Exhibit 10.37
AMENDMENT
 
This AMENDMENT No. 1, dated June 25, 2002, to Promissory Note (the “Note”) dated
July 2, 2001 by Gregory Fischbach (“Payor”) and Acclaim Entertainment, Inc.
(“Payee”).
 
The parties hereto hereby agree as follows:
 
1.    The first full paragraph of the Note is hereby amended and restated in its
entirety as follows:
 
“FOR VALUE RECEIVED, the Payor hereby unconditionally promises to pay to the
order of the Payee, the principal amount of ONE MILLION SEVEN HUNDRED NINETY
SEVEN THOUSAND FOUR HUNDRED AND FIFTY DOLLARS ($1,797,450) together with accrued
and unpaid interest thereon. The Payor further agrees to pay interest on such
principal amount at the rate Payee is charged from time to time by GMAC
Commercial Credit LLC (the “Bank Rate”). All amounts payable hereunder shall be
payable to Payee in United States dollars at such bank account as shall be
designated by the Payee in immediately available funds or as otherwise specified
to Payor in writing. Payment on this note shall be applied first to any expenses
of collection, then to accrued interest, and thereafter to the outstanding
principal balance hereof. The principal amount and accrued interest are due and
payable on the earlier of (i) August 31, 2003 and (ii) to the extent of the
proceeds of any “Warrant Share Sale” (as defined below), the third business day
following the date upon which Payor sells any or all of the Warrant Shares (a
“Warrant Share Sale”).”
 
2.    The principal amount and accrued interest due under the Note shall in any
event be due and payable on August 31, 2003, and such due date shall not be
extended under any circumstances.
 
3.    Except as expressly amended hereby, all other terms and conditions of the
Note shall remain in full force and effect in accordance with the original terms
thereof.
 
IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to the Note
as of the day and year first above written.
 
ACCLAIM ENTERTAINMENT, INC.
By:
 
/s/    JAMES R. SCOROPOSKI        

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Title: Executive Vice President

 
/s/    GREGORY FISCHBACH

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Gregory Fischbach