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February 1, 1996 EXHIBIT 10.24
Xxxxx-Xxxxxx Publishing Corporation
0000 Xxxxx XxXxx Xxxxxxxxxx, Xxxxx 000
Xxxxxx, Xxxxx 00000
Attention: Xx. Xxxxx Xxxxxx
Re: Revolving Line of Credit Note and Stock Option Agreement between
Xxxxx-Xxxxxx Publishing Corporation and National Education
Corporation
Dear Xxxxx:
This letter is to confirm that, effective February 1, 1996, the
maximum principal sum available under that certain Revolving Line of Credit
Note dated February 28, 1995, made by National Education Corporation ("NEC") in
favor of Xxxxx-Xxxxxx Publishing Corporation ("SVPC"), as renewed and extended
by that certain Renewal and Extension Agreement effective December 31, 1995,
between NEC and SVPC, is hereby reduced to Five Million Dollars ($5,000,000).
In consideration of the foregoing reduction, NEC and SVPC also confirm and
agree that, from and after February 1, 1996, the "per day" amount set forth in
Section 8 of that certain Stock Option Agreement dated February 28, 1995,
between NEC and SVPC, as amended by that certain First Amendment to Stock
Option Agreement dated December 31, 1995, between NEC and SVPC, shall be
reduced to One Thousand Two Hundred Fifty Dollars ($1,250) per day (from the
amount of $2,500 per day, which amount shall remain applicable for each day in
the one month period from and including January 1, 1996 through January 31,
1996).
Please confirm SVPC's agreement to the foregoing by countersigning the
enclosed copy of this letter, and returning such countersigned copy to my
attention.
Very truly yours,
Xxxxx X. Xxxxx
Vice President, Chief Financial Officer
and Treasurer
AGREED EFFECTIVE FEBRUARY 1, 1996
XXXXX-XXXXXX PUBLISHING CORPORATION
By:
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Xxxxx Xxxxxx
Vice President and Chief Financial Officer
