Document:

Exhibit
        10.12

       

      PURCHASE
        AND SALE AGREEMENT

      

      Samson
        Oil and Gas USA,
        1726
        Cole Blvd, Suite 210, Lakewood, Colorado 80401, (“Seller”) and Kaiser-Francis
        Anadarko Limited Partnership,
        6733 S.
        Yale Ave., Tulsa, Oklahoma 74136, (“Buyer”) enter into this Purchase and Sale
        Agreement (this “Agreement”) in consideration of Seller’s agreement to sell and
        Buyer’s agreement to buy certain properties described in this Agreement pursuant
        to the terms and conditions hereinafter set forth:

      

      1. Properties.
        Seller
        shall convey to Buyer all of Seller’s right, title and interest in, to and under
        the lands and leases described on Exhibit
        “A”
        attached
        hereto (the “Leases”) and in and to the wells, revenue interest and cost
        interest described on Exhibit
        “B”
        attached
        hereto (the “Wells”). The Leases and the Wells, including all of Seller’s
        undivided interests in, to, under and derived from the equipment, unit rights,
        permits and privileges related to the ownership thereof, are herein collectively
        referred to as the Properties.

      

      2. Consideration.
        Buyer
        agrees to deliver to Seller at the Closing the sum of Four Million Seven
        Hundred
        Thirty-Six Thousand Dollars ($4,736,000.00) (the “Purchase Price”) which shall
        be adjusted pursuant to the terms of this Agreement. Seller and Buyer shall
        execute and deliver a settlement statement 3 days prior to the Closing that
        shall set forth the Purchase Price, each adjustment pursuant to Article 10,
        as
        applied at the Closing Date, each of which shall be calculated using the
        best
        information available as of a date or dates immediately preceding the Closing
        Date, and the resulting adjusted Purchase Price (the “Closing
        Amount”).

      

      3. The
        Closing.
        Closing
        shall occur on or before May 8th, 2008 (the “Closing Date”) at a time and place
        to be agreed to by the parties. The date of the Closing shall not be extended
        to
        a later date except in writing by mutual consent of the parties. The Closing
        means the consummation of the sale of transfer of Seller’s ownership in the
        Properties and proper payment of the full Purchase Price (the
“Closing”).

      

      a. Buyer
        will make payment of the Purchase Price pursuant to Section 2 via wire transfer
        payable as follows:

      

      (i) One
        Million Seven Hundred Ninety Six Thousand Dollars ($1,796,000) to:

      

      Wells
        Fargo 

      ABA#
        121000248

      Samson
        Oil and Gas

      Account
        #4121371694

      SWIFT
        Code: WFBIUS6S

      Telephone
        No.: 303-863-6385

       

      (ii) Two
        Million Nine Hundred and Forty Thousand Dollars ($2,940,000) to:

      

      US
        Bank

      ABA#
        102000021

      Davis,
        Graham & Stubbs, LLP Agency Account

      Account
        #
        120404713212

      Client
        Reference: 191937-0011

      Telephone
        No.: (303) 892-7496

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      b. A
        form of
        assignment is attached hereto as Exhibit
        “C”
        (the
“Assignment”). Upon receipt of Purchase Price via wire transfer, the Assignment
        shall be executed and delivered to Buyer.

      

      c. Seller
        shall deliver to Buyer at Closing a Non-Foreign Affidavit in the form of
        Exhibit
“I” attached hereto.

      

      4. Effective
        Time.
        The
        Assignment shall be effective as of January 1, 2008, at 7:00 a.m., local
        time
        where the Properties are located (the “Effective Time”).

      

      5. Files,
        Records and Due Diligence.
        Prior
        to the Closing, Seller shall allow Buyer to examine, at Seller’s offices (during
        normal business hours), all files relating to the Properties. The Buyer shall
        have a reasonable amount of time to examine title, environmental condition,
        mechanical condition, applicable contracts and agreements, gas balancing
        status
        and payout status with all being acceptable to Buyer before Closing. Buyer
        shall
        notify Seller of any defects prior to Closing. Buyer and Seller shall in
        good
        faith negotiate the adjustments to the Purchase Price, using the values set
        forth on the Exhibit “B”, for any defects not cured by Seller or accepted by
        Buyer prior to Closing. However, there shall be no adjustment to the Purchase
        Price unless the aggregate value of the defects not cured or waived by Buyer
        prior to Closing exceeds $50,000. In addition, in the event the aggregate
        value
        of such defects exceeds fifteen percent (15%) of the Purchase Price, Seller
        or
        Buyer shall have the right to terminate this Agreement. 

      

      6. Post-Closing
        Statement.
        No
        later than ninety (90) days after the Closing, or as soon thereafter as
        practicable, Seller shall deliver to Buyer a final settlement statement that
        will reconcile the actual expenses and revenues attributable to the period
        of
        time between the Effective Time and the Closing. The parties shall use their
        best efforts to agree to such settlement statement within thirty (30) days
        after
        delivery by Buyer. Any payment due pursuant to this Section 6 shall be made
        within fifteen (15) days following agreement on the settlement
        statement.

      

      7. Seller
        Warranties.
        Seller
        represents and warrants that there are no: (i) material contracts; (ii) gas
        imbalances; (iii) environmental notices received by the Seller; (iv)
        preferential rights or consents; or pending litigation pertaining to Seller’s
        interests in the Properties which are not disclosed on Exhibits
        “D”
        through
“H”
        respectively. Said exhibits are summarized as follows:

      

      Exhibit
        “D” - Material Contracts (relating
        to properties not operated by Buyer or that relate specifically only to
        Seller) 

       

      Exhibit
        “E” - Gas Imbalances

       

      
        
          
          

        

        
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      Exhibit
        “F” - Environmental Notices

       

      Exhibit
        “G” - Preferential Rights or Consents

       

      Exhibit
        “H” - Pending Litigation

       

      

      8. Representations
        of Seller.
        Seller
        represents to Buyer that:

      

      a. It
        is,
        and until the Closing, shall continue to be a corporation duly organized,
        validly existing and in good standing under the laws of the State of Colorado
        and is qualified and authorized to do business in the State of
        Oklahoma.

      

      b.
        It
        has
        all requisite power and authority to carry on its business as presently
        conducted, to enter into this Agreement, and to perform its obligations under
        this Agreement. The consummation of the transactions contemplated by this
        Agreement will not violate, nor be in conflict with, (i) any provision of
        its
        charter or bylaws or (ii) any agreement or instrument to which it is a party
        or
        is bound.

      

      c. The
        execution, delivery and performance of this Agreement and the transactions
        contemplated hereby have been duly and validly authorized by all requisite
        action on the part of Seller.

      

      d. This
        Agreement has been duly executed and delivered on behalf of Seller, and at
        the
        Closing all documents and instruments required hereunder to be executed and
        delivered by it shall have been duly executed and delivered.

      

      e. Seller
        is
        (and at the Closing will be) the record owner of, and upon consummation of
        the
        transactions contemplated hereby Buyer will acquire Seller’s title to, the
        Properties with working interest no greater than and net revenue no less
        than
        those expressed on Exhibit “B” hereto, free and clear of all Liens by, through
        and under Seller, but not otherwise.

