Letter Agreement to Extend Credit Facility Maturity Date between Comerica Bank and Orange 21 Inc.
Comerica Bank and Orange 21 Inc. have agreed to extend the maturity date of an existing credit facility from July 5, 2006 to September 5, 2006. This letter confirms the extension and states that all other terms of the original agreement remain unchanged and in effect. Orange 21 Inc. reaffirms its obligations and confirms that no default has occurred. The agreement is effective upon signature by both parties.
Exhibit 10.32
June 30, 2006
Michael Brower
Chief Finacial Officer
Orange 21 Inc.
2070 Las Palmas Carlsbad, CA 92009
| RE: | Orange 21 Inc. (“Borrower”) |
| Obligor Number 7433804894/59/42/34/26/18 |
Dear Michael Brower:
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 October 5, 2001 (as such may be amended, restated, modified, supplemented or revised from time to time, the “Agreement”) from July 5, 2006 to September 5, 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/ Tomas Schmidt | |
| Tomas Schmidt | ||
| Vice-President-Western Market | ||
Acknowledged and accepted on July 3, 2006:
| Orange 21 Inc. | ||
| By: | /s/ Michael Brower | |
| Michael Brower | ||
| Chief Financial Officer | ||
