Document:

Unassociated Document

    Exhibit 10.6

     

    PURCHASE
AGREEMENT

    

    

    THIS PURCHASE AGREEMENT (“Agreement”)
is made as of the 1st day of July, 2008, by and among Sahara Media, Inc., a
Delaware corporation (the “Company”), and John Thomas Bridge & Opportunity
Fund (“Investor”).

    

    Recitals

    

    A.           The
Company and the Investor are executing and delivering this Agreement in reliance
upon the exemption from securities registration afforded by the provisions of
Regulation D (“Regulation D”), as promulgated by the U.S. Securities and
Exchange Commission (the “SEC”) under the Securities Act of 1933, as
amended;

    

    B.           The
Investor wishes to purchase from the Company, and the Company wishes to sell and
issue to the Investor, upon the terms and conditions stated in this Agreement,
(i) a six month debenture in the principal amount of $500,000, bearing interest
at the rate of 12% per annum, in the form attached hereto as Exhibit A (the
“Debenture”); and

    

    C.           Upon
the Maturity Date of the Debenture, the Company shall issue to the Investor the
Additional Consideration of Shares as described in 2(b) hereof.

    

    In consideration of the mutual promises
made herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

    

    1.           Definitions.  In
addition to those terms defined above and elsewhere in this Agreement, for the
purposes of this Agreement, the following terms shall have the meanings set
forth below:

    

    “Additional Consideration
Shares” has the meaning set forth in Section 2(b).

    

    “Affiliate” means,
with respect to any Person, any other Person which directly or indirectly
through one or more intermediaries Controls, is controlled by, or is under
common control with, such Person.

    

    “BPA Associates Security Agreement”
means the Security Agreement between the Company and BP Associates LLC in the
form attached hereto as Exhibit “E”.

    

    “Business Day” means a
day, other than a Saturday or Sunday, on which banks in New York City are open
for the general transaction of business.

    

    “Change of Control” has the meaning set
forth in the Debenture.

    

    “Closing” has the
meaning set forth in Section 3.

     

     

     

    
      
         

      

      
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    “Closing Date” has the
meaning set forth in Section 3.

    

    “Company’s Knowledge”
means the actual knowledge of the executive officers (as defined in Rule 405
under the 1933 Act) of the Company, after due inquiry.

    

    “Confidential
Information” means trade secrets, confidential information and know-how
(including but not limited to ideas, formulae, compositions, processes,
procedures and techniques, research and development information, computer
program code, performance specifications, support documentation, drawings,
specifications, designs, business and marketing plans, and customer and supplier
lists and related information).

    

    “Control” (including
the terms “controlling”, “controlled by” or “under common control with”) means
the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise.

    

    “Debenture” has the
meaning set forth in recitals.

    

    “Environmental Laws”
has the meaning set forth in Section 4.16.

    

    “Evaluation Date” has
the meaning set forth in Section 4.26.

    

    “GAAP” has the meaning
set forth in Section 4.18.

    

    “Infringe” has the
meaning set forth in Section 4.15(d).

    

    “Intellectual
Property” means all of the following: (i) patents, patent applications,
patent disclosures and inventions (whether or not patentable and whether or not
reduced to practice); (ii) trademarks, service marks, trade dress, trade names,
corporate names, logos, slogans and Internet domain names, together with all
goodwill associated with each of the foregoing; (iii) copyrights and
copyrightable works; (iv) registrations, applications and renewals for any of
the foregoing; and (v) proprietary computer software (including but not limited
to data, data bases and documentation), which includes the Honey Magazine
trademark and the Honey Magazine database, both as more fully described in the
Security Agreement attached hereto as Exhibit C.

    

    “Investment Agreement”
means the investment agreement by and between John Thomas Financial and the
Company to raise a minimum of $3,000,000 and a maximum of
$8,000,000.

    

    “License Agreements”
has the meaning set forth in Section 4.15(b).

    

    “Material Adverse
Effect” means a material adverse effect on (i) the assets, liabilities,
results of operations, condition (financial or otherwise), business, or
prospects of the Company and its Subsidiaries taken as a whole, or (ii) the
ability of the Company to perform its obligations under the Transaction
Documents.

     

     

    
      
         

      

      
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    “Maturity Date” has the meaning set
forth in the Debenture.

    

    “Person” means an
individual, corporation, partnership, limited liability company, trust, business
trust, association, joint stock company, joint venture, sole proprietorship,
unincorporated organization, governmental authority or any other form of entity
not specifically listed herein.

    

    “Purchase Price” means
$500,000.

    

    “Security Agreement”
means the Security Agreement between the Company and the Investor in the form
attached hereto as Exhibit “D”.

    

    “Securities” means the
Debenture and the Additional Consideration Shares.

    

    “Subsidiary” of any
Person means another Person, an amount of the voting securities, other voting
ownership or voting partnership interests of which is sufficient to elect at
least a majority of its Board of Directors or other governing body (or, if there
are no such voting interests, 50% or more of the equity interests of which) is
owned directly or indirectly by such first Person

    

    “Transaction
Documents” means this Agreement, the Debenture the BPA Associates
Security Agreement and the Security Agreement.

    

    “1933 Act” means the
Securities Act of 1933, as amended, or any successor statute, and the rules and
regulations promulgated thereunder.

    

    2.           Purchase and Issuance of the
Debenture and Issuance of Additional Consideration Shares.

    

    (a)           Subject
to the terms and conditions of this Agreement, on the Closing Date the Investor
shall purchase, and the Company shall sell and issue to the Investor, the
Debenture in the original principal amount of $500,000 in exchange for the
Purchase Price.

    

    (b).           Upon
the Maturity Date of the Debenture resulting from a Change of Control, in which
the Company is not surviving entity, the Company shall issue Investor (i)
500,000 shares of common stock of the surviving entity; provided however, that
if the common stock placed by John Thomas Financial pursuant to the Investment
Agreement is at a subscription price (whether in cash or non cash consideration)
of less than $1.00 per share, the Company shall issue Investor additional common
stock in an amount equal to the difference between (a) 500,000 multiplied by a
fraction, the numerator of which is $1.00 and the denominator of which is the
lower subscription price issued pursuant to the Investment Agreement and (b)
500,000; and (ii) a five year warrant to purchase 500,000 shares of common stock
of the surviving entity at an exercise price at $2.00 per share (if the
exercise price of the warrants issued in connection with the Investment
Agreement are less than $2.00 per share, such exercise price shall be reduced to
the exercise price of such warrants issued in connection with the Investment
Agreement). The warrant shall include standard anti-dilution provisions and
additional exercise price adjustments for sales of common stock at prices less
than $2.00 within one year of the issue date of the warrant. Investor shall
enter into all documents that are used to place the securities pursuant to the
Investment Agreement and shall have the same rights as such investors, including
but not limited to registration rights.  Upon the Maturity Date
resulting from any reason other than a Change of Control, the Company shall
issue to Investor shares of its common stock in an amount after such issuance
that equals 20% of the issued and outstanding shares of common stock on a fully
diluted basis, in lieu of the securities described in the previous
sentence.  The issuance described in the above shall be referred to as
“Additional Consideration Shares”.

     

     

     

    
      
         

      

      
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    3.           Closing.  Within
one Business Day of the date of executing this Agreement, and the Investor shall
wire to the Company in same day funds the Purchase Price (“Closing” or “Closing
Date”) and within two days of the receipt of Purchase Price, the Company shall
deliver or cause the delivery of certificate(s) representing the Debenture,
registered in the names of the Investors in the principal amount equal to the
Purchase Price for such Investor.  The Closing shall occur upon
confirmation that the conditions to Closing in Section 6 hereof have been
satisfied.  The Closing of the purchase and sale of the Debenture
shall take place at the offices of Brewer & Pritchard, P.C., 3 Riverway,
Suite 1800, Houston, Texas 77056.

    

    4.           Representations and
Warranties of the Company.  The Company hereby represents and
warrants to the Investor that, except as set forth in the schedules delivered
herewith (collectively, the “Disclosure Schedules”):

    

    4.
1           Organization, Good Standing
and Qualification.  The Company is a corporation duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation and has all requisite corporate power and
authority to carry on its business as now conducted and to own its
properties.  The Company is duly qualified to do business as a foreign
corporation and is in good standing in each jurisdiction in which the conduct of
its business or its ownership or leasing of property makes such qualification or
leasing necessary unless the failure to so qualify has not had and could not
reasonably be expected to have a Material Adverse Effect.  The
Company’s does not have any Subsidiaries, all other references to the
Subsidiaries or any of them in the Transaction Documents shall be
disregarded.

