EXHIBIT 10.4
AMENDMENT
TO
VOLUNTARY SURRENDER AGREEMENT
THIS AMENDMENT to Voluntary Surrender Agreement ("Amendment") made and
entered into this 17th day of March, 2001, by and between K-Tel International
(USA), Inc. ("K-Tel USA") and K-5 Leisure Products, Inc. ("K-5").
RECITALS:
A. On March 12, 2001 K-Tel USA and K-5 entered into that certain Voluntary
Surrender Agreement calling for the surrender of Collateral under the K-5
Indebtedness and the Foothill Indebtedness ("Agreement").
B. The parties desire to amend the Agreement by eliminating from the
Collateral to be transferred to K-5 certain assets of K-Tel USA.
NOW, THEREFORE, in consideration of the above recitals as well as the
covenants and representations contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, K-5
and K-Tel USA hereby agree to amend the Agreement as follows:
1. The following property shall be excluded from the Collateral surrendered
and delivered to K-5 under the Agreement:
Approximately 700,000 audio cassettes plus certain goods scheduled for
destruction located in a semi-trailer and in bins located at the premises
of K-Tel USA.
2. Except as amended above, the Agreement shall remain in full force and
effect.
K-TEL INTERNATIONAL (USA), INC. K-5 LEISURE PRODUCTS, INC.
By /s/ Xxxxxx Xxxx By /s/ Xxxxxx Xxxxx
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Xxxxxx Xxxx Xxxxxx Xxxxx
Its Chief Financial Officer Its: President
