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EXHIBIT 10.45
March 28, 2000
VIA FEDERAL EXPRESS
Joel Zettl
Vice President, Finance
The Lightspan Partnership, Inc.
10140 Campus Point Drive
San Diego, CA 92121
RE: LEASE COMMITMENT BETWEEN PENTECH FINANCIAL SERVICES, INC. AND THE
LIGHTSPAN PARTNERSHIP, INC. DATED JUNE 25, 1999
Dear Mr. Zettl:
Under the terms of the financing commitment for $1,000,000 referred to
above, delivery and acceptance of all equipment was to occur no later than March
30, 1999. To date, Pentech has funded lease schedules for The Lightspan
Partnership totaling $264,198.00.
In order to allow The Lightspan Partnership to draw down the balance of
the commitment of $735,802, Pentech Financial Services, Inc. is agreeable to
extending the date for delivery and acceptance to and including September 30,
2000, subject to the terms and conditions of the original proposal dated April
14, 1999, upon payment by The Lightspan Partnership of our standard extension
fee of .75% of the remaining line or $5,518.52, plus outstanding late charges of
$949.14, for a total of $6,467.66.
If The Lightspan Partnership is agreeable to this extension of the
delivery and acceptance date, please have the appropriate corporate officer sign
this letter where indicated below and return the letter together with The
Lightspan Partnership's check for the extension fee. This letter when fully
executed will serve as an addendum to the original proposal of April 14, 1999.
If you have any questions on any of the foregoing, please give me a call.
Thank you.
Very truly yours,
PENTECH FINANCIAL SERVICES, INC.
Daphne Wells
General Counsel
/dw
ACCEPTED as of the 29th day of March, 2000.
THE LIGHTSPAN PARTNERSHIP, INC.
By /s/ JOEL ZETTL
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Name Joel Zettl
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Its VP -- Controller
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