    

    4.2           Authorization.  The
Company has full power and authority and has taken all requisite
action on the part of the Company, its officers, directors and stockholders
necessary for (i) the authorization, execution and delivery of the Transaction
Documents, (ii) the authorization of the performance of all obligations of the
Company hereunder or thereunder, and (iii) the authorization, issuance (or
reservation for issuance) and delivery of the Securities.  The
Transaction Documents constitute the legal, valid and binding obligations of the
Company, enforceable against the Company in accordance with their terms, subject
to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability, relating to or affecting creditors’
rights generally.

    

    4.3           Capitalization.  Schedule 4.3 sets
forth (a) the authorized capital stock of the Company on the date hereof; (b)
the number of shares of capital stock issued and outstanding; (c) the number of
shares of capital stock issuable pursuant to the Company’s stock plans; and (d)
the number of shares of capital stock issuable and reserved for issuance
pursuant to securities (excluding the Additional Consideration Shares)
exercisable for, or convertible into or exchangeable for any shares of capital
stock of the Company.  All of the issued and outstanding shares of the
Company’s capital stock have been duly authorized and validly issued and are
fully paid, nonassessable and free of pre-emptive rights and were issued in full
compliance with applicable state and federal securities law and any rights of
third parties.  Except as described on Schedule 4.3, all of
the issued and outstanding shares of capital stock of each Subsidiary have been
duly authorized and validly issued and are fully paid, nonassessable and free of
pre-emptive rights, were issued in full compliance with applicable state and
federal securities law and any rights of third parties and are owned by the
Company, beneficially and of record, subject to no lien, encumbrance or other
adverse claim.  Except as described on Schedule 4.3, no
Person is entitled to pre-emptive or similar statutory or contractual rights
with respect to any securities of the Company.  Except as described on
Schedule 4.3,
there are no outstanding warrants, options, convertible securities or other
rights, agreements or arrangements of any character under which the Company or
any of its Subsidiaries is or may be obligated to issue any equity securities of
any kind and except as contemplated by this Agreement, neither the Company nor
any of its Subsidiaries is currently in negotiations for the issuance of any
equity securities of any kind.  Except as described on Schedule 4.3, there
are no voting agreements, buy-sell agreements, option or right of first purchase
agreements or other agreements of any kind among the Company and any of the
securityholders of the Company relating to the securities of the Company held by
them.

     

     

     

    
      
         

      

      
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    Except as described on Schedule 4.3, the
issuance and sale of the Securities hereunder will not obligate the Company to
issue shares of Common Stock or other securities to any other Person (other than
the Investor) and will not result in the adjustment of the exercise, conversion,
exchange or reset price of any outstanding security.

    

    Except as described on Schedule 4.3, the
Company does not have outstanding stockholder purchase rights or “poison pill”
or any similar arrangement in effect giving any Person the right to purchase any
equity interest in the Company upon the occurrence of certain
events.

    

    4.4           Valid
Issuance.  The Debenture and the Additional Consideration
Shares have been duly and validly authorized and, when issued and paid for
pursuant to this Agreement, will be validly issued, fully paid and
nonassessable, and shall be free and clear of all encumbrances and restrictions
(other than those created by the Investor), except for restrictions on transfer
set forth in the Transaction Documents or imposed by applicable securities
laws.  The Company has  shall  reserved a
sufficient number of shares for issuance of the Additional Consideration Shares,
free and clear of all encumbrances and restrictions, except for restrictions on
transfer set forth in the Transaction Documents or imposed by applicable
securities laws.

    

    4.5           Consents. The execution, delivery and performance by the
Company of the Transaction Documents and the offer, issuance and sale of the
Securities require no consent of, action by or in respect of, or filing with,
any Person, governmental body, agency, or official other than filings that have
been made pursuant to applicable state securities laws and post-sale filings
pursuant to applicable state and federal securities laws which the Company
undertakes to file within the applicable time periods.  Subject to the
accuracy of the representations and warranties of the Investor set forth in
Section 5 hereof, the Company has taken all action necessary to exempt (i) the
issuance and sale of the Securities, (ii) the issuance of the Additional
Consideration Shares, and (iv) the other transactions contemplated by the
Transaction Documents from the provisions of any stockholder rights plan or
other “poison pill” arrangement, any anti-takeover, business combination or
control share law or statute binding on the Company or to which the Company or
any of its assets and properties may be subject and any provision of the
Company’s Articles of Incorporation or Bylaws that is or could reasonably be
expected to become applicable to the Investor as a result of the transactions
contemplated hereby, including without limitation, the issuance of the
Securities and the ownership, disposition or voting of the Securities by the
Investor or the exercise of any right granted to the Investor pursuant to this
Agreement or the other Transaction Documents.

    

    4.6           Reserved.

    

    4.7           Use of
Proceeds.  The net proceeds of the sale of the Debenture
hereunder shall be used by the Company for working capital.

    

    4.8           No Material Adverse
Change.  Since March 31, 2008, except as described on Schedule 4.18, there
has not been:

     

     

     

    
      
         

      

      
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    (i)           any
change in the consolidated assets, liabilities, financial condition or operating
results of the Company from that reflected in the financial statements attached
hereto as Exhibit B, except for changes in the ordinary course of business which
have not had and could not reasonably be expected to have a Material Adverse
Effect, individually or in the aggregate;

    

    (ii)           any
declaration or payment of any dividend, or any authorization or payment of any
distribution, on any of the capital stock of the Company, or any redemption or
repurchase of any securities of the Company;

    

    (iii)           any
material damage, destruction or loss, whether or not covered by insurance to any
assets or properties of the Company or its Subsidiaries;

    

    (iv)           any
waiver, not in the ordinary course of business, by the Company or any Subsidiary
of a material right or of a material debt owed to it;

    

    (v)           any
satisfaction or discharge of any lien, claim or encumbrance or payment of any
obligation by the Company or a Subsidiary, except in the ordinary course of
business and which is not material to the assets, properties, financial
condition, operating results or business of the Company and its Subsidiaries
taken as a whole (as such business is presently conducted and as it is proposed
to be conducted);

    

    (vi)           any
change or amendment to the Company’s Articles of Incorporation or Bylaws, or
material change to any material contract or arrangement by which the Company or
any Subsidiary is bound or to which any of their respective assets or properties
is subject;

    

    (vii)                      any
material labor difficulties or labor union organizing activities with respect to
employees of the Company or any Subsidiary;

    

    (viii)                      any
material transaction entered into by the Company or a Subsidiary other than in
the ordinary course of business;

    

    (ix)           the
loss of the services of any key employee, or material change in the composition
or duties of the senior management of the Company or any
Subsidiary;

     

     

    
      
         

      

      
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    (x)           the
loss or threatened loss of any customer which has had or could reasonably be
expected to have a Material Adverse Effect; or

    

    (xi)           any
other event or condition of any character that has had or could reasonably be
expected to have a Material Adverse Effect.

    

    4.9           Reserved.

    

    4.10                      No Conflict, Breach,
Violation or Default.  The execution, delivery and performance
of the Transaction Documents by the Company and the issuance and sale of the
Securities will not conflict with or result in a breach or violation of any of
the terms and provisions of, or constitute a default under (i) the Company’s
Articles of Incorporation or the Company’s Bylaws, both as in effect on the date
hereof, or (ii)(a) any statute, rule, regulation or order of any governmental
agency or body or any court, domestic or foreign, having jurisdiction over the
Company, any Subsidiary or any of their respective assets or properties, or (b)
any agreement or instrument to which the Company or any Subsidiary is a party or
by which the Company or a Subsidiary is bound or to which any of their
respective assets or properties is subject.

    

    4.11                      Tax
Matters.  Other than as set forth in Schedule 4.11, the Company
and each Subsidiary has timely prepared and filed all tax returns required to
have been filed by the Company or such Subsidiary with all appropriate
governmental agencies and timely paid all taxes shown thereon or otherwise owed
by it.  The charges, accruals and reserves on the books of the Company
in respect of taxes for all fiscal periods are adequate in all material
respects, and there are no material unpaid assessments against the Company or
any Subsidiary nor, to the Company’s Knowledge, any basis for the assessment of
any additional taxes, penalties or interest for any fiscal period or audits by
any federal, state or local taxing authority except for any assessment which is
not material to the Company and its Subsidiaries, taken as a
whole.  All taxes and other assessments and levies that the Company or
any Subsidiary is required to withhold or to collect for payment have been duly
withheld and collected and paid to the proper governmental entity or third party
when due.  There are no tax liens or claims pending or, to the
Company’s Knowledge, threatened against the Company or any Subsidiary or any of
their respective assets or property.  There are no outstanding tax
sharing agreements or other such arrangements between the Company and any
Subsidiary or other corporation or entity.

