Document:

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                                                                    Exhibit 10.1

                                 PROMISSORY NOTE

$1,650,000                                                   As of March 8, 2000

      FOR VALUE RECEIVED, the undersigned, Echelon Residential Holdings LLC, a
Delaware limited liability company with a principal address of 450 Carillon
Parkway, Suite 200, St. Petersburg, FL 33716 (hereinafter "the Maker"), promises
to pay to the order of American Income Partners I-A Limited Partnership, with a
principal address of 88 Broad Street, Boston, MA 02110 (together with any other
holder hereof, the "Payee") or at such address or at such other place as the
Payee may from time to time designate in writing, the principal sum of

                 ONE MILLION SIX HUNDRED FIFTY THOUSAND DOLLARS

($1,650,000), together with interest on the unpaid principal balance hereof from
time to time at a fixed rate equal to fourteen percent (14.0%) per annum through
that date which is  twenty-four  (24) months  from the date hereof and  eighteen
percent (18%) per annum thereafter. Such interest shall accrue and compound on a
monthly basis but shall not be due and payable  until the Maturity  Date. In the
absence  of  demonstrable  error,  the books  and  records  of the  Payee  shall
constitute  conclusive evidence of the unpaid principal balance hereof from time
to time.

      This Note may be prepaid, in whole or from time to time in part, at any
time, without premium or penalty. All payments shall be applied first to
collection costs, then to accrued interest and any remainder in payment of
principal. The principal amount prepaid, if any, may not at any time be
reborrowed.

      If not sooner paid, all outstanding principal and accrued and unpaid
interest thereon shall be due and payable on that date which is thirty (30)
months from the date hereof (the "Maturity Date").

      All payments hereunder shall be payable in lawful money of the United
States which shall be legal tender for public and private debts at the time of
payment. Interest shall be calculated on the basis of a year consisting of 360
days and payable for the actual number of days elapsed (including the first day
but excluding the last day), including any time extended by reason of Saturdays,
Sundays and holidays.

      It is expressly agreed that the occurrence of any one or more of the
following shall constitute an "Event of Default" hereunder:

      (a) any failure to pay any amount or installment of interest or principal
and interest whereon the same is payable as above expressed;

      (b) any representation or warranty made by the Maker in connection
herewith be untrue when made or not be fulfilled;

<PAGE>

      (c) failure to observe or perform any other covenant, agreement,
condition, term or provision hereof;

      (d) the Borrower or any guarantor or any member or joint venturer in the
Borrower shall be involved in financial difficulties as evidenced by: (1) its
commencement of a voluntary case under Title 11 of the United States Code as
from time to time in effect, or its authorizing, by appropriate proceedings, the
commencement of such a voluntary case; (2) its filing an answer or other
pleading admitting or failing to deny the material allegations of a petition
filed against it commencing an involuntary case under said Title 11, or seeking,
consenting to or acquiescing in the relief therein provided, or by its failing
to controvert timely the material allegations of any such petition; (3) the
entry of an order for relief in any involuntary case commenced under said Title
11; (4) its seeking relief as a debtor under any applicable law, other than said
Title 11, of any jurisdiction relating to the liquidation or reorganization of
debtors or to the modification or alteration of the rights of creditors, or its
consenting to or acquiescing in such relief; (5) the entry of an order by a
court of competent jurisdiction (i) finding it to be bankrupt or insolvent, (ii)
ordering or approving its liquidation, reorganization or any modification or
alteration of the rights of creditors, or (iii) assuming custody of, or
appointing a receiver or other custodian for, all or a substantial part of its
property; or (6) its making an assignment for the benefit of, or entering into a
composition with, its creditors, or appointing or consenting to the appointment
of a receiver or other custodian for all or a substantial part of its property.

      If any such Event of Default hereunder shall occur, the Payee may declare
to be immediately due and payable the then outstanding principal balance under
this Note, together with all accrued and unpaid interest thereon, and all other
amounts payable to the Payee hereunder, whereupon all such amounts shall become
and be due and payable immediately. The failure of the Payee to exercise said
option to accelerate shall not constitute a waiver of the right to exercise the
same at any other time.

