Document:

October 12, 2006

AJW Partners, LLC
New Millennium Capital Partners II, LLC
AJW Offshore, Ltd.
AJW Qualified Partners, LLC
1044 Northern Boulevard
Roslyn, New York 11576

Attn:  Jonathan L. Schechter, General Counsel

         Re:      Astrata Group, Inc. (the "Company")

Dear Jonathan:

      This letter agreement outlines the terms and conditions  pertaining to the
Company's repayment ("Repayment") of all amounts of principal and interest owing
and outstanding  under those certain  Callable  Secured  Convertible  Notes (the
"Notes")  issued on or about  October 7, 2005 and November 17, 2005  pursuant to
that  certain  Securities  Purchase  Agreement  (the  "SPA") by and  between the
Company and AJW Partners, LLC ("Partners"), New Millennium Capital Partners, II,
LLC ("Millennium"),  AJW Offshore, Ltd. ("Offshore") and AJW Qualified Partners,
LLC ("Qualified, with Partners, Millennium and Offshore", collectively, the "NIR
Group").  The  Repayment  shall be  applied  to the  outstanding  principal  and
interest  owing under the Notes and the  termination of any and all UCC-1s filed
in  favor of NIR.  Currently,  the  Company  owes the NIR  Group  $1,488,000  in
principal under the Notes.

      Further,  in connection  with the SPA,  Notes and Warrants,  the following
ancillary  documents  were  executed  and/or  filed:  (1)  Guaranty  and  Pledge
Agreement, dated October 7, 2005, by and between the Company, Martin Euler, Tony
Harrison,  Wick  Trust and  Retnev  Trust  ("Pledgors")  for a total of  900,000
shares, and NIR ("Pledge Agreement");  (2) Security Agreement by and between the
Company and NIR,  dated October 7, 2005  ("Security  Agreement");  and (3) UCC-1
Financing Statements ("UCC-1s") filed by NIR.

      For purposes of this Agreement, the Notes, SPA, Warrants, Pledge Agreement
and  Security   Agreement   shall  be  referred  to  collectively  as  "Original
Documents".

      In connection with the Repayment, the Company and NIR agree to execute and
deliver this letter agreement (the "Agreement"), a new promissory note (the "New
Notes"),  attached hereto as Exhibit A and a new  registration  rights agreement
("New Registration Agreement"), attached hereto as Exhibit B. Further, NIR shall
file in the Jurisdictions listed above UCC-3 Termination  Statements  ("UCC-3s")
necessary  to  terminate  any  perfected  security  interest  they had  obtained
pursuant to the Security Agreement.

<PAGE>

      For  purposes  of  the  Agreement,   the  Agreement,  New  Notes  and  New
Registration Agreement shall be referred to collectively as the "New Documents".

      The following outlines the terms and conditions of the Repayment:

I. Cash Payment

      Upon signing of Agreement,  the Company shall make the Cash Payment to NIR
in the amount of $550,000. In addition, the Company shall have the option to pay
an  additional  $950,000  prior  to  December  31,  2006 for a full  payment  of
$1,500,000 or can pay an additional  $1,200,000  ($400,000 per quarter) within a
year from the date hereof. In the event that the Company pays the $950,000 prior
to December 31, 2006,  the Company  shall also issue to the NIR Group a total of
500,000  warrants  at 120% of the  five  day  VWAP  (such 5 day  VWAP  shall  be
determined  by taking  the 5 day VWAP  immediately  prior to the  payment of the
Notes).  These  warrants  shall be in addition to the 480,000  warrants  already
retained  by the NIR Group under the  current  financing.  In the event that the
Company  pays the total of  $1,750,000  over the course of the year the  Company
will  not have to issue  the  additional  warrants.  The Cash  Payment  shall be
applied to the  repayment  of all amounts of principal  and  interest  owing and
outstanding under the Notes.

II. New Notes

      Upon signing of the  Agreement,  the Company shall issue to NIR, New Notes
in the aggregate amount of $1,200,000;  the New Notes to be issued in accordance
with Schedule B attached hereto. The New Notes shall be  self-amortizing  over a
one-year  time  period  with the first  payment due on January 15, 2006 and with
each installment payment due every three months thereafter.  As set forth above,
the New Notes may be prepaid by the  Company at anytime  without  penalty and in
the event  that the New Notes are repaid  prior to  December  31,  2006 such New
Notes can be repaid for a total of $950,000.

III. Warrants

      NIR  Group  shall  retain  the  Warrants   previously   issued  which  are
exercisable into an aggregate of 480,000 shares of the Company's Common Stock at
$2.00 per share.  The  shares  underlying  the  warrants  shall  have  piggyback
registration  rights as set forth below. In addition,  the NIR Group may receive
an  additional  500,000  warrants  in the event  that the  Company  prepays  the
outstanding loan as set forth above.

