Exhibit 10.3 PRECISION FUNDING, L.L.C. c/o Avenir Corporation 1725 K Street, N.W., Suite 410 Washington, D.C. 20006 October 30, 2002 Precision Auto Care, Inc. 748 Miller Drive, S.E. Leesburg, Virginia 20175 Attn: Louis M. Brown, Jr., President and...Loan Renewal and Security Agreement • November 14th, 2002 • Precision Auto Care Inc • Services-automotive repair, services & parking
As you know, we entered into that certain Loan Renewal and Security Agreement ("Loan Agreement"), effective as of October 1, 2000, with Precision Auto Care, Inc. ("PACI") and certain subsidiaries wholly owned and/or controlled by it (PACI and such subsidiaries are the "Borrowers", as defined in the Loan Agreement). Pursuant to the transactions contemplated by that certain Exchange Agreement of even date herewith (the "Exchange Agreement"), among other things, we have agreed to exchange certain debt owed by the Borrowers to us under the Loan Agreement for equity in PACI, provided that the Loan Agreement is terminated contemporaneously.
Recitals --------Loan Renewal and Security Agreement • October 13th, 2000 • Precision Auto Care Inc • Services-automotive repair, services & parking • Virginia
