AMENDMENTTO CREDIT AGREEMENT by and between INFOSONICSCORPORATION, a Maryland corporation and WELLSFARGO HSBC TRADE BANK, N.A. Dated as of September 29, 2006
Exhibit 10.1
AMENDMENT TO CREDIT AGREEMENT
by and between
INFOSONICS CORPORATION, a Maryland corporation
and
WELLS FARGO HSBC TRADE BANK, N.A.
Dated as of
September 29, 2006
September 29, 2006
Mr. Jeff Klausner
InfoSonics Corporation
5880 Pacific Center Blvd.
San Diego, CA 92121
Dear Jeff:
This letter is to confirm that Wells Fargo HSBC Trade Bank, National Association (Trade Bank) has agreed to extend the maturity date of that certain credit accommodation granted by Trade Bank to InfoSonics Corporation, a Maryland corporation (Borrower) in the maximum principal amount of Twenty-Five Million Dollars ($25,000,000), pursuant to the terms and conditions of that certain Credit Agreement between Trade Bank and Borrower dated as of October 6, 2005 as amended from time to time (the Agreement).
The maturity date of said credit accommodation is hereby extended until November 1, 2006. Until such date, all terms and conditions of the Agreement, which pertain to said credit accommodation, shall remain in full force and effect, except as expressly modified hereby. The promissory note dated as of October 6, 2005 executed by Borrower and payable to the order of Trade Bank which evidences said credit accommodation (the Note), shall be deemed modified as of the date this letter is acknowledged by Borrower to reflect the new maturity date set forth above. All other terms and conditions of the Note remain in full force and effect, without waiver or modification.
Borrower acknowledges that Trade Bank has not committed to make any renewal or further extension of the maturity date of the above-described credit accommodation beyond the new maturity date specified herein, and that any such renewal or further extension remains in the sole discretion of Trade Bank. This letter constitutes the entire agreement between Trade Bank and Borrower with respect to the maturity date extension for the above-described credit accommodation, and supersedes all prior negotiations, discussions and correspondence concerning said extension.
Please acknowledge your acceptance of the terms and conditions contained herein by dating and signing one copy below and returning it to my attention at the above address on or before September 29, 2006.
Very truly yours, |
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| WELLS FARGO HSBC TRADE BANK, |
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| NATIONAL ASSOCIATION |
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| By: | /s/ Naseem Aboudaher |
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| Name: | Naseem Aboudaher | ||
| Title: | Assistant Vice President | ||
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| Relationship Manager | ||
Acknowledged and accepted as of September 29, 2006: |
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InfoSonics Corporation |
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By: | /s/ Jeff Klausner |
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Name: | Jeff Klausner |
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Title: | Chief Financial Officer |
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