Document:

EX-10.1

 

    Exhibit 10.1

 

    EXECUTION
    COPY

 

 

    LICENSE
    AGREEMENT

    Between

    ELVIS PRESLEY ENTERPRISES, INC.

    and

    FX LUXURY REALTY LLC

    Dated as of June 1, 2007

 

 

    This License Agreement is made and effective as of June 1,
    2007 (the “Effective Date”) by and between
    ELVIS PRESLEY ENTERPRISES, INC., a Tennessee corporation, having
    its principal office at 3734 Elvis Presley Boulevard, Memphis,
    Tennessee 38116 (“Licensor”), and FX LUXURY
    REALTY LLC, a Delaware limited liability company, having its
    principal office at 650 Madison Avenue, New York, New York,
    10022 (“Licensee”) (each, a
    “party” and collectively, the
    “parties”), with reference to the following
    recitals:

 

    RECITALS

 

    WHEREAS, Licensor and its Affiliates (as defined below) own or
    have the right to grant licenses to (i) certain rights in
    and to the name, image and likeness of Elvis Presley,
    (ii) certain trademarks related to Elvis Presley, and
    (iii) other intellectual property related to Elvis Presley;

 

    WHEREAS, Licensor or one of its Affiliates is the owner of or
    otherwise has the rights to exhibit and loan, on a temporary
    basis, certain artifacts related to Elvis Presley; and

 

    WHEREAS, in accordance with the terms and conditions of this
    Agreement, Licensee desires to license from Licensor, and
    Licensor desires to license to Licensee, rights to use the
    foregoing in connection with the design, construction,
    operation, and promotion of real estate properties and for other
    purposes set forth herein.

 

    NOW, THEREFORE, for the consideration set forth herein and for
    other good and valuable consideration, the receipt and
    sufficiency of which are hereby acknowledged, the parties agree
    as follows:

 

    Article 1

    

 

    DEFINITIONS

 

    Section  1.01
    For all purposes hereof:

 

    An “Affiliate” of a party is a Person
    which Controls, is Controlled by, or is under common Control
    with, such party, but only for so long as such Control continues.

 

    “Agreement” means this License
    Agreement, including all Exhibits hereto, as may be amended from
    time to time.

 

    “Artifact” means memorabilia associated
    with the life, career and celebrity of Elvis Presley
    (i) that are owned by Licensor or its Affiliates, or
    (ii) that Licensor or its Affiliates have the right to
    exhibit and loan on a temporary basis, in each case, including
    clothing, furniture, jewelry, automobiles, documents, writings,
    journals, books, photographs, and other personal effects.

 

    “Audiovisual Works” means the works set
    forth on Exhibit B.

 

    “CityCentre Agreement” means the draft
    Production and Performance Services Agreement concerning the
    production and presentation of an Elvis Presley-themed Cirque du
    Soleil show at the MGM/CityCentre in Las Vegas, Nevada.

 

    “Control” (including
    “Controlled”) means (i) in respect
    of a corporation or company, (A) the ownership, directly or
    indirectly through other Controlled entities, of shares, units
    or other interests of such corporation or company carrying more
    than fifty percent (50%) of the voting rights ordinarily
    exercisable at meetings of shareholders or members of such
    corporation or company, or (B) the right to direct and
    manage the affairs of any such corporation or company and
    (ii) in respect of a partnership, joint venture or other
    entity, (A) the ownership, directly or indirectly through
    other Controlled entities, of more than fifty percent (50%) of
    the ownership interests of such partnership, joint venture or
    other entity, or (B) the right to direct and manage the
    affairs of any such entity.

 

    “Creation” means all concepts, artwork,
    designs, images, names, advertisements, tags, labels, hang tags,
    photographs, likenesses, symbols, logos, copyrights, trade
    dress, trademarks or the like, and other things incorporating,
    in whole or in part, any Licensor Owned IP.

    

    1

 

    “Elvis Experience(s)” means permanent,
    non-touring interactive entertainment, educational and retail
    experiences incorporating music, Artifacts, and audiovisual
    works focusing on the life and times of Elvis Presley.

 

    “Elvis Identification Elements” means
    the name, image, likeness, distinctive appearance, gestures and
    mannerisms, voice, signature, handwriting, sobriquet, persona,
    biography, and life story of Elvis Presley.

 

    “Elvis Presley-themed” means that the
    overall look and feel and the primary theme of the applicable
    Hotel, Resort, Retail Store, Casino, Lounge, Spa, Theme Park,
    Food and Beverage Outlet, Residential Development, or Commercial
    Development, (i) is based around Elvis Identification
    Elements or the Marks, or (ii) conveys an immersion in
    experiencing the life and times of Elvis Presley.

 

    “Elvis Property” or “Elvis
    Properties” means Elvis Presley-themed Hotel(s),
    Elvis Presley-themed Resort(s), Elvis Presley-themed Residential
    Development(s), Elvis Presley-themed Commercial Development(s),
    Elvis Presley-themed Casino(s), Elvis Presley-themed Lounge(s),
    Elvis Presley-themed Theme Park(s), and Elvis Presley-themed
    Food and Beverage Outlet(s).

 

    “Elvis Related IP” means any
    Licensor-Owned IP, Presley Music, Third Party Elvis-related
    Materials and any other intellectual property or elements
    associated or identified with Elvis Presley.

 

    “EPE Heartbreak Hotel” means “Elvis
    Presley’s Heartbreak Hotel” currently located at 3677
    Elvis Presley Blvd. , Memphis, TN 38116 and operated by Licensor
    or one of Licensor’s Affiliates.

 

    “Generic Merchandise” means articles of
    merchandise that are Generic (e.g., bottled water, Tylenol,
    newspapers).

 

    “Generic” means not incorporating any
    Elvis Related IP.

 

    “Gross Revenues” means the gross amount
    of revenues earned or received by or on behalf of Licensee or
    any Licensee Related Party, in connection with the applicable
    activity or source subject of this Agreement, without any
    deduction of costs or expenses incurred by Licensee (including
    any deduction of construction, development, design,
    manufacturing or operating costs, costs in connection with
    advertising
    and/or
    promotion of any of the Elvis Properties, commissions, taxes,
    fees, assessments, or bad debts) and without any reserves
    (including any reserves for returns, refunds or bad debts);
    provided, however, that the term “Gross
    Revenues” shall (i) exclude sales taxes and returns of
    defective Elvis Property-themed Merchandise, such actual returns
    limited to three percent (3%) of the total of the regular list
    price for all Elvis Property-themed Merchandise sold during each
    calendar year and (ii) be subject to the provisions of this
    Agreement.

 

    “including” and
    “includes” mean “including (or
    includes), without limitation”.

 

    “Joachim Jean Aberbach Interests” means
    the Susan T. Aberbach Revocable Trust, the Anne Rachel Aberbach
    Family Trust and Jason S. Aberbach.

 

    “Julian J. Aberbach Interests” means the
    Anne Marie Aberbach Revocable Trust and the Belinda Aberbach
    Stevenson Agar Revocable Trust.

 

    “Licensee Owned IP” means the names,
    trademarks
    and/or logos
    of Licensee and Licensee Related Parties.

 

    “Licensee Related Party” means any
    Affiliate of Licensee, any Project Company or any sublicensee of
    Licensee’s rights in and to the Licensor Owned IP hereunder.

 

    “Licensor Owned IP” means any
    intellectual property or other proprietary rights related to
    Elvis Presley, owned or controlled by, or licensed to (with the
    right to grant sublicenses consistent with the terms of this
    Agreement) Licensor and its Affiliates, including, Elvis
    Identification Elements, the Marks, the Domain Names, the
    Photos, and the Audiovisual Works, but excluding Presley Music.

 

    “Marks” means, collectively, the
    trademarks
    and/or
    service marks identified in Exhibit A hereto.

 

    “Masterplan” means the master
    redevelopment plan for Graceland, and the surrounding areas in
    Memphis, Tennessee, to be undertaken by Licensor.

    

    2

 

    “Person” means any individual,
    corporation, partnership, limited partnership, limited liability
    company, joint venture, trust, or any other form of entity,
    unincorporated or governmental organization or any agency or
    political subdivision thereof.

 

    “Photos” means certain individual
    photographs depicting or otherwise relating to Elvis Presley
    that Licensor or its Affiliates have the right to license to
    Licensee under this Agreement that are identified by Licensor
    from time — to - time.

 

    “Project Company” means a Person
    designated by Licensee to build
    and/or
    operate a particular Elvis Property.

 

    “Seconds” means merchantable Elvis
    Property-themed Merchandise not suitable for sale at list price
    because they contain minor production or material flaws not
    affecting proper usage of the Licensor Owned IP.

 

    “Site License” means an agreement
    between Licensor and a Project Company in the form attached as
    Exhibit J, granting such Project Company the right
    to build and operate a particular Elvis Property.

 

    “Website” means a website owned by
    Licensee or one of its Affiliates and associated with one or
    more Elvis Properties.

 

    Section 1.02  Other
    Defined Terms.

 

	 	 	 
	
 
	
 
	
 

	

    “Authorized Elvis
    Presley-themed Entertainment Attractions”
    

	
 
	
    Section 2.01(d)
    

	

    “Base Casino Royalty”
    

	
 
	
    Section 7.04
    

	

    “Buy-Out”
    

	
 
	
    Section 7.18
    

	

    “Casino(s)”
    

	
 
	
    Section 2.01(a)
    

	

    “Claims”
    

	
 
	
    Section 20.02
    

	

    “Co-Branded Campaign”
    

	
 
	
    Section 3.09(c)
    

	

    “Confidential
    Information”
    

	
 
	
    Section 25.01
    

	

    “Consents”
    

	
 
	
    Section 5.01
    

	

    “Declined Elvis
    Experience”
    

	
 
	
    Section 15.03
    

	

    “Domain Names”
    

	
 
	
    Section 3.08
    

	

    “Effective Date”
    

	
 
	
    Preamble
    

	

    “Elvis Hotel, Lounge and
    Casino Infringements”
    

	
 
	
    Section 19.03
    

	

    “Elvis Presley-themed
    Casino(s)”
    

	
 
	
    Section 2.01(a)
    

	

    “Elvis Presley-themed Food
    and Beverage Outlet(s)”
    

	
 
	
    Section 2.01(b)
    

	

    “Elvis Presley-themed
    Hotel(s)”
    

	
 
	
    Section 2.01
    

	

    “Elvis Presley-themed
    Lounge(s)”
    

	
 
	
    Section 2.01(d)
    

	

    “Elvis Presley-themed
    Residential Development(s)”
    

	
 
	
    Section 2.01
    

	

    “Elvis Presley-themed
    Resort(s)”
    

	
 
	
    Section 2.01
    

	

    “Elvis Presley-themed Retail
    Store(s)”
    

	
 
	
    Section 2.01(e)
    

	

    “Elvis Presley-themed
    Spa(s)”
    

	
 
	
    Section 2.01(c)
    

	

    “Elvis Presley-themed Theme
    Park(s)”
    

	
 
	
    Section 2.03
    

	

    “Elvis Property
    Materials”
    

	
 
	
    Section 10.01
    

	

    “Elvis Property-themed
    Merchandise”
    

	
 
	
    Section 2.06
    

	

    “Entertainment
    Attraction(s)”
    

	
 
	
    Section 2.01(f)
    

	

    “Excluded Gambling Items”
    

	
 
	
    Section 2.02
    

	

    “First Memphis Hotel”
    

	
 
	
    Section 6.01
    

	

    “Food and Beverage
    Outlet(s)”
    

	
 
	
    Section 2.01(b)
    

	

    “General Infringement”
    

	
 
	
    Section 19.02
    

	

    “Guaranteed Minimum
    Royalties”
    

	
 
	
    Section 7.08
    

    

    3

 

	 	 	 
	

    “Joint Name and Logo”
    

	
 
	
    Section 3.07
    

	

    “Licensed Elvis
    Merchandise”
    

	
 
	
    Section 12.11
    

	

    “Licensee Created Marks”
    

	
 
	
    Section 3.03
    

	

    “Licensee Indemnified
    Parties”
    

	
 
	
    Section 21.02
    

	

    “Licensee”
    

	
 
	
    Preamble
    

	

    “Licensor Indemnified
    Parties”
    

	
 
	
    Section 20.02
    

	

    “Licensor”
    

	
 
	
    Preamble
    

	

    “Lounge(s)”
    

	
 
	
    Section 2.01(d)
    

	

    “Manufacturer’s
    Agreement”
    

	
 
	
    Section 12.09
    

	

    “MAE Agreement”
    

	
 
	
    Section 23.03
    

	

    “Material Terms”
    

	
 
	
    Section 2.01(a)
    

	

    “Presley Music”
    

	
 
	
    Section 5.01
    

	

    “Publicity Materials”
    

	
 
	
    Section 13.01
    

	

    “Registered
    Class/Territories”
    

	
 
	
    Section 3.01
    

	

    “Representatives”
    

	
 
	
    Section 25.01
    

	

    “Restricted Party”
    

	
 
	
    Section 25.01
    

	

    “Retail Store(s)”
    

	
 
	
    Section 2.01(e)
    

	

    “ROFR Period”
    

	
 
	
    Section 15.02
    

	

    “Royalty Reports”
    

	
 
	
    Section 7.10
    

	

    “Rules”
    

	
 
	
    Section 2.01(a)
    

	

    “Spa(s)”
    

	
 
	
    Section 2.01(c)
    

	

    “Subsequent Memphis
    Hotels”
    

	
 
	
    Section 6.03
    

	

    “Tax” or
    “Taxes”
    

	
 
	
    Section 7.15
    

	

    “Term”
    

	
 
	
    Section 23.01
    

	

    “Third Party Elvis-Related
    Materials”
    

	
 
	
    Section 5.02
    

	

    “Third Party IP
    Clearances”
    

	
 
	
    Section 5.03
    

	

    “Unbranding Period”
    

	
 
	
    Section 24.01
    

 

    Article 2
    

    

 

    GRANT OF
    RIGHTS

 

    Section 2.01  Hotel
    License.  Subject to the terms and conditions
    of this Agreement, Licensor grants to Licensee an exclusive,
    worldwide license to use the Licensor- Owned IP in connection
    with the design, construction, operation, advertising and
    promotion of Elvis Presley-themed hotels (“Elvis
    Presley-themed Hotel(s)”), Elvis Presley-themed golf
    courses (non- miniature), resorts and resort communities
    (“Elvis Presley-themed Resort(s)”), Elvis
    Presley-themed residential developments (“Elvis
    Presley-themed Residential Development(s)”), and
    Elvis-Presley-themed commercial (non-residential) developments
    that are related to or associated with any of the foregoing
    (“Elvis Presley-themed Commercial
    Development(s)”), which may include any of the
    following:

 

    a) casinos, or other facilities that accommodate gambling
    activities (“Casino(s)”), some or all of which
    may, at Licensee’s election, be Elvis Presley-themed or
    otherwise incorporate the Licensor Owned IP into the name,
    design, and overall appearance of the Casinos or elements
    thereof (“Elvis Presley-themed Casino(s)”);

 

    b) restaurants, food carts, food kiosks, snack bars,
    beverage bars and liquor bars that primarily serve food
    (“Food and Beverage Outlet(s)”), some or all of
    which may, at Licensee’s election, be Elvis Presley-themed
    or otherwise incorporate the Licensor Owned IP into the name,
    design, overall appearance,
    and/or menu
    items of the Food and Beverage Outlets or elements thereof
    (“Elvis Presley-themed Food and Beverage
    Outlet(s)”);

    4

 

    c) spas, gyms, and health clubs
    (“Spa(s)”), some or all of which may, at
    Licensee’s election, be Elvis-Presley-themed or otherwise
    incorporate the Licensor Owned IP into the name, design, and
    overall appearance of the Spas or elements thereof
    (“Elvis Presley-themed Spa(s)”);

 

    d) lounges and clubs that do not primarily serve food
    (“Lounge(s)”), some or all of which may, at
    Licensee’s election, be Elvis Presley-themed or otherwise
    incorporate the Licensor Owned IP into the name, design, and
    overall appearance, of the Lounges or elements thereof
    (“Elvis Presley-themed Lounge(s)”);

 

    e) retail and merchandise outlets (“Retail
    Store(s)”), some or all of which may, at
    Licensee’s election, be Elvis Presley-themed or otherwise
    incorporate the Licensor Owned IP into the name, design, and
    overall appearance of the Retail Stores or elements thereof
    (“Elvis Presley-themed Retail Store(s)”);

 

    f) entertainment attractions including shows, stage
    productions, concerts, comedy specials, and sporting events
    (“Entertainment Attraction(s)”), some of which
    may incorporate the music of Elvis Presley, the Licensor Owned
    IP and/or be
    Elvis Presley-themed, provided that they are authorized
    and/or
    licensed by Licensor (e.g., the Ultimate Elvis Tribute Artist
    Contest, All Shook Up) and approved by Licensor prior to
    exploitation at the applicable Elvis Property in accordance with
    .Section 11.07 (“Authorized Elvis Presley-themed
    Entertainment Attractions”); and

 

    g) subject to Article 15, Elvis Experiences authorized
    and/or
    licensed by Licensor.

 

    Section 2.02  Casino
    License.  Subject to the terms and conditions
    of this Agreement, Licensor grants to Licensee an exclusive,
    worldwide license to use the Licensor- Owned IP in connection
    with the design, construction, operation and promotion of Elvis
    Presley-themed Casino(s), which Elvis Presley-themed Casinos may
    include Food and Beverage Outlets, Elvis Presley-themed Food and
    Beverage Outlets, Lounges, Elvis Presley-themed Lounges, Retail
    Stores, Elvis Presley-themed Retail Stores, Entertainment
    Attractions, Authorized Elvis Presley-themed Entertainment
    Attractions and, subject to Article 15, Elvis Experiences.
    Notwithstanding the foregoing, the parties acknowledge and agree
    that Licensee’s right to use the Licensor Owned IP in
    connection with Elvis Presley-themed slot machines and pachinko
    machines (“Excluded Gambling Items”) is subject
    to rights in the Licensor-Owned IP for Excluded Gambling Items
    that Licensor has granted exclusively to a third party. Licensor
    agrees to use reasonable best efforts to obtain from such third
    party for the benefit of Licensee the Excluded Gambling Items at
    prices that are no less favorable to Licensee than the prices
    charged by such third party for the Excluded Gambling Items to
    its best customers. Licensor acknowledges and agrees that it
    shall not use or license a third party to use the Licensor-Owned
    IP in connection with online casino services.

 

    Section 2.03  Theme
    Park License.  Other than with respect to
    Graceland in Memphis, Tennessee, which rights shall be reserved
    by Licensor, subject to the terms and conditions of this
    Agreement, Licensor grants to Licensee an exclusive, worldwide
    license to use the Licensor Owned IP in connection with the
    design, construction, operation and promotion of Elvis
    Presley-themed theme parks (“Elvis Presley-themed Theme
    Park(s)”), which Elvis Presley-themed Theme Parks may
    include Casinos, Elvis Presley-themed Casinos, Food and Beverage
    Outlets, Elvis Presley-themed Food and Beverage Outlets,
    Lounges, Elvis Presley-themed Lounges, Retail Stores, Elvis
    Presley-themed Retail Stores, Entertainment Attractions,
    Authorized Elvis Presley-themed Entertainment Attractions and,
    subject to Article 15, Elvis Experiences. Nothing in this
    Section 2.03 shall prevent Licensor from using the Licensor
    Owned IP in connection with the design, construction, operation
    and promotion of an Elvis Presley-themed ride, provided
    that any such ride or group of rides does not, in the reasonable
    discretion of the parties, comprise a park or section of a park
    that is Elvis Presley-themed.

 

    Section 2.04  Lounge
    License.  Other than with respect to the MGM
    CityCentre in Las Vegas, Nevada, which rights shall be reserved
    to Licensor, its partners and licensees during the term of the
    CityCentre Agreement, subject to the terms and conditions of
    this Agreement, Licensor grants to Licensee an exclusive,
    worldwide license to use the Licensor Owned IP in connection
    with the design, construction, operation and promotion of Elvis
    Presley-themed Lounges, which Elvis Presley-themed Lounges may
    include Food and Beverage Outlets, Elvis Presley-themed Food and
    Beverage Outlets, Entertainment Attractions, and Authorized
    Elvis Presley-themed Entertainment Attractions.

 

    Section 2.05  Food
    Outlet License.  Subject to the terms and
    conditions of this Agreement, Licensor grants to Licensee a
    nonexclusive, worldwide license to use the Licensor Owned IP in
    connection with the design,

    

    5

 

    construction, operation and promotion of Elvis Presley-themed
    Food and Beverage Outlets, provided that (X) Licensee
    shall not be permitted to establish any Elvis Presley-themed
    Food and Beverage Outlets outside an Elvis Property in the
    Memphis, Tennessee area, and (Y) all Elvis Presley-themed
    Food and Beverage Outlets outside of any Elvis Property shall be
    at least fifteen (15) miles from any Elvis Presley-themed
    Food and Beverage Outlet operated or licensed by Licensor;
    provided, further, that Licensee shall have the
    right to operate an Elvis Presley-themed Food and Beverage
    Outlet within such fifteen (15) mile range (including in
    the same city
    and/or
    metropolitan area, but not Memphis, Tennessee, where applicable)
    where the applicable demographics will, in the reasonable
    business judgment of Licensor and Licensee, support additional
    Elvis Presley-themed Food and Beverage Outlets and where the
    operation of such Elvis Presley-themed Food and Beverage Outlet
    is unlikely to (i) cause customer confusion, result in
    brand conflict, or result in a weakening of the Licensor Owned
    IP, or (ii) materially and adversely impact the business of
    the existing Elvis Presley-themed Food and Beverage Outlet. For
    purposes of clarification, Licensee may build and operate an
    Elvis Presley-themed Food and Beverage Outlet, but except as
    permitted under this Agreement at an Elvis Property, Licensee
    may not use the Licensor Owned IP outside any Elvis Property in
    a non-Elvis Presley-themed restaurant (e.g., a 1950’s
    themed restaurant) or license to any third party the right to
    use Licensor Owned IP to design, construct, operate and promote
    a restaurant outside any Elvis Property co-branded with third
    party intellectual property (e.g., a Wolfgang Puck Elvis Presley
    restaurant, a “Jungle Room” as part of any Hard Rock
    Café).

 

    Section 2.06  Merchandise
    License.  Subject to the terms and conditions
    of this Agreement, Licensor grants to Licensee a nonexclusive,
    worldwide license to use the Licensor Owned IP in connection
    with the design, manufacture, sale, and promotion, solely at any
    Elvis Property, for consumer sales only (i.e., not wholesale
    sales), of retail merchandise based on the particular Elvis
    Property, and all packaging and promotional materials in respect
    thereof (“Elvis Property-themed Merchandise”),
    which Elvis Property-themed Merchandise may only be sold at the
    applicable Elvis Property and on the Website related to the
    applicable Elvis Property (or by Licensor pursuant to
    Section 12.12). All Elvis Property-themed Merchandise shall
    be readily identifiable as relating to a particular Elvis
    Property (e.g., a Heartbreak Hotel beach towel and not an Elvis
    Presley/Blue Hawaii beach towel).

 

    Section 2.07  Merchandise
    Selection.  Throughout the Term of this
    Agreement, Licensor and Licensee shall work together in good
    faith in deciding the types of articles of Elvis Property-themed
    Merchandise that Licensee may manufacture, sell, and market at
    each Elvis Property hereunder, provided that Licensor
    shall have final approval over all types and categories of Elvis
    Property-themed Merchandise that may be sold by Licensee.
    Notwithstanding the foregoing, Licensee shall have, at a
    minimum, the right to manufacture, sell, and market the types of
    articles set forth on Exhibit C hereto and any
    additional types of articles agreed to by the parties during the
    Term of this Agreement. Licensor agrees to act in good faith in
    determining the additional types of articles that may be
    manufactured, sold, and marketed by Licensee during the Term of
    this Agreement. Licensee acknowledges that Licensor is a party
    to certain exclusive license agreements that may restrict
    Licensor’s ability to permit Licensee to manufacture
    certain types of articles of Elvis Property-themed Merchandise
    not included on Exhibit C, or sell such items at
    certain price points. During the Term hereof, Licensor shall not
    enter into any agreement that would further restrict the rights
    of Licensee to manufacture and sell Elvis Property-themed
    Merchandise that has been previously approved for sale by
    Licensee. For the avoidance of doubt, other than rights granted
    to a third party manufacturer pursuant to Section 12.09,
    Licensee may not sublicense any merchandise rights to any third
    party.

 

    Article 3
    

    

 

    TRADEMARKS;
    RESERVATION OF RIGHTS

 

    Section 3.01  Geographic
    Limitations.  The parties acknowledge that
    (i) Licensor and its Affiliates own numerous trademark
    applications and registrations covering the Licensor Owned IP in
    various geographic regions, and (ii) the scope of
    Licensor’s intellectual property protection may vary by
    geographic region and product class. Licensor has provided to
    Licensee a list of those countries and product classes in which
    the Marks are presently registered or where applications for
    registration are pending, which list may be amended from time to
    time (the “Registered Class/Territories”).
    Licensor shall, upon the request of Licensee no more frequently
    than semi-annually, provide Licensee with a then-current list of
    trademark applications and registrations covering the Licensor
    Owned IP. Nothing in this Section 3.01 shall limit the
    licenses granted to Licensee under Article 2.

    

    6

 

    Section 3.02  Expansion
    of Trademark Protection.  In the event
    Licensee wishes to (A) use the Marks in connection with
    (i) the design, construction, operation and promotion of
    Elvis Properties or (ii) the design, manufacture, sale, and
    promotion of Elvis Property-themed Merchandise, in each case,
    outside the Registered Class/Territories, or (B) use the
    Marks in connection with products or services for which Licensor
    has not registered the applicable Marks, Licensee may request
    that Licensor register the Marks in such territory or for such
    products or services. Except as provided below, Licensor, at its
    sole costs and expense, agrees to file an application for
    registration of the applicable Mark in the requested territory
    or product class within fifteen (15) days of receipt of
    Licensee’s request. Licensor shall thereafter respond to
    any trademark examiner’s inquiries or requests for
    additional information in a timely manner and take all other
    actions that are reasonably necessary to pursue such
    applications and to maintain Licensor’s existing
    registrations for the Marks. Notwithstanding the foregoing,
    Licensor shall have the right to refuse the filing of a new
    application in accordance with this paragraph for good cause.

 

    Section 3.03  Ownership
    of Licensee Created Marks.  Any Elvis-related
    trademark that is not Licensor Owned IP, or similar thereto or
    derivative thereof, that is adopted by Licensee for use in
    connection with Elvis Properties in accordance with this
    Agreement during the Term of this Agreement shall be owned by
    Licensee for use solely in connection with hotel and casino
    services (but not gaming or gambling equipment or products) (the
    “Licensee Created Marks”). The Licensee Created
    Marks shall not incorporate or be derived from or similar to any
    of the Licensor Owned IP. Licensee may, at its sole costs and
    expense, file an application for registration of the applicable
    Licensee Created Mark in the territory or territories where
    Licensee uses or has a bona fide intent to use such Licensee
    Created Mark solely for hotel
    and/or
    casino services. Licensee shall notify Licensor of any Licensee
    Created Marks for which Licensee intends to seek registration
    (together with the territory and product class of such
    registration), and provide to Licensor any information that
    Licensor may reasonably request about such registrations.
    Licensee agrees that Licensor shall not be restricted by
    Licensee from filing for trademark registration for any of the
    Licensee Created Marks outside the categories of hotel
    and/or
    casino services.

 

    Section 3.04  Refusal
    to Register.  In the event that Licensor is
    unable to register a Mark in a requested territory because of
    the prior existence of a pending application or registration of
    that Mark in the requested territory (or any mark similar
    thereto or derivative thereof) which is not owned by Licensor,
    then Licensor shall immediately notify Licensee in writing and
    such inability to register the Mark shall not be deemed a breach
    of this Agreement by Licensor, provided that Licensor has
    used reasonable best efforts to so register the Marks.

 

    Section 3.05  Certain
    Trademark Limitations.  Notwithstanding any of
    the foregoing, Licensee shall have no right to use the mark LOVE
    ME TENDER as the name of any Elvis Presley-themed Retail Store,
    EP’S DELTA KITCHEN AND BAR as the name of any Elvis
    Presley-themed Food and Beverage Outlet, or GRACELOUNGE as the
    name of any Elvis Presley-themed Lounge.

 

    Section 3.06  Trademark
    Strategy.  Upon the request of either party,
    Licensor and Licensee shall convene a meeting to develop and
    discuss in good faith a trademark strategy that is beneficial to
    the businesses of both parties.

 

    Section 3.07  Joint
    Name and Logo.  Licensor acknowledges that
    Licensee shall have the right to incorporate the Licensee Owned
    IP on each article of Elvis Property-themed Merchandise and
    otherwise to use the Licensee Owned IP in connection with the
    Elvis Properties, and also to create a joint Licensor/Licensee
    name and/or
    logo (the “Joint Name and Logo”) mutually
    approved by Licensor and Licensee under this Agreement (e.g.,
    “Heartbreak Hotel at Park Central”) and to use such
    Joint Name and Logo on Elvis Presley-themed Merchandise and
    otherwise in connection with the Elvis Properties. Licensee
    shall not acquire any rights in the Licensor Owned IP nor shall
    Licensor acquire any rights in the Licensee Owned IP by virtue
    of any use of the Joint Name and Logo. Any intellectual property
    rights in the Joint Name and Logo independent of the Licensor
    Owned IP and the Licensee Owned IP shall be jointly owned by the
    parties. Any use of the Joint Name and Logo shall be strictly in
    accordance with the limitations of this Agreement, including the
    quality control restrictions hereof. Upon termination of this
    Agreement, without limiting the right of each party to use its
    respective portion of the Joint Name and Logo, neither Party
    shall thereafter use the Joint Name and Logo in its entirety.

 

    Section 3.08  Domain
    Names.  Any domain names used in connection
    with the Websites that incorporate any of the Marks, or
    derivatives thereof, in whole or in part (the “Domain
    Names”) shall be owned by Licensor and licensed to
    Licensee pursuant to the terms and conditions of this Agreement.
    Licensor shall remain the owner and

    

    7

 

    Administrative Contact of the domain names and Licensee shall be
    the Technical Contact of the domain name as listed in the Domain
    Name Registry.

 

    Section 3.09  Reservation
    of Rights.  Licensor reserves all rights not
    granted to Licensee hereunder, and shall not be prohibited or
    restricted in any way, at any time, from exercising such rights,
    including:

 

    a) establishing or operating, or licensing to any third
    party the right to establish or operate, any Food and Beverage
    Outlets, Spas, Retail Stores, productions, shows, and other
    special events such as tribute artist contests, charity events,
    concerts, fan club events, cruises, and television broadcasts,
    and/or any
    other form of entertainment attractions utilizing the Licensor
    Owned IP (including as part of the name or logo) anywhere in the
    world, provided that except for any activities taking
    place at Graceland in Memphis, Tennessee, and at the
    MGM/CityCentre in Las Vegas, Nevada, Licensor may not establish,
    operate, or license to any third party the right to establish or
    operate an Elvis Presley-themed Food and Beverage Outlet, Spa,
    or Retail Store within a radius of fifteen (15) miles from
    any Elvis Property, provided that, (i) the foregoing
    limitation shall not apply to Memphis, Tennessee, and
    (ii) Licensee shall not unreasonably withhold consent to a
    request by Licensor (or its licensee) to operate an Elvis
    Presley-themed Food and Beverage Outlet, Spa or Retail Store
    within such fifteen (15) mile range (including in the same
    city and/or
    metropolitan area, where applicable) where the applicable
    demographics will support additional Elvis Presley-themed real
    estate properties and where the operation of such Elvis
    Presley-themed Food and Beverage Outlet, Spa or Retail Store is
    unlikely to (i) cause customer confusion, result in brand
    conflict, or result in a weakening of the Licensor Owned IP, or
    (ii) materially and adversely impact the business of the
    existing Elvis Property.

 

    b) granting to any third party any license to manufacture,
    sell, distribute, market
    and/or
    otherwise exploit merchandise which embodies any of the Licensor
    Owned IP, regardless of whether such third party establishes,
    operates, or sells to any retail store, hotel complex or other
    facility which offers merchandise, food, beverages,
    entertainment attractions, gambling or other products or
    activities which reference or allude in any way to Elvis Presley.

 

    c) engaging in any commercial tie-in, or promotional or
    marketing activities that features the Licensor Owned IP
    together with the trademarks or copyrights of a third party (a
    “Co-Branded Campaign”), except for a Co-Branded
    Campaign with third party hotels or casinos (e.g., a Co-Branded
    Campaign with Wyndham Hotels), provided that Licensor
    shall have the right to continue to enter into (i) local
    co-branding arrangements with hotels in Memphis, Tennessee for
    Elvis Birthday and Elvis Week promotional campaigns and
    (ii) Co-Branded Campaigns with any hotel in which any Elvis
    Presley-themed Cirque du Soleil show is presented or any Elvis
    Experience is housed, including the MGM CityCentre in Las Vegas,
    Nevada.

 

    d) Licensing de minimis uses of the Licensor Owned IP in
    connection with a third party real estate property,
    provided that such real estate property is not Elvis
    Presley-themed (e.g., the display of a photograph of Elvis in a
    non-Elvis Presley-themed lounge).

 

    e) Using or licensing the Licensor Owned IP for any purpose
    not specifically prohibited pursuant to this Agreement.

 

    Section 3.10  Entertainment
    Attractions.  Other than Elvis Experiences and
    Authorized Elvis Presley-themed Entertainment Attractions, which
    are subject to Licensor’s approval at each Elvis Property
    pursuant to Section 10.07, Licensee shall have no right to
    create, produce, develop, or exploit at any Elvis Property any
    other entertainment attraction that is Elvis Presley-themed, is
    readily identifiable with Elvis Presley, or uses the Licensor
    Owned IP or features the music of Elvis Presley without
    Licensor’s prior written consent (e.g., tribute artist
    contest
    and/or
    performances not authorized by Licensor, production of Viva Las
    Vegas the musical). Nothing herein shall restrict
    Licensee’s right to create, produce, develop and exploit at
    any Elvis Property any entertainment attraction that does not
    have an Elvis Presley theme, is not readily identifiable with
    Elvis Presley, does not use the Licensor Owned IP and does not
    feature the music of Elvis Presley without Licensor’s
    consent, provided that such entertainment attraction does
    not otherwise violate Licensee’s obligations hereunder.

 

    Section 3.11  Elvis
    Experiences.  The parties agree that nothing
    in this Agreement grants to Licensee any right to use the
    Licensor Owned IP to design, construct, operate or promote Elvis
    Experiences except as expressly provided in Article 15.

    

    8

 

    Article 4
    

    

 

    LICENSE
    OF ELVIS ARTIFACTS

 

    Section 4.01  License
    of Artifacts.  Licensor shall make available
    to Licensee hereunder, for public display, solely at each Elvis
    Property, a reasonable number of Artifacts as determined by
    Licensor in its exercise of reasonable discretion. The parties
    agree to consult in good faith regarding the types of Artifacts
    to be displayed at each Elvis Property, provided that
    Licensor shall have final approval and discretion over the
    selection of any Artifacts for display at any of the Elvis
    Properties. For purposes of clarification, Licensor reserves the
    right to (i) withhold at any time during the Term of this
    Agreement certain categories of Artifacts from being displayed
    at any of the Elvis Properties, (ii) display any Artifacts
    or license to third parties rights to display any Artifacts
    anywhere in the world, (iii) grant exclusive rights to
    third parties to display certain categories of Artifacts (e.g.,
    an exclusive license to the President Nixon Library to display
    all Elvis Presley/Richard Nixon Artifacts). If Licensor
    withdraws Artifacts that have been delivered to Licensee for
    public display at an Elvis Property for any reason, Licensor
    shall use reasonable best efforts to replace such withdrawn
    Artifacts with comparable Artifacts.

 

    Section 4.02  Delivery
    of Artifacts.  At its sole cost and expense,
    and following the instructions provided by Licensor, Licensee
    will arrange for roundtrip delivery of the Artifacts to the
    Elvis Property and returned back to Licensor within sixty
    (60) business days following the termination of this
    Agreement or upon the replacement of the Artifacts with new
    Artifacts to be displayed at each Elvis Property. Licensee shall
    maintain exclusive possession of the Artifacts during the period
    of time in which the Artifacts are in Licensee’s possession.

 

    Section 4.03  Protection
    of Artifacts.  Licensee will treat each
    Artifact with due care and shall take all measures necessary to
    fully protect such Artifact from damage, consistent with the
    limitations and instructions set forth in Exhibit D
    hereto and such other reasonable restrictions as promulgated by
    Licensor from time-to-time. Each Artifact, if not displayed in a
    case or behind glass or plexiglas, will have sufficient distance
    from the public to prevent touching. All exhibit areas will be
    under surveillance when open to the public. Licensee shall keep
    each Artifact in the same condition as such items were delivered
    to Licensee hereunder, except for normal wear and tear. All such
    items shall be marked “Courtesy of Elvis Presley
    Enterprises, Inc., On Loan From Graceland”. Licensor
    reserves the right, after reasonable notice to Licensee, to
    inspect the Artifacts and obtain the immediate return of any
    Artifact that in Licensor’s good faith judgment has not
    been handled or treated properly.

 

    Section 4.04  No
    Museums.  In selecting the Artifacts and in
    placing the Artifacts throughout each Elvis Property, Licensor
    and Licensee acknowledge that it is their mutual intention
    hereunder that no Elvis Property shall look like or be perceived
    to be an Elvis Presley museum (i.e., a similar experience to
    visiting Graceland), and neither party shall act contrary
    thereto.