      

      f. There
        are
        no Proceedings pending or, to Seller's Knowledge, threatened, in which Seller
        is
        or may be a party affecting the execution and delivery of this Agreement
        by
        Seller or the consummation of the transactions contemplated hereby by
        Seller.

      

      9. Representations
        of Buyer.
        Buyer
        represents to Seller that:

      

      a. It
        is,
        and until the Closing, shall continue to be a limited partnership duly
        organized, validly existing and in good standing under the laws of the State
        of
        Oklahoma and is qualified and authorized to do business in the State of
        Oklahoma.

       

      
        
          
          

        

        
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      b. It
        has
        all requisite power and authority to carry on their business as presently
        conducted, to enter into this Agreement, and to perform their obligations
        under
        this Agreement.

      

      10. Operations
        Prior to the Closing, Production and Expenses.
        Except
        as otherwise provided herein, the parties will apportion all benefits and
        obligations of every kind and nature relating to the Properties on an accrual
        basis as of the Effective Time using generally accepted accounting principles.
        Additionally, the Seller shall receive an upward adjustment to the Purchase
        Price for the value of all merchantable allowable oil or other liquids in
        storage owned by Seller above the pipeline connection at the Effective Time,
        and
        not previously sold by Seller, that is credited to the Properties, such value
        to
        be the contract price, or if no contract is in effect, the actual sales price,
        less taxes or gravity adjustments deducted by the purchaser of such oil or
        other
        liquids. Not limiting the foregoing, Seller shall be responsible for payment
        of
        all expenses incurred and for its share of disbursements (or directions of
        disbursements) of revenue received, with respect to the Properties prior
        to the
        Effective Time. Buyer shall promptly turn over to Seller all proceeds of
        production and all reimbursements of expenses previously paid by Seller which
        are received by Buyer after the Closing Date and which are attributable to
        the
        Properties for any period of time prior to the Effective Time and which have
        not
        been accounted for on the Closing settlement statement.  Buyer
        shall be responsible for payment of all expenses incurred and for disbursements
        of revenue received, with respect to the Properties from and after the Effective
        Time. Expenses under this Section shall include, except as provided to the
        contrary in this Agreement, any expenses incurred for the Properties transferred
        by this Agreement. Seller shall promptly turn over to Buyer all proceeds
        of
        production and all reimbursements of expenses previously paid by Buyer which
        are
        received by Seller after the Closing Date and which are attributable to the
        Properties for any period of time after the Effective Time and which have
        not
        been accounted for on the Closing settlement statement. This obligation shall
        survive and continue beyond the Closing.

       

      11. Taxes.

      

      a. All
        property and ad valorem taxes assessed for the production year 2007 shall
        be the
        responsibility of the Seller. Buyer shall be responsible for said taxes for
        periods after the Effective Time. All property and ad valorem taxes assessed
        for
        any production year prior to 2007 shall be the responsibility of
        Seller.

      

      b. Sales
        taxes, documentary stamp taxes, transfer taxes, and other similar taxes
        resulting from the sale of the Properties, shall be paid by Buyer. Buyer
        shall
        remit all taxes, which result from the sale, including documentary stamp
        taxes
        and transfer taxes, directly to the appropriate taxing agency for such
        taxes.

      

      12. Operations
        by Buyer.
        From
        and after the Effective Time, Buyer shall assume and agree to perform
        obligations and implied covenants of Seller relating to the Properties, except
        those arising out of any actions, suits, claims, or demands incurred or arising
        from acts or omissions of Seller as owner of the Properties prior to the
        Effective Time and those accruing or arising from a breach by Seller of any
        representation, warranty, covenant, or agreement contained herein.

       

      
        
          
          

        

        
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      13. Indemnities.
        

       

      a. Buyer. 
        Except
        as otherwise provided herein, upon the Closing Buyer does hereby agree to
        defend, save harmless, and indemnify Seller, its officers, directors, and
        stockholders, from all loss, cost, expense (including attorney’s fees and
        expenses), penalties and liabilities (i) arising out of any actions, suits,
        claims, or demands incurred as a result of or arising from acts or omissions
        of
        Buyer as owner of the Properties after the Effective Time or arising in any
        other manner from the ownership and operation of the Properties after the
        Effective Time, or (ii) resulting from or related to any representation or
        warranty of Buyer contained herein being untrue or any warranty, agreement,
        or
        covenant of Buyer contained herein being breached. Such indemnity and hold
        harmless by Buyer shall not extend to liabilities to the extent they arise
        from
        Seller’s own gross negligence or willful misconduct. In no event shall Buyer be
        obligated to indemnify Seller for any consequential, exemplary, special or
        punitive damages, except to the extent that such damages are obtained by
        a third
        party (not Seller or its officers, directors, employees or agents) and Buyer
        is
        obligated under this Agreement to indemnify the Seller from and against such
        third party claim, the damages or costs incurred in such claim, or
        both.

       

      b. Seller.
        Seller
        shall be responsible for any obligation, claim, demand, or cause of action
        related to the Properties, which accrues or arises prior to the Effective
        Time,
        except those attributable to the negligent acts or omissions of Buyer prior
        to
        the Effective Time. Seller shall defend, save harmless, and indemnify Buyer,
        its
        officers, directors, and shareholders from all loss, cost, expense (including
        attorney’s fees and expenses), penalties and liabilities (i) arising out of any
        actions, suits, claims, or demands incurred as a result of or arising from
        acts
        or omissions of Seller prior to the Effective Time, (ii) resulting from or
        relating to any representation or warranty of Seller contained herein being
        untrue or any warranty, agreement, or covenant of Seller contained herein
        being
        breached, and (iii) attributable or related to or arising out of any litigation,
        claims, or demands which may be instituted by Seller’s security holders,
        creditors, or employees arising out of or related to the transactions
        contemplated herein. Such indemnity and hold harmless by Seller shall not
        extend
        to liabilities to the extent they arise from Buyer’s own gross negligence or
        willful misconduct. In no event shall Seller be obligated to indemnify Buyer
        for
        any consequential, exemplary, special or punitive damages, except to the
        extent
        that such damages are obtained by a third party (not Buyer or its officers,
        directors, employees or agents) and Seller is obligated under this Agreement
        to
        indemnify the Buyer from and against such third party claim, the damages
        or
        costs incurred in such claim, or both.

      

      14. Mutuality.
        Buyer
        and Seller hereby acknowledge and declare that this Agreement was prepared
        by
        the effort both parties. Accordingly, in the event of any ambiguity in this
        Agreement, there shall be no presumption that this Agreement was prepared
        solely
        by either party.

       

      
        
          
          

        

        
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      15. Headings.
        The
        headings of the articles and sections of this Agreement are for convenience
        only, and shall not control or affect the meaning or construction of the
        terms
        and provisions of this Agreement.

