Exhibit 10.31
Letter of Direction
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February 28, 2002
Xxxx-Xxxxxxx Finance G.m.b.H. & Co. KG
CURA Vermogensverwaltung GmbH
Xxxxxxxxxx Xxxxxxx 0-0
00000 Xxxxxxx
XXXXXXX
Re: Line of Credit Agreement dated September 17, 2003, as amended November
9, 2001, between Spiegel, Inc, and Xxxx Versand (GmbH & Co) in the
principal amount of US $100,000,000 (the "Credit Agreement")
Gentlemen:
Reference is made to the Xxxxxx Agreement. The undersigned has executed and
delivered as of the date of this letter, two notes made payable to you In the
total principal amount of US $100,000,000. You are hereby authorized and
directed to disburse the proceeds of the loan evidenced by said notes in the
amount of US $100,000,000 directly to Xxxx Versand (GmbH & Co) as payment in
full of the outstanding principal balance under the Credit Agreement. The
undersigned will pay directly to Xxxx Versand (GmbH & Co) all accrued and unpaid
interest due Under the Credit Agreement.
Spiegel, Inc.
By: /s/
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Its: CEO
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