Document:

livc_8k-ex1001.htm

    Exhibit
10.1

     

    
       

      

      

      

      

      

      

      

      

      ____________________________________________________________________________________

      

      

      Memorandum
of Understanding

      

      ____________________________________________________________________________________

      

      

      

      

      

      

      

      

      BETWEEN

      

      

      

      LIVE CURRENT MEDIA INC.

      

      

      

      AND

      

      

      

      BOARD
OF CONTROL FOR CRICKET IN INDIA 

      

      

      

      FOR

      

      

      DEVELOPMENT
AND LAUNCH OF WEB PORTAL & RIGHTS THEREIN

      

      

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      

      

      CONTENTS

       

      
 

      
        
          
            
              
                
                  
                    
                      
                        	
                                DEVELOPMENT
      AND LAUNCH OF WEB PORTAL & RIGHTS THEREIN

                              	
                                1

                              
	 	 
	
                                1.  
      TERMS OF
      UNDERSTANDING

                              	
                                1

                              
	 	 
	
                                2.   CONFIDENTIALITY
      & EXCLUSIVITY

                              	
                                6

                              
	 	 
	
                                3.   CONTENT
      AND SUPPORT FROM BCCI

                              	
                                6

                              
	 	 
	
                                4.   OTHER
      CONSIDERATIONS

                              	
                                9

                              
	 	 
	
                                5.   FINAL
      AGREEMENT

                              	
                                10

                              
	 	 
	
                                SCHEDULE
      1

                              	
                                10

                              
	 	 
	
                                SCHEDULE
      2

                              	
                                10

                              

                      

                    

                  

                

              

            

          

        

       

       

      

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      

      This
legally binding Memorandum of Understanding (“MOU”) is entered into on this
16th  day
of April 2008.

      

      BETWEEN

      

      
        	
                (1)  

              	
                 LIVE CURRENT
      MEDIA Inc.,
      having its
      principal office at Suite 645, 375 Water St., Vancouver, BC, CANADA, V6C
      5B6  (hereinafter referred to as “Live Current Media”,
      which expression shall, unless repugnant to the context thereof, mean and
      include its successors and assigns) of the FIRST
  PART;

              

      

      

      
        AND

      

      

      
        	
                (2)  

              	
                BOARD OF CONTROL FOR CRICKET IN
      INDIA, a society registered under the Tamil Nadu Societies
      Registration Act, 1860, having its principal office at Brabourne Stadium,
      (North Stand), Veer Nariman Road, Churchgate, Mumbai 400020 (hereinafter
      referred to as “BCCI”), which expression
      shall, unless repugnant to the context thereof, mean and include its
      successors and permitted assigns) of the LAST
  PART.

              

      

      

      WHEREAS

      

      
        	
                A.  

              	
                BCCI
      is desirous of promoting the game of cricket across India and other parts
      of the globe and wishes to operate and maintain an official website for
      BCCI.

              

      

      

      
        	
                B.  

              	
                LIVE
      CURRENT MEDIA has approached BCCI and expressed its willingness to fulfil
      the aforesaid desires of BCCI of promotion of cricket by building and
      operating "The BCCI Website” at its sole risk, costs and
      consequences.

              

      

      

      
        	
                C.  

              	
                BCCI
      has agreed to authorise LIVE CURRENT MEDIA to , design, build, operate,
      maintain and promote the BCCI Website as the official website of BCCI and
      the sole website sanctioned as such by BCCI (hereinafter referred to as
      “The BCCI
      Website”).

              

      

      

      
        	
                D.  

              	
                BCCI
      has agreed to support LIVE CURRENT MEDIA in operating The BCCI Website in
      the manner provided in this MOU.

              

      

      

      BCCI and
LIVE CURRENT MEDIA are individually referred to as the “Party” and collectively
referred to as the “Parties”.

      

      IT
IS HEREBY AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS:

       

      
        	
                1.  

              	
                TERMS
      OF UNDERSTANDING

              

      

       

      
        	
                1.1.  

              	
                LIVE
      CURRENT MEDIA  undertakes to design, build, operate, host and
      maintain the BCCI Website in accordance with highest industry
      standards, using its experience in developing engaging commercially
      successful web properties, as well as its cutting-edge knowledge of
      emerging Internet technologies and to promote the BCCI Website, all at its
      sole risk as to costs and consequences in the manner provided in this MOU
      and the Final Agreement to be entered into between LIVE CURRENT MEDIA and
      BCCI as provided in Clause 5 of this MOU. Each Party will bare the risks
      for the content and materials that they provide to “The BCCI Website” on
      the terms set out in this MOU.

              

      

       

      
        	
                1.2.  

              	
                LIVE
      CURRENT MEDIA will provide hosting services in respect of the BCCI Website
      in accordance with a service level agreement, which shall contain, inter
      alia, minimum levels of technical support and site availability, such
      service level agreement to be agreed between the Parties and included in
      the Final Agreement.

              

      

       

       

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

      
        	
                1.3.  

              	
                LIVE
      CURRENT MEDIA will further:

              

      

       

       

      
        	
              	
                i)  

              	
                maintain
      the BCCI Website;

              

      

       

       

      
        	
              	
                ii)  

              	
                develop
      and enhance the BCCI Website on an ongoing basis and the Parties shall
      cooperate throughout the Term in connection with the
  same;

              

      

       

       

      
        	
              	
                iii)  

              	
                manage
      and coordinate the technical integration of all Internet based
      applications and opportunities that are to be included within the BCCI
      Website during the Term

              

      

       

      each in
accordance with the core services to be set out in full in the Final
Agreement.

       

      
        	
                1.4.  

              	
                BCCI
      will facilitate and provide support to LIVE CURRENT MEDIA in building,
      operating, maintaining and promoting the BCCI Website as outlined in
      Clause 3 of this MOU and as otherwise may reasonably be requested by LIVE
      CURRENT MEDIA from time to time.

              

      

       

      
        	
                1.5.  

              	
                LIVE
      CURRENT MEDIA will construct a web portal at CRICKET.COM (the "CRICKET.COM Portal") as
      'the gateway to Indian Cricket', providing an integrated user experience
      between it, the BCCI Website and the IPL Website.  This does not
      mean that non-Indian cricket content will not be placed on the CRICKET.COM
      Portal.

              

      

       

      
        	
                1.6.  

              	
                LIVE
      CURRENT MEDIA shall ensure that there will always be a substantive link to
      the BCCI Website on the front page of the Live Current Media’s Cricket.com
      website

              

      

       

      
        	
                1.7.  

              	
                The
      BCCI Website will be “powered by cricket.com” and this will be prominantly
      displayed on the home page of the BCCI Website.  There will
      always be a substantive link to the Cricket.com Portal on the home page of
      The BCCI Website.

              

      

       

      
        	
                1.8.  

              	
                BCCI
      shall:

              

      

       

      
        	
              	
                i)  

              	
                appoint
      LIVE CURRENT MEDIA to design, build, host, operate, maintain and promote
      the BCCI Website;

              

      

       

      
        	
              	
                ii)  

              	
                grant
      LIVE CURRENT MEDIA the exclusive right to designate the BCCI Website as
      the “Official Website of BCCI” or such other “official” designation as may
      be agreed between the Parties from time to
time;

              

      

       

      
        	
              	
                iii)  

              	
                grant
      to LIVE CURRENT MEDIA(a) the right to use BCCI content on the BCCI Website
      (on an exclusive or non-exclusive basis as specified herein)  and (b)
      the licence set out in Clause 4.1 of this MOU;
  and

              

      

       

      
        	
              	
                iv)  

              	
                promote
      the BCCI Website and the Cricket.com Portal and provide LIVE CURRENT MEDIA
      with the assistance set out herein

              

      

       

      In each
case for a period commencing on execution of the Final Agreement and ending on
31 December 2018 (the “Term”)

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      
        	
                1.9.  

              	
                The
      Parties agree that the renewal of the Final Agreement for a further term
      of 10 years (“Renewal”) will be mutually agreed upon by the Parties with
      discussions starting at least 180 days prior to the end of the Term and
      subject to the following
conditions:

              

      

       

      
        	
              	
                i) 

              	
                LIVE
      CURRENT MEDIA shall have the right of first and last refusal over the
      Renewal to work as follows:

              

      

       

      
        	
              	
                a) 

              	
                LIVE
      CURRENT MEDIA shall have the option to bid on the Renewal, which bid must
      be irrevocable.

              

      

       

      
        	
              	
                b) 

              	
                If
      Live current Media bid is not accepted, BCCI shall have the right to
      solicit bids from other potential partners.

              

      

       

      
        	
              	
                c) 

              	
                Before
      BCCI accepts any third party bid for the Renewal, LIVE CURRENT MEDIA will
      have the right to match such third-party bid and shall be granted the
      Renewal if it matches such bid.

              

      

       

      
        	
              	
                d) 

              	
                Throughout
      this process, BCCI shall not reveal any information about the LIVE CURRENT
      MEDIA bid in anyway whatsoever

              

      

       

      
        	
              	
                ii) 

              	
                If
      the Parties do not agree on a Renewal for Live Current Media then the
      following will occur:

              

      

       

      
        	
              	
                a) 

              	
                LIVE
      CURRENT MEDIA will take ownership over the entire customer database as
      built up on the BCCI Website over the TERM of the
  agreement

              

      

       

      
        	
              	
                b) 

              	
                BCCI
      shall pay LIVE CURRENT MEDIA 1.5 times the content production costs for
      the BCCI Website that LIVE CURRENT MEDIA incurred during the original Term
      of the Final Agreement (as specified in the financial statements and
      agreed by the Parties)

              

      

       

      
        	
              	
                c) 

              	
                There
      will be a 12 month transition period to the third party provider to ensure
      the BCCI Website continues to function, with Live Current Media offering
      all reasonable cooperation during this transition period to BCCI and such
      third party provider.  BCCI shall pay all pre-agreed costs
      incurred by LIVE CURRENT MEDIA during this transition
    period

              

      

       

      
        	
              	
                d) 

              	
                LIVE
      CURRENT MEDIA will retain a non-exclusive right to make available on the
      Internet the video and photo archives of the BCCI matches that occurred
      during the Term, subject to the parties agreeing a term and a fair price
      for the grant of these non-exclusive
rights.

              

      

       

      
        	
                1.10.  

              	
                In
      consideration of the appointment of LIVE CURRENT MEDIA and the rights
      granted to LIVE CURRENT MEDIA under this MOU and the Final Agreement, LIVE CURRENT MEDIA
      will pay BCCI a fee amounting to
      50% of all Revenues (as defined below) generated from the BCCI Website per
      annum.  Provided however, LIVE CURRENT MEDIA shall ensure that
      the minimum fee paid to BCCI for each year of the BCCI Website shall be as
      set out in the table below (each a “Minimum Annual Fee”).  To
      avoid any confusion, the payment made will be the greater of (i) the
      Minimum Annual Fee (as set out below) and (ii) 50% of the Revenues for
      that year ("Fee").

              

      

       

      

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

      

      

      

      

      

      
        
          	 
      	
                  Minimum
      Annual Fee to

                
	 
      	
                  BCCI
      ($ 000s)

                
	
                  Year
      1 (2008)

                	
                  US$ 2,500

                
	
                  Year
      2 (2009)

                	
                  US$ 3,000

                
	
                  Year
      3 (2010)

                	
                  US$ 3,000

                
	
                  Year
      4 (2011)

                	
                  US$ 3,000

                
	
                  Year
      5 (2012)

                	
                  US$ 3,000

                
	
                  Year
      6 (2013)

                	
                  US$ 3,000

                
	
                  Year
      7 (2014)

                	
                  US$ 3,000

                
	
                  Year
      8 (2015)

                	
                  US$ 3,000

                
	
                  Year
      9 (2016)

                	
                  US$ 3,000

                
	
                  Year
      10 (2017)

                	
                  US$ 3,500

                
	
                  Total

                	
                  US$ 30,000

                

        

      

      

      

      For the
purposes of this MOU:

      

      “Revenues” shall include all
revenues generated from the BCCI Website and from any BCCI content, including
Merchandise Revenues (as defined below) but excluding for the avoidance of doubt
revenues generated from BCCI match ticket sales even where the website selling
tickets is accessed via a link on the BCCI Website, which revenues accrue
exclusively to BCCI and its official ticket partners.  LIVE CURRENT
MEDIA may however negotiate an affiliate deal with the official ticket partners,
which shall be the subject of a separate agreement.

      

      “Merchandise Revenues” shall
mean the revenues generated from sales of merchandise directly from the BCCI
Website calculated as follows:

      

      Retail
price (excluding cost of delivery and any applicable taxes) minus wholesale
price = Merchandise Revenue.

      

      
        	
                1.11.  

              	
                In
      consideration of the rights granted to LIVE CURRENT MEDIA under this MOU
      and the Final Agreement, LIVE CURRENT MEDIA
      will pay BCCI a fee amounting to
      5% of all Revenues (as defined above) generated from Live Current Media’s
      Cricket.com website (or any replacement thereof) per annum. (Note: This 5%
      is the same 5% referenced in the IPL MOU and is not
    additive)

              

      

      

      
        	
                1.12.  

              	
                All
      amounts due under this MOU and the Final Agreement (including without
      limitation the Minimum Annual Fee and any Additional Fees) must be paid by
      LIVE CURRENT MEDIA free and clear of, and without, deductions based on any
      currency control restrictions, import duties, or any sales, use, value
      added or other taxes or withholdings of any nature
      whatsoever.  If LIVE CURRENT MEDIA is required to make any
      deduction or withholding in respect of any taxes, imposts, duties or other
      such charges in respect of any payment due under the
      Final  Agreement, LIVE CURRENT MEDIA shall gross up the relevant
      amount to ensure that BCCI receives by the relevant payment date the full
      cash amount that it would otherwise have been entitled to receive had no
      such deduction or withholding been
made.

              

      

      

      
        	
                1.13.  

              	
                LIVE
      CURRENT MEDIA shall have the option to prepay some or all of the Minimum
      Annual Fees at anytime during the Term of the agreement.  The
      amount to be prepaid will be calculated using an annual discount rate of
      12.5%.  Prepayment will have the following
    impacts:

              

      

      

      
        
          	
                	
                  i) 

                	
                  The
      required Bank Guarantee as set out in 1.14 will be reduced by the
      proportion of the Minimum Annual Fee that has been prepaid.  So
      for example if 100% of the Minimum Annual Fees are prepaid then the Bank
      Guarantee requirement goes away.  If 50% of the
      Minimum  Annual Fees are prepayed then the required amount of
      the Bank Guarantee shall be reduced by
50%

                

        

         

         

        
          
            
            

          

          
            6

            
              

            

          

          
            
            

          

        

         

      

      
        
          	
                	
                  ii) 

                	
                  The
      revenue share as set out in 1.10 will remain however LIVE CURRENT MEDIA
      will receive credit for the Minimum Annual Fee repayment.  So
      for example if LIVE CURRENT MEDIA prepays all of the Minimum Annual Fee
      and the Minimum Annual Fee was due to be $3 million in the year then the
      revenue share will commence after $6 million in revenues and shall be
      50/50 at that point.  If for example LIVE CURRENT MEDIA had
      prepayed 50% of the Minimum Annual Fees and the Minimum Annual Fee was due
      to be $2 million in the year then the first $1 million would be paid to
      BCCI, the next $3 million would go to LIVE CURRENT MEDIA and then the
      revenue share shall commence at the 50/50 level for all incremental
      revenues.