      

      16. Notice.
        All
        communications required or permitted under this Agreement shall be in writing.
        All such communications shall be (i) delivered personally,
        (ii) delivered by facsimile or delivered by U.S. Registered or Certified
        Mail, Return Receipt Requested mail, or (iii) delivered for overnight
        delivery by a nationally recognized overnight courier service. Such
        communications shall be deemed to have been given (i) the first business
        day following the date of delivery if delivered personally or by facsimile,
        (ii) on the third business day following the date of mailing if mailed by
        U.S. Registered or Certified Mail, Return Receipt Requested, or (iii) on
        the date of receipt if delivered for overnight delivery by a nationally
        recognized overnight courier service. Any party may, by written notice so
        delivered to the other, change the address to which delivery shall thereafter
        be
        made. Notices to Seller and Buyer shall be made at the addresses set forth
        below:

       

      Seller

      Samson
        Oil and Gas USA

      1726
        Cole
        Blvd Suite 210

      Lakewood,
        Colorado 80401

      Attn:
        Robert Gardner

      (303)
        524-3362 - office

      (303)
        295-1961 - fax

       

       

      Buyer

      Kaiser
        Francis Oil Company

      6733
        South Yale Avenue

      Tulsa,
        Oklahoma 74136

      Attn:
        Jim
        Sullivan

      (918)
        491-4543 - office

      (918)
        491-4694 - fax

      

      17. Parties
        in Interest.
        This
        Agreement shall inure to the benefit of and be binding upon Seller and Buyer
        and
        their respective successors and assigns.

      

      18. Governing
        Law.
        This
        Agreement shall be construed under the laws where the Properties are
        located.

      

      19. Waiver
        of Jury Trial.
        The
        parties (a) agree not to elect a trial by jury of any issue triable of right
        by
        a jury, and (b) waive trial by jury in any action or proceeding arising out
        of
        or relating to the operation of this Agreement or the transactions contemplated
        hereby. It is understood and agreed that this waiver constitutes a waiver
        of
        trial by jury of all claims against all parties to any such action or
        proceedings, including claims against persons or entities that are not parties
        to this Agreement. This waiver of jury trial is separately given, knowingly,
        willingly and voluntarily made by each party to this Agreement, and each
        party
        agrees that no representations of fact or opinion has been made by any
        individual to induce this waiver of trial by jury or to in any way modify
        or
        nullify its effect.

       

      
        
          
          

        

        
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      20. Complete
        Agreement.
        This
        Agreement, when executed by Seller and Buyer shall supersede all previous
        agreements, communications, or representations, either written or oral, between
        Seller and Buyer regarding the subject matter hereof.

      

      21. Further
        Assurances.
        After
        the Closing, Seller shall execute and deliver, and shall otherwise cause
        to be
        executed and delivered, from time to time, such further instruments, notices,
        division orders, transfer orders and other documents, and do such other and
        further acts and things, as may be reasonably necessary to more fully and
        effectively grant, convey and assign the Properties to Buyer.

      

      22. Counterparts.
        This
        Agreement may be executed in any number of counterparts, and each such
        counterpart shall be deemed to be an original instrument, but such counterparts
        together shall constitute for all purposes one agreement.

       

      Executed
        on this the 6th day of May, 2008, but effective as of the Effective
        Time.

      

      [signature
        page to follow]

       

      
        
          
          

        

        
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      SELLER

      SAMSON
        OIL AND GAS USA, INC.

       

       

      
        	/s/
                Terence Barr   	 
	
                By: Terence
                  Barr

                Title: President

              	 

      

         

       

      BUYER

      KAISER-FRANCIS
        ANDARKO LIMITED PARTNERHIP

      by
        Kaiser-Francis Anadarko LLC, its General Partner

       

       

      
        
          	/s/
                  Jim Sullivan  	 
	
                  
                    By: Jim
                      Sullivan

                    Title: Attorney-in-Fact

                  

                	 

        

         

        
          
            
            

          

          
            8Unassociated Document

    EXHIBIT
      10.1

    

    TIME
      BROKERAGE AGREEMENT

    

    

    This
      Time
      Brokerage Agreement (the “Agreement”), dated as of August 15th,
      2008,
      is entered into by and between Grace
      Media International, LLC
      (“Licensee”), the Licensee of certain assets relating to Radio Station WQBC
      AM/Vicksburg, MS (the “Stations”), and Debut
      Broadcasting Mississippi, Inc. (the
      “Broker”).

    

    WHEREAS,
      Licensee and Broker intend to enter into an Asset Purchase Agreement (the
“Purchase Agreement”) whereby Licensee will convey and Broker will purchase
      certain assets associated with the Stations; and

    

    WHEREAS,
      the purchase and sale contemplated by the Purchase Agreement is subject to
      the
      prior approval
      and consent of the Federal Communications Commission (“FCC”); and

    

    WHEREAS, in
      accordance with procedures and policies approved by the FCC, the Broker desires
      to avail itself of Stations’ broadcast time for the presentation of a
      programming service, including the sale of program and advertising time, until
      such time as (i) the Purchase Agreement shall be fully and finally negotiated;
      (ii) the FCC shall have consented to the purchase and sale contemplated by
      the
      Purchase Agreement; and (iii) such purchase and sale shall have been
      consummated; and

    

    WHEREAS,
      in accordance with procedures and policies approved by the FCC, Licensee desires
      to make available to Broker the Stations’ broadcast time for the presentation of
      a programming service, including the sale of program and advertising time,
      until
      such time as (i) the Purchase Agreement shall be fully and finally negotiated;
      (ii) the FCC shall have consented to the purchase and sale contemplated by
      the
      Purchase Agreement; and (iii) such purchase and sale shall have been
      consummated,

    

    NOW,
      THEREFORE, for and in consideration of the mutual covenants herein contained,
      the parties hereto have agreed and do agree as follows:

    

    1. Purchase
      of Air Time and Broadcast of the Programming.
      Licensee agrees to make the broadcasting transmission facilities of the Stations
      available to the Broker and to broadcast on the Stations, or cause to be
      broadcast, the Broker’s programs for up to 24 hours a day, seven days a week
      (the “Programming”), except for (i) the broadcast of Licensee’s public service
      programming as provided in Section
      10.1
      of this
      Agreement (“Licensee’s Programming”); (ii) downtime occasioned by routine
      maintenance performed between the hour of 12:00 midnight and 6:00 a.m.; (iii)
      times when Broker’s programs are not accepted or are preempted by Licensees in
      accordance with Sections
      10.1 or 12
      of this
      Agreement or because such Programming does not satisfy the standards of
Section
      7
      of this
      agreement; and (iv) Force Majeure Events (collectively the “TBA Hours”). For
      purposes of this agreement, Force Majeure Events shall mean any failure or
      impairment of facilities or any delay or interruption in broadcasting the
      Programming not directly or indirectly the fault of Licensee or its employees
      or
      agents, or failure at any time to furnish the facilities, in whole or in part,
      for broadcasting, due to acts of God, strikes or threats thereof, force
      majeure
      or any
      other causes beyond the control of Licensee. Interruption of service as a
      consequent of one or more Force Majeure Events shall not constitute a breach
      of
      this Agreement. Except for the current studio facilities of the Stations, all
      assets of the Stations including, without limitation, the transmitting equipment
      of Licensee relating to the Stations and any equipment owned by Licensee not
      currently in service shall be made available to the Broker for its use during
      the term of this Agreement.

    

    
      
        
        

      

      
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    2. Consideration.
      The
      terms, conditions and schedule of payment (“Consideration”) to Licensee for the
      broadcasting of the Programming during the term of this Agreement shall be
      as
      set forth in Schedule
      2.
      