IV. Shares

<PAGE>

      In consideration for the waiver of any and all outstanding defaults by the
Company  under the Original  Documents,  the Company  agrees to issue to the NIR
Group an aggregate of 500,000  restricted  shares of the Company's common stock.
Such shares shall have piggy-back registration rights as set forth below.

V. New Registration Agreement

      Upon  signing of the  Agreement,  the  Company  and NIR shall  execute and
deliver the New  Registration  Agreement  providing for the  registration of the
Common Stock and Warrant Shares with the Securities and Exchange Commission. The
New  Registration  Agreement  provides for one piggyback  registration  right no
sooner than six months from the date of hereof.

VI. Agreement Not to Short

      NIR agrees  that it will comply  with the  provisions  of Section 9 of the
Securities  Exchange  Act of 1934 Act,  as  amended,  and the rules  promulgated
thereunder,  with respect to transactions  involving the Company's Common Stock.
Further,  NIR  agrees  not to sell the  Company's  Common  Stock  short,  either
directly or indirectly through its affiliates, principals or advisors.

VII. Termination of Original Documents

      The Company and NIR mutually  agree that the Original  Documents  shall be
terminated in all respects,  shall be rendered null and void and shall no longer
bind  NIR or  the  Company  to  any  obligations,  duties  and  responsibilities
contained  therein.  Further,  NIR and the Company  mutually  agree that the New
Documents shall supersede the Original Documents in all respects.

      In connection  with the termination of the Original  Documents,  NIR shall
deliver to the Company upon execution of the  Agreement,  the original Notes and
Warrants  issued by the Company on October 7, 2005 and November 17, 2005,  to be
cancelled on the  Company's  book and records.  Moreover,  NIR shall  deliver to
Anslow and Jaclin, LLP, counsel to the Company,  the Pledgors stock certificates
representing  a total of 900,000  shares of the Company's  Common Stock that was
pledge by Pledgors pursuant to the Pledge Agreement.

VIII. Withdrawal of Registration Statement

      NIR  acknowledges  that  the  Company  was  entitled  to file a Form RW to
withdraw the Registration Statement on Form SB-2 on file with the Securities and
Exchange Commission covering the shares of common stock underlying the Notes and
the Warrants.

IX. Termination of UCC Filings

<PAGE>

      All security interests perfected by NIR on the "Collateral" (as defined in
the Security  Agreement),  pursuant to the  Original  Documents,  including  the
Security Agreement, shall be terminated.  Accordingly, NIR agrees to file within
(2) days of this Agreement,  UCC-3  Termination  Statements in all  jurisdiction
where UCC-1s Financing Statements were filed pursuant to the Security Agreement.
NIR shall deliver to the Company all filing receipts for such UCC-3 filings upon
receipt from the  Jurisdictions in which the UCC-1s are filed.

X. Miscellaneous

(a) This Agreement  constitutes the entire agreement of the parties with respect
to  the  subject   matter   hereof  and  is  intended  to  supersede  all  prior
negotiations,  understandings  and agreements  with respect  thereto.  Except as
specifically set forth in this Agreement,  no provision of this Agreement may be
modified or amended except by a written agreement specifically referring to this
Agreement and signed by the parties hereto.

(b) In the event that any  provision  of this  Agreement  is held to be invalid,
prohibited or  unenforceable  in any  jurisdiction  for any reason,  unless such
provision is narrowed by judicial construction, this Agreement shall, as to such
jurisdiction,  be  construed as if such  invalid,  prohibited  or  unenforceable
provision  had been more narrowly  drawn so as not to be invalid,  prohibited or
unenforceable.   If,  notwithstanding  the  foregoing,  any  provision  of  this
Agreement  is  held  to  be  invalid,   prohibited  or   unenforceable   in  any
jurisdiction,  such provision, as to such jurisdiction,  shall be ineffective to
the  extent  of  such  invalidity,   prohibition  or  unenforceability   without
invalidating the remaining  portion of such provision or the other provisions of
this  Agreement  and without  affecting the validity or  enforceability  of such
provision or the other provisions of this Agreement in any other jurisdiction.

(c) No waiver of any breach or default or any right under this  Agreement  shall
be  considered  valid  unless in  writing  and signed by the party  giving  such
waiver,  and no such waiver shall be deemed a waiver of any subsequent breach or
default or right, whether of the same or similar nature or otherwise.

(d) This Agreement  shall be binding upon and inure to the benefit of each party
hereto and its successors and assigns.

(e) Each party shall take such  further  action and  execute  and  deliver  such
further  documents as may be necessary or  appropriate in order to carry out the
provisions and purposes of this Agreement.