 

    Section 4.05  Insurance.  Prior
    to delivery thereof to Licensee, Licensor shall identify to
    Licensee the appraised value of each Artifact as determined by
    Licensor in its reasonable discretion. Licensee will insure each
    loaned Artifact for at least the amount specified by Licensor
    against all risks of physical loss or damage from any cause
    while in transit and on location during the period of the loan.
    Licensee shall be entitled to reject an Artifact on the basis of
    the cost to Licensee of insuring it.

 

    Section 4.06  Prior
    Inspection.  Before commencing the display of
    the Artifacts at any Elvis Property, Licensee shall give
    Licensor the opportunity to inspect the placement of each
    Artifact and make a determination whether the Artifacts are
    displayed according to the terms of this Agreement.

 

    Article 5
    

    

 

    THIRD
    PARTY INTELLECTUAL PROPERTY RIGHTS

 

    Section 5.01  Presley
    Music.  Except for the specific rights granted
    hereunder with respect to the use by Licensee of the Licensor
    Owned IP, this Agreement does not grant Licensee any rights to
    license, use
    and/or
    exploit any other intellectual property rights in which Licensor
    or one of its Affiliates has an ownership interest
    and/or
    income participation, including musical compositions owned, in
    whole or part, by Licensor or one of its Affiliates
    (“Presley Music”). Licensee hereby acknowledges
    that it is not receiving a license hereunder with respect to any
    rights regarding the publication, mechanical reproduction,
    synchronization, small performing, grand performance,

    

    9

 

    master use
    and/or any
    other rights in and to the Presley Music. Licensor agrees to use
    reasonable best efforts to assist Licensee in procuring any
    licenses, clearances, approvals, consents
    and/or
    permissions (“Consents”) from Licensor’s
    Affiliates, the Julian J. Aberbach Interests, the Joachim Jean
    Aberbach Interests,
    and/or any
    third parties, required by Licensee with respect to the license,
    use, and/or
    exploitation of the Presley Music in connection with any of the
    Elvis Properties, including issuing appropriate licenses to
    Licensee on so-called “arm’s length” terms with
    respect to any Presley Music, provided, however,
    that nothing contained in this Agreement shall be construed as
    obligating Licensor or one of its Affiliates to (i) violate
    any fiduciary obligations it has to writers, co-publishers,
    co-owners and the like of Presley Music, (ii) actually
    negotiate the terms for the Consents required to be secured
    hereunder, (iii) grant rights to Licensee where to do so
    would violate the approval or consents rights of a third party,
    or (iv) grant rights to Licensee broader than or otherwise
    inconsistent with the rights granted to Licensee and
    restrictions imposed upon Licensee elsewhere in this Agreement.

 

    Section 5.02  Other
    Third Party Owned IP.  Except for the specific
    rights granted hereunder with respect to the use by Licensee of
    the Licensor Owned IP, this Agreement does not grant Licensee
    any rights to license, use
    and/or
    exploit any intellectual property owned or controlled by third
    parties, including certain intellectual property related to
    Elvis Presley, such as photographs, audiovisual materials (e.g.,
    films and television programs in which Elvis Presley appeared
    and/or
    performed in), artwork, and certain musical compositions
    and/or sound
    recordings of music recorded by Elvis Presley (collectively,
    “Third Party Elvis-Related Materials”).
    Licensee shall be solely responsible for procuring Consents
    required in connection with the license, use,
    and/or
    exploitation of all third party owned intellectual property,
    including Third Party Elvis-Related Materials, provided
    that, subject to  Section 11.01, Licensor shall have the
    right to consent to the use of Third Party Elvis-Related
    Materials at any of the Elvis Properties. Licensee shall obtain
    all Consents required by unions
    and/or
    guilds having jurisdiction, as well as the copyright owners of,
    or other rights holders (such as privacy and publicity rights
    holders), in any third party trademarks, photographs,
    audiovisual materials, motion pictures, television programs,
    master recordings, musical compositions, and artwork to be
    embodied in, or otherwise used at or in connection with the
    Elvis Properties
    and/or the
    manufacture and sale of Elvis Property-themed Merchandise
    related thereto. Licensor agrees to use reasonable best efforts
    to assist Licensee in procuring any Consents required by
    Licensee under this Agreement with respect to the license, use,
    and/or
    exploitation of Third Party Elvis-Related Materials including
    advising Licensee, to the extent known, of the parties that need
    to be contacted for such Consents and making introductions for
    Licensee where Licensor has an existing relationship,
    provided, however, that nothing contained in this
    Agreement shall be construed as obligating Licensor to
    (i) violate any fiduciary obligations it has to any third
    parties of Third Party Elvis-Related Materials,
    (ii) actually negotiate the terms for the Consents,
    (iii) grant rights to Licensee where to do so would violate
    the approval or consents rights of a third party, or
    (iv) grant rights to Licensee broader than or otherwise
    inconsistent with the rights granted to Licensee and
    restrictions imposed upon Licensee elsewhere in this Agreement.

 

    Section 5.03  Third
    Party IP Clearances.  In connection with the
    use and exploitation of Licensor Owned IP, Licensor may
    determine that it may need to seek clearances from third parties
    where Licensor Owned IP may be subject to intellectual property
    rights, including privacy and publicity rights, of third parties
    which rights are embodied in such Licensor Owned IP, including
    in certain Photos and Audiovisual Works (“Third Party IP
    Clearances”) (e.g., a photograph of Elvis Presley
    together with Frank Sinatra). Licensee shall be solely
    responsible for procuring all Third Party IP Clearances.
    Licensor agrees to use reasonable best efforts to assist
    Licensee in procuring any Third Party IP Clearances, including
    advising Licensee, to the extent known, of the parties that need
    to be contacted for such Third Party IP Clearances, and making
    introductions for Licensee where Licensor has an existing
    relationship, provided, however, that nothing
    contained in this Agreement shall be construed as obligating
    Licensor to (i) violate any fiduciary obligations it has to
    any third parties, (ii) actually negotiate the terms for
    the Third Party IP Clearances, (iii) grant rights to
    Licensee where to do so would violate the approval or consents
    rights of a third party, or (iv) grant rights to Licensee
    broader than or otherwise inconsistent with the rights granted
    to Licensee and restrictions imposed upon Licensee elsewhere in
    this Agreement.

    

    10

 

    Article 6
    

    

 

    MEMPHIS
    DEVELOPMENT AND OTHER PROJECTS

 

    Section 6.01  Right
    to Construct First Memphis Hotel.  Licensor
    grants Licensee the option to design, construct, and operate the
    first new hotel on or contiguous to the Graceland property in
    Memphis, Tennessee from and after the date hereof either as part
    of the Masterplan or otherwise (whether or not such hotel is an
    Elvis Presley-themed Hotel) (the “First Memphis
    Hotel”). Licensee shall exercise said option in writing
    to Licensor within six (6) months from the Effective Date,
    or Licensee shall lose the right to construct the First Memphis
    Hotel. If Licensee exercises said option, and the construction
    of the First Memphis Hotel has not begun by the later of twenty
    four (24) months from the effective date of this Agreement
    or twelve (12) months after Licensor has made the land
    available for development of the First Memphis Hotel, Licensee
    shall lose the right to construct the First Memphis Hotel but
    shall not be liable to Licensor for any damages as a result of
    not constructing the First Memphis Hotel, nor shall it have any
    other effect on this Agreement. Licensor shall obtain and assign
    to Licensee fee title to the land for the First Memphis Hotel
    unless there is a compelling reason that such fee title cannot
    be obtained and Licensee is advised of such reason. If Licensor
    is unable to obtain fee title to the First Memphis Hotel land,
    then Licensor shall obtain and assign to Licensee a lease to
    such land in form and substance reasonably acceptable to
    Licensee, with a term that is not less than ninety-nine
    (99) years. Licensor shall have the right to decide the
    location of the First Memphis Hotel in consultation with
    Licensee. Licensor shall be solely responsible for removing any
    tenants located at any property in which the First Memphis Hotel
    will be built, and the land shall not be considered
    “available for development” as provided above until
    such tenants have been removed.

 

    Section 6.02  First
    Phase Government Funding and Tax
    Abatements.  Any government funding
    and/or tax
    abatements provided to Licensor or Licensee or any of their
    Affiliates for the first phase of the Masterplan or otherwise
    shall be shared by Licensor and Licensee to the extent
    permissible under applicable law and to the extent such
    government funding
    and/or tax
    abatements are related to the development of properties,
    including hotels, surrounding the Graceland property (i.e., such
    funding or abatement is not related to the expansion of the
    Graceland museum).

 

    Section 6.03  Subsequent
    Memphis Hotels.  Provided Licensee has
    exercised the option and constructed the First Memphis Hotel in
    accordance with Section 6.01, Licensor grants Licensee the
    option to design, construct, and operate subsequent new hotels
    on or contiguous to the Graceland property in Memphis, Tennessee
    from and after the date hereof either as part of the Masterplan
    or otherwise (whether or not the hotels are an Elvis
    Presley-themed Hotel) (the “Subsequent Memphis
    Hotels”). Licensee must exercise said option in writing
    to Licensor within six (6) months from the opening of the
    First Memphis Hotel or Licensee shall lose the right to
    construct the Subsequent Memphis Hotels. If Licensee exercises
    said option, and if the construction of the Subsequent Memphis
    Hotels have not begun by the later of twenty four
    (24) months from the opening of the first Memphis Hotel or
    twelve (12) months after Licensor has made the land
    available for development of the Subsequent Memphis Hotels,
    Licensee shall lose the right to construct the Subsequent
    Memphis Hotels but shall not be liable to Licensor for any
    damages as a result of not constructing the Subsequent Memphis
    Hotels nor shall it have any other effect on this Agreement.
    Licensor shall have the right to decide the location of any of
    the Subsequent Memphis Hotels in consultation with Licensee.
    Licensor shall be solely responsible for removing any tenants
    located at any property in which the Subsequent Memphis Hotels
    will be built, and the land shall not be considered
    “available for development” as provided above until
    such tenants have been removed.

 

    Section 6.04  Second
    Phase Government Funding and Tax
    Abatements.  Any government funding
    and/or tax
    abatements provided to Licensor or Licensee or any of their
    respective Affiliates for the second phase of the Masterplan or
    otherwise shall be shared by Licensor and Licensee to the extent
    permissible under applicable law and to the extent such
    government funding
    and/or tax
    abatements are related to the development of properties,
    including hotels, surrounding the Graceland property (i.e., such
    funding or abatement is not related to the expansion of the
    Graceland museum).

 

    Section 6.05  Elvis
    Presley-themed Hotel in Memphis.  Licensee
    acknowledges that at least one (1) of the Memphis hotels
    constructed by Licensee under this Article 6, if any, shall
    be an Elvis Presley-themed Hotel.

    

    11

 

    Section 6.06  EPE
    Heartbreak Hotel.  Notwithstanding any of the
    foregoing, including Licensee’s exclusive rights under
    Section 2.01, Licensee acknowledges that Licensor reserves
    all rights to continue to operate the EPE Heartbreak Hotel and
    use the mark “HEARTBREAK HOTEL” in connection
    therewith, until such time that Licensor and Licensee agree in
    good faith (upon Licensee’s exercise of its option either
    with respect to the First Memphis Hotel or the Subsequent
    Memphis Hotels), that such hotel shall be re-branded,
    re-developed, destroyed, or replaced with a new hotel
    constructed and operated by Licensee or its Project Company
    under the mark “HEARTBREAK HOTEL”. If the parties
    decide that the EPE Heartbreak Hotel shall not be re-branded,
    re-developed, destroyed, or replaced with a new hotel
    constructed and operated by Licensee under the mark
    “HEARTBREAK HOTEL”, Licensor and its Affiliates may
    continue to operate and receive all revenue from the EPE
    Heartbreak Hotel.

 

    Section 6.07  Sharing
    of Costs Subsequent to Development of
    Hotels.  The parties shall discuss in good
    faith the sharing of costs and responsibilities relating to
    infrastructure (e.g., driveways, easements, municipal services)
    that affect both Licensor and Licensee properties, and the
    efforts and responsibilities for the marketing and promotion of
    such properties in Memphis, Tennessee.

 

    Article 7
    

    

 

    ROYALTY
    AND PAYMENTS

 

    Section 7.01  Gross
    Revenues.  Licensee shall pay to Licensor
    royalties in respect of all Gross Revenues derived from any and
    all sources in connection with the Elvis Properties, in
    accordance with the terms and provisions set forth in this
    Article 7. All sales by Licensee of any goods or services
    to any Licensee Related Party, including all inter-company
    transactions, shall be carried on Licensee’s books of
    account at the full regular wholesale price charged to unrelated
    third parties, and Licensee shall account for and pay royalty
    payments on all such sales as if they occurred on an arms-length
    basis to an unrelated party. For the avoidance of doubt, amounts
    received by Licensee in respect of the sale, financing or other
    disposition of an Elvis Property shall not be included in Gross
    Revenues.

 

    Section 7.02  Comps.  Licensee
    shall be permitted to distribute commercially reasonable
    quantities of Elvis Property-themed Merchandise, food,
    beverages, liquor, room and board, tickets, or other items free
    of charge, in a manner consistent with industry custom and
    practice without incurring any obligation to pay royalties
    thereon under this Agreement, provided that the value of
    such items does not exceed five percent (5%) of the Gross
    Revenues derived therefrom during the year in which such
    distributions occurred. In the event the value of such items
    that are distributed free of charge exceeds five percent (5%) of
    the Gross Revenues derived therefrom during the year in which
    such distributions occurred, Licensee shall pay royalties on the
    excess of such value over five percent (5%) in accordance with
    this Agreement.

 

    Section 7.03  Elvis
    Property Royalties.  Except as otherwise
    provided in this Article 7, Licensee shall pay to Licensor
    a royalty of three percent (3%) of any and all Gross Revenues
    derived from the Elvis Properties, including the First Memphis
    Hotel and the Subsequent Memphis Hotel, or the operation
    thereof, or from activities, services, products or other sources
    at, from, or in connection therewith. To the extent Licensee
    pays a fee to a third party to establish or supervise such third
    party’s Food and Beverage Outlet, Lounge, Spa
    and/or
    Retail Store on the Elvis Property (e.g., a fee paid to Jean
    Georges to establish a restaurant at an Elvis Property), the
    Gross Revenues derived therefrom shall be excluded from Gross
    Revenues for the purpose of computing royalties, up to an amount
    not to exceed ten percent (10%) of Licensee’s total Gross
    Revenues for the applicable calendar year.

 

    Section 7.04  Gaming
    Royalty.  To the extent not prohibited by
    applicable law and would not require Licensor to be licensed,
    Licensee shall also pay to Licensor a royalty of three percent
    (3%) of Gross Revenue derived from gambling at each Elvis
    Property. If payment to Licensor of such royalties is prohibited
    by law or would require Licensor to be licensed, Licensee shall
    instead pay to Licensor a certain royalty per square foot (the
    “Base Casino Royalty”) of Casino floor for each
    Casino located in Las Vegas, Nevada, with the dollar amount per
    square foot to be determined by an independent third party
    acceptable to Licensor and Licensee within sixty (60) days
    after the Effective Date, and thereafter adjusted annually (from
    the Effective Date) on the basis of the Consumer Price Index as
    issued by the US Bureau of Labor Statistics. For each Casino
    located outside Las Vegas Nevada where

    

    12

 

    payment to Licensor of royalties based on Gross Revenues is
    prohibited by law, Licensee shall instead pay to Licensor a
    royalty of X dollars per square foot, where:

 

    X= (inflation adjusted Base Casino Royalty) * Y/Z

 

    where

 

    Y = average gaming floor revenue for the applicable Casino
    location in the previous year

 

    Z = Las Vegas average gaming floor revenue in the applicable year

 

    Section 7.05  Elvis
    Property-themed Merchandise.  Licensee shall
    pay to Licensor a royalty of ten percent (10%) of any and all
    Gross Revenues derived from the sale of Elvis Property-themed
    Merchandise. Such royalty in respect of particular Elvis
    Property-themed Merchandise shall accrue when such merchandise
    is sold, shipped, delivered, billed
    and/or paid
    for, whichever occurs earlier. Gross Revenues derived from the
    sale of Elvis Property-themed Merchandise shall not be included
    in the computation of Gross Revenues for purposes of determining
    royalties payable to Licensor under Section 7.03.

 

    Section 7.06  Royalty
    Payments with Respect to Elvis Presley-Themed Food and Beverage
    Outlets, Lounges, Spas, and Retail Stores Operated by Third
    Parties.  Subject to obtaining Licensor’s
    approval under Section 11.06, Licensee shall pay to
    Licensor a royalty up to three percent (3%) (but if a lower
    percentage is actually received by Licensee, then such lower
    percentage subject to Licensor’s consent) of any and all
    gross revenues derived from any Elvis Presley-themed Food and
    Beverage Outlets, Lounges, Spas, and Retail Stores operated by
    third parties
    and/or
    co-branded with third party names
    and/or marks
    (e.g. Elvis Presley-themed Hard Rock Café, Elvis
    Presley-themed Johnny Rockets, Elvis Presley-themed Equinox
    Gym). Such royalty shall be based upon the total gross revenues
    generated from the Elvis Presley-themed Food and Beverage
    Outlets, Lounges, Spas, and Retail Stores (not merely the
    portion or percentage thereof received by Licensee). Licensee
    shall retain all royalties based on gross revenues above three
    percent (3%). Neither (x) rent payable by such third
    parties to Licensee or (y) gross revenues derived from the
    Elvis Presley-themed Food and Beverage Outlets, Lounges, Spas,
    and Retail Stores operated by third parties
    and/or
    co-branded with third party names
    and/or marks
    shall be included in the computation of Gross Revenues for
    purposes of determining royalties payable to Licensor under
    Section 7.03.

 

    Section 7.07  Sponsorships,
    Commercial Tie-Ins, and Co-Branding
    Opportunities.  Licensor’s royalty with
    respect to any Gross Revenues from any third party sponsorships,
    commercial tie-ins and co-branding opportunities (e.g., if a
    third party pays fees for their name or trademark to be
    associated with an Elvis Property) shall be negotiated in good
    faith by Licensor and Licensee at the time such sponsorship is
    permitted hereunder, if at all, pursuant to Section 13.05a).

 

    Section 7.08  Guaranteed
    Minimum Royalties.  Licensee shall pay
    Licensor the below guaranteed minimum royalties for each
    calendar year within thirty (30) days of the end of such
    calendar year (i.e., by January 30th of the
    immediately following year) during the Term (“Guaranteed
    Minimum Royalties”), except that the Guaranteed Minimum
    Royalty for the calendar year ending December 31, 2007
    shall be due upon the earlier of (i) the date of
    Licensee’s receipt of funds from the closing of the Rights
    Offering and, if required, the Back-Stop (each as defined in the
    Membership Interest Purchase Agreement dated as of June 1,
    2007 by and among Licensee, Licensor, and Flag Luxury
    Properties, LLC) or (ii) December 1, 2007. The
    Guaranteed Minimum Royalty shall be non-refundable but actual
    royalties paid during the applicable calendar year shall be
    applied against the Guaranteed Minimum Royalty. Notwithstanding
    any of the foregoing, any direct payments made by a Project
    Company or other Person that holds a Site License to Licensor
    shall be applied against the Guaranteed Minimum Royalties due to
    Licensor hereunder.

 

    

    13

 

	 	 	 
	

    Calendar Year

	
 
	

    Amount

	 

	

    Calendar year ending December 31,
    2007
    

	
 
	
    $ 9,000,000
    

	

    Calendar year ending December 31,
    2008
    

	
 
	
    $ 9,000,000
    

	

    Calendar year ending December 31,
    2009
    

	
 
	
    $ 9,000,000
    

	

    Calendar year ending December 31,
    2010
    

	
 
	
    $18,000,000
    

	

    Calendar year ending December 31,
    2011
    

	
 
	
    $18,000,000
    

	

    Calendar year ending December 31,
    2012
    

	
 
	
    $18,000,000
    

	

    Calendar year ending December 31,
    2013
    

	
 
	
    $22,000,000
    

	

    Calendar year ending December 31,
    2014
    

	
 
	
    $22,000,000
    

	

    Calendar year ending December 31,
    2015
    

	
 
	
    $22,000,000
    

	

    Calendar year ending December 31,
    2016
    

	
 
	
    $22,000,000
    

	

    Every calendar year thereafter
    during the Term
    

	
 
	
    The Guaranteed Minimum

    Royalty for the immediately

    previous calendar year 

    plus five percent (5%)
    

 

    Section 7.09  Royalty
    Payments.  Licensee shall calculate the
    royalties due hereunder based upon Gross Revenues in quarterly
    periods ending on the last days of March, June, September, and
    December of each calendar year, and shall pay the royalty
    payment then due within thirty (30) days of the end of such
    quarterly period. To the extent that the royalties paid
    hereunder during any calendar year are less than the Guaranteed
    Minimum Royalty for the applicable calendar year, Licensee shall
    pay such shortfall with the payment due January 30 of the
    following calendar year. Termination of this Agreement shall not
    relieve Licensee from its royalty payment obligations with
    respect to royalties accruing during the Term or the Unbranding
    Period. Further, in the event of any termination of this
    Agreement, including without limitation any termination pursuant
    to Section 23.03, Licensee shall pay to Licensor a
    pro-rated Guaranteed Minimum Royalty calculated as (i) the
    total Guaranteed Minimum Royalty for the calendar year in which
    such termination occurs, (ii) divided by 365,
    (iii) multiplied by the number of days that have elapsed in
    such calendar year through the date of termination. All actual
    royalties paid for such calendar year through the date of
    termination shall be applied against such pro-rated Guaranteed
    Minimum Royalty. To the extent that the royalties paid hereunder
    for such calendar year through the date of termination are less
    than the pro-rated Guaranteed Minimum Royalty for such calendar
    year, Licensee shall pay such shortfall to Licensor within
    thirty (30) days after the date of termination.

 

    Section 7.10  Royalty
    Reports.  With each royalty payment, Licensee
    shall furnish Licensor by way of electronic reporting forms
    (“Royalty Reports”) a complete and accurate
    statement of royalties containing reasonably detailed
    information regarding the calculation of royalties payable
    hereunder, including information as to the number, description,
    selling price, and Gross Revenues in respect of all lodging and
    amenities, food, beverages, liquor, tickets to Entertainment
    Attractions, rent, sponsorships, and other activities or items
    in respect of which royalties are payable hereunder, and any
    other additional information as Licensor may request from time
    to time. Such Royalty Reports shall be furnished to Licensor
    whether or not any royalties are payable during the preceding
    quarterly period. Royalty Reports will be certified true and
    correct by a duly authorized officer of Licensee (e.g., the
    Chief Financial Officer) by entering the required information on
    the certification line contained on the electronic form.
    Licensor shall have the right, upon thirty (30) days
    advance written notice to Licensee, to make reasonable changes
    to the Royalty Report form, provided that such changes
    are also made to royalty reporting forms used generally by other
    licensees of Licensor.

 

    Section 7.11  Method
    of Payment and Royalty Reports.  All Royalty
    payments, Royalty Reports, other payments and any applicable
    interest shall be made payable to Licensor, either by check or
    utilizing electronic bank transfer paid, on behalf of Licensor,
    to:

 

    Elvis Presley Enterprises, Inc.

    P. O. Box 2082

    Memphis, TN
    38101-2082

    14

 

    Licensee shall send royalty reports electronically to:

 

    royalty@elvis.com

 

    Section 7.12  Currency
    and Offsets.  All amounts to be paid by
    Licensee to Licensor under this Agreement shall be payable in
    United States currency and made without deduction for taxes
    (including withholding taxes), levies, duties, imports,
    commissions, expenses or charges of any kind. Wire transfer fees
    as well as all other bank fees related to any payments required
    to be made by Licensee under this Agreement shall be the sole
    expense of Licensee, so that Licensor shall receive the full
    amount of all payments without reduction. If any inconsistencies
    or mistakes are discovered in such Royalty Report or royalty
    payments, they shall immediately be rectified and the
    appropriate payment shall be made by Licensee if an underpayment
    was made by Licensee. All of Licensee’s obligations under
    this Article 7 shall be performed without any right of
    Licensee to invoke set-offs, deductions and other similar
    rights. Neither the receipt nor acceptance by Licensor of any
    royalty payments (including the cashing of any royalty checks
    hereunder) or Royalty Reports shall prevent Licensor from
    subsequently challenging the accuracy or validity of such
    royalty payment or Royalty Report.

 

    Section 7.13  Late
    Payments.  Any past due amount by Licensee
    whether due pursuant to this Article 7 or any other Section
    in this Agreement shall bear interest at the then current prime
    rate plus three percent (3%) per annum as quoted in The Wall
    Street Journal, which is applicable from the due date until
    the date of payment. Any outstanding amount found in an audit
    pursuant to Section 8.02 shall be deemed a “late
    payment” and shall be subject to the interest described
    herein.

 

    Section 7.14  Monetary
    Conversions.  If any currency conversions are
    required under this Agreement, Licensee agrees that all currency
    conversions shall be made by utilizing the exchange rate in
    effect on the due date for any such payment as reported in
    The Wall Street Journal. The cost of conversion of all
    local currencies into U.S. currency shall be the sole
    expense of Licensee. Any cost of conversion built into a
    bank’s exchange rate must be accounted for with a
    corresponding increase in the amount being converted so that all
    the costs of conversion of all currencies, as well as wire
    transfers or other bank fees, shall be the sole expense of
    Licensee, so that Licensor shall receive the full amount of
    payments without reduction.

 

    Section 7.15  Withholding
    Taxes.  If any income, stamp or other taxes,
    levies, impost, duties, charges, fees, deductions or
    withholdings are now or hereafter imposed, levied, collected,
    withheld or assessed by any governmental authority (such amounts
    hereinafter referred to as a “Tax” or
    “Taxes”) are required to be withheld from any
    amounts payable to Licensor under this Agreement, the amounts so
    payable to Licensor shall be increased to the extent necessary
    to yield to such Licensor (after the payment of all such amounts
    required to be withheld) the amounts specified in this
    Agreement. Notwithstanding the immediately preceding provision,
    the Licensee shall not be required to increase any such amounts
    payable to Licensor (i) with respect to net income taxes
    imposed on Licensor as a result of a connection between Licensor
    and the jurisdiction of the governmental authority imposing such
    Taxes or (ii) Taxes that are attributable to
    Licensor’s failure to comply with the requirements of this
    Section 7.15, provided that the Licensee has
    complied with the requirements of Section 7.16.

 

    Section 7.16  Exemptions.  If
    Licensor is entitled to an exemption from or reduction of taxes
    that are otherwise required to be withheld by the Licensee under
    the law of the jurisdiction in which the Licensee is located, or
    under any treaty to which such jurisdiction is a party, with
    respect to payments under this Agreement, Licensor shall deliver
    to the Licensee, as reasonably requested in writing by the
    Licensee, such documentation prescribed by applicable law as
    will permit such payments to be made without withholding or at a
    reduced rate, provided that Licensor is legally entitled
    to execute and deliver such documentation and such execution or
    submission in Licensor’s judgment would not materially
    prejudice the legal position of Licensor. Whenever any Taxes are
    payable by or on behalf of Licensor, the Licensee shall timely
    pay such amounts to the appropriate governmental authority and
    as promptly as possible thereafter the Licensee shall send to
    Licensor documentation sufficiently evidencing the payment of
    such Taxes or other documentation as is reasonably requested by
    Licensor.

 

    Section 7.17  Licensee’s
    Expenses.  Except as otherwise expressly
    provided herein, all acts, duties, obligations and
    responsibilities of Licensee under this Agreement shall be at
    Licensee’s sole cost and expense. No costs of any kind,
    paid or incurred, directly or indirectly, by Licensee or any
    person or entity associated with Licensee,

    

    15

 

    any amounts reimbursed by Licensee to Licensor, or any other
    activities of Licensee hereunder, shall be recouped, deducted or
    otherwise charged to Licensor or against any amounts owed to
    Licensor under this Agreement.

 

    Section 7.18  Buy-Out.  Notwithstanding
    any of the foregoing, Licensee may buy-out all royalty payments,
    including the payment of any Guaranteed Minimum Royalties for a
    one (1)-time payment of four hundred fifty million dollars
    ($450,000,000) by (i) notifying Licensor in writing that it
    desires to buy-out its remaining royalty payments (the
    “Buy-Out”), and (ii) exercising the
    buy-out rights under Section 6.17 of the License Agreement
    dated as of the date hereof, between Muhammad Ali Enterprises
    LLC and Licensee. Licensee shall have the option of exercising
    the Buy-Out commencing on the Effective Date and ending on the
    eighth (8th) anniversary of the opening of the first Elvis
    Presley-themed Hotel. Notwithstanding the foregoing, other than
    as provided for below, the Buy-Out shall not relieve Licensee of
    its other non-financial obligations under this Agreement, nor
    shall the Buy-Out have any effect on any revenues derived by
    Licensor from the operation of an Elvis Experience pursuant to
    Article 15. Upon exercise and consummation of the Buy-Out,
    neither Licensee nor any Licensee Related Party shall have any
    further obligations to pay royalties to Licensor under this
    Agreement other than pursuant to Sections 7.06, 7.07 and
    7.19 (to the extent an Authorized Elvis Entertainment Attraction
    is at one of the Elvis Properties and a license fee or
    percentage of gross revenues is required, or where Licensor is
    the owner of any Presley Music or other rights not licensed
    hereunder).

 

    Section 7.19  Additional
    Payments.  In addition to its obligation to
    pay royalties in accordance with the foregoing, Licensee shall,
    except as expressly provided otherwise in this Agreement, be
    solely responsible for paying any and all royalties, fees, and
    other sums payable in connection with any activities engaged in
    or services provided by Licensee, any Licensee Related Party, or
    any third party at any Elvis Property hereunder, or any
    merchandise or other products manufactured and sold or otherwise
    exploited hereunder, including all amounts payable to Licensor
    in connection with any Presley Music and any third party in
    connection with the licensing of any Third Party Elvis-Related
    Materials, including any and all amounts payable to unions and
    guilds, performing rights societies, publishers, artists, record
    companies, film studios, and owners of television programs or
    footage.

 

    Article 8
    

    

 

    RECORDS
    RETENTION AND AUDITS

 

    Section 8.01  Records.  Licensee
    shall keep in its possession or under its control accurate
    records covering all transactions relating to this Agreement.
    Records shall include, but not be limited to, invoices, purchase
    orders, correspondence, financial information, hotel occupancy
    data, inventory records, manufacturing records, quality control
    and approvals and other information necessary to substantiate
    that all Royalty Reports submitted to Licensor hereunder were
    true, complete and accurate, and all royalty payments and other
    payments due Licensor hereunder shall have been paid to Licensor
    in accordance with the provisions of this Agreement. All books
    and records shall be maintained in accordance with generally
    accepted accounting principles consistently applied.

 

    Section 8.02  Audit.  Licensor
    shall have the right during business hours and upon no less than
    ten (10) business days notice to conduct an audit and make
    copies of all records listed in Section 8.01 above, and to
    make a physical inventory count of all Elvis Property-themed
    Merchandise in production
    and/or
    storage. If the audit reveals an underpayment of royalty
    payments, Licensee agrees to immediately pay Licensor any past
    due royalty payments plus applicable interest. Notwithstanding
    the foregoing, if the audit reveals a royalty underpayment of
    five percent (5%) or more, Licensee agrees to reimburse Licensor
    for all of its out-of-pocket costs and expenses of the audit (in
    addition to past due royalty payments, plus interest calculated
    at the then current prime rate plus three percent (3%) per annum
    as quoted in the Wall Street Journal). Licensor shall
    invoice Licensee for such audit expenses and Licensee shall pay
    such invoice within thirty (30) days. Audits may be
    performed by Licensor’s own employees
    and/or its
    designated independent auditor, all of whom shall hold
    Licensee’s audit information in confidence, pursuant to
    Article 25, below. Audit information shall only be used for
    purposes of this Agreement, unless used to judicially enforce
    obligations of Licensee. The exercise by Licensor, in whole or
    in part, or at any time or times, of the right to inspect or
    audit records and accounts or of any other right herein granted
    shall not stop or prevent Licensor from thereafter disputing the
    accuracy of any such Royalty Report.

    

    16

 

    Article 9
    

    

 

    ACCOMMODATIONS
    AND TICKETS

 

    Section 9.01  Reduced
    Rate Accommodations.  Licensee shall, subject
    to availability, provide hotel rooms free of charge and for a
    reasonable number of nights to Licensor’s and its
    Affiliates’ employees and agents who are visiting any
    Licensee hotel in connection with Licensor’s performance of
    this Agreement or the administration of the matters provided
    herein. For visits not related to this Agreement, Licensee
    agrees to make available to Licensor’s and its
    Affiliates’ employees and agents rooms in accordance with
    Section 9.02.

 

    Section 9.02  Other
    Discounts.  Licensee shall provide
    Licensor’s and its Affiliates’ employees (and their
    immediate families) a discount at any Elvis Property, including
    Hotels, Food and Beverage Outlets, Lounges, Spas, Entertainment
    Attractions, Retail Stores, and Elvis Presley-themed Theme
    Parks, equal to the discount offered to Licensee’s
    employees.

 

    Article 10

    

 

    RIGHTS OF
    APPROVAL GENERALLY

 

    Section 10.01  Exercise
    of Approval Rights.  In exercising all rights
    of approval hereunder, Licensor shall take into account the
    business interests of each of Licensor and Licensee and shall
    cooperate with Licensee in the furtherance of Licensee’s
    business objectives. None of the rights of approval hereunder
    shall be exercised unreasonably, in bad faith or with the
    intention of frustrating Licensee’s ability to enjoy its
    rights hereunder.

 

    Section 10.02  General
    Approval Period.  Except as otherwise
    expressly provided herein, Licensor shall have ten
    (10) business days following receipt (pursuant to the
    approval notice provisions set forth herein) of any request for
    Licensor’s approval hereunder to approve or disapprove the
    same. In the event Licensor does not approve or disapprove any
    such request within such ten (10) business day period,
    Licensee may resubmit its request for approval in writing, which
    resubmitted request shall be conspicuously marked that it is the
    “Second Notice”. Licensor shall have ten
    (10) business days from Licensor’s receipt of
    Licensee’s resubmitted request to review and respond in
    writing to Licensee’s resubmitted request. If Licensor does
    not respond in writing to such resubmitted request within such
    ten (10) business day period, then such resubmitted request
    shall be deemed approved. Any written disapproval by Licensor
    hereunder shall clearly state the reasons for such disapproval
    and shall provide Licensee with a reasonable opportunity to cure
    the basis for such disapproval. In the event of an unwritten
    disapproval hereunder, Licensor shall, within five (5) days
    of a written request by Licensee, provide Licensee with a
    written disapproval clearly stating the reasons for such
    disapproval and shall provide Licensee with a reasonable
    opportunity to cure the basis for such disapproval.

 

    Section 10.03  Previously
    Approved Material.  Once Licensor has approved
    any use of the Licensor Owned IP in connection with particular
    Elvis Property-themed Merchandise or in connection with a
    particular Elvis Property or other particular permitted use
    hereunder, Licensee shall not be required to seek
    Licensor’s approval for use of the Licensor Owned IP for a
    substantially similar use in connection with a different Elvis
    Property. Notwithstanding the foregoing, any material
    modification of any previously approved items shall require
    re-approval by Licensor.

 

    Section 10.04  Licensee
    Contact.  Licensor shall at all times during
    the Term designate one or more employees who shall be primarily
    responsible for communicating with Licensee with respect to
    approvals requested by Licensee hereunder. If Licensee is
    required to deliver to Licensor any particular documents,
    materials, samples or other items in connection with any
    approval by Licensor, then Licensee shall prepare and deliver
    same at its own expense.

 

    Section 10.05  Approval
    Procedures.  Except as otherwise provided for
    herein, all requests for Licensor’s approval hereunder and
    all materials to be submitted to Licensor for approval hereunder
    shall be sent to Licensor at the following address:

 

    Elvis Presley Enterprises, Inc.

    3734 Elvis Presley Boulevard

    Memphis, TN 38116

    Attn: Director of Licensing

    

    17

 

 

    With a copy to:

 

    CKX, Inc.

    650 Madison Avenue

    New York, NY 10022

    Attn: Legal Counsel

 

    Section 10.06  Bypass
    of Procedure.  Notwithstanding anything to the
    contrary contained herein, Licensee, at its option, may combine
    or bypass any of the intermediary steps in any approval process
    hereunder but this shall in no way limit Licensor’s right
    hereunder to approve the final version of the item or activity
    concerned prior to its implementation, and Licensee shall solely
    bear any additional costs incurred as a result of combining or
    bypassing any such steps. For example, if Licensee desired to
    sell a particular item of Elvis Property-themed Merchandise, but
    did not want to first send to Licensor, for its approval, a
    prototype sample, but instead wished to immediately present to
    Licensor for its approval the actual production sample of such
    item, it may do so with the understanding that Licensor shall
    still have the absolute right to disapprove of such item for
    sale at the Elvis Properties, and any costs incurred by Licensee
    in creating such production sample shall be Licensee’s sole
    responsibility.

 

    Section 10.07  Quality
    Control Generally.  All use of the Licensor
    Owned IP by Licensee and the style and appearance of all
    articles of Elvis Property-themed Merchandise and all packaging,
    advertising and promotional materials shall be subject to
    Licensor’s approval to enable Licensor to ensure that
    Licensor’s quality standards are being maintained. Licensee
    may not use the Licensor Owned IP in any manner that would
    disparage or tarnish or dilute the distinctive quality of the
    Licensor Owned IP or the reputation and goodwill embodied in the
    Licensor Owned IP or which would reflect adversely on the
    Licensor Owned IP, Licensor or Elvis Presley, the Presley
    family, or any of Licensor’s products or services. Licensee
    shall not use the Licensor Owned IP in any way which is not
    authorized and approved in advance by Licensor as set forth in
    this Agreement.

 

    Section 10.08  Right
    to Suspend Approval Process.  In addition to
    its other remedies, Licensor reserves the right to suspend the
    approval process after Licensor has given Licensee notice of
    material breach of this Agreement, until Licensee has cured the
    breach.

