Document:

<PAGE>
                                                                   Exhibit 10.49

16 December 2004

PRIVATE AND CONFIDENTIAL                           College Green Business Centre
------------------------                           P.O. Box 145
The Directors                                      33 College Green
Castle Brands Spirits Company Limited              Dublin 2
1st Floor
Victoria House                                     Telephone:  01 7025400
Haddington Rd                                      Facsimile:  01 7025235
Dublin 4

                                                   www.ulsterbank.com

Dear Sirs,

Further to our recent discussions, I am pleased to advise the following
facilities have been approved for your Company. The agreement is between Ulster
Bank Ireland Limited ("UBIL") and Ulster Bank Ltd ("UB"), (together, the "bank")
and the Borrower specified below whereby the Bank agrees to make available to
the Borrower the following facility/ies on the terms and subject to the
conditions herein contained:

<TABLE>
<CAPTION>
BORROWER:         CASTLE BRANDS SPIRITS CO LTD.                         LENDER
--------          -----------------------------                         ------
<S>               <C>                                                   <C>
FACILITY A:       OVERDRAFT                                             UBIL
FACILITY B:       LOAN                                                  UBIL
FACILITY C:       C & E GUARANTEE                                       UBIL
FACILITY D:       FORWARD CURRENCY DEALING RISK FACILITY                UBIL

BORROWER:         THE ROARING WATER BAY SPIRITS COMPANY (GB) LTD
--------          ----------------------------------------------

FACILITY E:       OVERDRAFT                                             UBL
FACILITY F:       LOAN                                                  UBL
FACILITY G:       C & E GUARANTEE                                       UBL
</TABLE>

CASTLE BRANDS SPIRITS CO LTD

<TABLE>
<CAPTION>
FACILITY A                                    OVERDRAFT
----------                                    ---------
<S>                                           <C>
AMOUNT:                                       EUR E400,000 (Four Hundred Thousand Euro)

NATURE & PURPOSE:                             Working capital.

INTEREST:                                     Interest is payable on all Bank accounts at regular intervals to be
                                              decided upon by the Bank.  The present charging period is quarterly in
                                              August, November, February and May at a rate subject to variation at
                                              the discretion of the
</TABLE>
<PAGE>
                                       2

<TABLE>
<S>                                           <C>
                                              Bank.  The present rate applicable for this facility is the Bank's AA2
                                              rate less .5%, currently 7.25% per annum variable.

REPAYMENT:                                    This Facility is repayable on demand.  However, in the absence of
                                              demand this facility is available until the review date 14th December
                                              2005.  Renewal of overdraft status will be conditional upon the
                                              current account showing regular fluctuations to credit during the
                                              period of sanction subject to a minimum of 30 days in any 12-month
                                              period.  An account which operates in debit at or near the sanctioned
                                              limit for the greater part of the year and then turns to credit for a
                                              short period does not comply with Bank's concept of overdraft.

                                              Accounts which exceed an agreed overdraft facility without prior
                                              arrangement with the Bank incur surcharge interest of 0.75% per
                                              month (minimum E1 per month on the excess).
</TABLE>

<TABLE>
<CAPTION>
FACILITY B                                    LOAN
----------                                    ----
<S>                                           <C>
AMOUNT:                                       EUR E190,000 (One Hundred and Ninety Thousand Euro).

NATURE & PURPOSE:                             Continuation of existing Loan account at reduced level, repayable on
                                              demand

INTEREST:                                     Interest is payable on all Bank accounts at regular intervals to be
                                              decided upon by the Bank.  The present charging period is quarterly in
                                              August, November, February and May at a rate subject to variation at
                                              the discretion of the Bank.  The present rate applicable to this
                                              facility is the Bank's Prime 5 rate, minus 0.125% equating to a rate
                                              of 4.835% per annum variable as at today's date.

                                              The under mentioned repayment includes an allowance for interest and
                                              in the event of a large upward movement in the interest rate the Bank,
                                              at its discretion will alter the repayments or alternatively make any
                                              adjustment necessary at the end of the term.

REPAYMENT:                                    In the absence of demand and assuming full drawdown, repayments will
                                              continue at E6,377 per month for five years from original draw down in
                                              September 2002.