(f) This Agreement  shall be construed in accordance  with the laws of the State
of New York,  except to the extent the validity,  perfection or enforcement of a
security  interest  hereunder in respect of any particular  Collateral which are
governed by a  jurisdiction  other than the State of New York in which case such
law shall govern. Each of the parties hereto irrevocably submit to the exclusive
jurisdiction  of any New York State or United  States  Federal  court sitting in
Manhattan  county  over any action or  proceeding  arising out of or relating to
this Agreement,  and the parties hereto hereby irrevocably agree that all claims
in respect of such action or proceeding  may be heard and determined in such New
York State or Federal  court.  The parties hereto agree that a final judgment in
any such action or proceeding  shall be conclusive  and may be enforced in other
jurisdictions  by suit on the judgment or in any other  manner  provided by law.
The parties hereto further waive any objection to venue in the State of New York
and any  objection  to an action or  proceeding  in the State of New York on the
basis of forum non conveniens.

<PAGE>

(g) EACH PARTY HERETO  HEREBY  AGREES TO WAIVE ITS  RESPECTIVE  RIGHTS TO A JURY
TRIAL OF ANY  CLAIM  OR  CAUSE  OF  ACTION  BASED  UPON OR  ARISING  OUT OF THIS
AGREEMENT.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL  ENCOMPASSING  OF ANY
DISPUTES  THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATER OF
THIS AGREEMENT,  INCLUDING  WITHOUT  LIMITATION  CONTRACT  CLAIMS,  TORT CLAIMS,
BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  EACH PARTY
HERETO  ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT FOR EACH PARTY TO
ENTER INTO A BUSINESS  RELATIONSHIP,  THAT EACH PARTY HAS ALREADY RELIED ON THIS
WAIVER IN ENTERING INTO THIS AGREEMENT AND THAT EACH PARTY WILL CONTINUE TO RELY
ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY FURTHER WARRANTS AND
REPRESENTS  THAT IT HAS REVIEWED  THIS WAIVER WITH ITS LEGAL  COUNSEL,  AND THAT
SUCH  PARTY HAS  KNOWINGLY  AND  VOLUNTARILY  WAIVES  ITS RIGHTS TO A JURY TRIAL
FOLLOWING  SUCH  CONSULTATION.   THIS  WAIVER  IS  IRREVOCABLE,   MEANING  THAT,
NOTWITHSTANDING  ANYTHING HEREIN TO THE CONTRARY,  IT MAY NOT BE MODIFIED EITHER
ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT  AMENDMENTS,
RENEWALS AND SUPPLEMENTS OR MODIFICATIONS  TO THIS AGREEMENT.  IN THE EVENT OF A
LITIGATION,  THIS AGREEMENT MAY BE FILED AS A WRITTEN  CONSENT TO A TRIAL BY THE
COURT.

(i) This Agreement may be executed in any number of counterparts,  each of which
when so  executed  shall be deemed to be an  original  and,  all of which  taken
together  shall  constitute  one and the same  Agreement.  In the event that any
signature is delivered by facsimile transmission,  such signature shall create a
valid  binding  obligation  of the  party  executing  (or on whose  behalf  such
signature  is  executed)  the same  with the same  force  and  effect as if such
facsimile signature were the original thereof.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Security Agreement
to be duly executed on the day and year first above written.

ASTRATA GROUP, INC.

By: /s/ Martin Euler
    --------------------
        Martin Euler
        Chief Executive Officer

AJW PARTNERS, LLC
By: SMS Group, LLC

By: /s/ Corey S. Ribotsky
   -------------------------
        Corey S. Ribotsky
        Manager

AJW OFFSHORE, LTD.
By: First Street Manager II, LLC

By: /s/ Corey S. Ribotsky
    -------------------------
        Corey S. Ribotsky
        Manager

AJW QUALIFIED PARTNERS, LLC
By: AJW Manager, LLC

By: /s/ Corey S. Ribotsky
    -------------------------
        Corey S. Ribotsky
        Manager

NEW MILLENNIUM CAPITAL PARTNERS II, LLC
By: First Street Manager II, LLC

By: /s/ Corey S. Ribotsky
    -------------------------
        Corey S. Ribotsky
        ManagerNEITHER  THESE  SECURITIES  NOR THE  SECURITIES  ISSUABLE UPON EXERCISE OF THESE
SECURITIES HAVE BEEN  REGISTERED WITH THE SECURITIES AND EXCHANGE  COMMISSION OR
THE  SECURITIES  COMMISSION  OF ANY STATE IN  RELIANCE  UPON AN  EXEMPTION  FROM
REGISTRATION  UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED  (THE  "SECURITIES
ACT"),  AND,  ACCORDINGLY,  MAY NOT BE OFFERED  OR SOLD  EXCEPT  PURSUANT  TO AN
EFFECTIVE  REGISTRATION  STATEMENT  UNDER THE  SECURITIES  ACT OR PURSUANT TO AN
AVAILABLE  EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE  REGISTRATION
REQUIREMENTS  OF THE  SECURITIES  ACT AND IN ACCORDANCE  WITH  APPLICABLE  STATE
SECURITIES  LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH  EFFECT,  THE  SUBSTANCE  OF WHICH SHALL BE  REASONABLY  ACCEPTABLE  TO THE
COMPANY.  THESE  SECURITIES AND THE  SECURITIES  ISSUABLE UPON EXERCISE OF THESE
SECURITIES MAY BE PLEDGED IN CONNECTION  WITH A BONA FIDE MARGIN ACCOUNT SECURED
BY SUCH SECURITIES.