 

    Section 10.09  Overall
    Use of Elvis Related IP.  The Elvis Related IP
    shall not be depicted at any of the Elvis Properties, on any
    articles of Elvis Property-themed Merchandise, as part of any
    Elvis Presley-themed Casino, Food and Beverage Outlet, Lounge,
    Spa, Retail Store, or Theme Park in a manner that would present
    Elvis Presley in a negative and disparaging light or in a manner
    that is offensive, immoral, derogatory or in poor taste or that
    would tarnish the reputation or public image of Elvis Presley
    and without limiting the generality of the foregoing, neither
    Licensee or any Licensee Related Party shall take any action
    (including, by granting any third party any right or license)
    that could reasonably be expected to associate Elvis Presley,
    Licensor or any of its Affiliates, the Elvis Properties, or any
    Elvis Related IP with any activity, product or service set forth
    on Exhibit E hereto.

 

    Section 10.10  Withholding
    of Approval Following Buy-Out.  In the event
    that, following the consummation of the Buy-Out pursuant to
    Section 7.18, Licensor withholds approval with respect to
    the exercise by Licensee of the rights granted hereunder other
    than in compliance with Section 10.01 above, the parties
    shall endeavor in good faith to resolve any disagreements with
    respect to such request for approval within ten
    (10) business days following Licensor’s notice to
    Licensee of the disapproval. Any such disagreements that have
    not been resolved at the end of such ten (10) day period
    shall be submitted to and determined by an arbitrator mutually
    acceptable to Licensor and Licensee within the following thirty
    (30) days, which shall be the exclusive means for
    resolution of such disagreement. The determination of the
    arbitrator shall be final and binding on the parties,
    provided, however, that to the extent the
    arbitrator conclusively determines that Licensor’s
    withholding of approval was in violation of this Agreement,
    Licensee shall, in addition to securing the approval that was
    withheld, be entitled to recover from Licensor (i) any
    actual, out-of-pocket costs incurred as a direct result of
    Licensor’s withholding of the approval, including the cost
    of arbitration, and (ii) any other losses incurred by
    Licensee as a result of Licensor’s withholding of the
    approval, including lost profits. Any such arbitration shall be
    conducted in New York in accordance with the Commercial
    Arbitration Rules of the American Arbitration Association (the
    “Rules”). In the event the parties are unable
    to agree to an arbitrator, such arbitrator shall be selected in
    accordance with the Rules.

    

    18

 

    Article 11

    

 

    APPROVAL
    OF ELVIS PROPERTIES

 

    Section 11.01  Approval
    of Design of Elvis Properties.  Licensor shall
    have the right to approve the design aspects of each Elvis
    Property that concern or relate to the use of any Elvis Related
    IP or Artifacts within each Elvis Property, which approval shall
    not be unreasonably withheld. To the extent Licensor’s
    approval is required under this Section 11.01, prior to the
    commencement of any construction, the item(s) for which approval
    is being sought shall be sent to Licensor. Licensee shall not
    commence construction of an Elvis Property or use the respective
    Elvis Related IP in such Elvis Property until it has received
    Licensor’s written notice that Licensor has approved all
    the aforesaid materials that relate to the use of the Elvis
    Related IP and Artifacts (the “Elvis Property
    Materials”). After Licensor has approved the Elvis
    Property Materials in writing, Licensee shall then have the
    right to use the Elvis Related IP in accordance with the Elvis
    Property Materials. Licensor’s re-approval shall be
    required in connection with any material modifications or
    alterations in the construction of the Elvis Property that
    affect Licensee’s use of the Elvis Related IP or Artifact
    after commencement of construction, or modifications to
    Licensee’s use of the-Elvis Related IP and Artifacts within
    each Elvis Property.

 

    Section 11.02  Consultation
    on Overall Design of Each Elvis
    Property.  Licensee shall reasonably consult
    with Licensor regarding concepts for the overall design of any
    Elvis Property and shall make available to Licensor reasonably
    detailed descriptions, drawings, blueprints and models (if
    available) of the design of any Elvis Property, and such other
    items as Licensor may reasonably request in connection therewith
    (if available). Notwithstanding the foregoing, other than the
    use of the Elvis Related IP as embodied in the design of the
    Elvis Property, all such design elements shall be within the
    sole control and final approval of Licensee, subject to the
    reasonable consultation with Licensor. For example, Licensor
    shall have no right to approve the architecture, landscaping,
    structural, electrical,
    and/or
    mechanical elements of the Elvis Property, including the
    underground foundation, electrical wiring, duct work, or
    structural support, or the layout or design of an element of the
    Elvis Property that does not incorporate any of the Elvis
    Related IP or Artifacts (e.g., the design of a Generic hotel
    room or Food and Beverage Outlet).

 

    Section 11.03  Site
    Inspection.  Licensor’s Representatives
    shall have the right, at their election, to inspect the
    construction site of any of the applicable Elvis Property or
    Elvis Properties from time to time upon reasonable notice to
    Licensee, provided that any failure to make any such
    inspection or make any objections in connection with any
    inspection shall not constitute a waiver of any of
    Licensor’s rights or remedies hereunder.

 

    Section 11.04  Elvis
    Presley-Themed Food and Beverage Outlets, Lounges, Spas, and
    Retail Stores Operated by Licensee.  Subject
    to the approval procedure set forth in Section 11.04,
    Licensor shall have the right to approve the theme, name, and
    all uses of the Elvis Related IP in connection with each Elvis
    Presley-themed Food and Beverage Outlet, Lounge, Spa, and Retail
    Store operated at any of the Elvis Properties, such approval not
    to be unreasonably withheld.

 

    Section 11.05  Elvis
    Presley-Themed Food and Beverage Outlets, Lounges, Spas, and
    Retail Stores Operated by Third
    Parties.  Subject to Licensor’s prior
    written consent, which consent shall be solely at
    Licensor’s discretion, Licensee may permit a third party to
    establish solely at an Elvis Property an Elvis Presley-themed
    Food and Beverage Outlet, Lounge, Spa, or Retail Store
    co-branded with third party intellectual property (e.g., Elvis
    Presley-themed Hard Rock Café, Elvis Presley-themed Johnny
    Rockets, Elvis Presley-themed Equinox Gym).

 

    Section 11.06  Elvis
    Presley-Themed Food and Beverage Outlets, Lounges, Spas, and
    Retail Stores Operated by Licensor.  If
    Licensee and Licensor agree to the establishment by Licensor, an
    Affiliate, or a business partner of Licensor, of an Elvis
    Presley-themed Food and Beverage Outlet, or Retail Store at one
    or more Elvis Properties (e.g., a “direct from Graceland
    merchandise store”), the terms and conditions between
    Licensor and Licensee governing the same (including the amount
    of rent to be paid to Licensee in connection therewith) shall be
    negotiated by the parties in good faith on an arms-length basis.

 

    Section 11.07  Entertainment
    Attractions.  Licensee agrees to consult with
    Licensor in good faith on the type of Entertainment Attractions
    and performers at any of the Elvis Properties, provided
    that Licensee’s decision shall be final with respect to the
    type of Entertainment Attractions and performers at each Elvis
    Property. Notwithstanding the foregoing, Licensor shall have the
    right to approve in advance the placement of any Authorized
    Elvis Presley-themed Entertainment Attraction at any of the
    Elvis Properties, which consent shall not be

    

    19

 

    unreasonably withheld, and subject in all respects to any
    restrictions that Licensor may have pursuant to its agreements
    with Cirque Du Soleil, upon Licensor’s approval of an
    Authorized Elvis Presley-themed Entertainment Attraction at an
    Elvis Property, Licensor shall use reasonable best efforts to
    assist Licensee with obtaining the rights, through contract or
    license, to perform such Authorized Elvis Presley-themed
    Entertainment Attraction. Licensee acknowledges that it will not
    establish or contract with third parties to establish any
    Entertainment Attractions that will reflect adversely upon
    Licensor or the Licensor Owned IP or is in bad taste.

 

    Section 11.08  General
    Conditions of Elvis Properties.  Licensee
    shall cause the Elvis Properties and all Casinos, Food and
    Beverage Outlets, Lounges, Spas, Entertainment Attractions, and
    Retail Stores and other establishments contained within the
    Elvis Properties to be maintained in good condition and working
    order at all times during the Term hereof (subject to closures
    for maintenance or otherwise in the ordinary course of
    business). Without limiting the generality of the foregoing,
    Licensee shall from time to time continue to update and upgrade
    the Elvis Properties and the attractions contained therein as
    Licensee deems necessary in its reasonable business judgment.

 

    Section 11.09  Generic
    Property Elements.  Licensee may establish, or
    contract with third parties to establish, Generic Food and
    Beverage Outlets, Lounges, Spas, and Retail Stores throughout
    any of the Elvis Properties as provided for in Article 2
    hereunder (e.g., Hard Rock Café, Mortons, Canyon Ranch Spa,
    Banana Republic), provided that Licensee shall first
    consult with Licensor in good faith regarding such Food and
    Beverage Outlets, Lounges, Spas, and Retail Stores and the
    identification of third parties, provided further that
    with respect to the establishment of such Generic Food and
    Beverage Outlets, Lounges, Spas,
    and/or
    Retail Stores, Licensee’s decision shall be final.
    Notwithstanding the foregoing, Licensee acknowledges that it
    will not establish or contract with third parties to establish
    any Generic Food and Beverage Outlet, Lounge, Spa
    and/or
    Retail Store that predominantly offers goods and services in
    association with any of the activities listed in
    Exhibit E hereto or otherwise that would reflect
    adversely upon Licensor, the Presley family or the Licensor
    Owned IP, is in bad taste, or is otherwise inappropriate for
    sale at any of the Elvis Properties (e.g., a pornography store).

 

    Section 11.10  Incidental
    Goods and Services.  Notwithstanding any other
    provision of this Agreement, the parties acknowledge and agree
    that the incidental offering of goods or services cited on
    Exhibit E by a business located at an Elvis Property
    that is not primarily in the business of offering such goods or
    services (e.g., the sale of cigarettes and over-the-counter
    medicines at a convenience store, the sale of cigars at a
    lounge, or the offering of weight loss treatments at a Spa)
    shall not be a violation of this Agreement.

 

    Article 12

    

 

    MERCHANDISE
    APPROVAL AND RIGHTS

 

    Section 12.01  Submission
    of Materials.  Prior to any sale, marketing,
    promotion or distribution of any of the Elvis Property-themed
    Merchandise, Licensee, at its expense, shall submit to Licensor
    all items, including, without limitation, products, product
    samples, packaging, labeling, point of sale materials, sales
    materials, and advertising and marketing materials bearing the
    Licensor Owned IP
    and/or
    Creations, and if such items are in a foreign language,
    certification that the translations of such items are accurate,
    for Licensor’s advance written approval, in Licensor’s
    reasonable discretion, at all stages listed below.

 

	 	 	 
	

    Concept

	
 
	
    Rough sketches or layout concepts;
    

	

    Prototype

	
 
	
    Prototypes or finished artwork; and
    

	

    Final

	
 
	
    Pre-production sample.
    

 

    Section 12.02  Approval
    Procedures.  The following rules shall apply
    to all stages of the approval process, including without
    limitation, Concept, Prototype, and Final:

 

    a) Licensee shall not make any use of, sell, advertise, or
    distribute any items listed in Section 12.01 prior to
    Licensor granting final written approval in accordance with the
    provisions of Article 11 which, for the avoidance of doubt,
    are the following: except as otherwise expressly provided
    herein, Licensor shall have ten (10) business days
    following receipt (pursuant to the approval notice provisions
    set forth herein) of any request for Licensor’s approval
    hereunder to approve or disapprove the same. In the event
    Licensor does not approve or

    

    20

 

    disapprove any such request within such ten (10) business
    day period, Licensee may resubmit its request for approval in
    writing, which resubmitted request shall be conspicuously marked
    that it is the “Second Notice”. Licensor shall have
    ten (10) business days from Licensor’s receipt of
    Licensee’s resubmitted request to review and respond in
    writing to Licensee’s resubmitted request. If Licensor does
    not respond in writing to such resubmitted request within such
    ten (10) business day period, then such resubmitted request
    shall be deemed approved.

 

    b) Licensor, in its reasonable discretion, reserves the
    right to reject an item approved at a prior stage if in its
    physical form it does not meet Licensor’s marketing
    standards or materially departs from the approved sample;

 

    c) In the event of any material modification or change in
    quality of the items, whether during the approval process or
    after final approval has been granted, such items shall be
    re-submitted to Licensor for approval;

 

    d) Licensee shall disclose all sources for any artwork not
    supplied by Licensor or an employee of Licensee; and

 

    e) No facsimile transmissions will be accepted for
    approval. Notwithstanding the foregoing, submissions by
    e-mail will
    be accepted for approval, provided that Licensee
    simultaneously sends Licensor a physical copy of same.

 

    Section 12.03  No
    Waivers.  Approvals granted by Licensor under
    this Article 12 shall extend only to Licensee’s use of
    the Licensor Owned IP, Creations, or Licensor’s artwork
    and/or
    designs provided to Licensee. The provisions for indemnity under
    this Agreement and Licensee’s other obligations shall not
    be waived by approval of the Elvis Property-themed Merchandise
    by Licensor.

 

    Section 12.04  Quality
    Control.  All articles of Elvis
    Property-themed Merchandise shall be of good quality (which
    quality shall be comparable to that of similar goods
    manufactured, sold, and distributed by Licensor
    and/or any
    of its third party licensees) consistent with the standing of
    the Licensor Owned IP, and shall be free of defects in design,
    materials and workmanship. Licensee shall manufacture the
    articles of Elvis Property-themed Merchandise in accordance with
    the approved designs, materials, tolerances of manufacture and
    assembly, testing and packaging specifications approved by
    Licensor.

 

    Section 12.05  Compliance
    with Applicable Law.  All Elvis
    Property-themed Merchandise shall be manufactured, sold,
    labeled, packaged, distributed and advertised, and all elements
    of the operation of the Elvis Properties shall be, in accordance
    with all applicable laws, regulations and import and export
    controls in the applicable territory including, without
    limitation, all child-safety laws and regulations in each legal
    jurisdiction within the applicable territory.

 

    Section 12.06  Right
    to Inspect.  Licensee agrees to promptly
    furnish Licensor with the addresses of Licensee’s
    production facilities for the Elvis Property-themed Merchandise
    and the names and addresses of each manufacturer, if any, which
    is producing each item of the Elvis Property-themed Merchandise
    for Licensee. Licensor shall have the right, upon reasonable
    notice and during regular business hours, at its own expense to
    make inspections of any production facilities where any of the
    Elvis Property-themed Merchandise, or any components thereof,
    are being manufactured to determine whether Licensee
    and/or
    Licensee’s manufacturer is adhering to the requirements of
    this Agreement relating to the nature and quality of the Elvis
    Property-themed Merchandise and the use of the Licensor Owned IP
    in connection therewith.

 

    Section 12.07  Seconds
    and Disposals.  Licensee shall not sell,
    market, distribute or use for any purpose any Elvis
    Property-themed Merchandise or promotional, advertising and
    packaging material relating to the Elvis Property-themed
    Merchandise which are Seconds. Licensee shall destroy such
    Seconds unless Licensor, in its sole discretion, provides
    Licensee with express written instructions to otherwise dispose
    of such Seconds. All products, product samples, packaging,
    labeling, point of sale, sales materials and advertising bearing
    Licensor Owned IP produced by Licensee which are not suitable
    for use or sale pursuant to this Agreement shall be promptly
    destroyed.

 

    Section 12.08  Labeling
    Requirements.  Licensee shall cause to appear
    on all Elvis Property-themed Merchandise produced hereunder and
    on their tags, packaging, advertising and promotional materials
    such brand names, legends, markings and legal notices as
    Licensor may request from time to time, including, without

    

    21

 

    limitation, trademark and copyright notices. Licensee shall
    place its own name or identifying mark, including where
    applicable, the Licensee Owned IP, on the Elvis Property-themed
    Merchandise or on their packaging in an inconspicuous manner so
    that Licensor can readily identify the source of the Elvis
    Property-themed Merchandise. Licensee shall include at least one
    of the hologram security products available from OpSec as
    described on Exhibit F on the Elvis Property-themed
    Merchandise
    and/or its
    packaging. Before using or releasing any such material, Licensee
    shall submit to Licensor, for its approval, finished artwork for
    Elvis Property-themed Merchandise, tags, labels, packaging, and
    advertising and promotional materials embodying the labeling
    requirements specified herein which shall not be used or
    released prior to Licensee’s receipt of Licensor’s
    prior written approval as specified in this Article 12.
    Without limiting the generality of the foregoing, until such
    time as Licensor otherwise directs Licensee, the following
    legends shall appear at least once on each item of Elvis
    Property-themed Merchandise including all packaging and
    promotional materials:

 

    “ELVIS, ELVIS PRESLEY, and HEARTBREAK HOTEL [or other Marks
    utilized] are trademarks of Elvis Presley Enterprises,
    Inc.©
    Elvis Presley Enterprises, Inc.”

 

    Any Elvis Property-themed Merchandise that incorporates a Joint
    Logo and Name shall also include a legal notice of Licensee with
    respect to Licensee’s trademarks incorporated in the Joint
    Logo and Name. For example, for “Heartbreak Hotel at Park
    Central”:

 

    “HEARTBREAK HOTEL is a trademark of Elvis Presley
    Enterprises, Inc., PARK CENTRAL is a trademark of FX Luxury
    Realty LLC.”

 

    Section 12.09  Manufacturer’s
    Agreement.  Licensee shall not contract with
    any manufacturer without Licensor’s authorization. In the
    event that Licensee desires to have a manufacturer produce one
    or more articles of Elvis Property-themed Merchandise, Licensee
    shall provide Licensor with the name, address, telephone number
    and name of the principal contact of the proposed manufacturer.
    Licensor must approve any manufacturer, and the manufacturer
    must execute in duplicate original an agreement identical to the
    attached Exhibit G (“Manufacturer’s
    Agreement”) prior to use of the Licensor Owned IP.
    Licensee shall deliver the original copies of the
    Manufacturer’s Agreement signed by Licensee and the
    proposed manufacturer to Licensor, and Licensee shall obtain
    Licensor’s signature on the Manufacturer’s Agreements
    before the manufacture of the Elvis Property-themed Merchandise.
    Licensor shall advise Licensee of its approval or disapproval of
    any such manufacturer within ten (10) business days of
    Licensor’s receipt of the Manufacturer’s Agreement.
    Failure to respond within such ten (10) business day period
    shall be deemed approval. In addition, Licensee shall remain
    fully responsible for ensuring that the products are
    manufactured in accordance with the terms herein, including
    approval, and the Licensee shall take the steps necessary to
    ensure that the manufacturer: (i) produces the product only
    as and when directed by Licensee; (ii) does not distribute,
    sell or supply the Elvis Property-themed Merchandise to any
    person or entity other than Licensee; and (iii) does not
    delegate in any manner whatsoever its obligations with respect
    to the Elvis Property-themed Merchandise. Licensor hereby
    reserves the right to terminate in its reasonable discretion the
    engagement of any manufacturer for good cause at any time.

 

    Section 12.10  Generic
    Merchandise.  Licensor shall not have the
    right to pre-approve Generic Merchandise sold at any of the
    Elvis Properties. However, if at any time after an item of
    Generic Merchandise is placed on sale at any of the Elvis
    Properties, Licensor, after inspecting the same, determines, in
    good faith and in the exercise of its best business judgment,
    that such item either reflects adversely upon Licensor or the
    Licensor Owned IP, or is in bad taste, it may notify Licensee to
    such effect in writing and Licensee shall cease further sales of
    such item of Generic Merchandise at all of the Elvis Properties
    on or after the earlier of (A) one hundred and twenty
    (120) days after Licensee’s receipt of such notice, or
    (B) the date on which Licensee sells such last piece of
    such Generic Merchandise in stock on the day Licensee receives
    such notice.

 

    Section 12.11  Licensed
    Elvis Merchandise.  Licensee shall have the
    right to sell at retail on the grounds of the Elvis Properties
    (i.e., not on any of the Websites) Elvis Presley-related
    merchandise, books, artwork, Elvis sound recordings, and videos,
    including films, documentaries and other Elvis programs that are
    currently licensed, authorized, or otherwise approved by
    Licensor (“Licensed Elvis Merchandise”).
    Licensee shall not be permitted to sell any merchandise, books,
    artwork, Elvis sound recordings, or videos related to Elvis
    Presley that are not authorized or approved in advance by
    Licensor, including merchandise incorporating any of the Elvis
    Related IP which is (i) bootleg, or (ii) permitted
    under applicable law but not approved for sale in advance by
    Licensor at any of

    

    22

 

    the Elvis Properties (e.g., unauthorized artistic works, books,
    documentaries). Licensee shall not purchase any Elvis
    Presley-related merchandise from any third party other than
    those designated by Licensor. To the extent it has the ability
    to do so, Licensor shall use reasonable best efforts to get its
    third party licensees to sell Licensed Elvis Merchandise to
    Licensee on terms at least as good as those given by such third
    party licensee to any of its customers (including Licensor) such
    that the Licensee can purchase the Licensed Elvis Merchandise
    from the third party licensee at a price never to exceed the
    lowest price offered to any other customer (including Licensor)
    of the third party licensee and on such other terms that are as
    good as the most favorable terms given to any other customers of
    the third party licensee.

 

    Section 12.12  Supplies
    to Licensor.  Licensee agrees to sell to
    Licensor the Elvis Property-themed Merchandise in such
    quantities as Licensor may need in connection with its wholesale
    and retail activities. All sales by Licensee to Licensor of
    Elvis Property-themed Merchandise shall be at the lowest
    wholesale price. Licensee shall have no obligation to pay to
    Licensor any royalties with respect to such sales.

 

    Section 12.13  Free
    Samples.  Every calendar year, Licensee shall
    provide to Licensor, at no cost to Licensor, one hundred
    (100) promotional items of each article of Elvis
    Property-themed Merchandise, except for items retailing at fifty
    dollars ($50.00) or more, in which case Licensee shall provide
    ten (10) items of such Elvis Property-themed Merchandise.
    Such merchandise shall not be included in the computation of
    Gross Revenues under this Agreement.

 

    Article 13

    

 

    OTHER
    APPROVAL RIGHTS

 

    Section 13.01  Advertisements.  The
    form and content of all advertisements (print, television,
    radio, cinema, Internet), press releases, and other marketing,
    publicity and promotional materials that utilize any of the
    Licensor Owned IP, including the form and content of all
    Websites concerning any of the Elvis Properties, shall be
    subject to Licensor’s prior written approval, which
    approval shall not be unreasonably withheld. All advertisements,
    press releases, or other marketing, publicity, or promotional
    materials that utilize the Licensor Owned IP (“Publicity
    Materials”) proposed to be used by Licensee shall be
    submitted to Licensor together with all copy
    and/or
    storyboards, a detailed description of the intended use of such
    materials, and a description of the specific media in which such
    materials will be used. Licensor shall have the right to approve
    the Publicity Materials, such approvals not to be unreasonably
    withheld. Once Publicity Materials have been approved by
    Licensor hereunder, Licensee may continue to use such approved
    Publicity Materials without securing further approvals from
    Licensor.

 

    Section 13.02  Publications
    and Promotions.  Licensee shall not advertise
    any of the Elvis Properties in any publication or communications
    medium that is reasonably likely to damage the goodwill of the
    Licensor Owned IP in any way nor shall the Licensor Owned IP be
    used in any illegal, vulgar, obscene, immoral, unsavory or
    offensive manner, including without limitation, in connection
    with or relating to the promotion, sale
    and/or
    association with any of the activities listed in
    Exhibit E hereto. Licensee shall obtain, at its sole
    cost and expense, all third party consents and approvals
    necessary in connection with advertising and promotional
    activities that Licensor does authorize. Licensee acknowledges
    that Licensor’s approval of Publicity Materials for such
    advertising will not constitute or imply a representation or
    belief by Licensor that such Publicity Materials comply with any
    applicable laws or regulations.

 

    Section 13.03  Approval
    of New Trademarks and Logos.  Licensor shall
    have the right to approve any and all new trademarks and logos
    incorporating any of the Licensor Owned IP to be used at any of
    the Elvis Properties, which approval shall not be unreasonably
    withheld (including on Elvis Property-themed Merchandise, in any
    Publicity Materials, or as the name of, or incorporated in any
    Elvis Property). If Licensor approves such new trademark or
    logo, then Licensee shall have the right to use such new
    trademark or logo strictly in the form approved by Licensor;
    provided, however, that Licensor’s approval
    of such new trademark or logo shall not constitute any other
    approval required hereunder.

 

    Section 13.04  Sponsored
    Activities.  Licensor shall have the right to
    approve any and all other activities officially sponsored or
    endorsed by Licensee at any of the Elvis Properties that relate
    to Elvis Presley (e.g., a Licensee-sponsored or endorsed Elvis
    Presley film festival, lecture, fan club event, but not a
    gathering of

    

    23

 

    Elvis Presley fan clubs not sponsored or endorsed by
    Licensee). Licensee shall deliver to Licensor, for
    Licensor’s approval, a detailed description of any such
    intended activities, services, or products and any other
    materials reasonably requested by Licensor in connection
    therewith. In the event Licensor approves the material delivered
    to Licensor in respect of any particular activity, service or
    product, then Licensee shall use its reasonable best efforts to
    cause such activity, service or product, to be constructed
    operated,
    and/or
    implemented, as applicable, substantially in accordance with the
    materials approved by Licensor.

 

    Section 13.05  Other
    Activities.  The following activities at any
    of the Elvis Properties shall require Licensor’s prior
    written consent:

 

    a) Any sponsorships, co-branding opportunities, or
    commercial tie-ins of any products or services utilizing in any
    way the Elvis Related IP, or any part thereof,
    and/or the
    name of the Elvis Properties; and

 

    b) Any use of the premises of any of the Elvis Properties
    for the filming or taping of any theatrical motion picture,
    video or television program (other than a strictly
    “news” shows such as a local news telecast or
    infotainment show such as Entertainment Tonight).

 

    Article 14

    

 

    OTHER
    LIMITATIONS

 

    Section 14.01  Acquisition
    of Artifacts.  Licensee shall be prohibited
    from purchasing or acquiring any and all memorabilia, artifacts
    and personal effects relating, directly or indirectly, to Elvis
    Presley without Licensor’s prior consent.

 

    Section 14.02  Acquisition
    of Other Elvis Materials.  Licensee shall be
    prohibited from purchasing or acquiring any intellectual
    property relating, directly or indirectly, to Elvis Presley,
    including without limitation, his personal or professional
    career or activities (e.g., interests in musical compositions or
    sound recordings, audiovisual materials, etc.) without
    Licensor’s prior consent.

 

    Section 14.03  No
    Family Contact.  Licensee shall not contact or
    enter into any agreements (including promotional agreements,
    appearance agreements and consulting agreements) with any
    members of Elvis Presley’s family without Licensor’s
    prior written consent, such consent to be at Licensor’s
    sole discretion.

 

    Article 15

    

 

    ELVIS
    EXPERIENCES

 

    Section 15.01  Elvis
    Experiences in General.  If at any time during
    the Term Licensor (either with one of its business partners or
    by itself if applicable) desires to create an Elvis Experience,
    Licensee shall have a right to participate in such Elvis
    Experience on the terms set forth in Section 15.02 (with
    respect to an Elvis Experience on which Licensor desires to
    collaborate with a third party in addition to Licensee) or
    Section 15.03 (with respect to an Elvis Experience that
    Licensor desires to create with no third party collaboration).
    If Licensee requests that Licensor create an Elvis Experience at
    a property of Licensee, then, provided that Licensor has the
    right to do so, Licensor shall use reasonable best efforts to
    create such Elvis Experience pursuant to the terms of this
    Article 15.

 

    Section 15.02  Elvis
    Experiences With Third Party
    Collaboration.  If during the Term Licensor
    desires to create an Elvis Experience in collaboration with a
    third party, Licensor shall first notify Licensee of its desire
    to create such Elvis Experience, and provide to Licensee
    information relating to the site, location, design,
    construction, creation, production, presentation, budget,
    projections and financing of such Elvis Experience
    (collectively, the “Material Terms”). Licensee
    shall have thirty (30) days upon receipt of such notice
    (the “ROFR Period”) to consider the Material
    Terms and inform Licensor in writing whether it desires to
    invest and participate in such Elvis Experience pursuant to this
    Section 15.02. Upon Licensee’s notification that it
    wishes to participate and invest in such Elvis Experience, the
    parties shall work exclusively together in good faith to
    execute, within thirty (30) days following the end of the
    ROFR Period, an appropriate participation agreement providing,
    in part, that each of Licensor and Licensee shall own and share
    in fifty percent (50%) of all of Licensor’s economic
    benefits and obligations in connection with such Elvis
    Experience, including any fees or royalties payable to Licensor
    with

    

    24

 

    respect to such Experience, Licensor’s profits therein and
    losses therefrom; Licensor’s aggregate costs and expenses
    of creating, developing, building, and producing such Elvis
    Experience; Licensor’s costs incurred in connection with
    the rent, construction, marketing and promotion, production
    costs, operating costs and maintenance of such Elvis Experience.
    If the financial Material Terms of the Elvis Experience increase
    or decrease by fifteen percent (15%) or more during the ROFR
    Period, Licensor shall be required to advise Licensee of such
    change, in which case Licensee shall have an additional thirty
    (30) days in which to consider the changed Material Terms
    and inform Licensor of its determination as to whether or not it
    wishes to participate and invest in such Elvis Experience.

 

    Section 15.03  Elvis
    Experiences With No Third Party
    Collaboration.  If during the Term Licensor
    has the right and desires to create an Elvis Experience without
    third party collaboration, Licensor shall first notify Licensee
    of its desire to create such Elvis Experience, and provide to
    Licensee the Material Terms relating thereto. Licensee shall
    have the ROFR Period to consider the Material Terms and inform
    Licensor in writing whether it desires to invest and participate
    in such Elvis Experience pursuant to this Section 15.03.
    Upon Licensee’s notification that it wishes to participate
    and invest in such Elvis Experience, the parties shall promptly
    work exclusively together in good faith to execute, within
    thirty (30) days following the end of the ROFR Period, an
    appropriate participation agreement providing, in part, that
    (i) Licensor shall bear the initial production costs (until
    opening) of such Elvis Experience, (ii) Licensee shall
    provide and construct the premises or venue for the public
    presentation of such Elvis Experience and shall be entitled to a
    rental payment to be negotiated by the parties in good faith,
    and (iii) each of Licensor and Licensee shall own and share
    in fifty percent (50%) of the profits and losses of such Elvis
    Experience, provided, however, that in calculating
    such profits and losses (x) Licensor shall not recoup any
    of the initial production costs (until opening) borne by
    Licensor under clause (i) above, and (y) other than
    through rent payments, Licensee shall not recoup any of the
    costs to Licensee of providing and constructing the premises or
    venue.

 

    Section 15.04  Declined
    Elvis Experiences.  If after thirty
    (30) days following the end of the ROFR Period the parties
    have not entered into a participation agreement providing for
    their co-participation and co-investment in the Elvis
    Experience, or Licensee elects not to participate with Licensor
    (a “Declined Elvis Experience”), then Licensor
    shall be free to pursue the creation of such Declined Elvis
    Experience with any other Person without any further obligation
    to Licensee with respect to such Declined Elvis Experience,
    including with respect to the location of such Elvis Experience.
    If Licensor seeks to create a Declined Elvis Experience through
    collaboration with a third party, the financial Material Terms
    of such Declined Elvis Experience shall be no less than or
    greater than fifteen percent (15%) of the financial Material
    Terms offered to Licensee with respect to the Declined Elvis
    Experience, otherwise the provisions of Section 15.03 shall
    again apply.

 

    Section 15.05  No
    Royalties.  For clarification purposes, gross
    revenues derived from Elvis Experiences shall not be included in
    the computation of Gross Revenues payable to Licensor for
    purposes of determining royalties payable under Article 7.

 

    Article 16
    

 

    REVERSION OF RIGHTS

 

    Section 16.01  Reversion
    of Theme Park Rights.  In the event that
    Licensee or a Licensee Related Party has not opened an Elvis
    Presley-themed Theme Park within or outside an Elvis Property by
    the tenth (10th) anniversary of the Effective Date, then all
    rights granted to Licensee under Section 2.03 shall
    immediately revert to Licensor, and Licensee, its Affiliates,
    sublicensees, receivers, representatives, trustees, agents,
    administrators, successors or assigns, shall have no further
    right to use any Licensor Owned IP under Section 2.03.

 

    Section 16.02  Reversion
    of Lounge Rights.  In the event that Licensee
    or a Licensee Related Party has not opened an Elvis
    Presley-themed Lounge within or outside an Elvis Property by the
    tenth (10th) anniversary of the Effective Date, then all rights
    granted to Licensee under Section 2.04 shall immediately
    revert to Licensor, and Licensee, its Affiliates, sublicensees,
    receivers, representatives, trustees, agents, administrators,
    successors or assigns, shall have no further right to use any
    Licensor Owned IP under Section 2.04. The foregoing shall
    not limit any rights of Licensee, if any, with respect to Elvis
    Presley-themed Lounges covered by Section 2.01.

 

    Section 16.03  Reversion
    of Elvis Presley-themed Food and Beverage
    Outlets.  In the event that Licensee or a
    Licensee Related Party has not opened an Elvis Presley-themed
    Food and Beverage Outlet within or outside an

    

    25

 

    Elvis Property by the tenth (10th) anniversary of the Effective
    Date, then all rights granted to Licensee under
    Section 2.03 shall immediately revert to Licensor, and
    Licensee, its Affiliates, sublicensees, receivers,
    representatives, trustees, agents, administrators, successors or
    assigns, shall have no further right to use any Licensor Owned
    IP under Section 2.03. The foregoing shall not limit any
    rights of Licensee, if any, with respect to Elvis Presley-themed
    Food and Beverage Outlets covered by Section 2.01.

 

    Article 17
    

 

    OWNERSHIP OF RIGHTS

 

    Section 17.01  Ownership.  Licensee
    acknowledges that, as between Licensee, on the one hand and
    Licensor, on the other, Licensor is the sole and exclusive
    owner, to the extent Licensor may own such rights under
    applicable law, of all right, title and interest in and to the
    Licensor Owned IP in any form or embodiment thereof. Nothing
    contained in this Agreement shall be construed as an assignment
    to Licensee of any right, title or interest in or to the
    Licensor Owned IP, it being understood and agreed that, except
    with respect to the rights specifically licensed to Licensee
    hereunder, all right, title and interest in and to the Licensor
    Owned IP is hereby expressly reserved by Licensor.

 

    Section 17.02  Licensee
    Limitations.  Licensee shall not use
    Licensor’s name or any Elvis Related IP other than as
    specifically permitted hereunder. Licensor agrees that in using
    the Licensor Owned IP, it will in no way represent that it has
    any right, title or interest in or to the Licensor Owned IP
    other than as expressly granted under the terms of this
    Agreement. Uses of the Licensor Owned IP by Licensee shall be
    deemed to have been made by Licensor for purposes of
    registration of the Licensor Owned IP, in whole or in part, and
    all uses of the Licensor Owned IP by Licensee shall inure to the
    benefit of Licensor. In the event that any rights in and to the
    Licensor Owned IP are deemed to accrue to Licensee, Licensee
    does hereby irrevocably and in perpetuity assign all worldwide
    right, title and interest in and to the same to Licensor and
    shall, upon request, confirm such assignment in writing.
    Licensee agrees that it will, at any time both during the Term
    and thereafter, execute such documents, as Licensee may deem
    necessary or desirable for effecting the provisions of this
    Section 17.02.

 

    Section 17.03  Ownership
    of Creations.  Ownership of all Creations
    shall be in the name of Licensor and owned solely by Licensor
    who shall be entitled to use and license others to use such
    Creations subject to the provisions of this Agreement. All
    Creations created by Licensee or any of its employees or agents
    which qualify as a “work-made-for-hire” under
    applicable copyright laws in the applicable territory shall be a
    “work-made-for-hire” owned by Licensor. In such event,
    Licensee warrants and represents to Licensor that any employees
    referred to in the preceding sentence are true employees of
    Licensee. If any Creation is made by a third party for or on
    behalf of Licensee or any of its employees, Licensee shall
    obtain an assignment to Licensor from such third party of all
    intellectual property rights in and to such Creation using the
    form of Artwork Assignment Agreement attached at
    Exhibit H, and Licensee shall provide true and
    correct copies of such documentation to Licensor. In the event
    any Creation is not deemed a “work-made-for-hire”
    under applicable copyright law in the relevant jurisdiction, or
    if title to any Creation does not, by operation of law, vest in
    Licensor, Licensee hereby irrevocably and in perpetuity
    transfers and assigns to Licensor all worldwide right, title and
    interest in and to any Creation (including all copyright rights
    and intellectual property rights thereto). Licensee agrees that
    it will, at any time both during the Term and thereafter,
    execute such documents, as Licensor may deem necessary or
    desirable for effecting the provisions of this
    Section 17.03.

 

    Section 17.04  Goodwill
    and Promotional Value.  Licensee recognizes
    the value of the goodwill associated with the Licensor Owned IP
    and acknowledges that the Licensor Owned IP and all rights
    therein and the goodwill pertaining thereto, belong exclusively
    to Licensor. Licensee further recognizes and acknowledges that
    the Licensor Owned IP has acquired secondary meaning in the mind
    of the public. Licensee shall not at any time challenge or
    otherwise contest the title or any rights of Licensor to the
    Licensor Owned IP or the validity of the license being granted,
    or otherwise do or cause to be done any act or thing which would
    in any way adversely affect any rights of Licensor in and to the
    Licensor Owned IP or any registrations thereof or which,
    directly or indirectly, would reduce the value of the Licensor
    Owned IP or detract from the reputation of the Licensor Owned IP
    or threaten to injure the image or reputation of Licensor or the
    Licensor Owned IP.

