EXHIBIT 10.7
  SECURED
      PROMISSORY NOTE




$450,000




November
7,2008


Due
June 30, 2010




FOR VALUE
RECEIVED, the undersigned, 301
PRODUCTIONS, INC.,a California corporation ("Borrower"), promises to pay
to the order of VOODOO
PRODUCTION SERVICES, L.L.C.("Lender"), at Lender's principal place of
business at 909 Poydras Street, Suite 2230, New Orleans, LA 70112 or such other
place as Lender may designate from time to time hereafter, the principal sum of
FOUR HUNDRED FIFTY THOUSAND AND 00/100 Dollars ($450,000.00). Such total
principal sum hereunder shall be due and payable in full, together with all
accrued interest thereon, on June 30, 2010. Borrower's obligations and
liabilities to Lender under this Note shall be defined and referred to herein as
"Borrower's Liabilities."




The
unpaid principal balance of Borrower's Liabilities hereunder shall bear interest
from the date of disbursement until June 30, 2010 at the rate often percent
,(10%) per annum (computed on the basis of a 360 day year and actual days
elapsed). The unpaid principal balance of Borrower's Liabilities due hereunder
shall bear interest from June 30, 2010 until paid at the rate of eighteen
percent (18%) per annum (computed on the basis of a 360 day year and actual days
elapsed).




Any
deposits or other sums at any time credited by or payable or due from Lender to
Borrower, or any monies, cash, cash equivalents, securities, instruments,
documents or other assets of Borrower in the possession or control of Lender or
its bailee for any purpose, may be reduced to cash and applied by Lender to or
setoff by Lender against Borrower's Liabilities.




The debt
evidenced by this Note is secured by a lien on the Collateral granted to Lender
pursuant to a Security Agreement of even date herewith by and among Borrower,
National Lampoon, hie. ("NL") and Lender (the "Security Agreement"), and
pursuant to any other agreement, document or instrument delivered to Lender by
or on behalf of Borrower.




Borrower
warrants and represents to Lender that Borrower shall use the proceeds
represented by this Note solely for proper business purposes in accordance with
the Security Agreement and consistently with all applicable laws and
statutes.




Borrower
may prepay all or any portion of Borrower's Liabilities hereunder without
prepayment penalty.




The
occurrence of any one of the following events shall constitute a default by the
Borrower ("Event of Default") under this Note: (a) if Borrower fails to pay any
scheduled principal or interest payment or fails to pay any other of Borrower's
Liabilities when due and payable or declared due and payable (whether by
scheduled maturity, required payment, acceleration, demand or otherwise as
provided for in this Note or under applicable law); (b) if Borrower fails or
neglects to perform, keep or observe any term, provision, condition, covenant,
warranty or representation contained in this Note or the Security Agreement; (c)
occurrence of a default or Event of Default under any other agreement
heretofore, now or at any time hereafter delivered by or on behalf of Borrower
to Lender; (d) if the Collateral or any other of Borrower's assets are attached,
seized, subjected to a writ, or are levied upon or become subject to any lien or
come within the possession of any receiver, trustee, custodian or assignee for
the benefit of creditors; (e) if a notice of lien, levy or assessment is filed
of record or given to Borrower with respect to all or any of Borrower's assets
by any federal, state, or local department or agency; (f) if a petition
under






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Title 11
of the United States Code or any similar law or regulation is filed by or
against Borrower or NL, if Borrower or NL shall make an assignment for the
benefit of creditors, if any case or proceeding is filed by or against Borrower
or NL for its dissolution or liquidation, or if Borrower or NL is enjoined,
restrained or in any way prevented by court order from conducting all or any
material part of its business affairs; (g) the dissolution of Borrower or NL, or
the appointment of a conservator for all or any portion of Borrower's assets or
the Collateral; (h) if a contribution failure occurs with respect to any pension
plan maintained by Borrower or any corporation, trade or business that is, along
with Borrower, a member of a controlled group of corporations or controlled
group of trades or businesses (as described in Sections 414(b) and (c) of the
Internal Revenue Code of 1986 or Section 4001 of ERISA) sufficient to give rise
to a lien under Section 302(f) of ERISA; (i) if Borrower is in default in the
payment of any obligations, indebtedness or other liabilities to any third party
and such default is declared and is not cured within the time, if any, specified
therefor in any agreement governing the same; or (j) if any material,
representation, statement, report or certificate made or delivered to Lender by
Borrower, NL or any of their partners, officers, employees or agents is not true
and correct.




Upon the
occurrence of an Event of Default, at Lender's option, without notice by Lender
to or demand by Lender of Borrower: (i) all of Borrower's Liabilities shall be
immediately due and payable; (ii) Lender may exercise any one or more of the
rights and remedies accruing to a secured party under the Uniform Commercial
Code of the relevant jurisdiction and any other applicable law upon default by a
debtor; (iii) Lender may enter, with or without process of law and without
breach of the peace, any premises where the Collateral is or may be located, and
may seize or remove the Collateral from said premises and/or remain upon said
premises and use the same for the purpose of collecting, preparing and disposing
of the Collateral; and/or (iv) Lender may sell or otherwise dispose of the
Collateral at public or private sale for cash or credit, provided, however, that
Borrower shall be credited with the net proceeds of any such sale only when the
same are actually received by Lender.