                                 MEDIAVEST, INC.

                                     WARRANT

Warrant No. [  ]                      Date of Original Issuance: _________, 2006

      Mediavest,  Inc.,  a  New  Jersey  corporation  (the  "Company"),   hereby
certifies that, for value  received,  ______________  or its registered  assigns
(the  "Holder"),  is entitled to purchase  from the Company up to a total of [ ]
shares of common stock,  $.0001 par value per share (the "Common Stock"), of the
Company (each such share,  a "Warrant  Share" and all such shares,  the "Warrant
Shares") at an exercise price equal to $---- per share (as adjusted from time to
time as provided in Section 9, the "Exercise Price"),  at any time and from time
to time from and after the date hereof and through  and  including  ___________,
2008 (the "Expiration Date"), and subject to the following terms and conditions:

      1.  Definitions.  In  addition  to the  terms  defined  elsewhere  in this
Warrant,  capitalized terms that are not otherwise defined herein shall have the
meanings given to such terms in the Subscription Agreement of even date herewith
to which the Company and the  original  Holder are  parties  (the  "Subscription
Agreement").

      2. Registration of Warrant. The Company shall register this Warrant,  upon
records  to be  maintained  by  the  Company  for  that  purpose  (the  "Warrant
Register"),  in the name of the  record  Holder  hereof  from time to time.  The
Company may deem and treat the registered Holder of this Warrant as the absolute
owner hereof for the purpose of any exercise  hereof or any  distribution to the
Holder, and for all other purposes, absent actual notice to the contrary.

      3.  Registration of Transfers.  The Company shall register the transfer of
any portion of this  Warrant in the Warrant  Register,  upon  surrender  of this
Warrant,  with the Form of Assignment attached hereto duly completed and signed,
to the Company at its address  specified  herein.  Upon any such registration or
transfer,  a new Warrant to purchase Common Stock, in substantially  the form of
this Warrant (any such new Warrant, a "New Warrant"),  evidencing the portion of
this Warrant so transferred  shall be issued to the transferee and a New Warrant
evidencing  the remaining  portion of this Warrant not so  transferred,  if any,
shall be issued to the transferring Holder. The acceptance of the New Warrant by
the transferee  thereof shall be deemed the acceptance by such transferee of all
of the rights and obligations of a holder of a Warrant.

<PAGE>

      4. Exercise and Duration of Warrants. This Warrant shall be exercisable by
the  registered  Holder  at any time and from  time to time on or after the date
hereof to and including the Expiration Date. At 5:30 p.m., New York City time on
the  Expiration  Date,  the portion of this Warrant not exercised  prior thereto
shall be and become void and of no value.

      5. Delivery of Warrant Shares.

            (a) To effect exercises hereunder,  the Holder shall not be required
to  physically  surrender  this  Warrant  unless the  aggregate  Warrant  Shares
represented  by this Warrant is being  exercised.  Upon delivery of the attached
Exercise  Notice to the Company (with the attached  Warrant Shares Exercise Log)
at its  address  for notice set forth  herein and upon  payment of the  Exercise
Price  multiplied  by the number of Warrant  Shares  that the Holder  intends to
purchase hereunder, the Company shall promptly (but in no event later than three
Trading Days after the Date of Exercise (as defined  herein))  issue and deliver
to the Holder, a certificate for the Warrant Shares issuable upon such exercise,
which, unless otherwise required by the Subscription Agreement, shall be free of
restrictive  legends.  The  Company  shall,  upon  request  of  the  Holder  and
subsequent to the date on which a registration  statement covering the resale of
the Warrant  Shares has been declared  effective by the  Securities and Exchange
Commission,  use  commercially  reasonable  efforts  to deliver  Warrant  Shares
hereunder  electronically  through the Depository  Trust  Corporation or another
established  clearing  corporation  performing similar functions,  if available,
provided, that, the Company may, but will not be required to change its transfer
agent if its current transfer agent cannot deliver Warrant Shares electronically
through the Depository Trust Corporation. A "Date of Exercise" means the date on
which the Holder shall have  delivered to the Company:  (i) the Exercise  Notice
(with the Warrant Exercise Log attached to it), appropriately completed and duly
signed and (ii) if such Holder is not utilizing the cashless exercise provisions
set forth in this  Warrant,  payment  of the  Exercise  Price for the  number of
Warrant Shares so indicated by the Holder to be purchased.

