EXHIBIT 10.7
[This Agreement now between Xxxxxx Circulation Company and Princeton
Publishing, Inc., as assignee of the addressees listed below.]
February 24, 1992
Woodhill Press, Inc.
Celeb Publishing
Adult Movie Review, Inc.
Lipstick Publishing, Inc.
Adult Mens Review, Inc.
Blueboy Incorporated
X. X. Xxxxx, Inc.
Focus Publishing Limited
Xxxxx Magazine Distribution Corp.
Xxxx X. Xxxxxxx, Ltd.
000 0xx Xxxxxx
00xx Xxxxx
Xxx Xxxx, XX 00000
Attn: Xx. Xxxxx XxXxxxxxx
Dear Xxxx:
Pursuant to your request, Xxxxxx Circulation Company ("Xxxxxx") will
issue to Woodhill Press, Inc., Celeb Publishing, Adult Movie Review, Inc.,
Lipstick Publishing, Inc., Adult Mens Review, Inc., Blueboy Incorporated, X.
X. Xxxxx, Inc., Focus Publishing Limited and Xxxxx Magazine Distribution Corp.
and Xxxx X. Xxxxxxx, Ltd. ("Publisher"), a Super Advance (as defined in the
Amendment to the Distribution Agreement, dated November 20, 1990) in the
amount of $80,000.
The $80,000 Super Advance will be repaid in eight (8) consecutive equal
monthly installments of $10,000 beginning September 1, 1992, with a final
installment of $10,000 on April 1, 1993, together with interest on the unpaid
balance at 2% over the prime rate of interest established from time to time by
Chemical Bank, X.X. Xxxxxx may, at any time, deduct installments of the Super
Advance and the interest thereon from any payments or advances due to the
Publisher under the Distribution Agreement.
The term of the Distribution Agreement, executed April 14, 1990, as
amended November 20, 1990, October 28, 1991 and December 10, 1991, will be
extended an additional four (4) years to terminate November 29, 1998 for all
titles except for "Creem", to expire as previously agreed.
Please sign and date this letter below to indicate your consent to the
terms set forth herein and your willingness to be legally bound by them.
Please return the dated and executed original copy to me.
Sincerely yours,
/s/ Xxxxxx X. Xxxxxxxxx
V.P. - Finance and Operations
Xxxxxx Circulation Company
Acknowledged and agreed:
WOODHILL PRESS, INC.
by: /s/ Xxxxx XxXxxxxxx
CELEB PUBLISHING, INC.
by: /s/ Xxxxx XxXxxxxxx
ADULT MOVIE REVIEW, INC.
by: /s/ Xxxxx XxXxxxxxx
LIPSTICK PUBLISHING, INC.
by: /s/ Xxxxx XxXxxxxxx
ADULT MENS REVIEW, INC.
by: /s/ Xxxxx XxXxxxxxx
BLUEBOY INCORPORATED
by: /s/ Xxxxx XxXxxxxxx
X.X. XXXXX, INC.
by: /s/ Xxxxx XxXxxxxxx
FOCUS PUBLISHING, LIMITED
by: /s/ Xxxxx XxXxxxxxx
XXXXX MAGAZINE DISTRIBUTION CORP.
by: /s/ Xxxxx XxXxxxxxx
XXXX X. XXXXXXX, LTD.
by: /s/ Xxxxx XxXxxxxxx
DATE: 2/26/92
