Persisting in its intention to acquire Mossimo Inc., Iconix Brand Group Inc. said Thursday it now has a definitive agreement with rival Cherokee Inc. to buy out Cherokee’s Mossimo finders agreement for $33 million.

As part of the agreement, Cherokee Inc. will withdraw its $135 million offer to purchase Santa Monica-based Mossimo. The $33 million is payable when New York-based Iconix, which owns apparel brands such as Joe Boxer, closes its deal to acquire Mossimo.

Cherokee, a Van Nuys-based licensor and marketer of brands to retailers including Target, made its own bid for Mossimo in the wake of an $119 million offer from Iconix. Both offers are stock-and-cash deals.

A long-standing Mossimo finders agreement provided for Cherokee to receive 15 percent of all earned royalties received from Mossimo’s license with Target Stores in perpetuity, in exchange for Cherokee services in finding and brokering the license agreement.