      The Maker will pay on demand all costs and expenses, including reasonable
attorneys' fees, incurred or paid by the Payee in enforcing or collecting any of
the obligations of the Maker hereunder. The Maker agrees that all such costs and
expenses and all other expenditures by the Payees on account hereof which are
not reimbursed by the Maker immediately upon demand, and all amounts due under
this Note after maturity and any amounts due hereunder if an Event of Default
shall occur hereunder shall bear interest at a rate equal to the lesser of
eighteen percent (18.0%) per annum or the maximum rate permitted by law until
such expenditures are repaid or this Note and such amounts are paid in full to
the Payee.

      Notwithstanding any other provision hereof, the Maker shall not be
required to pay any amount pursuant hereto which is in excess of the maximum
amount permitted under applicable law. It is the intention of the parties hereto
to conform strictly to any applicable usury law, and it is agreed that if any
amount contracted for, chargeable or receivable under this Note shall exceed the
maximum amount permitted under any such law, any such excess shall be deemed a
mistake and cancelled automatically and, if theretofore paid, shall be refunded
to the Maker or, at the Payee's sole option, shall be applied as set forth
above.

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      All notices required or permitted to be given hereunder shall be given in
the writing and shall be effective when mailed, postage prepaid, by registered
or certified mail, addressed in the case of the Maker to it at the address of
the Maker set forth above and in the case of the Payee to it at the address of
the Payee set forth above or to such other address as either the Maker or the
Payee may from time to time specify by like notice.

      All of the provisions of this Note shall be binding upon and inure to the
benefit of the Maker and the Payee and their respective successors and assigns.
This Note shall be governed by and construed in accordance with the internal
laws of The Commonwealth of Massachusetts.

      The Maker and every indorser and guarantor hereof hereby consents to any
extension of time of payment hereof, release of all or any part of the security
for the payment hereof, or release of any party liable for this obligation, and
waives presentment for payment, demand, protest and notice of dishonor. Any such
extension or release may be made without notice to the Maker and without
discharging their liability.

      IN WITNESS WHEREOF, the Maker has executed and delivered this Note, under
seal, on the day and year first written above.

                                    ECHELON RESIDENTIAL HOLDINGS LLC

                                    /s/ James A. Coyne
                                    ------------------
                                    James A. Coyne, Manager<PAGE>
                                                                   EXHIBIT 10.1

                                 AMENDMENT NO. 1

                  This AMENDMENT NO. 1 ("Amendment") is made as of March 8, 2000
among KHPP HOLDINGS, INC., a Delaware corporation ("Holdings"), HOLLEY
PERFORMANCE PRODUCTS, INC., a Delaware corporation (the "Borrower"), CREDIT
AGRICOLE INDOSUEZ, as Administrative Agent for the Banks (in such capacity
"Agent"), COMERICA BANK, as co-Agent (the "co-Agent"), and the Banks listed on
the signature pages hereof ("Banks"). This agreement is made with reference to
that certain Amended and Restated Credit Agreement dated as of May 15, 1998, and
amended and restated as of September 20, 1999, by and among Holdings, the
Borrower, Agent, co-Agent and the Banks (the "Credit Agreement"). All
capitalized terms used herein and not otherwise defined shall have the meanings
assigned to such terms in the Credit Agreement.

                    WHEREAS, Holdings, the Borrower, Agent, co-Agent and the
Banks entered into the Credit Agreement;

                  WHEREAS, the Borrower desires to increase the Total Revolving
Loan Commitment by $10,000,000 and to amend certain provisions of the Credit
Agreement and the Guarantors desire to acknowledge such amendments;

                  NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

                  SECTION 1.    AMENDMENTS

                  1.1 Section 1.01 (Commitments) and Section 1.12 (Total
Revolving Loan Commitments; Limitations on Outstanding Loan Amounts) of the
Credit Agreement are hereby amended by replacing the number "$25,000,000" with
"$35,000,000".

                  1.2 Section 7.12 of the Credit Agreement (Leverage Ratio) is
hereby amended by replacing the ratios set forth for the Test Periods ending
March 31, 2000 and June 30, 2000 with the following:

                 March 31, 2000.................................    6.55 to 1.00
                 June 30, 2000..................................    6.45 to 1.00

                  1.3 The following definitions contained in Section 9 of the
Credit Agreement are hereby replaced in their entirety with the following:

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                                      -2-

     "'BORROWING BASE' means an amount equal to the sum of (i) 75% of the
Eligible Accounts Receivable and (ii) 55% of the Eligible Inventory."

