Document:

<PAGE>

                                                                    EXHIBIT 10.1

THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE
TRANSFERRED UNTIL (i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "ACT") SHALL HAVE BECOME EFFECTIVE WITH RESPECT THERETO OR (ii)
RECEIPT BY THE ISSUER OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
ISSUER TO THE EFFECT THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED IN
CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS IN VIOLATION OF ANY APPLICABLE
STATE SECURITIES LAWS. THIS LEGEND SHALL BE ENDORSED UPON ANY NOTE ISSUED IN
EXCHANGE FOR THIS NOTE.

                             SECURED PROMISSORY NOTE
                             -----------------------

$1,636,264.08                                               As of March 31, 2003

     FOR VALUE RECEIVED, Go West Entertainment, Inc., or permitted assigns
hereby promises to pay, ON DEMAND, to the order of Scores Holding Company, or
it's nominee, the principal sum of one million six hundred thirty six thousand
two hundred sixty four and 8/100 Dollars ($1,636,264.08) (the "Principal
Amount") as follows:

     1.   TERM; PAYMENTS. The term of this Note is five years. All payments of
          --------------
          principal and interest is payable as set forth in the attached
          repayment schedule.

     2.   INTEREST. Maker will pay simple interest on the unpaid principal
          --------
          amount hereof from time to time outstanding at a rate of 7% simple
          interest per annum on the outstanding principal balance. Interest on
          the unpaid principal amount of this Note at the rate provided is
          payable as set forth in the attached repayment schedule. In the case
          of any conflict between an interpretation of the language contained
          herein and the payment schedule attached hereto, the payment schedule
          will control.

     3.   MANNER OF PAYMENT. All payments by Maker on account of principal,
          -----------------
          interest or fees hereunder shall be made in lawful money of the United
          States of America, in immediately available funds. If any payment of
          principal or interest becomes due on a day that is not a Business Day,
          such payment shall be made not later than the next succeeding Business
          Day, and such extension shall be included in computing interest in
          connection with such payment. "Business Day" means any day on which
          commercial banks in New York City are open for business.

     4.   SECURITY. The Principal Amount shall be secured by any and all rights
          --------
          Maker shall have, whether exercised, contingent or fixed, in whole or
          in part, by the lease on the property commonly known as 533-535 W.
          28th Street, New York, New York. Upon any default, Payee will waive
          interest on the Principal Amount and this Note shall be exchanged for
          the Lease.

     5.   ADJUSTMENT. Upon final audit of financial statements, this Note may be
          ----------
          adjusted to reflect a revised balance due from Maker to Payee.

     6.   EVENTS OF DEFAULT. If default shall be made in the payment of the
          -----------------
          principal of or interest on this Promissory Note as and when due and
          payable and the continuation of such condition for three (3) Business
          Days then, at any time thereafter during the continuance of such
          event, (i) Payee may, by written notice to Maker, declare the
          remaining principal of, and any accrued but unpaid

                                       19
<PAGE>

          interest on, this Promissory Note to be forthwith due and payable,
          both as to principal and interest, without presentment, demand,
          protest, or notice of any kind other than as expressly herein
          provided, all of which are hereby expressly waived, and (ii) Payee may
          pursue any remedies available to it at law or at equity.

     7.   NO WAIVER; RIGHTS AND REMEDIES CUMULATIVE. No failure on the part of
          -----------------------------------------
          Payee to exercise, and no delay in exercising, any right hereunder
          shall operate as a waiver thereof, nor shall any single or partial
          exercise by Payee of any right hereunder preclude any other or further
          exercise thereof or the exercise of any other right. The rights and
          remedies herein provided are cumulative and not exclusive of any
          remedies or rights provided by law.

     8.   COSTS AND EXPENSES. Maker shall reimburse Payee for all costs and
          ------------------
          expenses incurred by it and shall pay the reasonable fees and
          disbursements of counsel to Payee in connection with the enforcement
          of Payee's rights hereunder.