    

    3. Term.
      This
      Agreement shall commence Monday, September 1st,
      2008
      (the “Commencement Date”). Unless earlier terminated as provided by this
      Agreement, or unless renewed and/or extended pursuant to other
      provisions
      of this
      Agreement, the term of this Agreement shall end upon the earliest to occur
      of:
      (i) written notice from one party to the other, provided the parties shall
      not
      have first executed the Purchase Agreement; (ii) the termination of the Purchase
      Agreement; (iii) the Closing Date, as defined in the Purchase Agreement; (iv)
      termination pursuant to Section
      17,
      Section
      18
      or
Section
      19,
      herein;
      or (v) thirty (30) months after the Commencement Date by either party (not
      then
      in default) upon 45 days prior notice if the Purchase Agreement has not yet
      been
      consummated. In the event that either party receives formal or informal notice
      from the FCC that this Agreement or any of its terms are contrary to the public
      interest or violative of any FCC statute, regulation, rule or policy, the
      parties shall negotiate in good faith to resolve such objection and preserve
      the
      fundamental nature of this Agreement; if and to the extent the substance of
      this
      Agreement cannot be maintained by the application of Section
      30
      of this
      Agreement and/or such negotiations, either party shall have the right to
      terminate this Agreement immediately by written notice to the other
      party.

     

    4. The
      Programming.
      The
      Broker may furnish programming to Licensee for not less than the minimum
      operating schedule required by Section 73.1740 of the FCC regulations and up
      to
      all of the TBA Hours. The nature of the program service to be provided by the
      Broker will be determined by Broker subject to the requirement that programming
      will at all times serve the public interest and comply with the provisions
      of
Section
      10.2
      of this
      Agreement all applicable federal, state and local laws, rules and regulations
      and Schedule
      7
      and
Sections
      7 and 12
      hereof.
      Licensee acknowledges that it is familiar with the nature of the Programming
      to
      be produced by the Broker and has determined that the broadcasting of the
      Programming on the Stations will serve the public interest. Broker shall not
      make any material change in the Programming after the date hereof without the
      prior consent of Licensee, which consent shall not be unreasonably withheld
      or
      delayed.

    

    5. Stations’
      Facilities.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    5.1
      Operation
      of Stations.
      Throughout the term of this Agreement, Licensee shall make the Stations
      available to the Broker for operation with its authorized facilities during
      the
      TBA Hours. Except for maintenance work and other improvements to the Stations
      or
      the Stations’ equipment performed by or at the direction of Broker, any
      maintenance work affecting the operation of the Stations at full power shall,
      to
      the extent reasonably practicable, be scheduled upon at least 48 hours prior
      notice with the agreement of the Broker. 

    

    5.2
      Interruption
      of Normal Operations.
      Except
      for maintenance work and other improvements to the Stations or the Stations’
equipment performed by or at the direction of Broker, if the Stations suffer
      loss or damage of any nature to their transmission facilities which results
      in
      the interruption of service or the inability of the Stations to operate with
      their respective maximum authorized facilities, Licensee shall immediately
      notify the Broker, and shall undertake such repairs as necessary to restore
      the
      fulltime operation of the Stations with their maximum authorized facilities
      as
      quickly as reasonably possible. Except as may be the result of any act or
      omission of Broker, if the Stations do not operate with at least eighty percent
      (80%) of its authorized power, Broker shall be entitled to a prorated reduction
      in the Consideration proportionate in amount to the period of time the Stations
      did not operate with at least eighty percent (80%) of its authorized power.
      If
      the required repairs necessary to return the Stations to operation with their
      full authorized maximum facilities are not made within thirty (30) days, the
      Broker may terminate this Agreement upon 10 days notice to Licensee, any other
      provision of this Agreement notwithstanding. 

    

    6. Handling
      of Mail.
      The
      Broker shall provide to Licensee the original or a copy of any correspondence
      which it receives from a member of the public relating to the Programming to
      enable Licensee to comply with FCC rules and policies, including those regarding
      the maintenance of the public inspection file (which shall at all times remain
      the responsibility of Licensee).

    

    7. Programming
      and Operations Standards.
      All
      programs supplied by the Broker shall be in good taste and shall meet in all
      material respects all requirements of the Communications Act of 1934 and all
      applicable rules, regulations and policies of the FCC and the policies of the
      Stations described in Schedule
      7.
      All
      advertising spots and promotional material or announcements shall comply with
      all applicable federal, state and local regulations and such Stations policies.
      If, in the reasonable judgment of Licensee or the Stations’ General Manager, any
      portion of the Programming presented by the Broker does not meet such standards,
      Licensee may reject, suspend or cancel any such portion of the Programming
      as
      without reduction or offset in any payment due Licensee hereunder.

    

    8. Responsibility
      for Employees and Related Expenses.

    

    8.1
      Broker
      Employees.
      The
      Broker shall furnish (or cause to be furnished) the personnel and material
      for
      the production of the Programming to be provided by this Agreement. The Broker
      shall employ and be responsible for the salaries, taxes, insurance and related
      costs for all personnel used in the production of Programming (including sales
      people, traffic personnel and programming staff). 

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    8.2
      Licensee
      Employees.
      Licensee will provide and have responsibility for the Station personnel
      necessary for compliance with the requirements of Licensee as set forth by
      the
      FCC (which personnel shall be the Stations General Manager, Chief Operator
      and
      clerical employee(s)), and will be responsible for the salaries, taxes,
      insurance and related costs for all such Stations personnel. The parties
      acknowledge and agree that the duties of the Station’s General Manager and the
      Chief Operator may be performed by the same person.

     

    8.3
      Employee
      Oversight.
      Whenever on the Stations’ premises, all personnel shall be subject to the
      supervision and the direction of the Stations’ General Manager and/or the
      designated Chief Operator.

    

    9. Advertising
      and Programming Revenues.
      

    

    (a) During
      the Programming it delivers to the Stations, the Broker shall have full
      authority to sell for its own account commercial spot advertising and block
      programming time on the Stations and to retain all revenues from the sale of
      such advertising and programming. The parties agree that the Broker shall have
      complete discretion to deal as it deems appropriate with all advertising and
      programming accounts relating to advertising and programming sold by it;
provided,
      however,
      the
      Broker shall deal with political candidate and supporter advertising as required
      by law.

    

    (b) All
      accounts receivable of Licensee and the Stations as of the commencement date
      of
      this Agreement shall remain the sole property of Licensee and shall be collected
      by Licensee. Any amounts received by Broker with respect to Licensee’s
      receivables shall be promptly remitted to Licensee.

