Extension Letter for Business Credit Line between United National Bank and I/OMagic Corporation (October 27, 2004)
United National Bank has agreed to extend I/OMagic Corporation's business line of credit for one month, until December 1, 2004, while the bank completes its annual review for credit renewal. During this extension, the bank will continue evaluating the company's credit line. The letter is addressed to Tony Sahbaz, President and CEO of I/OMagic Corporation, and outlines the temporary extension and ongoing review process.
EXHIBIT 10.20
October 27, 2004
Tony Sahbaz, President / C.E.O.
I/OMagic Corporation
4 Marconi
Irvine, CA 92618
Re: Business credit line
Dear Mr. Shabaz:
On behalf of United National Bank, I’m pleased to inform you that United National Bank agrees to extend your company’s line of credit for one-month period until 12/01/2004 before completing the annual credit renewal of the said line of credit. Meanwhile, we’ll continue our credit review process of renewing your company’s credit line with United National Bank within this one-month extension period.
If you have any question on the aforementioned matter, please feel free to contact the undersigned at ###-###-####. Again, we appreciate your patronage, and United National Bank is looking forward to continuing such relation with your respectable company.
| Sincerely yours, | ||
| /s/ PAUL LIAW | ||
| Paul Liaw Vice President / Manager International Department | ||
| CC: | Andy Yen, President |
Wilson Ngai, Executive Vice President, Branch Administration
Donald Volkman, Senior Vice President, Credit Administration