                                              You have the option of repaying the outstanding balance at any time
                                              during the term of the loan.  Also, this facility is subject to formal
                                              review in line with the annual review of your overdraft facility.
</TABLE>
<PAGE>
                                       3

<TABLE>
<CAPTION>
FACILITY C                                    CUSTOMS & EXCISE GUARANTEE
---------
<S>                                           <C>
AMOUNT:                                       While the nominal amount of the Guarantee is for E35,000 it is
                                              understood that the Banks risk is double this amount i.e., E70,000.
                                                                                                   ----
NATURE & PURPOSE:                             Continuation of existing Guarantee facility in respect of the
                                              deferment of duties, taxes, levies and charges or any amounts due the
                                              Revenue Commissioners.

REVIEW/EXPIRY:                                This facility may be withdrawn on the demand being made by the Bank
                                              subject to 7 days written notice being given by the Bank to The
                                              Revenue Commissioners.

FEE:                                          A fee of 1% per annum on the nominal amount of the Guarantee is
                                              applicable.  This charge will continue to be debited to your account
                                              in four quarterly tranches of E87.5 with the next payment falling due
                                              28.02.05.

CLAIMS ON THE BANK:                           In the event of any claim being made by The Revenue Commissioners on
                                              the Bank in respect of this Guarantee, Ulster Bank Ireland Ltd shall
                                              debit your account the full amount of such a claim in accordance with
                                              the counter indemnity held.  There will be no obligation on the Bank
                                              to verify the validity of such a claim.
</TABLE>

<TABLE>
<CAPTION>
FACILITY D                                    FORWARD CURRENCY DEALING RISK FACILITY
----------
<S>                                           <C>
AMOUNT:                                       The equivalent of E25,000 (Twenty five thousand Euro) on the basis
                                              that the Bank assesses the risk on Forward Currency Dealing contracts
                                              for administration purposes at 10% of the maximum permitted level of
                                              outstanding contracts.  On this basis your company will be in a
                                              position to undertake Forward Currency Dealing Contracts subject to an
                                              aggregate value of such contracts at any given time not exceeding the
                                              equivalent of E250,000

AVAILABILITY:                                 This facility is available at the discretion of the Bank and is
                                              subject to annual review as outlined at General Condition No. 1
                                              overleaf.

LOSSES:                                       Any losses incurred by the Bank under Forward Currency Dealing
                                              Contracts undertaken on your behalf will be charged to the company's
                                              working account.
</TABLE>
<PAGE>
                                       4

THE ROARING WATER BAY SPIRITS COMPANY (GB) LTD
----------------------------------------------

<TABLE>
<CAPTION>
FACILITY E                                    OVERDRAFT ON CURRENT ACCOUNT
----------
<S>                                           <C>
AMOUNT:                                       Stg L20,000 (Twenty thousand pounds sterling)

NATURE/PURPOSE:                               Overdraft on current account to meet working capital requirements.

INTEREST:                                     Interest accrues on the daily cleared debit balance at the Bank's base
                                              rate + 2.25% per annum and is calculated on a 365-day basis.  Interest
                                              is compoundable and is payable at the Bank's normal interest rests now
                                              quarterly in February, May, August and November at a rate subject to
                                              variation at the discretion of the Bank.

                                              In the event of any change in rate, the Bank may notify the Borrower
                                              of the change by way of narrative in a statement relating to the
                                              account.

REPAYMENTS:                                   The facility, including any implied overdraft facility, is at the
                                              pleasure of the Bank and the Bank may at any time demand repayment or
                                              reduce or restrict the overdraft facility as it sees fit without prior
                                              notice.  It is a condition of agreement that the balance of the
                                              account fluctuates regularly to credit, in the normal course of
                                              trading and that such credit periods total a minimum of 30 days in
                                              aggregate in any one-year period.

SUBCHARGES:                                   Overdrafts must operate within the authorised limit.  Unauthorised
                                              borrowings or excesses on agreed facilities, which occur or continue
                                              without formal arrangements carry an interest surcharge on the amount
                                              of the excess and for the duration thereof.  This excess will be
                                              charged in addition to normal interest charges.  The current interest
                                              surcharge rate on such excesses is 1% per month (12% per annum) for
                                              the period of such excesses, subject to a minimum charge of L1 per
                                              month.
</TABLE>

<TABLE>
<CAPTION>
FACILITY F                                    LOAN
----------                                    ----
<S>                                           <C>
AMOUNT:                                       EUR E11,900 (Eleven thousand nine hundred pounds sterling)
</TABLE>
<PAGE>
                                       5

<TABLE>
<S>                                           <C>
NATURE & PURPOSE:                             Continuation of existing Loan account at reduced level, repayable on
                                              demand

INTEREST:                                     Interest is payable on all Bank accounts at regular intervals to be
                                              decided upon by the Bank.  The present charging period is quarterly in
                                              August, November, February and May at a rate subject to variation at
                                              the discretion of the Bank.  The present rate applicable to this
                                              facility is the Bank's Base rate, plus 2.25% equating to a rate of
                                              7.15% per annum variable as at today's date.

