[UNION BANK OF CALIFORNIA LETTERHEAD]
Commercial Loan Documentation Department
December 7, 1999
SVI HOLDINGS, INC.
12707 High Bluff Drive, Suite 335
San Diego, CA 92130
Dear MR. REESE:
This letter is being sent at the request of your Account Manager, LINDA WELKER,
and is to confirm that Union Bank of California, N.A. ("Bank") has agreed to
extend the maturity date of the TERM LOAN A ("Facility") granted to SVI
HOLDINGS, INC. ("Borrower") in the principal amount of FIFTEEN MILLION AND
NO/100 DOLLARS ($15,000,000) originally made under a certain TERM LOAN AGREEMENT
dated JUNE 3, 1999 as amended from time to time, and promissory note date JUNE
3, 1999 as amended from time to time (collectively, the "Agreement"). A copy of
the note is attached.
The maturity date of the Facility is hereby extended to MARCH 3, 2000 ("New
Maturity Date"). The Agreements shall be deemed modified as of the date of this
letter to reflect the New Maturity Date.
All other terms and conditions of the Agreements remain in full force and
effect, without waiver or modification. This extension is further conditioned
upon Borrower's continued payment of (i) interest as provided in the Agreements,
and (ii) any principal installments which Borrower was obligated to make prior
to this extension.
Each advance request, or Borrower's continued payments of principal or interest
on the outstanding balance of any term loan, constitutes Borrower's warranty
that no event of default as defined in the Agreement and no condition, event or
act which with the giving of notice or the passage of time or both, would
constitute such an event of default, shall have occurred and be continuing or
shall exist.
BANK HAS NOT COMMITTED TO MAKE ANY FURTHER EXTENSION OF THE MATURITY DATE, OR TO
RENEW THE FACILITY BEYOND THE NEW MATURITY DATE. ANY FURTHER EXTENSION OR ANY
RENEWAL REMAINS IN THE DISCRETION OF BANK. IF YOU HAVE ANY QUESTIONS, PLEASE
CONTACT OUR ACCOUNT MANAGER, LINDA WELKER, AT 714-565-5726.
Very truly yours,
UNION BANK OF CALIFORNIA, N.A.
By: /s/ Trudy Gerber
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TRUDY GERBER
ASSISTANT VICE PRESIDENT