                

        

      

       

      
        	
                1.14.  

              	
                It
      shall be a condition of this MOU and the Final Agreement that, for the
      purpose of securing Live Current Media’s obligation to pay the Minimum
      Annual Fee, LIVE CURRENT MEDIA shall deliver to BCCI an irrevocable and
      unconditional Bank Guarantee (in a format and from a bank agreed with
      BCCI) on a rolling basis to guarantee the Minimum Annual Fee for one year
      on an on-going basis in respect of the season and by the due dates set out
      below:

              

      

      

      
        
          	
                	
                  i) 

                	
                  Bank
      Guarantee for Year 1 in the amount of [the aggregate total Minimum Annual
      Fees for Year 1] within 7 days of execution of the Final Agreement and the
      Bank Guarantees for subsequent year’s Minimum Annual Fees shall be
      delivered to BCCI by no later than 31 December of the year preceding the
      year covered by the guarantee (so the Bank Guarantee for Year 2 (2009
      season) shall be delivered by no later than 31 December
    2008.

                

        

      

      

      
        
          	
                	
                  ii) 

                	
                  For
      the avoidance of doubt, it shall be Live Current Media’s responsibility to
      ensure that at any given time in the Term there is a valid, effective and
      binding Bank Guarantee in place guaranteeing one year of the Minimum
      Annual Fee.

                

        

      

       

      
        	
                1.15.  

              	
                Listed
      below are the key deliverables:

              

      

       

      
        	
              	
                i)

              	
                The
      Parties will set up a joint committee (“Facilitation
      Committee”), which will comprise of such number of LIVE CURRENT
      MEDIA representatives and BCCI representatives as may be agreed upon by
      the Parties. The Facilitation Committee will be chaired by a nominee of
      the BCCI or such other person as agreed between the Parties.  It
      is agreed that the chair of the Facilitation Committee shall not have a
      casting vote on any issue.

              

      

       

      
        	
              	
                ii)

              	
                The
      payment schedule set out in clause 1.10 and detailed in Schedule 2 may be
      subject to review by the Facilitation Committee from time to time, but it
      is accepted that the payment schedule may only be varied with the written
      agreement of both Parties.

              

      

       

      
        	
              	
                iii)

              	
                All
      costs and expenses including travel, stay and other incidental and related
      costs/fees payable in relation to the BCCI Website shall be borne by the
      party incurring the expenses. Each party shall bear their own respective
      costs in relation to the drawing up of the MOU and the Final Agreement
      with respect to the BCCI Website.

              

      

       

      
        	
              	
                iv)

              	
                LIVE
      CURRENT MEDIA shall bear all losses, liabilities, risks, etc. of
      whatsoever nature that may be suffered in relation to the BCCI Website and
      the LIVE CURRENT MEDIA Portal, save where such losses, liabilities, risks,
      etc. (a) relate to content that has been provided to LIVE CURRENT MEDIA by
      (or on behalf of) BCCI (unless the content is altered or amended by LIVE
      CURRENT MEDIA or used by LIVE CURRENT MEDIA other than for the purpose it
      was provided) or (b) are otherwise attributable to any breach by BCCI of
      this MOU) or (b) are otherwise attributable to any act or omission of
      BCCI. BCCI shall not in any manner be liable, subject to or held
      responsible for, and LIVE
      CURRENT MEDIA shall indemnify BCCI against, any costs,
      expenses, losses, liabilities, risks, suffered by BCCI in relation to
      content contained on the BCCI Website, except for content that has been
      provided by (or on behalf of) BCCI for use on the same (unless the content
      is altered or amended by LIVE CURRENT MEDIA or used by LIVE CURRENT MEDIA
      other than for the purpose it was provided) and/or in the event of gross
      misconduct or otherwise due to any breach of this MOU by
    BCCI.

              

      

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
        	
              	
                v)

              	
                BCCI
      shall bear all losses, liabilities, risks, etc. of whatsoever nature that
      may be suffered in relation to content provided by it or on its behalf to
      LIVE CURRENT MEDIA for use on the BCCI Website unless the content is
      altered or amended by LIVE CURRENT MEDIA or used by LIVE CURRENT MEDIA
      other than for the purpose it was provided. LIVE CURRENT MEDIA shall not
      any in manner be liable, subject to or held responsible for, and BCCI
      shall indemnify LIVE CURRENT MEDIA against, any costs, expenses, losses,
      liabilities, risks, suffered by LIVE CURRENT MEDIA in relation to content
      contained on the BCCI Website that has been provided to LIVE CURRENT MEDIA
      by (or on behalf of) BBCI (unless the content is altered or amended
      by LIVE CURRENT MEDIA or used by LIVE CURRENT MEDIA other than for the
      purpose it was
provided).  

              

      

       

      
        	
              	
                vi)

              	
                LIVE
      CURRENT MEDIA shall submit annual statements of the income, expenditure
      and the Bank Account relating to the BCCI Website and (as applicable) the
      income of the LIVE CURRENT MEDIA Cricket.com Portal arising from BCCI
      content  to the Facilitation Committee by no later than 31
      January for the preceding Year of the Term and the books of accounts shall
      not be finalized without the same being audited by independent auditors
      appointed jointly by BCCI and Live Current Media, at Live Current Media’s
      cost if any.  All such books of accounts shall be safely
      maintained by LIVE CURRENT MEDIA for 6 years after expiry or earlier
      termination of this MOU or the Final Agreement, whichever is
      later.

              

      

       

      
        	
              	
                vii)

              	
                LIVE
      CURRENT MEDIA shall provide BCCI with regular reports on the building of
      the BCCI Website, and in any event not less than twice per annum. BCCI
      may, at its discretion, review the progress and plans on the BCCI Website
      rollout and it is agreed that the BCCI Website shall only be
      launched/promoted/operated after prior written approval of BCCI (not
      to be unreasonably withheld or delayed).

              

      

       

      
        	
              	
                viii)

              	
                The
      following rollout schedule is currently
  anticipated:

              

      

       

      
        	
                a)  

              	
                BCCI Website – first version launched in August
      2008.

              

      

       

      
        	
                 
      

              	
                ix)

              	
                It
      shall be a condition of this MOU and the Final Agreement that LIVE CURRENT
      MEDIA shall pay BCCI the Fee as
follows:

              

      

       

      
        	
                a)  

              	
                For
      the initial three years, Live Current Media will pay the Minimum Annual
      Fee on a quarterly basis.  For the avoidance of doubt this
      payment will occur within 30 days of the quarterly
      timetable.  The initial quarterly payment will be due October
      1st
      2008.  After the first three years the Minimum Annual Fee will
      be paid on a bi-annual basis.  Schedule 2 details the payment
      amounts and timing over the Term of the
  agreement.

              

      

       

      
        	
                b)  

              	
                LIVE
      CURRENT MEDIA will make a further payment to BCCI of any additional share
      of the Revenues that is due to BCCI in excess of the Minimum Annual Fee
      (“Additional Fee”) within 60 days of the acceptance of the annual audited
      financial statements should there be an adjustment.
  

              

      

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      
        	
                c)  

              	
                Time
      shall be of the essence of all payments of the Minimum Annual Fee and any
      Additional Fee and if LIVE CURRENT MEDIA fails to pay any amount due under
      this MOU and the Final Agreement by the relevant due date, BCCI shall be
      entitled but not obliged to charge LIVE CURRENT MEDIA interest on the
      overdue amount from the due date up to the date of actual payment at the
      rate of 12.0% per annum

              

      

       

      
        	
                 
      

              	
                x)

              	
                LIVE
      CURRENT MEDIA will manage, co-ordinate and execute all aspects of the BCCI
      Website rollout including funding and cash flow management subject to the
      provisions of this MOU.  

              

      

       

      
        	
                 
      

              	
                xi)

              	
                LIVE
      CURRENT MEDIA must obtain the prior written approval of BCCI for the
      domain name used for the BCCI Website and for every use of the BCCI logo
      and every use of names and/or logos of any BCCI sponsors, partners or
      franchises.

              

      

       

      
        	
                 
      

              	
                xii)

              	
                LIVE
      CURRENT MEDIA shall provide the editorial content for the BCCI Website and
      shall ensure that BCCI will have the right, through its representatives on
      the Facilitation Committee or otherwise, to participate in the editorial
      process and review the content of the BCCI Website from time to time prior
      to publication. LIVE CURRENT MEDIA will not include content on the BCCI
      Website and will remove content from the BCCI Website based on any
      reasonable requests from BCCI.

              

      

       

      
        	
                 
      

              	
                xiii)

              	
                LIVE
      CURRENT MEDIA shall comply with the reasonable instructions of BCCI in
      relation to the placement of official BCCI commercial partners’ names
      and/or logos (including without limitation those of the BCCI title sponsor
      and other official sponsors) it being acknowledged by BCCI that such
      instructions shall not materially detrimentally affect the ability
      of  to maximise revenues generated by advertising and
      sponsorship on the same.

              

      

       

       

      
        	
                2.  

              	
                CONFIDENTIALITY
      & EXCLUSIVITY

              

      

       

      
        	
                2.1.  

              	
                The
      Parties agree that “Confidential Information” shall mean confidential
      information in whatever form disclosed by one Party to the other pursuant
      to or in connection with this MOU, and shall include, but not be limited
      to, the terms and conditions of this MOU and any drafts hereof, the Final
      Agreement and any drafts thereof, any correspondence relating to this MOU
      and/or the Final Agreement, concepts, trade-secrets, modules, rollout
      plans, know-how, techniques, processes, schematics, contracts, financial
      information, sales and marketing
plans.

              

      

      

      
        	
                2.2.  

              	
                Neither
      Party shall disclose (or permit or cause its employees, agents or
      representatives to disclose), Confidential Information disclosed to it
      (including information disclosed during audit) by the other Party, to any
      other person, without the prior written consent of the other Party to whom
      the duty of confidentiality is owed, Except That either Party may disclose
      any such Confidential Information: (a) if and to the extent required by
      Law or for the purpose of any judicial proceedings; (b) if and to the
      extent required by regulatory or governmental body to which that party is
      subject, only to the extent that such requirement has the force of law;
      (c) to its professional advisers (which shall include in the case of BCCI
      IMG), auditors and bankers, and its (or its Affiliates') employees, agents
      or representatives; (d) if and to the extent the information is or has
      come into the public domain through no fault of that Party; and (e) if and
      to the extent the other Party has given prior written consent to the
      disclosure.

              

      

      

      
        	
                2.3.  

              	
                The
      restrictions contained in 2.2 shall continue to apply after the expiry or
      termination of the Final Agreement without limit in time.  For
      the avoidance of doubt, neither Party shall make or authorise any
      announcement concerning this Agreement save as separately and expressly
      agreed in writing by the other Party or as otherwise required by Law.
      Either party shall be entitled to any and all remedies available at law or
      in equity, including injunctive relief, in the event of any breach of such
      commitment to confidentiality

              

      

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      
 

      
        	
                2.4.  

              	
                At
      expiry of this MOU or the Final Agreement or on earlier termination, each
      Party shall return to the other Party or destroy (at the other Party's
      election) Confidential Information disclosed to it by such other
      Party.

              

      

       

      
        	
                2.5.  

              	
                BCCI
      undertakes that it will not authorise any third party to call its website
      the “Official Website of the BCCI” or similar official website designation
      or grant to any third party the right to exploit in a website the
      exclusive BCCI content granted to LIVE CURRENT MEDIA as listed at Schedule
      1 hereto.  BCCI also undertakes that it will not itself exploit
      in a website the BCCI content granted to LIVE CURRENT MEDIA as listed at
      Schedule 1 hereto.  The spirit of the agreement being that there
      will be one official, comprehensive BCCI Website and that it will be
      developed, operated, maintained and promoted by LIVE CURRENT
      MEDIA.

              

      

       

      
        	
                2.6.  

              	
                BCCI
      undertakes that it will not promote, market, advertise or endorse any
      similar or competitive websites or websites devoted to cricket
      coverage.

              

      

       

       

      
        	
                3.  

              	
                CONTENT
      AND SUPPORT FROM BCCI

              

      

       

      There are
two key areas of the BCCI Website and the Cricket.com Portal where BCCI
will actively provide support to Live Current Media:

       

      
        	
                3.1.  

              	
                Promotion,
      Advertising and Marketing Support

              

      

       

      For the
purposes of Section 3.1, the “URL of The BCCI Website” shall mean either (this
clause holds across each of the communications vehices referenced
below):

       

      
        	
                1.  

              	
                The
      BCCI logo and the URL of The BCCI Website with a “powered by cricket.com”
      tag line or,

              

      

       

      
        	
                2.  

              	
                The
      BCCI logo and the URL of The BCCI Website 67% of the time and the
      cricket.com logo 33% of the time

              

      

       

      The
determination of whether definition 1 or 2 is used (by communication vehicle) is
at the discretion of BCCI.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

       

      
        	
                i)  

              	
                BCCI
      acknowledges and recognises that LIVE CURRENT MEDIA will be the designer,
      developer, promoter and operator of the BCCI Website. Further, BCCI
      acknowledges and recognises that LIVE CURRENT MEDIA will consequently have
      the right to publicise the BCCI Website and use BCCI’s name in connection
      with the same.  BCCI shall itself, and shall procure that its
      franchisees, sponsors and other partners also publicise/promote the BCCI
      Website, including by way of links from their respective sites to the BCCI
      Website . 

              

      

       

      
        	
                ii)  

              	
                BCCI
      will participate in a reasonable number of press conferences, PR launches
      and other promotional mechanisms to jointly launch and promote throughout
      the Term the BCCI Website both in India and globally.  The times
      and locations of such mechanisms shall be agreed by the Parties acting
      reasonably and in good faith.  At a minimum a senior member of
      BCCI will be available at least 8 times during the year for press
      conferences or to be quoted in press
releases.

              

      

       

      
        	
                iii)  

              	
                BCCI
      will use its reasonable endeavours to display the URL of the BCCI Website
      on all BCCI press releases, official announcements and all other official
      correspondence, in all relevant formats, including digital and
      print.  In any case such reasonable endevours will constitute in
      excess of 80% of such
communications.