                  "'CONSOLIDATED NET INCOME' for any Person means, for any
period, the net income (or loss) of such Person and its Subsidiaries on a
consolidated basis for such period taken as a single accounting period
determined on a consolidated basis for such Person and its consolidated
Subsidiaries in conformity with GAAP; PROVIDED that there shall be excluded (i)
the income (or loss) of any other Person (other than consolidated Subsidiaries
of such Person) in which any third Person (other than such Person or any of its
consolidated Subsidiaries) has a joint interest, except to the extent of the
amount of dividends or other distributions actually paid to such Person or any
of its Subsidiaries by such other Person during such period, (ii) the income (or
loss) of any other Person accrued prior to the date it becomes a consolidated
Subsidiary of such Person or is merged into or consolidated with such Person or
any of its consolidated Subsidiaries or such other Person's assets are acquired
by such Person or any of its consolidated Subsidiaries, and (iii) the income of
any consolidated Subsidiary of such Person to the extent that the declaration or
payment of dividends or similar distributions by that consolidated Subsidiary of
that income is not at the time permitted by operation of the terms of its
charter or any agreement, instrument, judgment, decree, order, statute, rule or
governmental regulation applicable to that consolidated Subsidiary; PROVIDED
FURTHER that notwithstanding clause (ii) above, the results of operations (plus
identified acquisition-related savings) relating to acquisitions consummated by
the Borrower in calendar year 1999 shall be included from January 1, 1999, and
such results of operations shall be deemed included for all reportable periods
under the Credit Agreement during 1999 and thereafter."

                  "'ELIGIBLE ACCOUNTS RECEIVABLE' means, as at any applicable
date of determination, the aggregate face amount of the Accounts of the Credit
Parties included in clause (i) of the definition of Account hereunder (excluding
any Accounts set forth in clauses (ii) through (vi) of such definition), without
duplication, in each case less (without duplication) the aggregate amount of all
reserves, limits and deductions with respect to such Accounts set forth below
and less the aggregate amount of all returns, discounts, claims, rebates,
offsets, credits, charges (including warehouseman's charges) and allowances of
any nature with respect to such Accounts (whether or not reflected on the
balance sheet and whether issued,

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                                      -3-

owing, granted or outstanding). Unless otherwise approved in writing by the
Administrative Agent in its sole discretion, no individual Account shall be
deemed to be an Eligible Account Receivable if:

                  (a) the Credit Party does not have legal and valid title to
         the Account; or

                  (b) the Account is not the valid, binding and legally
         enforceable obligation of the account debtor subject, as to
         enforceability, only to (i) applicable bankruptcy, insolvency,
         reorganization, moratorium or similar laws at the time in effect
         affecting the enforceability of creditors' rights generally and (ii)
         judicial discretion in connection with the remedy of specific
         performance and other equitable remedies; or

                  (c) the Account arises out of a sale made by a Credit Party to
         an Affiliate of such Credit Party; or

                  (d) the Account is unpaid more than 60 days after the original
         payment due date; or

                  (e) (i) the account debtor for such Account is also a creditor
         of a Credit Party, to the extent of the amount owed by such Credit
         Party to the account debtor, (ii) the Account is subject to any claim
         on the part of the account debtor disputing liability under such
         Account in whole or in part, to the extent of the amount of such
         dispute or (iii) the Account otherwise is or is reasonably likely to
         become subject to any right of setoff or any counterclaim, claim or
         defense by the account debtor, to the extent of the amount of such
         setoff or counterclaim, claim or defense; or

                  (f) the account debtor for such Account has commenced a
         voluntary case under the federal bankruptcy laws, as now constituted or
         hereafter amended, or made an assignment for the benefit of creditors
         or if a decree or order for relief has been entered by a court having
         jurisdiction in the premises in respect of the account debtor in an
         involuntary case under the federal bankruptcy laws, as now constituted
         or hereafter amended, or if any other petition or other application for
         relief under the federal bankruptcy laws has been filed by or against
         the account debtor, or if the account debtor has failed, suspended
         business, ceased to be solvent, or consented to or suffered a receiver,
         trustee, liquidator or custodian