    

    26

 

    Section 17.05  Irreparable
    Injury.  Licensee acknowledges that a material
    breach by Licensee of its obligations under this Agreement will
    result in immediate and irreparable damages to Licensor, and
    that Licensor will have no adequate remedy at law in respect
    thereof. Accordingly, Licensee agrees that if Licensee
    materially breaches any of its obligations hereunder, then in
    addition to all other rights or remedies, Licensor shall be
    entitled to injunctive relief against any such breach as well as
    such other relief as any court with jurisdiction may deem just
    and proper.

 

    Article 18
    

 

    INTELLECTUAL PROPERTY PROTECTION AND INFRINGEMENT

 

    Section 18.01  Intellectual
    Property Protection.  Licensor has the right,
    but not the obligation (except for the obligations under
    Section 3.02), to obtain at its own cost appropriate
    trademark, patent, copyright, and other intellectual property
    protection on the Licensor Owned IP. Licensee agrees that it
    shall not at any time apply for any copyright, trademark, or
    patent protection which would affect Licensor’s ownership
    of any rights in the Licensor Owned IP, file any applications
    for registration of any Joint Name and Logo or any trademarks
    containing any Licensor Owned IP, or derivatives thereof, or
    file any documents with any governmental agency or take any
    other action which could affect Licensor’s ownership of the
    Licensor Owned IP, or aid or abet anyone else in doing so,
    without Licensor’s prior consent.

 

    Section 18.02  Cooperation.  Licensee
    shall assist Licensor at Licensor’s expense, to the extent
    necessary in Licensor’s reasonable opinion, in procuring,
    protecting and defending any of Licensor’s rights in the
    Licensor Owned IP, in the filing and prosecution of any
    trademark application, copyright application or other
    applications for the Licensor Owned IP, the recording of this
    Agreement, and the publication of any notices or the doing of
    any other act or acts with respect to the Licensor Owned IP,
    including procuring evidence, giving testimony and cooperating
    with Licensor as may reasonably be required, and assisting
    Licensor with the prevention of the use thereof by an
    unauthorized person, firm or corporation, that in the judgment
    of Licensor may be necessary or desirable. For these purposes,
    Licensee shall supply to Licensor, free of cost to Licensor,
    such samples, containers, labels and similar materials as may
    reasonably be required in connection with any such actions.

 

    Article 19
    

 

    INFRINGEMENT

 

    Section 19.01  Notice
    of Infringement.  Licensee shall notify
    Licensor in writing of any material infringements,
    misappropriations, or other violations by third parties in
    respect of the Licensor Owned IP, the Elvis Property-themed
    Merchandise, or any other materials exploited or rights granted
    hereunder promptly upon Licensee becoming aware of such
    infringement, misappropriation, or other violation.

 

    Section 19.02  General
    Infringements.  With respect to the
    enforcement by Licensor of any Licensor Owned IP separate and
    distinct from the rights granted to Licensee in connection with
    the design, construction, operation
    and/or
    promotion of Elvis Presley-themed Hotels or Casinos (a
    “General Infringement”), Licensor shall have
    the sole and exclusive right to determine whether or not any
    action shall be taken on account of any such infringement,
    misappropriation or other violation. Licensor, if it so desires,
    may commence or prosecute any claims or suits in its own name,
    or with the prior written consent of Licensee (which consent
    shall not be unreasonably withheld), in the name of Licensee or,
    with the prior consent of Licensee (which consent shall not be
    unreasonably withheld), join Licensee as a party thereto.
    Licensor shall act in good faith, use its reasonable business
    judgment, and consult with Licensee in determining whether to
    prosecute a General Infringement of which Licensee has notified
    Licensor or which otherwise affects any rights granted to
    Licensee hereunder, taking into account the nature of the
    infringed rights, the geography of the infringement,
    Licensor’s and Licensee’s business interest in the
    rights being infringed and the jurisdiction of the infringement,
    and such other factors as determined by Licensor. Licensee
    agrees not to contact the third party, not to make any demands
    or claims, not to institute any suit nor take any other action
    on account of such infringements, misappropriations or other
    violations without first obtaining the prior express written
    consent of Licensor. With respect to all claims and suits
    relating to a General Infringement in which Licensor is a party
    or otherwise participates, Licensor shall have the sole right to
    designate counsel of its choice and

    

    27

 

    to control the litigation and any settlement thereof, and
    Licensor shall be entitled to receive and retain all amounts
    awarded as damages, profits or otherwise and all settlement
    proceeds, in connection with such suits.

 

    Section 19.03  Elvis
    Hotel, Lounge and Casino Infringements.  With
    respect to the enforcement by Licensor of any Licensor Owned IP
    related to the rights granted to Licensee in connection with the
    design, construction, operation
    and/or
    promotion of Elvis Presley-themed Hotels or Casinos
    (“Elvis Hotel, Lounge and Casino
    Infringements”). Licensor, if it so desires, may
    commence or prosecute any claims or suits in its own name, or
    with the prior written consent of Licensee (which consent shall
    not be unreasonably withheld), in the name of Licensee or, with
    the prior consent of Licensee (which consent shall not be
    unreasonably withheld), join Licensee as a party thereto.
    Licensor agrees to act in good faith, use its reasonable
    business judgment, and consult with Licensee in determining
    whether to prosecute an Elvis Hotel, Lounge and Casino
    infringement, taking into account the nature of the infringed
    rights, the geography of the infringement, Licensor’s and
    Licensee’s business interest in the rights being infringed
    and the jurisdiction of the infringement, and such other factors
    as determined by Licensor or identified by Licensee. Licensor
    may oppose taking action against an Elvis Hotel, Lounge and
    Casino infringement if Licensor determines in good faith and
    reasonably demonstrates to Licensee that such action could
    create a substantial business risk affecting the ownership
    rights of Licensor in and to the Licensor Owned IP. Licensee
    acknowledges that Licensor shall have no obligation to prosecute
    infringement actions if it so determines and makes such
    demonstration in accordance with the foregoing. In the event of
    a disagreement as to whether to prosecute an Elvis Hotel, Lounge
    and Casino Infringement, senior members of the management of
    each party shall meet within five (5) days of a written
    request by either party to discuss the issue in good faith,
    provided that Licensor’s presumption shall be used
    as a basis for determining whether to take action against an
    Elvis Hotel, Lounge and Casino Infringement, unless Licensee
    overcomes such presumption with clear and convincing evidence to
    the contrary. With respect to all other Elvis Hotel, Lounge and
    Casino Infringements, if Licensor does not take action within
    thirty (30) days of being notified by Licensor, Licensee
    may take action at its own expense and Licensor shall reasonably
    cooperate with Licensee in connection therewith. All costs and
    expenses, including attorney’s fees, incurred in connection
    with any suit instituted by Licensee, shall be borne solely by
    Licensee. All amounts awarded as damages, profits, or otherwise,
    and all settlement proceeds of any action by Licensee in which
    Licensor is not a party, shall be retained by Licensee.

 

    Article 20
    

 

    LICENSEE WARRANTIES AND INDEMNIFICATION

 

    Section 20.01  Licensee
    Representations and Warranties.  Licensee
    represents, warrants, and agrees that:

 

    a) Licensee has the legal right, power and authority to
    enter into this Agreement and perform in accordance with the
    terms of this Agreement;

 

    b) No materials, ideas or other properties (other than
    Licensor Owned IP) embodied in, or used in connection with, any
    Elvis Property, Elvis Property-themed Merchandise, or other
    products, services or activities permitted hereunder will
    violate or infringe upon any U.S. Federal or state,
    foreign, or supranational legislation or common law right of any
    individual or entity, including contractual rights, copyrights,
    trademarks, and rights of privacy and publicity;

 

    c) Licensee shall not use or grant any right to any third
    party to use the Licensor Owned IP in any manner other than as
    expressly permitted under this Agreement;

 

    d) Licensee shall materially comply with all the provisions
    of applicable trademark, copyright and privacy and publicity
    rights laws;

 

    e) Licensee shall comply with all applicable U.S., Federal
    or state, foreign, or supranational legislation or common law,
    local statutes, ordinances and other applicable laws affecting
    or otherwise applicable to the construction, establishment, and
    operation of the Elvis Properties and all products sold,
    services rendered, and activities at or in connection with the
    Elvis Properties, including without limitation, gaming laws,
    healthy and safety laws, building codes, licensing requirements,
    zoning laws, and employment and labor laws;

 

    f) All Royalty Reports shall be accurate and complete;

    

    28

 

    g) All Elvis Property-themed Merchandise shall be free from
    defects, merchantable, fit for its intended use, materially
    conform to samples which received final approval, comply with
    all legally applicable treaties, laws, regulations, standards
    and guidelines including, but not limited to, health, product
    safety and labeling, and that Licensee shall have received the
    necessary approvals and certification(s) throughout the
    applicable territory;

 

    h) Licensee is solvent within the meaning of the bankruptcy
    laws of Tennessee, and has not ceased to pay its debts in the
    ordinary course of business; and

 

    i) Neither Licensee nor any Licensee Related Party shall
    take any action (including, by granting any third party any
    right or license) that could reasonably be expected to associate
    Elvis Presley, Licensor or any of its Affiliates, the Elvis
    Properties, or any Elvis Related IP with any activity, product
    or service set forth on Exhibit E hereto.

 

    Section 20.02  Licensee
    Indemnification.  Licensee shall defend,
    indemnify and hold harmless Licensor and its Related Parties
    (collectively, “Licensor Indemnified Parties”)
    from any lawsuit, legal proceeding, action, claim, cause of
    action, or demand, including reasonable attorney’s fees and
    court costs (collectively, “Claims”) arising
    out of or connection with:

 

    a) Any and all activities engaged in, or services provided,
    by Licensee or any Related Parties arising in connection with
    any activities undertaken in connection with any of the Elvis
    Properties;

 

    b) The Elvis Property-themed Merchandise, the promotional,
    advertising or packaging materials relating to such Elvis
    Property-themed Merchandise, any alleged defect in such Elvis
    Property-themed Merchandise, or the use or condition thereof,
    and Licensee’s methods of manufacturing, marketing, selling
    or distributing the Elvis Property-themed Merchandise;

 

    c) Licensee’s use of the Elvis Related IP not in
    accordance with the terms and conditions of this Agreement;

 

    d) Any alleged violation, infringement, unauthorized use or
    misappropriation of any intellectual property of any third
    parties arising under or in conjunction with the activities
    undertaken or services provided at any of the Elvis
    Properties; and

 

    e) Any breach or violation of any warranty, representation,
    term or condition of this Agreement by Licensee, any Licensee
    Related Party or any manufacturer.

 

    Section 20.03  Licensee
    Limitations.  The indemnification by Licensee
    hereunder shall include all damages, interest payments,
    reasonable attorney’s fees, costs and expenses which may be
    levied against or incurred by the Licensor Indemnified Parties,
    including costs of collection of all amounts owed to Licensor by
    Licensee and costs of all actions by Licensor against Licensee
    to enforce Licensee’s compliance with this Agreement. This
    obligation to indemnify and hold harmless Licensor Indemnified
    Parties shall not apply to any Claim which is solely due to the
    negligence or wrongful acts of the Licensor Indemnified Parties
    or any Claim based on an allegation that an approved use by
    Licensee of the Licensor Owned IP infringes the intellectual
    property rights or otherwise violates the rights of any third
    party. Compliance by Licensee with the insurance provision of
    this Agreement shall not relieve Licensee from liability under
    this indemnity provision except that Licensee’s obligations
    with respect to any Claim for loss of or damage to an Artifact
    shall be limited to the greater of (i) the value of such
    Artifact as identified by Licensor on delivery thereof to
    Licensee, or (ii) the actual insured value of such Artifact.

 

    Section 20.04  Licensee
    Control.  Licensee shall assume control of the
    defense
    and/or
    settlement of each Claim with counsel of Licensee’s choice,
    which counsel must be reasonably acceptable to Licensor,
    provided that if Licensee fails to assume control of the
    defense of a Claim after fifteen (15) days notice to
    Licensee by Licensor, Licensor shall assume control of the
    defense of the Claim at Licensee’s sole cost and expense,
    and Licensee shall be bound by the results obtained by Licensor.

 

    Section 20.05  Licensor
    Participation.  If Licensee assumes control of
    the defense of a Claim, Licensor shall have the right to
    participate in the defense at Licensor’s own cost and
    expense. Licensee shall not settle any Claim in respect of which
    indemnity may be sought hereunder, whether or not any Licensor
    Indemnified Party is an

    

    29

 

    actual or potential party to such Claim, action or proceeding
    without Licensor’s prior written consent, which consent
    shall be at the sole discretion of Licensor; it being expected
    that such consent would not be withheld with respect to any
    proposed settlement (i) in which all plaintiffs or
    claimants affirmatively and unconditionally absolve and release
    each Licensor Indemnified Party from any responsibility or
    liability with respect thereto and the subject matter thereof,
    (ii) which does not impose any actual or potential
    liability upon any Licensor Indemnified Party and
    (iii) which does not contain or imply a factual admission
    by or with respect to any Licensor Indemnified Party or any
    adverse statement or implication with respect to the character,
    professionalism, due care, loyalty, expertise, or reputation of
    any Indemnified Party or any action or inaction by any Licensor
    Indemnified Party.

 

    Section 20.06  Cooperation.  Each
    Licensor Indemnified Party shall cooperate fully with Licensee
    in the defense of any Claims covered under Section 20.02 at
    Licensee’s sole cost and expense. The Licensor Indemnified
    Party shall give notice to Licensee within fifteen
    (15) business days after learning of such Claim, but
    failure to do so in such time period shall only relieve Licensee
    of its obligations to indemnify to the extent such delay
    actually prejudices the Licensor Indemnified Party.

 

    Article 21
    

 

    LICENSOR WARRANTIES AND INDEMNIFICATION

 

    Section 21.01  Licensor
    Representations and Warranties.  Licensor
    represents, warrants, and agrees that:

 

    a) Licensor has the legal right, power and authority to
    enter into this Agreement and perform in accordance with the
    terms of this Agreement;

 

    b) Licensor owns or has the right to license to Licensee in
    accordance with this Agreement (i) the Elvis Identification
    Elements, (ii) the Audiovisual Works, and (iii) the
    Photos, in each case to the extent protectable by applicable law;

 

    c) Licensor has delivered to Licensee a true and complete
    list of all trademark registrations and applications included in
    the Licensor Owned IP, and Licensor owns or has the right to
    license to Licensee such registered trademarks in accordance
    with this Agreement. The trademark registrations and
    applications are subsisting and have not been adjudged invalid
    or unenforceable as of the Effective Date;

 

    d) All copyrights in the Audiovisual Works are subsisting
    and have not been adjudged invalid or unenforceable as of the
    Effective Date;

 

    e) The use by Licensee of the Elvis Identification
    Elements, and the Marks ELVIS, ELVIS PRESLEY, and HEARTBREAK
    HOTEL, in the United States in connection with Elvis
    Presley-themed Hotels and Casinos in accordance with this
    Agreement does not and shall not infringe or violate the
    intellectual property rights of the Licensor, any of its
    Affiliates, or any third party;

 

    f) The rights granted to Licensee hereunder with respect to
    the Licensor Owned IP are sufficient to enable Licensee to
    develop and operate Elvis Properties in the United States;

 

    g) In exercising Licensor’s approval rights hereunder,
    Licensor is not required to obtain the consent or approval of
    any member of Elvis Presley’s family;

 

    h) There are no actions, suits, legal proceedings or formal
    investigations pending, or to the knowledge of Licensor,
    threatened, against or affecting Licensor before any court,
    arbitrator or administrative or governmental body that would or
    are reasonably likely to materially adversely impact the rights
    granted to Licensee hereunder; and

 

    i) There are no pending or existing adverse orders,
    judgments, legal proceedings, formal investigations, or written
    claims, or, to the knowledge of Licensor, restrictions or
    encumbrances regarding or relating to the use of the Licensor
    Owned IP, that would or are reasonably likely to materially
    adversely impact the rights granted to Licensee hereunder.

 

    Section 21.02  Licensor
    Indemnification.  Licensor shall defend,
    indemnify and hold harmless Licensee, its parent, affiliates,
    officers, directors, employees and agents (collectively,
    “Licensee Indemnified Parties”) from any

    

    30

 

    Claims arising out of or connection with: (i) any breach or
    violation of any representation or warranty by Licensor or any
    of its Affiliates; or (ii) any breach or violation of any
    law or regulation by Licensor or any of its Affiliates; or
    (iii) any breach by Licensor of any contractual obligation
    of Licensor to its Affiliates or to a third party.

 

    Section 21.03  Licensor
    Limitations.  Licensor’s indemnification
    hereunder shall include all damages, interest payments,
    reasonable attorney’s fees, costs and expenses which may be
    levied against or incurred by the Licensee Indemnified Parties,
    including costs of collection of all amounts owed to Licensee by
    Licensor and costs of all actions by Licensee against Licensor
    to enforce Licensor’s compliance with this Agreement. This
    obligation to indemnify and hold harmless Licensee Indemnified
    Parties shall not apply to any Claim which is solely due to the
    negligence or wrongful acts of the Indemnified Parties.

 

    Section 21.04  Control.  Licensor
    shall assume control of the defense
    and/or
    settlement of each Claim with counsel of Licensor’s choice,
    which counsel must be reasonably acceptable to Licensee,
    provided that if Licensor fails to assume control of the
    defense of a Claim after fifteen (15) days notice to
    Licensee by Licensor, Licensee shall assume control of the
    defense of the Claim at Licensor’s sole cost and expense,
    and Licensor shall be bound by the results obtained by Licensee.

 

    Section 21.05  Licensee
    Participation.  If Licensor assumes control of
    the defense of a Claim, Licensee shall have the right to
    participate in the defense at Licensee’s own cost and
    expense. Licensor shall not settle any Claim in respect of which
    indemnity may be sought hereunder, whether or not any Licensee
    Indemnified Party is an actual or potential party to such Claim,
    action or proceeding without Licensee’s prior written
    consent, which consent shall be at the sole discretion of
    Licensee; it being expected that such consent would not be
    withheld with respect to any proposed settlement (i) in
    which all plaintiffs or claimants affirmatively and
    unconditionally absolve and release each Licensee Indemnified
    Party from any responsibility or liability with respect thereto
    and the subject matter thereof, (ii) which does not impose
    any actual or potential liability upon any Licensee Indemnified
    Party and (iii) which does not contain or imply a factual
    admission by or with respect to any Licensee Indemnified Party
    or any adverse statement or implication with respect to the
    character, professionalism, due care, loyalty, expertise, or
    reputation of any Indemnified Party or any action or inaction by
    any Licensee Indemnified Party.

 

    Section 21.06  Cooperation.  Each
    Licensee Indemnified Party shall cooperate fully with Licensor
    in the defense of any Claims covered under Section 21.02 at
    Licensor’s sole cost and expense. The Licensee Indemnified
    Party shall give notice to Licensor within fifteen
    (15) business days after learning of such Claim, but
    failure to do so in such time period shall only relieve Licensor
    of its obligations to indemnify to the extent such delay
    actually prejudices the Licensee Indemnified Party.

 

    Article 22
    

 

    INSURANCE

 

    Section 22.01  Insurance
    Generally.  Licensee shall, throughout the
    Term of this Agreement, obtain and maintain throughout the Term
    hereof at its own expense from a qualified AA or higher rated
    insurance company licensed to do business in the State of Nevada
    and the State of Tennessee, with a rating of no less than A-IX
    by A M Best’s all customary insurance in respect of the
    activities to be engaged in hereunder, including general
    liability insurance, products liability insurance, errors and
    omissions insurance, worker’s compensation insurance, and
    all other customary insurance required by Licensor hereunder.
    The form and amount of coverage for each insurance policy shall
    be subject to Licensor’s written approval and shall comply
    with the requirements of all applicable laws, and each such
    insurance policy shall name Licensor as an additional insured
    (except Worker’s Compensation and Errors and Omissions
    policies ) . Without limiting the generality of the foregoing,
    in no event shall the amount of coverage for the following types
    insurance be less than the applicable amounts specified below:

 

    1. Commercial General Liability Insurance for limits of
    $1,000,000 per occurrence Bodily Injury and Property Damage
    Combined, $1,000,000 per occurrence Personal &
    Advertising Injury, $2,000,000 aggregate Products and Completed
    Operations Liability, $100,000 Fire Legal Liability and
    $2,000,000 General Aggregate limit per location. The policy
    shall be written on an occurrence basis with no deductible.

    

    31

 

    2. Policy shall be endorsed to name Elvis Presley
    Enterprises, Inc. as “additional insured”. Definition
    of Additional Insured shall include all Partners, Officers,
    Directors, Employees and agents. Further, coverage for the
    “additional insured” shall apply on a primary basis
    irrespective of any other insurance, whether collectible or not.

 

    3. Workers Compensation affording coverage under the
    Workers Compensation laws of the States of Nevada and Tennessee
    and Employers Liability coverage subject to a limit of no less
    than $1,000,000 each employee, $1,000,000 each accident, and
    $1,000,000 policy limit.

 

    4. Umbrella Liability Insurance for the total limit
    purchased by the Licensee but not less than a $3,000,000 limit
    providing excess coverage over all limits and coverages noted
    above. This policy shall be written on an “occurrence”
    basis.

 

    5. Errors and Omissions Insurance not less than a
    $2,000,000 limit providing coverage for damages arising out of
    acts, errors or omissions of the Licensee. If coverage is
    terminated after completion of the agreement, an Extended
    Reporting Period will be purchased for a minimum of two years.

 

    6. All Risk property insurance including flood, earthquake
    and terrorism on property loaned to the Licensee in an amount
    equal to the current market value. Coverage shall name Licensor
    as loss payee.

 

    Section 22.02  Coverage.  Such
    policies shall provide protection against, without limitation,
    any and all claims, demands and causes of action by any
    invitees, visitors, guests or employees at any of the Elvis
    Properties in connection with any injuries, damages or
    otherwise, and any and all claims, demands and causes of action
    arising out of any defects or failure to perform, alleged or
    otherwise, of the Elvis Property-themed Merchandise or any other
    products or services offered by Licensee hereunder (including
    food and beverage products), or any materials or ingredients
    used in connection therewith or any use thereof, and any damages
    or loss in respect of any Artifacts or other items delivered by
    Licensor to Licensee hereunder. Each policy shall provide for
    ten (10) day notice to Licensor from the insurer by
    Registered or Certified Mail, return receipt requested, in the
    event of any modification, cancellation or termination. Licensee
    shall deliver to Licensor a certificate of insurance evidencing
    same within thirty (30) days after execution of this
    Agreement, and in no event, shall Licensee engage in any
    construction or activities hereunder, or manufacture, offer for
    sale, sell, advertise, promote any Elvis Property-themed
    Merchandise, food, beverages, liquor or other products, prior to
    the receipt by Licensor of such evidence of insurance and
    Licensor’s prior written approval thereof.

 

    Article 23
    

 

    TERM AND TERMINATION

 

    Section 23.01  Term.  The
    term of this Agreement shall be in perpetuity unless otherwise
    terminated in accordance with the terms and conditions of this
    Agreement (the “Term”).

 

    Section 23.02  Termination
    by Licensor.  Without prejudice to any other
    rights which Licensor may have, Licensor shall have the right to
    terminate this Agreement upon written notice to Licensee,
    subject to Licensee’s rights to cure set forth herein:

 

    a) if Licensee shall fail to make any payment due hereunder
    or to deliver any of the Royalty Reports herein referred to, and
    if such default shall continue for a period of thirty
    (30) business days after receipt of written notice of such
    default by Licensee;

 

    b) if Licensee shall discontinue its business, file or have
    filed against it a petition in bankruptcy, reorganization or for
    the adoption of an arrangement under any present or future
    bankruptcy, reorganization or similar law (which petition is not
    dismissed within ninety (90) days after the filing date),
    make an assignment for the benefit of its creditors or is
    adjudicated bankrupt, or a receiver, trustee, liquidator or
    sequestrator of all or substantially all of Licensee’s
    assets is appointed, or any secured creditor of Licensee
    exercises or purports to exercise any right or remedy as a
    secured creditor with respect to any collateral consisting, in
    whole or in part, of this Agreement, or the rights granted to
    Licensee hereunder. In any such instance, all rights of Licensee
    hereunder shall automatically terminate forthwith without
    notice. Notwithstanding any other term or provision

    

    32

 

    of this Agreement, (i) Licensee shall have no right to cure
    any of the foregoing defaults set forth in this
    Section 23.02b), and (ii) this Agreement is personal
    to Licensee and may not be assigned in connection with any
    bankruptcy proceeding;

 

    c) if Licensee becomes subject to any voluntary or
    involuntary order by a government or governmental agency,
    regulatory body, court, or the like, ordering the withdrawal,
    discontinuance, removal or recall of any product or service
    offered at any of the Elvis Properties, the withdrawal,
    discontinuance, removal or recall of which would materially
    disrupt the operation of the Elvis Properties because of safety,
    health or other hazards or risks to the public, provided
    that if any recall of Elvis Property-themed Merchandise occurs,
    this Agreement shall not terminate, but Licensee shall no longer
    have a right to sell the affected Elvis Property-themed
    Merchandise;

 

    d) if Licensee materially violates any applicable
    U.S. Federal or state, foreign, or supranational
    legislation or common law, local statutes, ordinances and laws
    affecting or otherwise applicable to the construction,
    establishment, and operation of the Elvis Properties and all
    products sold, services rendered, and activities at or in
    connection with the Elvis Properties, including without
    limitation, gaming laws, health and safety laws, building codes,
    licensing requirements, zoning laws, and employment and labor
    laws, and if such violation materially and adversely affects
    Licensor or the Elvis Presley Properties;

 

    e) if Licensee fails to obtain or maintain insurance in the
    amount
    and/or the
    type provided for under Article 22 and if such failure
    shall continue for a period of thirty (30) business days
    after written notice of such failure is received by Licensee;

 

    f) if Licensee uses the Licensor Owned IP in an
    unauthorized manner, fails to cause to appear proper legal
    notices or other required identification, asserts rights in the
    Licensor Owned IP without Licensor’s prior written consent,
    or if Licensee fails to obtain Licensor’s approval, exceeds
    Licensor’s approval, or ignores Licensor’s disapproval
    required hereunder, and Licensee fails to cure such default
    within thirty (30) business days of receipt of written
    notice thereof by Licensee;

 

    g) if Licensee fails in any respect to abide by the
    provisions set forth in Section 24.06 regarding assignment
    and sublicensing or encumbrances this Agreement or any of its
    rights or obligations hereunder other than as expressly
    permitted herein, and if such failure shall continue for a
    period of thirty (30) business days after written notice of
    such failure is received by Licensee; or

 

    h) if Licensee shall fail to perform any other material
    term or condition of this Agreement or otherwise materially
    breaches any term, condition, agreement or covenant herein and
    (i) such default is not curable, or (ii) such default
    is curable but Licensee does not cure such failure within thirty
    (30) business days after written notice from Licensor.

 

    Licensor agrees that, with respect to defaults under paragraphs
    (e), (f), (g) and (h) above, to the extent any such
    default is curable but not within the thirty (30)-day period set
    forth therein, and Licensee is diligently proceeding to cure
    such default, such default will not constitute grounds for a
    termination of this Agreement if it is cured within a total of
    ninety (90) days.

 

    Section 23.03  Termination
    by Licensor or Licensee.  Unless Licensee
    exercises its Buy-Out right pursuant to Section 7.18 hereof
    (in which case Licensor shall have no right to terminate this
    Agreement pursuant to this Section 21.03), Licensor or
    Licensee shall have the right to terminate this Agreement upon
    ten (10) days written notice to the other party upon the
    date that is the later of (i) ten (10) years after the
    Effective Date or (ii) the date on which Licensee’s
    Buy-Out right set forth in Section 7.18 hereof expires. If
    such right is not exercised, Licensor or Licensee shall again
    have the right to so terminate this Agreement on each tenth
    anniversary of such date (e.g., May 29, 2017; May 29,
    2027, May 29, 2037, and so on). In the event that Licensee
    exercises its termination right pursuant to this
    Section 23.03, then (x) the agreement between Licensee
    and Muhammad Ali Enterprises LLC dated as of the date hereof
    (the “MAE Agreement”) shall also terminate
    pursuant to Section 21.03 thereof and (y) Licensee
    shall pay to Licensor a termination fee of forty-five million
    dollars $45,000,000 as consideration for the termination

    

    33

 

    of this Agreement, as well as any amount due pursuant to
    Section 7.09. Upon any termination pursuant to this
    Section 23.03, whether by Licensor or Licensee, the
    following terms and conditions shall apply:

 

    a) The rights granted to Licensee and Licensee Related
    Parties (including any Project Company) hereunder shall remain
    in effect with respect to all Elvis Properties that are open or
    under construction at the time of such termination and none of
    the provisions set forth in Article 24 hereof shall apply
    to such Elvis Properties, provided that Licensee and the
    Licensee Related Parties continue to pay royalties and any other
    fees required hereunder directly to Licensor and comply with the
    terms and conditions hereof, except that no further Guaranteed
    Minimum Royalties shall be due under this Agreement;

 

    b) Licensor shall be substituted for Licensee in the
    provisions of any Site License concerning the payment of
    royalties (including any guaranteed minimum royalties under such
    Site License) and any other fees in respect of the rights
    granted to any Project Company thereunder;

 

    c) Licensee shall have no further right to develop any new
    Elvis Properties; and

 

    d) Except for in Memphis, Tennessee, Licensor shall not
    develop or authorize any third party to develop any Elvis
    Properties within fifteen (15) miles of any Elvis Property
    that is open or under construction at the time of termination
    pursuant to this Section 23.03.

 

    Article 24
    

 

    POST TERMINATION RIGHTS AND OBLIGATIONS

 

    Section 24.01  Unbranding.  Upon
    termination of this Agreement, Licensee shall return all
    Artifacts to Licensor within sixty (60) days. Licensee
    shall have one (1) year from the date of termination (the
    “Unbranding Period”) to complete the removal of
    the Elvis Presley theme from each Elvis Property (except for
    Elvis Experiences), including ceasing use of the mark
    “HEARTBREAK HOTEL”, or any other name of the Elvis
    Properties that incorporates any of the Marks, and removing from
    the Elvis Properties all materials and design elements which
    incorporate, embody or are related to the Elvis Presley theme or
    the Licensor Owned IP. After the Unbranding Period, Licensee
    shall refrain from direct or indirect use of, or reference to
    any Licensor Owned IP in any manner. During the Unbranding
    Period, Licensee shall continue to abide by all obligations
    under this Agreement, including paying to Licensor all royalty
    amounts due pursuant to Section 7.09, and furnish Licensor
    with all Royalty Reports.

 

    Section 24.02  Reversion
    of Rights.  Immediately after the Unbranding
    Period, all rights granted to Licensee under this Agreement
    shall immediately revert to Licensor, and Licensee, its
    Affiliates, sublicensees, receivers, representatives, trustees,
    agents, administrators, successors or assigns shall have no
    further right to use any Licensor Owned IP in any manner.
    Licensee shall immediately deliver to Licensor, at
    Licensee’s expense, any and all photographs, likenesses,
    and other materials or items delivered by Licensor to Licensee
    hereunder, or at Licensor’s request, Licensee shall
    destroy, all such materials designated by Licensor, and shall
    deliver to Licensor satisfactory evidence of such destruction.
    Licensee shall be responsible to Licensor for any damages caused
    by the unauthorized use by the Licensee of such materials which
    are not delivered to Licensor or destroyed in accordance with
    the foregoing.

 

    Section 24.03  Existing
    Inventory.  Within ten (10) days after
    the termination of this Agreement, Licensee shall deliver to
    Licensor a statement of inventory indicating the number and
    description of Elvis Property-themed Merchandise which it has on
    hand or which is in the process of manufacture. Licensor shall
    have the option of conducting a physical inventory on or after
    the date of such termination. After termination of this
    Agreement, Licensee shall have the non-exclusive right to sell,
    ship, market and distribute the Elvis Property-themed
    Merchandise which are on hand or in the process of manufacture
    at the date of or at the time notice of termination is received
    solely during the Unbranding Period, provided that the
    royalty payments with respect to that period are paid and the
    appropriate Royalty Reports for that period are furnished. In
    respect of any inventory of Elvis Property-themed Merchandise
    remaining upon the expiration of the Unbranding Period, Licensee
    shall deliver to Licensor upon expiration of the Unbranding
    Period notice of the quantity of all such merchandise and
    Licensee’s direct out-of-pocket cost of manufacturing such
    merchandise. Licensor shall have the right to purchase all or
    any portion of

    

    34

 

    such inventory upon notice to Licensee and payment of the
    aforesaid manufacturing costs within thirty (30) days after
    the date of receipt of Licensee’s notice. If Licensor
    elects not to purchase all or any portion of such inventory
    within such thirty (30) day period, then any remaining
    Elvis Property-themed Merchandise must be destroyed.

 

    Section 24.04  Irreparable
    Injury.  Licensee acknowledges that its
    failure to strictly comply with the foregoing provisions will
    result in immediate and irreparable damage to Licensor and the
    rights of any subsequent licensee of the Licensor. Licensee
    acknowledges and admits that there is no adequate remedy at law
    for failure to cease such activities, and Licensee agrees that
    in the event of such failure to cease such activities, Licensor
    shall be entitled to equitable relief by way of injunction and
    such other relief as any court with jurisdiction may deem just
    and proper.

 

    Section 24.05  Survival.  The
    provisions of this Agreement which by their terms or by
    implication are to have continuing effect after the termination
    of this Agreement shall survive the Term of this Agreement,
    which without limiting the generality of the foregoing, shall
    include Sections 3.03, 3.07, 4.02, 7.09, 8.02 and
    Articles 14, 17, 20, 21, 24, 25 and 26.

 

    Section 24.06  No
    Assignment.  Except as provided below, the
    license granted hereunder is personal to Licensee, and Licensee
    shall not assign, transfer or sublicense this Agreement or any
    of Licensee’s rights under this Agreement or delegate any
    of Licensee’s obligations under this Agreement without
    Licensor’s prior written approval, such approval not to be
    unreasonably withheld or delayed. Any attempted assignments,
    transfer, or sublicenses by Licensee without such approval shall
    be void and a material breach of this Agreement. Subject to the
    foregoing, this Agreement will be binding upon, and inure to the
    benefit of, the parties and their respective successors and
    assigns. Notwithstanding any of the foregoing, a change of
    control of Licensee shall not be deemed to be an assignment
    under this Agreement. The exception with respect to a change of
    control of Licensee shall not be applicable with respect to any
    change of control of any Licensee Related Party who has rights
    under this Agreement.

 

    Section 24.07  Sublicense
    Rights.  Unless expressly permitted in this
    Agreement, Licensee shall not authorize any third party to
    manufacture any Elvis Property-themed Merchandise, or any other
    products hereunder, or sublicense any Licensor Owned IP to any
    third parties for use at any of the Elvis Properties without
    obtaining Licensor’s prior written approval.

 

    Section 24.08  Issuance
    of a Site License.  Subject to the terms and
    conditions of this Agreement, upon receipt of a fully completed
    written request from Licensor in the form of
    Exhibit I hereto, Licensor shall issue a Site
    License to the Project Company identified therein. Such Site
    License shall be in the form attached as Exhibit J,
    and shall be issued by Licensor within fifteen (15) days of
    receipt of such completed request. For the avoidance of doubt,
    the issuance of any Site License requested by Licensee is not
    subject to Licensor’s discretion, approval or consent.
    Licensor shall cooperate with Licensee in good faith to make any
    reasonable changes requested by Licensee or a Project Company to
    the form of Site License, provided that under no
    circumstances shall any modifications be made to any terms
    relating to the use and protection of the Licensor Owned IP
    without Licensor’s consent. In the event of a breach of a
    Site License by a Project Company, Licensee shall be jointly and
    severally liable with such Project Company solely if such
    Project Company is Controlled by Licensee. Licensee acknowledges
    that, pursuant to the terms of each Site License, Licensor shall
    be directly licensing to a Project Company certain rights
    otherwise licensed to Licensee hereunder.

 

    Article 25
    

 

    CONFIDENTIALITY

 

    Section 25.01  Confidential
    Information.  Each party (each a
    “Restricted Party”) (i) shall, and shall
    cause its officers, directors, managers, members, employees,
    attorneys, accountants, auditors and agents (collectively,
    “Representatives”), to the extent such persons
    have received any Confidential Information, and its Affiliates
    and their Representatives, to the extent such Persons have
    received any Confidential Information, to maintain in strictest
    confidence the terms of this Agreement and any and all
    information relating to the parties that is proprietary to each
    party, as applicable, or otherwise not available to the general
    public including, but not limited to, information about
    properties, employees, finances, businesses and operations and
    activities of each party or their Affiliates, information about
    each Elvis Property, and all notes, analyses, compilations,
    studies, forecasts, interpretations or other

    

    35

 

    documents prepared by a party or its Representatives or
    Affiliates which contain, reflect or are based upon, in whole or
    in part, the information furnished to or acquired by such party
    (“Confidential Information”) and
    (ii) shall not disclose, and shall cause its
    Representatives, its Affiliates and their Representatives not to
    disclose, Confidential Information to any Person except as
    required by law, regulation or legal process or by the
    requirements of any securities exchange on which the securities
    of a party hereto are listed or quoted (as reasonably determined
    by such party) and (iii) shall not use, and shall cause its
    Representatives, its Affiliates and their Representatives not to
    use, the Confidential Information other than for the purposes
    anticipated by this Agreement.