    

    4.12                      Title to
Properties.  Except as disclosed on Schedule 4.12, the
Company and each Subsidiary has good and marketable title to all real properties
and all other properties and assets owned by it, in each case free from liens,
encumbrances and defects that would materially affect the value thereof or
materially interfere with the use made or currently planned to be made thereof
by them; and except as disclosed on Schedule 4.12, the
Company and each Subsidiary holds any leased real or personal property under
valid and enforceable leases with no exceptions that would materially interfere
with the use made or currently planned to be made thereof by them.

    

    4.13                      Certificates, Authorities
and Permits.  The Company and each Subsidiary possess adequate
certificates, authorities or permits issued by appropriate governmental agencies
or bodies necessary to conduct the business now operated by it, and neither the
Company nor any Subsidiary has received any notice of proceedings relating to
the revocation or modification of any such certificate, authority or permit
that, if determined adversely to the Company or such Subsidiary, could
reasonably be expected to have a Material Adverse Effect, individually or in the
aggregate.

     

     

     

    
      
         

      

      
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                          4.14                      Labor Matters.

    

                          (a)           The Company is not a party to or bound by any collective
bargaining agreements or other agreements with labor
organizations.  The Company has not violated in any material respect
any laws, regulations, orders or contract terms, affecting the collective
bargaining rights of employees, labor organizations or any laws, regulations or
orders affecting employment discrimination, equal opportunity employment, or
employees’ health, safety, welfare, wages and hours.

    

                          (b)           (i) There are no labor disputes existing, or to the
Company’s Knowledge, threatened, involving strikes, slow-downs, work stoppages,
job actions, disputes, lockouts or any other disruptions of or by the Company’s
employees, (ii) there are no unfair labor practices or petitions for election
pending or, to the Company’s Knowledge, threatened before the National Labor
Relations Board or any other federal, state or local labor commission relating
to the Company’s employees, (iii) no demand for recognition or certification
heretofore made by any labor organization or group of employees is pending with
respect to the Company and (iv) to the Company’s Knowledge, the Company enjoys
good labor and employee relations with its employees and labor
organizations.

    

                          (c)           The Company is, and at all times has been, in compliance
in all material respects with all applicable laws respecting employment
(including laws relating to classification of employees and independent
contractors) and employment practices, terms and conditions of employment, wages
and hours, and immigration and naturalization.  There are no claims
pending against the Company before the Equal Employment Opportunity Commission
or any other administrative body or in any court asserting any violation of
Title VII of the Civil Rights Act of 1964, the Age Discrimination Act of 1967,
42 U.S.C. §§ 1981 or 1983 or any other federal, state or local Law, statute or
ordinance barring discrimination in employment.

    

                          (d)           Except as described
on Schedule
4.14, the Company is not a party to, or
bound by, any employment or other contract or agreement that contains any severance, termination pay or change of
control liability or obligation, including, without limitation, any “excess
parachute payment,” as defined in Section 2806(b) of the Internal Revenue
Code.

    

                          (e)           Each of the Company’s employees is a Person who is
either a United States citizen or a permanent resident entitled to work in the
United States.  To the Company’s Knowledge, the Company has
no liability for the improper classification by the Company of such employees as
independent contractors or leased employees prior to the
Closing.

     

     

     

    
      
         

      

      
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    4.15                      Intellectual
Property.

    

    (a)           All
Intellectual Property of the Company and its Subsidiaries is currently in
compliance with all legal requirements (including timely filings, proofs and
payments of fees) and is valid and enforceable.  No Intellectual
Property of the Company or its Subsidiaries which is necessary for the conduct
of Company’s and each of its Subsidiaries’ respective businesses as currently
conducted or as currently proposed to be conducted has been or is now involved
in any cancellation, dispute or litigation, and, to the Company’s Knowledge, no
such action is threatened.  No patent of the Company or its
Subsidiaries has been or is now involved in any interference, reissue,
re-examination or opposition proceeding.

    

    (b)           All
of the licenses and sublicenses and consent, royalty or other agreements
concerning Intellectual Property which are necessary for the conduct of the
Company’s and each of its Subsidiaries’ respective businesses as currently
conducted or as currently proposed to be conducted to which the Company or any
Subsidiary is a party or by which any of their assets are bound (other than
 generally commercially available, non-custom, off-the-shelf software
application programs having a retail acquisition price of less than $10,000 per
license) (collectively, “License Agreements”) are valid and binding obligations
of the Company or its Subsidiaries that are parties thereto and, to the
Company’s Knowledge, the other parties thereto, enforceable in accordance with
their terms, except to the extent that enforcement thereof may be limited by
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or
other similar laws affecting the enforcement of creditors’ rights generally, and
there exists no event or condition which will result in a material violation or
breach of or constitute (with or without due notice or lapse of time or both) a
default by the Company or any of its Subsidiaries under any such License
Agreement.

    

    (c)           The
Company and its Subsidiaries own or have the valid right to use all of the
Intellectual Property that is necessary for the conduct of the Company’s and
each of its Subsidiaries’ respective businesses as currently conducted or as
currently proposed to be conducted and for the ownership, maintenance and
operation of the Company’s and its Subsidiaries’ properties and assets, free and
clear of all liens, encumbrances, adverse claims or obligations to license all
such owned Intellectual Property and Confidential Information, other than
licenses entered into in the ordinary course of the Company’s and its
Subsidiaries’ businesses.  The Company and its Subsidiaries have a
valid and enforceable right to use all third party Intellectual Property and
Confidential Information used or held for use in the respective businesses of
the Company and its Subsidiaries.

    

    (d)           The
conduct of the Company’s and its Subsidiaries’ businesses as currently conducted
does not infringe or otherwise impair or conflict with (collectively,
“Infringe”) any Intellectual Property rights of any third party or any
confidentiality obligation owed to a third party, and, to the Company’s
Knowledge, the Intellectual Property and Confidential Information of the Company
and its Subsidiaries which are necessary for the conduct of Company’s and each
of its Subsidiaries’ respective businesses as currently conducted or as
currently proposed to be conducted are not being Infringed by any third
party.  There is no litigation or order pending or outstanding or, to
the Company’s Knowledge, threatened or imminent, that seeks to limit or
challenge or that concerns the ownership, use, validity or enforceability of any
Intellectual Property or Confidential Information of the Company and its
Subsidiaries and the Company’s and its Subsidiaries’ use of any Intellectual
Property or Confidential Information owned by a third party, and, to the
Company’s Knowledge, there is no valid basis for the same.

    

    (e)           The
consummation of the transactions contemplated hereby and by the other
Transaction Documents will not result in the alteration, loss, impairment of or
restriction on the Company’s or any of its Subsidiaries’ ownership or right to
use any of the Intellectual Property or Confidential Information which is
necessary for the conduct of Company’s and each of its Subsidiaries’ respective
businesses as currently conducted or as currently proposed to be
conducted.

     

     

     

    
      
         

      

      
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    (f)           The
Company and its Subsidiaries have taken reasonable steps to protect the
Company’s and its Subsidiaries’ rights in their Intellectual Property and
Confidential Information.  Each employee, consultant and contractor
who has had access to Confidential Information which is necessary for the
conduct of Company’s and each of its Subsidiaries’ respective businesses as
currently conducted or as currently proposed to be conducted has executed an
agreement to maintain the confidentiality of such Confidential Information and
has executed appropriate agreements that are substantially consistent with the
Company’s standard forms thereof.  Except under confidentiality
obligations, there has been no material disclosure of any of the Company’s or
its Subsidiaries’ Confidential Information to any third party.

    

    4.16                      Environmental
Matters.  Neither the Company nor any Subsidiary is in
violation of any statute, rule, regulation, decision or order of any
governmental agency or body or any court, domestic or foreign, relating to the
use, disposal or release of hazardous or toxic substances or relating to the
protection or restoration of the environment or human exposure to hazardous or
toxic substances (collectively, “Environmental Laws”), owns or operates any real
property contaminated with any substance that is subject to any Environmental
Laws, is liable for any off-site disposal or contamination pursuant to any
Environmental Laws, or is subject to any claim relating to any Environmental
Laws, which violation, contamination, liability or claim has had or could
reasonably be expected to have a Material Adverse Effect, individually or in the
aggregate; and there is no pending or, to the Company’s Knowledge, threatened
investigation that might lead to such a claim.

    

    4.17                      Litigation.  Other
than as set forth on Schedule 4.17, there
are no pending actions, judgments, suits or proceedings against or affecting the
Company, its Subsidiaries or any of its or their properties; and to the
Company’s Knowledge, no such actions, suits or proceedings are threatened or
contemplated.

