EXHIBIT 10.10
MTV NETWORKS
A VIACOM COMPANY
February 26, 2003
Xx. Xxxxx Xxxxx
The Singing Machine Company, Inc.
0000 Xxxxx Xxxx
Xxxx. X-0
Xxxxxxx Xxxxx, XX 00000
Dear Ms. Marco:
Reference is made to the agreement dated the 1st day of November, 2000, as
amended on January 1, 2002 and on November 15, 2002, by and between MTV
Networks, a division of Viacom International, Inc.("MTVN"), and the Singing
Machine Company, Inc. ("Licensee") with respect to the "MTV: Music Televison"
name, trademark and logo (the "Licensed Property") (the "Agreement"). All terms
used herein which have been defined in the Agreement shall have the same meaning
as set forth therein.
Notwithstanding anything to the contrary contained in the Agreement, MTVN and
Licensee hereby agree that the "Basic Provisions" section of the Agreement is
amended as follows.
1. Licensed Territory, add the following
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"Canada", which became a Licensed Territory as of November 29, 2001.
2. Royalty Rate, add the following with respect to Canada and Australia only:
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Effective as of January 1, 2003, Royalties due MTVN in respect of sales
of Licensed Products in Canada and Australia shall be * of Net Sales
(as defined in the Additional Terms and Conditions section of the
Agreement) for each unit of Licensed Product sold, provided however, in
no event shall Royalties be cross collateralized between territories or
against any Guaranteed Minimum Royalty due for any other Licensed
Territory (i.e., Canadian Royalties may not be applied against the
Guaranteed Minimum Royalty, or Royalties due for Australia or the
United States and vice versa).
* The confidential portion has been so omitted pursuant to a requrest for
confidential treatment and has been filed separately with the Securities and
Exchange Commission.
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Except as otherwise expressly provided herein above, the terms and conditions of
the Agreement (including all amendments relating thereto) shall remain in full
force and effect.
If the foregoing accurately reflects your understanding of our agreement, please
so indicate your acceptance, by signing in the appropriate place below.
Very truly yours, ACCEPTED AND AGREED TO:
MTV Networks, a division The Singing Machine Company, Inc.
of Viacom International Inc.
By: /s/ Xxxxxxxx Hviak By: /s/ Xxxxxx Xxxxxx
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Name: Xxxxxxxx Hviak Name: Xxxxxx Xxxxxx
Title: VP International Program Enterprises Title: Chief Executive Officer
Date: Date: March 10, 2003
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