     9.   AMENDMENTS. No amendment, modification or waiver of any provision of
          ----------
          this Promissory Note nor consent to any departure by the Maker
          therefrom shall be effective unless the same shall be in writing and
          signed by Payee and then such waiver or consent shall be effective
          only in the specific instance and for the specific purpose for which
          given.

     10.  GOVERNING LAW. This Promissory Note shall be deemed to be a contract
          -------------
          made under the laws of New York and shall be governed and construed in
          accordance with the laws of said state without giving effect to
          principles of conflicts of law.

     11.  HEADINGS AND CONSTRUCTION. The headings of the paragraphs of this
          -------------------------
          Promissory Note are inserted for convenience of reference only and
          shall not be deemed to constitute a part hereof. Words used herein of
          any gender shall be construed to include any other gender where
          appropriate and words used herein which are either singular or plural
          shall be construed to include the other where appropriate.

     12.  SUCCESSORS AND ASSIGNS. The provisions hereof shall be binding upon
          ----------------------
          and shall insure to the benefit of Maker and Payee and their
          respective successors and assigns. Payee may assign this Note to a
          special purpose corporation formed at the convenience of Payee and,
          upon notice to Maker, may transfer all rights in and to this Note to
          such corporation.

          13. PARTIAL INVALIDITY. If any provision of this Promissory Note is
          ----------------------
          held to be invalid or unenforceable, such invalidity or
          unenforceability shall not invalidate this Promissory Note as a whole
          but this Promissory Note shall be construed as though it did not
          contain the particular provision or provisions held to be invalid or
          unenforceable, and the rights and obligations of the parties shall be
          construed and enforced only to such extent as shall be permitted by
          law.

     14.  WAIVER OF NOTICE; SET-OFF GENERALLY. Maker hereby waives presentment,
          -----------------------------------
          notice of protest and all other demands in connection with the
          delivery, acceptance, performance, default or enforcement of this
          Promissory Note, and waives any right of set-off or counterclaim with
          respect to its obligations hereunder.

     IN WITNESS WHEREOF, and intending to be legally bound hereby, Maker has
caused this Promissory Note to be executed by its duly authorized officer as of
the day and

                                       20
<PAGE>

year first above written.

                                       GO WEST ENTERTAINMENT, INC.