    

    4.18                      Financial
Statements.  The financial statements attached hereto as Exhibit B present
fairly, in all material respects, the consolidated financial position of the
Company as of the dates shown and its consolidated results of operations and
cash flows for the periods shown, and such financial statements have been
prepared in conformity with United States generally accepted accounting
principles applied on a consistent basis (“GAAP”).  Except as set
forth on Schedule
4.18, neither the Company nor any of its Subsidiaries has incurred any
liabilities, contingent or otherwise, except those incurred in the ordinary
course of business, consistent (as to amount and nature) with past practices
since the date of such financial statements, none of which, individually or in
the aggregate, have had or could reasonably be expected to have a Material
Adverse Effect.

     

     

     

    
      
         

      

      
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    4.19                      RESERVED.

    

    4.20                      Brokers and
Finders.  No Person will have, as a result of the transactions
contemplated by the Transaction Documents, any valid right, interest or claim
against or upon the Company, any Subsidiary or an Investor for any commission,
fee or other compensation pursuant to any agreement, arrangement or
understanding entered into by or on behalf of the Company, other than $65,000
fees to be paid to  John Thomas Financial, Inc.

    

    4.21                      No Directed Selling Efforts
or General Solicitation.  Neither the Company nor any Person
acting on its behalf has conducted any general solicitation or general
advertising (as those terms are used in Regulation D) in connection with the
offer or sale of any of the Securities.

    

    4.22                      No Integrated
Offering.  Neither the Company nor any of its Affiliates, nor
any Person acting on its or their behalf has, directly or indirectly, made any
offers or sales of any Company security or solicited any offers to buy any
security, under circumstances that would adversely affect reliance by the
Company on Section 4(2) for the exemption from registration for the transactions
contemplated hereby or would require registration of the Securities under the
1933 Act.

    

    4.23                      Private
Placement.  The offer and sale of the Securities to the
Investor as contemplated hereby is exempt from the registration requirements of
the 1933 Act.

    

    4.24                      Questionable
Payments.  Neither
the Company nor any of its Subsidiaries, nor their respective directors,
officers or employees nor, to the Company’s Knowledge, any of their respective
current or former stockholders, agents or other Persons acting on behalf of the
Company or any Subsidiary, has on behalf of the Company or any Subsidiary or in
connection with their respective businesses: (a) used any corporate funds for
unlawful contributions, gifts, entertainment or other unlawful expenses relating
to political activity; (b) made any direct or indirect unlawful payments to any
governmental officials or employees from corporate funds; (c) established or
maintained any unlawful or unrecorded fund of corporate monies or other assets;
(d) made any false or fictitious entries on the books and records of the Company
or any Subsidiary; or (e) made any unlawful bribe, rebate, payoff, influence
payment, kickback or other unlawful payment of any nature.

    

    4.25                      Transactions with
Affiliates.  Except as disclosed in Schedule 4.25, none
of the officers or directors of the Company and, to the Company’s Knowledge,
none of the employees of the Company is presently a party to any transaction
with the Company or any Subsidiary (other than as holders of stock options
and/or warrants, and for services as employees, officers and directors),
including any contract, agreement or other arrangement providing for the
furnishing of services to or by, providing for rental of real or personal
property to or from, or otherwise requiring payments to or from any officer,
director or such employee or, to the Company’s Knowledge, any entity in which
any officer, director, or any such employee has a substantial interest or is an
officer, director, trustee or partner.

     

     

     

    
      
         

      

      
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    4.26                      Reserved.

    

    4.27                      Solvency.  Based
on the financial condition of the Company as of the Closing Date and giving
effect to the net proceeds from the Closing, (i) the Company’s fair saleable
value of its assets exceeds the amount that will be required to be paid on or in
respect of the Company’s existing debts and other liabilities (including known
contingent liabilities) as they mature; (ii) the Company’s assets do not
constitute unreasonably small capital to carry on its business for the 2008
fiscal year as now conducted and as proposed to be conducted including its
capital needs taking into account the particular capital requirements of the
business conducted by the Company, and projected capital requirements and
capital availability thereof; and (iii) the proceeds the Company receives,
giving effect to the Closing, were it to liquidate all of its assets, after
taking into account all anticipated uses of the cash, would be sufficient to pay
all amounts on or in respect of its debt when such amounts are required to be
paid.  As of Closing, the Company does not intend to incur debts
beyond its ability to pay such debts as they mature (taking into account the
timing and amounts of cash to be payable on or in respect of its
debt).

    

    4.28                      Disclosures.  The
written materials delivered to the Investor in connection with the transactions
contemplated by the Transaction Documents do not contain any untrue statement of
a material fact or omit to state a material fact necessary in order to make the
statements contained therein, in light of the circumstances under which they
were made, not misleading.

    

    5.           Representations and
Warranties of the Investor.  The Investor hereby represents and
warrants to the Company that:

    

    5.1           Organization and
Existence.  Investor is a validly existing corporation, limited
partnership or limited liability company and has all requisite corporate,
partnership or limited liability company power and authority to invest in the
Securities pursuant to this Agreement.

    

    5.2           Authorization.  The
execution, delivery and performance by Investor of the Transaction Documents to
which Investor is a party have been duly authorized and will each constitute the
valid and legally binding obligation of such Investor, enforceable against
Investor in accordance with their respective terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability, relating to or affecting creditors’ rights
generally.

    

    5.3           Purchase Entirely for Own
Account.  The Securities to be received by Investor hereunder
will be acquired for Investor’s own account, not as nominee or agent, and not
with a view to the resale or distribution of any part thereof in violation of
the 1933 Act, and such Investor has no present intention of selling, granting
any participation in, or otherwise distributing the same in violation of the
1933 Act without prejudice, however, to such
Investor’s right at all times to sell or otherwise dispose of all or any part of
such Securities in compliance with applicable federal and state securities
laws.  Nothing contained herein shall be deemed a
representation or warranty by such Investor to hold the Securities for any
period of time.  Investor is not a broker-dealer registered
with the SEC or an entity engaged in a business that would require it to be so
registered.

     

     

     

    
      
         

      

      
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    5.4           Investment
Experience.  Investor acknowledges that it can bear the
economic risk and complete loss of its investment in the Securities and has such
knowledge and experience in financial or business matters that it is capable of
evaluating the merits and risks of the investment contemplated
hereby.

    

    5.5           Disclosure of
Information.  Investor has had an opportunity to receive all
information related to the Company requested by it and to ask questions of and
receive answers from the Company regarding the Company, its business and the
terms and conditions of the offering of the Securities.  Neither such
inquiries nor any other due diligence investigation conducted by such Investor
shall modify, amend or affect Investor’s right to rely on the Company’s
representations and warranties contained in this Agreement.

    

    5.6           Restricted
Securities.  Such Investor understands that the Securities are
characterized as “restricted securities” under the U.S. federal securities laws
inasmuch as they are being acquired from the Company in a transaction not
involving a public offering and that under such laws and applicable regulations
such securities may be resold without registration under the 1933 Act only in
certain limited circumstances.

    

    5.7           Legends.  It
is understood that, except as provided below, certificates evidencing the
Securities may bear the following or any similar legend:

    

    (a)                      “The
securities represented hereby may not be transferred unless (i) such securities
have been registered for sale pursuant to the Securities Act of 1933, as
amended, (ii) such securities may be sold pursuant to Rule 144, or (iii) the
Company has received an opinion of counsel reasonably satisfactory to it that
such transfer may lawfully be made without registration under the Securities Act
of 1933 or qualification under applicable state securities
laws.  Notwithstanding the foregoing, the securities may be pledged in
connection with a bona fide margin account secured by the
securities.”

    

    (b)                      If
required by the authorities of any state in connection with the issuance of sale
of the Securities, the legend required by such state authority.

    

    5.8           Accredited
Investor.  Investor is an accredited investor as defined in
Rule 501(a) of Regulation D, as amended, under the 1933 Act.

    

    5.9           No General
Advertisement.  Investor did not learn of the investment in the
Securities as a result of any public advertisement, article, notice or other
communication regarding the Securities published in any newspaper, magazine or
similar media or broadcast over television, radio or internet or presented at
any seminar or other general advertisement.

     

     

     

    
      
         

      

      
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    5.10                      Brokers and
Finders.  No Person will have, as a result of the transactions
contemplated by the Transaction Documents, any valid right, interest or claim
against or upon the Company, any Subsidiary or an Investor for any commission,
fee or other compensation pursuant to any agreement, arrangement or
understanding entered into by or on behalf of such Investor, except as set forth
in Section 4.20.

    

    5.11                      Patriot
Act.  Neither Investor nor any of its Affiliates has been
designated, and is not owned or controlled, by a “suspected terrorist” as
defined in Executive Order 13224.  None of the cash used to fund such
Investor’s portion of the Purchase Price has been, and none of the cash used to
fund any cash exercise of such Investor’s Warrants will be, or derived from, any
activity that could cause the Company to be in violation of the United States
Bank Secrecy Act, the United States International Money Laundering Control Act
of 1986 or the United States International Money Laundering Abatement and
Anti-Terrorist Financing Act of 2001.

