March 23, 1998
▇▇. ▇▇▇▇ ▇▇▇▇▇
Bank of Hawaii
Construction & Income Property Loan Department
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇
Re: Extension of Guaranty by ▇. ▇▇▇▇▇▇ and Company, Ltd.
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Dear ▇▇▇▇:
This letter serves as confirmation of our agreement to amend the
June 30, 1998 date contained in Paragraph no. 18 of that certain Guaranty made
by the undersigned in favor of the Bank of Hawaii (the "Bank") dated July 25,
1997 (the "Guaranty") to January 15, 1999. Accordingly, the Bank of Hawaii must
notify the undersigned of the Bank's intention to exercise its rights under the
Guaranty by January 15, 1999, rather than by June 30, 1998. The undersigned
reaffirms that the January 15, 1999 deadline applies only to the notification of
the undersigned of the Bank's intention to exercise its rights under the
Guaranty and does not, for example, mean that the Bank must have obtained funds
from, or a judgment against, the undersigned by such deadline. The undersigned
further agrees that the Bank's acceptance of this letter agreement does not
signify any agreement to extend the Maturity Date (as defined in the Guaranty)
beyond December 1, 1998 nor to waive any of the Bank's rights with respect to,
or under, the Guaranty.
The undersigned agrees to the date change from June 30, 1998 to
January 15, 1999 in consideration of the Bank's agreement to extend the Maturity
Date.
Bank of Hawaii
March 23, 1998
Page 2
Please acknowledge your acceptance and agreement of the foregoing by
signing below.
Very truly yours,
▇. ▇▇▇▇▇▇ AND COMPANY, LIMITED,
a Delaware corporation
By /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇
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Name: ▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Executive Vice President
APPROVED AND AGREED:
BANK OF HAWAII,
a Hawaii corporation
By
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Name:
Title:
Dated:
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