Letter of Variation Extending Credit Facilities between National Australia Bank Limited and Channell Bushman Group
National Australia Bank Limited has extended the credit facilities for Channell Bushman Group for one month, until October 31, 2007. This extension is subject to weekly review and updates on refinancing. The bank has charged a weekly extension fee of $8,600 to the group's account. The agreement outlines the temporary nature of the extension and the requirement for ongoing communication regarding refinancing.
Exhibit 10.1
| National Australia Bank Limited |
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| Level 23, 255 George Street |
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| Sydney NSW 2000 |
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| PH: 02 9237-9731 |
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| FX: 02 9237-9752 |
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Ref: GJ:LH
28 September, 2007
The Directors
Channell Bushman Group
3 Hoaley Circuit
Huntingwood NSW 2148
Dear Sir:
RE: Channell Bushman Group
Further to Corporate Letter of Offer – Letter of Variation 27th August 2007; we advise that the facilities for the Channell Bushman Group have been extended for 1 month to 31st October 2007 subject to weekly rollover and updates on refinance.
Your account # 57-132-0868 has been debited $8,600 being weekly extension fee from 28/11/07 to 05/10/07.
Should you need to discuss the above, please do not hesitate to contact me on 9237 9731.
Yours faithfully
| /s/ Graeme Johnson |
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| Graeme Johnson | |
| Associate Director | |
| MCG NSW | |