            (b) The Company's obligations to issue and deliver Warrant Shares in
accordance with the terms hereof are absolute and unconditional, irrespective of
any action or inaction by the Holder to enforce the same,  any waiver or consent
with respect to any provision  hereof,  the recovery of any judgment against any
Person  or  any  action  to  enforce  the  same,  or any  setoff,  counterclaim,
recoupment,  limitation or  termination,  or any breach or alleged breach by the
Holder or any other Person of any  obligation to the Company or any violation or
alleged violation of law by the Holder or any other Person,  and irrespective of
any other  circumstance  which  might  otherwise  limit such  obligation  of the
Company to the Holder in connection with the issuance of Warrant Shares. Nothing
herein shall limit a Holder's right to pursue any other remedies available to it
hereunder,  at law or in  equity  including,  without  limitation,  a decree  of
specific  performance  and/or  injunctive  relief with respect to the  Company's
failure to timely deliver certificates  representing shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof.

                                      -2-
<PAGE>

      6. Charges, Taxes and Expenses.  Issuance and delivery of certificates for
shares of Common  Stock upon  exercise  of this  Warrant  shall be made  without
charge to the Holder for any issue or transfer tax,  withholding  tax,  transfer
agent fee or other  incidental tax or expense in respect of the issuance of such
certificates,  all of which  taxes and  expenses  shall be paid by the  Company;
provided,  however,  that the Company shall not be required to pay any tax which
may be payable in respect of any transfer  involved in the  registration  of any
certificates  for  Warrant  Shares or  Warrants in a name other than that of the
Holder.  The Holder shall be  responsible  for all other tax liability  that may
arise as a result of holding or transferring  this Warrant or receiving  Warrant
Shares upon exercise hereof.

      7. Replacement of Warrant.  If this Warrant is mutilated,  lost, stolen or
destroyed,  the  Company  shall  issue or cause to be  issued  in  exchange  and
substitution for and upon  cancellation  hereof,  or in lieu of and substitution
for this Warrant,  a New Warrant,  but only upon receipt of evidence  reasonably
satisfactory to the Company of such loss, theft or destruction and customary and
reasonable  indemnity  (which shall not include a surety  bond),  if  requested.
Applicants  for a New Warrant  under such  circumstances  shall also comply with
such other  reasonable  regulations and procedures and pay such other reasonable
third-party costs as the Company may prescribe. If a New Warrant is requested as
a result of a mutilation  of this  Warrant,  then the Holder shall  deliver such
mutilated  Warrant to the  Company as a  condition  precedent  to the  Company's
obligation to issue the New Warrant.

      8.  Reservation of Warrant Shares.  The Company  covenants that it will at
all times reserve and keep  available out of the aggregate of its authorized but
unissued  and  otherwise  unreserved  Common  Stock,  solely for the  purpose of
enabling  it to issue  Warrant  Shares upon  exercise of this  Warrant as herein
provided,  the number of Warrant Shares which are then issuable and  deliverable
upon the exercise of this entire  Warrant,  free from  preemptive  rights or any
other  contingent  purchase rights of persons other than the Holder (taking into
account the  adjustments and  restrictions of Section 9). The Company  covenants
that all Warrant Shares so issuable and deliverable shall, upon issuance and the
payment of the applicable Exercise Price in accordance with the terms hereof, be
duly and validly authorized, issued and fully paid and nonassessable.

      9. Certain  Adjustments.  The Exercise  Price and number of Warrant Shares
issuable upon  exercise of this Warrant are subject to  adjustment  from time to
time as set forth in this Section 9.

            (a) Stock  Dividends and Splits.  If the Company,  at any time while
this Warrant is  outstanding,  (i) pays a stock  dividend on its Common Stock or
otherwise  makes a distribution on any class of capital stock that is payable in
shares of Common Stock, (ii) subdivides  outstanding shares of Common Stock into
a larger number of shares, or (iii) combines  outstanding shares of Common Stock
into a smaller number of shares, then in each such case the Exercise Price shall
be multiplied by a fraction of which the numerator shall be the number of shares
of Common  Stock  outstanding  immediately  before  such  event and of which the
denominator   shall  be  the  number  of  shares  of  Common  Stock  outstanding
immediately after such event. Any adjustment made pursuant to clause (i) of this
paragraph  shall  become  effective  immediately  after the record  date for the
determination of stockholders entitled to receive such dividend or distribution,
and any  adjustment  pursuant  to clause (ii) or (iii) of this  paragraph  shall
become  effective  immediately  after the effective date of such  subdivision or
combination.  If any event requiring an adjustment  under this paragraph  occurs
during the period  that an  Exercise  Price is  calculated  hereunder,  then the
calculation  of such Exercise Price shall be adjusted  appropriately  to reflect
such event.

