License Agreement re: MTV's The Grind - MTV Networks and Active Apparel Group Inc.
[MTV Letterhead]
Active Apparel Group, Inc. October 22, 1998
1350 Broadway, Suite 2300
New York, NY 10018
Attn: Edward R. Epstein, Esq.
Reference is made to the agreement dated March 28, 1996, and as amended as of
October 21, 1997, and May 26, 1998, with respect to "MTV's THE GRIND" (the
"Licensed Property") between MTV Networks, a division of Viacom International
Inc., ("MTVN") and Active Apparel Group, Inc. ("Licensee") (the "Agreement").
Capitalized terms used without definition herein shall have the respective
definitions set forth in the Agreement.
Effective as of the date hereof, MTVN and Licensee hereby agree that the Basic
Provisions of the Agreement shall be amended as follows:
1) With respect to the GUARANTEED MINIMUM ROYALTY payment schedule shall be
deleted and replacedby the following:
The Guaranteed Minimum Royalth for the Licensee Term is US$183,750.00
and shall be payable as follows:
$37,500.00 upon Licnesee's execution hereof ("Advance")
$16,250.00 on or before October 1, 1996,
$16,250.00 on or before January 1, 1997,
$16,250.00 on or before April 1, 1997,
$16,250.00 on or before July 1, 1997,
$16,250.00 on or before October 1, 1997,
$48,750.00 on or before November 1, 1998,
$16,250.00 on or before January 1, 1999, and
$16,250.00 on or before April, 1999.
Except as otherwise herein amended, the Agreement is hereby ratified and
confirmed in all respects.
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Please indicate your acceptance of the foregoing by signing in the space
provided below.
Very truly yours,
MTV NETWORKS, A DIVISION OF
VIACOM INTERNATIONAL INC.
By:/s/ illegible
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Title: VP
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ACCEPTED AND AGREED TO:
ACTIVE APPAREL GROUP, INC.
By:/s/ George Horowitz
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Title: President/CEO
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