as follows: at least 1.25 to 1.0 measured on a rolling four-quarter basis beginning with the four-quarter period ending December 31, 2010, and ending with the four-quarter period ending September 30, 2013; at least 1.0 to 1.0 for the four months ending April 30, 2014; at least 1.0 to 1.0 for the six months ending June 30, 2014; at least 1.0 to 1.0 for the nine months ending September 30, 2014; at least 1.25 to 1.0 for the twelve months ending December 31, 2014; and at least 1.25 to 1.0 measured on a rolling, four-quarter basis beginning with the four-quarter period ending March 31, 2015, and similarly measured at the end of each quarter thereafter.