                                       By: _____________________________________

                                       Name: ___________________________________

                                       Title: __________________________________

                                       21
<PAGE>

<TABLE>
<CAPTION>
     PAYMENT            OUSTANDING          MONTHLY PRINCIPAL     MONTHLY INTEREST     MONTHLY PRINCIPAL
    DUE DATE:       PRINCIPAL BALANCE:          PAYMENT:               PAYMENT:        & INTEREST TOTAL:
    ---------       ------------------          --------               --------        -----------------
<S>                   <C>                   <C>                   <C>                   <C>
    11/1/2003         $1,636,264.08         $   10,000.00         $    9,544.33         $   19,544.33
    12/1/2003         $1,626,264.08         $   10,000.00         $    9,486.00         $   19,486.00
     1/1/2004         $1,616,264.08         $   10,000.00         $    9,427.67         $   19,427.67
     2/1/2004         $1,606,264.08         $   10,000.00         $    9,369.34         $   19,369.34
     3/1/2004         $1,596,264.08         $   10,000.00         $    9,311.01         $   19,311.01
     4/1/2004         $1,586,264.08         $   10,000.00         $    9,252.68         $   19,252.68
     5/1/2004         $1,576,264.08         $   10,000.00         $    9,194.35         $   19,194.35
     6/1/2004         $1,566,264.08         $   10,000.00         $    9,136.02         $   19,136.02
     7/1/2004         $1,556,264.08         $   10,000.00         $    9,077.69         $   19,077.69
     8/1/2004         $1,546,264.08         $   10,000.00         $    9,019.36         $   19,019.36
     9/1/2004         $1,536,264.08         $   10,000.00         $    8,961.03         $   18,961.03
    10/1/2004         $1,526,264.08         $   10,000.00         $    8,902.70         $   18,902.70
    11/1/2004         $1,494,675.23         $   31,588.85         $    8,718.44         $   40,307.29
    12/1/2004         $1,463,086.38         $   31,588.85         $    8,534.18         $   40,123.03
     1/1/2005         $1,431,497.53         $   31,588.85         $    8,349.93         $   39,938.78
     2/1/2005         $1,399,908.68         $   31,588.85         $    8,165.67         $   39,754.52
     3/1/2005         $1,368,319.83         $   31,588.85         $    7,981.41         $   39,570.26
     4/1/2005         $1,336,730.98         $   31,588.85         $    7,797.15         $   39,386.00
     5/1/2005         $1,305,142.13         $   31,588.85         $    7,612.89         $   39,201.74
     6/1/2005         $1,273,553.28         $   31,588.85         $    7,428.64         $   39,017.49
     7/1/2005         $1,241,964.43         $   31,588.85         $    7,244.38         $   38,833.23
     8/1/2005         $1,210,375.58         $   31,588.85         $    7,060.12         $   38,648.97
     9/1/2005         $1,178,786.73         $   31,588.85         $    6,875.86         $   38,464.71
    10/1/2005         $1,147,197.88         $   31,588.85         $    6,691.61         $   38,280.46
    11/1/2005         $1,115,609.03         $   31,588.85         $    6,507.35         $   38,096.20
    12/1/2005         $1,084,020.18         $   31,588.85         $    6,323.09         $   37,911.94
     1/1/2006         $1,052,431.33         $   31,588.85         $    6,138.83         $   37,727.68
     2/1/2006         $1,020,842.48         $   31,588.85         $    5,954.57         $   37,543.42
     3/1/2006         $  989,253.63         $   31,588.85         $    5,770.32         $   37,359.17
     4/1/2006         $  957,664.78         $   31,588.85         $    5,586.06         $   37,174.91
     5/1/2006         $  926,075.93         $   31,588.85         $    5,401.80         $   36,990.65
     6/1/2006         $  894,487.08         $   31,588.85         $    5,217.54         $   36,806.39
     7/1/2006         $  862,898.23         $   31,588.85         $    5,033.29         $   36,622.14
     8/1/2006         $  831,309.38         $   31,588.85         $    4,849.03         $   36,437.88
     9/1/2006         $  799,720.53         $   31,588.85         $    4,664.77         $   36,253.62
    10/1/2006         $  768,131.68         $   31,588.85         $    4,480.51         $   36,069.36
    11/1/2006         $  736,542.83         $   31,588.85         $    4,296.25         $   35,885.10
    12/1/2006         $  704,953.98         $   31,588.85         $    4,112.00         $   35,700.85
     1/1/2007         $  673,365.13         $   31,588.85         $    3,927.74         $   35,516.59
     2/1/2007         $  641,776.28         $   31,588.85         $    3,743.48         $   35,332.33
     3/1/2007         $  610,187.43         $   31,588.85         $    3,559.22         $   35,148.07
     4/1/2007         $  578,598.58         $   31,588.85         $    3,374.97         $   34,963.82
     5/1/2007         $  547,009.73         $   31,588.85         $    3,190.71         $   34,779.56
     6/1/2007         $  515,420.88         $   31,588.85         $    3,006.45         $   34,595.30
     7/1/2007         $  483,832.03         $   31,588.85         $    2,822.19         $   34,411.04
     8/1/2007         $  452,243.18         $   31,588.85         $    2,637.93         $   34,226.78
     9/1/2007         $  420,654.33         $   31,588.85         $    2,453.68         $   34,042.53
    10/1/2007         $  389,065.48         $   31,588.85         $    2,269.42         $   33,858.27
    11/1/2007         $  357,476.63         $   31,588.85         $    2,085.16         $   33,674.01
    12/1/2007         $  325,887.78         $   31,588.85         $    1,900.90         $   33,489.75
     1/1/2008         $  294,298.93         $   31,588.85         $    1,716.65         $   33,305.50
     2/1/2008         $  262,710.08         $   31,588.85         $    1,532.39         $   33,121.24
     3/1/2008         $  231,121.23         $   31,588.85         $    1,348.13         $   32,936.98
     4/1/2008         $  199,532.38         $   31,588.85         $    1,163.87         $   32,752.72
</TABLE>

