ISLAND BROADCASTING COMPANY
Exhibit
10.1
ISLAND
BROADCASTING COMPANY
WNYN
Ch. 39 New York
WNYX
Ch. 00 Xxx Xxxx
XXXX
Xx. 00 Xxx Xxxx
WNXY
Ch. 26 New York
WNYZ
Ch. 6 New York
As a temporary
alternative to declaring Echo Broadcasting Group, Inc. in default of the
November 2007 agreement, Island agrees, as of April 28, 2008, to
the following:
1)
Island will allow Echo to delay the following payments.
|
a
|
) | The January 2008 balance of | $ | 167,334 | |||
|
b
|
) | The March 2008 balance of | $ | 20,000 | |||
|
c
|
) | The April 2008 balance of | $ | 200,000 | |||
|
d
|
) | The May 2008 balance of | $ | 200,000 | |||
|
e
|
) | The June 2008 balance of | $ | 200,000 |
|
2)
|
Echo
Broadcasting will pay an annual interest rate charge of 8 % on all
outstanding balances (which will result in a total amount due on July 1,
2008, of $ 1,002,791.)
|
|
3)
|
In
addition, Echo Broadcasting will pay a fee of 200,000 restricted shares of
MMG
common
stock per month for each month for which payment is not made in
full per the November 2007 agreement, which represents a total of
1,000,000 shares on July 1st.
|
|
4)
|
Starting
July 1st, 2008, all payments must be made in accordance with the November,
2007 agreement.
|
|
5)
|
Echo
will not be required to pay any 8 % interest penalty or 200,000 common
shares penalty for any month in which the November,
2007 agreement is met.
|
|
6)
|
As
of July 1st, 2008, the November 2007 agreement between the parties once
again becomes fully operative.
|
Agreed
and accepted by
/s/
Xxxxxxx Xxxxxx
Xxxxxxx
Xxxxxx Xxxx
xxxxxxx
Island
Broadcasting Co. Mega Media Group,
Inc.
0 XXXXXXX XXXX • XXXXXX, N.Y. 11576 • (000) 000-0000 • FAX: (000) 000-0000
E-MAIL:
RDBOGNER@AOLCOM