 

    Section 25.02  Exceptions.  Notwithstanding
    Section 25.01 above:

 

    a) Any Restricted Party or any Representative thereof may
    disclose any Confidential Information for bona fide business
    purposes on a strict “need to know” basis to its
    Affiliates, its Representatives and their advisers and lenders,
    provided that in each such case each such person agrees
    to keep such Confidential Information confidential in the manner
    set forth in this Article 25; and

 

    b) The provisions of Section 25.01 shall not apply to,
    and Confidential Information shall not include:

 

    (i) any information that is or has become generally
    available to the public other than as a result of a disclosure
    by any Restricted Party or any Affiliates or Representative
    thereof in breach of any of the provisions of this
    Article 25.

 

    (ii) any information that has been independently developed
    by such Restricted Party (or any Affiliates thereof) without
    violating any of the provisions of this Agreement or any other
    similar contract to which such Restricted Party, or any
    Affiliates thereof or their respective Representatives, is or
    are bound; or

 

    (iii) any information made available to such Restricted
    Party (or any Affiliates thereof), on a non-confidential basis
    by any third party who is not prohibited from disclosing such
    information to such party by a legal, contractual or fiduciary
    obligation to the other party or any of its Representatives.

 

    Article 26
    

 

    MISCELLANEOUS

 

    Section 26.01  Notices.  All
    notices, requests, claims, demands and other communications
    hereunder shall be in writing and shall be given or made (and
    shall be deemed to have been duly given or made upon receipt) by
    delivery in person, by an internationally recognized overnight
    courier service, by facsimile or registered or certified mail
    (postage prepaid, return receipt requested) to the respective
    parties hereto at the following addresses (or at such other
    address for a party as shall be specified in a notice given in
    accordance with this Section 26.01):

 

    If to Licensee:

 

    FX Luxury Realty LLC

    650 Madison Avenue

    New York, NY 10022

 

    If to Licensor :

 

    Elvis Presley Enterprises, Inc.

    3734 Elvis Presley Boulevard,

    Memphis, Tennessee 38116

    Attention: Jack Soden

 

    With a copy to

 

    CKX, Inc.

    650 Madison Avenue

    New York, NY 10022

    Attn: Legal Counsel

    

    36

 

 

    Section 26.02  Governing
    Law.  This Agreement and the obligations of
    the parties hereunder shall be construed and enforced in
    accordance with the laws of the State of Tennessee, excluding
    any conflicts of law rule or principle which might refer such
    construction to the laws of another state or country. Each party
    hereby (i) submits to personal jurisdiction in the State of
    Tennessee for the enforcement of this Agreement and
    (ii) waives any and all personal rights under the law of
    any state or country to object to jurisdiction within the State
    of Tennessee for the purposes of litigation to enforce this
    Agreement.

 

    Section 26.03  Service
    of Process.  Subject to applicable law,
    process in any such claim, action, suit or proceeding may be
    served on any party anywhere in the world, whether within or
    without the jurisdiction of any such court. Without limiting the
    foregoing and subject to applicable law, each party agrees that
    service of process on such party as provided in
    Section 26.01 shall be deemed effective service of process
    on such party. Nothing herein shall affect the right of any
    party to serve legal process in any other manner permitted by
    law or at equity. WITH RESPECT TO ANY SUCH CLAIM, ACTION, SUIT
    OR PROCEEDING IN ANY SUCH COURT, EACH OF THE PARTIES IRREVOCABLY
    WAIVES AND RELEASES TO THE OTHER ITS RIGHT TO A TRIAL BY JURY,
    AND AGREES THAT IT WILL NOT SEEK A TRIAL BY JURY IN ANY SUCH
    PROCEEDING.

 

    Section 26.04  Waiver
    of Consequential Damages.  EXCEPT PURSUANT TO
    SECTION 10.10 AND AS OTHERWISE EXPRESSLY SET FORTH IN THIS
    AGREEMENT, IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY
    SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES OR
    ANY DAMAGES WHATSOEVER RESULTING FROM LOSS OF USE, LOSS OF
    PROFITS, LOST OPPORTUNITY OR DATA, WHETHER IN AN ACTION OF
    CONTRACT, NEGLIGENCE OR OTHER TORTIOUS ACTION, ARISING OUT OF OR
    IN CONNECTION WITH THE LICENSES GRANTED OR THE TRANSACTIONS
    CONTEMPLATED HEREIN, WHETHER OR NOT EITHER PARTY HAD BEEN
    ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

    Section 26.05  Exhibits.  All
    references to “Exhibit” or “Exhibits” herein
    shall mean those Exhibits attached to this Agreement, which
    Exhibits, wherever referred to herein, are hereby incorporated
    into this Agreement as though fully set forth herein.

 

    Section 26.06  Press
    Release.  The parties shall prepare and issue
    a mutually approved press release in respect of the subject
    matter hereof promptly after the full execution of this
    Agreement.

 

    Section 26.07  Entire
    Agreement; Amendments.  This Agreement,
    inclusive of the Exhibits hereto and the agreements referred to
    herein, contains the entire understanding of the parties hereto
    with regard to the subject matter contained herein, and
    supersedes all other prior representations, warranties,
    agreements, understandings or letters of intent between or among
    any of the parties hereto. This Agreement shall not be amended,
    modified or supplemented except by a written instrument or
    agreement signed by each of the parties.

 

    Section 26.08  Waiver.  Any
    term or provision of this Agreement may be waived, or the time
    for its performance may be extended, by the party or parties
    entitled to the benefit thereof. Any such waiver shall be
    validly and sufficiently authorized for the purposes of this
    Agreement if, as to any party, it is authorized in writing by an
    authorized representative of such party. The failure of any
    party hereto to enforce at any time any provision of this
    Agreement shall not be construed to be a waiver of such
    provision, nor in any way to affect the validity of this
    Agreement or any part hereof or the right of any party
    thereafter to enforce each and every such provision. No waiver
    of any breach of this Agreement shall be held to constitute a
    waiver of any other or subsequent breach.

 

    Section 26.09  Partial
    Invalidity.  Wherever possible, each provision
    hereof shall be interpreted in such manner as to be effective
    and valid under applicable law, but in case any one or more of
    the provisions contained herein shall, for any reason, be held
    to be invalid, illegal or unenforceable in any respect, such
    provision shall be ineffective to the extent, but only to the
    extent, of such invalidity, illegality or unenforceability
    without invalidating the remainder of such invalid, illegal or
    unenforceable provision or provisions or any other provisions
    hereof, unless such a construction would be unreasonable.

 

    Section 26.10  Execution
    in Counterparts.  This Agreement may be
    executed in two or more counterparts, each of which shall be
    considered an original instrument, but all of which shall be
    considered one and the same agreement, and shall become binding
    when one or more counterparts have been signed by each of the
    parties hereto and delivered to the parties. Copies of executed
    counterparts transmitted by facsimile or other electronic

    

    37

 

    transmission shall be considered original executed counterparts
    for the purposes of this Section 26.10, provided
    that receipt of copies of such counterparts is confirmed.
    Originals of any counterparts transmitted by facsimile or other
    electronic transmission shall be promptly provided to the other
    parties hereto.

 

    Section 26.11  Headings.  Article,
    Section, Exhibit and other headings contained in this Agreement
    are for reference purposes only and are not intended to
    describe, interpret, define or limit the scope, extent or intent
    of this Agreement or any provision hereof.

 

    Section 26.12  Rights
    Cumulative.  Except as expressly provided in
    this Agreement, and to the extent permitted by law, any remedies
    described in this Agreement are cumulative and not alternative
    to any other remedies available at law or in equity.

 

    Section 26.13  Parties’
    Intent.  This Agreement shall be deemed to
    have been drafted by the parties to this Agreement and any
    ambiguity contained in this Agreement shall not be resolved
    against any party as the presumed drafter.

 

    IN WITNESS WHEREOF, the parties have caused this Agreement to be
    executed by their authorized representatives on the dates
    indicated below.

 

    “LICENSOR”

 

    ELVIS PRESLEY ENTERPRISES, INC.

 

			
	 	    By: 
	
    /s/ Michael G. Ferrel

 

			
	 	    Date: 
	
    June 1, 2007

 

    “LICENSEE”

 

    FX LUXURY REALTY LLC

 

			
	 	    By: 
	
    /s/ Paul C. Kanavos

 

			
	 	    Title: 
	

			
	 	    Date: 
	
    June 1, 2007

 

    ELVIS PRESLEY MASTER LICENSE AGREEMENT

    

    38EX-10.2

 

    Exhibit 10.2

 

    EXECUTION
    COPY

 

 

    LICENSE
    AGREEMENT

    Between

    MUHAMMAD ALI ENTERPRISES LLC

    and

    FX LUXURY REALTY LLC

    Dated as of June 1, 2007

 

 

    This License Agreement is made and effective as of June 1,
    2007 (the “Effective Date”), by and between
    MUHAMMAD ALI ENTERPRISES LLC., a California limited liability
    company, having its principal office at 8105 Kephart Lane,
    Berrien Springs, Michigan 49103 (“Licensor”),
    and FX LUXURY REALTY LLC, a Delaware limited liability company,
    having its principal office at 650 Madison Avenue, New York, New
    York, 10022 (“Licensee”) (each, a
    “party” and collectively, the
    “parties”), with reference to the following
    recitals:

 

    RECITALS

 

    WHEREAS, Licensor and its Affiliates (as defined below) own or
    have the right to grant licenses to (i) certain rights in
    and to the name, image and likeness of Muhammad Ali,
    (ii) certain trademarks related to Muhammad Ali, and
    (iii) other intellectual property related to Muhammad
    Ali; and

 

    WHEREAS, in accordance with the terms and conditions of this
    Agreement, Licensee desires to license from Licensor, and
    Licensor desires to license to Licensee, rights to use the
    foregoing in connection with the design, construction,
    operation, and promotion of real estate properties and for other
    purposes set forth herein.

 

    NOW, THEREFORE, for the consideration set forth herein and for
    other good and valuable consideration, the receipt and
    sufficiency of which are hereby acknowledged, the parties agree
    as follows:

 

    Article 1

    

 

    DEFINITIONS

 

    Section 1.01  For
    all purposes hereof:

 

    An “Affiliate” of a party is a Person
    which Controls, is Controlled by, or is under common Control
    with, such party, but only for so long as such Control continues.

 

    “Agreement” means this License
    Agreement, including all Exhibits hereto, as may be amended from
    time to time.

 

    “Artifact” means memorabilia associated
    with the life, career and celebrity of Muhammad Ali
    (i) that are owned by Licensor or its Affiliates, or
    (ii) that Licensor or its Affiliates have the right to
    exhibit and loan on a temporary basis, in each case, including
    items from Muhammad Ali’s boxing bouts, clothing, jewelry,
    documents, writings, journals, books, photographs, and other
    personal effects.

 

    “Audiovisual Rights” means rights, if
    any, that Muhammad Ali may have in and to certain audiovisual
    performances of Muhammad Ali’s boxing bouts, including
    “clip rights’ in and to such boxing bouts.

 

    “Control” (including
    “Controlled”) means (i) in respect
    of a corporation or company, (A) the ownership, directly or
    indirectly through other Controlled entities, of shares, units
    or other interests of such corporation or company carrying more
    than fifty percent (50%) of the voting rights ordinarily
    exercisable at meetings of shareholders or members of such
    corporation or company, or (B) the right to direct and
    manage the affairs of any such corporation or company and
    (ii) in respect of a partnership, joint venture or other
    entity, (A) the ownership, directly or indirectly through
    other Controlled entities, of more than fifty percent (50%) of
    the ownership interests of such partnership, joint venture or
    other entity, or (B) the right to direct and manage the
    affairs of any such entity.

 

    “Creation” means all concepts, artwork,
    designs, images, names, advertisements, tags, labels, hang tags,
    photographs, likenesses, symbols, logos, copyrights, trade
    dress, trademarks or the like, and other things incorporating,
    in whole or in part, any Licensor Owned IP.

 

    “Generic Merchandise” means articles of
    merchandise that are Generic (e.g., bottled water, Tylenol,
    newspapers).

 

    “Generic” means not incorporating any
    Muhammad Ali Related IP.

 

    “Gross Revenues” means the gross amount
    of revenues earned or received by or on behalf of Licensee or
    any Licensee Related Party, in connection with the applicable
    activity or source subject of this Agreement, without any
    deduction of costs or expenses incurred by Licensee (including
    any deduction of construction, development, design,

    

    1

 

    manufacturing or operating costs, costs in connection with
    advertising
    and/or
    promotion of any of the Muhammad Ali Properties, commissions,
    taxes, fees, assessments, or bad debts) and without any reserves
    (including any reserves for returns, refunds or bad debts);
    provided, however, that the term “Gross
    Revenues” shall (i) exclude sales taxes and returns of
    defective Muhammad Ali Property-themed Merchandise, such actual
    returns limited to three percent (3%) of the total of the
    regular list price for all Muhammad Ali Property-themed
    Merchandise sold during each calendar year and (ii) be
    subject to the provisions of this Agreement.

 

    “including” and
    “includes” mean “including (or
    includes), without limitation”.

 

    “Licensee Owned IP” means the names,
    trademarks
    and/or logos
    of Licensee and Licensee Related Parties.

 

    “Licensee Related Party” means any
    Affiliate of Licensee, any Project Company or any sublicensee of
    Licensee’s rights in and to the Licensor Owned IP hereunder.

 

    “Licensor Owned IP” means any
    intellectual property or other proprietary rights related to
    Muhammad Ali, owned or controlled by, or licensed to (with the
    right to grant sublicenses consistent with the terms of this
    Agreement), Licensor and its Affiliates, including, Muhammad Ali
    Identification Elements, the Marks, the Domain Names, the
    Photos, and the Audiovisual Rights.

 

    “MAC Agreement” means the Agreement,
    dated March 26, 2003, between the Muhammad Ali Trust and
    G.O.A.T., Inc. and the Muhammad Ali Museum and Education Center,
    Inc.

 

    “MAC” means the Muhammad Ali Museum and
    Education Center, Inc., the operator of the Muhammad Ali Center,
    located in Louisville, Kentucky.

 

    “Marks” means, collectively, the
    trademarks
    and/or
    service marks identified in Exhibit A hereto.

 

    “Muhammad Ali Experience(s)” means
    permanent, non-touring interactive entertainment, educational
    and retail experiences incorporating Artifacts and audiovisual
    works focusing on the life and times of Muhammad Ali.

 

    “Muhammad Ali Identification Elements”
    means the name, image, likeness, distinctive appearance,
    gestures and mannerisms, voice, signature, handwriting,
    sobriquet, persona, biography, and life story of Muhammad Ali.

 

    “Muhammad Ali Property” or “Muhammad Ali
    Properties” means Muhammad Ali-themed Lodging
    Property(ies) and Muhammad Ali Food and Beverage Outlets subject
    to Section 2.02.

 

    “Muhammad Ali Related IP” means any
    Licensor Owned IP, Third Party Muhammad Ali-related Materials
    and any other intellectual property or elements associated or
    identified with Muhammad Ali.

 

    “Muhammad Ali Trust” means the Muhammad
    Ali Family Trust, dated October 22, 2002.

 

    “Muhammad Ali-themed Health Club(s)”
    means any spa, gym, health club or any other product or service
    that relates to health
    and/or
    nutrition that incorporates the Licensor Owned IP and Muhammad
    Ali theme into the name, design, and overall appearance.

 

    “Muhammad Ali-themed” means that the
    overall look and feel and the primary theme of the applicable
    Lodging Properties, Retail Store or other property (i) is
    based around Muhammad Ali Identification Elements or the Marks,
    or (ii) conveys an immersion in experiencing the life and
    times of Muhammad Ali.

 

    “Person” means any individual,
    corporation, partnership, limited partnership, limited liability
    company, joint venture, trust, or any other form of entity,
    unincorporated or governmental organization or any agency or
    political subdivision thereof.

 

    “Photos” means individual photographs
    taken by photographer Ken Regan in which Licensor or one of its
    Affiliates owns the copyrights or otherwise has the rights to
    license to Licensee under this Agreement.

 

    “Project Company” means a Person
    designated by Licensee to build
    and/or
    operate a particular Muhammad Ali Property.

    

    2

 

    “Seconds” means merchantable Muhammad
    Ali Property-themed Merchandise not suitable for sale at list
    price because they contain minor production or material flaws
    not affecting proper usage of the Licensor Owned IP.

 

    “Site License” means an agreement
    between Licensor and a Project Company in the form attached as
    Exhibit H, granting such Project Company the right
    to build and operate a particular Muhammad Ali Property.

 

    “Website” means a website owned by
    Licensee or one of its Affiliates and associated with one or
    more Muhammad Ali Properties.

 

    Section 1.02  Other
    Defined Terms.

 

	 	 	 
	

    “Authorized Muhammad
    Ali-themed Entertainment Attractions”
    

	
 
	
    Section 2.01(c)
    

	

    “Buy-Out”
    

	
 
	
    Section 6.17
    

	

    “Claims”
    

	
 
	
    Section 18.02
    

	

    “Co-Branded Campaign”
    

	
 
	
    Section 3.09(c)
    

	

    “Confidential
    Information”
    

	
 
	
    Section 25.01
    

	

    “Consents”
    

	
 
	
    Section 5.01
    

	

    “Declined Muhammad Ali
    Experience”
    

	
 
	
    Section 14.03
    

	

    “Domain Names”
    

	
 
	
    Section 3.08
    

	

    “Effective Date”
    

	
 
	
    Preamble
    

	

    “Entertainment
    Attraction(s)”
    

	
 
	
    Section 2.01(c)
    

	

    “EPE License”
    

	
 
	
    Section 6.17
    

	

    “Food and Beverage
    Outlet(s)”
    

	
 
	
    Section 2.01(a)
    

	

    “General Infringement”
    

	
 
	
    Section 17.02
    

	

    “Guaranteed Minimum
    Royalties”
    

	
 
	
    Section 6.07
    

	

    “Joint Name and Logo”
    

	
 
	
    Section 3.07
    

	

    “Licensed Muhammad Ali
    Merchandise”
    

	
 
	
    Section 11.11
    

	

    “Licensee Created Marks”
    

	
 
	
    Section 3.03
    

	

    “Licensee Indemnified
    Parties”
    

	
 
	
    Section 19.02
    

	

    “Licensee”
    

	
 
	
    Preamble
    

	

    “Licensor Indemnified
    Parties”
    

	
 
	
    Section 18.02
    

	

    “Licensor”
    

	
 
	
    Preamble
    

	

    “Manufacturer’s
    Agreement”
    

	
 
	
    Section 11.09
    

	

    “Material Terms”
    

	
 
	
    Section 14.02
    

	

    “Muhammad Ali Lodging
    Properties Infringements”
    

	
 
	
    Section 17.03
    

	

    “Muhammad Ali Property
    Materials”
    

	
 
	
    Section 10.01
    

	

    “Muhammad Ali Property-themed
    Merchandise”
    

	
 
	
    Section 2.03
    

	

    “Muhammad Ali-themed Food and
    Beverage Outlet(s)”
    

	
 
	
    Section 2.01(a)
    

	

    “Muhammad Ali-themed Lodging
    Property(ies)”
    

	
 
	
    Section 2.01
    

	

    “Muhammad Ali-themed Retail
    Store(s)”
    

	
 
	
    Section 2.01(b)
    

	

    “Publicity Materials”
    

	
 
	
    Section 12.01
    

	

    “Registered
    Class/Territories”
    

	
 
	
    Section 3.01
    

	

    “Representatives”
    

	
 
	
    Section 25.01
    

	

    “Restricted Party”
    

	
 
	
    Section 25.01
    

	

    “Retail Store(s)”
    

	
 
	
    Section 2.01(b)
    

	

    “ROFR Period”
    

	
 
	
    Section 14.02
    

	

    “Royalty Reports”
    

	
 
	
    Section 6.09
    

	

    “Rules”
    

	
 
	
    Section 9.10
    

	

    “Tax” or
    “Taxes”
    

	
 
	
    Section 6.14
    

	

    “Term”
    

	
 
	
    Section 21.01
    

	

    “Third Party IP
    Clearances”
    

	
 
	
    Section 5.02
    

	

    “Third Party Muhammad
    Ali-Related Materials”
    

	
 
	
    Section 5.01
    

	

    “Unbranding Period”
    

	
 
	
    Section 22.01
    

    

    3

 

    Article 2

    

 

    GRANT OF
    RIGHTS

 

    Section 2.01  Lodging
    Property License.  Subject to the terms and
    conditions of this Agreement, Licensor grants to Licensee, an
    exclusive, worldwide license to use the Licensor Owned IP in
    connection with the design, construction, operation, advertising
    and promotion of Muhammad Ali-themed hotels and retreat centers
    (“Muhammad Ali-themed Lodging Property(ies)”),
    which may include any of the following:

 

    (a) restaurants, food carts, food kiosks, snack bars and
    non-alcoholic beverage bars (“Food and Beverage
    Outlet(s)”), some or all of which may, at
    Licensee’s election, be Muhammad Ali-themed or otherwise
    incorporate the Licensor Owned IP into the name, design, overall
    appearance,
    and/or menu
    items of the Food and Beverage Outlets or elements thereof
    (“Muhammad Ali-themed Food and Beverage
    Outlet(s)”) subject to Section 2.02;

 

    (b) retail and merchandise outlets (“Retail
    Store(s)”), some or all of which may, at
    Licensee’s election, be Muhammad Ali-themed or otherwise
    incorporate the Licensor Owned IP into the name, design, and
    overall appearance of the Retail Stores or elements thereof
    (“Muhammad Ali-themed Retail Store(s)”);

 

    (c) entertainment attractions including shows, stage
    productions, concerts, comedy specials, and sporting events
    (“Entertainment Attraction(s)”), some of which
    may incorporate the Licensor Owned IP
    and/or be
    Muhammad Ali-themed, provided that they are authorized
    and/or
    licensed by Licensor and approved by Licensor prior to
    exploitation at the applicable Muhammad Ali Property in
    accordance with Section 10.07 (“Authorized Muhammad
    Ali-themed Entertainment Attractions”); and

 

    (d) subject to Article 10, Muhammad Ali Experiences
    authorized
    and/or
    licensed by Licensor.

 

    Section 2.02  Food
    Outlet License.

 

    (a) If during the Term of this Agreement, Licensee desires
    to design, construct, operate and promote a Muhammad Ali-themed
    Food and Beverage Outlet, Licensee shall notify Licensor, and
    Licensor shall use reasonable best efforts to obtain all
    necessary consents required from any third parties who may have
    rights with respect to the operation of a Muhammad Ali-themed
    Food and Beverage Outlet, including rights of first refusal and
    first negotiation, provided that Licensor is not
    guaranteeing under this Agreement that it will acquire the
    necessary consents.

 

    (b) If during the Term, Licensor is able to acquire all
    necessary consents to grant Licensee the right to design,
    construct, operate and promote a Muhammad Ali-themed Food and
    Beverage Outlet, such right granted to Licensee shall be subject
    to the terms and conditions of this Agreement and shall be
    non-exclusive in nature, provided that all Muhammad
    Ali-themed Food and Beverage Outlets outside of any Muhammad Ali
    Property shall be at least fifteen (15) miles from any
    Muhammad Ali-themed Food and Beverage Outlet operated or
    licensed by Licensor, provided, further, that
    Licensee shall have the right to operate a Muhammad Ali-themed
    Food and Beverage Outlet within such fifteen (15) mile
    range (including in the same city
    and/or
    metropolitan area) where the applicable demographics will, in
    the reasonable business judgment of Licensor and Licensee,
    support additional Muhammad Ali-themed Food and Beverage Outlets
    and where the operation of such Muhammad Ali-themed Food and
    Beverage Outlet is unlikely to (i) cause customer
    confusion, result in brand conflict, or result in a weakening of
    the Licensor Owned IP, or (ii) materially and adversely
    impact the business of the existing Muhammad Ali-themed Food and
    Beverage Outlet. For purposes of clarification, Licensee may
    build and operate a Muhammad Ali-themed Food and Beverage
    Outlet, but, except as permitted under this Agreement at a
    Muhammad Ali Property, Licensee may not use the Licensor Owned
    IP outside any Muhammad Ali Property in a non- Muhammad
    Ali-themed restaurant (e.g., a boxing or sports-themed
    restaurant) or license to any third party the right to use
    Licensor Owned IP to design, construct, operate and promote a
    restaurant outside any Muhammad Ali Property co-branded with
    third party intellectual property (e.g., a Muhammad Ali-themed
    room at any ESPN Zone);

 

    Section 2.03  Merchandise
    License.  Subject to the terms and conditions
    of this Agreement, Licensor grants to Licensee, a nonexclusive,
    worldwide license to use the Licensor Owned IP in connection
    with the design, manufacture, sale, and promotion, solely at any
    Muhammad Ali Property, for consumer sales only (i.e., not
    wholesale sales), of retail merchandise based on the particular
    Muhammad Ali Property, and all packaging and

    

    4

 

    promotional materials in respect thereof (“Muhammad Ali
    Property-themed Merchandise”), which Muhammad Ali
    Property-themed Merchandise may only be sold at the applicable
    Muhammad Ali Property and on the Website related to the
    applicable Muhammad Ali Property (or by Licensor pursuant to
    Section 11.12). All Muhammad Ali Property-themed
    Merchandise shall be readily identifiable as relating to a
    particular Muhammad Ali Property (e.g., a Muhammad Ali hotel
    t-shirt).

 

    Section 2.04  Merchandise
    Selection.  Throughout the Term of this
    Agreement, Licensor and Licensee shall work together in good
    faith in deciding the types of articles of Muhammad Ali
    Property-themed Merchandise that Licensee may manufacture, sell,
    and market at each Muhammad Ali Property hereunder,
    provided that Licensor shall have final approval over all
    types and categories of Muhammad Ali Property-themed Merchandise
    that may be sold by Licensee. Notwithstanding the foregoing,
    Licensee shall have, at a minimum, the right to manufacture,
    sell, and market the types of articles set forth on
    Exhibit C hereto and any additional types of
    articles agreed to by the parties during the Term of this
    Agreement. Licensor agrees to act in good faith in determining
    the additional types of articles that may be manufactured, sold,
    and marketed by Licensee during the Term of this Agreement.
    Licensee acknowledges that Licensor is a party to certain
    exclusive license agreements that may restrict Licensor’s
    ability to permit Licensee to manufacture certain types of
    articles of Muhammad Ali Property-themed Merchandise not
    included on Exhibit C, or sell such items at certain
    price points. During the Term hereof, Licensor shall not enter
    into any agreement that would further restrict the rights of
    Licensee to manufacture and sell Muhammad Ali Property-themed
    Merchandise that has been previously approved for sale by
    Licensee. For the avoidance of doubt, other than rights granted
    to a third party manufacturer pursuant to Section 11.09,
    Licensee may not sublicense any merchandise rights to any third
    party.

 

    Section 2.05  No
    Personal Services of Muhammad Ali.  It is
    agreed between the parties that no personal services are
    required of Muhammad Ali in connection with this Agreement.
    Licensee shall not contact or enter into any agreements
    (including promotional agreements, appearance agreements and
    consulting agreements) with Muhammad Ali without Licensor’s
    prior written consent, such consent to be at Licensor’s
    sole discretion.

 

    Article 3

    

 

    TRADEMARKS;
    RESERVATION OF RIGHTS

 

    Section 3.01  Geographic
    Limitations.  The parties acknowledge that
    (i) Licensor and its Affiliates own numerous trademark
    applications and registrations covering the Licensor Owned IP in
    various geographic regions, and (ii) the scope of
    Licensor’s intellectual property protection may vary by
    geographic region and product class. Licensor has provided to
    Licensee a list of those countries and product classes in which
    the Marks are presently registered or where applications for
    registration are pending, which list may be amended from time to
    time (the “Registered Class/Territories”).
    Licensor shall, upon the request of Licensee no more frequently
    than semi-annually, provide Licensee with a then current list of
    trademark applications and registrations covering the Licensor
    Owned IP. Nothing in this Section 3.01 shall limit the
    licenses granted to Licensee under Article 2.

 

    Section 3.02  Expansion
    of Trademark Protection.  In the event
    Licensee wishes to (A) use the Marks in connection with
    (i) the design, construction, operation and promotion of
    Muhammad Ali Properties or (ii) the design, manufacture,
    sale, and promotion of Muhammad Ali Property-themed Merchandise,
    in each case, outside the Registered Class/Territories, or
    (B) use the Marks in connection with products or services
    for which Licensor has not registered the applicable Marks,
    Licensee may request that Licensor register the Marks in such
    territory or for such products or services. Except as provided
    below, Licensor, at its sole costs and expense, agrees to file
    an application for registration of the applicable Mark in the
    requested territory or product class within fifteen
    (15) days of receipt of Licensee’s request. Licensor
    shall thereafter respond to any trademark examiner’s
    inquiries or requests for additional information in a timely
    manner and take all other actions that are reasonably necessary
    to pursue such applications and to maintain Licensor’s
    existing registrations for the Marks. Notwithstanding the
    foregoing, Licensor shall have the right to refuse the filing of
    a new application in accordance with this paragraph for good
    cause.

 

    Section 3.03  Ownership
    of Licensee Created Marks.  Any Muhammad
    Ali-related trademark that is not Licensor Owned IP, or similar
    thereto or derivative thereof, that is adopted by Licensee for
    use in connection with

    

    5

 

    Muhammad Ali Properties in accordance with this Agreement during
    the Term of this Agreement shall be owned by Licensee for use
    solely in connection with lodging property services (the
    “Licensee Created Marks”). The Licensee Created
    Marks shall not incorporate or be derived from or similar to any
    of the Licensor Owned IP. Licensee may, at its sole costs and
    expense, file an application for registration of the applicable
    Licensee Created Mark in the territory or territories where
    Licensee uses or has a bona fide intent to use such Licensee
    Created Mark solely for lodging property services. Licensee
    shall notify Licensor of any Licensee Created Marks for which
    Licensee intends to seek registration (together with the
    territory and product class of such registration), and provide
    to Licensor any information that Licensor may reasonably request
    about such registrations. Licensee agrees that Licensor shall
    not be restricted by Licensee from filing for trademark
    registration for any of the Licensee Created Marks outside the
    category of lodging property services.

 

    Section 3.04  Refusal
    to Register.  In the event that Licensor is
    unable to register a Mark in a requested territory because of
    the prior existence of a pending application or registration of
    that Mark in the requested territory (or any mark similar
    thereto or derivative thereof) which is not owned by Licensor,
    then Licensor shall immediately notify Licensee in writing and
    such inability to register the Mark shall not be deemed a breach
    of this Agreement by Licensor, provided that Licensor has
    used reasonable best efforts to so register the Marks.

 

    Section 3.05  Certain
    Trademark Limitations.  Notwithstanding any of
    the foregoing, Licensee shall have no right to use the mark
    G.O.A.T. or GREATEST OF ALL TIME as the name of any Muhammad
    Ali-themed Food and Beverage Outlet, if Licensee is granted the
    rights to design, construct, operate and promote Muhammad
    Ali-themed Food and Beverage Outlets in accordance with
    Section 2.02 of this Agreement.

 

    Section 3.06  Trademark
    Strategy.  Upon the request of either party,
    Licensor and Licensee shall convene a meeting to develop and
    discuss in good faith a trademark strategy that is beneficial to
    the businesses of both parties

 

    Section 3.07  Joint
    Name and Logo.  Licensor acknowledges that
    Licensee shall have the right to incorporate the Licensee Owned
    IP on each article of Muhammad Ali Property-themed Merchandise
    and otherwise to use the Licensee Owned IP in connection with
    the Muhammad Ali Properties, and also to create a joint
    Licensor/Licensee name
    and/or logo
    (the “Joint Name and Logo”) mutually approved
    by Licensor and Licensee under this Agreement (e.g., Muhammad
    Ali Park Central Hotel) and to use such Joint Name and Logo on
    Muhammad Ali Property-themed Merchandise and otherwise in
    connection with the Muhammad Ali Properties. Licensee shall not
    acquire any rights in the Licensor Owned IP nor shall Licensor
    acquire any rights in the Licensee Owned IP by virtue of any use
    of the Joint Name and Logo. Any intellectual property rights in
    the Joint Name and Logo independent of the Licensor Owned IP and
    the Licensee Owned IP shall be jointly owned by the parties. Any
    use of the Joint Name and Logo shall be strictly in accordance
    with the limitations of this Agreement, including the quality
    control restrictions hereof. Upon termination of this Agreement,
    without limiting the right of each party to use its respective
    portion of the Joint Name and Logo, neither Party shall
    thereafter use the Joint Name and Logo in its entirety.

 

    Section 3.08  Domain
    Names.  Any domain names used in connection
    with the Websites that incorporate any of the Marks, or
    derivatives thereof, in whole or in part (the “Domain
    Names”) shall be owned by Licensor and licensed to
    Licensee pursuant to the terms and conditions of this Agreement.
    Licensor shall remain the owner and Administrative Contact of
    the domain names and Licensee shall be the Technical Contact of
    the domain name as listed in the Domain Name Registry.

 

    Section 3.09  Reservation
    of Rights.  Licensor reserves all rights not
    granted to Licensee hereunder, and shall not be prohibited or
    restricted in any way, at any time, from exercising such rights,
    including:

 

    (a) establishing or operating, or licensing to any third
    party the right to establish or operate, any Food and Beverage
    Outlets, Muhammad Ali-themed Health Clubs, Retail Stores,
    productions, shows, and other special events such as charity
    events and lectures, events in connection with MAC, fan club
    events and television broadcasts,
    and/or any
    other form of entertainment attractions utilizing the Licensor
    Owned IP (including as part of the name or logo) anywhere in the
    world, provided that Licensor may not establish, operate,
    or license to any third party the right to establish or operate
    a Muhammad Ali-themed Food and Beverage Outlet, Health Club, or
    Retail Store within a radius of fifteen (15) miles from any
    Muhammad Ali Property, provided that, Licensee shall not
    unreasonably withhold consent to a request by Licensor (or its
    licensee) to operate a

    

    6

 

    Muhammad Ali-themed Food and Beverage Outlet, Health Club, or
    Retail Store within such fifteen (15) mile range (including
    in the same city
    and/or
    metropolitan area, where applicable) where the applicable
    demographics will support additional Muhammad Ali-themed real
    estate properties and where the operation of such Muhammad
    Ali-themed Food and Beverage Outlet, Health Club, or Retail
    Store is unlikely to (i) cause customer confusion, result
    in brand conflict, or result in a weakening of the Licensor
    Owned IP, or (ii) materially and adversely impact the
    business of the existing Muhammad Ali-themed Property.

 

    (b) granting to any third party any license to manufacture,
    sell, distribute, market
    and/or
    otherwise exploit merchandise which embodies any of the Licensor
    Owned IP, regardless of whether such third party establishes,
    operates, or sells to any retail store, hotel complex or other
    facility which offers merchandise, food, beverages,
    entertainment attractions or other products or activities which
    reference or allude in any way to Muhammad Ali.

 

    (c) engaging in any commercial tie-in, or promotional or
    marketing activities that features the Licensor Owned IP
    together with the trademarks or copyrights of a third party (a
    “Co-Branded Campaign”), except for a Co-Branded
    Campaign or direct endorsement by Muhammad Ali with third party
    hotels (e.g., a Co-Branded Campaign with Wyndham Hotels),
    provided that Licensor shall have the right to enter into
    co-branding arrangements with any hotel in which any Muhammad
    Ali Experience is housed.

 

    (d) Licensing de minimis uses of the Licensor Owned
    IP in connection with a third party real estate property,
    provided that such real estate property is not Muhammad
    Ali-themed, (e.g., the display of a photograph of Muhammad Ali
    in a non Muhammad Ali-themed Food and Beverage Outlet).

 

    (e) Using or licensing the Licensor Owned IP for any
    purpose not specifically prohibited pursuant to this Agreement.

 

    Section 3.10  Entertainment
    Attractions.  Other than Muhammad Ali
    Experiences and Authorized Muhammad Ali-themed Entertainment
    Attractions, which are subject to Licensor’s approval at
    each Muhammad Ali Property pursuant to Section 10.07,
    Licensee shall have no right to create, produce, develop, or
    exploit at any Muhammad Ali Property any other entertainment
    attraction that is Muhammad Ali-themed, is readily identifiable
    with Muhammad Ali, or uses the Licensor Owned IP without
    Licensor’s prior written consent (e.g., an unauthorized
    play about Muhammad Ali’s life or a Muhammad Ali identified
    amateur boxing tournament). Nothing herein shall restrict
    Licensee’s right to create, produce, develop and exploit at
    any Muhammad Ali Property any entertainment attraction that does
    not have a Muhammad Ali theme, is not readily identifiable with
    Muhammad Ali, and does not use the Licensor Owned IP without
    Licensor’s consent, provided that such entertainment
    attraction does not otherwise violate Licensee’s
    obligations hereunder.

 

    Section 3.11  Muhammad
    Ali Experiences.  The parties agree that
    nothing in this Agreement grants to Licensee any right to use
    the Licensor Owned IP to design, construct, operate or promote
    Muhammad Ali Experiences except as expressly provided in
    Article 14.

 

    Article 4

    

 

    LICENSE
    OF MUHAMMAD ALI ARTIFACTS

 

    Section 4.01  License
    of Artifacts.  Licensee acknowledges that this
    Agreement does not grant Licensee rights to use
    and/or
    display any Artifacts at any of the Muhammad Ali Properties.
    Notwithstanding the foregoing, the parties agree to discuss in
    good faith the use
    and/or
    display of Artifacts by Licensee at Muhammad Ali Properties
    during the Term of this Agreement. Licensee hereby acknowledges
    and agrees that any rights it may obtain to use and display any
    Artifacts shall be subject to MAC’s rights under the MAC
    Agreement, which provides that MAC shall take possession of
    certain Artifacts belonging to Licensor, Muhammad Ali
    and/or the
    Muhammad Ali Trust pertaining to the life and career of Muhammad
    Ali. If Licensor is able to loan Artifacts to Licensee during
    the Term of this Agreement, the parties agree to consult in good
    faith regarding the types of Artifacts to be displayed at each
    Muhammad Ali Property, provided that Licensor shall have
    final approval and discretion over the selection of any
    Artifacts for display at any of the Muhammad Ali Properties. For
    purposes of clarification, Licensor reserves the right to
    (i) withhold at any time during the Term of this Agreement
    certain categories of Artifacts from being

    

    7

 

    displayed at any of the Muhammad Ali Properties,
    (ii) display any Artifacts or license to third parties
    rights to display any Artifacts anywhere in the world,
    (iii) grant exclusive rights to third parties to display
    certain categories of Artifacts (e.g., an exclusive license to
    the Muhammad Ali Parkinson’s Center to display the 1996
    Olympic torch).

