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EXHIBIT 10.3
December 26, 2000
Prestolite Electric Incorporated
0000 Xxxxx Xxxx
Xxxxx X
Xxx Xxxxx, Xxxxxxxx 00000
Re: Second Amended and Restated Credit Agreement dated as of December 31,
1998, as amended ("Credit Agreement"), between Comerica Bank and
Prestolite Electric Incorporated
Ladies and Gentlemen:
Reference is hereby made to that certain letter agreement dated
September 29, 2000 (the "Termination Letter"), pursuant to which we agreed to
and acknowledged termination of the Credit Agreement. As we have discussed, the
Termination Letter was inadvertently executed. In fact, we have separately
agreed to in another letter agreement dated December 26, 2000 that the Credit
Agreement shall be and has been amended and restated such that the maximum
amount of credit available thereunder has been permanently reduced from
$23,000,000 to $5,000,000 upon the terms and conditions set forth therein.
Accordingly, the Termination Letter is hereby rescinded and shall be of no force
and effect.
Very truly yours,
Xxxxx X. Xxxxxxx
First Vice President
Acknowledged and agreed to
as of the date set forth above:
PRESTOLITE ELECTRIC INCORPORATED
By:__________________________________
Its: ________________________________
