Extension Letter Agreement to Term Loan Agreement between SVI Solutions, Inc. and Union Bank of California

Summary

This letter agreement, dated April 24, 2001, is between SVI Solutions, Inc. and Union Bank of California. It confirms that the bank has agreed to extend the term of their existing Term Loan Agreement by thirty days, through April 30, 2001. All other terms of the original loan agreement remain unchanged. Both parties have acknowledged and agreed to this extension by signing the letter.

EX-10.18 8 ex_10-18.txt Exhibit 10.18 [Union Bank of California letterhead] April 24, 2001 VIA FACSIMILE AND FIRST-CLASS U.S. MAIL - --------------------------------------- SVI Solutions, Inc. 12707 High Bluff Drive Suite 335 San Diego, California 92130 Attention: Mr. Kevin O'Neill Chief Financial Officer Dear Kevin: Reference is made to the Term Loan Agreement, dated as of June 3, 1999, by and between SVI Solutions, Inc., a Delaware corporation (successor-by-merger to SVI Holdings, Inc., a Nevada corporation) ("Borrower"), and Union Bank of California, N.A. (the "Bank"), as amended (collectively, the "Loan Agreement"). All capitalized terms used in this letter without definition shall have the respective meanings specified in the Loan Agreement. This letter shall confirm that Bank has agreed to extend the term of the Loan Agreement for thirty days, through April 30, 2001. All other terms of the Loan Agreement and the other Loan Documents are unchanged. Please indicate your agreement to the terms of this letter by signing in the space provided below. Of course, if you have any questions, please give me a call. Very truly yours, UNION BANK OF CALIFORNIA, N.A. By: /s/ Joel Steiner ---------------------------------- Joel Steiner Vice President ACKNOWLEDGED AND AGREED: SVI SOLUTIONS, INC., a Delaware corporation By: /s/ Kevin O'Neill ----------------------------------------- Kevin O'Neill Chief Financial Officer