    

    10. Operation
      of the Stations.

    

    10.1
      Verification
      of Licensee’s Control and Rights of Licensee. Notwithstanding
      anything to the contrary in this Agreement, Licensee shall have full authority
      and power over the operation of the Stations during the period of this
      Agreement. Licensee shall provide and pay for its employees, who shall report
      and be accountable solely to Licensee, shall be responsible for the direction
      of
      the day-to-day operation of the Stations, and shall maintain the Stations’
studio and transmission equipment and facilities, including the tower, antenna,
      transmitter and transmission line, and Stations’ studio- transmitter link.
      Licensee shall retain control over the policies, programming and operations
      of
      the Stations, including, without limitation, the right to decide whether to
      accept or reject any programming or advertisements which Licensee deems
      unsuitable or contrary to the public interest; the right to preempt any programs
      in order to broadcast a program deemed by Licensee to be of greater national,
      regional, or local interest; and the right to take any other actions necessary
      for compliance with the laws of the United States, the State of Mississippi,
      the
      rules, regulations, and policies of the FCC (including the prohibition on
      unauthorized transfers of control), and the rules, regulations and policies
      of
      other federal governmental authorities, including the Federal Trade Commission
      and the Department of Justice. Licensee reserves the right to refuse to
      broadcast any program containing matter which is, or in the reasonable opinion
      of Licensee may be, violative of any right of any third party or which may
      constitute a “personal attack” (as that term is defined by the FCC). Licensee
      agrees that Licensee’s Programming shall be aired at such times as the parties
      may agree based on the reasonable programming needs of the Broker. With respect
      to the operation of the Stations, Licensee shall at all times be ultimately
      responsible for meeting all of the FCC’s requirements with respect to the
      broadcast and nature of any public service programming, for maintaining the
      political and public inspection files and the Stations log, and for the
      preparation of all programs/issues lists. Licensee expressly acknowledges that
      its duty to maintain the Stations’ public inspection file is non-delegable and
      that Licensee retains sole responsibility for maintenance of such file. Licensee
      verifies that it shall maintain the ultimate control over the Stations’
facilities, including control over the finances with respect to its operation
      of
      the Stations, over its personnel operating the Stations, and over the
      programming to be broadcast by the Stations.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    10.2.
      Verification
      by Broker and Obligations of Broker. The
      Broker will, during the term of this Agreement, provide local news and public
      affairs programming relevant to the Stations’ community to assist Licensee in
      satisfying its obligations to respond to the needs of its community. Broker
      will
      also forward to Licensee within twenty-four (24) hours of receipt by Broker,
      any
      letter from a member of the general public addressing Stations programming
      or
      documentation which comes into its custody which is required to be included
      in
      the Stations’ public file or which is reasonably requested by Licensee. The
      Broker shall furnish within the Programming on behalf of Licensee all Stations
      identification announcements required by the FCC rules, shall promptly provide
      to Licensee all records and information pertaining to the broadcast of political
      programming and advertisements, and shall, upon request by Licensee, provide
      monthly documentation with respect to such of the Broker’s programs which are
      responsive to the public needs and interests of the area served by the Stations
      in order to assist Licensee in the preparation of any required programming
      reports, and will provide upon request other information to enable Licensee
      to
      prepare other records, reports and logs required by the FCC or other local,
      state or federal governmental agencies. Broker certifies that this Agreement
      and
      Broker’s rights and responsibilities hereunder comply with the requirements of
      Section 73.3555(a) of the FCC rules.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    11. Stations
      Call Letters and Promotion.
      

    

    (a)
      The
      Broker shall submit to Licensee any promotional material which will identify
      the
      Stations by call letters or frequency for approval by Licensee at least two
      (2)
      days prior to use of such promotional material by the Broker. Licensee shall
      have the right to approve or reject such promotional material, such approval
      to
      not be unreasonably withheld or delayed. At no time shall Broker or its
      employees or agents represent, hold out, describe or portray Broker as the
      Licensee of the Stations.

    

    12. Special
      Events.
      Licensee shall have the right, in its reasonable discretion, to preempt any
      of
      the broadcasts of the Programming referred to herein, and to use part or all
      of
      the hours of operation of the Stations for the broadcast of events of special
      importance. In all such cases, Licensee will use its best efforts to give the
      Broker reasonable advance notice of its intention to preempt any regularly
      scheduled programming, and, in the event of such preemption, the Broker shall
      receive a payment credit for any programming which would have been supplied
      by
      it during the time of such broadcasts by Licensee.

    

    13. Right
      to Use the Programming.
      The
      right to use the Programming produced by the Broker and to authorize its use
      in
      any manner and in any media whatsoever shall be at all times be vested solely
      in
      the Broker except as authorized by this Agreement. Broker shall ensure that
      all
      necessary licensing is obtained of rights necessary for it to broadcast the
      Programming, and shall indemnify Licensee with respect to any claim, cost or
      expense to the contrary.

    

    14. Payola.
      The
      Broker will provide to Licensee in advance of broadcast any information known
      to
      the Broker regarding any money or other consideration which has been paid or
      accepted, or has been promised to be paid or to be accepted, for the inclusion
      of any matter as a part of any programming or commercial material to be supplied
      to Licensee by the Broker for broadcast on the Stations, unless the party making
      or accepting such payment is identified in the program as having paid for or
      furnished such consideration in accordance with FCC requirements. Should the
      Stations determine that an announcement is required by Section 317 of the
      Communications Act of 1934 and related FCC rules, the Broker will insert that
      announcement in the Programming. The Broker will obtain from its employees
      responsible for the Programming appropriate anti-payola/plugola affidavits.
      Commercial matters with obvious sponsorship identification will not require
      disclosure beyond the sponsorship identification contained in the commercial
      copy. The Broker will at all times comply, and seek to have its employees
      comply, in all material respects with the requirements of Sections 317 and
      507
      of the Communications Act of 1934, as amended, and the related rules and
      regulations of the FCC.

    

    15. Compliance
      with Law.
      The
      Broker will comply in all material respects with all laws and regulations
      applicable to the broadcast of programming by the Stations.

    

    16. Indemnification
      Rights of Licensee.
      

    

    (a) The
      Broker will indemnify and hold Licensee, its beneficiaries, its officers,
      directors, stockholders, partners and employees harmless from and against all
      claims, charges, loss, damage, fees and expense (including reasonable attorneys’
fees and expenses) caused by (a) any breach of Broker’s representations or
      warranties hereunder, (b) the conduct or negligence of Broker, its employees
      or
      agents, and (c) all liability for libel, slander, illegal competition or trade
      practice, violation of rights of privacy, and infringement of copyrights or
      other proprietary rights and violations of the Communications Act of 1934 or
      FCC
      rules resulting from the broadcast of Programming furnished by the Broker.
      Such
      indemnification shall survive the termination of this Agreement. Broker will
      maintain in full force and effect throughout the term of this Agreement, with
      responsible and reputable insurance companies, liability insurance and such
      other insurance as may be required by law with respect to the broadcast of
      the
      Programming, and the employment of its personnel. No investigation by Licensee
      shall be deemed a waiver or limitation of any of Licensee’s rights to
      indemnification.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (b) In
      the
      event that Licensee may be entitled to indemnification hereunder with respect
      to
      any asserted claim of, or obligation or liability to, any third party, Licensee
      shall so notify Broker, describing the matters involved in reasonable detail,
      and Broker shall be entitled to assume the defense thereof upon written notice
      to Licensee with counsel reasonably satisfactory to the Licensee; provided,
      that
      once the defense thereof is assumed by Broker, Broker shall keep Licensee
      advised of all developments in the defense thereof and any related litigation,
      and Licensee shall be entitled at all times to participate in the defense
      thereof at its own expense. If Broker fails to notify Licensee of its election
      to defend or contest its obligation to indemnify under this paragraph, Licensee
      may pay, compromise, or defend such a claim without prejudice to any right
      it
      may have hereunder.

    

    17. Events
      of Default; Cure Periods and Remedies.

    

    17.1
        Events
      of Default.
      The
      following shall constitute Events of Default under this Agreement:

    

    17.1.1.
      Non-Payment.
      The
      Broker’s failure to pay any Consideration then due within ten (10)
      days.

