Exhibit 10.12
October 23, 1995
Xx. Xxxxxxxxx Xxxxxxxx
President
First Commercial Credit Corp.
Capital Center - 5th Floor
00 Xxxx Xxxxxx
Xxxxxx, Xxx Xxxx 00000
Dear Xx. Xxxxxxxx:
Discussions to renegotiate the terms of the Claim Participation
Agreement dated December 14, 1994 between First Commercial Credit
Corp.("FCCC") and Mechanical Technology Incorporated, have not
concluded and the extended due date of October 31, 1995 is
approaching when the entire amount is due and payable in full.
In order to allow our negotiations to conclude in a mutually,
successful manner, we hereby request an extension of the due date
until December 31, 1995.
Please acknowledge FCCC's agreement to this extension by signing
the duplicate copy of this letter enclosed herewith where indicated
below and returning the executed copy to me.
Sincerely,
/s/ Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxx
Chief Financial Officer
Agreed and accepted, this 25th day of October, 1995.
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First Commercial Credit Corp.
by: /s/ Xxxxxxxxx X. Xxxxxxxx
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cc. Xxxxxxx XxXxxx
