Exhibit 10.24 March 21, 2003 Mr. David L. Gussack President General Bearing Corp. 44 High Street West Nyack, NY 10994 Re: Credit Agreement among General Bearing Corporation and KeyBank National Association as Administrative Agent and The Several...

Exhibit 10.24

March 21, 2003

Xx. Xxxxx X. Xxxxxxx
President
General Bearing Corp.
00 Xxxx Xxxxxx
Xxxx Xxxxx, XX 00000

Re: Credit Agreement among General Bearing Corporation and KeyBank National
Association as Administrative Agent and The Several Lenders From Time to Time
Parties to the Credit Agreement, as Lenders, dated December 20, 1999.

Dear Xxxx,

This letter confirms that KeyBank, as Administrative Agent and sole Lender, has
extended the Scheduled Revolving Termination Date from April 30, 2003 to June
30, 2003.

All other terms and conditions of the Credit Agreement remain in full force and
effect.

Please call me with any questions.

Sincerely,



Xxxxxx X. Xxxxxx
Senior Vice President