              

      

       

      
        	
                iv)  

              	
                BCCI
      will insert (wherever reasonably practicable but not less than 80% of the
      time) the URL of the BCCI Website in the world feed of BCCI matches and
      shall require its Broadcast Partners not to remove the same from their
      transmissions of the matches, it being acknowledged that such insertion
      shall at all times be subject to local broadcasting laws and
      regulations.  “Broadcast Partners”
      means the entities to which BCCI has licensed or may license from time to
      time the exclusive right to exhibit, transmit or otherwise make available
      audio and audio-visual coverage of BCCI matches (including interviews,
      awards and ceremonies around the matches) and player auctions via all
      media (subject to limited retained rights) it being acknowledged that at
      the time of this MOU Neo Sports is the Broadcast Partner, but that this is
      subject to change from time to time, and that the term “Broadcast
      Partners” shall also include the entities to which such Broadcast Partners
      sub-license some or all of the
rights.

              

      

       

      
        	
                v)  

              	
                BCCI
      will set aside a portion of the ticker space on the world feed of BCCI
      matches to promote the BCCI Website and URL or contests that are being
      housed on the BCCI Website.  At a minimum such material will be
      shown 4 times per over.

              

      

      

      
        	
                vi)  

              	
                BCCI
      will endeavour to include the URL of the BCCI Website in all Print and
      Billboard Advertisements and will at a minimum include the URL in at least
      80% of such communications.

              

      

      

      
        	
                vii)  

              	
                BCCI
      will endeavour to include the URL of The BCCI Website in all television
      advertisements that BCCI purchases and/or runs in ad-breaks and other
      television advertising communications purchased by BCCI and will at a
      minimum include the URL in at least 80% of such communications.

              

      

       

      
        	
                viii)  

              	
                BCCI
      will use its reasonable endeavours to display the URL of the BCCI Website
      during all live and press covered events, including but not limited to
      press conferences, award ceremonies, player auctions and cricket matches
      in a manner to be determined by BCCI (acting reasonably).

              

      

       

      
        	
                ix)  

              	
                BCCI
      agrees that up to 50% of the total screen space available on the BCCI
      Website may be used for advertisements and sponsor
    promotions.

              

      

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      
        	
                x)  

              	
                Representatives
      of LIVE CURRENT MEDIA will be granted resonable stadium access to
      undertake in-stadium promotional and marketing activities on behalf of the
      BCCI Website.

              

      

       

      
        	
                xi)  

              	
                LIVE
      CURRENT MEDIA acknowledges and accepts that BCCI Sponsors are entitled
      to:

              

      

       

      
        	
                a)  

              	
                To
      be identified as official sponsors on the BCCI Website, subject to the
      terms of clause 1.14(xii) above, the location and manner of this mention
      will be determined by the Parties (acting reasonably).  However,
      the location or type of these mentions shall not materially detract from
      the BCCI Website’s revenue potential (e.g. the sponsorship mention will
      not be on “prime” real estate unless determined by LIVE CURRENT
      MEDIA)

              

      

       

      
        	
                b)  

              	
                A
      right of first refusal on sponsorship space on the BCCI Website. This
      sponsorship will be subject to a separate agreement (and separate
      consideration) between the sponsor and LIVE CURRENT MEDIA. If the BCCI
      Sponsors decline this option, LIVE CURRENT MEDIA reserves the right to
      seek sponsorship at prevailing market rates from other
      parties.

              

      

       

      
        	
                xii)  

              	
                BCCI
      grants to LIVE CURRENT MEDIA the right to prominent signage at the stadia
      where Indian Premier League matches are played to promote the BCCI Website
      (the specific location of such signage to be determined by BCCI acting
      reasonably).

              

      

       

      
        	
                xiii)  

              	
                LIVE
      CURRENT MEDIA agrees that:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                inadvertent
      or accidental failure to include the URL of the BCCI Website shall be
      disregarded for the purposes of calculating the percentage appearance of
      such URL under clauses 3.1(iii), (iv), (vi) and (vii), and shall not be
      amount to breach, and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                breach
      of clauses 3.1(iii), (iv), (vi) and (vii) shall not justify termination of
      this MOU or the Final Agreement.

              

      

       

      
        	
                xiv)  

              	
                The
      total promotion and marketing support of the BCCI Website by the BCCI will
      be the equivalent of at least US$2,000,000 p.a. of marketing spend to be
      allocated as reasonably determined by BCCI (including without limitation
      the value of inclusion of the URL in the world feed of the BCCI
      matches).  BCCI will make all reasonable endevours to meet this
      spending minimum.  If the value is not reached then the
      shortfall shall be made up in the next
year.

              

      

       

      
        	
                xv)  

              	
                BCCI
      shall provide LIVE CURRENT MEDIA with prizes for use in competitions and
      as prizes in games (e.g. Fantasy League) on the BCCI
      Website.  These prizes will include but not be limited
      to:

              

      

       

      
        	
                ·  

              	
                A
      minimum of 25 tickets to all BCCI matches.  Such tickets shall
      be in good locations within the
stadium

              

      

      
        	
                ·  

              	
                BCCI
      Memorobillia

              

      

      
        	
                ·  

              	
                Stadium
      tours and access

              

      

      

       

      
        	
                3.2.  

              	
                Rights
      and Website Content

              

      

       

      LIVE
CURRENT MEDIA shall be entitled to all online BCCI content not currently
committed in existing contracts entered into BCCI contracts, and the content and
rights granted to LIVE CURRENT MEDIA shall include without limitation the
following:

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      
 

      
        	
                i)  

              	
                LIVE
      CURRENT MEDIA shall have the exclusive right to display and commercially
      exploit all official BCCI still photographic images whose rights are owned
      and controlled by the BCCI, including such photographs taken at BCCI
      events, subject to the provisions of the press and photography
      accreditation arrangements, it being acknowledged that BCCI shall not be
      required to acquire rights to still photographic images of matches. LIVE
      CURRENT MEDIA must ensure that such still images may not be refreshed in
      such a way as to create any form of sequencing that is akin to a moving
      image or video.

              

      

       

      BCCI will
be responsible for commissioning an “official photographer” (that will be
mutually agreed upon by the Parties) for images which will be made available to
LIVE CURRENT MEDIA in accordance with this clause 3.2(i) with the costs of such
official photographers to be shared by BCCI and LIVE CURRENT MEDIA on a 50/50
basis.

       

      Commercial
exploitation of official still BCCI photographic images shall be subject to the
entity licensing and exploiting such images obtaining all necessary endorsement
clearances from individuals featured in such photographic images

       

      
        	
                ii)  

              	
                LIVE
      CURRENT MEDIA shall have the non-exclusive right to sell “Official” BCCI
      merchandise on the BCCI Website, either directly or via a link to other
      official BCCI merchandise outlets, it being acknowledged that the price of
      merchandise shall be set by BCCI. BCCI shall make available to LIVE
      CURRENT MEDIA exclusive limited edition BCCI merchandise (the exact
      merchandise to be jointly agreed by the Parties),  and
      reasonable and regular access to signed merchandise, memorabilia and
      souvenirs (eg. match balls, wickets, etc), in each case for sale or use in
      competitions on the BCCI Website.

              

      

       

      
        	
                iii)  

              	
                BCCI
      shall grant LIVE CURRENT MEDIA the exclusive right (subject only to the
      BCCI Broadcast Partner rights) to make available the following content on
      the BCCI Website on the Internet
only:

              

      

       

      
        	
                a)  

              	
                An
      official live video and/or audio scorecard in relation to each match of
      the BCCI (which may incorporate “Clips”), it being acknowledged that there
      may be other websites that carry scorecards; and  

              

      

      
        	
                b)  

              	
                “Highlights”
      of each BCCI match.

              

      

       

      For the
purposes of 3.2(iii)(a) above “Clips” shall mean a reasonable number of excerpts
of footage of Matches of no more than 30 seconds per excerpt (which shall be
accessed by a click or other appropriate access mechanism) which may be made
available by LIVE CURRENT MEDIA on a delayed basis no sooner than 5 minutes
after the action in the relevant Clip has taken place 

      

      For the
purposes of 3.2(iii)(a) “Highlights” shall mean edited excerpts of footage of
not more than 52 minutes in duration per BCCI match and which shall not be made
available until 1 hour after each innings of a match.  From 72 hours
after each match, such Highlights programming under 3.2(iii)(b) may be longer
than 52 minutes in duration per Match from 72 hours after the end of the
relevant Match.

      

      For the
avoidance of doubt, the only other parties that will have access to BCCI “Clips”
and “Highlights” shall be the BCCI Broadcast partners.

      

      
        	
                iv)  

              	
                LIVE
      CURRENT MEDIA shall have the Non exlcusive right to exploit (including use
      and distribution) the audio-visual archive of BCCI matches on the Internet
      from 72 hours after the end of the relevant BCCI match. Till 2010. Post
      that it will be exclusive post 2010 till the contracted
    period

              

      

       

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      
        	
                v)  

              	
                In
      relation to the content at 3.2(iii) and 3.2(iv), BCCI shall make available
      the world feed to LIVE CURRENT MEDIA at the venue of each BCCI match, and
      LIVE CURRENT MEDIA shall be entitled to edit the same to create the Clips
      and Highlights detailed in 3.2(iii) and (iv)
  above.

              

      

       

      
        	
                vi)  

              	
                LIVE
      CURRENT MEDIA shall have Exclusive internet rights to raw camera footage
      of BCCI Matches not used in the World Feed, which LIVE CURRENT MEDIA may
      exploit on as follows:

              

      

       

      a) Within
72 hours of each Match

      

      1.       52
minutes on one hour delay

      2.       Reasonable
number of  30sec clips on a 5 minute delay

      

      b) Post 72 hours after each
Match:   no restrictions on length of footage

      

      
        	
                vii)  

              	
                From
      72 hours after each Match, LIVE CURRENT MEDIA shall have the Exclusive
      right to license to third parties Internet rights to archive BCCI Match
      footage in a “clean format” that is owned and controlled by the BCCI, by
      way of clips and other exploitation.  “Clean format” means
      that the video will not contain the BCCI logo. Broadcast Partners
      shall have the right to commercially exploit archive BCCI footage but it
      shall always have the BCCI logo visible in the video.  LIVE
      CURRENT MEDIA shall obtain BCCI clearance for each proposed exploitation
      of these rights, it being acknowledged that LIVE CURRENT MEDIA shall not
      license television broadcast competitors of the Broadcast Partners until
      72 hours after the end of the BCCI
Match.

              

      

       

      
        	
                viii)  

              	
                LIVE
      CURRENT MEDIA shall have the exclusive right to produce and retail DVD
      titles incorporating the BCCI Matches on behalf of BCCI, each such DVD
      title to be subject to BCCI approval, not to be unreasonably withheld.
      Apart from the rights already given to Green
  Umbrella.

              

      

       

      
        	
                ix)  

              	
                LIVE
      CURRENT MEDIA shall have the exclusive right and license to operate
      official on-line fantasy leagues of
BCCI

              

      

       

      
        	
                x)  

              	
                BCCI
      shall ensure that all official announcements of BCCI are promptly notified
      to LIVE CURRENT MEDIA to enable the same to be included on the BCCI
      Website 

              

      

       

      
        	
                xi)  

              	
                The
      BCCI Website shall be the exclusive point of sign-up and distribution of
      the BCCI newsletter

              

      

       

      
        	
                xii)  

              	
                BCCI
      shall provide LIVE CURRENT MEDIA with preferential access such historic
      and on-going player, team, match and tournament statistics as LIVE CURRENT
      MEDIA reasonably requires in a suitable format to be agreed by the Parties
      

              

      

       

      
        	
                xiii)  

              	
                BCCI
      shall provide LIVE CURRENT MEDIA with exclusive and direct access to live
      scoring feeds from all matches if it does the same. If not, Live Current
      Media will have the exclusive access to the venue to do the same. This is
      further clarified that it applies to Cricket only
  sites.

              

      

       

      
        	
                xiv)  

              	
                BCCI
      shall use reasonable endeavours (including making reasonable requests to
      players under the terms of the player contracts) to provide access to
      coaches, owners, officials and BCCI players for interviews, blogs,
      profiles, fan meet and greet sessions, participation in Fantasy Leagues
      and other content, subject to applicable ICC, BCCI and other regulations.
      LIVE CURRENT MEDIA shall have the right to request specific players but it
      acknowledges and accets that BCCI can not guarantee participation by
      specific players at specific times.  However, BCCI commits that,
      in aggregate, LIVE CURRENT MEDIA will receive active player participation
      in the BCCI Website.

              

      

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      It is
agreed that audio-visual or audio-visual coverage of interviews conducted with
players during intervals in matches or as part of ceremonies, presentations or
other events immediately before or after such matches may not be made available
on the BCCI Website until 72 hours after the relevant match.  

       

      
        	
                xv)  

              	
                Rights
      over the sale of tickets online will be determined in the Final
      Agreement.

              

      

       

      
        	
                xvi)  

              	
                BCCI
      shall grant LIVE CURRENT MEDIA the exclusive right to exploit (for online
      use and distribution only) BCCI’s historic archive of videos
      pre-1996.  For clarity, this right does not include the
      commercial syndication of the
archive.

              

      

       

      
        	
                xvii)  

              	
                BCCI
      shall grant LIVE CURRENT MEDIA the right to make available
      selected  this content on the BCCI Website and the Cricket.com
      Portal or any other of its Cricket
portals.

              

      

       

      
        	
                xviii)  

              	
                LIVE
      CURRENT MEDIA shall be entitled to sub-licence the rights set out in this
      clause 3.2, subject to obtaining BCCI’s prior written approval for such
      proposed sub-licence.   LIVE CURRENT MEDIA shall not sell
      any of the BCCI content set out above to brand category competitors of
      BCCI Sponsors without obtaining the prior written approval of
      BCCI

              

      

       

      
        	
                xix)  

              	
                Live
      Current Media will have the right to make special shows, clips and
      highlights for BCCI games.

              

      

       

      
        	
                4.  

              	
                OTHER
      CONSIDERATIONS

              

      

       

      
        	
                4.1

              	
                BCCI
      grants to LIVE CURRENT MEDIA a non-exclusive, royalty-free, worldwide
      licence during the Term to use the names and logos of IPL, BCCI, official
      BCCI commercial partners (including without limitation those of the BCCI
      title sponsor and other official sponsors) in the form(s) provided to LIVE
      CURRENT MEDIA by BCCI on the BCCI Website and within any advertising or
      promotions for the same. LIVE CURRENT MEDIA agrees to comply with such
      reasonable guidelines as are provided to it in writing by BCCI from time
      to time in relation to the use of such names and
  logos.