                                      -3-
<PAGE>

            (b) Fundamental Transactions.  If, at any time while this Warrant is
outstanding,  (1) the Company effects any merger or consolidation of the Company
with  or into  another  Person,  (2)  the  Company  effects  any  sale of all or
substantially all of its assets in one or a series of related transactions,  (3)
any tender offer or exchange offer (whether by the Company or another Person) is
completed  pursuant to which  holders of Common Stock are permitted to tender or
exchange their shares for other securities, cash or property, or (4) the Company
effects  any  reclassification  of the  Common  Stock  or any  compulsory  share
exchange  pursuant to which the Common Stock is  effectively  converted  into or
exchanged  for  other  securities,  cash  or  property  (in  any  such  case,  a
"Fundamental  Transaction"),  then the Holder shall have the right thereafter to
receive,  upon exercise of this Warrant, the same amount and kind of securities,
cash or property as it would have been  entitled to receive upon the  occurrence
of such  Fundamental  Transaction  if it had  been,  immediately  prior  to such
Fundamental  Transaction,  the  holder of the  number  of  Warrant  Shares  then
issuable upon exercise in full of this Warrant (the "Alternate  Consideration").
For purposes of any such exercise, the determination of the Exercise Price shall
be appropriately adjusted to apply to such Alternate  Consideration based on the
amount of  Alternate  Consideration  issuable  in respect of one share of Common
Stock in such  Fundamental  Transaction,  and the Company  shall  apportion  the
Exercise  Price  among  the  Alternate  Consideration  in  a  reasonable  manner
reflecting  the relative  value of any  different  components  of the  Alternate
Consideration.  If  holders  of Common  Stock  are  given  any  choice as to the
securities,  cash or property to be received in a Fundamental Transaction,  then
the Holder shall be given the same choice as to the Alternate  Consideration  it
receives  upon  any  exercise  of  this  Warrant   following  such   Fundamental
Transaction. At the Holder's option and request, any successor to the Company or
surviving entity in such Fundamental  Transaction shall, either (1) issue to the
Holder a new warrant  substantially  in the form of this Warrant and  consistent
with the foregoing  provisions and evidencing the Holder's right to purchase the
Alternate  Consideration for the aggregate Exercise Price upon exercise thereof,
or (2)  purchase the Warrant  from the Holder for a purchase  price,  payable in
cash within five Trading Days after such request (or, if later, on the effective
date of the  Fundamental  Transaction),  equal to the Black Scholes value of the
remaining  unexercised portion of this Warrant on the date of such request.  The
terms of any agreement  pursuant to which a Fundamental  Transaction is effected
shall include terms  requiring any such successor or surviving  entity to comply
with the  provisions of this paragraph (b) and insuring that the Warrant (or any
such  replacement  security)  will be  similarly  adjusted  upon any  subsequent
transaction analogous to a Fundamental Transaction.

                                      -4-
<PAGE>

            (c) Number of Warrant Shares.  Simultaneously with any adjustment to
the Exercise  Price  pursuant to paragraph  (a) of this  Section,  the number of
Warrant  Shares that may be purchased  upon  exercise of this  Warrant  shall be
increased  or  decreased  proportionately,  so that  after such  adjustment  the
aggregate  Exercise Price payable  hereunder for the adjusted  number of Warrant
Shares shall be the same as the aggregate  Exercise Price in effect  immediately
prior to such adjustment.

            (d)  Calculations.  All  calculations  under this Section 9 shall be
made to the nearest cent or the nearest 1/100th of a share,  as applicable.  The
number of shares of Common Stock outstanding at any given time shall not include
shares owned or held by or for the account of the Company,  and the  disposition
of any such shares shall be considered an issue or sale of Common Stock.

            (e) Notice of  Adjustments.  Upon the occurrence of each  adjustment
pursuant to this  Section 9, the Company at its expense  will  promptly  compute
such  adjustment  in  accordance  with the terms of this  Warrant  and prepare a
certificate setting forth such adjustment, including a statement of the adjusted
Exercise Price and adjusted number or type of Warrant Shares or other securities
issuable  upon  exercise  of  this  Warrant  (as  applicable),   describing  the
transactions  giving  rise to such  adjustments  and showing in detail the facts
upon which such  adjustment  is based.  Upon written  request,  the Company will
promptly  deliver  a copy of each  such  certificate  to the  Holder  and to the
Company's Transfer Agent.

            (f)  Notice of  Corporate  Events.  If the  Company  (i)  declares a
dividend or any other  distribution  of cash,  securities  or other  property in
respect of its Common Stock, including without limitation any granting of rights
or warrants to subscribe for or purchase any capital stock of the Company or any
Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating
or  solicits  stockholder  approval  for any  Fundamental  Transaction  or (iii)
authorizes the voluntary  dissolution,  liquidation or winding up of the affairs
of the Company, then the Company shall deliver to the Holder a notice describing
the material terms and conditions of such transaction, at least 10 calendar days
prior to the applicable record or effective date on which a Person would need to
hold  Common  Stock in order to  participate  in or vote  with  respect  to such
transaction,  and the Company will take all steps reasonably  necessary in order
to insure that the Holder is given the  practical  opportunity  to exercise this
Warrant prior to such time so as to  participate in or vote with respect to such
transaction;  provided,  however, that the failure to deliver such notice or any
defect therein shall not affect the validity of the corporate action required to
be described in such notice.