                                              The under mentioned repayment includes an allowance for interest and
                                              in the event of a large upward movement in the interest rate the Bank,
                                              at its discretion will alter the repayments or alternatively make any
                                              adjustment necessary at the end of the term.

REPAYMENT:                                    In the absence of demand and assuming full drawdown, repayments will
                                              continue at L607.74 per month.

                                              You have the option of repaying the outstanding balance at any time
                                              during the term of the loan.  Also, this facility is subject to formal
                                              review in line with the annual review of your overdraft facility.
</TABLE>

<TABLE>
<CAPTION>
FACILITY G                                    CUSTOMS & EXCISE GUARANTEE
----------
<S>                                           <C>
AMOUNT:                                       While the nominal amount of the Guarantee is for L45,000 it is
                                              understood that the Bank's risk is double this amount i.e., L90,000.

NATURE & PURPOSE:                             Continuation of existing Guarantee facility in respect of the
                                              deferment of duties, taxes, levies and charges or any amounts due to
                                              HM Customs & Excise.

REVIEW/EXPIRY:                                This facility may be withdrawn on the demand being made by the Bank
                                              subject to 7 days written notice being given by the Bank to HM Customs
                                              & Excise.

FEE:                                          A fee of 1% per annum on the nominal amount of the Guarantee is
                                              applicable.  This charge will continue to be debited to your account
                                              in four quarterly tranches of L112.50 with the next payment falling
                                              due 28.02.05.

CLAIMS ON THE BANK:                           In the event of any claim being made by HM Customs & Excise on the
                                              Bank in respect of this Guarantee, Ulster Bank Ireland Ltd shall debit
                                              your account the full amount of such a claim in accordance with the
                                              counter indemnity held.  There will be no obligation on the Bank to
                                              verify the validity of such a claim.
</TABLE>
<PAGE>
                                       6

SECURITY

It is understood that the following securities will be held for all the
Company's liabilities to the Bank whether present or future, direct or
contingent.

HELD AT PRESENT

1.    All Monies Debenture dated the 4th February 2000 giving a first Floating
      Charge over the assets of the Company including all intellectual property
      rights i.e., the brand name, patents etc. A Letter of Waiver over the
      trade debtors dated the 31st October 2000 was issued to Ulster Bank
      Commercial Services Ltd in respect of facilities maintained with them.

2.    Deed of Postponement dated the 19th September 1999 over shareholders loans
      in the amount of IEPL 200,000 (E253,947.61)**.

3.    Joint Several Letter of Guarantee in the amount of IEP L125,000
      (E158,717.25) signed by David Phelan and Patrick Rigney (Company
      Directors)**.

4.    All Monies general counter indemnity dated the 29th January 2001 together
      with supporting resolution from the Roaring Water Bay Spirits Company Ltd.

**AMENDMENT TO SECURITY

It is agreed that security lots 2 and 3 above will be released on completion of
the following replacement security:

2.    A Composite inter company guarantee to be completed by the company's
      ultimate parent company Castle Brands Inc., Castle Brands Spirits Co Ltd
      and Roaring Water Bay Spirits Co (GB) Ltd in the sum of E860,000

3.    A letter of Lien to be completed by Castle Brands Spirits Co Ltd in
      respect of a separate account containing E300,000, which sum to be held
      for the direct and contingent liabilities of Castle Brands Spirits Co Ltd.

INTELLECTUAL PROPERTY RIGHTS

In signing this facility letter the directors undertake on behalf of the company
that it will not charge its Irish intellectual property rights (e.g., brands
such as "Boru Vodka, Clontarf Whiskey, Old Head Gin, O'Shea's Irish Cream
Liqueur, etc. or patents), to any other entity without the Bank's prior consent.

