EXHIBIT 10.99
▇. ▇▇▇▇▇▇ HOMES, INC.
▇▇▇-▇ ▇. ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇
June 29, 1998
▇▇. ▇▇▇▇ ▇▇▇▇▇▇
Executive Vice President
▇. ▇▇▇▇▇▇ and Company, Limited
Wainaku Executive Center
▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
▇▇▇▇, ▇▇ ▇▇▇▇▇
Dear Kent:
▇. ▇▇▇▇▇▇ Homes, Inc. ("Homes") has obtained Bank of Hawaii's agreement to
extend the maturity date of Homes' existing Master Facility Agreement from
December 1, 1998 to June 30, 1999, and it is anticipated that City Bank, as the
sole participant in the Master Facility Agreement, will agree to the extension.
On the consent by City Bank to the extension, Bank of Hawaii will prepare
for Homes' execution an Amendment to the Master Facility Agreement which
formally documents the extension of the maturity date.
▇. ▇▇▇▇▇▇ and Company, Limited ("CBCL"), as the guarantor of Homes'
obligations under the Working Capital Line of Credit issued under the Master
Facility Agreement, will be required to consent to the extension of the maturity
date and to acknowledge CBCL's continuing liability as the guarantor of the
Working Capital Line of Credit.(1)
------------------------
(1) The Amendment to Master Facility Agreement extending the maturity date to
December 1, 1998 contained the following language (it is anticipated that
similar language will be used):
SECTION 7. AGREEMENT BY GUARANTOR. The Guarantor hereby: (a) consents to
the foregoing First Amendment to Master Facility Agreement; (b) agrees
that none of the foregoing shall affect or release the Guarantor from any
of its obligations under the Guaranty; and (c) specifically acknowledges
and confirms that the Guaranty shall apply to the note evidencing the
Working Capital LOC, the Master Facility Agreement and the Collateral
Documents, as modified by this First Modification of Master Facility
Agreement.
If CBCL consents to the extension of the maturity date and is prepared to
execute a consent and acknowledgement similar to that described above, I would
appreciate it if you could execute and return a copy of this letter to us.
Thank you for your assistance on this matter.
Very truly yours,
[SIGNATURE]
▇▇▇▇ ▇. ▇▇▇▇▇
President and Chief Executive Officer
APPROVED AND ACCEPTED
▇. ▇▇▇▇▇▇ AND COMPANY, LIMITED
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇
-------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇
Executive Vice President