    

    17.1.2
      Default
      in Covenants or Adverse Legal Action.
      The
      default by either party in the performance of any material covenant, condition
      or undertaking contained in this Agreement, and such default is not cured within
      thirty (30) days after receipt of notice of default, or if either party shall
      make a general assignment for the benefit of creditors, files or has filed
      against it a petition for bankruptcy, for reorganization, or for the appointment
      of a receiver, trustee or similar creditors' representative for the property
      or
      assets of such party under any federal or state insolvency law, which, if filed
      against such party, has not been dismissed or discharged within 30 days
      thereafter. 

    

    17.1.3
      Breach
      of Representation.
      If any
      material representation or warranty made by either party to this Agreement,
      or
      in any certificate or document furnished by either party to the other pursuant
      to the provisions of this Agreement, shall prove to have been false or
      misleading in any material respect as of the time made or furnished, and such
      misrepresentation or breach of warranty is not cured within thirty (30) days
      after receipt of notice of misrepresentation or breach.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    17.2
      Termination
      Upon Default.
      Upon
      the occurrence of an Event of Default, the nondefaulting party may terminate
      this Agreement, provided that it is not also in material default under this
      Agreement. If the Broker has defaulted in the performance of its obligations,
      all amounts accrued or payable to Licensee up to the date of termination which
      have not been paid, less payments made on behalf of Licensee by the Broker
      and
      any payment credits outstanding in favor of the Broker, shall immediately become
      due and payable, and Licensee shall be under no further obligation to make
      available to the Broker any broadcast time or broadcast transmission facilities,
      provided
      that
      Licensee
      agrees to cooperate reasonably with the Broker to discharge any remaining
      obligations of the Broker in the form of air time following the effective date
      of termination, provided Licensee shall be entitled to retain any revenues
      derived therefrom based upon the principle that any revenues generated from
      broadcasts occurring prior to the termination shall be for the benefit of Broker
      and any revenues generated from broadcasts occurring after the termination
      shall
      be for the benefit of Licensee. 

     

    17.3.
      Liabilities
      Upon Termination.
      The
      Broker shall be responsible for all of its liabilities, debts and obligations
      accrued from the purchase of broadcast time and transmission facilities of
      the
      Stations, including, without limitation, indemnification pursuant to
Section
      16
      hereof,
      accounts payable, barter agreements and unaired advertisements, but not for
      Licensee’s federal, state, and local tax liabilities associated with Broker’s
      payments to Licensee as provided for herein, or for any other obligations or
      liabilities of Licensee or the Stations unless specifically assumed by the
      Broker under this Agreement. Upon termination, the Broker shall return to
      Licensee any equipment or property of the Stations used by the Broker, its
      employees or agents, in substantially the same condition as such equipment
      existed on the date of this Agreement, ordinary wear and tear excepted, provided
      that the Broker shall have no liability to Licensee for any property of Licensee
      which through ordinary use became obsolete or unusable, and any equipment
      purchased by the Broker, whether or not in replacement of any obsolete or
      unusable equipment of Licensee, shall remain the property of the Broker. In
      no
      event shall Licensee be liable to Broker for any indirect, consequential or
      special damages occasioned by operational deficiencies; Broker’s sole remedy in
      such event, including termination, is for equitable reduction in the monthly
      fee
      paid hereunder.

    

    18. Broker’s
      Option to Terminate.
      The
      Broker shall have the right, at its option, to terminate this Agreement at
      any
      time if Licensee preempts or substitutes other programming for that supplied
      by
      the Broker during ten percent or more of the total hours of operation of the
      Stations in any seven consecutive days. The Broker shall give Licensee ten
      (10)
      days written notice of such termination. The Broker shall further have the
      right, at its option, to terminate this Agreement on ninety (90) days written
      notice if Broker reasonably determines, upon advice of counsel, that it is
      unlikely that a closing pursuant to the Purchase Agreement will occur as a
      consequence of the failure of the FCC to approve the application for assignment
      of the license of the Stations to Broker within the time frame for Closing
      as
      set forth in the Purchase Agreement for any reason other than Broker’s failure
      to provide information requested by the FCC. 

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    19. Termination
      Upon Order of Judicial or Governmental Authority.
      If any
      court of competent jurisdiction or any federal, state or local governmental
      authority designates a hearing with respect to the continuation or renewal
      of
      any license or authorization held by Licensee for the operation of the Stations,
      advises any party to this Agreement of its intention to investigate or to issue
      a challenge to or a complaint concerning the activities permitted by this
      Agreement, or orders the termination of this Agreement and/or the curtailment
      in
      any manner material to the relationship between the parties to this Agreement
      of
      the provision of programming by the Broker, each party shall have the option
      to
      seek administrative or judicial appeal of or relief from such order(s) (in
      which
      event the other party shall cooperate with the party seeking relief from such
      order; the party seeking such relief shall be responsible for all expenses
      and
      legal fees incurred in such proceedings). Upon termination, Licensee shall
      reasonably cooperate with the Broker to the extent permitted to enable the
      Broker to fulfill advertising or other programming contracts then outstanding,
      provided Licensee shall be entitled to retain any revenues derived therefrom
      based upon the principle that any revenues generated from broadcasts occurring
      prior to the termination shall be for the benefit of Broker and any revenues
      generated from broadcasts occurring after the termination shall be for the
      benefit of Licensee. 

    20. Representations
      and Warranties.

    

    20.1
      Mutual
      Representations and Warranties.
      Each of
      Licensee and the Broker represents to the other that (a) it is an entity legally
      qualified and in good standing in all applicable jurisdictions and is qualified
      to do business and is in good standing in the State of Mississippi, (b) it
      is
      fully qualified, empowered, and able to enter into this Agreement, (c) this
      Agreement has been approved by all necessary parties or corporate action and
      that this Agreement constitutes the valid and binding obligation of such party,
      enforceable in accordance with the terms of this Agreement subject only to
      applicable bankruptcy, reorganization, insolvency or similar laws affecting
      creditors' rights generally; and (d) the execution, delivery and performance
      hereof does not constitute a breach or violation of any agreement, contract
      or
      other obligation to which such party is subject or by which it is
      bound.

    

    20.2.
      Representations,
      Warranties and Covenants of Licensee. Licensee
      makes the following additional representations, warranties and
      covenants:

    

    20.2.1.
      Authorizations.
      Licensee owns and holds all licenses and other permits and authorizations (“FCC
      Licenses”) necessary for the operation of the Stations as presently conducted
      (including licenses, permits and authorizations issued by the FCC), and such
      licenses, permits and authorizations will be maintained in full force and effect
      for the term of this Agreement, unimpaired by any acts or omissions of Licensee,
      its principals, employees or agents. The Stations operate at full authorized
      power in accordance in all material respects with the terms and conditions
      of
      the FCC Licenses and in accordance with the rules and regulations of the FCC.
      Except as may otherwise be set forth in this Agreement, there is not now pending
      or, to Licensee’s best knowledge, threatened, any action by the FCC or other
      party to revoke, cancel, suspend, refuse to renew or modify adversely any of
      such licenses, permits or authorizations, and, to Licensee’s best knowledge, no
      event has occurred that allows or, after notice or lapse of time or both, would
      allow, the revocation or termination of such licenses, permits or authorizations
      or the imposition of any restriction thereon of such a nature that may limit
      the
      operation of the Stations as presently conducted, except for proceedings
      affecting the radio broadcasting industry generally. Licensee has no reason
      to
      believe that any such license, permit or authorization will not be renewed
      during the term of this Agreement in its ordinary course. To the best of
      Licensee’s knowledge, Licensee is not in violation of any statute, ordinance,
      rule, regulation, order or decree of any federal, state, local or foreign
      governmental agency, court or authority having jurisdiction over it or over
      any
      part of its operations or assets, which default or violation would have a
      material adverse effect on Licensee or its assets or on its ability to perform
      this Agreement.

