Termination Agreement for Management Agreement between Metromedia International Group, Inc. and Metromedia Company

Contract Categories: Business Operations › Termination Agreements
Summary

Metromedia International Group, Inc. and Metromedia Company have mutually agreed to terminate their Management Agreement, originally dated November 1, 1995, effective December 31, 2001. Both parties remain responsible for any obligations or payments that were due before the termination date. Certain provisions, such as liability and indemnification, will continue to apply even after the agreement ends. The termination is confirmed by signatures from both companies' representatives.

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EX-10.60 3 a2073578zex-10_60.htm EXHIBIT 10.60
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Exhibit 10.60

[METROMEDIA LOGO]   Metromedia Company
One Meadowlands Plaza
East Rutherford, New Jersey 07073-2137		   David A. Persing
Senior Vice President
Direct Dial (201)  ###-###-####
Fax (201)  ###-###-####

                      As of December 31, 2001

Metromedia International Group, Inc.
505 Park Avenue, 21st Floor
New York, New York 10028
Attn: Carl Brazell, President

        Re: Termination of Management Agreement

Dear Carl:

        Reference is hereby made to the Management Agreement between Metromedia International Group, Inc. ("MMG") and Metromedia Company ("Metromedia") dated as of November 1, 1995, as amended on January 1, 1997 (the "Management Agreement"). This letter agreement shall confirm our mutual agreement to terminate the Management Agreement as of December 31, 2001 (the "Effective Date").

        As set forth in Section 2.1 of the Management Agreement, MMG shall remain liable to Metromedia and Metromedia shall remain liable to MMG, for any amounts and obligations owing to or accrued in favor of Metromedia or MMG, as the case may be, prior to the Effective Date. In addition, the termination of the Management Agreement shall not extinguish the liability and indemnifications provisions set forth in Sections 3.1 and 3.2 of Article 3 of the Management Agreement or any covenant contained in the Management Agreement which by its terms survives the termination of the Management Agreement or continues for a specific period of time thereafter.

        Please acknowledge your acceptance of the termination of the Management Agreement as set forth above, by signing the enclosed duplicate original of this letter and returning the same to Metromedia Company, One Meadowlands Plaza, East Rutherford, New Jersey 07073, Attn: David A. Persing, Senior Vice President.


 
 
Very truly yours,
Metromedia Company

 
 
By:
 
/s/ David A. Persing
        Name: David A. Persing
        Title: Senior Vice President

Acknowledged & Accepted:
Metromedia International Group, Inc.
 
 

By:
 
/s/ Carl C. Brazell, Jr.
 
 
    Name: Carl C. Brazell, Jr.    
    Title: President and
Chief Executive Officer		    


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    Exhibit 10.60