FEES & CHARGES

ARRANGEMENT FEE

An arrangement fee of E1,000 will be applied to your account on acceptance of
this facility letter.
<PAGE>
                                       7

TRANSMISSION FEES

Bank Charges will apply in accordance with the Bank's standard scale as
published from time to time.

GENERAL CONDITIONS,

1.    Financial - Audited Accounts for this company and Castle Brands Inc are to
      be made available to the Bank within three months of the Company's
      financial year-end together with confirmation from your auditors that the
      Company's taxation affairs are up to date.

2.    Management Accounts are to be provided quarterly within one-month of the
      quarter end.

3.    All fees incurred in the taking of the security referred to above will be
      payable by the borrower.

4.    In the event of the Bank being made aware that there has been a material
      adverse change in the financial position of the company so as to prejudice
      repayment capacity, the Bank reserves the right to cancel these facilities
      and in such events all amounts due plus interest would be payable
      immediately.

5.    In the event that any or all of these facilities shall become due and
      payable to the Bank, whether following formal demand by the Bank or
      otherwise, interest shall accrue and be payable on such liabilities on a
      compound basis until fully discharged,

I am pleased to have the opportunity to arrange these facilities for you and
hope that the terms and conditions I have outlined are acceptable to the
Company. If so, please confirm this by signing and returning the enclosed copy
of this letter at your earliest convenience. I would like to take this
opportunity to with the company continued success in the development of your
business.

Yours faithfully,

/s/ Brian Hunt

BRIAN HUNT
SENIOR MANAGER
<PAGE>
                                       8

ACCEPTANCE

WE CONFIRM ACCEPTANCE OF THE FACILITIES OUTLINED IN YOUR LETTER DATED THE 16TH
DECEMBER 2004 UNDER THE TERMS AND CONDITIONS STATED THEREIN.

/s/ Mark Andrews                                          2/7/05
------------------------------                            ------
Director                                                   Date

/s/ Matthew F. MacFarlane, CFO                            2/7/05
------------------------------                            ------
Director                                                   Date<PAGE>
                                                                   Exhibit 10.50

4th April 2005                                            Ulster Bank

PRIVATE & CONFIDENTIAL                             College Green Business Centre
----------------------                             P.O. Box 145
The Directors                                      33 College Green
Castle Brands Spirits Company Limited              Dublin 2
1st Floor
Victoria House
Haddington Rd                                      Telephone:  01 7025400
Dublin 4                                           Facsimile:  01 7025235

                                                   WWW.ULSTERBANK.COM

Dear Sirs,

Further to our recent discussions, I am pleased to advise the following
facilities have been approved for your Company. The agreement is between Ulster
Bank Ireland Limited ("UBIL") and Ulster Bank Ltd ("UB"), (together the "bank")
and the Borrower specified below whereby the Bank agrees to make available to
the Borrower the following facility/ies on the terms and subject to the
conditions herein contained:

BORROWER:         THE ROARING WATER BAY SPIRITS COMPANY (GB) LTD
--------          ----------------------------------------------
FACILITY E:       OVERDRAFT                              UBL
FACILITY F:       LOAN                                   UBL
FACILITY G:       C&E GUARANTEE                          UBL

FACILITY E        OVERDRAFT ON CURRENT ACCOUNT
----------

AMOUNT:           Stg(pound)70,000 (Seventy thousand pounds sterLing)

NATURE/PURPOSE:   Overdraft on current account to meet working capital
                  requirements.

REVIEW DATE:      14th December 2005

INTEREST:         Interest accrues on the daily cleared debit balance at the
                  Bank's base rate + 2.25% per annum and is calculated on a
                  365-day basis. Interest is compoundable and is payable at the
                  Bank's normal interest rests now quarterly in February, May,
                  August and November at a rate subject to variation at the
                  discretion of the Bank.

                  In the event of any change in rate, the Bank may notify the
                  Borrower of the change by way of narrative in a statement
                  relating to the account.

<PAGE>

REPAYMENTS:       The facility, including any implied overdraft facility, is at
                  the pleasure of the Bank and the Bank may at any time demand
                  repayment or reduce or restrict the overdraft facility as it
                  sees fit without prior notice. It is a condition of agreement
                  that the balance of the account fluctuates regularly to
                  credit, in the normal course of trading and that such credit
                  periods total a minimum of 30 days in aggregate in any
                  one-year period.

