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EXHIBIT 10.31
May 20, 1998
APA Excelsior IV, L.P.
APA Excelsior IV/Offshore, L.P.
The P/A Fund, L.P.
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
The Xxxxxxx Company
0000 Xxxxx Xxxxxxxx
Xxxxxxxxxx, Xxxxxxxxxxxx 00000
State of Michigan Retirement System
000 Xxxxxxx Xxxxxx
Xxxxxxx, Xxxxxxxx 00000
Benefit Capital Management Corporation
00 Xxx Xxxxxxxxx Xxxx
Xxxxxxx, Xxxxxxxxxxx 00000
Re: Amendment of Amended and Restated Registration Rights Agreement
Ladies and Gentlemen:
Park `N View, Inc., a Delaware corporation (the "Company") and each of
the undersigned are parties to a Registration Rights Agreement, dated as of
November 13, 1996, as amended by the Amendment to Registration Rights Agreement,
dated as of August 22, 1997 (collectively referred to as the "Registration
Rights Agreement"). Capitalized terms used in this letter that are not otherwise
defined in this letter will have the meanings ascribed to them in the
Registration Rights Agreement.
Section 5.1 of the Registration Rights Agreement prohibits the Company
from granting any demand registration rights, or any piggyback registration
rights except as provided therein, to any owner or purchaser of Securities,
which include any debt or equity securities of the Company. Pursuant to the
Purchase Agreement between the Company and Xxxxxxxxx, Xxxxxx & Xxxxxxxx
Securities Corporation ("DLJ"), the Company intends to offer and sell its 13%
Senior Notes due 2008, in the aggregate principal amount of $75,000,000 (the
"Notes") and warrants to purchase 505,375 shares of Common Stock (the
"Warraants"), and to grant certain demand
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APA Excelsior IV, L.P.
APA Excelsior IV/Offshore, L.P.
The P/A Fund, L.P.
The Xxxxxxx Company
State of Michigan Retirement System
Benefit Capital Management Corporation
May 20, 1998
registration rights in connection therewith. The undersigned (who collectively
hold a majority of the Registrable Securities) acknowledge and agree that
Section 5.1 of the Registration Rights Agreement will be deemed to be amended
for all purposes to permit the Company to grant demand registration rights
pursuant to the A/B Exchange Registration Rights Agreement by and between the
Company and DLJ and the Warrant Registration Rights Agreement by and between the
Company and DLJ.
The undersigned further acknowledge and agree that Section 2.2 of the
Registration Rights Agreement will for all purposes be deemed to be amended to
provide that the Holders of the Registrable Securities will not have piggyback
registration rights with respect to any registration statements required to be
filed under the A/B Exchange Registration Rights Agreement or the Warrant
Registration Rights Agreement. The undersigned also acknowledge and agree that
the foregoing amendments will not materially or adversely affect the ability of
the Holders of the Registrable Securities to have securities registered.
The Registration Rights Agreement, as amended herein, shall remain in
full force and effect.
Please sign this letter agreement below as indicated. Thank you for
your assistance in this matter.
Sincerely,
PARK 'N VIEW, INC.
By: /s/ Xxxxx Xxxxxxxx
-------------------------------------
Xxxxx Xxxxxxxx, Chief Operating Officer
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APA Excelsior IV, L.P.
APA Excelsior IV/Offshore, L.P.
The P/A Fund, L.P.
The Xxxxxxx Company
State of Michigan Retirement System
Benefit Capital Management Corporation
May 20, 1998
The foregoing letter, dated May 20, 1998, is hereby acknowledged and
agreed:
APA EXCELSIOR IV, L.P.
By: APA EXCELSIOR IV PARTNERS, L.P.
(Its General Partner)
By: PATRICOF & CO. MANAGERS, INC.
(Its General Partner)
By: /s/ Xxxxxx Xxxxxxx
Name:
------------------------
Title:
------------------------
XXXXXX & CO. (CAYMAN) LTD., CUSTODIAN FOR
APA EXCELSIOR IV/OFFSHORE, L.P.
By: PATRICOF & CO. VENTURES, INC.
INVESTMENT ADVISOR
By: /s/ Xxxxxx Xxxxxxx
-----------------------------
Name:
------------------------
Title:
------------------------
THE P/A FUND, L.P.
By: APA PENNSYLVANIA PARTNERS, L.P.
(Its General Partner)
By: /s/ Xxxxxx Xxxxxxx
-----------------------------
Name:
------------------------
Title:
------------------------
VENHILL LIMITED PARTNERSHIP
By: /s/ Xxxxxx Xxxxxxx
----------------------------
Name:
------------------------
Title:
------------------------
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APA Excelsior IV, L.P.
APA Excelsior IV/Offshore, L.P.
The P/A Fund, L.P.
The Xxxxxxx Company
State of Michigan Retirement System
Benefit Capital Management Corporation
May 20, 1998
JULIET CHALLENGER, INC.
By: /s/ Xxxxxx X. XxXxxxxxx
---------------------------------------
Name:
------------------------------------
Title:
-----------------------------------
XXXXX X. XXXXXXX, XXXXX XXXXXXXX
XXXXXXX AND X. X. XXXXXXXXXXXX,
TRUSTEES OF THE XXXXX X. XXXXXXX
TRUST U/A DATED 11/18/85
By: /s/ X.X. Xxxxxxxxxxxx
---------------------------------------
Name:
------------------------------------
Title:
-----------------------------------
X.X. XXXXXXXXXXXX AND XXXXXX X. XXXXXX,
TRUSTEES U/A/T DATED 8/28/68 FOR JULIET
XXX XXXXXXX
By: /s/ X.X. Xxxxxxxxxxxx
------------------------------------------
By: /s/ Xxxxxx Xxxxxx
---------------------------------------
X.X. XXXXXXXXXXXX AND XXXXXX X. XXXXXX,
TRUSTEES U/A/T DATED 8/28/68 FOR XXXXXX
XXXXXXXX XXXXXXX
By: /s/ X.X. Xxxxxxxxxxxx
------------------------------------------
By: /s/ Xxxxxx Xxxxxx
----------------------------------------
X.X. XXXXXXXXXXXX AND XXXXXX X. XXXXXX,
TRUSTEES U/A/T DATED 8/28/68 FOR XXXXX
XXX XXXXXXX, XX.
By: /s/ X.X. Xxxxxxxxxxxx
---------------------------------------
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APA Excelsior IV, L.P.
APA Excelsior IV/Offshore, L.P.
The P/A Fund, L.P.
The Xxxxxxx Company
State of Michigan Retirement System
Benefit Capital Management Corporation
May 20, 1998
By: /s/ Xxxxxx Xxxxxx
------------------------------------------
X.X. XXXXXXXXXXXX AND XXXXXX X. XXXXXX,
TRUSTEES U/A/T DATED 8/28/68 FOR XXXXXXX
XXXXXXX XXXXXXX
By: /s/ X.X. Xxxxxxxxxxxx
------------------------------------------
By: /s/ Xxxxxx Xxxxxx
------------------------------------------
STATE OF MICHIGAN RETIREMENT SYSTEM
By: /s/ Xxxxx Xxxx
------------------------------------------
Name:
----------------------------------------
Title:
--------------------------------------
BENEFIT CAPITAL MANAGEMENT CORPORATION
AS INVESTMENT MANAGER FOR THE PRUDENTIAL
INSURANCE CO. OF AMERICA SEPARATE ACCOUNT NO.
VCA-GA-5298
By: /s/
------------------------------------------
Name:
----------------------------------------
Title:
--------------------------------------
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