Upon an
Event of Default, Borrower, immediately upon demand by Lender, shall assemble
the Collateral and make it available to Lender at a place or places to be
designated by Lender which is reasonably convenient to Lender and
Borrower.




All of
Lender's rights and remedies under this Note are cumulative and non-exclusive.
The acceptance by Lender of any partial payment made hereunder after the time
when any of Borrower's Liabilities become due and payable will not establish a
custom or waive any rights of Lender to enforce prompt payment hereof. Lender's
failure to require strict performance by Borrower of any provision of this Note
shall not waive, affect or diminish any right of Lender thereafter to demand
strict compliance and performance therewith. Any waiver of an Event of Default
hereunder shall not suspend, waive or affect any other Event of Default
hereunder. Borrower and every endorser waive presentment, demand and protest and
notice of presentment, protest, default, non-payment, maturity, release,
compromise, settlement, extension or renewal of this Note, and hereby ratify and
confirm whatever Lender may do in this regard. Borrower further waives any and
all notice or demand to which Borrower might be entitled with respect to this
Note by virtue of any applicable statute or law (to the extent permitted by
law).




Borrower
agrees to pay, immediately upon demand by Lender, any and all costs, fees and
expenses (including reasonable attorneys' fees, costs and expenses) incurred by
Lender (i) in enforcing any of Lender's, rights hereunder, and (ii) in
representing Lender in any litigation, contest, suit or dispute, or to commence,
defend or intervene or to take any action with respect to any litigation,
contest, suit or dispute (whether instituted by Lender, Borrower or any other
person) in any way relating to this Note or Borrower's Liabilities or the
Collateral, and to the extent not paid the same shall become part of Borrower's
Liabilities.




This Note
shall be deemed to have been submitted by Borrower to Lender and to have been
made at Lender's principal place of business. This Note shall be governed,
controlled, construed and enforced in accordance with the laws of the State of
California applicable to instruments and agreements made and


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to be
performed entirely within that State, without regard to any choice of law or
conflict of law provision or rule (whether of such state or any other
jurisdiction) that would cause the application of the law of any jurisdiction
other than the State of California.




TO INDUCE
LENDER TO ACCEPT THIS NOTE, BORROWER IRREVOCABLY AGREES THAT, SUBJECT TO
LENDER'S SOLE AND ABSOLUTE ELECTION, ALL ACTIONS OR PROCEEDINGS IN ANY WAY,
MANNER OR RESPECT, ARISING OUT OF OR FROM OR RELATED TO THIS NOTE OR THE
COLLATERAL SHALL BE LITIGATED EXCLUSIVELY FN COURTS HAVING SITUS WITHIN THE CITY
OF LOS ANGELES, STATE OF CALIFORNIA. BORROWER HEREBY IRREVOCABLY CONSENTS TO THE
EXERCISE OF JURISDICTION OVER ITS PERSON AND PROPERTY BY, AND VENUE IN", ANY
COURT OF COMPETENT JURISDICTION SITUATED FN THE CITY OF LOS ANGELES, STATE OF
CALIFORNIA (WHETHER IT BE A COURT OF SUCH STATE, OR A COURT OF THE UNITED STATES
OF AMERICA SITUATED IN SUCH CITY AND STATE), AND FN CONNECTION THEREWITH, AGREES
TO SUBMIT TO, AND BE BOUND BY, THE JURISDICTION AND VENUE OF SUCH COURT, ANY
OBJECTION TO SUCH JURISDICTION AND VENUE BEING EXPRESSLY WAIVED HEREBY. BORROWER
HEREBY WAIVES ANY RIGHT IT MAY HAVE TO TRANSFER OR CHANGE THE VENUE OF ANY
LITIGATION BROUGHT AGAINST BORROWER BY LENDER FN ACCORDANCE WITH THIS
PARAGRAPH.




BORROWER
IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY FN ANY ACTION, SUIT, COUNTERCLAIM
OR PROCEEDING (I) TO ENFORCE OR DEFEND ANY RIGHTS UNDER OR FN CONNECTION WITH
THIS NOTE OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH
MAY FN THE FUTURE BE DELIVERED FN CONNECTION HEREWITH, OR (U)ARISING FROM ANY DISPUTE
OR CONTROVERSY IN CONNECTION WITH OR RELATED TO THIS NOTE OR ANY SUCH AMENDMENT,
INSTRUMENT, DOCUMENT OR AGREEMENT, AND AGREES THAT ANY SUCH ACTION, SUIT,
COUNTERCLAIM OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A
JURY.






















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