                                       22
<PAGE>

<TABLE>
<CAPTION>
<S>                   <C>                   <C>                   <C>                   <C>
     5/1/2008         $  167,943.53         $   31,588.85         $      979.61         $   32,568.46
     6/1/2008         $  136,354.68         $   31,588.85         $      795.36         $   32,384.21
     7/1/2008         $  104,765.83         $   31,588.85         $      611.10         $   32,199.95
     8/1/2008         $   73,176.98         $   31,588.85         $      426.84         $   32,015.69
     9/1/2008         $   41,588.13         $   31,588.85         $      242.58         $   31,831.43
    10/1/2008         $    9,999.28         $    9,999.28         $       58.33         $   10,057.61

       TOTAL:                               $1,636,264.08         $  321,382.88         $1,957,646.96

</TABLE>

                                       23
<PAGE><PAGE>

                                                                    EXHIBIT 10.2

                            MASTER LICENSE AGREEMENT

     THIS AGREEMENT, made and entered into this 31st day of March, 2003, by and
between SCORES HOLDING COMPANY, INC., a Utah corporation with its principal
place of business at 533-535 West 27th Street, New York, NY 10001 and SCORES
LICENSING CORP., a ___________corporation with its principal place of business
at 533-535 West 27th Street, New York, NY 10001 that is a wholly owned
subsidiary of SCORES HOLDING COMPANY, INC. (collectively, "Licensor") and
ENTERTAINMENT MANAGEMENT SERVICES, INC., a New York corporation with its
principal office at 533-535 West 27th Street, New York, NY 10001 or designee
("Licensee").

                              W I T N E S S E T H:

     WHEREAS, SCORES HOLDING COMPANY, INC. is the owner of the SCORES trademarks
and related intellectual property listed on Exhibit A (the "Scores Name
Trademarks"); and

     WHEREAS, SCORES LICENSING CORP. is the owner of the SCORES trademarks and
related intellectual property listed on Exhibit B (the "Diamond Dollar
Trademarks") (the Scores Name Trademarks and the Diamond Dollar Trademarks will
be referred to collectively as the "Scores Trademarks"); and

     WHEREAS, Licensee will be engaged in owning, operating, partnering with and
licensing upscale, adult-entertainment cabaret night clubs/restaurants that will
conduct business under the name "Scores" or other combined name using the name
"Scores" and the Scores Trademarks in some respect (the "Club Business") by and
through entities existing or to be formed to operate specific clubs engaged in
Club Business ("Club Subsidiary") (the "EMS Business"); and

     WHEREAS, Licensee will hereby receive the right and license to use and
sublicense the Scores Trademarks in connection with the EMS Business and the
sale of certain merchandise utilizing the Scores Trademarks as hereinafter
provided.

     NOW, THEREFORE, for and in consideration of the promises, covenants, and
agreements contained herein, and for other good and valuable consideration,
receipt of which is hereby acknowledged by both parties, the parties agree as
follows:

     1. LICENSE GRANT.
        -------------

     (a) EMS Business. Licensor hereby grants to Licensee and Licensee accepts,
     an exclusive, world-wide license to use the Scores Trademarks during the
     Term in connection with the EMS Business in similar fashion to the original
     "Scores" nightclub located at 333 E. 60th Street, New York, New York
     subject to the terms and conditions of this License Agreement.

     (b) Merchandising. Licensor hereby grants to Licensee, on the terms and
     conditions set forth herein, an exclusive license during the Term to use
     the Scores

                                       24
<PAGE>

     Trademarks in connection with the retail sale of commercial merchandise,
     including tee-shirts, sweatshirts, sweat pants, jackets, baseball hats, key
     rings, and other similar merchandise, all to be sold at and out of each
     respective location engaged in the Club Business by a Club Subsidiary,
     including the right to sell any merchandise utilizing the Scores Trademarks
     relative to a specific Club Subsidiary over the Internet on a site
     maintained by the Club Subsidiary and by mail order, catalog or at any
     other location or in any other channel maintained by the Club Subsidiary
     specific to the Club Subsidiary's Club Business.