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    20.2.2.
      Filings.
      To the
      extent that a failure to make such a filing would have a material adverse effect
      on the Broker and its rights hereunder, all material reports and applications
      required of Licensee to be filed with the FCC (including Licensees ownership
      reports and renewal applications) or any other governmental agency, department
      or body in respect of the Stations have been, and in the future will be, filed
      in a timely manner and are and will be true and complete and accurately present
      the information contained therein. All such reports and documents, to the extent
      required to be kept in the public inspection files of the Stations, are and
      will
      be kept in such files. 

    

    20.2.3.
      Facilities.
      To the
      extent a failure to comply would have a material adverse effect on Broker and
      its rights hereunder, the Stations’ studio and transmission equipment and
      facilities comply, in all material respects, with the facilities authorized
      by
      the FCC Licenses and with engineering standards necessary to deliver a quality
      technical signal to the area served by the Stations, and with all applicable
      laws and regulations (including the requirements of the Communications Act
      and
      the rules, regulations, policies and procedures of the FCC promulgated
      thereunder).

    

    20.2.4.
      Title
      to Properties.
      Licensee has, and throughout the term of this Agreement will maintain, good
      and
      marketable title to all of the assets and properties used in the operation
      of
      the Stations.

    

    20.2.5.
      Insurance.
      Licensee will maintain in full force and effect throughout the term of this
      Agreement insurance with responsible and reputable insurance companies fire
      and
      extended coverage and liability insurance and such other insurance as may be
      required by law. Except as otherwise permitted by the Purchase Agreement, any
      insurance proceeds received by Licensee in respect of damaged property will
      be
      used to repair or replace such property so that the operations of the Stations
      conform with this Agreement.

    

    21. Modification
      and Waiver.
      No
      modification or waiver of any provision of this Agreement shall be effective
      unless made in writing and signed by the party adversely affected, and any
      such
      waiver and consent shall be effective only in the specific instance and for
      the
      purpose for which such consent was given.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    22. No
      Waiver: Remedies Cumulative.
      No
      failure or delay on the part of Licensee or the Broker in exercising any right
      or power under this Agreement shall operate as a waiver thereof, nor shall
      any
      single or partial exercise of any such right or power, or any abandonment or
      discontinuance of steps to enforce such a right or power, preclude any other
      or
      further exercise thereof or the exercise of any other right or power. The rights
      and remedies of the parties to this Agreement are cumulative and are not
      exclusive of any right or remedies which either may otherwise have.

    

    23. Construction.
      This
      Agreement shall be construed in accordance with the laws of the State of
      Mississippi. The obligations of the parties to this Agreement are subject to
      all
      federal, state or local laws or regulations, including those of the FCC, now
      or
      hereafter in force.

    

    24. Headings.
      The
      headings contained in this Agreement are included for convenience only and
      shall
      not in any way alter the meaning of any provision.

    

    25. Successors
      and Assigns.
      This
      Agreement shall be binding upon and inure to the benefit of the parties and
      their respective successors and assigns. Neither party may assign any of its
      rights or obligations under this Agreement without the prior written consent
      of
      the other party, except that either party may assign its rights and obligations
      hereunder to any entity controlled by or under common control with said party
      without the prior consent of the other party.

    

    26. Counterpart
      Signatures.
      This
      Agreement may be signed in one or more counterparts, each of which shall be
      deemed a duplicate original and be binding on the parties to this
      Agreement.

    

    27. Notices.
      Any
      notice required hereunder shall be in writing and shall be sufficiently given
      if
      delivered by overnight delivery service or sent by registered or certified
      mail,
      first class postage prepaid, or by telegram, facsimile or similar means of
      communication, addressed as follows: 

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
      	
              If
                to Licensee, to:

            	 	
              Grace
                Media International, LLC

            
	 	 	 
	 	
              Attention:

            	
              Mr.
                Michael Corley

            
	
               

            	
              Telephone:
                

            	 
	
               

            	
              Facsimile
                No: 

            	 
	 	 	 
	
               

            	
              With
                a copy to:

            	 
	 	 	 
	 	
              Telephone:
                

            	 
	 	
              Facsimile:
                

            	 
	 	 	 
	
              (b)

            	
              If
                to Broker, to:

            	
              Debut
                Broadcasting Mississippi, Inc.

            
	 	 	 
	
               

            	
              Attention:

            	
              Steven
                Ludwig

            
	
               

            	
              Telephone:
                

            	
              (615)
                301-0001

            
	
               

            	
              Facsimile
                No.: 

            	
              (615)
                301-0002

            
	 	 	 
	
               

            	
              With
                a copy to:

            	
              Stephen
                Rush

            
	 	 	 
	
               

            	
              Telephone:
                

            	
              (615)
                327-7381

            
	
               

            	
              Facsimile:
                

            	
              (615)
                327-0811

            
	 	 	 

    

    28. Expenses;
      Attorney's Fees.
      In the
      event any action is filed with respect to this Agreement, the prevailing party
      shall be reimbursed by the other party for all costs and expenses incurred
      in
      connection with the action, including without limitation reasonable attorney's
      fees.

     

    29. Entire
      Agreement.
      This
      Agreement embodies the entire agreement between the parties and there are no
      other agreements, representations, warranties, or understandings, oral or
      written, between them with respect to the subject matter hereof.

    

    30. Severability.
      In the
      event that any of the provisions contained in this Agreement is held to be
      invalid, illegal or unenforceable shall not affect any other provision hereof,
      and this Agreement shall be construed as if such invalid, illegal or
      unenforceable provisions had not been contained herein.

    

    31. Governing
      Law.
      The
      construction and performance of this Agreement shall be governed by the laws
      of
      the State of Mississippi without regard to its principles of conflicts of
      law.

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    32. No
      Partnership or Joint Venture.
      This
      Agreement is not intended to be and shall not be construed as a partnership
      or
      joint venture agreement between the parties. Except as otherwise specifically
      provided in this Agreement, no party to this Agreement is authorized to act
      as
      agent of, or otherwise represent, the other party to this
      Agreement.

