AGREEMENT
THIS AGREEMENT made this 9th day of February 1998, between Monaco
Records ("MR"), with its principal place of business at Xxxxx Xxxxxx Center, 0
Xxx xx Xxxxxx, Xxxxxx, and Planet Entertainment Corporation ("PEC"), a Florida
Corporation, with its principal place of business at 000 Xxxxxxx 00,
Xxxxxxxxxx, Xxx Xxxxxx, XXX.
WHEREAS, MR is an owner, distributor and marketer of certain recorded
music and other properties in Europe;
WHEREAS, PEC owns the rights to certain master recordings of recorded
music and other properties and is desirous of marketing and distributing these
properties in Europe;
WHEREAS, PEC and MR are desirous of entering into a joint venture for
the purpose of distributing PEC's products in Europe.
NOW in consideration for the mutual promises, and other consideration
as expressly set forth herein, the parties do hereby agree as follows:
1. MR will assist in building the Monaco label by releasing catalog
albums under the Monaco/PNEC label using Planet's catalog and future
catalog to be acquired. PEC shall contribute approximately 1,000
recordings sufficient to produce approximately 100 albums for
immediate distribution through Monaco/PNEC. All catalog sales will
be divided and distributed on a 50/50 basis after recoupment of all
costs. All costs incurred shall be at arms length and compiled in
accordance with Generally Accepted Accounting Principles.
2. In consideration of the foregoing, the Monaco/PNEC Label shall abide
by all contractual obligations made by Planet for the use of the
catalog, shall notify us of all compilations and release made by the
joint venture, and shall provide each of the parties with an
accounting of all such sales and costs on a quarterly basis. All
future ventures will be mutually agreed upon by both parties in
writing.
3. As additional consideration, the Joint Venture shall open and
maintain a checking account into which all revenue income will be
deposited and from which all disbursements shall be paid.
4. All artists royalties and mechanical licenses shall be hold in a
separate bank escrow account to be paid when called for.
6. This Agreement shall be for a term of five years, and made by
extended by the parties in writing.
7. This is the entire agreement between the parties, and there have
been no prior or contemporaneous promises or representations made by
the parties not expressly set forth herein. This Agreement is
binding on the parties and their successors, but may not be assigned
by MR without the express, written consent of PEC.
8. The parties to this Agreement hereby consent to the jurisdiction of
any court of competent jurisdiction in the State of New Jersey, and
hereby agree to be bound by New Jersey law in connection with any
dispute arising out of this Agreement.
IN WITNESS HEREOF, the parties do hereby affix their hand and seal
this ___ day of February 1998.
MONACO RECORDS PLANET ENTERTAINMENT CORP.
/s/ Xxxxxx Xxxxx /s/ Xxxxxx Xxxxxxx
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By Xxxxxx Xxxxx By Xxxxxx Xxxxxxx
President President