     2. ROYALTIES:
        ---------

     (a) Amount. Licensee agrees to pay Licensor a non-refundable royalty equal
     to four and 99/100 percent (4.99%) of the Gross Revenues of each Club
     Subsidiary licensed to use the Scores Trademarks in connection with club
     Business during the term hereof. Gross Revenues shall mean 100% of a Club
     Subsidiary's receipts received from a Club Subsidiary's operation of Club
     Business, less only actual sales tax paid by the Club Subsidiary.

     (b) Non-Club Subsidiaries. Should Licensee enter into a sublicense with any
     entity that is not a Club Subsidiary, but that desires to license and use
     the Scores Trademarks, then Licensee shall pay to Licensor a royalty of 50%
     of the revenues paid to Licensee by the third party entity for use of the
     Scores Trademarks. For the purposes of the balance of this Agreement,
     Non-Club Subsidiaries will be required to comply with the same obligations
     under this Agreement applied to Club Subsidiaries and are included in the
     definition thereof, with the exception of the royalty amount and
     calculation thereof.

     (c) Royalty Reports. Licensee shall furnish Licensor with written reports
     describing in detail all sales that are required to be provided by each
     Club Subsidiary as and when received from the Club Subsidiary. Club
     Subsidiaries will be required to provide reports within seven (7) days of
     the end of each month. The reports will be adjusted (if required) on a
     quarterly basis, not later than ten (10) days following the end of each
     calendar quarter period ending in March, June, September and December of
     each year.

     (d) Payment. Payment of royalties due under this Paragraph shall be made
     within twenty (20) days of forwarding of each royalty report set forth
     above.

     3. SUBLICENSES.
        -----------

     (a) Club Business. Licensee will cause each Club Subsidiary to enter into a
     sublicense agreement to pay to Licensee, at a minimum, a non-refundable
     royalty equal to four and 99/100 percent (4.99%) of the Gross Revenues of
     the Club Subsidiary earned during the term of any such sublicense. Gross
     Revenues shall mean 100% of Club Subsidiary's receipts, less only actual
     sales tax paid by the Club Subsidiary. These revenues will be paid to
     Licensor under section 2 above.

     (b) Further Terms of Sublicense. Each Club Subsidiary will execute an
     agreement that is at least as restrictive as this Master License Agreement,
     and that shall contain identical terms and conditions with respect to use,
     ownership and limitations of the Scores Trademarks, and require Club
     Subsidiaries to provide

                                       25
<PAGE>

     payment and royalty reports as set forth in Section 2. The Sublicenses will
     be non-exclusive and will include provisions applicable to the Club
     Subsidiary of similar force and effect of sections 4-7, 9-11 and 14-20
     hereof.

     4. APPROVAL BY LICENSOR. In order to preserve the value, goodwill and
        --------------------
     reputation of the Scores Trademarks, Licensee and Licensor shall consult
     each other during the Term hereof with regard to any marketing, advertising
     or promotional activities pursuant to the EMS Business. Furthermore, prior
     to releasing or using any promotional, marketing, advertising or other
     similar materials which have not been approved by Licensor in the
     twenty-four (24) month period preceding the proposed use or in the event
     Licensee intends to utilize any such materials which have been used in the
     past 24 months but intends to do so in a media not used by Licensor in the
     24-month period preceding the proposed use, Licensee shall first obtain the
     prior written consent of Licensor for such use, which shall not be
     unreasonable withheld. In connection with obtaining such consent, Licensee
     shall send copies of all materials and media for the proposed use so that
     Licensor can thoroughly evaluate the proposed use.

     5. COMPLIANCE WITH APPLICABLE LAWS AND STANDARDS. Licensee is responsible
        ---------------------------------------------
     for the compliance with all applicable laws and safety standards regarding
     the operation of its business, the Location, other licensed locations and
     the use of the Scores Trademarks herein. Licensor's approval of submissions
     pursuant to Paragraph 4 above in no way affects, alters, diminishes or
     waives Licensee's obligations hereunder or under Licensee's obligation to
     indemnify Licensor as set forth herein below.

