Document:

Exhibit 10.17

Exhibit 10.17

October 27, 2010

To:          Andrew Conru

Lars Mapstead

Marc Bell

Dan Staton

From:      FriendFinder Networks Inc.

Re:  Amendment to Letter Agreement dated October 8, 2009

 

Dear Andrew, Lars, Marc and Dan:

This letter (the “Amendment”) amends the letter agreement dated October 8, 2009, as amended as of February 2, 2010, among the parties hereto (the “Agreement”) in connection with the issuance on the date hereof by Interactive Network, Inc. (INI”) and  FriendFinder Networks Inc. (“FFN”) of 14% Senior Secured Notes due 2013, Cash Pay Secured Notes due 2013 and Non-Cash Pay Secured Notes due 2014.

Section 4(a) of the Agreement is hereby restated in its entirety as follows:

“If the actual costs of eliminating the VAT Liability are less than $29 million (after applying the amounts referenced in Section 4(b) below as to such liability), then the amount of the Non-Cash Pay Secured Notes due 2014 held by the trusts of Conru and Mapstead will be increased by the issuance of new Notes identical to the Non-Cash Pay Secured Notes due 2014, which will evidence the unused portion of the $29 million plus interest on the amount of these Notes from December 7, 2007 through October 9, 2010 at 6 percent per annum and thereafter at 11.5 percent per annum.”

This Amendment shall be governed by, and construed in accordance with, the law of the state of New York applicable to contracts made and to be performed in the state of New York. Any legal action or proceeding with respect to this Amendment may be brought in the courts of the state of New York in the county of New York or in the United States District Court for the Southern District of New York and, by execution and delivery of this Agreement, each party hereby irrevocably accepts the jurisdiction of the aforesaid courts. This Amendment has no effect on any portions of the Agreement which remain in effect or the relevant Definitive Agreements entered into pursuant to the Agreement.

This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement.

[Signature page follows.]

  

1

  

 If the terms of this Amendment are acceptable to you, please sign below and return such Amendment to the undersigned.

FRIENDFINDER NETWORKS INC.

By: /s/ Paul Asher                              

Paul Asher, Secretary

INTERACTIVE NETWORK, INC.

By: /s/ Paul Asher                              

Paul Asher, Secretary

Accepted and agreed as of this ____ day of October, 2010.

ANDREW B. CONRU TRUST AGREEMENT

By:  /s/ Andrew B. Conru    

Andrew B. Conru, Trustee

MAPSTEAD TRUST, created on April 16, 2002

By:  /s/ Lars Mapstead                    

Lars Mapstead, Trustee

By:  /s/ Marin A. Mapstead            

Marin A. Mapstead, Trustee

/s/ Andew B. Conru      

Andrew B. Conru

 

/s/ Lars Mapstead                            

Lars Mapstead

 

  

  

  

/s/ Daniel Staton                               

Danieal Staton

 

/s/ Marc H. Bell                                 

Marc H. BellExhibit 10.18

Exhibit 10.18

October 27, 2010

 

Andrew B. Conru Trust Agreement Andrew B. Conru, Trustee

2125 1st Ave #2904,

Seattle, WA 98121

 

Re:             Confirmation of Certain Consent and Exchange Fees

 

Dear Mr. Conru:

 

Reference is made to the holding by Andrew B. Conru Trust Agreement, Andrew B. Conru, Trustee (the “Trust”) of certain Second Lien Notes issued by Interactive Networks Inc. (“INI”), in December 2007 (the “Old Second Lien Notes”).

 

1.           Consents and Waivers Provided. The Parties acknowledge and agree that the Trust has generally previously provided certain consents to waivers and amendments to the terms and conditions relating to the Old Second Lien Notes and has not objected to and cooperated in the Company’s ongoing financing and refinancing arrangements.

 

2.           Consent and Exchange Fee. In consideration of the Trust’s (i) consenting to the waiver of certain terms and conditions relating to the Old Second Lien Notes, and (ii) committing to exchange its Old Second Lien Notes and certain other of its indebtedness of INI for new first lien notes and new non-cash pay second lien notes (the “New Notes”) to be issued in October 2010 by Friend Finder Networks Inc. and INI, as co issuers, the Company hereby agrees to pay to the Trust Consent and Exchange Fees payable as follows:

 

	
Due Date

	
Amount Payable

	
December 15, 2010

	
$3,000,000

	
December 31, 2010

	
$910,000

	
December 31, 2011

	
$910,000

	
December 31, 2012

	
$910,000

	
March 31, 2013

	
$227,500

 

INI and FFN represent, acknowledge and agree that no such Consent and Exchange Fees will be subject to the Intercreditor and Subordination Agreement to be executed in connection with the issuance of the New Notes.