    

    6.  Conditions to
Closing.

    

    6.1           Conditions to the Investor’s
Obligations. The obligation of Investor to purchase the Debenture at the
Closing is subject to the fulfillment to Investor’s satisfaction, on or prior to
the Closing Date, of the following conditions, any of which may be waived by
Investor:

    

    (a)           The
representations and warranties made by the Company in Section 4 hereof qualified
as to materiality shall be true and correct at all times prior to and on the
Closing Date, except to the extent any such representation or warranty expressly
speaks as of an earlier date, in which case such representation or warranty
shall be true and correct as of such earlier date, and, the representations and
warranties made by the Company in Section 4 hereof not qualified as to
materiality shall be true and correct in all material respects at all times
prior to and on the Closing Date, except to the extent any such representation
or warranty expressly speaks as of an earlier date, in which case such
representation or warranty shall be true and correct in all material respects as
of such earlier date.  The Company shall have performed in all
material respects all obligations and covenants herein required to be performed
by it on or prior to the Closing Date.

    

    (b)           The
Company shall have obtained any and all consents, permits, approvals,
registrations and waivers (excluding stockholder approval of the Proposal)
necessary or appropriate for consummation of the purchase and sale of the
Securities and the consummation of the other transactions contemplated by the
Transaction Documents, all of which shall be in full force and
effect.

    

    (c)           No
judgment, writ, order, injunction, award or decree of or by any court, or judge,
justice or magistrate, including any bankruptcy court or judge, or any order of
or by any governmental authority, shall have been issued, and no action or
proceeding shall have been instituted by any governmental authority, enjoining
or preventing the consummation of the transactions contemplated hereby or in the
other Transaction Documents.

     

     

     

    
      
         

      

      
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    (d)           All
debt of the Company, other than the Debenture, shall have been converted into
the Company common stock.

    

    (e)           The
Company must have executed the Letter of Intent, by and between the Company and
MacFilm Works, Inc.(“LOI”)

    

    (f)           The
Company shall have entered into the Debenture, the BPA Associates Security
Agreement and the Security Agreement.

    

    (g)           The
Company shall have delivered a Certificate, executed on behalf of the Company by
its Chief Executive Officer or its Chief Financial Officer, dated as of the
Closing Date, certifying to the fulfillment of the conditions specified in
subsections (a), (b), (c), (d) and (e) of this Section 6.1.

    

    (h)           The
Company shall have delivered a Certificate, executed on behalf of the Company by
its Secretary, dated as of the Closing Date, certifying the resolutions adopted
by the Board of Directors of the Company approving the transactions contemplated
by this Agreement and the other Transaction Documents, and the issuance of the
Securities, certifying the current versions of the Articles of Incorporation and
Bylaws of the Company and certifying as to the signatures and authority of
persons signing the Transaction Documents and related documents on behalf of the
Company.

    

    (i)           The
Investor shall have received an opinion from Sichenzia Ross Friedman Ference
LLP, the Company’s counsel, dated as of the Closing Date, in form and substance
reasonably acceptable to the Investor and addressing such legal matters as the
Investor may reasonably request.

    

    (j)           No
stop order or suspension of trading shall have been imposed by the SEC or any
other governmental or regulatory body with respect to public trading in the
Common Stock.

    

    (k)           The
Company shall have delivered the Debenture  to the
Investor.

    

    6.2           Conditions to Obligations of
the Company. The Company’s obligation to sell and issue the Debenture and
the Warrant at the Closing is subject to the fulfillment to the satisfaction of
the Company on or prior to the Closing Date of the following conditions, any of
which may be waived by the Company:

    

    (a)           The
representations and warranties made by the Investor in Sections 5.1 and 5.2
hereof (the “Investment Representations”), shall be true and correct in all
material respects when made, and shall be true and correct in all material
respects on the Closing Date with the same force and effect as if they had been
made on and as of said date.  The Investment Representations shall be
true and correct in all respects when made, and shall be true and correct in all
respects on the Closing Date with the same force and effect as if they had been
made on and as of said date.  The Investor shall have performed in all
material respects all obligations and covenants herein required to be performed
prior to the Closing Date.

    

    (b)           The
Investor shall have delivered the Purchase Price to the Company.

     

     

    
      
         

      

      
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    7.           Covenants and Agreements of
the Company.

    

    7.1           Reservation of Common
Stock.  Until the Investor has sold all of the shares of common
stock issuable to the Investor pursuant to the Transaction Documents, the
Company shall at all times reserve and keep available out of its authorized but
unissued shares of Common Stock, solely for the purpose of providing for the
Additional Consideration Shares, such number of shares of Common Stock as shall
from time to time equal to the number of Additional Consideration Shares
issuable pursuant to the Transaction Documents in accordance with their
respective terms.

    

    7.2           Reports.  Until
the earlier of the time that the Company or a company that the Company is a
subsidiary of is required to file reports pursuant to the Securities Exchange
Act of 1934, as amended, the Company will furnish to the Investor and/or
assignee such information relating to the Company and its Subsidiaries as from
time to time may reasonably be requested by the Investor and/or assignee;
provided, however, that the Company shall not disclose material nonpublic
information to the Investor, or to advisors to or representatives of the
Investor, unless prior to disclosure of such information the Company identifies
such information as being material nonpublic information and provides the
Investor, such advisors and representatives with the opportunity to accept or
refuse to accept such material nonpublic information for review and Investor
enters into an appropriate confidentiality agreement with the Company with
respect thereto.

    

    7.3           No Conflicting
Agreements.  The Company will not take any action, enter into
any agreement or make any commitment that would conflict or interfere in any
material respect with the Company’s obligations to the Investor under the
Transaction Documents.

    

    7.4           Insurance.  Until
the Debenture has been repaid the Company shall maintain in full force and
effect insurance coverage that is customary for comparably situated companies
for the business being conducted and properties owned or leased by the Company
and each Subsidiary, in amounts the Company reasonably believes to be adequate
against all liabilities, claims and risks against which it is customary for
comparably situated companies to insure.

    

    7.5           Compliance with
Laws.  The Company will comply in all material respects with
all applicable laws, rules, regulations, orders and decrees of all governmental
authorities, provided however, the Investor shall have no claims against the
Company pursuant to this Section once the Debenture has been paid in full and
the Investor has sold all of the Common Stock issued to the Investor pursuant to
the Transaction Documents.

    

    7.6           Reserved.

     

    7.7           Collateral.  From
the date of this Agreement until the first date following the Closing Date on
which the Debenture is no longer outstanding, (i) the Company shall and shall
cause its Subsidiaries to maintain the Collateral (as defined in the Security
Agreement) in good condition, repair and order and shall make all necessary
repairs and replacements thereof so that the operating efficiency and the value
thereof shall at all times be preserved and maintained; and (ii) the Company
shall, and shall cause each of its Subsidiaries to, permit the Buyer to examine
any of the Collateral at any time during reasonable business hours and, in
absence of an Event of Default, upon prior notice, and wherever the Collateral
may be located.

     

     

     

    
      
         

      

      
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    7.8           Reserved.

    

                         7.9           Other Negative
Covenants.  Until the Debenture
has been repaid and all securities issuable to Investor pursuant to the
Transaction Documents are issued, unless such transaction (i) is approved in
writing by the Investor, (ii) is contemplated by the Investment Agreement, or
(iii) is contemplated by the LOI, the Company hereby further covenants and
agrees that it will not:

    

    (i)           Sell,
lease, or otherwise dispose of all or substantially all of its
assets;

    

    (ii)           Dissolve,
liquidate, or wind up its business;

    

    (iii)           Conduct
its business other than in its ordinary and usual course;

    

    (iv)           Issue
any debt obligations in excess of $1,000,000, unless all of the obligations of
the Debenture are retired with such proceeds;

    

    (v)           Pay
any dividend or make any other distributions of cash or property to any of the
holders of its capital stock;

    

    (vi)           Merge
or consolidate with another entity; or

    

    (vii)                      Enter
into any transaction with an affiliate other than in the ordinary course other
on Schedule 7.9(vii).

    

    8.           Survival and
Indemnification.

    

    8.1  Survival.  The
representations, warranties, covenants and agreements contained in this
Agreement shall survive the Closing of the transactions contemplated by this
Agreement.