     6. BOOKS AND RECORDS; AUDIT. Licensee shall, for a minimum of three (3)
        ------------------------
     years from their rendition, keep full and accurate books of account,
     records, data and memoranda representing Licensee's sales. Licensee further
     gives Licensor the right, at its own cost and expense, to examine said
     books and records on reasonable notice, such examination to be conducted in
     such a manner as to not unreasonably interfere with the business of
     Licensee. Licensor may also direct it's certified public accountants to
     audit records of Licensee, and Licensee shall reasonably cooperate in any
     such audit Licensor or its representatives shall not disclose to any other
     person, firm, or corporation any information acquired as a result of any
     examination, provided, however, that nothing contained herein shall be
     construed to prevent Licensor and/or its duly authorized representatives
     from using or disclosing said information in any court, arbitration, or
     other action instituted to enforce the rights of Licensor hereunder.

     7. INTELLECTUAL PROPERTY RIGHTS.
        -----------------------------

     (a) All copyrights, trademarks and/or patents in the Scores Trademarks and
     related intellectual property belong solely to Licensor and are within the
     scope of the license granted herein. Upon termination of this Agreement all
     intellectual property rights and rights granted herein in the Scores
     Trademarks immediately revert to Licensor and Licensee agrees to return to
     Licensor all original artwork, models, samples, prototypes, renderings and
     drawings incorporating the Scores Trademarks. All use by Licensee of the
     intellectual property rights of the Scores Trademarks shall inure to the
     sole benefit of Licensor. Licensee shall execute any and all documents
     necessary to confirm said reversions of rights and hereby

                                       26
<PAGE>

     appoints Licensor its attorney-in-fact to execute any such documents in the
     event Licensee is unwilling or unable to do so. Licensee acknowledges
     Licensor's exclusive ownership of all intellectual property rights in and
     to the Scores Trademarks and will not take any action to interfere with or
     challenge said ownership, including but not limited to registering or
     attempting to register the same or similar marks or properties anywhere in
     the World, nor commence or participate in cancellation or opposition
     proceedings.

     (b) Application and Registration. Licensor shall, at its own expense and in
     its own discretion, obtain and maintain trademark protection for whatever
     name or other protectable feature of the Scores Trademarks it deems
     appropriate.

     8. WARRANTY.
        --------

     (a) Licensor hereby warrants that, to the best of its knowledge, the
     granting of the license hereunder or the subsequent commercial exploitation
     of the license does not violate the intellectual property or contract
     rights of any third party. Licensor further warrants that it has not
     intentionally violated the rights of any third party in granting Licensee
     this license.

     (b) Licensee hereby warrants that any goods sold by it bearing the Scores
     Trademarks and each component thereof shall be of good quality and free of
     defects in design, materials, workmanship and shall comply with all
     applicable laws and safety standards.

     9. OFFENSIVE LITIGATION. Licensee agrees to give Licensor prompt
        --------------------
     notification of any third party's actions which would constitute an
     infringement of the rights granted to it by this Agreement. Licensor shall
     prosecute, at its own discretion, infringement actions against any third
     party infringers and any recoveries obtained therein shall belong
     exclusively to Licensor. Licensee shall, at Licensor's expense, cooperate
     in all respects with Licensor's prosecution of said suits, including but
     not limited to being named as a party in any such suit, producing
     documents, appearing as witnesses, etc.

     10. INDEMNIFICATION.
         ---------------

     (a) Licensor agrees to indemnify and hold harmless Licensee from and
     against any and all damage, loss, and expense incurred as a result of the
     breach of any of Licensor's warranties herein. This indemnification shall
     become operative only after a final judgment, order or decree is issued
     which contains a finding that Licensor intentionally infringed upon the
     rights of a third party. Any claims made against Licensee which would
     result in Licensor becoming obligated to indemnify Licensee hereunder shall
     not permit Licensee to withhold any amounts due Licensor hereunder.