              

      

       

      4.2           LIVE
CURRENT MEDIA will assign  to BCCI on creation:

       

      
        	
                 
      

              	
                (i)

              	
                all
      intellectual property rights (including but not limited to all copyright)
      in the design, look, feel, format and all content of the BCCI Website and
      BCCI will grant LIVE CURRENT MEDIA a licence to use such rights during the
      Term;

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                all
      rights to any domain names registered by LIVE CURRENT MEDIA in connection
      with the BCCI Website and this MOU/the Final Agreement;
  and

              

      

      

      
        	
                 
      

              	
                (iii)

              	
                all
      rights to customer data of customer data of customers signing up through
      the BCCI Website, and BCCI shall grant LIVE CURRENT MEDIA a licence to use
      such data to promote the BCCI Website with authorisation from BCCI and the
      relevant customer (and subject to any applicable data protection laws and
      regulations).  It is acknowledged that 1.9(ii)(a) will apply if
      the Term of this MOU/the Final Agreement is not renewed, and LIVE CURRENT
      MEDIA shall own the rights to customer data of customers signing up
      through the Cricket.com Portal.

              

      

      

      
        	
                4.3

              	
                BCCI
      acknowledges and agrees that all intellectual property rights (including
      but not limited to all copyright) in the Cricket.com Portal (except for
      content that is included on the Cricket.com Portal that is owned by BCCI
      or content taken from the BCCI Website) shall vest, and remain vested, in
      LIVE CURRENT MEDIA.  Furthermore, all rights to the domain names
      registered by LIVE CURRENT MEDIA in relation to the Cricket.com Portal
      shall vest, and remain vested in, LIVE CURRENT MEDIA unless they relate to
      the BCCI.

              

      

       

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      
 

      
        	
                4.4

              	
                BCCI
      shall warrant that BCCI content that it provides to LIVE CURRENT MEDIA
      under this MOU and the Final Agreement shall not infringe the rights of
      any third party in the form in which it is made available to LIVE CURRENT
      MEDIA.

              

      

      

      
        	
                4.5

              	
                LIVE
      CURRENT MEDIA acknowledges and agrees that BCCI has granted its official
      sponsors, suppliers and Broadcast Partners the right exploit
      on their respective websites certain of the content to be provided to LIVE
      CURRENT MEDIA under this MOU and shall be entitled to grant to official
      sponsors, suppliers and Broadcast Partners appointed in the future the
      right to exploit the same content on their respective websites.
      

              

      

      

      
        	
                4.6

              	
                Except
      for the content and means of exploitation set out at 3.2(iii) above LIVE
      CURRENT MEDIA acknowledges and accepts that it shall not be entitled
      without the further agreement of BCCI to make available on the BCCI
      Website any audio or audio-visual coverage of the BCCI matches and
      ceremonies and presentations around those matches until 72 hours after the
      same, and that if it does so BCCI may be in breach of its contracts with
      its Broadcast Partners.  Without limitation to the generality of
      the above, LIVE CURRENT MEDIA acknowledges and agrees that the BCCI
      Website shall not contain any live or as live continuous audio and/or
      audio-visual coverage of any BCCI match, unless LIVE CURRENT MEDIA is
      authorized to make available such coverage pursuant to a contract with a
      Broadcast Partner.  BCCI shall use its reasonable endeavours to
      make available to LIVE CURRENT MEDIA additional audio and/or audio-visual
      content for inclusion on the BCCI Website from time to time (as agreed by
      BCCI).

              

      

      

      
        	
                4.7

              	
                Without
      prejudice to the generality of the risk and cost being assumed by LIVE
      CURRENT MEDIA hereunder, LIVE CURRENT MEDIA shall ensure that the BCCI
      Website (and in particular any message boards or social networking
      platforms therein) shall contain nothing defamatory of the game of
      cricket, the ICC, BCCI or BCCI Sponsors or any players, coaches or other
      participants in the BCCI. Where LIVE CURRENT MEDIA becomes aware of any
      such content being included on the BCCI Website it shall remove the same
      as soon as reasonably practicable

              

      

      

      
        	
                 
      

              	
                4.8

              	
                If BCCI and/or Live Current Media
      becomes aware of any unauthorised exploitation by a third party of any of
      the rights granted to LIVE CURRENT MEDIA hereunder, or the infringement by
      a third party of the exclusivity granted to LIVE CURRENT MEDIA hereunder,
      the Parties shall jointly and promptly take such action as is necessary to
      end the same.

              

      

      

      

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      

      

       

      
        	
                5.

              	
                FINAL
      AGREEMENT

              

      

       

      
        	
                5.1.  

              	
                When
      signed by both Parties, this MOU is a legally binding agreement between
      the Parties with further terms and conditions to be negotiated and
      included in the Final Agreement.

              

      

       

      
        	
                5.2.  

              	
                The
      Final Agreement between the Parties shall be drafted and signed off to
      reflect the terms agreed in this MOU. BCCI and LIVE CURRENT MEDIA have
      agreed to go ahead with the press announcement that will be jointly
      approved by BCCI and LIVE CURRENT MEDIA before September 2008 to announce
      the launch of the BCCI Website.

              

      

       

      
        	
                5.3.  

              	
                LIVE
      CURRENT MEDIA shall be responsible for ensuring the compliance of the BCCI
      Website and the Cricket.com Portal with all applicable laws and
      regulations.

              

      

      

      
        	
                5.4.  

              	
                LIVE
      CURRENT MEDIA shall not be entitled to assign, sub-contract, or otherwise
      transfer any of its obligations under this MOU or the Final Agreement
      without the prior written consent of BCCI, and BCCI reserves the right to
      terminate the Final Agreement if LIVE CURRENT MEDIA ceases to carry on
      business.

              

      

      

      
        	
                5.5.  

              	
                This
      MOU (and the Parties agree that the subsequent Final Agreement) shall be
      governed by and construed in accordance with the substantive laws of
      India.  Any dispute arising out of or in relation to this MOU
      (or the Final Agreement) involving the interpretation or implementation of
      the clauses of this MOU (or the Final Agreement), or the breach,
      termination or validity thereof, shall be resolved in accordance with the
      procedures specified in this clause which shall be the sole and exclusive
      procedure for the resolution of any and all such disputes before seeking
      recourse to Arbitration.

              

      

      

      
        	
                5.6.  

              	
                The
      parties shall attempt in good faith to resolve any dispute arising out of
      or relating to this MOU (or the Final Agreement) promptly by good faith
      negotiations for a period of twenty-one (21) days from date of issuance of
      written notice that a dispute has
arisen.

              

      

      

      
        	
                5.7.  

              	
                Any
      dispute which has not been resolved as provided herein within 21 days of
      the initiation of such procedure, shall be settled exclusively by
      arbitration in Mumbai India, in accordance with ARBITRATION AND
      CONCILIATION ACT, 1996.  The arbitration tribunal shall consist
      of 3 arbitrators, with each party designating one arbitrator and the said
      chosen arbitrators designating the third arbitrator. The place of
      arbitration in India shall be Chennai and the language of arbitration
      shall be English.  The arbitrators are not empowered to award
      damages in excess of compensatory damages and each party hereby
      irrevocably waives any right to recover such damages with respect to any
      dispute resolved by arbitration.

              

      

      

      
        	
                5.8.  

              	
                The
      Parties hereby agree any award of the tribunal shall be enforced in any
      court of competent jurisdiction in
Mumbai.

              

      

      

      
        	
                5.9.  

              	
                This
      MOU shall be governed by and construed in accordance with the laws of
      India and shall be subject to the exclusive jurisdiction of the courts in
      Mumbai, India.

              

      

      

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

      
 

      IN WITNESS WHEREOF, this MOU
has been entered into on the date stated at the beginning by the
Parties.

      

       

       

      
        

        
          
            
              
                	/s/
      Geoff Hampson	 	 
	 	 	 
	
                        SIGNED
      AND DELIVERED

                      	 
      	
                        )

                      
	
                        by
      the within named LIVE CURRENT MEDIA Inc

                      	 
      	
                        )

                      
	
                        by
      the hand of its authorised signatory

                      	 
      	
                        )

                      
	 
      	 
      	 
      
	
                        Mr.
      Geoff Hampson

                      	 
      	 
      
	 
      	 
      	 
      
	
                        in
      the presence of [Mr. Mark Melville

                      	 
      	
                        )

                      

              

            

          

        

        

        

        

        

        

        

        

        
          
            
              
                	/s/
      Lalit Modi	 	 
	 	 	 
	
                        SIGNED
      AND DELIVERED

                      	 
      	
                        )

                      
	
                        by
      the within named BCCI

                      	 
      	
                        )

                      
	
                        Board
      of Control for Cricket in India

                      	 
      	
                        )

                      
	
                        by
      the hand of its authorised signatory

                      	 
      	
                        )

                      
	 
      	 
      	 
      
	
                        Mr.
      Lalit Modi

                      	 
      	
                        )

                      
	 
      	 
      	 
      
	
                        in
      the presence of [Mr. Sundar Raman  /s/ Sundar Raman

                      	 
      	
                        )

                      

              

            

          

        

        
 

      

      

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      
        

         

        SCHEDULE
1

         

      
        

        Content
items included in the BCCI.TV Website

        

        LIVE
CURRENT MEDIA and BCCI have agreed that the BCCI.TV Website may include the
following items of content, and that (as applicable) the BCCI will support the
BCCI.TV Website by providing access to the necessary content sources that BCCI
owns and/or controls and/or licensing such content that BCCI owns and/or
controls to LIVE CURRENT MEDIA (at no additional cost) subject to the terms of
the MOU:

        

        
          	
                  i)  

                	
                  News
      and happenings

                

        

        

        
          	
                  ii)  

                	
                  Clips
      and highlights

                

        

        

        
          	
                  iii)  

                	
                  Interviews,
      audio-visual content relating to players, clubs, matches and tournaments
      other than match-play

                

        

        

        
          	
                  iv)  

                	
                  Club
      profiles

                

        

        

        
          	
                  v)  

                	
                  Player
      profiles

                

        

        

        
          	
                  vi)  

                	
                  Match  and
      tournament schedules

                

        

        

        
          	
                  vii)  

                	
                  Statistics:
      player, team, match and tournament

                

        

        

        
          	
                  viii)  

                	
                  Ticketing
      (exact format TBD)

                

        

        

        
          	
                  ix)  

                	
                  Blogs

                

        

        

        
          	
                  x)  

                	
                  Newsletters
      (email subscription)

                

        

        

        
          	
                  xi)  

                	
                  Contests

                

        

        

        
          	
                  xii)  

                	
                  Polls

                

        

        

        
          	
                  xiii)  

                	
                  Games
      (it being specifically acknowledged that BCCI reserves the right to
      authorise a third party to create, market and distribute one or more
      “Official” BCCI computer games)

                

        

         

        
          	
                  xiv)  

                	
                  Live
      scoreboard and text commentary

                

        

        

        
          	
                  xv)  

                	
                  Match
      results

                

        

        

        
          	
                  xvi)  

                	
                  Match
      reports

                

        

        

        
          	
                  xvii)  

                	
                  Fantasy
      League game

                

        

        

        
          	
                  xviii)  

                	
                  Online
      Store

                

        

        

        
          	
                  xix)  

                	
                  Message
      boards

                

        

        

        
          	
                	
                  xx)  
      

                	
                  Comprehensive
      Social Networking Platform incuding member profiles, tickers,
      etc.  It should be noted that while some/all of the
      functionality will reside on the BCCI.TV Website some may reside on
      popular social networks (e.g. Okrut, Facebook,
  etc.)

                

        

        

       

       

       

      
        
           

        

        
          19

          
            

          

        

        
           

        

      

      SCHEDULE
2

       

      

      
        Minimum
Annual Fee Payment Schedule

        

        

        

        
          
            	
                    Payment
      Due Date

                     

                  	
                    Payment
      Amount ($US)

                  
	
                    October
      1, 2008

                  	
                    $625,000

                  
	
                    January
      1, 2008

                  	
                    $625,000

                  
	
                    April
      1, 2008

                  	
                    $625,000

                  
	
                    July
      1, 2008

                  	
                    $625,000

                  
	
                    October
      1, 2009

                  	
                    $750,000

                  
	
                    January
      1, 2009

                  	
                    $750,000

                  
	
                    April
      1, 2009

                  	
                    $750,000

                  
	
                    July
      1, 2009

                  	
                    $750,000

                  
	
                    October
      1, 2010

                  	
                    $750,000

                  
	
                    January
      1, 2010

                  	
                    $750,000

                  
	
                    April
      1, 2010

                  	
                    $750,000

                  
	
                    July
      1, 2010

                  	
                    $750,000

                  
	
                    October
      1, 2010

                  	
                    $1,500,000

                  
	
                    January
      1, 2011

                  	
                    $1,500,000

                  
	
                    October
      1, 2011

                  	
                    $1,500,000

                  
	
                    January
      1, 2012

                  	
                    $1,500,000

                  
	
                    October
      1, 2012

                  	
                    $1,500,000

                  
	
                    January
      1, 2013

                  	
                    $1,500,000

                  
	
                    October
      1, 2013

                  	
                    $1,500,000

                  
	
                    January
      1, 2014

                  	
                    $1,500,000

                  
	
                    October
      1, 2014

                  	
                    $1,500,000

                  
	
                    January
      1, 2015

                  	
                    $1,500,000

                  
	
                    October
      1, 2015

                  	
                    $1,500,000

                  
	
                    January
      1, 2016

                  	
                    $1,500,000

                  
	
                    October
      1, 2016

                  	
                    $1,750,000

                  
	
                    January
      1, 2017

                  	
                    $1,750,000

                  

          

        

        

        

        

      

      20livecurrent_8k-ex1002.htm

    Exhibit 10.2

     

     

    
      

      

      

      ____________________________________________________________________________________

      

      

      Memorandum
of Understanding

      

      ____________________________________________________________________________________

      

      

      

      

      

      

      

      

      BETWEEN

      

      

      

      LIVE CURRENT MEDIA INC.

      

      

      

      AND

      

      

      

      BOARD
OF CONTROL FOR CRICKET IN INDIA for and on behalf of

      INDIAN
PREMIER LEAGUE

      

      

      

      FOR

      

      

      DEVELOPMENT
AND LAUNCH OF WEB PORTAL & RIGHTS THEREIN

      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      

      CONTENTS

      

      

      
        
          
            
              
                
                  	
                          DEVELOPMENT
      AND LAUNCH OF WEB PORTAL & RIGHTS THEREIN

                        	
                          1

                        
	
                          1.

                        	
                          TERMS
      OF UNDERSTANDING

                        	
                          1

                        
	
                          2.

                        	
                          CONFIDENTIALITY
      & EXCLUSIVITY

                        	
                          6

                        
	
                          3.

                        	
                          CONTENT
      AND SUPPORT FROM BCCI-IPL

                        	
                          6

                        
	
                          4.

