Notice of Commitment Reduction under $240 Million Credit Agreement between Dreyer’s Grand Ice Cream, Inc. and Bank of America, N.A.
Dreyer’s Grand Ice Cream, Inc. and Dreyer’s Grand Ice Cream Holdings, Inc. have notified Bank of America, N.A., as agent for the lenders under a $240 million credit agreement, that they are reducing the available credit commitments from $240 million to $20 million. This reduction will take effect at the close of business on March 26, 2004. The notice is given in accordance with the terms of the existing credit agreement between the parties.
EXHIBIT 10.47
March 22, 2004
Bank of America, N.A., as Agent
Re: Bank of America, N.A., as Agent for banks party to the $240,000,000 Credit Agreement (“Credit Agreement”) dated as of July 25, 2000,as amended, between such banks, Dreyer’s Grand Ice Cream, Inc. (“Company”) and Dreyer’s Grand Ice Cream Holdings, Inc., (“New Dreyer’s”)
Dear Mr. Catherall:
Pursuant to the terms of Section 2.05 (a) Voluntary Termination or Reduction of Commitments the Company and New Dreyer’s hereby give a notice to reduce the Commitments by Two Hundred Twenty Million ($220,000,000) to Twenty Million ($20,000,000).
This reduction shall be effective as of the end of business on Friday, March 26, 2004.
Dreyer’s Grand Ice Cream, Inc.
/s/ WILLIAM C. COLLETT