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                                      -4-

         to be appointed for it or for all or a significant portion of its
         assets or affairs; or

                  (g) the Administrative Agent does not have a valid and
         perfected first priority security interest in such Account (subject
         only to a tax lien being contested in good faith and by appropriate
         proceedings and permitted by Section 7.03(a)); or

                  (h) the sale to the account debtor for such Account is on a
         consignment, sale on approval, guaranteed sale or sale-and-return basis
         or pursuant to any written agreement requiring repurchase or return; or

                  (i) such Account is from an account debtor (or any Affiliate
         thereof) and fifty percent (50%) or more, in face amount, of other
         Accounts from either such account debtor or any Affiliate thereof do
         not meet the requirements for eligible status set forth in subparagraph
         (d); or

                  (j) the account debtor for such Account is a foreign
         government or any agency, department or institution thereof; or

                  (k) such Account is an Account a security interest in which
         would be subject to the Federal Assignment of Claims Act of 1940, as
         amended (31 U.S.C. ss. 3727 ET Seq.), unless the Credit Party has
         assigned the Account to the Administrative Agent in compliance with the
         provisions of such Act; or

                  (l) the account debtor for such Account is outside the
         continental United States or incorporated in or conducting
         substantially all of its business in any jurisdiction located outside
         the continental United States, unless the sale is (i) on letter of
         credit or sight draft, guaranty or acceptance terms, in each case
         acceptable to the Administrative Agent, (ii) such Account is otherwise
         approved by and reasonably acceptable to the Administrative Agent; or

                  (m) the Administrative Agent determines in good faith in
         accordance with its internal credit policies that (i) collection of the
         account is insecure or (ii) such Account may not be paid by reason of
         the account debtor's financial inability to pay; provided, however,
         that any Account referred to in this clause (m) shall not become

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                                      -5-
         ineligible until the Administrative Agent shall have given the Credit
         Party three Business Days' advance notice of such determination; or

                  (n) the goods giving rise to such Account have not been
         shipped or the services giving rise to such Account have not been
         performed by a Credit Party or the Account otherwise does not represent
         a final sale; or

                  (o) such Account does not comply in all material respects with
         all applicable legal requirements, including, where applicable, the
         Federal Consumer Credit Protection Act, the Federal Truth in Lending
         Act and Regulation Z of the Board of Governors of the Federal Reserve
         System, in each case as amended.

                  In addition to the foregoing, Eligible Accounts Receivable
         includes such Accounts as the Borrower requests and that the
         Administrative Agent approves in advance, in writing and in its sole
         discretion (or if the aggregate face amount to be approved exceeds
         $1,500,000 at any one time, the approval of the Required Banks has been
         obtained in writing)."

                  "'REVOLVING LOAN COMMITMENT' means, with respect to each Bank,
the amount set forth opposite such Bank's name on Schedule I hereto directly
below the column entitled "Revolving Loan Commitment," as such amount may be
reduced from time to time pursuant to Sections 2.01, 2.02 and/or 8."

                  SECTION 2.   RATIFICATION OF AGREEMENT

                  2.1 To induce the Banks to enter into this Amendment, the
Borrower and Holdings jointly and severally represent and warrant that after
giving effect to this Amendment no violation of the terms of the Credit
Agreement exist and all representations and warranties contained in the Credit
Agreement are true, correct and complete in all material respects on and as of
the date hereof except to the extent such representations and warranties
specifically relate to an earlier date in which case they were true, correct and
complete in all material respects on and as of such earlier date.

                  2.2 Except as expressly set forth in this Amendment, the
terms, provisions and conditions of the Credit Agreement and the Credit
Documents are unchanged, and said agreements, as amended, shall remain in full
force and effect and are hereby confirmed and ratified.

