EXTENSION TO DISTRIBUTION AGREEMENTExtension Agreement |
|
|
|
You are currently viewing: This Extension Agreement involves
MRS FIELDS FAMOUS BRANDS LLC | TCBY Systems, LLC. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
|
|
|
Search Extension Agreement by:
Exhibit 10.68
EXTENSION TO DISTRIBUTION AGREEMENT
This Extension to Distribution Agreement (the “Extension Agreement”) is made and entered into effective as of this 2nd day of February, 2006, by and between the parties to that certain Food and Packaging Distribution Agreement dated November 14, 2002 (the “Distribution Agreement”) between Blue Line Distributing, a division of Little Caesar Enterprises, Inc. (“BLD”) and TCBY Systems, LLC (“TCBY”). BLD and TCBY are sometimes collectively referred to in this Extension Agreement as the “parties.” Capitalized terms used but not otherwise defined herein shall have the same meaning given to them in the Distribution Agreement.
A.
On August 5, 2005, TCBY received a
notice from BLD (the “Termination Notice”), exercising
BLD’s option to terminate the Distribution Agreement, effective 180 days
from the date of such notice (the “Termination Effective Date”).
B.
The parties thereafter entered into
negotiations about the possibility of amending the Distribution Agreement
and/or extending the Termination Effective Date, and the parties now wish to
enter into this Extension Agreement to document their understanding.
NOW, THEREFORE, in consideration of the covenants set forth herein, the parties agree as follows:
1.
Extension of Termination Effective
Date; Rescission of Price Increase.
Subject to each of the covenants and conditions set forth herein, BLD
will continue to perform under the Distribution Agreement, notwithstanding
the Termination Notice, until the earlier to occur of (a) 30 days
following the date when TCBY notifies BLD in writing that it has obtained a new
distributor, and (b) 30 days following the date, if any, when BLD notifies
TCBY in writing that BLD reasonably determines that TCBY is no longer making
best efforts and progress to obtain a new distributor (the “Final
Termination Date”). The period from the date of this Extension
Agreement to the Final Termination Date is referred to herein as the “Extension
Period”. During the Extension Period, the Distribution Agreement will
remain in full force and effect as modified by this Extension Agreement. BLD
hereby rescinds its notice of price increase dated September 23, 2005.
2.
TCBY Payments to BLD; Guarantees.
(a)
TCBY Account Balance. Upon full execution of this Extension
Agreement, TCBY shall pay to BLD the amount of $98,983, in full payment of
BLD’s bad debt balance.
(b)
Monthly Payment – Price Increase. BLD shall receive a monthly amount of $100,000
(the “Monthly Payment”), payable as set forth below. For
purposes of this provision, the effective date of this Agreement