     (b) Licensee agrees to indemnify, defend, and hold harmless Licensor, its
     agents and employees from and against any and all loss and expense arising
     out of any claims of personal injury, product liability, wrongful death,
     negligence, strict liability or other similar action, in addition to the
     breach of any of its warranties hereunder or the violation of any
     applicable law or safety standard based on the use of the Scores Trademarks
     by or on behalf of Licensee and/or its subsidiary, affiliated,

                                       27
<PAGE>

     controlled company.

     11. TERMINATION.
         -----------

     (a) In case either party fails to perform under or commits or allows to be
     committed a breach of any of the several covenants and conditions herein
     contained, the other party shall notify such party in writing of such
     failure or default and such party shall then have the right to remedy such
     failure or default within thirty (30) days. If the default has not been
     cured within said thirty (30) days of notice to the defaulting party, then
     the aggrieved party may terminate this Agreement immediately by a further
     notice in writing. If Licensor shall send notice of default to Licensee
     based on a failure to pay royalties with respect to any Club Subsidiary,
     Licensee shall use it's best efforts to collect sums due by a Club
     Subsidiary within the relevant thirty (30) day period. Upon notice to
     Licensor that royalties are due by a Club Subsidiary, the cure period shall
     be extended to ninety (90) days to allow Licensee to resolve the issue with
     the Club Subsidiary. Should Licensee be unable to resolve the issue or
     collect the royalties from the Club Subsidiary, then the parties shall
     reasonably agree to a payment schedule to pay the royalties due within a
     reasonable time.

     (b) Any termination under this paragraph will be without prejudice to the
     rights and remedies of either party with respect to any provisions or
     covenants arising out of breaches committed prior to such termination.

     (c) Licensee may terminate this Master License Agreement on sixty (60) days
     written notice to Licensor.

     (d) If a petition in bankruptcy is filed by or against Licensee, or
     Licensee becomes insolvent, or makes an assignment for the benefit of
     creditors, or any other arrangement pursuant to any bankruptcy law, or if
     Licensee discontinues its business or if a receiver is appointed for it or
     its business, to the fullest extent permitted by law at the time of the
     occurrence, the license hereby granted shall automatically terminate
     without any notice whatsoever being necessary. In the event this License is
     so terminated, Licensee, its receivers, representatives, trustees, agents,
     administrators, successors, and/or assigns shall have no right to sell,
     use, exploit or in any way deal with or in the Scores Trademarks or
     anything relating to it whatsoever except with and under the special
     consent and instructions of Licensor in writing, which they shall be
     obliged to follow. The parties acknowledge that the effective and proper
     performance of the provisions of this Agreement is dependent upon several
     particular individuals employed by Licensee, including but not limited to
     Richard Goldring, Elliot Osher and William Osher.

     12. TERM. Subject to Paragraph 11, the Term of this Agreement shall
         ----
     commence on the date first written above and continue for a period of
     twenty (20) years. Licensee shall have six (6) consecutive five-year
     options to renew this Agreement provided it is not in breach of this
     Agreement. Each option will be exercised automatically, unless notice of
     termination for default is given by Licensor at least ninety (90) days
     prior to the end of the Term (as the same may be renewed or extended) of
     the Agreement and in such case Licensee will have the ninety (90) day
     period to cure any noticed default.

                                       28
<PAGE>

     13. REPRESENTATION. It is expressly agreed and understood that neither
         --------------
     party hereto is the agent or legal representative of the other and neither
     party has the authority, express or implied to bind the other or pledge its
     credit. This Agreement does not create a partnership or joint venture
     between the two parties.

     14. FORCE MAJEURE. It is understood and agreed that in the event of an act
         -------------
     of the government, war, fire, flood or other natural disaster, or labor or
     manufacturing strikes which prevent the performance of this Agreement, such
     nonperformance will not be considered a breach of this Agreement, and such
     nonperformance shall be excused while, but not longer than, the conditions
     described herein prevail. The period of Force Majeure shall not exceed
     twelve (12) months.

