Document:

Exhibit 10.1

    

    

    

    ASSET
      PURCHASE AGREEMENT

    

    

    ASSET
      PURCHASE AGREEMENT,
      made
      and entered into this __ day of March, 2007 (the “Agreement”), by and between
      Shamrock Broadcasting, Inc., P. O. Box 667, Indianola, MS 38751 (“Seller”) and
      The Marketing Group, 1209 16th
      Avenue
      South, Suite 200, Nashville, TN 37212 or its assignee (“Buyer”).

     

    WITNESSETH:

     

    WHEREAS,
      Seller
      owns the assets used in the operation of radio stations WNLA FM 105.5 MHz and
      WNLA AM 1380 kHz in Indianola, MS (the “Stations”) and are authorized to operate
      the Stations pursuant to licenses issued by the Federal Communications
      Commission (the “FCC”); and

    

    WHEREAS,
      Seller
      desires to sell to Buyer, and Buyer desires to purchase from Seller,
      substantially all of the assets used and/or useful in connection with the
      operation of the Stations, all on the terms and subject to the conditions set
      forth herein, including prior approval of the FCC.

    

    NOW,
      THEREFORE,
      in
      consideration of the foregoing premises and the mutual covenants and agreements
      hereinafter set forth, the parties hereto, intending to be legally bound, hereby
      agree as follows:

     

    ARTICLE
      I

    

    PURCHASE
      OF ASSETS

      

    
          1.1    Transfer
        of Assets. 
        On the Closing Date (as defined in Section 5.1 hereof), Seller
        shall sell, assign, transfer and convey to Buyer or its designated assignee,
        and
        Buyer shall purchase and assume from Seller, substantially all of the assets,
        properties, interests and rights of Seller of whatsoever kind and nature,
        real,
        personal, or mixed, tangible and intangible, owned or leased by Seller as
        the
        case may be, which are used and/or useful in connection with the operation
        of
        the Stations, as the same shall 

    

     

     

     

     

        

     

    
      
        
        

      

      
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      exist
        on
        the Closing Date, including but not limited to the following (but excluding
        the
        Excluded Assets specified in Section 1.3 hereof), all such assets being referred
        to herein as the “Stations Assets.” The Stations assets include, without
        limitation, the following:

    

     

            1.1.1    All
      licenses, permits and other authorizations issued by the FCC and any other
      federal, state or local government authority (the “Stations Licenses”) to Seller
      in connection with and necessary for the conduct of the business and the
      operation of the Stations, together with renewals or modifications of such
      Stations Licenses between the date hereof and the Closing Date, including but
      not limited to those listed on Schedule 1.1.1 attached hereto;

     

            1.1.2     All
      equipment, machinery, office furniture and fixtures, office materials and
      supplies, inventory, spare parts and other tangible personal property of every
      kind and description, and Seller’s rights therein, of Seller with respect to the
      Stations, together with any improvements or replacements thereof and additions
      thereto, made between the date hereof and the Closing Date which Buyer has
      agreed to assume in writing at Closing, including but not limited to those
      listed on Schedule 1.1.2 hereto;

     

            1.1.3     All
      contracts, agreements and leases, written or oral, relating to the operation
      of
      the Stations which are listed in Schedule 1.1.3 hereto (the “Assumed
      Contracts”), together with all contracts, agreements and leases entered into or
      acquired by Seller between the date hereof and the Closing Date which Buyer
      has
      agreed to assume in writing at Closing;

     

            1.1.4    All
      of
      Seller’s right, title and interest in and to the call letters “WNLA,”
trademarks, trade names, service marks, franchises, copyrights, including
      registrations and applications for registration of any of them, jingles, logos
      and slogans or licenses to use same (the “Intangible Personal Property”),
      together with any associated goodwill and any additions thereto between the
      date
      hereof and the Closing Date, including but not limited to those described on
      Schedule 1.1.4 attached hereto;

     

            1.1.5     All
      real
      property, buildings, fixtures and other improvements thereon, leasehold
      interests, easements, licenses, rights of access, rights of way, improvements
      and other real property interests, which are held or owned by the Seller and
      used and/or useful in the operation of the Stations as of the date 

     

    
      
        
        

      

      
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      hereof
        and the Closing Date (the “Real Property”), as described in 1.1.5 attached
        hereto;

    

     

            1.1.6    All
      books,
      files, records and logs relating to the conduct of the Stations’ business and
      the operation of the Stations (collectively the “Stations Records”). For three
      years following Closing, Seller shall have reasonable access to such books,
      files, records and logs for inspection and duplication at Seller’s expense
      during normal business hours, and to the originals if required, for the purposes
      of bookkeeping, tax return preparation and accounting procedures, and for such
      other purposes as may be customary or reasonably necessary;

     

        1.2    No
      Liens. Subject
      to Section 1.1.3 hereof, the Stations Assets shall be transferred to Buyer
      free
      and clear of all debts, security interests, mortgages, trusts, claims, pledges,
      or other liens, liabilities and encumbrances whatsoever (collectively, the
      "Liens").