    

    8.2  Indemnification.  The
Company agrees to indemnify and hold harmless the Investor and its Affiliates
and their respective directors, officers, employees and agents from and against
any and all losses, claims, damages, liabilities and expenses (including without
limitation reasonable attorney fees and disbursements and other expenses
incurred in connection with investigating, preparing or defending any action,
claim or proceeding, pending or threatened and the costs of enforcement thereof)
(collectively, “Losses”) to which such Person may become subject as a result of
any breach of representation, warranty, covenant or agreement made by or to be
performed on the part of the Company under the Transaction Documents and will
reimburse any such Person for all such amounts as they are incurred by such
Person; unless such action is based upon a breach of such Investor’s
representations, warranties or covenants under the Transaction Documents which
causes a material adverse effect on the Company or any conduct by such Investor
which constitutes fraud, gross negligence, willful misconduct or malfeasance
related to the transactions contemplated by the Transaction
Documents,

     

     

    
      
         

      

      
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    8.3  Conduct of Indemnification
Proceedings.  Promptly
after receipt by any Person (the “Indemnified Person”) of
notice of any demand, claim or circumstances which would or might give rise to a
claim or the commencement of any action, proceeding or investigation in respect
of which indemnity may be sought pursuant to Section 8.2, such Indemnified
Person shall promptly notify the Company in writing and the Company shall assume
the defense thereof, including the employment of counsel reasonably satisfactory
to such Indemnified Person, and shall assume the payment of all fees and
expenses; provided, however, that the failure of any
Indemnified Person so to notify the Company shall not relieve the Company of its
obligations hereunder except to the extent that the Company is materially
prejudiced by such failure to notify.  In any such proceeding, any
Indemnified Person shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such Indemnified Person
unless: (i) the Company and the Indemnified Person shall have mutually agreed to
the retention of such counsel; or (ii) in the reasonable judgment of counsel to
such Indemnified Person representation of both parties by the same counsel would
be inappropriate due to actual or potential differing interests between
them.  The Company shall not be liable for any settlement of any
proceeding effected without its written consent, which consent shall not be
unreasonably withheld, but if settled with such consent, or if there be a final
judgment for the plaintiff, the Company shall indemnify and hold harmless such
Indemnified Person from and against any loss or liability (to the extent stated
above) by reason of such settlement or judgment.  Without the prior
written consent of the Indemnified Person, which consent shall not be
unreasonably withheld, the Company shall not effect any settlement of any
pending or threatened proceeding in respect of which any Indemnified Person is
or could have been a party and indemnity could have been sought hereunder by
such Indemnified Party, unless such settlement includes an unconditional release
of such Indemnified Person from all liability arising out of such
proceeding.

    

    9.           Miscellaneous.

    

    9.1           Successors and
Assigns.  This Agreement may not be assigned by a party hereto
without the prior written consent of the Company or the Investor, as applicable,
provided, however, that an Investor may assign its rights and delegate its
duties hereunder in whole or in part to an Affiliate or to a third party
acquiring some or all of its Securities in a private transaction without the
prior written consent of the Company, after notice duly given by Investor to the
Company provided, that no such assignment or obligation shall affect the
obligations of Investor hereunder.  The provisions of this Agreement
shall inure to the benefit of and be binding upon the respective permitted
successors and assigns of the parties.  Nothing in this Agreement,
express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as
expressly provided in this Agreement.

    

    9.2           Counterparts;
Faxes.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.  This Agreement
may also be executed via facsimile, which shall be deemed an
original.

    

    9.3           Titles and
Subtitles.  The titles and subtitles used in this Agreement are
used for convenience only and are not to be considered in construing or
interpreting this Agreement.

     

     

     

    
      
         

      

      
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    9.4           Notices.  Unless
otherwise provided, any notice required or permitted under this Agreement shall
be given in writing and shall be deemed effectively given as hereinafter
described (i) if given by personal delivery, then such notice shall be deemed
given upon such delivery, (ii) if given by telex or telecopier, then such notice
shall be deemed given upon receipt of confirmation of complete transmittal,
(iii) if given by mail, then such notice shall be deemed given upon the earlier
of (A) receipt of such notice by the recipient or (B) three days after such
notice is deposited in first class mail, postage prepaid, and (iv) if given by
an internationally recognized overnight air courier, then such notice shall be
deemed given one Business Day after delivery to such carrier.  All
notices shall be addressed to the party to be notified at the address as
follows, or at such other address as such party may designate by ten days’
advance written notice to the other party:

    

    If to the
Company:    Sahara Media, Inc.,

        75 Franklin
Street, Second Floor

        New York, New
York 10013

    

    

    

    With a copy
to  :        Marc Ross,
Esq.

                      
Sichenzia Ross Friedman Ference LLP

         61
Broadway, New York, New York 10006

    

    

    If to the Investor, to the address set
forth on the signature page.

    

    9.5           Expenses.  The
parties hereto shall pay their own costs and expenses in connection herewith,
except that the Company shall pay (i) $7,500 of the fees and expenses of Brewer
& Pritchard; it being understood that Brewer & Pritchard has only
rendered legal advice to the Investor and not to the Company in connection with
the transactions contemplated hereby, and that the Company has relied for such
matters on the advice of its own respective counsel, and (ii) $5,000 of the fees
and expenses of Investor; such fees shall be deducted from the proceeds of the
Debenture at Closing.  The Company shall reimburse the Investor upon
demand for all reasonable out-of-pocket expenses incurred by the Investor,
including without limitation reimbursement of attorneys’ fees and disbursements,
in connection with any amendment, modification or waiver of this Agreement or
the other Transaction Documents.  In the event that legal proceedings
are commenced by any party to this Agreement against another party to this
Agreement in connection with this Agreement or the other Transaction Documents,
the party or parties which do not prevail in such proceedings shall severally,
but not jointly, pay their pro rata share of the reasonable attorneys’ fees and
other reasonable out-of-pocket costs and expenses incurred by the prevailing
party in such proceedings.

    

    9.6           Amendments and
Waivers.  Any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a
particular instance and either retroactively or prospectively), only with the
written consent of the Company and the Investor.  Any amendment or
waiver effected in accordance with this paragraph shall be binding upon each
holder of any Securities purchased under this Agreement at the time outstanding,
each future holder of all such Securities, and the Company.

    

    9.7           Publicity.  Except
as set forth below, no public release or announcement concerning the
transactions contemplated hereby shall be issued by the Company or the Investor
without the prior consent of the Company (in the case of a release or
announcement by the Investor) or the Investor (in the case of a release or
announcement by the Company) (which consents shall not be unreasonably
withheld), except as such release or announcement may be required by law or the
applicable rules or regulations of any securities exchange or securities market,
in which case the Company or the Investor, as the case may be, shall allow the
Investor or the Company, as applicable, to the extent reasonably practicable in
the circumstances, reasonable time to comment on such release or announcement in
advance of such issuance.  By 8:30 a.m. (New York City time) on the
trading day immediately following the Closing Date, the Company shall issue a
press release, reviewed and approved by the Investor, disclosing the
consummation of the transactions contemplated by this Agreement.

     

     

    
      
         

      

      
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    9.8           Severability.  Any
provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof but shall be interpreted as if it were written so as to be
enforceable to the maximum extent permitted by applicable law, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.  To the
extent permitted by applicable law, the parties hereby waive any provision of
law which renders any provision hereof prohibited or unenforceable in any
respect.

    

    9.9           Entire
Agreement.  This Agreement, including the Exhibits and the
Disclosure Schedules, and the other Transaction Documents constitute the entire
agreement among the parties hereof with respect to the subject matter hereof and
thereof and supersede all prior agreements and understandings, both oral and
written, between the parties with respect to the subject matter hereof and
thereof.

    

    9.10                      Further
Assurances.  The parties shall execute and deliver all such
further instruments and documents and take all such other actions as may
reasonably be required to carry out the transactions contemplated hereby and to
evidence the fulfillment of the agreements herein contained.

    

    9.11                      Governing Law; Consent to
Jurisdiction; Waiver of Jury Trial.  This Agreement shall be
governed by, and construed in accordance with, the internal laws of the State of
New York without regard to the choice of law principles thereof.  Each
of the parties hereto irrevocably submits to the exclusive jurisdiction of the
courts of the State of Texas located in Harris County and the United States
District Court for the Southern District of Texas for the purpose of any suit,
action, proceeding or judgment relating to or arising out of this Agreement and
the transactions contemplated hereby.  Service of process in
connection with any such suit, action or proceeding may be served on each party
hereto anywhere in the world by the same methods as are specified for the giving
of notices under this Agreement.  Each of the parties hereto
irrevocably consents to the jurisdiction of any such court in any such suit,
action or proceeding and to the laying of venue in such court.  Each
party hereto irrevocably waives any objection to the laying of venue of any such
suit, action or proceeding brought in such courts and irrevocably waives any
claim that any such suit, action or proceeding brought in any such court has
been brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY
RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS
AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS
WAIVER.

    

    [signature
page follows]

     

     

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, the parties have
executed this Agreement or caused their duly authorized officers to execute this
Agreement as of the date first above written.