                        	
                          OTHER
      CONSIDERATIONS

                        	
                          9

                        
	
                          5.

                        	
                          FINAL
      AGREEMENT

                        	
                          10

                        
	
                          SCHEDULE
      1

                        	
                          10

                        
	
                          SCHEDULE
      2

                        	
                          10

                        

                

              

            

          

        

      

      

      

      

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      

      This
legally binding Memorandum of Understanding (“MOU”) is entered into on
this 16th day of April 2008.

      

      BETWEEN

      

      
        	
                (1)

              	
                LIVE CURRENT
      MEDIA Inc.,
      having its principal office at Suite 645, 375 Water St., Vancouver, BC,
      CANADA, V6C 5B6  (hereinafter referred to as “Live Current Media”,
      which expression shall, unless repugnant to the context thereof, mean and
      include its successors and assigns) of the FIRST
  PART;

              

      

      

      
        	
                 
      

              	
                AND

              

      

      

      
        	
                (2)

              	
                BOARD OF CONTROL FOR CRICKET IN
      INDIA, a society registered under the Tamil Nadu Societies
      Registration Act, 1860, having its principal office at Brabourne Stadium,
      (North Stand), Veer Nariman Road, Churchgate, Mumbai 400020, for and on
      behalf of its Separate Sub-Committee Unit known as Indian Premier League
      (hereinafter referred to as “BCCI-IPL”), which
      expression shall, unless repugnant to the context thereof, mean and
      include its successors and permitted assigns) of the LAST
      PART.

              

      

      

      

      WHEREAS

      

      
        	
                A.

              	
                BCCI-IPL
      is desirous of promoting the Indian Premier League (“IPL”) and the game of
      cricket across India and other parts of the globe and wishes to operate
      and maintain an official website for the
IPL.

              

      

      

      
        	
                B.

              	
                LIVE
      CURRENT MEDIA has approached BCCI-IPL and expressed its willingness to
      fulfil the aforesaid desires of BCCI-IPL of promotion of cricket by
      building and operating "The IPL Website” at its sole risk, costs and
      consequences.

              

      

      

      
        	
                C.

              	
                BCCI-IPL
      has agreed to authorise LIVE CURRENT MEDIA to , design, build, operate,
      maintain and promote the IPL Website as the official website of the Indian
      Premier League and the sole website sanctioned as such by BCCI-IPL
      (hereinafter referred to as “The IPL
      Website”).

              

      

       

      
        	
                D.

              	
                BCCI-IPL
      has agreed to support LIVE CURRENT MEDIA in operating The IPL Website in
      the manner provided in this MOU.

              

      

       

      BCCI-IPL
and LIVE CURRENT MEDIA are individually referred to as the “Party” and collectively
referred to as the “Parties”.

       

      IT
IS HEREBY AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS:

       

      
        	
                1.

              	
                TERMS
      OF UNDERSTANDING

              

      

       

      
        	
                1.1.

              	
                LIVE
      CURRENT MEDIA  undertakes to design, build, operate, host and
      maintain the IPL Website in accordance with highest industry
      standards, using its experience in developing engaging commercially
      successful web properties, as well as its cutting-edge knowledge of
      emerging Internet technologies and to promote the IPL Website, all at its
      sole risk as to costs and consequences in the manner provided in this MOU
      and the Final Agreement to be entered into between LIVE CURRENT MEDIA and
      BCCI-IPL as provided in Clause 5 of this MOU. Each Party will bare the
      risks for the content and materials that they provide to “The IPL Website”
      on the terms set out in this MOU.

              

      

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      
        	
                1.2.

              	
                LIVE
      CURRENT MEDIA will provide hosting services in respect of the IPL Website
      in accordance with a service level agreement, which shall contain, inter
      alia, minimum levels of technical support and site availability, such
      service level agreement to be agreed between the Parties and included in
      the Final Agreement.

              

      

       

      
        	
                1.3.

              	
                LIVE
      CURRENT MEDIA will further:

              

      

       

      
        	
                 
      

              	
                i)

              	
                maintain
      the IPL Website;

              

      

       

      
        	
                 
      

              	
                ii)

              	
                develop
      and enhance the IPL Website on an ongoing basis and the Parties shall
      cooperate throughout the Term in connection with the
  same;

              

      

       

      
        	
                 
      

              	
                iii)

              	
                manage
      and coordinate the technical integration of all Internet based
      applications and opportunities that are to be included within the IPL
      Website during the Term

              

      

       

      each in
accordance with the core services to be set out in full in the Final
Agreement.

       

      
        	
                1.4.

              	
                BCCI-IPL
      will facilitate and provide support to LIVE CURRENT MEDIA in building,
      operating, maintaining and promoting the IPL Website and promoting the
      Indian Premier League itself as outlined in Clause 3 of this MOU and as
      otherwise may reasonably be requested by LIVE CURRENT MEDIA from time to
      time.

              

      

       

      
        	
                1.5.

              	
                LIVE
      CURRENT MEDIA will construct a web portal at CRICKET.COM (the "CRICKET.COM Portal") as
      'the gateway to Indian Cricket', providing an integrated user experience
      between it, the IPL Website and the BCCI Website.  This does not
      mean that non-Indian cricket content will not be placed on the CRICKET.COM
      Portal.

              

      

       

      
        	
                1.6.

              	
                LIVE
      CURRENT MEDIA shall ensure that there will always be a substantive link to
      the IPL Website on the front page of the Live Current Media’s Cricket.com
      website

              

      

       

      
        	
                1.7.

              	
                The
      IPL Website will be “powered by cricket.com” and this will be prominantly
      displayed on the home page of the IPL Website.  There will
      always be a substantive link to the Cricket.com Portal on the home page of
      The IPL Website.

              

      

       

      
        	
                1.8.

              	
                BCCI-IPL
      shall:

              

      

       

      
        	
                 
      

              	
                i)

              	
                appoint
      LIVE CURRENT MEDIA to design, build, host, operate, maintain and promote
      the IPL Website;

              

      

       

      
        	
                 
      

              	
                ii)

              	
                grant
      LIVE CURRENT MEDIAthe exclusive right to designate the IPL Website as the
      “Official Website of the Indian Premier League” or such other “official”
      designation as may be agreed between the Parties from time to
      time;

              

      

       

      
        	
                 
      

              	
                iii)

              	
                grant
      to LIVE CURRENT MEDIA(a) the right to use BCCI-IPL content on the IPL
      Website (on an exclusive or non-exclusive basis as specified herein) 
      and (b) the licence set out in Clause 4.1 of this MOU;
  and

              

      

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                iv)

              	
                promote
      the IPL Website and the Cricket.com Portal and provide LIVE CURRENT MEDIA
      with the assistance set out herein

              

      

       

      In each
case for a period commencing on execution of the Final Agreement and ending on
31 December 2018 (the “Term”)

       

      
        	
                1.9.

              	
                The
      Parties agree that the renewal of the Final Agreement for a further term
      of 10 years (“Renewal”) will be mutually agreed upon by the Parties with
      discussions starting at least 180 days prior to the end of the Term and
      subject to the following
conditions:

              

      

       

      
        	
                 
      

              	
                i)

              	
                LIVE
      CURRENT MEDIA shall have the right of first and last refusal over the
      Renewal to work as follows:

              

      

       

      
        	
                 
      

              	
                a)

              	
                LIVE
      CURRENT MEDIA shall have the option to bid on the Renewal, which bid must
      be irrevocable.

              

      

       

      
        	
                 
      

              	
                b)

              	
                If
      Live current Media bid is not accepted, BCCI-IPL shall have the right to
      solicit bids from other potential partners.

              

      

       

      
        	
                 
      

              	
                c)

              	
                Before
      BCCI-IPL accepts any third party bid for the Renewal, LIVE CURRENT MEDIA
      will have the right to match such third-party bid and shall be granted the
      Renewal if it matches such bid.

              

      

       

      
        	
                 
      

              	
                d)

              	
                Throughout
      this process, BCCI-IPL shall not reveal any information about the LIVE
      CURRENT MEDIA bid in anyway
whatsoever

              

      

       

      
        	
                 
      

              	
                ii)

              	
                If
      the Parties do not agree on a Renewal for Live Current Media then the
      following will occur:

              

      

       

      
        	
                 
      

              	
                a)

              	
                LIVE
      CURRENT MEDIA will take ownership over the entire customer database as
      built up on the IPL Website over the TERM of the
  agreement

              

      

       

      
        	
                 
      

              	
                b)

              	
                BCCI-IPL
      shall pay LIVE CURRENT MEDIA 1.5 times the content production costs for
      the IPL Website that LIVE CURRENT MEDIA incurred during the original Term
      of the Final Agreement (as specified in the financial statements and
      agreed by the Parties)

              

      

       

      
        	
                 
      

              	
                c)

              	
                There
      will be a 12 month transition period to the third party provider to ensure
      the IPL Website continues to function, with Live Current Media offering
      all reasonable cooperation during this transition period to BCCI-IPL and
      such third party provider.  BCCI-IPL shall pay all pre-agreed
      costs incurred by LIVE CURRENT MEDIA during this transition
      period

              

      

       

      
        	
                 
      

              	
                d)

              	
                LIVE
      CURRENT MEDIA will retain a non-exclusive right to make available on the
      Internet the video and photo archives of the IPL matches that occurred
      during the Term, subject to the parties agreeing a term and a fair price
      for the grant of these non-exclusive
rights.

              

      

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      
        	
                1.10.

              	
                In
      consideration of the appointment of LIVE CURRENT MEDIA and the rights
      granted to LIVE CURRENT MEDIA under this MOU and the Final Agreement, LIVE CURRENT MEDIA
      will pay BCCI-IPL a fee amounting to
      50% of all Revenues (as defined below) generated from the IPL Website per
      annum.  Provided however, LIVE CURRENT MEDIA shall ensure that
      the minimum fee paid to BCCI-IPL for each year of the IPL Website shall be
      as set out in the table below (each a “Minimum Annual Fee”).  To
      avoid any confusion, the payment made will be the greater of (i) the
      Minimum Annual Fee (as set out below) and (ii) 50% of the Revenues for
      that year ("Fee").

              

      

       

      
        
          
            
              
                
                  	 
      	
                          Minimum
      Annual Fee to

                        
	 
      	
                          BCCI-IPL
      ($ 000s)

                        
	
                          Year
      1 (2008)

                        	
                          US$     
      1,500

                        
	
                          Year
      2 (2009)

                        	
                          US$     
      2,000

                        
	
                          Year
      3 (2010)

                        	
                          US$     
      2,000

                        
	
                          Year
      4 (2011)

                        	
                          US$     
      2,000

                        
	
                          Year
      5 (2012)

                        	
                          US$    
       2,000

                        
	
                          Year
      6 (2013)

                        	
                          US$     
      2,000

                        
	
                          Year
      7 (2014)

                        	
                          US$     
      2,000

                        
	
                          Year
      8 (2015)

                        	
                          US$     
      2,000

                        
	
                          Year
      9 (2016)

                        	
                          US$     
      2,000

                        
	
                          Year
      10 (2017)

                        	
                          US$    
       2,500

                        
	
                          Total

                        	
                          US$     
      20,000

                        

                

              

            

          

        

      

      

      

      For the
purposes of this MOU:

      

      “Revenues” shall include all
revenues generated from the IPL Website and from any IPL content, including
Merchandise Revenues (as defined below) but excluding for the avoidance of doubt
revenues generated from IPL match ticket sales even where the website selling
tickets is accessed via a link on the IPL Website, which revenues accrue
exclusively to BCCI-IPL and its official ticket partners.  LIVE
CURRENT MEDIA may however negotiate an affiliate deal with the official ticket
partners, which shall be the subject of a separate agreement.

      

      “Merchandise Revenues” shall
mean the revenues generated from sales of merchandise directly from the IPL
Website calculated as follows:

      

      Retail
price (excluding cost of delivery and any applicable taxes) minus wholesale
price = Merchandise Revenue.

      

      
        	
                1.11.

              	
                In
      consideration of the rights granted to LIVE CURRENT MEDIA under this MOU
      and the Final Agreement, LIVE CURRENT MEDIA
      will pay BCCI-IPL a fee amounting to
      5% of all Revenues (as defined above) generated from Live Current Media’s
      Cricket.com website (or any replacement thereof) per
  annum.

              

      

      

      
        	
                1.12.

              	
                All
      amounts due under this MOU and the Final Agreement (including without
      limitation the Minimum Annual Fee and any Additional Fees) must be paid by
      LIVE CURRENT MEDIA free and clear of, and without, deductions based on any
      currency control restrictions, import duties, or any sales, use, value
      added or other taxes or withholdings of any nature
      whatsoever.  If LIVE CURRENT MEDIA is required to make any
      deduction or withholding in respect of any taxes, imposts, duties or other
      such charges in respect of any payment due under the
      Final  Agreement, LIVE CURRENT MEDIA shall gross up the relevant
      amount to ensure that BCCI-IPL receives by the relevant payment date the
      full cash amount that it would otherwise have been entitled to receive had
      no such deduction or withholding been
made.

              

      

      

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      
        	
                1.13.

              	
                LIVE
      CURRENT MEDIA shall have the option to prepay some or all of the Minimum
      Annual Fees at anytime during the Term of the agreement.  The
      amount to be prepaid will be calculated using an annual discount rate of
      12.5%.  Prepayment will have the following
    impacts:

              

      

      

      
        	
                 
      

              	
                i)

              	
                The
      required Bank Guarantee as set out in 1.14 will be reduced by the
      proportion of the Minimum Annual Fee that has been prepaid.  So
      for example if 100% of the Minimum Annual Fees are prepaid then the Bank
      Guarantee requirement goes away.  If 50% of the
      Minimum  Annual Fees are prepayed then the required amount of
      the Bank Guarantee shall be reduced by
50%

              

      

      
        	
                 
      

              	
                ii)

              	
                The
      revenue share as set out in 1.10 will remain however LIVE CURRENT MEDIA
      will receive credit for the Minimum Annual Fee repayment.  So
      for example if LIVE CURRENT MEDIA prepays all of the Minimum Annual Fee
      and the Minimum Annual Fee was due to be $2 million in the year then the
      revenue share will commence after $4 million in revenues and shall be
      50/50 at that point.  If for example LIVE CURRENT MEDIA had
      prepayed 50% of the Minimum Annual Fees and the Minimum Annual Fee was due
      to be $2 million in the year then the first $1 million would be paid to
      BCCI-IPL, the next $3 million would go to LIVE CURRENT MEDIA and then the
      revenue share shall commence at the 50/50 level for all incremental
      revenues.

              

      

      

      
        	
                1.14.

