Exhibit 10.4
MOTION PICTURE SALES AGREEMENT
AGREEMENT made this 26th day of March 2001 by and between "REEL FUNDS
INTERNATIONAL, INC. DBA REEL MEDIA INTERNATIONAL", having place of business at
0000 Xxxxxx Xxxx Xxxxx 000, Xxxxxx, XX 00000 ("SELLERS") and "HISPANIC
TELEVISION NETWORK, INC." (HTVN) having a place of business at 0000 Xxxxxxx
Xxxxxxx, Xxxx Xxxxx, Xxxxx 00000 ("BUYERS").
The parties hereto agree to the specification, terms and conditions set forth
herein and may not be modified without prior mutual written consent for both
parties.
1. TITLE OF PROGRAMS:
220 various public domain Spanish language motion pictures.
(List attached)
2. FEES:
225,000 common shares of HTVN restricted stock.
3. TERMS OF PAYMENT:
a. Restricted common stock to be issued in two installments.
b. 125,000 shares to be issued within 30 days of signing
of agreement, 100,000 shares to be issued within 30
days of inspection and delivery of approved films to
HTVN.
4. INSPECTION:
a. Upon delivery of each Program, BUYER shall have 30 days to
screen each program for technical quality, and content
approval.
b. If any films are deemed unacceptable by HTVN, the films will
be returned and the amount of stock to be issued will be
adjusted on a prorated basis in accordance with the number of
films accepted.
5. TERMS OF DELIVERY:
a. Beta SP NTSC broadcast quality videocassette shall be
delivered to BUYER or to a designated party as indicated
by BUYER.
b. BUYER will pay for shipping.
6. BROADCAST AREA & TERRITORY:
a. Worldwide.
7. ADDITIONAL TERMS:
a. BUYER has the option to exchange up to 10% of the films for
technical or content issues.
b. BUYER will own these masters.
c. BUYER will provide SELLER a BetaSP copy of any film from this
agreement at a cost of $100.00 per title. Duplication to be
done within 7 days of purchase order. Payment will be made at
time of delivery.
8. SELLER has not done a copyright search on these films and cannot
guarantee that films are in the public domain. BUYER assumes that risk.
Both BUYER and SELLER agree to not to hold each other responsible
against complaints, litigation, or charges of copyright infringement.
Both parties agree to notify each other and cease use of films if legal
copyright registration is presented by producers.
9. Both BUYER and SELLER agree to resolve any irresolvable disputes via
binding arbitration under the rules and regulations of the American
Arbitration Association. This agreement is entered into under the laws
of Tarrant County, Texas.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and
year first above written.
LICENSOR LICENSEE
REEL FUNDS INTERNATIONAL, INC. HISPANIC TELEVISION
Dba, REEL MEDIA INTERNATIONAL NETWORK, INC.
By: /s/ Xxx X. Xxxxx By: /s/ Xxxxxxx X. Xxxxxxxx
Xxx X. Xxxxx Xxxxxxx X. Xxxxxxxx
President Chief Operating Officer
