Letter of Extension to Credit Facility Agreement between Comerica Bank and Liberty Premium Finance (May 2006)

Summary

Comerica Bank and Liberty Premium Finance have agreed to extend the maturity date of an existing credit facility from May 14, 2006 to June 14, 2006. All other terms of the original agreement remain unchanged and in effect. Liberty Premium Finance confirms that all representations and warranties are still true and that there are no current defaults. This extension is formalized by both parties signing the letter, and does not waive any other rights or terms of the original agreement.

EX-10.1 2 k05482exv10w1.txt LETTER OF EXTENSION, DATED MAY 11, 2006 EXHIBIT 10.1 - -------------------------------------------------------------------------------- Comerica Bank May 10, 2006 Shannon Walker President Liberty Premium Finance 12641 166th St. Cerritos, CA 90703 RE: Liberty Premium Finance ("Borrower") Obligor Number #4629454937 Dear Ms. Walker: Comerica Bank (the "Bank") has approved the extension of the maturity date of the above referenced credit facility as evidenced by that certain note/agreement, dated May 07, 2004 (as such may be amended, restated, modified, supplemented or revised from time to time, the "Agreement") from May 14, 2006 to June 14, 2006. Upon your execution of a counterpart of this letter, the maturity date shall be so amended. The Agreement, as modified and amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this modification and amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness of all promissory notes, guaranties, security agreements, mortgages, deeds of trust, environmental agreements, and all other instruments, documents and agreements entered into in connection with the Agreement. By execution of a counterpart of this letter, Borrower further represents and warrants that the representations and warranties contained in the Agreement are true and correct as of the date hereof, and that no event of default has occurred and is continuing under the Agreement or any other document, instrument or agreement entered into in connection therewith. Sincerely, Comerica Bank By: /s/ Jennifer Seto ------------------------ Jennifer Seto Vice President Acknowledged and accepted on 5/11/06. LIBERTY PREMIUM FINANCE By: /s/ Shannon Walker By: /s/ Susan Scurti -------------------- ---------------- Shannon Walker Susan Scurti President Vice President