      10.  Payment of Exercise  Price.  The Holder may pay the Exercise Price in
one of the following manners:

            (a) Cash  Exercise.  The Holder may  deliver  immediately  available
funds; or

            (b)  Cashless  Exercise.  The Holder  may  notify the  Company in an
Exercise Notice of its election to utilize cashless exercise, in which event the
Company  shall issue to the Holder the number of Warrant  Shares  determined  as
follows:

                                      -5-
<PAGE>

                   X = Y [(A-B)/A]

          where:

                   X = the number of Warrant Shares to be issued to the Holder.

                   Y  =  the  number  of  Warrant  Shares  with
                   respect  to  which  this  Warrant  is  being
                   exercised.

                   A = the  average of the  closing  prices for
                   the five Trading Days  immediately  prior to
                   (but not including) the Exercise Date.

                   B = the Exercise Price.

For purposes of Rule 144  promulgated  under the Securities Act, it is intended,
understood  and  acknowledged  that the  Warrant  Shares  issued  in a  cashless
exercise  transaction  shall be deemed to have been acquired by the Holder,  and
the holding period for the Warrant Shares shall be deemed to have commenced,  on
the date this Warrant was originally issued.

      11. No Rights as  Stockholder.  Until the  exercise of this  Warrant,  the
Holder shall not have or exercise any rights by virtue  hereof as a  stockholder
of the Company.

      12. No Fractional  Shares.  No fractional shares of Warrant Shares will be
issued  in  connection  with  any  exercise  of  this  Warrant.  In  lieu of any
fractional shares which would, otherwise be issuable, the Company shall pay cash
equal to the product of such  fraction  multiplied  by the closing  price of one
Warrant  Share as  reported  by the  applicable  Trading  Market  on the date of
exercise.

      14.  Notices.  Any and all notices or other  communications  or deliveries
hereunder  (including,  without  limitation,  any Exercise  Notice)  shall be in
writing and shall be deemed given and  effective on the earliest of (i) the date
of  transmission,  if such notice or communication is delivered via facsimile at
the facsimile number specified in this Section prior to 5:30 p.m. (New York City
time)  on  a  Trading  Day,  (ii)  the  next  Trading  Day  after  the  date  of
transmission,  if such notice or communication is delivered via facsimile at the
facsimile number specified in this Section on a day that is not a Trading Day or
later than 5:30 p.m. (New York City time) on any Trading Day,  (iii) the Trading
Day following the date of mailing,  if sent by nationally  recognized  overnight
courier service, or (iv) upon actual receipt by the party to whom such notice is
required to be given. The addresses for such communications  shall be: (i) if to
the Company,  to  Mediavest,  Inc.,  2121 Avenue of the Stars,  Suite 1650,  Los
Angeles,  CA 90067  Attention:  President,  Facsimile No.:  310-277-2741 or such
other  address  as the  Company  shall so notify the  Holder,  or (ii) if to the
Holder,  to the address or facsimile number appearing on the Warrant Register or
such other address or facsimile  number as the Holder may provide to the Company
in accordance with this Section.

      15.  Warrant  Agent.  The Company  shall serve as warrant agent under this
Warrant.  Upon 10 days'  notice to the  Holder,  the  Company  may appoint a new
warrant agent.  Any corporation  into which the Company or any new warrant agent
may be merged or any corporation  resulting from any  consolidation to which the
Company or any new warrant  agent shall be a party or any  corporation  to which
the  Company  or  any  new  warrant  agent  transfers  substantially  all of its
corporate trust or shareholders  services  business shall be a successor warrant
agent under this Warrant  without any further act.  Any such  successor  warrant
agent shall  promptly  cause  notice of its  succession  as warrant  agent to be
mailed (by first class mail, postage prepaid) to the Holder at the Holder's last
address as shown on the Warrant Register.

                                      -6-
<PAGE>

      16. Miscellaneous.

            (a) This Warrant shall be binding on and inure to the benefit of the
parties  hereto and their  respective  successors  and  assigns.  Subject to the
preceding  sentence,  nothing in this Warrant  shall be construed to give to any
Person  other than the  Company  and the Holder  any legal or  equitable  right,
remedy or cause of action under this  Warrant.  This Warrant may be amended only
in  writing  signed by the  Company  and the  Holder  and their  successors  and
assigns.