     15. NOTICES. All notices, whenever required in this Agreement, will be in
         -------
     writing and sent by certified mail, return receipt requested to the
     addresses set forth above. Notices will be deemed to have been given two
     business days following mailing. A copy of all notices to Licensor shall be
     sent via regular mail to: Adam S. Gottbetter, Esq., Kaplan Gottbetter &
     Levenson, LLP, 630 Third Avenue, New York, NY 10017.

     16. CONTROLLING LAW. This Agreement shall be construed in accordance with
         ---------------
     the laws of the State of New York, United States of America and
     jurisdiction over the parties and subject matter over any controversy
     arising hereunder shall be in the Courts of the State of New York, County
     of York or the Federal courts therein. Both parties hereby irrevocably
     consent to said jurisdiction and venue.

     17. ASSIGNMENT. This Agreement shall be binding upon and inure to the
         ----------
     benefit of the parties hereto and their respective successors and permitted
     assigns, but neither this Agreement, nor any of the rights, interests or
     obligations hereunder shall be assigned by Licensee without the prior
     written consent of Licensor, and any attempts to do so without the consent
     of Licensor shall be void and of no effect. As an express exception to the
     preceding sentence, Licensee shall have the right to assign this License to
     any parent, subsidiary or affiliated company on written notice to Licensor.

     18. ENTIRE AGREEMENT. This writing constitutes the entire agreement and
         ----------------
     understanding between the parties. No other oral or written agreements or
     representations exist or are being relied upon by either party, all being
     merged herein. Any modifications or additions hereto must be made in
     writing and signed by both parties.

     19. MISCELLANEOUS.
         -------------

     (a) The paragraph headings used herein are for reference purposes only and
     do not effect the meaning or interpretation of this Agreement. If any
     provisions of this Agreement are for any reason declared to be invalid or
     illegal, the remaining provisions shall not be affected thereby.

     (b) The failure of either party to enforce any or all of its rights
     hereunder as they accrue shall not be deemed a waiver of those rights, all
     of which are expressly reserved.

                                       29
<PAGE>

     (c) This Agreement may be executed in more than one counterpart, all of
     which shall be deemed to be originals.

     20. SECURITY INTEREST.
         -----------------

     (a) In order to induce Licensor to enter into this Agreement and to secure
     the complete and timely performance of Licensee's obligations hereunder,
     Licensee hereby grants to Licensor a security interest in the license
     granted under this Agreement as well as Licensee's receivables in
     connection therewith. In the event Licensee defaults under this license and
     Agreement, Licensor may enforce against Licensee all the rights and
     remedies of a secured creditor upon default under all applicable laws. In
     the event Licensee files for bankruptcy under the U.S. Bankruptcy laws,
     Licensor may enforce all rights and remedies of a secured creditor under
     the U.S. Bankruptcy Code.

     (b) Licensee agrees to execute any and all documents necessary to perfect
     Licensor's security interest in this license including, but not limited to,
     Financing Statement Form UCC-1 and any other security agreements and
     financing statements evidencing said security interests in such form as may
     be recorded and perfected according to the laws of the State of New York
     and the U.S. Patent and Trademark Office.

                         (Signatures on following page.)

                                       30
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement of
Seven (7) pages as of the date first written above.

SCORES HOLDING COMPANY, INC.                         ENTERTAINMENT
                                                     MANAGEMENT SERVICES, INC.

By:_________________________                         By:________________________

Title:______________________                         Title:_____________________

                                       31
<PAGE>

                                   SCHEDULE A
                                   ----------

1.   U.S. Trademark Registration No. 1855829 for SCORES SHOWROOM with design
     (INT 25, 41, 42);

2.   U.S. Trademark Registration No. 1830405 for SCORES NEW YORK with design
     (INT 25, 41, 42);

3.   U.S. Trademark Registration No. 1830135 for SCORES (INT. 6, 41, 42)

[ADD ADDITIONAL TRADEMARKS WITH RESPECT TO DIAMOND DOLLARS]

                                       32
<PAGE>

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