              	
                It
      shall be a condition of this MOU and the Final Agreement that, for the
      purpose of securing Live Current Media’s obligation to pay the Minimum
      Annual Fee, LIVE CURRENT MEDIA shall deliver to BCCI-IPL an irrevocable
      and unconditional Bank Guarantee (in a format and from a bank agreed with
      BCCI-IPL) on a rolling basis to guarantee the Minimum Annual Fee for one
      year on an on-going basis in respect of the season and by the due dates
      set out below:

              

      

      

      
        	
                 
      

              	
                i)

              	
                Bank
      Guarantee for Year 1 in the amount of the aggregate total Minimum Annual
      Fees for Year 1 within 7 days of execution of the Final Agreement and the
      Bank Guarantees for subsequent year’s Minimum Annual Fees shall be
      delivered to BCCI-IPL by no later than 31 December of the year preceding
      the year covered by the guarantee (so the Bank Guarantee for Year 2 (2009
      season) shall be delivered by no later than 31 December
    2008).

              

      

      

      
        	
                 
      

              	
                ii)

              	
                For
      the avoidance of doubt, it shall be Live Current Media’s responsibility to
      ensure that at any given time in the Term there is a valid, effective and
      binding Bank Guarantee in place guaranteeing one year of the Minimum
      Annual Fee.

              

      

       

      
        	
                1.15.

              	
                Listed
      below are the key deliverables:

              

      

       

      
        	
                 
      

              	
                i)

              	
                The
      Parties will set up a joint committee (“Facilitation
      Committee”), which will comprise of such number of LIVE CURRENT
      MEDIA representatives and BCCI-IPL representatives as may be agreed upon
      by the Parties. The Facilitation Committee will be chaired by a nominee of
      the BCCI or such other person as agreed between the Parties.  It
      is agreed that the chair of the Facilitation Committee shall not have a
      casting vote on any issue.

              

      

       

      
        	
                 
      

              	
                ii)

              	
                The
      payment schedule set out in clause 1.10 and detailed in Schedule 2 may be
      subject to review by the Facilitation Committee from time to time, but it
      is accepted that the payment schedule may only be varied with the written
      agreement of both Parties.

              

      

       

      
        	
                 
      

              	
                iii)

              	
                All
      costs and expenses including travel, stay and other incidental and related
      costs/fees payable in relation to the IPL Website shall be borne by the
      party incurring the expenses. Each party shall bear their own respective
      costs in relation to the drawing up of the MOU and the Final Agreement
      with respect to the IPL Website.

              

      

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      

       

      
        	
                 
      

              	
                iv)

              	
                LIVE
      CURRENT MEDIA shall bear all losses, liabilities, risks, etc. of
      whatsoever nature that may be suffered in relation to the IPL Website and
      the LIVE CURRENT MEDIA Portal, save where such losses, liabilities, risks,
      etc. (a) relate to content that has been provided to LIVE CURRENT MEDIA by
      (or on behalf of) BCCI-IPL (unless the content is altered or amended by
      LIVE CURRENT MEDIA or used by LIVE CURRENT MEDIA other than for the
      purpose it was provided) or (b) are otherwise attributable to any breach
      by BCCI-IPL of this MOU. BCCI-IPL shall not in any manner be liable,
      subject to or held responsible for, and LIVE
      CURRENT MEDIA shall indemnify BCCI-IPL against, any costs,
      expenses, losses, liabilities, risks, suffered by BCCI-IPL in relation to
      content contained on the IPL Website, except for content that has been
      provided by (or on behalf of) BCCI-IPL (unless the content is altered or
      amended by LIVE CURRENT MEDIA or used by LIVE CURRENT MEDIA other than for
      the purpose it was provided) for use on the same and/or in the event of
      gross misconduct or otherwise due to any breach by BCCI-IPL of this
      MOU.

              

      

       

      
        	
                 
      

              	
                v)

              	
                BCCI-IPL
      shall bear all losses, liabilities, risks, etc. of whatsoever nature that
      may be suffered in relation to content provided by it or on its behalf to
      LIVE CURRENT MEDIA for use on the IPL unless the content is altered or
      amended by LIVE CURRENT MEDIA or used by LIVE CURRENT MEDIA other than for
      the purpose it was provided. LIVE CURRENT MEDIA shall not any in manner be
      liable, subject to or held responsible for, and BCCI-IPL shall indemnify
      LIVE CURRENT MEDIA against, any costs, expenses, losses, liabilities,
      risks, suffered by LIVE CURRENT MEDIA in relation to content contained on
      the IPL Website that has been provided to LIVE CURRENT MEDIA by (or on
      behalf of) BBCI-IPL (unless the content is altered or amended by LIVE
      CURRENT MEDIA or used by LIVE CURRENT MEDIA other than for the purpose it
      was provided).  

              

      

       

      
        	
                 
      

              	
                vi)

              	
                LIVE
      CURRENT MEDIA shall submit annual statements of the income, expenditure
      and the Bank Account relating to the IPL Website and (as applicable) the
      income of the LIVE CURRENT MEDIA Cricket.com Portal arising from IPL
      content  to the Facilitation Committee by no later than 31
      January for the preceding Year of the Term and the books of accounts shall
      not be finalized without the same being audited by independent auditors
      appointed jointly by BCCI-IPL and Live Current Media, at Live Current
      Media’s cost if any.  All such books of accounts shall be safely
      maintained by LIVE CURRENT MEDIAfor 6 years after expiry or earlier
      termination of this MOU or the Final Agreement, whichever is
      later.

              

      

       

      
        	
                 
      

              	
                vii)

              	
                LIVE
      CURRENT MEDIA shall provide BCCI-IPL with regular reports on the building
      of the IPL Website, and in any event not less than twice per annum.
      BCCI-IPL may, at its discretion, review the progress and plans on the IPL
      Website rollout and it is agreed that the IPL Website shall only be
      launched/promoted/operated after prior written approval of
      BCCI-IPL (not to be unreasonably withheld or delayed).

              

      

       

      
        	
                 
      

              	
                viii)

              	
                The
      following rollout schedule is currently
  anticipated:

              

      

       

      
        
          	
                	
                  a) 

                	
                  IPL Website – first version launched in April
      2008.

                

        

      

       

      
        	
                 
      

              	
                ix)

              	
                It
      shall be a condition of this MOU and the Final Agreement that LIVE CURRENT
      MEDIA shall pay BCCI-IPL the Fee as
follows:

              

      

       

      
        	
                 
      

              	
                a)

              	
                For
      the initial three years, Live Current Media will pay the Minimum Annual
      Fee on a quarterly basis.  For the avoidance of doubt this
      payment will occur within 30 days of the quarterly
      timetable.  The initial quarterly payment will be due October
      1st 2008.  After the first three years the Minimum Annual Fee
      will be paid on a bi-annual basis.  Schedule 2 details the
      payment amounts and timing over the Term of the
  agreement.

              

      

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      
        
          	
                	
                  b)

                	
                  LIVE
      CURRENT MEDIA will make a further payment to BCCI-IPL of any additional
      share of the Revenues that is due to BCCI-IPL in excess of the Minimum
      Annual Fee (“Additional Fee”) within 60 days of the acceptance of the
      annual audited financial statements should there be an
      adjustment.

                

        

      

       

      
        
          	
                	
                  c) 

                	
                  Time
      shall be of the essence of all payments of the Minimum Annual Fee and any
      Additional Fee and if LIVE CURRENT MEDIA fails to pay any amount due under
      this MOU and the Final Agreement by the relevant due date, BCCI-IPL shall
      be entitled but not obliged to charge LIVE CURRENT MEDIA interest on the
      overdue amount from the due date up to the date of actual payment at the
      rate of 12.0% per annum

                

        

      

       

      
        	
                 
      

              	
                x)

              	
                LIVE
      CURRENT MEDIA will manage, co-ordinate and execute all aspects of the IPL
      Website rollout including funding and cash flow management subject to the
      provisions of this MOU.  

              

      

       

      
        	
                 
      

              	
                xi)

              	
                LIVE
      CURRENT MEDIA must obtain the prior written approval of BCCI-IPL for the
      domain name used for the IPL Website and for every use of the IPL logo and
      every use of names and/or logos of any IPL sponsors, partners or
      franchises.

              

      

       

      
        	
                 
      

              	
                xii)

              	
                LIVE
      CURRENT MEDIA shall provide the editorial content for the IPL Website and
      shall ensure that BCCI-IPL will have the right, through its
      representatives on the Facilitation Committee or otherwise, to participate
      in the editorial process and review the content of the IPL Website from
      time to time prior to publication. LIVE CURRENT MEDIA will not include
      content on the IPL Website and will remove content from the IPL Website
      based on any reasonable requests from BCCI-IPL.

              

      

       

      
        	
                 
      

              	
                xiii)

              	
                LIVE
      CURRENT MEDIA shall comply with the reasonable instructions of BCCI-IPL in
      relation to the placement of official IPL commercial partners’ names
      and/or logos (including without limitation those of the IPL title sponsor
      and other official sponsors) it being acknowledged by BCCI-IPL that such
      instructions shall not materially detrimentally affect the ability
      of  to maximise revenues generated by advertising and
      sponsorship on the same.

              

      

       

       

      
        	
                2.

              	
                CONFIDENTIALITY
      & EXCLUSIVITY

              

      

       

      
        	
                2.1.

              	
                The
      Parties agree that “Confidential Information” shall mean confidential
      information in whatever form disclosed by one Party to the other pursuant
      to or in connection with this MOU, and shall include, but not be limited
      to, the terms and conditions of this MOU and any drafts hereof, the Final
      Agreement and any drafts thereof, any correspondence relating to this MOU
      and/or the Final Agreement, concepts, trade-secrets, modules, rollout
      plans, know-how, techniques, processes, schematics, contracts, financial
      information, sales and marketing
plans.

              

      

      

      
        	
                2.2.

              	
                Neither
      Party shall disclose (or permit or cause its employees, agents or
      representatives to disclose), Confidential Information disclosed to it
      (including information disclosed during audit) by the other Party, to any
      other person, without the prior written consent of the other Party to whom
      the duty of confidentiality is owed, Except That either Party may disclose
      any such Confidential Information: (a) if and to the extent required by
      Law or for the purpose of any judicial proceedings; (b) if and to the
      extent required by regulatory or governmental body to which that party is
      subject, only to the extent that such requirement has the force of law;
      (c) to its professional advisers (which shall include in the case of
      BCCI-IPL IMG), auditors and bankers, and its (or its Affiliates')
      employees, agents or representatives; (d) if and to the extent the
      information is or has come into the public domain through no fault of that
      Party; and (e) if and to the extent the other Party has given prior
      written consent to the
disclosure.

              

      

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      

      
        	
                2.3.

              	
                The
      restrictions contained in 2.2 shall continue to apply after the expiry or
      termination of the Final Agreement without limit in time.  For
      the avoidance of doubt, neither Party shall make or authorise any
      announcement concerning this Agreement save as separately and expressly
      agreed in writing by the other Party or as otherwise required by Law.
      Either party shall be entitled to any and all remedies available at law or
      in equity, including injunctive relief, in the event of any breach of such
      commitment to confidentiality

              

      

      

      
        	
                2.4.

              	
                At
      expiry of this MOU or the Final Agreement or on earlier termination, each
      Party shall return to the other Party or destroy (at the other Party's
      election) Confidential Information disclosed to it by such other
      Party.

              

      

       

      
        	
                2.5.

              	
                BCCI-IPL
      undertakes that it will not authorise any third party to call its website
      the “Official Website of the IPL” or similar official website designation
      or grant to any third party the right to exploit in a website the
      exclusive IPL content granted to LIVE CURRENT MEDIA as listed at Schedule
      1 hereto.  BCCI-IPL also undertakes that it will not itself
      exploit in a website the IPL content granted to LIVE CURRENT MEDIA as
      listed at Schedule 1 hereto.  The spirit of the agreement being
      that there will be one official, comprehensive IPL Website and that it
      will be developed, operated, maintained and promoted by LIVE CURRENT
      MEDIA.

              

      

       

      
        	
                2.6.

              	
                BCCI-IPL
      undertakes that it will not promote, market, advertise or endorse any
      similar or competitive websites or websites devoted to cricket
      coverage.

              

      

       

      
        	
                3.

              	
                CONTENT
      AND SUPPORT FROM BCCI-IPL

              

      

       

      There are
two key areas of the IPL Website and the Cricket.com Portal where BCCI-IPL
will actively provide support to Live Current Media:

       

      
        	
                3.1.

              	
                Promotion,
      Advertising and Marketing Support

              

      

       

      For the
purposes of Section 3.1, the “URL of The IPL Website” shall mean either (this
clause holds across each of the communications vehices referenced
below):

       

      
        	
                 
      

              	
                1.

              	
                The
      IPL/DLF logo and the URL of The IPL Website with a “powered by
      cricket.com” tag line (see first season home page as a reference)
      or,

              

      

       

      
        	
                 
      

              	
                2.

              	
                The
      IPL/DLF logo and the URL of The IPL Website 67% of the time and the
      cricket.com logo 33% of the time

              

      

       

      The
determination of whether definition 1 or 2 is used (by communication vehicle) is
at the discretion of BCCI-IPL.

       

      For the
inaugural season, BCCI-IPL may define the URL of the IPL Website as the IPL/DLF
logo, the IPL/DLF logo with a “powered by cricket.com” tag line or the
cricket.com logo.

       

      
        	
                 
      

              	
                i)

              	
                BCCI-IPL
      acknowledges and recognises that LIVE CURRENT MEDIA will be the designer,
      developer, promoter and operator of the IPL Website. Further, BCCI-IPL
      acknowledges and recognises that LIVE CURRENT MEDIA will consequently have
      the right to publicise the IPL Website and use BCCI-IPL’s name in
      connection with the same.  BCCI-IPL shall itself, and shall
      procure that its franchisees, sponsors and other partners also
      publicise/promote the IPL Website, including by way of links from their
      respective sites to the IPL Website . 

              

      

       

      
        	
                 
      

              	
                ii)

              	
                BCCI-IPL
      will participate in a reasonable number of press conferences, PR launches
      and other promotional mechanisms to jointly launch and promote throughout
      the Term the IPL Website both in India and globally.  The times
      and locations of such mechanisms shall be agreed by the Parties acting
      reasonably and in good faith.  At a minimum the COO of the IPL
      will be available at least 8 times during the year for press conferences
      or to be quoted in press releases.

              

      

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                iii)

              	
                BCCI-IPL
      will use its reasonable endeavours to display the URL of the IPL Website
      on all Indian Premier League press releases, official announcements and
      all other official correspondence, in all relevant formats, including
      digital and print.  In any case such reasonable endevours will
      constitute in excess of 80% of such
  communications.