 

    Section 4.02  Delivery
    of Artifacts.  Provided that during the Term
    of this Agreement Licensor is able to loan Artifacts to
    Licensee, at Licensee’s sole cost and expense, following
    the instructions provided by Licensor, Licensee will arrange for
    roundtrip delivery of the Artifacts to the Muhammad Ali Property
    and returned back to Licensor within sixty (60) business
    days following the termination of this Agreement or upon the
    replacement of the Artifacts with new Artifacts to be displayed
    at each Muhammad Ali Property. Licensee shall maintain exclusive
    possession of the Artifacts during the period of time in which
    the Artifacts are in Licensee’s possession.

 

    Section 4.03  Protection
    of Artifacts.  Licensee will treat each
    Artifact with due care and shall take all measures necessary to
    fully protect such Artifact from damage, consistent with the
    limitations and instructions set forth in Exhibit B
    hereto and such other reasonable restrictions as promulgated by
    Licensor from time to time. Each Artifact, if not displayed in a
    case or behind glass or plexiglas, will have sufficient distance
    from the public to prevent touching. All exhibit areas will be
    under surveillance when open to the public. Licensee shall keep
    each Artifact in the same condition as such items were delivered
    to Licensee hereunder, except for normal wear and tear. All such
    items shall be marked “Courtesy of Muhammad Ali Enterprises
    LLC”. Licensor reserves the right, after reasonable notice
    to Licensee, to inspect the Artifacts and obtain the immediate
    return of any Artifact that in Licensor’s good faith
    judgment has not been handled or treated properly.

 

    Section 4.04  No
    Museums.  In selecting the Artifacts and in
    placing the Artifacts throughout each Muhammad Ali Property,
    Licensor and Licensee acknowledge that it is their mutual
    intention hereunder that no Muhammad Ali Property shall look
    like or be perceived to be a Muhammad Ali museum (i.e., a
    similar experience to visiting MAC), and neither party shall act
    contrary thereto.

 

    Section 4.05  Insurance.  Prior
    to delivery thereof to Licensee, Licensor shall identify to
    Licensee the appraised value of each Artifact as determined by
    Licensor in its reasonable discretion. Licensee will insure each
    loaned Artifact for at least the amount specified by Licensor
    against all risks of physical loss or damage from any cause
    while in transit and on location during the period of the loan.
    Licensee shall be entitled to reject an Artifact on the basis of
    the cost to Licensee of insuring it.

 

    Section 4.06  Prior
    Inspection.  Before commencing the display of
    the Artifacts at any Muhammad Ali Property, Licensee shall give
    Licensor the opportunity to inspect the placement of each
    Artifact and make a determination whether the Artifacts are
    displayed according to the terms of this Agreement.

 

    Article 5

    

 

    THIRD
    PARTY INTELLECTUAL PROPERTY RIGHTS

 

    Section 5.01  Other
    Third Party Owned IP.  Except for the specific
    rights granted hereunder with respect to the use by Licensee of
    the Licensor Owned IP, this Agreement does not grant Licensee
    any rights to license, use
    and/or
    exploit any intellectual property owned or controlled by third
    parties, including certain intellectual property related to
    Muhammad Ali, such as artwork and audiovisual materials (e.g.,
    certain Muhammad Ali boxing bouts, films and television programs
    in which Muhammad Ali appeared) (collectively, “Third
    Party Muhammad Ali-Related Materials”). Licensee shall
    be solely responsible for procuring licenses, clearances,
    approvals, consents
    and/or
    permissions (“Consents”) required in connection
    with the license, use,
    and/or
    exploitation of all third party owned intellectual property,
    including Third Party Muhammad Ali-Related Materials,
    provided that subject to Section 10.01, Licensor
    shall have the right to consent to the use of Third Party
    Muhammad Ali-Related Materials at any of the Muhammad Ali
    Properties. Licensee shall obtain all Consents required by
    unions
    and/or
    guilds having jurisdiction, as well as the copyright owners of,
    or other rights holders (such as privacy and publicity rights
    holders), in any third party trademarks, photographs,
    audiovisual materials, motion pictures, television programs and
    artwork to be embodied in, or otherwise used at or in connection
    with the Muhammad Ali Properties
    and/or the
    manufacture and sale of Muhammad Ali Property-themed Merchandise
    related thereto. Licensor agrees to use reasonable best efforts
    to assist Licensee in procuring any Consents required by
    Licensee under this Agreement with respect to the license, use,
    and/or
    exploitation of Third Party Muhammad Ali-Related Materials
    including advising Licensee, to

    

    8

 

    the extent known, of the parties that need to be contacted for
    such Consents and making introductions for Licensee where
    Licensor has an existing relationship, provided,
    however, that nothing contained in this Agreement shall
    be construed as obligating Licensor to (i) violate any
    fiduciary obligations it has to any third parties of Third Party
    Muhammad Ali-Related Materials, (ii) actually negotiate the
    terms for the Consents, (iii) grant rights to Licensee
    where to do so would violate the approval or consents rights of
    a third party, or (iv) grant rights to Licensee broader
    than or otherwise inconsistent with the rights granted to
    Licensee and restrictions imposed upon Licensee elsewhere in
    this Agreement.

 

    Section 5.02  Third
    Party IP Clearances.  In connection with the
    use and exploitation of Licensor Owned IP, Licensor may
    determine that it may need to seek clearances from third parties
    where Licensor Owned IP may be subject to intellectual property
    rights, including privacy and publicity rights, of third parties
    which rights are embodied in such Licensor Owned IP, including
    in certain Photos and Audiovisual Rights (“Third Party
    IP Clearances”) (e.g., a photograph of Muhammad Ali
    together with Joe Frazier). Licensee shall be solely responsible
    for procuring all Third Party IP Clearances. Licensor agrees to
    use reasonable best efforts to assist Licensee in procuring any
    Third Party IP Clearances, including advising Licensee, to the
    extent known, of the parties that need to be contacted for such
    Third Party IP Clearances, and making introductions for Licensee
    where Licensor has an existing relationship, provided,
    however, that nothing contained in this Agreement shall
    be construed as obligating Licensor to (i) violate any
    fiduciary obligations it has to any third parties,
    (ii) actually negotiate the terms for the Third Party IP
    Clearances, (iii) grant rights to Licensee where to do so
    would violate the approval or consents rights of a third party,
    or (iv) grant rights to Licensee broader than or otherwise
    inconsistent with the rights granted to Licensee and
    restrictions imposed upon Licensee elsewhere in this Agreement.

 

    Article 6

    

 

    ROYALTY
    AND PAYMENTS

 

    Section 6.01  Gross
    Revenues.  Licensee shall pay to Licensor
    royalties in respect of all Gross Revenues derived from any and
    all sources in connection with the Muhammad Ali Properties, in
    accordance with the terms and provisions set forth in this
    Article 6. All sales by Licensee of any goods or services
    to any Licensee Related Party, including all inter-company
    transactions, shall be carried on Licensee’s books of
    account at the full regular wholesale price charged to unrelated
    third parties, and Licensee shall account for and pay royalty
    payments on all such sales as if they occurred on an arms-length
    basis to an unrelated party. For the avoidance of doubt, amounts
    received by Licensee in respect of the sale, financing or other
    disposition of a Muhammad Ali Property shall not be included in
    Gross Revenues.

 

    Section 6.02  Comps.  Licensee
    shall be permitted to distribute commercially reasonable
    quantities of Muhammad Ali Property-themed Merchandise, food,
    beverages, room and board, tickets, or other items free of
    charge, in a manner consistent with industry custom and practice
    without incurring any obligation to pay royalties thereon under
    this Agreement, provided that the value of such items
    does not exceed five percent (5%) of the Gross Revenues derived
    therefrom during the year in which such distributions occurred.
    In the event the value of such items that are distributed free
    of charge exceeds five percent (5%)of the Gross Revenues derived
    therefrom during the year in which such distributions occurred,
    Licensee shall pay royalties on the excess of such value over
    five percent (5%) in accordance with this Agreement.

 

    Section 6.03  Muhammad
    Ali Property Royalties.  Except as otherwise
    provided in this Article 6, Licensee shall pay to Licensor
    a royalty of three percent (3%) of any and all Gross Revenues
    derived from the Muhammad Ali Properties, including from
    activities, services, products or other sources at, from, or in
    connection therewith. To the extent Licensee pays a fee to a
    third party to establish or supervise such third party’s
    Food and Beverage Outlet
    and/or
    Retail Store on the Muhammad Ali Property (e.g., a fee paid to
    Jean Georges to establish a restaurant at a Muhammad Ali
    Property), the Gross Revenues derived therefrom shall be
    excluded from Gross Revenues for the purpose of computing
    royalties, up to an amount not to exceed ten percent (10%) of
    Licensee’s total Gross Revenues for the applicable calendar
    year.

 

    Section 6.04  Muhammad
    Ali Property-themed Merchandise.  Licensee
    shall pay to Licensor a royalty of ten percent (10%) of any and
    all Gross Revenues derived from the sale of Muhammad Ali
    Property-themed

    

    9

 

    Merchandise. Such royalty in respect of particular Muhammad Ali
    Property-themed Merchandise shall accrue when such merchandise
    is sold, shipped, delivered, billed
    and/or paid
    for, whichever occurs earlier. Gross Revenues derived from the
    sale of Muhammad Ali Property-themed Merchandise shall not be
    included in the computation of Gross Revenues for purposes of
    determining royalties payable to Licensor under
    Section 6.03.

 

    Section 6.05  Royalty
    Payments with Respect to Muhammad Ali-Themed Food and Beverage
    Outlets and Retail Stores Operated by Third
    Parties.  Subject to obtaining Licensor’s
    approval under Section 10.05, Licensee shall pay to
    Licensor a royalty up to three percent (3%) (but if a lower
    percentage is actually received by Licensee, then such lower
    percentage subject to Licensor’s consent) of any and all
    gross revenues derived from any Muhammad Ali-themed Food and
    Beverage Outlets and Retail Stores operated by third parties
    and/or
    co-branded with third party names
    and/or marks
    (e.g., Muhammad Ali-themed Adidas Retail Store). Such royalty
    shall be based upon the total gross revenues generated from the
    Muhammad Ali-themed Food and Beverage Outlets and Retail Stores
    (not merely the portion or percentage thereof received by
    Licensee). Licensee shall retain all royalties based on gross
    revenues above three percent (3%). Neither (x) rent payable
    by such third parties to Licensee or (y) gross revenues
    derived from the Muhammad Ali-themed Food and Beverage Outlets
    and Retail Stores operated by third parties
    and/or
    co-branded with third party names
    and/or marks
    shall be included in the computation of Gross Revenues for
    purposes of determining royalties payable to Licensor under
    Section 6.03.

 

    Section 6.06  Sponsorships,
    Commercial Tie-Ins, and Co-Branding
    Opportunities.  Licensor’s royalty with
    respect to any Gross Revenues from any third party sponsorships,
    commercial tie-ins and co-branding opportunities (e.g., if a
    third party pays fees for their name or trademark to be
    associated with a Muhammad Ali Lodging Property) shall be
    negotiated in good faith by Licensor and Licensee at the time
    such sponsorship is permitted hereunder, if at all, pursuant to
    Section 12.05(a).

 

    Section 6.07  Guaranteed
    Minimum Royalties.  Licensee shall pay
    Licensor the below guaranteed minimum royalties for each
    calendar year within thirty (30) days of the end of such
    calendar year (i.e., by January 30th of the
    immediately following year) during the Term (“Guaranteed
    Minimum Royalties”), except that the Guaranteed Minimum
    Royalty for the calendar year ending December 31, 2007
    shall be due upon the earlier of (i) the date of
    Licensee’s receipt of funds from the closing of the Rights
    Offering and, if required, the Back-Stop (each as defined in the
    Membership Interest Purchase Agreement dated as of June 1,
    2007 by and among Licensee, Licensor, and Flag Luxury
    Properties, LLC) or (ii) December 1, 2007. The
    Guaranteed Minimum Royalty shall be non-refundable but actual
    royalties paid during the applicable calendar year shall be
    applied against the Guaranteed Minimum Royalty. Notwithstanding
    any of the foregoing, any direct payments made by a Project
    Company or other Person that holds a Site License to Licensor
    shall be applied against the Guaranteed Minimum Royalties due to
    Licensor hereunder.

 

	 	 	 
	

    Calendar Year

	
 
	
    Amount

	 

	

    Calendar year ending
    December 31, 2007
    

	
 
	
    $1,000,000
    

	

    Calendar year ending
    December 31, 2008
    

	
 
	
    $1,000,000
    

	

    Calendar year ending
    December 31, 2009
    

	
 
	
    $1,000,000
    

	

    Calendar year ending
    December 31, 2010
    

	
 
	
    $2,000,000
    

	

    Calendar year ending
    December 31, 2011
    

	
 
	
    $2,000,000
    

	

    Calendar year ending
    December 31, 2012
    

	
 
	
    $2,000,000
    

	

    Calendar year ending
    December 31, 2013
    

	
 
	
    $3,000,000
    

	

    Calendar year ending
    December 31, 2014
    

	
 
	
    $3,000,000
    

	

    Calendar year ending
    December 31, 2015
    

	
 
	
    $3,000,000
    

	

    Calendar year ending
    December 31, 2016
    

	
 
	
    $3,000,000
    

	

    Every calendar year thereafter
    during the Term
    

	
 
	
    The Guaranteed Minimum Royalty for
    the immediately previous calendar year plus five percent (5%)
    

 

    Section 6.08  Royalty
    Payments.  Licensee shall calculate the
    royalties due hereunder based upon Gross Revenue in quarterly
    periods ending on the last days of March, June, September, and
    December of each calendar year, and shall pay the royalty
    payment then due within thirty (30) days of the end of such
    quarterly period. To the

    

    10

 

    extent that the royalties paid hereunder during any calendar
    year are less than the Guaranteed Minimum Royalty for the
    applicable calendar year, Licensee shall pay such shortfall with
    the payment due January 30 of the following calendar year.
    Termination of this Agreement shall not relieve Licensee from
    its royalty payment obligations with respect to royalties
    accruing during the Term or the Unbranding Period. Further, in
    the event of any termination of this Agreement, including
    without limitation any termination pursuant to
    Section 21.03, Licensee shall pay to Licensor a pro-rated
    Guaranteed Minimum Royalty calculated as (i) the total
    Guaranteed Minimum Royalty for the calendar year in which such
    termination occurs, (ii) divided by 365,
    (iii) multiplied by the number of days that have elapsed in
    such calendar year through the date of termination. All actual
    royalties paid for such calendar year through the date of
    termination shall be applied against such pro-rated Guaranteed
    Minimum Royalty. To the extent that the royalties paid hereunder
    for such calendar year through the date of termination are less
    than the pro-rated Guaranteed Minimum Royalty for such calendar
    year, Licensee shall pay such shortfall to Licensor within
    thirty (30) days after the date of termination.

 

    Section 6.09  Royalty
    Reports.  With each royalty payment, Licensee
    shall furnish Licensor, by way of electronic reporting forms
    (“Royalty Reports”), a complete and accurate
    statement of royalties containing reasonably detailed
    information regarding the calculation of royalties payable
    hereunder, including information as to the number, description,
    selling price, and Gross Revenues in respect of all lodging and
    amenities, food, beverages, liquor, tickets to Entertainment
    Attractions, rent, sponsorships, and other activities or items
    in respect of which royalties are payable hereunder, and any
    other additional information as Licensor may request from time
    to time. Such Royalty Reports shall be furnished to Licensor
    whether or not any royalties are payable during the preceding
    quarterly period. Royalty Reports will be certified true and
    correct by a duly authorized officer of Licensee (e.g., the
    Chief Financial Officer) by entering the required information on
    the certification line contained on the electronic form.
    Licensor shall have the right, upon thirty (30) days
    advance written notice to Licensee, to make reasonable changes
    to the Royalty Report form, provided that such changes
    are also made to royalty reporting forms used generally by other
    licensees of Licensor.

 

    Section 6.10  Method
    of Payment and Royalty Reports.  All royalty
    payments, Royalty Reports, other payments and any applicable
    interest shall be made payable to Licensor, either by check or
    utilizing electronic bank transfer paid, on behalf of Licensor,
    to:

 

    Muhammad Ali Enterprises LLC 

    8105 Kephart Lane,

    Berrien Springs, Michigan 49103

    Attention: Licensing Department

 

    Section 6.11  Currency
    and Offsets.  All amounts to be paid by
    Licensee to Licensor under this Agreement shall be payable in
    United States currency and made without deduction for taxes
    (including withholding taxes), levies, duties, imports,
    commissions, expenses or charges of any kind. Wire transfer fees
    as well as all other bank fees related to any payments required
    to be made by Licensee under this Agreement shall be the sole
    expense of Licensee, so that Licensor shall receive the full
    amount of all payments without reduction. If any inconsistencies
    or mistakes are discovered in such Royalty Report or royalty
    payments, they shall immediately be rectified and the
    appropriate payment shall be made by Licensee if an underpayment
    was made by Licensee. All of Licensee’s obligations under
    this Article 6 shall be performed without any right of
    Licensee to invoke set-offs, deductions and other similar
    rights. Neither the receipt nor acceptance by Licensor of any
    royalty payments (including the cashing of any royalty checks
    hereunder) or Royalty Reports shall prevent Licensor from
    subsequently challenging the accuracy or validity of such
    royalty payment or Royalty Report.

 

    Section 6.12  Late
    Payments.  Any past due amount by Licensee
    whether due pursuant to this Article 6 or any other Section
    in this Agreement shall bear interest at the then current prime
    rate plus three percent (3%) per annum as quoted in The Wall
    Street Journal, which is applicable from the due date until
    the date of payment. Any outstanding amount found in an audit
    pursuant to Section 7.02 shall be deemed a “late
    payment” and shall be subject to the interest described
    herein.

 

    Section 6.13  Monetary
    Conversions.  If any currency conversions are
    required under this Agreement, Licensee agrees that all currency
    conversions shall be made by utilizing the exchange rate in
    effect on the due date for any such payment as reported in
    The Wall Street Journal. The cost of conversion of all
    local currencies into

    

    11

 

    U.S. currency shall be the sole expense of Licensee. Any
    cost of conversion built into a bank’s exchange rate must
    be accounted for with a corresponding increase in the amount
    being converted so that all the costs of conversion of all
    currencies, as well as wire transfers or other bank fees, shall
    be the sole expense of Licensee, so that Licensor shall receive
    the full amount of payments without reduction.

 

    Section 6.14  Withholding
    Taxes.  If any income, stamp or other taxes,
    levies, imposts, duties, charges, fees, deductions or
    withholdings are now or hereafter imposed, levied, collected,
    withheld or assessed by any governmental authority (such amounts
    hereinafter referred to as a “Tax” or
    “Taxes”) are required to be withheld from any
    amounts payable to Licensor under this Agreement, the amounts so
    payable to Licensor shall be increased to the extent necessary
    to yield to such Licensor (after the payment of all such amounts
    required to be withheld) the amounts specified in this
    Agreement. Notwithstanding the immediately preceding provision,
    the Licensee shall not be required to increase any such amounts
    payable to Licensor (i) with respect to net income taxes
    imposed on Licensor as a result of a connection between Licensor
    and the jurisdiction of the governmental authority imposing such
    Taxes, or (ii) Taxes that are attributable to
    Licensor’s failure to comply with the requirements of this
    Section 6.15, provided that the Licensee has
    complied with the requirements of Section 6.15.

 

    Section 6.15  Exemptions.  If
    Licensor is entitled to an exemption from or reduction of taxes
    that are otherwise required to be withheld by the Licensee under
    the law of the jurisdiction in which the Licensee is located, or
    under any treaty to which such jurisdiction is a party, with
    respect to payments under this Agreement, Licensor shall deliver
    to the Licensee, as reasonably requested in writing by the
    Licensee, such documentation prescribed by applicable law as
    will permit such payments to be made without withholding or at a
    reduced rate, provided that Licensor is legally entitled
    to execute and deliver such documentation and such execution or
    submission in Licensor’s judgment would not materially
    prejudice the legal position of Licensor. Whenever any Taxes are
    payable by or on behalf of Licensor, the Licensee shall timely
    pay such amounts to the appropriate governmental authority and
    as promptly as possible thereafter the Licensee shall send to
    Licensor documentation sufficiently evidencing the payment of
    such Taxes or other documentation as is reasonably requested by
    Licensor.

 

    Section 6.16  Licensee’s
    Expenses.  Except as otherwise expressly
    provided herein, all acts, duties, obligations and
    responsibilities of Licensee under this Agreement shall be at
    Licensee’s sole cost and expense. No costs of any kind,
    paid or incurred, directly or indirectly, by Licensee or any
    person or entity associated with Licensee, any amounts
    reimbursed by Licensee to Licensor, or any other activities of
    Licensee hereunder, shall be recouped, deducted or otherwise
    charged to Licensor or against any amounts owed to Licensor
    under this Agreement.

 

    Section 6.17  Buy-Out.  Notwithstanding
    any of the foregoing, Licensee may buy-out all royalty payments,
    including the payment of any Guaranteed Minimum Royalties for a
    one-time payment of fifty million dollars ($50,000,000) by
    (i) notifying Licensor in writing that it desires to
    buy-out its remaining royalty payments (the
    “Buy-Out”), and (ii) exercising the
    buy-out rights under Section 7.18 of the License Agreement
    dated as of the date hereof, between Elvis Presley Enterprises,
    Inc. and Licensee (the “EPE License”). Licensee
    shall have the option of exercising the Buy-Out commencing on
    the Effective Date and ending on the eighth (8th) anniversary of
    the opening of the first Elvis Presley-themed Hotel (as defined
    in the EPE License). Notwithstanding the foregoing, other than
    as provided for below, the Buy-Out shall not relieve Licensee of
    its other non-financial obligations under this Agreement, nor
    shall the Buy-Out have any effect on any revenues derived by
    Licensor from the operation of a Muhammad Ali Experience
    pursuant to Article 14. Upon exercise and consummation of
    the Buy-Out, neither Licensee nor any Licensee Related Party
    shall have any further obligations to pay royalties to Licensor
    under this Agreement other than pursuant to Section 6.05,
    6.06 and 6.18 (to the extent an Authorized Muhammad Ali-themed
    Entertainment Attraction is at one of the Muhammad Ali
    Properties and a license fee or percentage of gross revenues is
    required).

 

    Section 6.18  Additional
    Payments.  In addition to its obligation to
    pay royalties in accordance with the foregoing, Licensee shall,
    except as expressly provided otherwise in this Agreement, be
    solely responsible for paying any and all royalties, fees, and
    other sums payable in connection with any activities engaged in
    or services provided by Licensee, any Licensee Related Party, or
    any third party at any Muhammad Ali Property hereunder, or any
    merchandise or other products manufactured and sold or otherwise
    exploited hereunder, including all amounts payable to a third
    party in connection with the licensing of any Third Party
    Muhammad Ali-Related Materials,

    

    12

 

    including any and all amounts payable to unions and guilds,
    publishers, artists, film studios, and owners of television
    programs or other audiovisual footage of Muhammad Ali, including
    Muhammad Ali boxing bouts.

 

    Article 7

    

 

    RECORDS
    RETENTION AND AUDITS

 

    Section 7.01  Records.  Licensee
    shall keep in its possession or under its control accurate
    records covering all transactions relating to this Agreement.
    Records shall include, but not be limited to, invoices, purchase
    orders, correspondence, financial information, hotel occupancy
    data, inventory records, manufacturing records, quality control
    and approvals and other information necessary to substantiate
    that all Royalty Reports submitted to Licensor hereunder were
    true, complete and accurate, and all royalty payments and other
    payments due Licensor hereunder shall have been paid to Licensor
    in accordance with the provisions of this Agreement. All books
    and records shall be maintained in accordance with generally
    accepted accounting principles consistently applied.

 

    Section 7.02  Audit.  Licensor
    shall have the right during business hours and upon no less than
    ten (10) business days notice to conduct an audit and make
    copies of all records listed in Section 7.01 above, and to
    make a physical inventory count of all Muhammad Ali
    Property-themed Merchandise in production
    and/or
    storage. If the audit reveals an underpayment of royalty
    payments, Licensee agrees to immediately pay Licensor any past
    due royalty payments plus applicable interest. Notwithstanding
    the foregoing, if the audit reveals a royalty underpayment of
    five percent (5%) or more, Licensee agrees to reimburse Licensor
    for all of its out-of-pocket costs and expenses of the audit (in
    addition to past due royalty payments, plus interest calculated
    at the then current prime rate plus three percent (3%) per annum
    as quoted in the Wall Street Journal). Licensor shall
    invoice Licensee for such audit expenses and Licensee shall pay
    such invoice within thirty (30) days. Audits may be
    performed by Licensor’s own employees
    and/or its
    designated independent auditor, all of whom shall hold
    Licensee’s audit information in confidence, pursuant to
    Article 25 below. Audit information shall only be used for
    purposes of this Agreement, unless used to judicially enforce
    obligations of Licensee. The exercise by Licensor, in whole or
    in part, or at any time or times, of the right to inspect or
    audit records and accounts or of any other right herein granted
    shall not stop or prevent Licensor from thereafter disputing the
    accuracy of any such Royalty Report.

 

    Article 8

    

 

    ACCOMMODATIONS
    AND TICKETS

 

    Section 8.01  Reduced
    Rate Accommodations.  Licensee shall, subject
    to availability, provide hotel rooms free of charge and for a
    reasonable number of nights to Licensor’s and its
    Affiliates’ employees and agents who are visiting any
    Licensee hotel in connection with Licensor’s performance of
    this Agreement or the administration of the matters provided
    herein. For visits not related to this Agreement, Licensee
    agrees to make available to Licensor’s and its
    Affiliates’ employees and agents rooms in accordance with
    Section 8.02.

 

    Section 8.02  Other
    Discounts.  Licensee shall provide Licensor
    and its Affiliates employees (and their immediate families) a
    discount at any Muhammad Ali Properties, including Lodging
    Properties, Food and Beverage Outlets, Entertainment Attractions
    and Retail Stores, equal to the discount offered to
    Licensee’s employees.

 

    Article 9

    

 

    RIGHTS OF
    APPROVAL GENERALLY

 

    Section 9.01  Exercise
    of Approval Rights.  In exercising all rights
    of approval hereunder, Licensor shall take into account the
    business interests of each of Licensor and Licensee and shall
    cooperate with Licensee in the furtherance of Licensee’s
    business objectives. None of the rights of approval hereunder
    shall be exercised unreasonably, in bad faith or with the
    intention of frustrating Licensee’s ability to enjoy its
    rights hereunder.

 

    Section 9.02  General
    Approval Period.  Except as otherwise
    expressly provided herein, Licensor shall have ten
    (10) business days following receipt (pursuant to the
    approval notice provisions set forth herein) of any request for
    Licensor’s approval hereunder to approve or disapprove the
    same. In the event Licensor does not approve

    

    13

 

    or disapprove any such request within such ten
    (10) business day period, Licensee may resubmit its request
    for approval in writing, which resubmitted request shall be
    conspicuously marked that it is the “Second Notice”.
    Licensor shall have ten (10) business days from
    Licensor’s receipt of Licensee’s resubmitted request
    to review and respond in writing to Licensee’s resubmitted
    request. If Licensor does not respond in writing to such
    resubmitted request within such ten (10) business day
    period, then such resubmitted request shall be deemed approved.
    Any written disapproval by Licensor hereunder shall clearly
    state the reasons for such disapproval and shall provide
    Licensee with a reasonable opportunity to cure the basis for
    such disapproval. In the event of an unwritten disapproval
    hereunder, Licensor shall within five (5) days of a written
    request by Licensee, provide Licensee with a written disapproval
    clearly stating the reasons for such disapproval and shall
    provide Licensee with a reasonable opportunity to cure the basis
    for such disapproval.

 

    Section 9.03  Previously
    Approved Material.  Once Licensor has approved
    any use of the Licensor Owned IP in connection with particular
    Muhammad Ali Property-themed Merchandise or in connection with a
    particular Muhammad Ali Property or other particular permitted
    use hereunder, Licensee shall not be required to seek
    Licensor’s approval for use of the Licensor Owned IP for a
    substantially similar use in connection with a different
    Muhammad Ali Property. Notwithstanding the foregoing, any
    material modification of any previously approved items shall
    require re-approval by Licensor.

 

    Section 9.04  Licensee
    Contact.  Licensor shall at all times during
    the Term designate one or more employees who shall be primarily
    responsible for communicating with Licensee with respect to
    approvals requested by Licensee hereunder. If Licensee is
    required to deliver to Licensor any particular documents,
    materials, samples or other items in connection with any
    approval by Licensor, then Licensee shall prepare and deliver
    same at its own expense.

 

    Section 9.05  Approval
    Procedures.  Except as otherwise provided for
    herein, all requests for Licensor’s approval hereunder and
    all materials to be submitted to Licensor for approval hereunder
    shall be sent to Licensor at the following address:

 

    Muhammad Ali Enterprises LLC

    8105 Kephart Lane,

    Berrien Springs, Michigan 49103

    Attention: Licensing Department

 

    With a copy to:

 

    CKX, Inc.

    650 Madison Avenue

    New York, NY 10022

    Attn: Legal Counsel

 

    Section 9.06  Bypass
    of Procedure.  Notwithstanding anything to the
    contrary contained herein, Licensee, at its option, may combine
    or bypass any of the intermediary steps in any approval process
    hereunder but this shall in no way limit Licensor’s right
    hereunder to approve the final version of the item or activity
    concerned prior to its implementation, and Licensee shall solely
    bear any additional costs incurred as a result of combining or
    bypassing any such steps. For example, if Licensee desired to
    sell a particular item of Muhammad Ali Property-themed
    Merchandise, but did not want to first send to Licensor, for its
    approval, a prototype sample, but instead wished to immediately
    present to Licensor for its approval the actual production
    sample of such item, it may do so with the understanding that
    Licensor shall still have the absolute right to disapprove of
    such item for sale at the Muhammad Ali Properties, and any costs
    incurred by Licensee in creating such production sample shall be
    Licensee’s sole responsibility.

 

    Section 9.07  Quality
    Control Generally.  All use of the Licensor
    Owned IP by Licensee and the style and appearance of all
    articles of Muhammad Ali Property-themed Merchandise and all
    packaging, advertising and promotional materials shall be
    subject to Licensor’s approval to enable Licensor to ensure
    that Licensor’s quality standards are being maintained.
    Licensee may not use the Licensor Owned IP in any manner that
    would disparage or tarnish or dilute the distinctive quality of
    the Licensor Owned IP or the reputation and goodwill embodied in
    the Licensor Owned IP or which would reflect adversely on the
    Licensor Owned IP, Licensor or Muhammad Ali, the

    

    14

 

    Muhammad Ali family, the Muhammad Ali Trust or any of
    Licensor’s products or services. Licensee shall not use the
    Licensor Owned IP in any way which is not authorized and
    approved in advance by Licensor as set forth in this Agreement.

 

    Section 9.08  Right
    to Suspend Approval Process.  In addition to
    its other remedies, Licensor reserves the right to suspend the
    approval process after Licensor has given Licensee notice of a
    material breach of this Agreement, until Licensee has cured the
    breach.

 

    Section 9.09  Overall
    Use of Muhammad Ali Related IP.  The Muhammad
    Ali Related IP shall not be depicted at any of the Muhammad Ali
    Properties, on any articles of Muhammad Ali Property-themed
    Merchandise, as part of any Muhammad Ali-themed Food and
    Beverage Outlet and Retail Store in a manner that would present
    Muhammad Ali in a negative and disparaging light or in a manner
    that is offensive, immoral, derogatory or in poor taste or that
    would tarnish the reputation or public image of Muhammad Ali and
    without limiting the generality of the foregoing, neither
    Licensee or any Licensee Related Party shall take any action
    (including, by granting any third party any right or license)
    that could reasonably be expected to associate Muhammad Ali,
    Licensor or any of its Affiliates, the Muhammad Ali Properties,
    or any Muhammad Ali Related IP with any activity, product or
    service set forth on Exhibit D hereto. LICENSEE
    ACKNOWLEDGES THAT LICENSOR HAS STRICT RESTRICTIONS ON
    ASSOCIATING THE LICENSOR OWNED IP WITH ANY GAMBLING, ALCOHOL, OR
    PORK-RELATED PRODUCTS, OR IN ANY OTHER MANNER WHICH IS
    DEROGATORY TO THE RELIGIOUS FAITH AND BELIEFS OF MUHAMMAD ALI.
    LICENSEE AGREES THAT UNDER NO CIRCUMSTANCES WILL LICENSEE USE
    AND/OR EXPLOIT THE LICENSOR OWNED IP IN ANY WAY DIRECTLY IN
    ASSOCIATION WITH ANY OF THESE RESTRICTED ACTIVITIES,
    PROVIDED THAT LICENSEE SHALL BE ENTITLED TO RELY UPON
    LICENSOR’S SPECIFIC APPROVAL OF THE USE OF THE LICENSOR
    OWNED IP IN CONNECTION WITH A PARTICULAR PRODUCT OR SERVICE AS A
    REPRESENTATION AND WARRANTY FROM LICENSOR THAT SUCH SPECIFIC USE
    DOES NOT VIOLATE SUCH RESTRICTIONS.

 

    Section 9.10  Withholding
    of Approval Following Buy-Out.  In the event
    that, following the consummation of the Buy-Out pursuant to
    Section 6.17, Licensor withholds approval with respect to
    the exercise by Licensee of the rights granted hereunder other
    than in compliance with Section 9.01 above, the parties
    shall endeavor in good faith to resolve any disagreements with
    respect to such request for approval within ten
    (10) business days following Licensor’s notice to
    Licensee of the disapproval. Any such disagreements that have
    not been resolved at the end of such ten (10) day period
    shall be submitted to and determined by an arbitrator mutually
    acceptable to Licensor and Licensee within the following thirty
    (30) days, which shall be the exclusive means for
    resolution of such disagreement. The determination of the
    arbitrator shall be final and binding on the parties,
    provided, however, that to the extent the
    arbitrator conclusively determines that Licensor’s
    withholding of approval was in violation of this Agreement,
    Licensee shall, in addition to securing the approval that was
    withheld, be entitled to recover from Licensor (i) any
    actual, out-of-pocket costs incurred as a direct result of
    Licensor’s withholding of the approval, including the cost
    of arbitration, and (ii) any other losses incurred by
    Licensee as a result of Licensor’s withholding of the
    approval, including lost profits. Any such arbitration shall be
    conducted in New York in accordance with the Commercial
    Arbitration Rules of the American Arbitration Association (the
    “Rules”). In the event the parties are unable
    to agree to an arbitrator, such arbitrator shall be selected in
    accordance with the Rules.

 

    Article 10
    

    

 

    APPROVAL
    OF MUHAMMAD ALI PROPERTIES

 

    Section 10.01  Approval
    of Design of Muhammad Ali
    Properties.  Licensor shall have the right to
    approve the design aspects of each Muhammad Ali Property that
    concern or relate to the use of any Muhammad Ali Related IP or
    Artifacts within each Muhammad Ali Property, which approval
    shall not be unreasonably withheld. To the extent
    Licensor’s approval is required under this
    Section 10.01, prior to the commencement of any
    construction, the item(s) for which approval is being sought
    shall be sent to Licensor. Licensee shall not commence
    construction of a Muhammad Ali Property or use the respective
    Muhammad Ali Related IP in such Muhammad Ali Property until it
    has received Licensor’s written notice that Licensor has
    approved all the aforesaid materials that relate to the use of
    the Muhammad Ali Related IP and Artifacts (the “Muhammad
    Ali Property Materials”). After Licensor has approved
    the Muhammad Ali Property Materials in writing, Licensee shall
    then have the right to use the

    

    15

 

    Muhammad Ali Related IP in accordance with the Muhammad Ali
    Property Materials. Licensor’s re-approval shall be
    required in connection with any material modifications or
    alterations in the construction of the Muhammad Ali Property
    that affect Licensee’s use of the Muhammad Ali Related IP
    or Artifacts after commencement of construction, or
    modifications to Licensee’s use of the Muhammad Ali Related
    IP and Artifacts within each Muhammad Ali Property.

 

    Section 10.02  Consultation
    on Overall Design of Each Muhammad Ali
    Property.  Licensee shall reasonably consult
    with Licensor regarding concepts for the overall design of any
    Muhammad Ali Property and shall make available to Licensor
    reasonably detailed descriptions, drawings, blueprints and
    models (if available) of the design of any Muhammad Ali
    Property, and such other items as Licensor may reasonably
    request in connection therewith (if available). Notwithstanding
    the foregoing, other than the use of the Muhammad Ali Related IP
    as embodied in the design of the Muhammad Ali Property, all such
    design elements shall be within the sole control and final
    approval of Licensee, subject to the reasonable consultation
    with Licensor. For example, Licensor shall have no right to
    approve the architecture, landscaping, structural, electrical,
    and/or
    mechanical elements of the Muhammad Ali Property including the
    underground foundation, electrical wiring, duct work, or
    structural support, or the layout or design of an element of the
    Muhammad Ali Property that does not incorporate any of the
    Muhammad Ali Related IP or Artifacts (e.g., the design of a
    Generic hotel room or Food and Beverage Outlet).

