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EXHIBIT 10.29
L. XXXXXX XXXXX, XX AND XXXXX XXXXXX XXXXX
X.X. XXX 0000-000
XXXXXX XXXXX XX, XXXXXXXXXX 00000
Xxxxx 00, 0000
Xxxxxx Entertainment Corporation
16868 Xxx Xxx Xxxxx Xxxxx
Xxxxx 000
Xxx Xxxxx, Xxxxxxxxxx 00000
Attn: Xxxxxx X. Xxxx, Executive Vice President,
Chief Financial Officer and Treasurer
Re: LOAN AND SECURITY AGREEMENT
Ladies and Gentlemen:
Reference is made to that certain Loan and Security Agreement (the
"Agreement"), dated April 22, 1999, by and among Inland Entertainment
Corporation, a Utah corporation, L. Xxxxxx Xxxxx, XX, and Xxxxx Xxxxxx Xxxxx.
In order to clarify certain terms of the Agreement, the undersigned
wish to amend the Agreement as follows:
1. Section 2 of the Agreement is hereby amended and restated in its
entirety to read as follows:
"1. Obligation to Pay. The Debtors agree to repay the loan's
principal amount on or before July 22, 1999 (the "Due Date"), in
accordance with the terms and conditions of this Agreement or as may be
modified from time to time in writing by the parties hereto, by wire
transfer of immediately available funds to an account specified by
Lender. The loan shall bear simple interest at the rate of seven (7)
percent per annum, to accrue from the date hereof until the loan is
paid in full, and payable within ninety (90) days from the Due Date, in
cash or by a personal check."
2. Section 3 of the Agreement is hereby amended by adding the following
sentence at the end:
"The Debtors represent and warrant to Lender that the Debtors' equity
in the collateral is equal to or greater than the full amount of
principal and interest due to the Company pursuant to the Agreement."
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Capitalized terms used but not defined herein shall have the respective
meanings given to such terms in the Agreement.
Very truly yours,
L. XXXXXX XXXXX, XX
/s/ L. XXXXXX XXXXX, XX
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L. Xxxxxx Xxxxx, XX
XXXXX XXXXXX XXXXX
/s/ XXXXX XXXXXX XXXXX
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Xxxxx Xxxxxx Xxxxx
xx: Xxxxxxxxxxx Xx. Xxxxxx,
Corporate Secretary
Inland Entertainment Corporation
Accepted and Agreed to this 4th day of May, 1999.
INLAND ENTERTAINMENT CORPORATION
By: /s/ XXXXXX X. XXXX
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Xxxxxx X. Xxxx
Executive Vice President,
Chief Financial Officer
and Treasurer
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