SURCHARGES:       Overdrafts must operate within the authorized limit.
                  Unauthorized borrowings or excesses on agreed facilities,
                  which occur or continue without formal arrangements carry an
                  interest surcharge on the amount of the excess and for the
                  duration thereof. This excess will be charged in addition to
                  normal interest charges. The current interest surcharge rate
                  on such excesses is 1% per month (12% per annum) for the
                  period of such excesses, subject to a minimum charge
                  of(pound)1 per month.

FACILITY F        LOAN
----------        ----

AMOUNT:           EUR(pound)11,900 (Eleven thousand nine hundred pounds
                  sterling).

NATURE & PURPOSE: Continuation of existing Loan account at reduced level,
                  repayment on demand

REVIEW DATE:      14th December 2005

INTEREST:         Interest is payable on all Bank accounts at regular intervals
                  to be decided upon by the Bank. The present charging period is
                  quarterly in August, November, February and May at a rate
                  subject to variation at the discretion of the Bank. The
                  present rate applicable to this facility is the Bank's rate,
                  plus 2.25% equating to a rate of 7.15% per annum variable as
                  at today's date.

                  The under mentioned repayment includes an allowance for
                  interest and in the event of a large upward movement in the
                  interest rate the Bank, at its discretion will alter the
                  repayments or alternatively make any adjustment necessary at
                  the end of the term.

REPAYMENT:        In the absence of demand and assuming full drawdown,
                  repayments will continue at(pound)607.74 per month.

                  You have the option of repaying the outstanding balance at any
                  time during the term of the loan. Also, this facility is
                  subject to formal review in line with the annual review of
                  your overdraft facility.

                                       2

<PAGE>

FACILITY G        CUSTOMS & EXCHANGE GUARANTEE
----------        ----------------------------

AMOUNT:           While the nominal amount of the Guarantee is for(pound)45,000
                  it is understood that the Bank's risk is double this amount
                  i.e.(pound)90,000.

NATURE & PURPOSE: Continuation of existing Guarantee facility in respect of the
                  deferment of duties, taxes, levies and charges or any amounts
                  due to HM Customs & Excise

REVIEW/EXPIRY:    This facility may be withdrawn on the demand being made by the
                  Bank subject to 7 days' written notice given by the Bank to HM
                  Customs & Excise. Alternatively the facility will be reviewed
                  by 14th December 2005.

FEE:              A fee of 1% per annum on the nominal amount of the Guarantee
                  is applicable. This charge will continue to be debited to your
                  account in four quarterly tranches of(pound)112.50 with the
                  next payment falling due 28.02.05.

GENERAL CONDITIONS
------------------

1.    Financial - Audited Accounts for this company and Castle Brands Inc. are
      to be made available to the Bank within three months of the Company's
      financial year-end together with confirmation from your auditors that the
      Company's taxation affairs are up to date.

2.    Management Accounts are to be provided quarterly within one-month of the
      quarter end.

3.    All fees incurred in the taking of the security referred to above will be
      payable by the borrower.

4.    In the event of the Bank being made aware that there has been a material
      adverse change in the financial position of the company so as to prejudice
      repayment capacity, the Bank reserves the right to cancel these facilities
      and in such events all amounts due plus interest would be payable
      immediately.

5.    In the event that any or all of these facilities shall become due and
      payable to the Bank, whether following formal demand by the Bank or
      otherwise, interest shall accrue and be payable on such liabilities on a
      compound basis until fully discharged.

                                       3

<PAGE>

I am pleased to have the opportunity to arrange these facilities for you and
hope that the terms and conditions I have outlined are acceptable to the
Company. If so, PLEASE CONFIRM THIS BY SIGNING AND RETURNING THE ENCLOSED COPY
OF THIS LETTER AT YOUR EARLIEST CONVENIENCE. I would like to take this
opportunity to wish the company continued success in the development of your
business.

Yours faithfully

/s/ Brian Hunt
Brian Hunt
Senior Manager

--------------------------------------------------------------------------------

ACCEPTANCE
We confirm acceptance of the facilities outlined in your letter dated the 4th
April 2005 under the terms and conditions stated therein.

/S/ DAVID PHELAN                                               7/4/05
----------------------------                                ------------
Director                                                        Date

/s/ MARK MURPHY                                                7/4/05
----------------------------                                ------------
Director                                                        Date
Financial Controller

                                       4

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