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EXHIBIT 10.22
Aristo Entertainment, Inc.
000 Xxxx 00xx Xxxxxx
00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
August 22, 1996
Xx. Xxxxxxx Xxxxx
President
Film Ventures International, Inc.
11845 Olympic Boulevard
Xxxxx 00000, Xxxx Xxxxx
Xxx Xxxxxxx, Xxxxxxxxxx 00000
Re: AFMA(R) International Disc Distribution Agreement
Dear Xx. Xxxxx:
This letter sets forth the terms of amendment to the AFMA(R)
International Disc Distribution Agreement, dated March 18, 1996, between Film
Ventures International, Inc. (the "Licensor") and Aristo Entertainment, Inc.
(the "Distributor").
Capitalized terms used herein and not otherwise defined shall have the meanings
assigned to them in the Distribution Agreement.
1. Royalty Payments Distributor shall:
(a) pay Licensor, upon the execution hereof, the sum of $25,000, and
shall pay $25,000 on the 15th of each month thereafter through January 15, 1997
(the "Amendment Term"). Aristo International Corporation, the parent company of
the Distributor, hereby undertakes to pay the Licensor, on behalf of the
Distributor, the amount due Licensor under this Section 1(a) in the event that
Distributor is unable to meet its obligation hereunder; and
(b) deliver to the Licensor copies of each sales agreement pertaining
to the sale of the Picture and shall pay Licensor, within five business days
after the receipt thereof of a sum equal to 80% of its Gross Receipts less
direct and actual Recoupable Distribution Costs derived from sale of the
Picture. Such payment shall be accompanied by a detailed statement setting
forth the Distributor's costs that were deducted from the remittance.
2. Issuance of Shares Distributor shall transfer to the Licensor,
within five business days of the execution hereof, 30,000 shares of Common
Stock (the "Shares") of Aristo International Corporation (the "Issuer"), the
value of which shall be calculated pursuant to
