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EXHIBIT 10.26
[Nomura Letterhead]
April 26, 1999
Xx. Xxxxxx X. Xxxxxxx
Chariman
Malibu Entertainment Worldwide, Inc.
c/o The Hampstead Group
0000 Xxxx Xxxxxx
Xxxxx 0000 Xxxx
Xxxxxx, Xxxxx 00000
Dear Xxx:
This letter is written in response to your request to extend the Closing Date
under the Recapitalization Agreement attached hereto (entered into as of March
2, 1999). According to the Recapitalization Agreement, the Closing Date will be
May 1, 1999, but may be extended to May 28, 1999 if a binding commitment has
been received by Malibu prior to May 1, 1999 to take-out the MCI Loan as
referenced in paragraph 2 of the Recapitalization Agreement.
Nomura Asset Capital Corporation hereby agrees to extend the Closing Date to May
10, 1999 if, and only if, Xxxxxx agrees that it will either 1) provide a bona
fide binding commitment relative to the MCI Loan take-out by May 10, 1999 at the
absolute latest or 2) accept the Foothill commitment for take-out financing for
the MCI Loan referenced in paragraph 2 of the Recapitalization Agreement and pay
the required fees thereunder on May 10, 1999, and to accept the take-out
financing from Foothill prior to May 28, 1999.
Xxxxxx's acceptance and acknowledgment of this extension condition is evidenced
by an authorized signature below. If Xxxxxx does not accept and acknowledge this
extension condition, then the Recapitalization Agreement shall remain unextended
and unmodified.
Thank you.
AGREED AND ACCEPTED:
Nomura Asset Capital Corporation Malibu
/s/ X. X. Xxxxxxx /s/ Xxxxxx X. Xxxxxxx
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By: Xxxxx X. Xxxxxxx By: Xxxxxx X. Xxxxxxx
Title: Vice President Title: Chairman of Malibu
Entertainment Worldwide, Inc.
4/30/99 4/30/99
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