Exhibit 10.15 [LETTERHEAD] April 25, 1997 Mr. Stephen D. Reichenbach, Executive Vice President & CFO FLOW INTERNATIONAL CORPORATION P.O. Box 97040 Kent, WA 98064-9740 Re: Change in Covenants Dear Steve: Please be advised that pursuant to the Credit Agreement dated September 25, 1995, the following financial covenants have been amended as follows: Minimum Tangible Net Worth (Section 6.13): 04/30/97 to 04/29/98 $35,000,000 04/30/98 and thereafter $50,000,000 Calculation of the Funded Dept Ratio (defined in Section 1.1): "Funded Debt Ratio" means, as of the date of measurement, the ratio of (a) all Indebtedness of Borrower except (i) Trade Payables, and (ii) all accrued liabilities, deferred taxes, and minority interests generated in the normal course of business; to (b) the sum of (i) Borrower's EBITDA for the immediately preceding four fiscal quarters of Borrower, plus (ii) in the event Borrower has acquired any Subsidiaries during the immediately preceding four quarters of Borrower, the EBITDA of such Subsidiaries from the first day of the immediately preceding four quarter through the date of acquisition of each Subsidiary, plus (iii) any restructuring expense related to the disposal of assets of Borrower's access and services businesses as defined in the Borrower's 10K and 10Q. Calculation of the Debt Service Coverage Ratio (defined in Section 1.1): "Debt Service Coverage Ratio" means the ratio of (a) the sum of (i) Cash Flow, plus (ii) any restructuring expense related to the disposal of assets of Borrower's access and services businesses as defined in the Borrower's 10K and 10Q; to (b) Debt Service. Mr. Steven D. Reichenbach April 25, 1997 Page 2 Upon the acceptance by all parties, this letter will become an amendment of the Credit Agreement dated September 25, 1995. Should you have any questions, please feel free to call me. U.S. BANK OF WASHINGTON, NATIONAL ASSOCIATION /s/ MARK E. TSUTAKAWA Mark E. Tsutakawa, Vice President SEATTLE-FIRST NATIONAL BANK By /s/ WILLIAM P. STIVERS --------------------------------- William P. Stivers, Vice President FLOW INTERNATIONAL CORPORATION By /s/ STEPHEN D. REICHENBACH --------------------------------- Stephen D. Reichenbach, Executive Vice President and Chief Financial Officer