              

      

       

      
        	
                 
      

              	
                iv)

              	
                BCCI-IPL
      will insert (wherever reasonably practicable but not less than 80% of the
      time) the URL of the IPL Website in the world feed of IPL matches and
      shall require its Broadcast Partners not to remove the same from their
      transmissions of the matches, it being acknowledged that such insertion
      shall at all times be subject to local broadcasting laws and
      regulations.  “Broadcast Partners”
      means the entities to which BCCI-IPL has licensed or may license from time
      to time the exclusive right to exhibit, transmit or otherwise make
      available audio and audio-visual coverage of IPL matches (including
      interviews, awards and ceremonies around the matches) and player auctions
      via all media (subject to limited retained rights) it being acknowledged
      that at the time of this MOU Sony and World Sport Group are the Broadcast
      Partners, but that this is subject to change from time to time, and that
      the term “Broadcast Partners” shall also include the entities to which
      such Broadcast Partners sub-license some or all of the
    rights.

              

      

       

      
        	
                 
      

              	
                v)

              	
                BCCI-IPL
      will set aside a portion of the ticker space on the world feed of IPL
      matches to promote the IPL Website and URL or contests that are being
      housed on the IPL Website.  At a minimum such material will be
      shown 4 times per over.

              

      

       

      
        	
                 
      

              	
                vi)

              	
                BCCI-IPL
      will endeavour to include the URL of the IPL Website in all Print and
      Billboard Advertisements and will at a minimum include the URL in at least
      80% of such communications.

              

      

      

      
        	
                 
      

              	
                vii)

              	
                BCCI-IPL
      will endeavour to include the URL of The IPL Website in all television
      advertisements that BCCI-IPL purchases and/or runs in ad-breaks and other
      television advertising communications purchased by BCCI-IPL and will at a
      minimum include the URL in at least 80% of such communications.

              

      

      

       

      
        	
                 
      

              	
                viii)

              	
                BCCI-IPL
      will use its reasonable endeavours to display the URL of the IPL Website
      during all live and press covered events, including but not limited to
      press conferences, award ceremonies, player auctions and cricket matches
      in a manner to be determined by BCCI-IPL (acting reasonably).

              

      

       

      
        	 	
                ix)           BCCI-IPL
      agrees that up to 50% of the total screen space available on the IPL
      Website may be used for advertisements and sponsor
    promotions.

              

      

       

      
        	 	
                x)           Representatives
      of LIVE CURRENT MEDIA will be granted resonable stadium access to
      undertake in-stadium promotional and marketing activities on behalf of the
      IPL Website.

              

      

       

      
        	 	
                xi)           LIVE
      CURRENT MEDIA acknowledges and accepts that IPL Sponsors are entitled
      to:

              

      

       

      
        
          	
                	
                  a) 

                	
                  To
      be identified as official sponsors on the IPL Website, subject to the
      terms of clause 1.14(xii) above, the location and manner of this mention
      will be determined by the Parties (acting reasonably).  However,
      the location or type of these mentions shall not materially detract from
      the IPL Website’s revenue potential (e.g. the sponsorship mention will not
      be on “prime” real estate unless determined by LIVE CURRENT
      MEDIA)

                

        

      

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      
        
          	
                	
                  b) 

                	
                  A
      right of first refusal on sponsorship space on the IPL Website. This
      sponsorship will be subject to a separate agreement (and separate
      consideration) between the sponsor and LIVE CURRENT MEDIA. If the IPL
      Sponsors decline this option, LIVE CURRENT MEDIA reserves the right to
      seek sponsorship at prevailing market rates from other
      parties.

                

        

      

       

      
        
          	
                	
                  c) 

                	
                  The
      only sponsorship category exclusivity on the IPL Website will be for the
      title IPL Sponsor, currently DLF.  LIVE CURRENT MEDIA will not
      sell to competitors of DLF (as defined in the DLF sponsorship
      agreement)

                

        

      

       

      
        
          
            	
                  	
                    xii)

                  	
                    BCCI-IPL
      grants to LIVE CURRENT MEDIA the right to prominent signage at the stadia
      where Indian Premier League matches are played to promote the IPL Website
      (the specific location of such signage to be determined by BCCI-IPL acting
      reasonably).

                  

          

        

      

       

      
        	
                 
      

              	
                xiii)

              	
                LIVE
      CURRENT MEDIA agrees that:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                inadvertent
      or accidental failure to include the URL of the IPL Website shall be
      disregarded for the purposes of calculating the percentage appearance of
      such URL under clauses 3.1(iii), (iv), (vi) and (vii), and shall not be
      amount to breach, and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                breach
      of clauses 3.1(iii), (iv), (vi) and (vii) shall not justify termination of
      this MOU or the Final Agreement.

              

      

       

      
        	
                 
      

              	
                xiv)

              	
                The
      total promotion and marketing support of the IPL Website by the BCCI-IPL
      will be the equivalent of at least US$1,000,000 p.a. of marketing spend to
      be allocated as reasonably determined by BCCI-IPL (including without
      limitation the value of inclusion of the URL in the world feed of the IPL
      matches).  BCCI-IPL will make all reasonable endevours to meet
      this spending minimum.  If the value is not reached then the
      shortfall shall be made up in the next
year.

              

      

       

      
        	
                 
      

              	
                xv)

              	
                BCCI-IPL
      shall provide LIVE CURRENT MEDIA with prizes for use in competitions and
      as prizes in games (e.g. Fantasy League) on the IPL
      Website.  These prizes will include but not be limited
      to:

              

      

       

      
        	
                 
      

              	
                ·

              	
                A
      minimum of 25 tickets to all IPL matches.  Such tickets shall be
      in good locations within the
stadium

              

      

      
        	
                 
      

              	
                ·

              	
                IPL
      Memorobillia

              

      

      
        	
                 
      

              	
                ·

              	
                Stadium
      tours and access

              

      

      

       

      
        	
                3.2.

              	
                Rights and Website
      Content

              

      

       

      LIVE
CURRENT MEDIA shall be entitled to all online IPL content not currently
committed in existing contracts entered into BCCI-IPL contracts, and the content
and rights granted to LIVE CURRENT MEDIA shall include without limitation the
following:

      

      
        
          	
                	
                  i)

                	
                  LIVE
      CURRENT MEDIA shall have the exclusive right to display and commercially
      exploit all official IPL still photographic images whose rights are owned
      and controlled by the BCCI-IPL, including such photographs taken at Indian
      Premier League events, subject to the provisions of the press and
      photography accreditation arrangements, it being acknowledged that
      BCCI-IPL shall not be required to acquire rights to still photographic
      images of matches. LIVE CURRENT MEDIA must ensure that such still images
      may not be refreshed in such a way as to create any form of sequencing
      that is akin to a moving image or
video.

                

        

      

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      IPL will
be responsible for commissioning an “official photographer” (that will be
mutually agreed upon by the Parties) for images which will be made available to
LIVE CURRENT MEDIA in accordance with this clause 3.2(i) with the costs of such
official photographers to be shared by BCCI-IPL and LIVE CURRENT MEDIA on a
50/50 basis.

       

      Commercial
exploitation of official still IPL photographic images shall be subject to the
entity licensing and exploiting such images obtaining all necessary endorsement
clearances from individuals featured in such photographic images.

       

      
        
          	
                	
                  ii)

                	
                  LIVE
      CURRENT MEDIA shall have the non-exclusive right to sell “Official” IPL
      merchandise on the IPL Website, either directly or via a link to other
      official IPL merchandise outlets, it being acknowledged that the price of
      merchandise shall be set by BCCI-IPL. BCCI-IPL shall make available to
      LIVE CURRENT MEDIA exclusive limited edition IPL merchandise (the
      exact merchandise to be jointly agreed by the Parties),  and
      reasonable and regular access to signed merchandise, memorabilia and
      souvenirs (eg. match balls, wickets, etc), in each case for sale or use in
      competitions on the IPL
Website.

                

        

      

       

      
        
          	
                	
                  iii)

                	
                  BCCI-IPL
      shall grant LIVE CURRENT MEDIA the exclusive right (subject only to the
      IPL Broadcast Partner rights) to make available the following content on
      the IPL Website on the Internet
only:

                

        

      

       

      
        	
                 
      

              	
                a)

              	
                An
      official live video and/or audio scorecard in relation to each match of
      the IPL (which may incorporate “Clips”), it being acknowledged that there
      may be other websites that carry scorecards; and  

              

      

      
        	
                 
      

              	
                b)

              	
                “Highlights”
      of each IPL match.

              

      

       

      For the
purposes of 3.2(iii)(a) above “Clips” shall mean a reasonable number of excerpts
of footage of Matches of no more than 30 seconds per excerpt (which shall be
accessed by a click or other appropriate access mechanism) which may be made
available by LIVE CURRENT MEDIA on a delayed basis no sooner than 5 minutes
after the action in the relevant Clip has taken place 

      

      For the
purposes of 3.2(iii)(a) “Highlights” shall mean edited excerpts of footage of
not more than 52 minutes in duration per IPL match and which shall not be made
available until 1 hour after each innings of a match.  From 72 hours
after each match, such Highlights programming under 3.2(iii)(b) may be longer
than 52 minutes in duration per Match from 72 hours after the end of the
relevant Match.

      

      For the
avoidance of doubt, the only other parties that will have access to IPL “Clips”
and “Highlights” shall be the IPL Broadcast partners.

      

      
        
          	 	
                  iv)

                	
                  LIVE
      CURRENT MEDIA shall have the exlcusive right to exploit (including use and
      distribution) the audio-visual archive of IPL matches on the Internet from
      72 hours after the end of the relevant IPL
  match.

                

        

      

       

      
        
          	 	
                  v)

                	
                  In
      relation to the content at 3.2(iii) and 3.2(iv), BCCI-IPL shall make
      available the world feed to LIVE CURRENT MEDIA at the venue of each IPL
      match, and LIVE CURRENT MEDIA shall be entitled to edit the same to create
      the Clips and Highlights detailed in 3.2(iii) and (iv)
    above.

                

        

      

       

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      
        
          	
                	
                  vi)

                	
                  LIVE
      CURRENT MEDIA shall have Exclusive internet rights to raw camera footage
      of IPL Matches not used in the World Feed, which LIVE CURRENT MEDIA may
      exploit on as follows:

                   

                  
                    a)
      Within 72 hours of each
Match

                  

                

        

      

      

      1.       52
minutes on one hour delay

      2.       Reasonable
number of  30sec clips on a 5 minute delay

       

      b) Post
72 hours after each Match:   no restrictions on length of
footage

      

      
        
          	
                	
                  vii)

                	
                  From
      72 hours after each Match, LIVE CURRENT MEDIA shall have the Exclusive
      right to license to third parties Internet rights to archive IPL Match
      footage in a “clean format” that is owned and controlled by the BCCI-IPL,
      by way of clips and other exploitation.  “Clean format” means
      that the video will not contain the IPL logo. Broadcast Partners
      shall have the right to commercially exploit archive IPL footage but it
      shall always have the IPL logo visible in the video.  LIVE
      CURRENT MEDIA shall obtain BCCI-IPL clearance for each proposed
      exploitation of these rights, it being acknowledged that LIVE CURRENT
      MEDIA shall not license television broadcast competitors of the Broadcast
      Partners until 72 hours after the end of the IPL season in which the
      relevant Match took place.

                

        

      

       

      
        
          	
                	
                  viii)

                	
                  LIVE
      CURRENT MEDIA shall have the exclusive right to produce and retail DVD
      titles incorporating the IPL Matches and the IPL Player Auctions on behalf
      of IPL, each such DVD title to be subject to IPL approval, not to be
      unreasonably withheld

                

        

      

       

      
        
          	
                	
                  ix)

                	
                  LIVE
      CURRENT MEDIA shall have the exclusive right and license to operate
      official on-line fantasy leagues of
IPL

                

        

      

       

      
        
          	
                	
                  x)

                	
                  BCCI
      shall ensure that all official announcements of BCCI-IPL are promptly
      notified to LIVE CURRENT MEDIA to enable the same to be included on the
      IPL Website 

                

        

      

       

      
        
          	
                	
                  xi)

                	
                  The
      IPL Website shall be the exclusive point of sign-up and distribution of
      the IPL newsletter

                

        

      

       

      
        
          	
                	
                  xii)

                	
                  BCCI-IPL
      shall provide LIVE CURRENT MEDIA with preferential access such historic
      and on-going player, team, match and tournament statistics as LIVE CURRENT
      MEDIA reasonably requires in a suitable format to be agreed by the Parties
      

                

        

      

       

      
        
          	
                	
                  xiii)

                	
                  BCCI-IPL
      shall provide LIVE CURRENT MEDIA with exclusive and direct access to live
      scoring feeds from all matches if it does the same. If not, Live Current
      Media will have the exclusive access to the venue to do the same. This is
      further clarified that it applies to Cricket only
  sites.

                

        

      

       

      
        
          	
                	
                  xiv)

                	
                  BCCI-IPL
      shall use reasonable endeavours (including making reasonable requests to
      players under the terms of the player contracts) to provide access to
      coaches, owners, officials and BCCI-IPL players for interviews, blogs,
      profiles, fan meet and greet sessions, participation in Fantasy Leagues
      and other content, subject to applicable ICC, BCCI-IPL and other
      regulations. LIVE CURRENT MEDIA shall have the right to request specific
      players but it acknowledges and accets that BCCI-IPL can not guarantee
      participation by specific players at specific times.  However,
      BCCI-IPL commits that, in aggregate, LIVE CURRENT MEDIA will receive
      active player participation (including from captains) in the IPL
      Website.

                

        

      

       

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      It is
agreed that audio-visual or audio-visual coverage of interviews conducted with
players during intervals in matches or as part of ceremonies, presentations or
other events immediately before or after such matches may not be made available
on the IPL Website until 72 hours after the relevant match.  

       

      
        
          	
                	
                  xv)

                	
                  Rights
      over the sale of tickets online will be determined in the Final
      Agreement.

                

        

      

       

      
        
          	
                	
                  xvi)

                	
                  BCCI-IPL
      shall grant LIVE CURRENT MEDIA the right to make available
      selected  this content on the IPL Website and the Cricket.com
      Portal or any other of its Cricket
portals.

                

        

      

       

      
        
          	
                	
                  xvii)

                	
                   LIVE
      CURRENT MEDIA shall be entitled to sub-licence the rights set out in this
      clause 3.2, subject to obtaining IPL’s prior written approval for such
      proposed sub-licence.   LIVE CURRENT MEDIA shall not sell
      any of the IPL content set out above to brand category competitors of IPL
      Sponsors without obtaining the prior written approval of
      BCCI-IPL

                

        

      

       

      
        
          	
                	
                  xviii)

                	
                  Live
      Current Media will have the right to make special shows, clips and
      highlights for IPL games.

                

        

      

       

       

      
        	
                4.

