EXHIBIT 10.31
International Digital Investors, L.P.
January 15, 1997
Page 1
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STYLES ON VIDEO, INC.
000 XXXXXX XXXXXX XXXXXXXXX
XXXXXXX XXXX, XXXXXXXXXX 00000
January 15, 1997
International Digital Investors, L.P.
000 Xxxxxxxx Xxxxxx, Xxxxx 0000
Xxxxx, Xxxxxxx 00000
Gentlemen:
Reference is made to that certain Note and Preferred Stock Purchase
Agreement (the "Purchase Agreement") dated May 14, 1996 by and among Styles on
Video, Inc. ("SOV"), a Delaware corporation, Xxxxxxx Xxxxx, Inc. ("FYI"), a
California corporation, and International Digital Investors, L.P. ("IDI"), a
Delaware limited partnership, which provides for the purchase of certain
promissory notes, preferred stock and warrants of SOV in accordance with certain
terms and conditions contained therein. Each of the parties to said Purchase
Agreement have agreed to increase the principal amount of funds borrowed under
the Purchase Agreement in accordance with that certain Letter Agreement dated
November 21, 1996 among IDI, SOV and FYI.
The execution of this Letter Agreement will serve as the acknowledgment by
the undersigned that the principal amount borrowed pursuant to the Purchase
Agreement is hereby increased $180,000 from $1,020,000 to $1,200,000. The
accrual of interest expense with respect to such $180,000 increase in amount
borrowed under the Purchase Agreement shall commence on the date of this Letter
Agreement.
The execution of this Letter Agreement shall in no way limit or waive any
responsibilities, obligations or claims of each of the parties hereto with
respect to the terms, conditions and related agreements existing under and/or
created in connection with the Purchase Agreement.
This letter may be executed in one or more counterparts.
International Digital Investors, L.P.
January 15, 1997
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Please indicate your agreement and consent to the foregoing by signing the
enclosed copy of this letter where indicated below and return the same to the
attention of the undersigned on behalf of SOV.
Sincerely,
STYLES ON VIDEO, INC.
By:__________________________________
XXXXXXX XXXXX, INC.
By:__________________________________
AGREED TO and ACCEPTED this
15th day of January 1997.
INTERNATIONAL DIGITAL INVESTORS, L.P.
By:_______________________________