            (b) All questions concerning the construction, validity, enforcement
and  interpretation  of this  Warrant  shall be  governed by and  construed  and
enforced in  accordance  with the internal laws of the State of New York (except
with  respect  to matters  governed  by the  corporate  laws of the State of New
Jersey),  without  regard to the  principles  of conflicts of law thereof.  Each
party  agrees  that  all  legal  proceedings   concerning  the  interpretations,
enforcement and defense of this Warrant and the transactions herein contemplated
("Proceedings")  (whether  brought  against  a party  hereto  or its  respective
Affiliates,  employees or agents) may be commenced  non-exclusively in the state
and federal  courts  sitting in the City of New York,  Borough of Manhattan (the
"New  York  Courts").  Each  party  hereto  hereby  irrevocably  submits  to the
non-exclusive  jurisdiction  of the New York Courts for the  adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein,  and hereby  irrevocably  waives,  and agrees not to
assert in any  Proceeding,  any claim that it is not  personally  subject to the
jurisdiction  of any New York Court,  or that such Proceeding has been commenced
in an improper or  inconvenient  forum.  Each party  hereto  hereby  irrevocably
waives  personal  service of process and consents to process being served in any
such  Proceeding by mailing a copy thereof via  registered or certified  mail or
overnight  delivery  (with evidence of delivery) to such party at the address in
effect for notices to it under this Warrant and agrees that such  service  shall
constitute good and sufficient  service of process and notice  thereof.  Nothing
contained  herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. Each party hereto hereby irrevocably  waives, to
the fullest  extent  permitted by applicable  law, any and all right to trial by
jury in any legal  proceeding  arising out of or relating to this Warrant or the
transactions contemplated hereby. If either party shall commence a Proceeding to
enforce  any  provisions  of this  Warrant,  then the  prevailing  party in such
Proceeding  shall be reimbursed by the other party for its  attorney's  fees and
other  costs and  expenses  incurred  with the  investigation,  preparation  and
prosecution of such Proceeding.

            (c) The headings herein are for convenience  only, do not constitute
a part of this  Warrant  and shall  not be deemed to limit or affect  any of the
provisions hereof.

                                      -7-
<PAGE>

            (d) In case any one or more of the  provisions of this Warrant shall
be invalid or unenforceable in any respect,  the validity and  enforceability of
the  remaining  terms and  provisions  of this  Warrant  shall not in any way be
affected or impaired thereby and the parties will attempt in good faith to agree
upon a valid and enforceable provision which shall be a commercially  reasonable
substitute  therefor,  and upon so agreeing,  shall  incorporate such substitute
provision in this Warrant.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK,
                             SIGNATURE PAGE FOLLOWS]

                                      -8-
<PAGE>

      IN  WITNESS  WHEREOF,  the  Company  has  caused  this  Warrant to be duly
executed by its authorized officer as of the date first indicated above.

                                        MEDIAVEST, INC.

                                        By:
                                           -------------------------
                                           Name:
                                           Title:

                                      -9-
<PAGE>

                                 MEDIAVEST, INC.
                    WARRANT ORIGINALLY ISSUED [_____ ], 2006
                                 WARRANT NO. [ ]

                                 EXERCISE NOTICE

To MEDIAVEST, Inc.:

      The undersigned hereby irrevocably elects to purchase _____________ shares
of Common Stock pursuant to the above captioned Warrant,  and, if such Holder is
not  utilizing  the  cashless  exercise  provisions  set  forth in the  Warrant,
encloses herewith $________ in cash,  certified or official bank check or checks
or other  immediately  available  funds,  which  sum  represents  the  aggregate
Exercise  Price (as defined in the  Warrant)  for the number of shares of Common
Stock to which this Exercise Notice relates,  together with any applicable taxes
payable by the undersigned pursuant to the Warrant.

      By its delivery of this Exercise  Notice,  the undersigned  represents and
warrants to the Company that in giving effect to the exercise  evidenced  hereby
the Holder will not beneficially own in excess of the number of shares of Common
Stock  (determined in accordance  with Section 13(d) of the Securities  Exchange
Act of 1934)  permitted  to be owned under  Section 10 of this  Warrant to which
this notice relates.

      The undersigned  requests that certificates for the shares of Common Stock
issuable upon this exercise be issued in the name of

                                        PLEASE INSERT SOCIAL SECURITY OR
                                        TAX IDENTIFICATION NUMBER

                         (Please print name and address)

<PAGE>

                           Warrant Shares Exercise Log

Date      Number of Warrant     Number of Warrant Shares    Number of Warrant
          Shares Available to   Exercised                   Shares Remaining to
          be Exercised                                      be Exercised

<PAGE>

                                 MEDIAVEST, INC.
                   WARRANT ORIGINALLY ISSUED [_______ ], 2006
                                 WARRANT NO. [ ]

                               FORM OF ASSIGNMENT

      [To be completed and signed only upon transfer of Warrant]

      FOR VALUE RECEIVED,  the undersigned  hereby sells,  assigns and transfers
unto    ________________________________    the   right   represented   by   the
above-captioned Warrant to purchase ____________ shares of Common Stock to which
such Warrant  relates and appoints  ________________  attorney to transfer  said
right on the  books of the  Company  with  full  power  of  substitution  in the
premises.

Dated:   _______________, ____

                                        ---------------------------------------
                                        (Signature  must  conform in all
                                        respects to name of holder as specified
                                        on the face of the Warrant)

                                        ---------------------------------------
                                        Address of Transferee

                                        ---------------------------------------

                                        ---------------------------------------

In the presence of:

--------------------------

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