Exhibit 10.48
September 10, 2003
Lowrance Electronics, Inc.
LEI Extras, Inc.
Lowrance Contracts, Inc.
Sea Electronics, Inc.
00000 Xxxx Xxxxxx Xxxxx
Xxxxx, Xxxxxxxx 00000
Re: Deletion of Section 9.3(E) from the Loan and Security
Agreement with Fleet Capital Corporation
Gentlemen:
Reference is hereby made to that certain Loan and Security Agreement,
dated December 15, 1993, executed by Fleet Capital Corporation, a Rhode Island
corporation ("Lender"), Lowrance Electronics, Inc., a Delaware corporation
("Lowrance"), LEI Extras, Inc., a Delaware corporation ("LEI"), Lowrance
Contracts, Inc., a Delaware corporation ("Contracts"), et al. (as amended from
time to time, the "Loan Agreement"). Unless otherwise indicated, all terms used
herein shall have the same meanings as in the Loan Agreement.
Lowrance, LEI, Contracts and Sea Electronics, Inc., an Oklahoma
corporation ("Sea") (Lowrance, LEI, Contracts and Sea being herein referred to
as the "Borrowers") have requested, effective as of the date hereof, that
Borrowers and Lender amend the Loan Agreement so as to remove in its entirety
Section 9.3(E) of the Loan Agreement.
Lender hereby agrees to the revision to the Loan Agreement set forth
above and the deletion of Section 9.3(E) from the Loan Agreement; provided,
however, that (i) such agreement to the above-described revision to the Loan
Agreement shall not apply to or constitute a consent to any future amendment to
any other provision of the Loan Agreement or a waiver of any past, present or
future violation or violations of any other provision of the Loan Agreement, and
(ii) Lender's agreement to the above-described revision to the Loan Agreement
shall not directly or indirectly in any way whatsoever either: (a) impair,
prejudice or otherwise adversely affect Lender's right at any time to exercise
any right, privilege, or remedy in connection with the Loan Agreement, any other
agreement, or any other contract or instrument, or (b) amend or alter any
provision of the Loan Agreement, any other agreement, or any other contract or
instrument, or (c) constitute any course of dealing or other basis for altering
any obligation of any Borrower or any rights, privilege, or remedy of Lender
under the Loan Agreement, any other agreement, or any other contract or
instrument.
Except as expressly set forth herein, all of the other terms,
provisions and conditions of the Loan Agreement and other agreements shall
remain and continue in full force and effect.
Lender reserves all of its rights, privileges and remedies under the
Loan Agreement, each other agreement and any other contracts or instruments
executed by Borrowers and/or for the benefit of Lender. In order to induce
Lender to execute this letter, Borrowers accept and agree to each provision of
this letter.
September 10, 2003
Page 2
Notwithstanding any provision of this letter to the contrary, this
letter shall not be directly or indirectly effective against Lender for any
purpose unless and until Lender receives a copy of this letter which has been
duly signed by the Borrowers.
[The Remainder of this Page Intentionally Left Blank]
September 10, 2003
Page 3
Yours very truly,
FLEET CAPITAL CORPORATION
By: ______________________________
Its: _____________________________
AGREED AND ACCEPTED:
LOWRANCE ELECTRONICS, INC.
By: ___________________________
Its: __________________________
LEI EXTRAS, INC.
By: ___________________________
Its: __________________________
LOWRANCE CONTRACTS, INC.
By: ___________________________
Its: __________________________
SEA ELECTRONICS, INC.
By: ___________________________
Its: __________________________