     

    
      
        	The
      Company: 	SAHARA
      MEDIA, INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Philmore
      Anderson IV	 
	 	 	Name: Philmore
      Anderson IV	 
	 	 	Title: Chief
      Executive Officer	 
	 	 	 	 

      

    

       

      
        	The
      Investor:  	JOHN
      THOMAS BRIDGE & OPPORTUNITY FUND	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ George
      Jarkesy	 
	 	 	Name:  George
      Jarkesy	 
	 	 	Title:   Managing
      Partner	 

      

    

     

    Aggregate
Purchase Price:  $500,000

    Principal
Amount of Debenture:  $500,000

     

    
      	 Address for
      Notice:	
              John
      Thomas Bridge & Opportunity Fund

              3
      Riverway, Suite 1800

              Houston,
      Texas 77056

              Attention:  George
      Jarksey

              Facsimile:
      __________________

            
	 	 
	 	with a copy
      to:
	 	 
	 	
              Brewer
      & Pritchard, P.C.

              3
      Riverway, Suite 1800

              Houston,
      Texas  77056

              Attn:  Thomas
      C. Pritchard

              Telephone:  (713)
      209-2911

              Facsimile:    (713)
      209-2921

              Email:  Pritchard@bplaw.com

            
	 	 

    

     

     

     

     

     

     

    
       

      21Unassociated Document

    Exhibit 10.7

     

    
 

    THESE
SECURITIES HAVE NOT 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 CONVERSION
OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
OR OTHER LOAN SECURED BY SUCH SECURITIES.

    

    Original
Issue Date: July 1,
2008

    

    $500,000

    

    

    12%
SENIOR SECURED DEBENTURE

    DUE
DECEMBER 30 2008

    

    THIS DEBENTURE of Sahara Media, Inc. a
Delaware corporation, having a principal place of business at 75 Franklin
Street, 2nd Floor,
New York, New York (the “Company”), designated
as its 12% Debenture, due December 30, 2008 (the “Debenture”).

    

    FOR VALUE
RECEIVED, the Company promises to pay to John Thomas Bridge & Opportunity
Fund or its registered assigns (the “Holder”), the
principal sum of $500,000 on the earlier of (i) December 30, 2008, (ii) upon a
Change of Control (at the option of the Holder), or (iii) upon the closing of a
Subsequent Financing (the “Maturity Date”), to
pay accrued interest to the Holder at the Maturity Date on the then outstanding
principal amount of this Debenture at the rate of 12% per annum, payable in cash
and in the event of a Change of Control in which the Company is not the
surviving entity the Company shall  issue to the Holder  i)
500,000 shares of common stock of the surviving entity in the reorganization
contemplated by the LOI (as defined herein); provided however, that if the
common stock placed by John Thomas Financial pursuant to the Investment
Agreement is at a subscription price (whether in cash or non cash consideration)
of less than $1.00 per share, the Company shall issue  Holder
additional common stock in an amount equal to the difference between (a) 500,000
multiplied by a fraction, the numerator of which is $1.00 and the denominator of
which is the lower subscription price issued pursuant to the Investment
Agreement and (b) 500,000; and (ii) a five year warrant to purchase 500,000
shares of common stock of the surviving entity at an exercise price at $2.00 per
share (if the warrants issued in connection with the Investment Agreement are
less than $2.00 per share, such exercise price shall be reduced to the exercise
price of such warrants issued in connection with the Investment Agreement). The
warrant shall include standard anti-dilution provisions and additional exercise
price adjustments for sales of common stock at prices less than $2.00 within one
year of the issue date of the warrant. Holder shall enter into all documents
that are used to place the securities pursuant to the Investment Agreement and
shall have the same rights as such investors, including but not limited to
registration rights.  Upon the Maturity Date resulting from any reason
other than a Change of Control, the Company shall issue to Investor shares of
its common stock in an amount after such issuance that equals 20% of the issued
and outstanding shares of common stock on a fully diluted basis, in lieu of the
securities described in the previous sentence (the “Additional Consideration
Shares”). (For the avoidance doubt, the common stock and warrant issuance
referenced in this paragraph are the same and not in addition to the stock and
warrant issuance referenced in Section 2(b) of the Purchase Agreement.) The
Company may pre-pay this Debenture at any time without penalty.  If
the Company fails to execute a definitive agreement in connection with the
Letter of Intent by and between the Company and Mac Film Works, Inc. (“LOI”) ,
the Company shall repay Holder 30% of any and all funds raised by the
Holder.

     

     

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    
 

    This
Debenture is subject to the terms and conditions set forth in the Purchase
Agreement, as well as to the following additional provisions:

    

    Section
1.                                  This
Debenture is exchangeable for an equal aggregate principal amount of Debentures
of different authorized denominations, as requested by the Holder surrendering
the same.  No service charge will be made for such registration of
transfer or exchange.

    

    Section
2.                                  This
Debenture has been issued subject to certain investment representations of the
original Holder set forth in the Purchase Agreement and may be transferred or
exchanged only in compliance with the Purchase Agreement and applicable federal
and state securities laws and regulations.  Prior to due presentment
to the Company for transfer of this Debenture, the Company and any agent of the
Company may treat the Person in whose name this Debenture is duly registered on
the Debenture register as the owner hereof for the purpose of receiving payment
as herein provided and for all other purposes, whether or not this Debenture is
overdue, and neither the Company nor any such agent shall be affected by notice
to the contrary.

    

    Section
3.                                Events of
Default.

    

    (a)           “Event of Default”,
wherever used herein, means any one of the following events (whatever the reason
and whether it shall be voluntary or involuntary or effected by operation of law
or pursuant to any judgment, decree or order of any court, or any order, rule or
regulation of any administrative or governmental body):

    

    (i)           any
default in the payment of the principal amount of, or interest on, the
Debenture;

    

    (ii)           the
Company shall fail to observe or perform any other covenant or agreement
contained in this Debenture or any of the other Transaction Documents which
failure is not cured, if possible to cure, within 10 Business Days after notice
of such default is sent by the Holder or by any other holder to the
Company;

    

    (iii)           the
Company shall commence, or there shall be commenced against the Company a case
under any applicable bankruptcy or insolvency laws as now or hereafter in effect
or any successor thereto, or the Company  commences any other
proceeding under any reorganization, arrangement, adjustment of debt, relief of
debtors, dissolution, insolvency or liquidation or similar law of any
jurisdiction whether now or hereafter in effect relating to the Company or there
is commenced against the Company any such bankruptcy, insolvency or other
proceeding which remains undismissed for a period of 60 days; or the Company is
adjudicated insolvent or bankrupt; or any order of relief or other order
approving any such case or proceeding is entered; or the
Company  suffers any appointment of any custodian or the like for it
or any substantial part of its property which continues undischarged or unstayed
for a period of 60 days; or the Company makes a general assignment for the
benefit of creditors; or the Company shall fail to pay, or shall state that it
is unable to pay, or shall be unable to pay, its debts generally as they become
due; or the Company; or any corporate or other action is taken by the Company or
any subsidiary thereof for the purpose of effecting any of the
foregoing;

    

    (iv)           default
shall occur with respect to any other indebtedness for borrowed money or under
any agreement under which such indebtedness may be issued by the Company and
such default shall continue for more than the period of grace, if any, therein
specified, if the aggregate amount of such indebtedness for which such default
shall have occurred exceeds $200,000;

    

    (v)           material
default shall occur with respect to any contractual obligation of the Company
under or pursuant to any contract, lease, or other agreement to which the
Company is a party and such default shall continue for more than the period of
grace, if any, therein specified, if the aggregate amount of the Company’s
contractual liability arising out of such default exceeds or is reasonably
estimated to exceed $200,000;

    

    (vi)           final
judgment for the payment of money in excess of $200,000 shall be rendered
against the Company and the same shall remain undischarged for a period of 60
days during which execution shall not be effectively stayed; or

    

    (vii)                                           the
Company shall materially breach the Investment Agreement between John Thomas
Financial and the Company in connection with the Subsequent
Financing.

     

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
 

    

    (b)           If
any Event of Default occurs, the full principal amount of this Debenture,
together with interest, the Additional Consideration Shares and other amounts
owing in respect thereof, to the date of acceleration shall become immediately
due and payable.  Commencing 5 days after the occurrence of any Event
of Default that results in the eventual acceleration of this Debenture, the
interest rate on this Debenture shall accrue at the rate of 18% per annum, or
such lower maximum amount of interest permitted to be charged under applicable
law.  The Holder need not provide and the Company hereby waives any
presentment, demand, protest or other notice of any kind, and the Holder may
immediately and without expiration of any grace period enforce any and all of
its rights and remedies hereunder and all other remedies available to it under
applicable law.  Such declaration may be rescinded and annulled by
Holder at any time prior to payment hereunder and the Holder shall have all
rights as a Debenture holder until such time, if any, as the full payment under
this Section shall have been received by it.  No such rescission or
annulment shall affect any subsequent Event of Default or impair any right
consequent thereon.

