EXHIBIT 10.3
October 12, 2001
FAX TO: XXXXX XXXXXXXX XXXXX
FAX # 000-0000
From: Xxxxxxxx Xxxxxxx
Xxxxx,
In the "Restructure Agreement" by and among Silicon Valley Bank, IMSI, ArtToday,
and DCDC, Section 8 Imageline Claims, it is stated in subsection (c), "IMSI
agrees that under no circumstances will it make any payment to Imageline until
the revised promissory note has been paid in full".
Per our discussion today, we need to clarify that the above section was not
referring to, nor including monthly payments to Imageline of $11,500 which are
beginning this month which had been previously negotiated and consented to.
In addition, Section 1. Acknowledgement of SVB Obligations, paragraph (b)
erroneously references the outstanding principal balance of the SVB loan as
$3,248,291.88. The actual amount is $2,499,166.67.
Finally, it is hereby agreed that the due date for the principal and interest
payments under the Promissory Note signed by IMSI for the benefit of SVB shall
begin on October 20, 2001 and continue monthly on the 20th of each month, until
the Note is paid in full.
Please signify your agreement to this clarification by signing below and FAX
this signed letter back to me at 000-000-0000. If you have any further
questions, please call me at 000-000-0000 or Xxxx Xxxxx at 000-000-0000. Thank
you.
Regards,
Xxxxxxxx Xxxxxxx
Agreed to this 12th day of October, 2001:
By: /s/ XXXXX XXXXXXXX XxXXX
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Xxxxx Xxxxxxxx XxXxx, Silicon Valley Bank
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