    

    33. Confidentiality.
      If a
      Party provides (or, prior to the execution hereof, has provided) Confidential
      Information (as hereinafter defined) to the other Party in writing and
      identified as such or if in the course of performing under this Agreement any
      Party learns Confidential Information regarding the facilities or plans of
      any
      other Party, the receiving Party shall protect the Confidential Information
      from
      disclosure to third parties with the same degree of care accorded its own
      confidential and proprietary information; provided, however, that any Party
      shall each be entitled to provide such Confidential Information to its
      directors, officers, members, managers, employees, lenders, attorneys, agents,
      and contractors ("Representatives"), entities controlling, controlled by or
      under common control of with such Party ("Party Affiliates") or the
      Representatives of such Party Affiliates, in each case whose access is
      reasonably necessary. Each such recipient of Confidential Information shall
      be
      informed by the Party disclosing Confidential Information of its confidential
      nature, and shall be directed to treat such information confidentially and
      shall
      agree to abide by these provisions. All obligations of a Party under this
      Section 33 shall be deemed to be applicable to a Party and to all
      Representatives of a Party, all Party Affiliates, and all Representatives of
      any
      Party Affiliates. In any event, a Party shall be responsible for any breach
      of
      this provision by any Party to whom that Party discloses Confidential
      Information. A Party shall not be required to hold confidential any information
      that: (1) becomes publicly available other than through the recipient; (2)
      is
      required to be disclosed by a governmental or judicial order, rule or
      regulation; (3) is independently developed by the disclosing Party; or (4)
      becomes available to the disclosing party without restriction from a third
      party. These obligations shall survive expiration or termination of this
      Agreement for a period of five (5) years. Confidential Information shall not
      include information disclosed by a Party as required by applicable law or
      regulation; provided, however, that the information disclosed is limited to
      the
      existence and general nature of the relationship between the Parties, including,
      as required, the scope, approximate revenues, purposes and expectations related
      to such relationship and a description of any disputes relating thereto and
      any
      Party provides the other Party with advanced written notice of such potential
      disclosure so that the other Party has a reasonable opportunity to secure the
      confidential protections thereof. For purposes of this Agreement, "Confidential
      Information" means all confidential and proprietary information, currently
      existing or subsequently created during the term of the relationship between
      the
      Parties, which any Party owns or controls and which has not been released by
      such Party to the general public or a third party without similar restrictions.
      Such information includes but is not limited to, all terms and conditions of
      this Agreement other than such terms and conditions as must be filed with the
      FCC in accordance with the FCC Rules, any and all proprietary information and
      any other information (excluding information in the public domain other than
      as
      a direct or indirect result of any breach by either Party of the provisions
      of
      this section) related to the business, operations, management, assets,
      properties, plans or prospects, condition, financial or otherwise, of any Party.
      

    

    34.
      Certifications.

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    a)
      Pursuant to Section 73.3555(a)(2)(ii) of the FCC’s Rules, Licensee hereby
      certifies that it maintains ultimate control over the Stations’ facilities,
      including, specifically, control of the Stations’ finances, personnel employed
      by the Licensee, and programming broadcast by the Stations.

    

    b)
      Broker
      hereby certifies that this Agreement complies with the provisions of paragraphs
      (a)(l) and (e)(l) of Section 73.3555 of the FCC’s Rules.

    

    IN
      WITNESS WHEREOF, the parties have executed this Agreement as of the date first
      above written.

    
      
        	 	 
	 	 
	
                “LICENSEE” 

              	
                “BROKER”

              
	 	 
	
                Grace
                  Media International, LLC

              	
                Debut
                  Broadcasting Mississippi, Inc.

              
	 	 
	 	 
	
                By:
                  /s/
                  Michael Corley 

              	
                By:
                  /s/ Steven Ludwig

              
	
                Mr.
                  Michael Corley

              	
                Mr.
                  Steven Ludwig

              
	
                Managing
                  Member

              	
                CEO

              

      

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      2

    

    FEES

    
 

    (a) Broker
      shall pay Licensee $1,500 per month in advance during the term of this Agreement
      (due on the 1st
      day of
      each and every calendar month). 

    

    (b) Broker
      shall pay the following normal and customary expenses when presented with
      invoices from Licensee:

    

    Electric
      Bills (Studios/Office and Transmitter Site)

    Royalty
      Fees (SESAC, BMI, ASCAP)

    Telephony
      (Studios/Office and Transmitter Site)

    Insurance
      (Broker also-insured)

    Rent
      (Studio/Transmitter Site)

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    SCHEDULE
      4

    

    PROGRAMMING

    

    Broker
      will program the Stations with a sports format and provide news and pubic
      affairs programming which Broker deems to be in the public interest. 

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    SCHEDULE
      7

    

    The
      Broker agrees to cooperate with Licensee in the broadcasting of programs in
      a
      manner consistent with the standards of Licensee, as set forth
      below:

    

    1. Election
      Procedures.
      At
      least 90 days before the start of any primary or regular election campaign,
      the
      Broker will coordinate with Licensee’s General Manager the rate the Broker will
      charge for time to be sold to candidates for public office and/or their
      supporters to make certain that the rate charged conforms to all applicable
      laws
      and Stations policy. Throughout a campaign, the Broker will comply with all
      applicable laws and rules concerning political candidacy broadcasts and will
      promptly notify Licensee’s General Manager of any disputes concerning either the
      treatment of or rate charged a candidate or supporter.

     

    2. Required
      Announcements.
      The
      Broker shall broadcast (i) an announcement in a form satisfactory to Licensee
      at
      the beginning of each hour to identify the Stations, (ii) an announcement at
      the
      beginning of each program day, and more often, as appropriate, to indicate
      that
      program time has been purchased by the Broker, and (iii) any other announcement
      that may be required by law, regulation, or Stations policy.

    

    3. Commercial
      Recordkeeping.
      The
      Broker shall maintain such records of the receipt of, and provide such
      disclosure to Licensee of, any consideration, whether in money, goods, services,
      or otherwise, which is paid or promised to be paid, either directly or
      indirectly, by any person or company for the presentation of any programming
      over the Stations as are required by Sections 317 and 507 of the Communications
      Act and the rules and regulations of the FCC.

    

    4. No
      Illegal Announcements.
      No
      announcements or promotion prohibited by federal or state law or regulation
      of
      any lottery, game or contest shall be made over the Stations.

    

    5. Licensee
      Discretion Paramount.
      In
      accordance with Licensee’s responsibility under the Communications Act of 1934,
      as amended, and the rules and regulations of the Federal Communications
      Commission, Licensee reserves the right to reject or terminate any advertising
      or other programming proposed to be presented or being presented over the
      Stations which is in conflict with law, regulation, Stations policy or which
      in
      the reasonable judgment of Licensee or its General Manager would not serve
      the
      public interest.

    

    6. Indecency.
      Hoaxes.
      No
      programming violative of applicable laws and rules concerning indecency or
      hoaxes will be broadcast over the Stations. In the event the FCC issues a Notice
      of Forfeiture for indecency arising from Broker’s programming on the Stations,
      Broker shall indemnify Licensee for the amount of any such Forfeiture, which
      shall be paid forthwith by Broker, together with any other costs incurred by
      Licensee in responding and/or defending such Notice of Forfeiture, including
      but
      not limited to attorney’s fees and costs.

    

    7. Controversial
      Issues.
      Any
      broadcast over the Stations concerning controversial issues of public importance
      shall comply with the then current FCC rules and policies.

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

       

    

    8. Spot
      Commercials.
      The
      Broker will provide, for attachment to the Stations logs, a list of all
      commercial announcements carried during its Programming.

    

    Licensee
      may waive any of the foregoing regulations in specific instances if, in its
      reasonable opinion, good broadcasting in the public interest will be served
      thereby. In any case where questions of policy or interpretation arise, the
      Broker shall notify Licensee before making any commitments to broadcast any
      programming affected by such issues.

     

    
      
         

      

      
        18

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