    

    Section
4.                                Secured.  This
Debenture is secured pursuant to the terms of the Security Agreement, issued
contemporaneously herewith, between Holder and the Company.

    

    Section
5.                                Definitions.  For
the purposes hereof, in addition to the terms defined elsewhere in this
Debenture: (a) capitalized terms not otherwise defined herein have the meanings
given to such terms in the Purchase Agreement, and (b) the following terms shall
have the following meanings:

    

    “Business Day” means
any day except Saturday, Sunday and any day which shall be a federal legal
holiday in the United States or a day on which banking institutions in the State
of New York are authorized or required by law or other government action to
close.

    

    “Change of Control” as
used herein shall mean the occurrence of the following events:

    

    
      	
               
      

            	
              (i)

            	
              A
      sale, transfer, or other disposition by the Company through a single
      transaction or a series of transactions occurring within a 90-day period
      of securities of the Company representing Beneficial Ownership (as defined
      below) of fifty (50%) percent or more of the combined voting power of the
      Company’s then outstanding securities to any “Unrelated Person” or
      “Unrelated Persons” acting in concert with one another.  For
      purposes of this definition, the term “Person” shall mean and include any
      individual, partnership, joint venture, association, trust corporation, or
      other entity including a “group” as referred to in Section 13(d)(3) of the
      Securities Exchange Act of 1934, as amended (“1934 Act”).  For
      purposes of this definition, the term “Unrelated Person” shall mean and
      include any Person other than the Company, a wholly-owned subsidiary of
      the Company, an existing shareholder, or an employee benefit plan of the
      Company; provided however, a sale of the Company’s securities in a capital
      raising transaction shall not be a Change of
  Control.

            

    

    

    
      	
               
      

            	
              (ii)

            	
              A
      sale, transfer, or other disposition through a single transaction or a
      series of transactions occurring within a 90-day period of all or
      substantially all of the assets of the Company to an Unrelated Person or
      Unrelated Persons acting in concert with one
  another.

            

    

    

    
      	
               
      

            	
              (iii)

            	
              A
      change in the ownership of the Company through a single transaction or a
      series of transactions occurring within a 90-day period such that any
      Unrelated Person or Unrelated Persons acting in concert with one another
      become the “Beneficial Owner,” directly or indirectly, of securities of
      the Company representing at least fifty-one (51%) percent of the combined
      voting power of the Company then outstanding securities.  For
      purposes of this Agreement, the term “Beneficial Owner” shall have the
      same meaning as given to that term in Rule 13d-3 promulgated under the
      1934 Act, provided that any pledgee of voting securities is not deemed to
      be the Beneficial Owner of the securities prior to its acquisition of
      voting rights with respect to the
securities.

            

    

    

    
      	
               
      

            	
              (iv)

            	
              Any
      consolidation or merger of the Company with or into an Unrelated Person,
      unless immediately after the consolidation or merger the holders of the
      Common Stock of the Company immediately prior to the consolidation or
      merger are the beneficial owners of securities of the surviving
      corporation representing at least fifty-one (51%) percent of the combined
      voting power of the surviving corporation’s then outstanding
      securities.

            

    

    

    
      	
               
      

            	
              (v)

            	
              a
      reorganization of the Company pursuant to a Section 368 of the Internal
      Revenue Code of 1986, including any reorganization with Mac Filmworks,
      Inc.

            

    

     

     

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
 

    “Person” means a
corporation, an association, a partnership, organization, a business, an
individual, a government or political subdivision thereof or a governmental
agency.

    

    “Purchase Agreement”
means the Purchase Agreement, dated as of the date hereof, to which the Company
and the original Holder are parties, as amended, modified or supplemented from
time to time in accordance with its terms.

    

    “Subsequent Financing”
shall be the closing of the sale of Company capital stock or debt securities in
one or a series of placements aggregating at least $3,000,000 within the 6 month
period from the Original Funding Date.

    

    “Trading Day” means
(a) a day on which the shares of Common Stock are traded on a Trading
Market on which the shares of Common Stock are then listed or quoted, or
(b) if the shares of Common Stock are not quoted on a Trading Market, a day
on which the shares of Common Stock are quoted in the over-the-counter market as
reported by the National Quotation Bureau Incorporated (or any similar
organization or agency succeeding its functions of reporting prices); provided, that in the
event that the shares of Common Stock are not listed or quoted as set forth in
(a), (b) and (c) hereof, then Trading Day shall mean a Business
Day.

    

    “Transaction
Documents” shall have the meaning set forth in the Purchase
Agreement.

    

    Section
6.  Reserved.

    

    Section
7.                                      Except
as expressly provided herein, no provision of this Debenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of, and interest on, this Debenture at the time, place, and
rate, and in the coin or currency, herein prescribed.  This Debenture
is a direct debt obligation of the Company.  As long as this Debenture
is outstanding, the Company shall not and shall cause it subsidiaries not to,
without the consent of the Holder, amend its certificate of incorporation,
bylaws or other charter documents so as to adversely affect any rights of the
Holder; or  enter into any agreement with respect to any of the
foregoing. 

    

    Section
8.                                      If
this Debenture shall be mutilated, lost, stolen or destroyed, the Company shall
execute and deliver, in exchange and substitution for and upon cancellation of a
mutilated Debenture, or in lieu of or in substitution for a lost, stolen or
destroyed Debenture, a new Debenture for the principal amount of this Debenture
so mutilated, lost, stolen or destroyed but only upon receipt of evidence of
such loss, theft or destruction of such Debenture, and of the ownership hereof,
and indemnity, if requested, all reasonably satisfactory to the
Company.

    

    Section
9.  All questions concerning the construction, validity,
enforcement and interpretation of this Debenture shall be governed by and
construed and enforced in accordance with the internal laws of the State of New
York, without regard to the principles of conflicts of law
thereof.  Each party agrees that all legal proceedings concerning the
interpretations, enforcement and defense of the transactions contemplated by any
of the Transaction Documents (whether brought against a party hereto or its
respective affiliates, directors, officers, shareholders, employees or agents)
shall be commenced in the state and federal courts sitting in the City of
Houston, Harris County (the “Texas
Courts”).  Each party hereto hereby irrevocably submits to the
exclusive jurisdiction of the Texas Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein (including with respect to the enforcement of any of the
Transaction Documents), and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, or such Texas Courts are improper or
inconvenient venue for such proceeding.  Each party hereby irrevocably
waives personal service of process and consents to process being served in any
such suit, action or 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 Debenture 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 Debenture or the transactions contemplated hereby. If either
party shall commence an action or proceeding to enforce any provisions of this
Debenture, then the prevailing party in such action or proceeding shall be
reimbursed by the other party for its attorneys fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such
action or proceeding.

     

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
 

    Section
10.  Any waiver by the Company or the Holder of a breach of any
provision of this Debenture shall not operate as or be construed to be a waiver
of any other breach of such provision or of any breach of any other provision of
this Debenture.  The failure of the Company or the Holder to insist
upon strict adherence to any term of this Debenture on one or more occasions
shall not be considered a waiver or deprive that party of the right thereafter
to insist upon strict adherence to that term or any other term of this
Debenture.  Any waiver must be in writing.

    

    Section
11.  If any provision of this Debenture is invalid, illegal or
unenforceable, the balance of this Debenture shall remain in effect, and if any
provision is inapplicable to any person or circumstance, it shall nevertheless
remain applicable to all other persons and circumstances.  If it shall
be found that any interest or other amount deemed interest due hereunder
violates applicable laws governing usury, the applicable rate of interest due
hereunder shall automatically be lowered to equal the maximum permitted rate of
interest. The Company covenants (to the extent that it may lawfully do so) that
it shall not at any time insist upon, plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay, extension or usury law or other
law which would prohibit or forgive the Company from paying all or any portion
of the principal of or interest on this Debenture as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect the
covenants or the performance of this indenture, and the Company (to the extent
it may lawfully do so) hereby expressly waives all benefits or advantage of any
such law, and covenants that it will not, by resort to any such law, hinder,
delay or impeded the execution of any power herein granted to the Holder, but
will suffer and permit the execution of every such as though no such law has
been enacted.

    

    Section
12.  Whenever any payment or other obligation hereunder shall
be due on a day other than a Business Day, such payment shall be made on the
next succeeding Business Day.

    

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    *********************

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

    

    
      	 	SAHARA
      MEDIA, INC.	 
	 	 	 	 
	
               

            	
              By:
      

            	/s/ Philmore
      Anderson IV	 
	 	 	Name:
      Philmore Anderson IV	 
	 	 	Title:
      Chief Executive Officer	 
	 	 	 	 

    

     

     

     

     

     

     

     

    6

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