              	
                OTHER
      CONSIDERATIONS

              

      

       

      
        	
                4.1

              	
                BCCI-IPL
      grants to LIVE CURRENT MEDIA a non-exclusive, royalty-free, worldwide
      licence during the Term to use the names and logos of IPL, BCCI, the
      franchisees, official IPL commercial partners (including without
      limitation those of the IPL title sponsor and other official sponsors) in
      the form(s) provided to LIVE CURRENT MEDIA by BCCI-IPL on the IPL Website
      and within any advertising or promotions for the same. LIVE CURRENT MEDIA
      agrees to comply with such reasonable guidelines as are provided to it in
      writing by BCCI-IPL from time to time in relation to the use of such names
      and logos.

              

      

       

      4.2           LIVE
CURRENT MEDIA will assign  to BCCI-IPL on creation:

       

      
        	
                 
      

              	
                (i)

              	
                all
      intellectual property rights (including but not limited to all copyright)
      in the design, look, feel, format and all content of the IPL Website and
      BCCI-IPL will grant LIVE CURRENT MEDIA a licence to use such rights during
      the Term;

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                all
      rights to any domain names registered by LIVE CURRENT MEDIA in connection
      with the IPL Website and this MOU/the Final Agreement;
  and

              

      

      

      
        	
                 
      

              	
                (iii)

              	
                all
      rights to customer data of customer data of customers signing up through
      the IPL Website, and BCCI-IPL shall grant LIVE CURRENT MEDIA a licence to
      use such data to promote the IPL Website with authorisation from BCCI-IPL
      and the relevant customer (and subject to any applicable data protection
      laws and regulations).  It is acknowledged that 1.9(ii)(a) will
      apply if the Term of this MOU/the Final Agreement is not renewed, and LIVE
      CURRENT MEDIA shall own the rights to customer data of customers signing
      up through the Cricket.com Portal.

              

      

      

      
        	
                4.2

              	
                BCCI-IPL
      acknowledges and agrees that all intellectual property rights (including
      but not limited to all copyright) in the Cricket.com Portal (except for
      content that is included on the Cricket.com Portal that is owned by
      BCCI-IPL or content taken from the IPL Website] shall vest, and remain
      vested, in LIVE CURRENT MEDIA.  Furthermore, all rights to the
      domain names registered by LIVE CURRENT MEDIA in relation to the
      Cricket.com Portal shall vest, and remain vested in, LIVE CURRENT MEDIA
      unless they relate to IPL or the
BCCI.

              

      

      

      
        	
                4.3

              	
                BCCI-IPL
      shall warrant that BCCI-IPL content that it provides to LIVE CURRENT MEDIA
      under this MOU and the Final Agreement shall not infringe the rights of
      any third party in the form in which it is made available to LIVE CURRENT
      MEDIA.

              

      

      

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      
        	
                4.4

              	
                LIVE
      CURRENT MEDIA acknowledges and agrees that BCCI-IPL has granted its official
      sponsors, suppliers, franchisees and Broadcast Partners the
      right exploit on their respective websites certain of the content to be
      provided to LIVE CURRENT MEDIA under this MOU and shall be entitled to
      grant to official sponsors, suppliers, franchisees and Broadcast Partners
      appointed in the future the right to exploit the same content on their
      respective websites. 

              

      

      

      
        	
                4.5

              	
                Except
      for the content and means of exploitation set out at 3.2(iii) above LIVE
      CURRENT MEDIA acknowledges and accepts that it shall not be entitled
      without the further agreement of BCCI-IPL to make available on the IPL
      Website any audio or audio-visual coverage of the IPL player auctions,
      matches and ceremonies and presentations around those matches until 72
      hours after the same, and that if it does so BCCI-IPL may be in breach of
      its contracts with its Broadcast Partners.  Without limitation
      to the generality of the above, LIVE CURRENT MEDIA acknowledges and agrees
      that the IPL Website shall not contain any live or as live continuous
      audio and/or audio-visual coverage of any IPL match, unless LIVE CURRENT
      MEDIA is authorized to make available such coverage pursuant to a contract
      with a Broadcast Partner.  BCCI-IPL shall use its reasonable
      endeavours to make available to LIVE CURRENT MEDIA additional audio and/or
      audio-visual content for inclusion on the IPL Website from time to time (as agreed by
      BCCI-IPL).

              

      

      

      
        	
                4.6

              	
                Without
      prejudice to the generality of the risk and cost being assumed by LIVE
      CURRENT MEDIA hereunder, LIVE CURRENT MEDIA shall ensure that the IPL
      Website (and in particular any message boards or social networking
      platforms therein) shall contain nothing defamatory of the game of
      cricket, the ICC, BCCI, IPL, IPL Sponsors or IPL Frnchisees or any
      players, coaches or other participants in the IPL. Where LIVE CURRENT
      MEDIA becomes aware of any such content being included on the IPL Website
      it shall remove the same as soon as reasonably
  practicable

              

      

      

      
        	
                 
      

              	
                4.7

              	
                If BCCI-IPL and/or Live Current
      Media becomes aware of any unauthorised exploitation by a third party of
      any of the rights granted to LIVE CURRENT MEDIA hereunder, or the
      infringement by a third party of the exclusivity granted to LIVE CURRENT
      MEDIA hereunder, the Parties shall jointly and promptly take such action
      as is necessary to end the
same.

              

      

      

      
        	
                4.8

              	
                For
      lack of confusion, the MOU and Final Agreement will cover both the
      currently envisioned annual IPL season as well as any future incarnations
      of the Indian Premier League (e.g. a fall schedule).  LIVE
      CURRENT MEDIA shall receive all rights, website content, advertising
      support, marketing support and promotional support detailed in the MOU and
      Final Agreement without any additional costs or Minimum Annual Fee
      commitments.

              

      

      

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      

       

      
        	
                5.

              	
                FINAL
      AGREEMENT

              

      

       

      
        	
                5.1.

              	
                When
      signed by both Parties, this MOU is a legally binding agreement between
      the Parties with further terms and conditions to be negotiated and
      included in the Final Agreement.

              

      

       

      
        	
                5.2.

              	
                The
      Final Agreement between the Parties shall be drafted and signed off to
      reflect the terms agreed in this MOU. BCCI-IPL and LIVE CURRENT MEDIA have
      agreed to go ahead with the press announcement that will be jointly
      approved by BCCI-IPL and LIVE CURRENT MEDIA before April 30th,
      2008 to announce the launch of the IPL
Website.

              

      

       

      
        	
                5.3.

              	
                To
      facilitate the support and co-operation by BCCI-IPL, BCCI-IPL hereby
      nominates Mr Sundar Raman COO IPL, as the focal contact point for
      interaction with LIVE CURRENT MEDIA for the purposes of this
      MOU.

              

      

       

      
        	
                5.4.

              	
                LIVE
      CURRENT MEDIA shall be responsible for ensuring the compliance of the IPL
      Website and the Cricket.com Portal with all applicable laws and
      regulations.

              

      

      

      
        	
                5.5.

              	
                LIVE
      CURRENT MEDIA shall not be entitled to assign, sub-contract, or otherwise
      transfer any of its obligations under this MOU or the Final Agreement
      without the prior written consent of BCCI-IPL, and BCCI-IPL reserves the
      right to terminate the Final Agreement if LIVE CURRENT MEDIA ceases to
      carry on business.

              

      

      

      
        	
                5.6.

              	
                This
      MOU (and the Parties agree that the subsequent Final Agreement) shall be
      governed by and construed in accordance with the substantive laws of
      India.  Any dispute arising out of or in relation to this MOU
      (or the Final Agreement) involving the interpretation or implementation of
      the clauses of this MOU (or the Final Agreement), or the breach,
      termination or validity thereof, shall be resolved in accordance with the
      procedures specified in this clause which shall be the sole and exclusive
      procedure for the resolution of any and all such disputes before seeking
      recourse to Arbitration.

              

      

      

      
        	
                5.7.

              	
                The
      parties shall attempt in good faith to resolve any dispute arising out of
      or relating to this MOU (or the Final Agreement) promptly by good faith
      negotiations for a period of twenty-one (21) days from date of issuance of
      written notice that a dispute has
arisen.

              

      

      

      
        	
                5.8.

              	
                Any
      dispute which has not been resolved as provided herein within 21 days of
      the initiation of such procedure, shall be settled exclusively by
      arbitration in Mumbai India, in accordance with ARBITRATION AND
      CONCILIATION ACT, 1996.  The arbitration tribunal shall consist
      of 3 arbitrators, with each party designating one arbitrator and the said
      chosen arbitrators designating the third arbitrator. The place of
      arbitration in India shall be Chennai and the language of arbitration
      shall be English.  The arbitrators are not empowered to award
      damages in excess of compensatory damages and each party hereby
      irrevocably waives any right to recover such damages with respect to any
      dispute resolved by arbitration.

              

      

      

      
        	
                5.9.

              	
                The
      Parties hereby agree any award of the tribunal shall be enforced in any
      court of competent jurisdiction in
Mumbai.

              

      

      

      
        	
                5.10.

              	
                This
      MOU shall be governed by and construed in accordance with the laws of
      India and shall be subject to the exclusive jurisdiction of the courts in
      Mumbai, India.

              

      

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

      

      

      IN WITNESS WHEREOF, this MOU
has been entered into on the date stated at the beginning by the
Parties.

      

      

      

      

      SIGNED
AND
DELIVERED                                                 )

      by the
within named LIVE CURRENT MEDIA
Inc          )

      by the
hand of its authorised
signatory                            )

      

      Mr.
Geoff Hampson

      

      in the
presence of [Mr./Ms.]
[_______________]         )

      

      

      

      

      

      

      

      SIGNED
AND
DELIVERED                                                 )

      by the
within named
BCCI-IPL                                           )

      Board of
Control for Cricket in
India                                  )

      by the
hand of its authorised
signatory                            )

      

      Mr. Lalit
Modi                                                                       )

      

      in the
presence of [Mr./Ms.]
[_______________]        )

      

        IN
WITNESS

      

      
        	
                /s/
      Sundar Roman

              	
                /s/
      Mark Melville

              
	
                SundarRaman

              	
                Mark
      Mellville

              
	 
      	 
      

      

      

      

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

       

      SCHEDULE
1

       

      

      Content
items included in the IPL Website

      

      LIVE
CURRENT MEDIA and BCCI-IPL have agreed that the IPL Website may include the
following items of content, and that (as applicable) the BCCI-IPL will support
the IPL Website by providing access to the necessary content sources that
BCCI-IPL owns and/or controls and/or licensing such content that BCCI-IPL owns
and/or controls to LIVE CURRENT MEDIA (at no additional cost) subject to the
terms of the MOU:

      

      
        	
                 
      

              	
                i)

              	
                News
      and happenings

              

      

      

      
        	
                 
      

              	
                ii)

              	
                Clips
      and highlights

              

      

      

      
        	
                 
      

              	
                iii)

              	
                Interviews,
      audio-visual content relating to players, clubs, matches and tournaments
      other than match-play

              

      

      

      
        	
                 
      

              	
                iv)

              	
                Club
      profiles

              

      

      

      
        	
                 
      

              	
                v)

              	
                Player
      profiles

              

      

      

      
        	
                 
      

              	
                vi)

              	
                Match  and
      tournament schedules

              

      

      

      
        	
                 
      

              	
                vii)

              	
                Statistics:
      player, team, match and tournament

              

      

      

      
        	
                 
      

              	
                viii)

              	
                Ticketing
      (exact format TBD)

              

      

      

      
        	
                 
      

              	
                ix)

              	
                Blogs

              

      

      

      
        	
                 
      

              	
                x)

              	
                Newsletters
      (email subscription)

              

      

      

      
        	
                 
      

              	
                xi)

              	
                Contests

              

      

      

      
        	
                 
      

              	
                xii)

              	
                Polls

              

      

      

      
        	
                 
      

              	
                xiii)

              	
                Games
      

              

      

      

      
        	
                 
      

              	
                xiv)

              	
                Live
      scoreboard and text commentary

              

      

      

      
        	
                 
      

              	
                xv)

              	
                Match
      results

              

      

      

      
        	
                 
      

              	
                xvi)

              	
                Match
      reports

              

      

      

      
        	
                 
      

              	
                xvii)

              	
                Fantasy
      League game

              

      

      

      
        	
                 
      

              	
                xviii)

              	
                Online
      Store

              

      

      

      
        	
                 
      

              	
                xix)

              	
                Message
      boards

              

      

      

      
        	
                 
      

              	
                xx)

              	
                Comprehensive
      Social Networking Platform incuding member profiles, tickers,
      etc.  It should be noted that while some/all of the
      functionality will reside on the IPL Website some may reside on popular
      social networks (e.g. Okrut, Facebook, ect.)

              

      

      

       

       

      
        
           

        

        
          19

          
            

          

        

        
           

        

      

       

      SCHEDULE
2

       

      

      Minimum
Annual Fee Payment Schedule

      

      

      

      
        
          
            	
                    Payment
      Due Date

                     

                  	
                    Payment
      Amount ($US)

                  
	
                    October
      1, 2008

                  	
                    $375,000

                  
	
                    January
      1, 2009

                  	
                    $375,000

                  
	
                    April
      1, 2009

                  	
                    $375,000

                  
	
                    July
      1, 2009

                  	
                    $375,000

                  
	
                    October
      1, 2009

                  	
                    $500,000

                  
	
                    January
      1, 2010

                  	
                    $500,000

                  
	
                    April
      1, 2010

                  	
                    $500,000

                  
	
                    July
      1, 2010

                  	
                    $500,000

                  
	
                    October
      1, 2010

                  	
                    $500,000

                  
	
                    January
      1, 2011

                  	
                    $500,000

                  
	
                    April
      1, 2011

                  	
                    $500,000

                  
	
                    July
      1, 2011

                  	
                    $500,000

                  
	
                    October
      1, 2011

                  	
                    $1,000,000

                  
	
                    January
      1, 2012

                  	
                    $1,000,000

                  
	
                    October
      1, 2012

                  	
                    $1,000,000

                  
	
                    January
      1, 2013

                  	
                    $1,000,000

                  
	
                    October
      1, 2013

                  	
                    $1,000,000

                  
	
                    January
      1, 2014

                  	
                    $1,000,000

                  
	
                    October
      1, 2014

                  	
                    $1,000,000

                  
	
                    January
      1, 2015

                  	
                    $1,000,000

                  
	
                    October
      1, 2015

                  	
                    $1,000,000

                  
	
                    January
      1, 2016

                  	
                    $1,000,000

                  
	
                    October
      1, 2016

                  	
                    $1,000,000

                  
	
                    January
      1, 2017

                  	
                    $1,000,000

                  
	
                    October
      1, 2017

                  	
                    $1,250,000

                  
	
                    January
      1, 2018

                  	
                    $1,250,000

                  

          

        

      

      

      

      

      

      

      
20

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