 

    Section 10.03  Site
    Inspection.  Licensors’ Representatives
    shall have the right, at their election, to inspect the
    construction site of any of the applicable Muhammad Ali Property
    or Muhammad Ali Properties from time to time upon reasonable
    notice to Licensee, provided that any failure to make any
    such inspection or make any objections in connection with any
    inspection shall not constitute a waiver of any of
    Licensor’s rights or remedies hereunder.

 

    Section 10.04  Muhammad
    Ali-themed Food and Beverage Outlets and Retail Stores Operated
    by Licensee.  Subject to the approval
    procedure set forth in Section 10.01, Licensor shall have
    the right to approve the theme, name, and all uses of the
    Muhammad Ali Related IP in connection with each Muhammad
    Ali-themed Food and Beverage Outlet (if Licensee is granted such
    rights during the Term subject to Section 2.02) and Retail
    Store operated at any of the Muhammad Ali Properties, such
    approval not to be unreasonably withheld.

 

    Section 10.05  Muhammad
    Ali-themed Food and Beverage Outlets and Retail Stores Operated
    by Third Parties.  Subject to Licensor’s
    prior written consent, which consent shall be solely at
    Licensor’s discretion, Licensee may permit a third party to
    establish solely at a Muhammad Ali Property a Muhammad
    Ali-themed Food and Beverage Outlet (if Licensee is granted such
    rights during the Term subject to Section 2.02) or Retail
    Store co-branded with third party intellectual property (e.g., a
    Muhammad Ali-themed Adidas clothing store).

 

    Section 10.06  Muhammad
    Ali-themed Food and Beverage Outlets and Retail Stores Operated
    by Licensor.  If Licensee and Licensor agree
    to the establishment by Licensor or its Affiliates, or a
    business partner of Licensor, of an Muhammad Ali-themed Food and
    Beverage Outlet, Health Club or Retail Store at one or more
    Muhammad Ali Properties, the terms and conditions between
    Licensor and Licensee governing the same (including the amount
    of rent to be paid to Licensee in connection therewith) shall be
    negotiated by the parties in good faith on an arms-length basis.

 

    Section 10.07  Entertainment
    Attractions.  Licensee agrees to consult with
    Licensor in good faith on the type of Entertainment Attractions
    and performers at any of the Muhammad Ali Properties,
    provided that Licensee’s decision shall be final
    with respect to the type of Entertainment Attractions and
    performers at each Muhammad Ali Property. Notwithstanding the
    foregoing, Licensor shall have the right to approve in advance
    the placement of any Authorized Muhammad Ali-themed
    Entertainment Attraction at any of the Muhammad Ali Properties,
    which consent shall not be unreasonably withheld, and Licensor
    shall use reasonable best efforts to assist Licensee with
    obtaining the rights, through contract or license, to perform
    such Authorized Muhammad Ali-themed Entertainment Attraction.
    Licensee acknowledges that it will not establish or contract
    with third parties to establish any Entertainment Attraction
    that will reflect adversely upon Licensor or the Licensor Owned
    IP or is in bad taste.

 

    Section 10.08  General
    Conditions of Muhammad Ali
    Properties.  Licensee shall cause the Muhammad
    Ali Properties and all Food and Beverage Outlets, Entertainment
    Attractions, and Retail Stores and other establishments
    contained within the Muhammad Ali Properties to be maintained in
    good condition and working order at all

    

    16

 

    times during the Term hereof (subject to closures for
    maintenance or otherwise in the ordinary course of business).
    Without limiting the generality of the foregoing, Licensee
    shall, from time to time, continue to update and upgrade the
    Muhammad Ali Properties and the attractions contained therein as
    Licensee deems necessary in its reasonable business judgment.

 

    Section 10.09  Generic
    Property Elements.  Licensee may establish, or
    contract with third parties to establish, Generic Food and
    Beverage Outlets and Retail Stores throughout any of the
    Muhammad Ali Properties as provided for in Article 2
    hereunder (e.g., ESPN Zone restaurant), provided that
    Licensee shall first consult with Licensor in good faith
    regarding such Food and Beverage Outlets and Retail Stores and
    the identification of third parties, provided further
    that with respect to the establishment of such Generic Food and
    Beverage Outlets,
    and/or
    Retail Stores, Licensee’s decision shall be final.
    Notwithstanding the foregoing, Licensee acknowledges that it
    will not establish or contract with third parties to establish
    any Generic Food and Beverage Outlet
    and/or
    Retail Store that predominantly offers goods and services in
    association with any of the activities listed in
    Exhibit D hereto or otherwise that would reflect
    adversely upon Licensor, Muhammad Ali, the Muhammad Ali family,
    the Muhammad Ali Trust or the Licensor Owned IP, is in bad
    taste, or is otherwise inappropriate for sale at any of the
    Muhammad Ali Properties (e.g., a pornography store or a liquor
    store).

 

    Section 10.10  Incidental
    Goods and Services.  Notwithstanding any other
    provision of this Agreement, the parties acknowledge and agree
    that the incidental offering of goods or services cited on
    Exhibit D by a business located at a Muhammad Ali
    Property that is not primarily in the business of offering such
    goods or services (e.g., the sale of cigarettes at a convenience
    store) shall not be a violation of this Agreement.

 

    Article 11
    

    

 

    MERCHANDISE
    APPROVAL AND RIGHTS

 

    Section 11.01  Submission
    of Materials.  Prior to any sale, marketing,
    promotion or distribution of any of the Muhammad Ali
    Property-themed Merchandise, Licensee at its expense, shall
    submit to Licensor all items, including products, product
    samples, packaging, labeling, point of sale materials, sales
    materials, and advertising and marketing materials bearing the
    Licensor Owned IP
    and/or
    Creations, and if such items are in a foreign language,
    certification that the translations of such items are accurate,
    for Licensor’s advance written approval, in Licensor’s
    reasonable discretion, at all stages listed below.

 

	 	 	 
	

    Concept

	
 
	
    Rough sketches or layout concepts;
    

	

    Prototype

	
 
	
    Prototypes or finished artwork; and
    

	

    Final

	
 
	
    Pre-production sample.
    

 

    Section 11.02  Approval
    Procedures.  The following rules shall apply
    to all stages of the approval process, including Concept,
    Prototype, and Final:

 

    (a) Licensee shall not make any use of, sell, advertise, or
    distribute any items listed in Section 11.01, prior to
    Licensor granting final written approval in accordance with the
    provisions of Article 9, which, for the avoidance of doubt,
    are the following: except as otherwise expressly provided
    herein, Licensor shall have ten (10) business days
    following receipt (pursuant to the approval notice provisions
    set forth herein) of any request for Licensor’s approval
    hereunder to approve or disapprove the same. In the event
    Licensor does not approve or disapprove any such request within
    such ten (10) business day period, Licensee may resubmit
    its request for approval in writing, which resubmitted request
    shall be conspicuously marked that it is the “Second
    Notice”. Licensor shall have ten (10) business days
    from Licensor’s receipt of Licensee’s resubmitted
    request to review and respond in writing to Licensee’s
    resubmitted request. If Licensor does not respond in writing to
    such resubmitted request within such ten (10) business day
    period, then such resubmitted request shall be deemed approved;

 

    (b) Licensor, in its reasonable discretion, reserves the
    right to reject an item approved at a prior stage if in its
    physical form it does not meet Licensor’s marketing
    standards or materially departs from the approved sample;

    

    17

 

    (c) In the event of any material modification or change in
    quality of the items, whether during the approval process or
    after final approval has been granted, such items shall be
    re-submitted to Licensor for approval;

 

    (d) Licensee shall disclose all sources for any artwork not
    supplied by Licensor or an employee of Licensee; and

 

    (e) No facsimile transmissions will be accepted for
    approval. Notwithstanding the foregoing, submissions by
    e-mail will
    be accepted for approval, provided that Licensee
    simultaneously sends Licensor a physical copy of same.

 

    Section 11.03  No
    Waivers.  Approvals granted by Licensor under
    this Article 11 shall extend only to Licensee’s use of
    the Licensor Owned IP, Creations, or Licensor’s artwork
    and/or
    designs provided to Licensee. The provisions for indemnity under
    this Agreement and Licensee’s other obligations shall not
    be waived by approval of the Muhammad Ali Property-themed
    Merchandise by Licensor.

 

    Section 11.04  Quality
    Control.  All articles of Muhammad Ali
    Property-themed Merchandise shall be of good quality (which
    quality shall be comparable to that of similar goods
    manufactured, sold, and distributed by Licensor
    and/or any
    of its third party licensees) consistent with the standing of
    the Licensor Owned IP, and shall be free of defects in design,
    materials and workmanship. Licensee shall manufacture the
    articles of Muhammad Ali Property-themed Merchandise in
    accordance with the approved designs, materials, tolerances of
    manufacture and assembly, testing and packaging specifications
    approved by Licensor.

 

    Section 11.05  Compliance
    with Applicable Law.  All Muhammad Ali
    Property-themed Merchandise shall be manufactured, sold,
    labeled, packaged, distributed and advertised, and all elements
    of the operation of the Muhammad Ali Properties shall be, in
    accordance with all applicable laws, regulations and import and
    export controls in the applicable territory, including all
    child-safety laws and regulations in each legal jurisdiction
    within the applicable territory.

 

    Section 11.06  Right
    to Inspect.  Licensee agrees to promptly
    furnish Licensor with the addresses of Licensee’s
    production facilities for the Muhammad Ali Property-themed
    Merchandise and the names and addresses of each manufacturer, if
    any, which is producing each item of the Muhammad Ali
    Property-themed Merchandise for Licensee. Licensor shall have
    the right, upon reasonable notice and during regular business
    hours, at its own expense to make inspections of any production
    facilities where any of the Muhammad Ali Property-themed
    Merchandise, or any components thereof, are being manufactured
    to determine whether Licensee
    and/or
    Licensee’s manufacturer is adhering to the requirements of
    this Agreement relating to the nature and quality of the
    Muhammad Ali Property-themed Merchandise and the use of the
    Licensor Owned IP in connection therewith.

 

    Section 11.07  Seconds
    and Disposals.  Licensee shall not sell,
    market, distribute or use for any purpose any Muhammad Ali
    Property-themed Merchandise or promotional, advertising and
    packaging material relating to the Muhammad Ali Property-themed
    Merchandise which are Seconds. Licensee shall destroy such
    Seconds unless Licensor, in its sole discretion, provides
    Licensee with express written instructions to otherwise dispose
    of such Seconds. All products, product samples, packaging,
    labeling, point of sale, sales materials and advertising bearing
    Licensor Owned IP produced by Licensee which are not suitable
    for use or sale pursuant to this Agreement shall be promptly
    destroyed.

 

    Section 11.08  Labeling
    Requirements.  Licensee shall cause to appear
    on all Muhammad Ali Property-themed Merchandise produced
    hereunder and on their tags, packaging, advertising and
    promotional materials such brand names, legends, markings and
    legal notices as Licensor may request from time to time,
    including trademark and copyright notices. Licensee shall place
    its own name or identifying mark, including where applicable,
    the Licensee Owned IP, on the Muhammad Ali Property-themed
    Merchandise or on their packaging in an inconspicuous manner so
    that Licensor can readily identify the source of the Muhammad
    Ali Property-themed Merchandise. At Licensor’s written
    request, Licensee shall include a security identification
    element (such as a hologram available from OpSec) on all
    Muhammad Ali Property-themed Merchandise
    and/or its
    packaging. Before using or releasing any such material, Licensee
    shall submit to Licensor, for its approval, finished artwork for
    Muhammad Ali Property-themed Merchandise, tags, labels,
    packaging, and advertising and promotional materials embodying
    the labeling requirements specified herein which shall not be
    used or released prior to Licensee’s receipt of
    Licensor’s

    

    18

 

    prior written approval as specified in this Article 11.
    Without limiting the generality of the foregoing, until such
    time as Licensor otherwise directs Licensee, the following
    legends shall appear at least once on each item of Muhammad Ali
    Property-themed Merchandise including all packaging and
    promotional materials:

 

    “MUHAMMAD ALI [or other Marks utilized] are trademarks of
    Muhammad Ali Enterprises
    LLC©
    Muhammad Ali Enterprises LLC”

 

    Any Muhammad Ali Property-themed Merchandise that incorporates a
    Joint Logo and Name shall also include a legal notice of
    Licensee with respect to Licensee’s trademarks incorporated
    in the Joint Logo and Name. For example, for “FX Luxury
    Muhammad Ali Hotel”:

 

    “MUHAMMAD ALI is a trademark of Muhammad Ali Enterprises
    LLC, FX LUXURY is a trademark of FX Luxury Real Estate LLC.”

 

    Section 11.09  Manufacturer’s
    Agreement.  Licensee shall not contract with
    any manufacturer without Licensor’s authorization. In the
    event that Licensee desires to have a manufacturer produce one
    or more articles of Muhammad Ali Property-themed Merchandise,
    Licensee shall provide Licensor with the name, address,
    telephone number and name of the principal contact of the
    proposed manufacturer. Licensor must approve any manufacturer,
    and the manufacturer must execute in duplicate original an
    agreement identical to the attached Exhibit E
    (“Manufacturer’s Agreement”) prior to use
    of the Licensor Owned IP. Licensee shall deliver the original
    copies of the Manufacturer’s Agreement signed by Licensee
    and the proposed manufacturer to Licensor, and Licensee shall
    obtain Licensor’s signature on the Manufacturer’s
    Agreements before the manufacture of the Muhammad Ali
    Property-themed Merchandise. Licensor shall advise Licensee of
    its approval or disapproval of any such manufacturer within ten
    (10) business days of Licensor’s receipt of the
    Manufacturer’s Agreement. Failure to respond within such
    ten (10) business day period shall be deemed approval. In
    addition, Licensee shall remain fully responsible for ensuring
    that the products are manufactured in accordance with the terms
    herein, including approval, and the Licensee shall take the
    steps necessary to ensure that the manufacturer:
    (i) produces the product only as and when directed by
    Licensee; (ii) does not distribute, sell or supply the
    Muhammad Ali Property-themed Merchandise to any person or entity
    other than Licensee; and (iii) does not delegate in any
    manner whatsoever its obligations with respect to the Muhammad
    Ali Property-themed Merchandise. Licensor hereby reserves the
    right to terminate, in its reasonable discretion, the engagement
    of any manufacturer for good cause at any time.

 

    Section 11.10  Generic
    Merchandise.  Licensor shall not have the
    right to pre-approve Generic Merchandise sold at any of the
    Muhammad Ali Properties. However, if at any time after an item
    of Generic Merchandise is placed on sale at any of the Muhammad
    Ali Properties, Licensor, after inspecting the same, determines,
    in good faith and in the exercise of its best business judgment,
    that such item either reflects adversely upon Licensor or the
    Licensor Owned IP, or is in bad taste, it may notify Licensee to
    such effect in writing and Licensee shall cease further sales of
    such item of Generic Merchandise at all of the Muhammad Ali
    Properties on or after the earlier of (A) one hundred and
    twenty (120) days after Licensee’s receipt of such
    notice, or (B) the date on which Licensee sells such last
    piece of such Generic Merchandise in stock on the day Licensee
    receives such notice.

 

    Section 11.11  Licensed
    Muhammad Ali Merchandise.  Licensee shall have
    the right to sell at retail on the grounds of the Muhammad Ali
    Properties (i.e., not on any of the Websites) Muhammad
    Ali-related merchandise, books, artwork or videos, including
    films or documentaries currently licensed, authorized, or
    otherwise approved by Licensor (“Licensed Muhammad Ali
    Merchandise”). Licensee shall not be permitted to sell
    any merchandise, books, artwork, or videos related to Muhammad
    Ali that are not authorized or approved in advance by Licensor,
    including merchandise incorporating any of the Muhammad Ali
    Related IP which is (i) bootleg, or (ii) permitted
    under applicable law but not approved for sale in advance by
    Licensor at any of the Muhammad Ali Properties (e.g.,
    unauthorized artistic works, books, documentaries). Licensee
    shall not purchase any Muhammad Ali-related merchandise from any
    third party other than those designated by Licensor. To the
    extent it has the ability to do so, Licensor shall use
    reasonable best efforts to get its third party licensees to sell
    Licensed Muhammad Ali Merchandise to Licensee on terms at least
    as good as those given by such third party licensee to any of
    its customers (including Licensor) such that the Licensee can
    purchase the Licensed Muhammad Ali Merchandise from the third
    party licensee at a price never to exceed the lowest price
    offered to any other customer (including Licensor) of the third
    party licensee and on such other terms that are as good as the
    most favorable terms given to any other customers of the third
    party licensee.

    

    19

 

    Section 11.12  Supplies
    to Licensor.  Licensee agrees to sell to
    Licensor the Muhammad Ali Property-themed Merchandise in such
    quantities as Licensor may need in connection with its wholesale
    and retail activities. All sales by Licensee to Licensor of
    Muhammad Ali Property-themed Merchandise shall be at the lowest
    wholesale price. Licensee shall have no obligation to pay to
    Licensor any royalties with respect to such sales.

 

    Section 11.13  Free
    Samples.  Every calendar year, Licensee shall
    provide to Licensor, at no cost to Licensor, one hundred
    (100) promotional items of each article of Muhammad Ali
    Property-themed Merchandise, except for items retailing at fifty
    dollars ($50.00) or more, in which case Licensee shall provide
    ten (10) items of such Muhammad Ali Property-themed
    Merchandise. Such merchandise shall not be included in the
    computation of Gross Revenues under this Agreement.

 

    Article 12
    

    

 

    OTHER
    APPROVAL RIGHTS

 

    Section 12.01  Advertisements.  The
    form and content of all advertisements (print, television,
    radio, cinema, Internet), press releases, and other marketing,
    publicity and promotional materials that utilize any of the
    Licensor Owned IP, including the form and content of all
    Websites concerning any of the Muhammad Ali Properties, shall be
    subject to Licensor’s prior written approval, which
    approval shall not be unreasonably withheld. All advertisements,
    press releases, or other marketing, publicity, or promotional
    materials that utilize the Licensor Owned IP (“Publicity
    Materials”) proposed to be used by Licensee shall be
    submitted to Licensor together with all copy
    and/or
    storyboards, a detailed description of the intended use of such
    materials, and a description of the specific media in which such
    materials will be used. Licensor shall have the right to approve
    the Publicity Materials, such approvals not to be unreasonably
    withheld. Once Publicity Materials have been approved by
    Licensor hereunder, Licensee may continue to use such approved
    Publicity Materials without securing further approvals from
    Licensor.

 

    Section 12.02  Publications
    and Promotions.  Licensee shall not advertise
    any of the Muhammad Ali Properties in any publication or
    communications medium that is reasonably likely to damage the
    goodwill of the Licensor Owned IP in any way nor shall the
    Licensor Owned IP be used in any illegal, vulgar, obscene,
    immoral, unsavory or offensive manner, including in connection
    with or relating to the promotion, sale
    and/or
    association with any of the activities listed in
    Exhibit D hereto. Licensee shall obtain, at its sole
    cost and expense, all third party consents and approvals
    necessary in connection with advertising and promotional
    activities that Licensor does authorize. Licensee acknowledges
    that Licensor’s approval of Publicity Materials for such
    advertising will not constitute or imply a representation or
    belief by Licensor that such Publicity Materials comply with any
    applicable laws or regulations.

 

    Section 12.03  Approval
    of New Trademarks and Logos.  Licensor shall
    have the right to approve any and all new trademarks and logos
    incorporating any of the Licensor Owned IP to be used at any of
    the Muhammad Ali Properties, which approval shall not be
    unreasonably withheld (including on Muhammad Ali Property-themed
    Merchandise, in any Publicity Materials, or as the name of, or
    incorporated in any Muhammad Ali Property). If Licensor approves
    such new trademark or logo, then Licensee shall have the right
    to use such new trademark or logo strictly in the form approved
    by Licensor; provided, however, that
    Licensor’s approval of such new trademark or logo shall not
    constitute any other approval required hereunder.

 

    Section 12.04  Sponsored
    Activities.  Licensor shall have the right to
    approve any and all other activities officially sponsored or
    endorsed by Licensee at any of the Muhammad Ali Properties that
    relate to Muhammad Ali (e.g., a Licensee-sponsored or endorsed
    lecture about Muhammad Ali’s life, Parkinson’s disease
    charity event, but not a boxing match that is not Muhammad
    Ali-themed). Licensee shall deliver to Licensor, for
    Licensor’s approval, a detailed description of any such
    intended activities, services, or products and any other
    materials reasonably requested by Licensor in connection
    therewith. In the event Licensor approves the material delivered
    to Licensor in respect of any particular activity, service or
    product, then Licensee shall use its reasonable best efforts to
    cause such activity, service or product, to be constructed,
    operated
    and/or
    implemented, as applicable, substantially in accordance with the
    materials approved by Licensor.

    

    20

 

    Section 12.05  Other
    Activities.  The following activities at any
    of the Muhammad Ali Properties shall require Licensor’s
    prior written consent:

 

    (a) Any sponsorships, co-branding opportunities, or
    commercial tie-ins of any products or services utilizing in any
    way the Muhammad Ali Related IP, or any part thereof,
    and/or the
    name of the Muhammad Ali Properties; and

 

    (b) Any use of the premises of any of the Muhammad Ali
    Properties for the filming or taping of any theatrical motion
    picture, video or television program (other than a strictly
    “news” shows such as a local news telecast or
    infotainment show such as Entertainment Tonight).

 

    Article 13
    

    

 

    OTHER
    LIMITATIONS

 

    Section 13.01  Acquisition
    of Artifacts.  Licensee shall be prohibited
    from purchasing or acquiring any and all memorabilia, artifacts
    and personal effects relating, directly or indirectly, to
    Muhammad Ali without Licensor’s prior consent.

 

    Section 13.02  Acquisition
    of Other Muhammad Ali Materials.  Licensee
    shall be prohibited from purchasing or acquiring any
    intellectual property relating, directly or indirectly to
    Muhammad Ali, including his personal or professional career or
    activities (e.g., interests in photographs, audiovisual
    materials, etc.) without Licensor’s prior consent.

 

    Section 13.03  No
    Family Contact.  Licensee shall not contact or
    enter into any agreements (including promotional agreements,
    appearance agreements and consulting agreements) with any
    members of Muhammad Ali’s family without Licensor’s
    prior written consent, such consent to be at Licensor’s
    sole discretion.

 

    Article 14

    

 

    MUHAMMAD
    ALI EXPERIENCES

 

    Section 14.01  Right
    of First Refusal.  If at any time during the
    Term, Licensor desires to create a Muhammad Ali Experience,
    Licensee shall have a right to participate in such Muhammad Ali
    Experience on the terms set forth in Section 14.02. If
    Licensee requests that Licensor create a Muhammad Ali Experience
    at a property owned by Licensee, then Licensor shall use
    reasonable best efforts to create such a Muhammad Ali Experience
    pursuant to the terms of this Article 14.

 

    Section 14.02  Creation
    of Muhammad Ali Experiences.  If during the
    Term Licensor desires to create a Muhammad Ali Experience,
    Licensor shall first notify Licensee of its desire to create
    such Muhammad Ali Experience, and provide to Licensee
    information relating to the site, location, design,
    construction, creation, production, presentation, budget,
    projections and financing of such Muhammad Ali Experience (the
    “Material Terms”), and Licensee shall have
    thirty (30) days upon receipt of such notice (the
    “ROFR Period”) to consider the Material Terms
    and inform Licensor in writing whether it desires to provide and
    construct the premises or venue at which such Muhammad Ali
    Experience will be made available to the general public
    (together with capital contributions by Licensee therefor). Upon
    Licensee’s notification that it wishes to participate and
    invest in such Muhammad Ali Experience, the parties shall
    promptly work exclusively together in good faith to execute,
    within thirty (30) days following the end of the ROFR
    Period, an appropriate participation agreement providing, in
    part, that (i) Licensor shall bear the initial production
    costs (until opening) of such Muhammad Ali Experience,
    (ii) Licensee shall provide and construct the premises or
    venue for the public presentation of such Muhammad Ali
    Experience and shall be entitled to a rental payment to be
    negotiated by the parties in good faith, and (iii) each of
    Licensor and Licensee shall own and share in fifty percent (50%)
    of the profits and losses of such Muhammad Ali Experience,
    provided, however, that in calculating such
    profits and losses (x) Licensor shall not recoup any of the
    initial production costs (until opening) borne by Licensor under
    clause (i) above, and (y) other than through rent
    payments, Licensee shall not recoup any of the costs to Licensee
    of providing and constructing the premises or venue.

    

    21

 

    Section 14.03  Declined
    Muhammad Ali Experiences.  If after thirty
    (30) days following the end of the ROFR Period the parties
    have not entered into a participation agreement providing for
    their co-participation and co-investment in the Muhammad Ali
    Experience, or Licensee elects not to participate with Licensor
    (a “Declined Muhammad Ali Experience”), then
    Licensor shall be free to pursue the creation of such Declined
    Muhammad Ali Experience with any other Person without any
    further obligation to Licensee with respect to such Declined
    Muhammad Ali Experience, including with respect to the location
    of such Muhammad Ali Experience. If Licensor seeks to create a
    Declined Muhammad Ali Experience through collaboration with a
    third party, if the financial Material Terms of the Muhammad Ali
    Experience increase or decrease by fifteen (15%) or more during
    the ROFR Period, Licensor shall be required to advise Licensee
    of such change, in which case Licensee shall have an additional
    thirty (30) days in which to consider the changed Material
    Terms and inform Licensor of its determination as to whether or
    not it wishes to participate and invest in such Muhammad Ali
    Experience.

 

    Section 14.04  No
    Royalties.  For clarification purposes, gross
    revenues derived from Muhammad Ali Experiences shall not be
    included in the computation of Gross Revenues for purposes of
    determining royalties payable to Licensor under Article 6.

 

    Article 15

    

 

    OWNERSHIP
    OF RIGHTS

 

    Section 15.01  Ownership.  Licensee
    acknowledges that, as between Licensee, on the one hand, and
    Licensor, on the other, Licensor is the sole and exclusive
    owner, to the extent Licensor may own such rights under
    applicable law, of all right, title and interest in and to the
    Licensor Owned IP in any form or embodiment thereof. Nothing
    contained in this Agreement shall be construed as an assignment
    to Licensee of any right, title or interest in or to the
    Licensor Owned IP, it being understood and agreed that, except
    with respect to the rights specifically licensed to Licensee
    hereunder, all right, title and interest in and to the Licensor
    Owned IP is hereby expressly reserved by Licensor.

 

    Section 15.02  Licensee
    Limitations.  Licensee shall not use
    Licensor’s name or any Muhammad Ali Related IP other than
    as specifically permitted hereunder. Licensor agrees that in
    using the Licensor Owned IP, it will in no way represent that it
    has any right, title or interest in or to the Licensor Owned IP
    other than as expressly granted under the terms of this
    Agreement. Uses of the Licensor Owned IP by Licensee shall be
    deemed to have been made by Licensor for purposes of
    registration of the Licensor Owned IP, in whole or in part, and
    all uses of the Licensor Owned IP by Licensee shall inure to the
    benefit of Licensor. In the event that any rights in and to the
    Licensor Owned IP are deemed to accrue to Licensee, Licensee
    does hereby irrevocably and in perpetuity assign all worldwide
    right, title and interest in and to the same to Licensor and
    shall, upon request, confirm such assignment in writing.
    Licensee agrees that it will, at any time both during the Term
    and thereafter, execute such documents, as Licensee may deem
    necessary or desirable for effecting the provisions of this
    Section 15.02.

 

    Section 15.03  Ownership
    of Creations.  Ownership of all Creations
    shall be in the name of Licensor and owned solely by Licensor
    who shall be entitled to use and license others to use such
    Creations subject to the provisions of this Agreement. All
    Creations created by Licensee or any of its employees or agents
    which qualify as a “work-made-for-hire” under
    applicable copyright laws in the applicable territory shall be a
    “work-made-for-hire” owned by Licensor. In such event,
    Licensee warrants and represents to Licensor that any employees
    referred to in the preceding sentence are true employees of
    Licensee. If any Creation is made by a third party for or on
    behalf of Licensee or any of its employees, Licensee shall
    obtain an assignment to Licensor from such third party of all
    intellectual property rights in and to such Creation using the
    form of Artwork Assignment Agreement attached hereto as
    Exhibit F, and Licensee shall provide true and
    correct copies of such documentation to Licensor. In the event
    any Creation is not deemed a “work-made-for-hire”
    under applicable copyright law in the relevant jurisdiction, or
    if title to any Creation does not, by operation of law, vest in
    Licensor, Licensee hereby irrevocably and in perpetuity
    transfers and assigns to Licensor all worldwide right, title and
    interest in and to any Creation (including all copyright rights
    and intellectual property rights thereto). Licensee agrees that
    it will, at any time both during the Term and thereafter,
    execute such documents, as Licensor may deem necessary or
    desirable for effecting the provisions of this
    Section 15.03.

    

    22

 

    Section 15.04  Goodwill
    and Promotional Value.  Licensee recognizes
    the value of the goodwill associated with the Licensor Owned IP
    and acknowledges that the Licensor Owned IP and all rights
    therein and the goodwill pertaining thereto, belong exclusively
    to Licensor. Licensee further recognizes and acknowledges that
    the Licensor Owned IP has acquired secondary meaning in the mind
    of the public. Licensee shall not at any time challenge or
    otherwise contest the title or any rights of Licensor to the
    Licensor Owned IP or the validity of the license being granted,
    or otherwise do or cause to be done any act or thing which would
    in any way adversely affect any rights of Licensor in and to the
    Licensor Owned IP or any registrations thereof or which,
    directly or indirectly, would reduce the value of the Licensor
    Owned IP or detract from the reputation of the Licensor Owned IP
    or threaten to injure the image or reputation of Licensor or the
    Licensor Owned IP.

 

    Section 15.05  Irreparable
    Injury.  Licensee acknowledges that a material
    breach by Licensee of its obligations under this Agreement will
    result in immediate and irreparable damages to Licensor, and
    that Licensor will have no adequate remedy at law in respect
    thereof. Accordingly, Licensee agrees that if Licensee
    materially breaches any of its obligations hereunder, then in
    addition to all other rights or remedies, Licensor shall be
    entitled to injunctive relief against any such breach as well as
    such other relief as any court with jurisdiction may deem just
    and proper.

 

    Article 16

    

 

    INTELLECTUAL
    PROPERTY PROTECTION AND INFRINGEMENT

 

    Section 16.01  Intellectual
    Property Protection.  Licensor has the right,
    but not the obligation (except for the obligations under
    Section 3.02), to obtain at its own cost, appropriate
    trademark, patent, copyright, and other intellectual property
    protection on the Licensor Owned IP. Licensee agrees that it
    shall not at any time apply for any copyright, trademark, or
    patent protection which would affect Licensor’s ownership
    of any rights in the Licensor Owned IP, file any applications
    for registration of any Joint Name and Logo or any trademarks
    containing any Licensor Owned IP, or derivatives thereof, or
    file any documents with any governmental agency or take any
    other action which could affect Licensor’s ownership of the
    Licensor Owned IP, or aid or abet anyone else in doing so,
    without Licensor’s prior consent.

 

    Section 16.02  Cooperation.  Licensee
    shall assist Licensor at Licensor’s expense, to the extent
    necessary in Licensor’s reasonable opinion, in procuring,
    protecting and defending any of Licensor’s rights in the
    Licensor Owned IP, in the filing and prosecution of any
    trademark application, copyright application or other
    applications for the Licensor Owned IP, the recording of this
    Agreement, and the publication of any notices or the doing of
    any other act or acts with respect to the Licensor Owned IP,
    including procuring evidence, giving testimony and cooperating
    with Licensor as may reasonably be required, and assisting
    Licensor with the prevention of the use thereof by an
    unauthorized person, firm or corporation, that in the judgment
    of Licensor may be necessary or desirable. For these purposes,
    Licensee shall supply to Licensor, free of cost to Licensor,
    such samples, containers, labels and similar materials as may
    reasonably be required in connection with any such actions.

 

    Article 17

    

 

    INFRINGEMENT

 

    Section 17.01  Notice
    of Infringement.  Licensee shall notify
    Licensor in writing of any material infringements,
    misappropriations, or other violations by third parties in
    respect of the Licensor Owned IP, the Muhammad Ali
    Property-themed Merchandise, or any other materials exploited or
    rights granted hereunder promptly upon Licensee becoming aware
    of such infringement, misappropriation, or other violation.

 

    Section 17.02  General
    Infringements.  With respect to the
    enforcement by Licensor of any Licensor Owned IP separate and
    distinct from the rights granted to Licensee in connection with
    the design, construction, operation
    and/or
    promotion of Muhammad Ali-themed Lodging Properties (a
    “General Infringement”), Licensor shall have
    the sole and exclusive right to determine whether or not any
    action shall be taken on account of any such infringement,
    misappropriations or other violation. Licensor, if it so
    desires, may commence or prosecute any claims or suits in its
    own name, or with the prior written consent of Licensee (which
    consent shall not be

    

    23

 

    unreasonably withheld), in the name of Licensee or, with the
    prior consent of Licensee (which consent shall not be
    unreasonably withheld), join Licensee as a party thereto.
    Licensor shall act in good faith, use its reasonable business
    judgment, and consult with Licensee in determining whether to
    prosecute a General Infringement of which Licensee has notified
    Licensor or which otherwise effects any rights granted to
    Licensee hereunder, taking into account the nature of the
    infringed rights, the geography of the infringement,
    Licensor’s and Licensee’s business interest in the
    rights being infringed and the jurisdiction of the infringement,
    and such other factors as determined by Licensor. Licensee
    agrees not to contact the third party, not to make any demands
    or claims, not to institute any suit nor take any other action
    on account of such infringements, misappropriations or other
    violations without first obtaining the prior express written
    consent of Licensor. With respect to all claims and suits
    relating to a General Infringement in which Licensor is a party
    or otherwise participates, Licensor shall have the sole right to
    designate counsel of its choice and to control the litigation
    and any settlement thereof, and Licensor shall be entitled to
    receive and retain all amounts awarded as damages, profits or
    otherwise and all settlement proceeds, in connection with such
    suits.

 

    Section 17.03  Muhammad
    Ali Lodging Properties Infringements.  With
    respect to the enforcement by Licensor of any Licensor Owned IP
    related to the rights granted to Licensee in connection with the
    design, construction, operation
    and/or
    promotion of Muhammad Ali-themed Lodging Properties
    (“Muhammad Ali Lodging Properties
    Infringements”). Licensor, if it so desires, may
    commence or prosecute any claims or suits in its own name, or
    with the prior written consent of Licensee (which consent shall
    not be unreasonably withheld), in the name of Licensee or, with
    the prior consent of Licensee (which consent shall not be
    unreasonably withheld), join Licensee as a party thereto.
    Licensor agrees to act in good faith, use its reasonable
    business judgment, and consult with Licensee in determining
    whether to prosecute an Muhammad Ali Lodging Properties
    Infringement, taking into account the nature of the infringed
    rights, the geography of the infringement, Licensor’s and
    Licensee’s business interest in the rights being infringed
    and the jurisdiction of the infringement, and such other factors
    as determined by Licensor or identified by Licensee. Licensor
    may oppose taking action against a Muhammad Ali Lodging
    Properties Infringement if Licensor determines in good faith and
    reasonably demonstrates to Licensee that such action could
    create a substantial business risk affecting the ownership
    rights of Licensor in and to the Licensor Owned IP. Licensee
    acknowledges that Licensor shall have no obligation to prosecute
    infringement actions if it so determines and makes such
    demonstration in accordance with the foregoing. In the event of
    a disagreement as to whether to prosecute an Muhammad Ali
    Lodging Properties Infringement, senior members of the
    management of each party shall meet within five (5) days of
    a written request by either party to discuss the issue in good
    faith, provided that Licensor’s presumption shall be
    used as a basis for determining whether to take action against a
    Muhammad Ali Lodging Properties Infringement, unless Licensee
    overcomes such presumption with clear and convincing evidence to
    the contrary. With respect to all other Muhammad Ali Lodging
    Properties Infringements, if Licensor does not take action
    within thirty (30) days of being notified by Licensor,
    Licensee may take action at its own expense and Licensor shall
    reasonably cooperate with Licensee in connection therewith. All
    costs and expenses, including attorney’s fees, incurred in
    connection with any suit instituted by Licensee, shall be borne
    solely by Licensee. All amounts awarded as damages, profits, or
    otherwise, and all settlement proceeds of any action by Licensee
    in which Licensor is not a party shall be retained by Licensee.

 

    Article 18

    

 

    LICENSEE
    WARRANTIES AND INDEMNIFICATION

 

    Section 18.01  Licensee
    Representations and Warranties.  Licensee
    represents, warrants, and agrees that:

 

    (a) Licensee has the legal right, power and authority to
    enter into this Agreement and perform in accordance with the
    terms of this Agreement;

 

    (b) No materials, ideas or other properties (other than
    Licensor Owned IP) embodied in, or used in connection with, any
    Muhammad Ali Property, Muhammad Ali Property-themed Merchandise,
    or other products, services or activities permitted hereunder
    will violate or infringe upon any U.S. Federal or state,
    foreign, or supranational legislation or common law right of any
    individual or entity, including contractual rights, copyrights,
    trademarks, and rights of privacy and publicity;

    

    24

 

    (c) Licensee shall not use or grant any right to any third
    party to use the Licensor Owned IP in any manner other than as
    expressly permitted under this Agreement;

 

    (d) Licensee shall materially comply with all the
    provisions of applicable trademark, copyright and privacy and
    publicity rights laws;

 

    (e) Licensee shall comply with all applicable
    U.S. Federal or state, foreign, or supranational
    legislation or common law, local statutes, ordinances and other
    applicable laws affecting or otherwise applicable to the
    construction, establishment, and operation of the Muhammad Ali
    Properties and all products sold, services rendered, and
    activities at or in connection with the Muhammad Ali Properties,
    including health and safety laws, building codes, licensing
    requirements, zoning laws, and employment and labor laws;

 

    (f) All Royalty Reports shall be accurate and complete;

 

    (g) All Muhammad Ali Property-themed Merchandise shall be
    free from defects, merchantable, fit for its intended use,
    materially conform to samples which received final approval,
    comply with all legally applicable treaties, laws, regulations,
    standards and guidelines including, but not limited to, health,
    product safety and labeling, and that Licensee shall have
    received the necessary approvals and certification(s) throughout
    the applicable territory;

 

    (h) Licensee is solvent within the meaning of the
    bankruptcy laws of California, and has not ceased to pay its
    debts in the ordinary course of business;

 

    (i) Neither Licensee nor any Licensee Related Party shall
    take any action (including, by granting any third party any
    right or license) that could reasonably be expected to associate
    Muhammad Ali, Licensor or any of its Affiliates, the Muhammad
    Ali Properties, or any Muhammad Ali Related IP with any
    activity, product or service set forth on Exhibit D
    hereto; and

 

    (j) Licensee hereby agrees to be bound by the encumbrances,
    obligations and restrictions contained in the MAC Agreement that
    are applicable to Licensor, its Affiliates and their respective
    predecessors.

