Def Jam Recordings co-founder Russell Simmons and his estranged wife, fashion tycoon Kimora Lee Richards, reached yesterday terms of a custody agreement regarding their daughters, Ming Lee, 8, and Aoki Lee, 5.

According to papers filed in Los Angeles Superior Court on Tuesday, Kimora Lee, 33, was granted sole custody of the girls, permitting their father one week of visitation out of every eight weeks and extra time for summer vacations and holidays.

Additionally, Russell Simmons, 50, is required to pay $20,000 per child per month in child support. The payments must continue until the children are nineteen and a half years old, but there are several ways that the payments would stop.

If the daughter is married, emancipated, becomes self-supporting, joins the armed forces or stops living with her mother.

Once they get their driver’s license, the rap mogul must buy or lease a car valued at $60,000 or more for each of the girls once every 24 months, as the terms of agreement stipulate.

The couple wed in 1998 and split in 2006. Kimora Lee, CEO of the Baby Phat clothing line, invoked irreconcilable differences when she filed for divorce from Russell in March after almost 10 years of marriage. She lately said she is "kind of" engaged to actor Djimon Hounsou, her present boyfriend.