EXHIBIT 10.56
May 21, 1996
Triathlon Broadcasting Company
Symphony Towers, 000 X Xxxxxx
Xxx Xxxxx, Xxxxxxxxxx 00000
Gentlemen:
This letter, when countersigned by an authorized officer of Triathlon
Broadcasting Company ("Triathlon") shall constitute the mutually binding
agreement between Sillerman Communications Management Corporation ("SCMC") and
Triathlon with respect to the matters set forth herein.
Triathlon hereby agrees to advance to SCMC $500,000 per year,
regardless of the amount of advances then outstanding, in respect of fees to be
earned by SCMC in connection with investment banking services to be provided to
Triathlon by SCMC pursuant to Section 5 of that certain Amended and Restated
Financial Consulting Agreement by and between SCMC and Triathlon, dated
February 1996 (the "Agreement") and that such advances are to be repaid only
out of fees earned by SCMC under Section 5 of the Agreement. Notwithstanding
the foregoing, if the Agreement is terminated or a person unaffiliated with
Triathlon acquires a majority of the capital stock of Triathlon, SCMC agrees to
repay all outstanding advances at such time.
Very truly yours,
SILLERMAN COMMUNICATIONS
MANAGEMENT CORPORATION
/s/ Xxxxxx X. Xxxxx
---------------------------------
By: Xxxxxx X. Xxxxx
Title: Executive Vice President
Agreed and accepted:
TRIATHLON BROADCASTING COMPANY
/s/ Xxxxxx Xxxxx
---------------------------------
By: Xxxxxx Xxxxx
Title: President
52