 

3.           Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart

so that all signature pages are physically attached to the same document. Facsimile signatures shall be considered originals for all purposes.

  

  

  

Andrew B. Conru Trust Agreement

October 27, 2010

Page 2

 

4.           Governing Law, Etc. This Amendment shall be governed by, and

construed in accordance with, the law of the state of New York applicable to contracts made and to be performed in the state of New York. Any legal action or proceeding with respect to this Amendment may be brought in the courts of the state of New York in the county of New York or in the United States District Court for the Southern District of New York and, by execution and delivery of this Agreement, each party hereby irrevocably accepts the jurisdiction of the aforesaid courts.

 

****

  

  

  

If the terms of this letter agreement are acceptable to you, please sign below and return such letter agreement to the undersigned.

 

 

FRIENDFINDER NETWORKS INC.

 

 

By: /s/ Paul Asher                            

     Paul Asher, Secretary

 

 

INTERACTIVE NETWORK, INC.

 

By:  /s/ Paul Asher                             

     Paul Asher, Secretary

 

Accepted and agreed as of ____ this day of October, 2010.

 

ANDREW B. CONRU TRUST AGREEMENT

 

 

By:   /s/ Andrew B. Conru            

         Andrew B. Conru, TrusteeExhibit 10.19

Exhibit 10.19

October 27, 2010

Mapstead Trust created April 16, 2002

Lars Mapstead,  Trustee

Marin Mapstead, Trustee

180 Horizon Way

Aptos, CA  95003

	
  

	
Re:

	
Confirmation of Certain Consent and Exchange Fees

Dear Mr. Mapstead and Ms. Mapstead:

Reference is made to the holding by the Mapstead Trust created April 16, 2002, Lars Mapstead and Marin Mapstead, Trustees (the “Trust”) of certain Second Lien Notes issued by Interactive Networks Inc. (“INI”), in December 2007 (the “Old Second Lien Notes”).

1.           Consents and Waivers Provided.  The Parties acknowledge and agree that the Trust has generally previously provided certain consents to waivers and amendments to the terms and conditions relating to the Old Second Lien Notes and has not objected to and cooperated in the Company’s ongoing financing and refinancing arrangements.

2.           Consent and Exchange Fee.  In consideration of the Trust’s (i) consenting to the waiver of certain terms and conditions relating to the Old Second Lien Notes, and (ii) committing to exchange certain of its indebtedness of INI for new non-cash pay second lien notes (the “New Notes”) to be issued in October 2010 by Friend Finder Networks Inc. and INI, as co issuers, the Company hereby agrees to pay to the Trust Consent and Exchange Fees payable as follows:

 

	Due Date	 	  

Amount Payable

	 	 	 
	 December 31, 2010 	 	$90,000
	 December 31, 2011	 	$90,000
	 December 31, 2012	 	$90,000
	 March 31, 2013	 	$22,500

                                                                                                                                                                        

INI and FFN represent, acknowledge and agree that no such Consent and Exchange Fees will be subject to the Intercreditor and Subordination Agreement to be executed in connection with the issuance of the New Notes.

3.           Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. Facsimile signatures shall be considered originals for all purposes.

  

  

  

Mapstead Trust

October 27, 2010

Page 2

 

4.           Governing Law, Etc.  This Amendment shall be governed by, and construed in accordance with, the law of the state of New York applicable to contracts made and to be performed in the state of New York. Any legal action or proceeding with respect to this Amendment may be brought in the courts of the state of New York in the county of New York or in the United States District Court for the Southern District of New York and, by execution and delivery of this Agreement, each party hereby irrevocably accepts the jurisdiction of the aforesaid courts.

****

  

  

  

If the terms of this letter agreement are acceptable to you, please sign below and return such letter agreement to the undersigned.

FRIENDFINDER NETWORKS INC.

By:  /s/ Paul Asher                       

       Paul Asher, Secretary

INTERACTIVE NETWORK, INC.

By:  /s/ Paul Asher                       

       Paul Asher, Secretary

Accepted and agreed as of this ____ day of October, 2010.

MAPSTEAD TRUST, CREATED APRIL 16, 2002

By: /s/ Lars Mapstead                        

       Lars Mapstead, Trustee

By: /s/ Marin Mapstead                     

       Marin Mapstead, Trustee

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