 

    Section 18.02  Licensee
    Indemnification.  Licensee shall defend,
    indemnify and hold harmless Licensor and its Affiliates
    (collectively, “Licensor Indemnified Parties”)
    from any lawsuit, legal proceeding, action, claim, cause of
    action, or demand, including reasonable attorney’s fees and
    court costs (collectively, “Claims”) arising
    out of or connection with:

 

    (a) Any and all activities engaged in, or services
    provided, by Licensee or any Affiliates arising in connection
    with any activities undertaken in connection with any of the
    Muhammad Ali Properties;

 

    (b) The Muhammad Ali Property-themed Merchandise, the
    promotional, advertising or packaging materials relating to such
    Muhammad Ali Property-themed Merchandise, any alleged defect in
    such Muhammad Ali Property-themed Merchandise, or the use or
    condition thereof, and Licensee’s methods of manufacturing,
    marketing, selling or distributing the Muhammad Ali
    Property-themed Merchandise;

 

    (c) Licensee’s use of the Muhammad Ali Related IP not
    in accordance with the terms and conditions of this Agreement;

 

    (d) Any alleged violation, infringement, unauthorized use
    or misappropriation of any intellectual property of any third
    parties arising under or in conjunction with the activities
    undertaken or services provided at any of the Muhammad Ali
    Properties; and

 

    (e) Any breach or violation of any warranty,
    representation, term or condition of this Agreement by Licensee,
    any Licensee Related Party or any manufacturer.

 

    Section 18.03  Licensee
    Limitations.  The indemnification by Licensee
    hereunder shall include all damages, interest payments,
    reasonable attorney’s fees, costs and expenses which may be
    levied against or incurred by the Licensor Indemnified Parties,
    including costs of collection of all amounts owed to Licensor by
    Licensee and costs of all actions by Licensor against Licensee
    to enforce Licensee’s compliance with this Agreement. This
    obligation to indemnify and hold harmless Licensor Indemnified
    Parties shall not apply to any Claim which is solely due to the
    negligence or wrongful acts of the Licensor Indemnified Parties
    or any Claim based on an allegation that

    

    25

 

    an approved use by Licensee of the Licensor Owned IP infringes
    the intellectual property rights or otherwise violates the
    rights of any third party. Compliance by Licensee with the
    insurance provision of this Agreement shall not relieve Licensee
    from liability under this indemnity provision except that
    Licensee’s obligations with respect to any Claim for loss
    of or damage to an Artifact shall be limited to the greater of
    (i) the value of such Artifact as identified by Licensor on
    delivery thereof to Licensee, or (ii) the actual insured
    value of such Artifact.

 

    Section 18.04  Licensee
    Control.  Licensee shall assume control of the
    defense
    and/or
    settlement of each Claim with counsel of Licensee’s choice,
    which counsel must be reasonably acceptable to Licensor,
    provided that if Licensee fails to assume control of the
    defense of a Claim after fifteen (15) days notice to
    Licensee by Licensor, Licensor shall assume control of the
    defense of the Claim at Licensee’s sole cost and expense,
    and Licensee shall be bound by the results obtained by Licensor.

 

    Section 18.05  Licensor
    Participation.  If Licensee assumes control of
    the defense of a Claim, Licensor shall have the right to
    participate in the defense at Licensor’s own cost and
    expense. Licensee shall not settle any Claim in respect of which
    indemnity may be sought hereunder, whether or not any Licensor
    Indemnified Party is an actual or potential party to such Claim,
    action or proceeding without Licensor’s prior written
    consent, which consent shall be at the sole discretion of
    Licensor; it being expected that such consent would not be
    withheld with respect to any proposed settlement (i) in
    which all plaintiffs or claimants affirmatively and
    unconditionally absolve and release each Licensor Indemnified
    Party from any responsibility or liability with respect thereto
    and the subject matter thereof, (ii) which does not impose
    any actual or potential liability upon any Licensor Indemnified
    Party and (iii) which does not contain or imply a factual
    admission by or with respect to any Licensor Indemnified Party
    or any adverse statement or implication with respect to the
    character, professionalism, due care, loyalty, expertise, or
    reputation of any Indemnified Party or any action or inaction by
    any Licensor Indemnified Party.

 

    Section 18.06  Cooperation.  Each
    Licensor Indemnified Party shall cooperate fully with Licensee
    in the defense of any Claims covered under Section 18.02 at
    Licensee’s sole cost and expense. The Licensor Indemnified
    Party shall give notice to Licensee within fifteen
    (15) business days after learning of such Claim, but
    failure to do so in such time period shall only relieve Licensee
    of its obligations to indemnify to the extent such delay
    actually prejudices the Licensor Indemnified Party.

 

    Article 19

    

 

    LICENSOR
    WARRANTIES AND INDEMNIFICATION

 

    Section 19.01  Licensor
    Representations and Warranties.  Licensor
    represents, warrants, and agrees that:

 

    (a) Licensor has the legal right, power and authority to
    enter into this Agreement and perform in accordance with the
    terms of this Agreement;

 

    (b) Licensor owns or has the right to license to Licensee
    in accordance with this Agreement (i) the Muhammad Ali
    Identification Elements, and (ii) the Photos, in each case
    to the extent protectable by applicable law;

 

    (c) Licensor has delivered to Licensee a true and complete
    list of all trademark registrations and applications included in
    the Licensor Owned IP, and Licensor owns or has the right to
    license to Licensee such registered trademarks in accordance
    with this Agreement. The trademark registrations and
    applications are subsisting and have not been adjudged invalid
    or unenforceable as of the Effective Date;

 

    (d) The use by Licensee of the Muhammad Ali Identification
    Elements, and the Mark MUHAMMAD ALI in the United States in
    connection with Muhammad Ali-themed Lodging Properties in
    accordance with this agreement does not and shall not infringe
    or violate the intellectual property rights of the Licensor, any
    of its Affiliates, or any third party;

 

    (e) The rights granted to Licensee hereunder with respect
    to the Licensor Owned IP are sufficient to enable Licensee to
    develop and operate Muhammad Ali Properties in the United States;

 

    (f) In exercising Licensor’s approval rights
    hereunder, Licensor is not required to obtain the consent or
    approval of any member of Muhammad Ali’s family;

    

    26

 

    (g) There are no actions, suits, legal proceedings or
    formal investigations pending, or to the knowledge of Licensor,
    threatened, against or affecting Licensor before any court,
    arbitrator or administrative or governmental body that would or
    are reasonably likely to materially adversely impact the rights
    granted to Licensee hereunder; and

 

    (h) There are no pending or existing adverse orders,
    judgments, legal proceedings, formal investigations, or written
    claims, or, to the knowledge of Licensor, restrictions or
    encumbrances regarding or relating to the use of the Licensor
    Owned IP that would or are reasonably likely to materially
    adversely impact the rights granted to Licensee hereunder.

 

    Section 19.02  Licensor
    Indemnification.  Licensor shall defend,
    indemnify and hold harmless Licensee, its parent, affiliates,
    officers, directors, employees and agents (collectively,
    “Licensee Indemnified Parties”) from any Claims
    arising out of or connection with: (i) any breach or
    violation of any representation or warranty by Licensor or any
    of its Affiliates; or (ii) any breach or violation of any
    law or regulation by Licensor or any of its Affiliates; or
    (iii) any breach by Licensor of any contractual obligation
    of Licensor to its Affiliates or to a third parties.

 

    Section 19.03  Licensor
    Limitations.  Licensor’s indemnification
    hereunder shall include all damages, interest payments,
    reasonable attorney’s fees, costs and expenses which may be
    levied against or incurred by the Licensee Indemnified Parties,
    including costs of collection of all amounts owed to Licensee by
    Licensor and costs of all actions by Licensee against Licensor
    to enforce Licensor’s compliance with this Agreement. This
    obligation to indemnify and hold harmless Licensee Indemnified
    Parties shall not apply to any Claim which is solely due to the
    negligence or wrongful acts of the Indemnified Parties.

 

    Section 19.04  Control.  Licensor
    shall assume control of the defense
    and/or
    settlement of each Claim with counsel of Licensor’s choice,
    which counsel must be reasonably acceptable to Licensee,
    provided that if Licensor fails to assume control of the
    defense of a Claim after fifteen (15) days notice to
    Licensee by Licensor, Licensee shall assume control of the
    defense of the Claim at Licensor’s sole cost and expense,
    and Licensor shall be bound by the results obtained by Licensee.

 

    Section 19.05  Licensee
    Participation.  If Licensor assumes control of
    the defense of a Claim, Licensee shall have the right to
    participate in the defense at Licensee’s own cost and
    expense. Licensor shall not settle any Claim in respect of which
    indemnity may be sought hereunder, whether or not any Licensee
    Indemnified Party is an actual or potential party to such Claim,
    action or proceeding without Licensee’s prior written
    consent, which consent shall be at the sole discretion of
    Licensee; it being expected that such consent would not be
    withheld with respect to any proposed settlement (i) in
    which all plaintiffs or claimants affirmatively and
    unconditionally absolve and release each Licensee Indemnified
    Party from any responsibility or liability with respect thereto
    and the subject matter thereof, (ii) which does not impose
    any actual or potential liability upon any Licensee Indemnified
    Party and (iii) which does not contain or imply a factual
    admission by or with respect to any Licensee Indemnified Party
    or any adverse statement or implication with respect to the
    character, professionalism, due care, loyalty, expertise, or
    reputation of any Indemnified Party or any action or inaction by
    any Licensee Indemnified Party.

 

    Section 19.06  Cooperation.  Each
    Licensee Indemnified Party shall cooperate fully with Licensor
    in the defense of any Claims covered under Section 19.02 at
    Licensor’s sole cost and expense. The Licensee Indemnified
    Party shall give notice to Licensor within fifteen
    (15) business days after learning of such Claim, but
    failure to do so in such time period shall only relieve Licensor
    of its obligations to indemnify to the extent such delay
    actually prejudices the Licensee Indemnified Party.

 

    Article 20

    

 

    INSURANCE

 

    Section 20.01  Insurance
    Generally.  Licensee shall throughout the Term
    of this Agreement, obtain and maintain throughout the Term
    hereof at its own expense from a qualified AA or higher rated
    insurance company licensed to do business in the State of
    California, with a rating of no less than A-IX by A M
    Best’s all customary insurance in respect of the activities
    to be engaged in hereunder, including general liability
    insurance, products liability insurance, errors and omissions
    insurance, worker’s compensation insurance, and all other
    customary

    

    27

 

    insurance required by Licensor hereunder. The form and amount of
    coverage for each insurance policy shall be subject to
    Licensor’s written approval and shall comply with the
    requirements of all applicable laws, and each such insurance
    policy shall name Licensor as an additional insured (except
    Worker’s Compensation and Errors and Omissions policies ) .
    Without limiting the generality of the foregoing, in no event
    shall the amount of coverage for the following types insurance
    be less than the applicable amounts specified below:

 

    1. Commercial General Liability Insurance for limits of
    $1,000,000 per occurrence Bodily Injury and Property Damage
    Combined, $1,000,000 per occurrence Personal &
    Advertising Injury, $2,000,000 aggregate Products and Completed
    Operations Liability, $100,000 Fire Legal Liability and
    $2,000,000 General Aggregate limit per location. The policy
    shall be written on an occurrence basis with no deductible.

 

    2. Policy shall be endorsed to name Muhammad Ali
    Enterprises LLC as “additional insured”. Definition of
    Additional Insured shall include all Partners, Officers,
    Directors, Employees and agents. Further, coverage for the
    “additional insured” shall apply on a primary basis
    irrespective of any other insurance, whether collectible or not.

 

    3. Workers Compensation affording coverage under the
    Workers Compensation laws of the State of California and
    Employers Liability coverage subject to a limit of no less than
    $1,000,000 each employee, $1,000,000 each accident, and
    $1,000,000 policy limit.

 

    4. Umbrella Liability Insurance for the total limit
    purchased by the Licensee but not less than a $3,000,000 limit
    providing excess coverage over all limits and coverages noted
    above. This policy shall be written on an “occurrence”
    basis.

 

    5. Errors and Omissions Insurance not less than a
    $2,000,000 limit providing coverage for damages arising out of
    acts, errors or omissions of the Licensee. If coverage is
    terminated after completion of the agreement an Extended
    Reporting Period will be purchased for a minimum of two years.

 

    6. All Risk property insurance including flood, earthquake
    and terrorism on property loaned to the Licensee in an amount
    equal to the current market value. Coverage shall name Licensor
    as loss payee.

 

    Section 20.02  Coverage.  Such
    policies shall provide protection against, without limitation,
    any and all claims, demands and causes of action by any
    invitees, visitors, guests or employees at any of the Muhammad
    Ali Properties in connection with any injuries, damages or
    otherwise, and any and all claims, demands and causes of action
    arising out of any defects or failure to perform, alleged or
    otherwise, of the Muhammad Ali Property-themed Merchandise or
    any other products or services offered by Licensee hereunder
    (including food and beverage products), or any materials or
    ingredients used in connection therewith or any use thereof, and
    any damages or loss in respect of any Artifacts or other items
    delivered by Licensor to Licensee hereunder. Each policy shall
    provide for ten (10) days notice to Licensor from the
    insurer by Registered or Certified Mail, return receipt
    requested, in the event of any modification, cancellation or
    termination. Licensee shall deliver to Licensor a certificate of
    insurance evidencing same within thirty (30) days after
    execution of this Agreement, and in no event, shall Licensee
    engage in any construction or activities hereunder, or
    manufacture, offer for sale, sell, advertise, or promote any
    Muhammad Ali Property-themed Merchandise, food, beverages,
    liquor or other products, prior to the receipt by Licensor of
    such evidence of insurance and Licensor’s prior written
    approval thereof.

 

    Article 21

    

 

    TERM AND
    TERMINATION

 

    Section 21.01  Term.  The
    term of this Agreement shall be in perpetuity unless otherwise
    terminated in accordance with the terms and conditions of this
    Agreement (the “Term”).

    

    28

 

    Section 21.02  Termination
    by Licensor.  Without prejudice to any other
    rights which Licensor may have, Licensor shall have the right to
    terminate this Agreement upon written notice to Licensee,
    subject to Licensee’s rights to cure set forth herein:

 

    (a) if Licensee shall fail to make any payment due
    hereunder or to deliver any of the Royalty Reports herein
    referred to, and if such default shall continue for a period of
    thirty (30) business days after receipt of written notice
    of such default by Licensee;

 

    (b) if Licensee shall discontinue its business, file or
    have filed against it a petition in bankruptcy, reorganization
    or for the adoption of an arrangement under any present or
    future bankruptcy, reorganization or similar law (which petition
    is not dismissed within ninety (90) days after the filing
    date), make an assignment for the benefit of its creditors or is
    adjudicated bankrupt, or a receiver, trustee, liquidator or
    sequestrator of all or substantially all of Licensee’s
    assets is appointed, or any secured creditor of Licensee
    exercises or purports to exercise any right or remedy as a
    secured creditor with respect to any collateral consisting, in
    whole or in part, of this Agreement, or the rights granted to
    Licensee hereunder. In any such instance, all rights of Licensee
    hereunder shall automatically terminate forthwith without
    notice. Notwithstanding any other term or provision of this
    Agreement, (i) Licensee shall have no right to cure any of
    the foregoing defaults set forth in this Section 21.02(b),
    and (ii) this Agreement is personal to Licensee and may not
    be assigned in connection with any bankruptcy proceeding;

 

    (c) if Licensee becomes subject to any voluntary or
    involuntary order by a government or governmental agency,
    regulatory body, court, or the like, ordering the withdrawal,
    discontinuance, removal or recall of any product or service
    offered at any of the Muhammad Ali Properties the withdrawal,
    discontinuance, removal or recall of which would materially
    disrupt the operation of the Muhammad Ali Properties because of
    safety, health or other hazards or risks to the public,
    provided that if any recall of Muhammad Ali
    Property-themed Merchandise occurs, this Agreement shall not
    terminate, but Licensee shall no longer have a right to sell the
    affected Muhammad Ali Property-themed Merchandise;

 

    (d) if Licensee materially violates any applicable
    U.S. Federal or state, foreign, or supranational
    legislation or common law, local statutes, ordinances and laws
    affecting or otherwise applicable to the construction,
    establishment, and operation of the Muhammad Ali Properties and
    all products sold, services rendered, and activities at or in
    connection with the Muhammad Ali Properties, including health
    and safety laws, building codes, licensing requirements, zoning
    laws, and employment and labor laws, and if such violation
    materially and adversely affects Licensor or the Muhammad Ali
    Properties;

 

    (e) if Licensee fails to obtain or maintain insurance in
    the amount
    and/or the
    type provided for under Article 20 and if such failure
    shall continue for a period of thirty (30) business days
    after written notice of such failure is received by Licensee;

 

    (f) if Licensee uses the Licensor Owned IP in an
    unauthorized manner, fails to cause to appear proper legal
    notices or other required identification, asserts rights in the
    Licensor Owned IP without Licensor’s prior written consent,
    or if Licensee fails to obtain Licensor’s approval, exceeds
    Licensor’s approval, or ignores Licensor’s disapproval
    required hereunder, and Licensee fails to cure such default
    within thirty (30) business days of receipt of written
    notice thereof by Licensee;

 

    (g) if Licensee fails in any respect to abide by the
    provisions set forth in Article 24 regarding assignment and
    sublicensing or encumbrances this Agreement or any of its rights
    or obligations hereunder other than as expressly permitted
    herein, and if such failure shall continue for a period of
    thirty (30) business days after written notice of such
    failure is received by Licensee; or

 

    (h) if Licensee shall fail to perform any other material
    term or condition of this Agreement or otherwise materially
    breaches any term, condition, agreement or covenant herein and
    (i) such default is not curable, or (ii) such default
    is curable but Licensee does not cure such failure within thirty
    (30) business days after written notice from Licensor.

 

    Licensor agrees that, with respect to defaults under paragraphs
    (e), (f), (g) and (h) above, to the extent any such
    default is curable but not within the thirty (30) day
    period set forth therein, and Licensee is diligently proceeding
    to

    

    29

 

    cure such default, such default will not constitute grounds for
    a termination of this Agreement if it is cured within a total of
    ninety (90) days.

 

    Section 21.03  Termination
    by Licensor or Licensee.  Unless Licensee
    exercises its Buy-Out right, pursuant to Section 6.17
    hereof (in which case Licensor shall have no right to terminate
    this Agreement pursuant to Section 23.03), Licensor or
    Licensee shall have the right to terminate this Agreement upon
    ten (10) days written notice to the other party upon the
    date that is the later of (i) ten (10) years after the
    Effective Date or (ii) the date on which Licensee’s
    Buy-Out right set forth in Section 6.17 hereof expires. If
    such right is not exercised, Licensor or Licensee shall again
    have the right to so terminate this Agreement on each tenth
    anniversary of such date (e.g., May 29, 2017; May 29,
    2027, May 29, 2037, and so on). In the event that Licensee
    exercises its termination right pursuant to this
    Section 21.03, then (x) the EPE License shall also
    terminate pursuant to Section 23.03 thereof and
    (y) Licensee shall pay to Licensor a termination fee of
    five million dollars $5,000,000 as consideration for the
    termination of this Agreement, as well as any amount due
    pursuant to Section 6.08. Upon any termination pursuant to
    this Section 21.03, whether by Licensor or Licensee, the
    following terms and conditions shall apply:

 

    (a) The rights granted to Licensee and Licensee Affiliates
    including any Project Company) hereunder shall remain in effect
    with respect to all Muhammad Ali Properties that are open or
    under construction at the time of such termination and none of
    the provisions set forth in Article 22 hereof shall apply
    to such Muhammad Ali Properties, provided that Licensee
    and the Licensee Affiliates continue to pay royalties and any
    other fees required hereunder directly to Licensor and comply
    with the terms and conditions hereof, except that no further
    Guaranteed Minimum Royalties shall be due under this Agreement;

 

    (b) Licensor shall be substituted for Licensee in the
    provisions of any Site License concerning the payment of
    royalties (including any guaranteed minimum royalties under such
    Site License) and any other fees in respect of the rights
    granted to any Project Company thereunder;

 

    (c) Licensee shall have no further right to develop any new
    Muhammad Ali Properties; and

 

    (d) Licensor shall not develop or authorize any third party
    to develop any Muhammad Ali Properties within fifteen
    (15) miles of any Muhammad Ali Property that is open or
    under construction at the time of termination pursuant to this
    Section 21.03.

 

    Article 22

    

 

    POST
    TERMINATION RIGHTS AND OBLIGATIONS

 

    Section 22.01  Unbranding.  Upon
    termination of this Agreement, Licensee shall return all
    Artifacts to Licensor within sixty (60) days. Licensee
    shall have one (1) year from the date of termination (the
    “Unbranding Period”) to complete the removal of
    the Muhammad Ali theme from each Muhammad Ali Property (except
    for Muhammad Ali Experiences), including ceasing use any Marks
    or any other name of the Muhammad Ali Properties that
    incorporates any of the Marks, and removing from the Muhammad
    Ali Properties all materials and design elements which
    incorporate, embody or are related to the Muhammad Ali theme or
    the Licensor Owned IP. After the Unbranding Period, Licensee
    shall refrain from direct or indirect use of, or reference to
    any Licensor Owned IP in any manner. During the Unbranding
    Period, Licensee shall continue to abide by all obligations
    under this Agreement, including paying to Licensor all royalty
    amounts due pursuant to Section 6.08, and furnish Licensor
    with all Royalty Reports.

 

    Section 22.02  Reversion
    of Rights.  Immediately after the Unbranding
    Period, all rights granted to Licensee under this Agreement
    shall immediately revert to Licensor, and Licensee, its
    Affiliates, sublicensees, receivers, representatives, trustees,
    agents, administrators, successors or assigns, shall have no
    further right to use any Licensor Owned IP in any manner.
    Licensee shall immediately deliver to Licensor, at
    Licensee’s expense, any and all photographs, likenesses,
    and other materials or items delivered by Licensor to Licensee
    hereunder, or at Licensor’s request, Licensee shall destroy
    all such materials designated by Licensor, and shall deliver to
    Licensor satisfactory evidence of such destruction. Licensee
    shall be responsible to Licensor for any damages caused by the
    unauthorized use by Licensee of such materials which are not
    delivered to Licensor or destroyed in accordance with the
    foregoing.

    

    30

 

    Section 22.03  Existing
    Inventory.  Within ten (10) days after
    the termination of this Agreement, Licensee shall deliver to
    Licensor a statement of inventory indicating the number and
    description of Muhammad Ali Property-themed Merchandise which it
    has on hand or which is in the process of manufacture. Licensor
    shall have the option of conducting a physical inventory on or
    after the date of such termination. After termination of this
    Agreement, Licensee shall have the non-exclusive right to sell,
    ship, market and distribute the Muhammad Ali Property-themed
    Merchandise which are on hand or in the process of manufacture
    at the date of or at the time notice of termination is received
    solely during the Unbranding Period, provided that the
    royalty payments with respect to that period are paid and the
    appropriate Royalty Reports for that period are furnished. In
    respect of any inventory of Muhammad Ali Property-themed
    Merchandise remaining upon the expiration of the Unbranding
    Period, Licensee shall deliver to Licensor upon expiration of
    the Unbranding Period notice of the quantity of all such
    merchandise and Licensee’s direct out-of-pocket cost of
    manufacturing such merchandise. Licensor shall have the right to
    purchase all or any portion of such inventory upon notice to
    Licensee and payment of the aforesaid manufacturing costs within
    thirty (30) days after the date of receipt of
    Licensee’s notice. If Licensor elects not to purchase all
    or any portion of such inventory within such thirty
    (30) day period, then any remaining Muhammad Ali
    Property-themed Merchandise must be destroyed.

 

    Section 22.04  Irreparable
    Injury.  Licensee acknowledges that its
    failure to strictly comply with the foregoing provisions will
    result in immediate and irreparable damage to Licensor and the
    rights of any subsequent licensee of the Licensor. Licensee
    acknowledges and admits that there is no adequate remedy at law
    for failure to cease such activities, and Licensee agrees that
    in the event of such failure to cease such activities, Licensor
    shall be entitled to equitable relief by way of injunction and
    such other relief as any court with jurisdiction may deem just
    and proper.

 

    Article 23

    

 

    SURVIVAL

 

    Section 23.01  Survival.  The
    provisions of this Agreement which by their terms or by
    implication are to have continuing effect after the termination
    of this Agreement shall survive the Term of this Agreement,
    which, without limiting the generality of the foregoing, shall
    include Sections 3.03, 3.07, 4.02, 6.08 and 7.02, and
    Articles 13, 15, 18, 19, 22, 25 and 26.

 

    Article 24

    

 

    ASSIGNMENT
    AND SUBLICENSING

 

    Section 24.01  No
    Assignment.  Except as provided below, the
    license granted hereunder is personal to Licensee, and Licensee
    shall not assign, transfer or sublicense this Agreement or any
    of Licensee’s rights under this Agreement or delegate any
    of Licensee’s obligations under this Agreement without
    Licensor’s prior written approval, such approval not to be
    unreasonably withheld or delayed. Any attempted assignments,
    transfer, or sublicenses by Licensee without such approval shall
    be void and a material breach of this Agreement. Subject to the
    foregoing, this Agreement will be binding upon, and inure to the
    benefit of, the parties and their respective successors and
    assigns. Notwithstanding any of the foregoing, a change of
    control of Licensee shall not be deemed to be an assignment
    under this Agreement. The exception with respect to a change of
    control of Licensee shall not be applicable with respect to any
    change of control of any Licensee Related Party who has rights
    under this Agreement.

 

    Section 24.02  Sublicense
    Rights.  Unless expressly permitted in this
    Agreement, Licensee shall not authorize any third party to
    manufacture any Muhammad Ali Property-themed Merchandise, or any
    other products hereunder, or sublicense any Licensor Owned IP to
    any third parties for use at any of the Muhammad Ali Properties
    without obtaining Licensor’s prior written approval.

 

    Section 24.03  Issuance
    of a Site License.  Subject to the terms and
    conditions of this Agreement, upon receipt of a fully completed
    written request from Licensor in the form of
    Exhibit G hereto, Licensor shall issue a Site
    License to the Project Company identified therein. Such Site
    License shall be in the form attached as Exhibit H,
    and shall be issued by Licensor within fifteen (15) days of
    receipt of such completed request. For the avoidance of

    

    31

 

    doubt, the issuance of any Site License requested by Licensee is
    not subject to Licensor’s discretion, approval or consent.
    Licensor shall cooperate with Licensee in good faith to make any
    reasonable changes requested by Licensee or a Project Company to
    the form of Site License, provided that under no
    circumstances shall any modifications be made to any terms
    relating to the use and protection of the Licensor Owned IP
    without Licensor’s consent. In the event of a breach of a
    Site License by a Project Company, Licensee shall be jointly and
    severally liable with such Project Company solely if such
    Project Company is Controlled by Licensee. Licensee acknowledges
    that, pursuant to the terms of each Site License, Licensor shall
    be directly licensing to a Project Company certain rights
    otherwise licensed to Licensee hereunder.

 

    Article 25

    

 

    CONFIDENTIALITY

 

    Section 25.01  Confidential
    Information.  Each party (each a
    “Restricted Party”) (i) shall, and shall
    cause its officers, directors, managers, members, employees,
    attorneys, accountants, auditors and agents (collectively,
    “Representatives”) to the extent such persons
    have received any Confidential Information and its Affiliates
    and their Representatives, to the extent such Persons have
    received any Confidential Information, to maintain in strictest
    confidence the terms of this Agreement and any and all
    information relating to the parties, that is proprietary to each
    party, as applicable, or otherwise not available to the general
    public including, but not limited to, information about
    properties, employees, finances, businesses and operations and
    activities of each party or their Affiliates, information about
    each Muhammad Ali Property, and all notes, analyses,
    compilations, studies, forecasts, interpretations or other
    documents prepared by a party or its Representatives or
    Affiliates which contain, reflect or are based upon, in whole or
    in part, the information furnished to or acquired by such party
    (“Confidential Information”) and
    (ii) shall not disclose, and shall cause its
    Representatives, its Affiliates and their Representatives, not
    to disclose, Confidential Information to any Person except as
    required by law, regulation or legal process or by the
    requirements of any securities exchange on which the securities
    of a party hereto are listed or quoted (as reasonably determined
    by such party) and (iii) shall not use, and shall cause its
    Representatives, its Affiliates and their Representatives not to
    use the Confidential Information other than for the purposes
    anticipated by this Agreement.

 

    Section 25.02  Exceptions.  Notwithstanding
    Section 25.01 above:

 

    (a) Any Restricted Party or any Representative thereof may
    disclose any Confidential Information for bona fide business
    purposes on a strict “need to know” basis to its
    Affiliates, its Representatives and their advisers and lenders,
    provided that in each such case each such person agrees
    to keep such Confidential Information confidential in the manner
    set forth in this Article 25; and

 

    (b) The provisions of Section 25.01 shall not apply
    to, and Confidential Information shall not include:

 

    (i) any information that is or has become generally
    available to the public other than as a result of a disclosure
    by any Restricted Party or any Affiliates or Representative
    thereof in breach of any of the provisions of this
    Article 25;

 

    (ii) any information that has been independently developed
    by such Restricted Party (or any Affiliates thereof) without
    violating any of the provisions of this Agreement or any other
    similar contract to which such Restricted Party, or any
    Affiliates thereof or their respective Representatives, is or
    are bound; or

 

    (iii) any information made available to such Restricted
    Party (or any Affiliates thereof), on a non-confidential basis
    by any third party who is not prohibited from disclosing such
    information to such party by a legal, contractual or fiduciary
    obligation to the other party or any of its Representatives.

 

    Article 26

    

 

    MISCELLANEOUS

 

    Section 26.01  Notices.  All
    notices, requests, claims, demands and other communications
    hereunder shall be in writing and shall be given or made (and
    shall be deemed to have been duly given or made upon receipt) by

    

    32

 

    delivery in person, by an internationally recognized overnight
    courier service, by facsimile or registered or certified mail
    (postage prepaid, return receipt requested) to the respective
    parties hereto at the following addresses (or at such other
    address for a party as shall be specified in a notice given in
    accordance with this Section 26.01):

 

    If to Licensee:

 

    FX Luxury Realty LLC

    650 Madison Avenue

    New York, NY 10022

 

    If to Licensor:

 

    Muhammad Ali Enterprises LLC

    8105 Kephart Lane,

    Berrien Springs, Michigan 49103

    Attention: Ronald DiNicola

 

    With a copy to

 

    CKX, Inc.

    650 Madison Avenue

    New York, NY 10022

    Attn: Legal Counsel

 

    Section 26.02  Governing
    Law.  This Agreement and the obligations of
    the parties hereunder shall be construed and enforced in
    accordance with the laws of the State of California, excluding
    any conflicts of law rule or principle which might refer such
    construction to the laws of another state or country. Each party
    hereby (i) submits to personal jurisdiction in the State of
    California for the enforcement of this Agreement and
    (ii) waives any and all personal rights under the law of
    any state or country to object to jurisdiction within the State
    of California for the purposes of litigation to enforce this
    Agreement.

 

    Section 26.03  Service
    of Process.  Subject to applicable law,
    process in any such claim, action, suit or proceeding may be
    served on any party anywhere in the world, whether within or
    without the jurisdiction of any such court. Without limiting the
    foregoing and subject to applicable law, each party agrees that
    service of process on such party as provided in
    Section 26.01 shall be deemed effective service of process
    on such party. Nothing herein shall affect the right of any
    party to serve legal process in any other manner permitted by
    law or at equity. WITH RESPECT TO ANY SUCH CLAIM, ACTION, SUIT
    OR PROCEEDING IN ANY SUCH COURT, EACH OF THE PARTIES IRREVOCABLY
    WAIVES AND RELEASES TO THE OTHER ITS RIGHT TO A TRIAL BY JURY,
    AND AGREES THAT IT WILL NOT SEEK A TRIAL BY JURY IN ANY SUCH
    PROCEEDING.

 

    Section 26.04  Waiver
    of Consequential Damages.  EXCEPT PURSUANT TO
    SECTION 9.10 AND AS OTHERWISE EXPRESSLY SET FORTH IN THIS
    AGREEMENT, IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY
    SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES OR
    ANY DAMAGES WHATSOEVER RESULTING FROM LOSS OF USE, LOSS OF
    PROFITS, LOST OPPORTUNITY OR DATA, WHETHER IN AN ACTION OF
    CONTRACT, NEGLIGENCE OR OTHER TORTIOUS ACTION, ARISING OUT OF OR
    IN CONNECTION WITH THE LICENSES GRANTED OR THE TRANSACTIONS
    CONTEMPLATED HEREIN, WHETHER OR NOT EITHER PARTY HAD BEEN
    ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

    Section 26.05  Exhibits.  All
    references to “Exhibit” or
    “Exhibits” herein shall mean those
    Exhibits attached to this Agreement, which
    Exhibits, wherever referred to herein, are hereby
    incorporated into this Agreement as though fully set forth
    herein.

 

    Section 26.06  Press
    Release.  The parties shall prepare and issue
    a mutually approved press release in respect of the subject
    matter hereof promptly after the full execution of this
    Agreement.

 

    Section 26.07  Entire
    Agreement; Amendments.  This Agreement,
    inclusive of the Exhibits hereto and the agreements
    referred to herein, contains the entire understanding of the
    parties hereto with regard to the subject matter contained
    herein, and supersedes all other prior representations,
    warranties, agreements, understandings or

    

    33

 

    letters of intent between or among any of the parties hereto.
    This Agreement shall not be amended, modified or supplemented
    except by a written instrument or agreement signed by each of
    the parties.

 

    Section 26.08  Waiver.  Any
    term or provision of this Agreement may be waived, or the time
    for its performance may be extended, by the party or parties
    entitled to the benefit thereof. Any such waiver shall be
    validly and sufficiently authorized for the purposes of this
    Agreement if, as to any party, it is authorized in writing by an
    authorized representative of such party. The failure of any
    party hereto to enforce at any time any provision of this
    Agreement shall not be construed to be a waiver of such
    provision, nor in any way to affect the validity of this
    Agreement or any part hereof or the right of any party
    thereafter to enforce each and every such provision. No waiver
    of any breach of this Agreement shall be held to constitute a
    waiver of any other or subsequent breach.

 

    Section 26.09  Partial
    Invalidity.  Wherever possible, each provision
    hereof shall be interpreted in such manner as to be effective
    and valid under applicable law, but in case any one or more of
    the provisions contained herein shall, for any reason, be held
    to be invalid, illegal or unenforceable in any respect, such
    provision shall be ineffective to the extent, but only to the
    extent, of such invalidity, illegality or unenforceability
    without invalidating the remainder of such invalid, illegal or
    unenforceable provision or provisions or any other provisions
    hereof, unless such a construction would be unreasonable.

 

    Section 26.10  Execution
    in Counterparts.  This Agreement may be
    executed in two or more counterparts, each of which shall be
    considered an original instrument, but all of which shall be
    considered one and the same agreement, and shall become binding
    when one or more counterparts have been signed by each of the
    parties hereto and delivered to the parties. Copies of executed
    counterparts transmitted by facsimile or other electronic
    transmission shall be considered original executed counterparts
    for the purposes of this Section 26.10, provided
    that receipt of copies of such counterparts is confirmed.
    Originals of any counterparts transmitted by facsimile or other
    electronic transmission shall be promptly provided to the other
    parties hereto.

 

    Section 26.11  Headings.  Article,
    Section, Exhibit and other headings contained in this
    Agreement are for reference purposes only and are not intended
    to describe, interpret, define or limit the scope, extent or
    intent of this Agreement or any provision hereof.

 

    Section 26.12  Rights
    Cumulative.  Except as expressly provided in
    this Agreement, and to the extent permitted by law, any remedies
    described in this Agreement are cumulative and not alternative
    to any other remedies available at law or in equity.

 

    Section 26.13  Parties’
    Intent.  This Agreement shall be deemed to
    have been drafted by the parties to this Agreement and any
    ambiguity contained in this Agreement shall not be resolved
    against any party as the presumed drafter.

    

    34

 

    IN WITNESS WHEREOF, the parties have caused this Agreement to be
    executed by their authorized representatives on the dates
    indicated below.

 

    “LICENSOR”

 

			
	 	    By:  
	
    CKX G.O.A.T. Holding Corp.,

    As Managing Member

 

			
	 	    By: 
	
    /s/ Michael G. Ferrel

			
	 	    Title:
	
    Senior Executive Vice President

			
	 	    Date: 
	
    June 1, 2007

 

    “LICENSEE”

 

    FX LUXURY REALTY LLC

 

			
	 	    By: 
	
    /s/ Paul C. Kanavos

			
	 	    Title: 
	

			
	 	    Date: 
	
    June 1, 2007

 

 

    MUHAMMAD
    ALI MASTER LICENSE AGREEMENT

    

    35

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