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                                      -6-

                  SECTION 3.   CONDITIONS PRECEDENT

                  The effectiveness of this Amendment and the obligations of the
Banks to make any Loans to the Borrower with respect to the additional Revolving
Loan Commitment is subject to the substantially contemporaneous satisfaction of
the following conditions:

                  (a) There shall have been delivered to the Agent for the
         account of each of the Banks the Revolving Notes reflecting the
         additional Revolving Loan Commitment of such Bank by the Borrower;

                  (b) The Agent shall have received (i) evidence satisfactory to
         it that the Board of Directors of the Borrower shall have approved this
         Amendment and the transactions contemplated hereby and (ii) an opinion
         of the Borrower's counsel addressed to each of the Banks, which shall
         be delivered on and dated as of the date of execution of the Revolving
         Notes and shall be in form and substance satisfactory to the Agent; and

                  (c) All costs, fees and expenses of the Banks in connection
         with the negotiation, preparation, execution and delivery of this
         Amendment and any other amendments, waiver or consents relating to the
         Credit Agreement (including, without limitation, the fees and
         disbursements of Cahill Gordon & Reindel) shall have been paid in full.

                  SECTION 4.    COUNTERPARTS; EFFECTIVENESS

                  This Amendment may be executed in any number of counterparts,
and all such counterparts taken together shall be deemed to constitute one and
the same instrument. Signature pages may be detached from counterpart documents
and reassembled to form duplicate executed originals. This Amendment shall
become effective as of the date hereof upon the execution of the counterparts
hereof by Holdings, the Borrower and the Banks.

                  SECTION 5.     GOVERNING LAW

                  THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED
AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW.

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                                      -7-

                  SECTION 6.     ACKNOWLEDGMENT AND CONSENT BY THE GUARANTORS

                  Each of the Guarantors hereby acknowledges that it has read
this Amendment and consents to the terms hereof and further confirms and agrees
that, notwithstanding the effectiveness of this Amendment, its obligations under
its Guarantee shall not be impaired or affected and such Guarantee is, and shall
continue to be, in full force and effect and is hereby confirmed and ratified in
all respects.

<PAGE>

                  Witness the execution hereof by the respective duly authorized
officers of the undersigned as of the date first above written.

                                      KHPP HOLDINGS, INC.

                                  By: /s/
                                      -----------------------------------------
                                      Name:
                                      Title:

                                      HOLLEY PERFORMANCE PRODUCTS, INC.

                                  By: /s/
                                      -----------------------------------------
                                      Name:
                                      Title:

                                      WEIAND AUTOMOTIVE INDUSTRIES, INC.

                                  By:  /s/
                                      -----------------------------------------
                                      Name:
                                      Title:

                                      LUNATI CAMS, INC.

                                  By: /s/
                                      -----------------------------------------
                                      Name:
                                      Title:

                                      LMT MOTOR SPORTS CORPORATION

                                  By: /s/
                                      -----------------------------------------
                                      Name:
                                      Title:

                                      LUNATI & TAYLOR PISTONS, INCORPORATED

                                  By: /s/
                                      -----------------------------------------
                                      Name:
                                      Title:
<PAGE>

                                      HOLLEY PERFORMANCE SYSTEMS, INC.

                                  By: /s/
                                      -----------------------------------------
                                      Name:
                                      Title:

                                      HOOKER INDUSTRIES, INC.

                                  By: /s/
                                      -----------------------------------------
                                      Name:
                                      Title:

                                      CREDIT AGRICOLE INDOSUEZ,
                                         as Administrative Agent and a Bank

                                  By: /s/
                                      -----------------------------------------
                                      Name:
                                      Title:

                                  By: /s/
                                      -----------------------------------------
                                      Name:
                                      Title:

                                  COMERICA BANK,
                                      as co-Agent and as a Bank

                                  By: /s/
                                      -----------------------------------------
                                      Name:
                                      Title:

                                  BANK AUSTRIA CREDITANSTALT CORPORATE
                                      FINANCE, INC., as a Bank

                                  By: /s/
                                      -----------------------------------------
                                      Name:
                                      Title:

                                  By: /s/
                                      -----------------------------------------
                                      Name:
                                      Title:
<PAGE>

                                  CIBC INC., as a Bank

                                  By: /s/
                                      -----------------------------------------
                                      Name:
                                      Title:

<PAGE>

                                                                      SCHEDULE 1

                                Loan Commitments

                                                            REVOLVING LOAN
BANK                                                          COMMITMENT

Credit Agricole Indosuez                                     $ 14,800,000

Comerica Bank                                                   8,000,000

Bank Austria                                                    7,000,000

Creditanstalt Corporate Finance, Inc.

CIBC Inc.                                                       5,200,000
                                                              -----------
                                                              $35,000,000

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