     

        1.3    Excluded
      Assets. Notwithstanding
      anything to the contrary contained herein, it is expressly understood and agreed
      that the Stations Assets shall not include the following assets along with
      all
      rights, title and interest therein which shall be referred to as the "Excluded
      Assets":

     

              1.3.1
 All
      cash,
      cash equivalents or similar type investments of Seller, such as certificates
      of
      deposit, Treasury bills and other marketable securities on hand and/or in banks
      and accounts receivable; Seller will allow Buyer to collect the accounts
      receivable for the Stations for a period of ninety (90) days; Buyer will provide
      Seller with an accounting of collections and remit funds received every thirty
      (30) days;

     

              1.3.2
 All
      contracts that have terminated or expired prior to the Closing Date in the
      ordinary course of business and as permitted hereunder;

     

              1.3.3 All
      other
      contracts of Seller, including employment contracts, whether written or oral,
      not assumed by Buyer pursuant to the terms of Section 2.1
      hereof; 

     

              1.3.4 All
      pension, profit sharing or cash or deferred (Section 401(k)) plans and trusts
      and the assets thereof and any other employee benefit plan or arrangement and
      the assets thereof, if any maintained by Seller; and

    

    
      
        
        

      

      
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                1.3.5 All
        contracts of insurance and all insurance proceeds or claims made by Seller
        relating to property or equipment repaired, replaced or restored by Seller
        prior
        to the Closing Date.

    

    

    

    ARTICLE
      2

    

    ASSUMPTION
      OF OBLIGATIONS

        2.1    Assumption
      of Obligations. Subject
      to the provisions of this Section 2.1, Section 2.2 and Section 3.4, on the
      Closing Date, Buyer shall assume and undertake to pay, satisfy or discharge
      the
      liabilities, obligations and commitments of Seller arising or to be performed
      on
      or after the Closing Date under (i) the Assumed Contracts and (ii) any other
      contracts entered into between the date hereof and the Closing Date which Buyer
      may in its sole discretion expressly agree in writing to assume. All of the
      foregoing liabilities and obligations shall be referred to herein collectively
      as the "Assumed Liabilities."

     

        2.2    Retained
      Liabilities. Except
      as
      set forth in Section 2.1 hereof, Buyer expressly does not, and shall not, assume
      or be deemed to assume any other liability, obligation, commitment, undertaking,
      expense or agreement of Seller of any kind or nature, absolute or contingent,
      known or unknown, and the execution and performance of this Agreement shall
      not
      render Buyer liable for any such liability, obligation, undertaking, expense
      or
      agreement. All of such liabilities and obligations shall be referred to herein
      collectively as the "Retained Liabilities." Without limiting the generality
      of
      the foregoing, it is understood and agreed that Buyer is not agreeing to, and
      shall not, assume any liability or obligation of Seller to Seller's employees
      under any existing written or oral agreements with Seller, including any such
      liability or obligation in respect of wages, salaries, bonuses, accrued vacation
      or sick pay or any other matter other than liabilities and obligations arising
      following the Closing.

    

    

    ARTICLE
      3

    PURCHASE
      PRICE

     

        3.1    Purchase
      Price. Subject
      to certain adjustments pursuant to Section 3.2 below, the purchase price for
      the
      transfer of the 

     

    
      
        
        

      

      
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      Stations
        Assets from Seller to Buyer shall be Three Hundred Thousand Dollars ($300,000)
        (the "Purchase Price").

    

     

        3.2    Payment
      of Purchase Price. The
      Purchase Price shall be paid as follows:

     

             
3.2.1   Pursuant
      to the Letter of Intent dated January 17, 2007 between Seller and Buyer, Buyer
      shall provide a Letter of Credit in the amount of Ten Thousand Dollars ($10,000)
      from a bank of Buyer’s choosing (“Bank Agent”). The Letter of Credit shall be in
      a form and substance acceptable to Seller. Upon execution of this Purchase
      and
      Sale Agreement, Buyer shall provide a Letter of Credit for the additional sum
      of
      Ten Thousand Dollars ($10,000) with the Bank Agent for this transaction.

     

              3.2.2   At
      Closing, Buyer shall pay to Seller the Purchase Price, as follows:

     

                 
3.2.2.1   Three
      Hundred Thousand Dollars ($300,000), by wire transfer of immediately available
      funds, plus or minus any adjustments to be made pursuant to Section 3.5
      hereof.

     

        3.3    Letter
      of Credit.

     

             
3.3.1   In
      the
      event that this Agreement is terminated by Seller prior to the Closing solely
      because of Buyer’s refusal or inability to close, Seller, if not in material
      default or breach of this Agreement, shall be entitled to draw on the Letter
      of
      Credit in accordance with its terms as liquidated damages and not as a penalty.
      Buyer and Seller each acknowledge and agree that the liquidated damage amount
      is
      Seller's sole remedy for Buyer's breach hereof and that such amount is
      reasonable in light of the anticipated harm which would be caused by Buyer's
      breach of this Agreement, the difficulty of proof of loss, the inconvenience
      and
      nonfeasability of otherwise obtaining an adequate remedy, and the value of
      the
      transaction to be consummated hereunder.

     

                
3.3.2    
In
      the
      event that Buyer and Seller consummate the transaction contemplated herein
      or in
      the event of a termination pursuant to Section 15 hereof, Seller shall not
      be
      entitled to draw down against the Letter of Credit and shall provide such notice
      to the Bank Agent terminating the Letter of Credit.

     

        3.4    Allocation
      of Purchase Price. The
      Purchase Price shall be allocated in accordance with Exhibit A
      hereto.

    

    
      
        
        

      

      
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          3.5    Proration
        of Income and Expenses. Except
        as
        otherwise provided herein, on the Closing Date, there shall be prorated all
        payments of rent, utilities, insurance, and all operating expenses of the
        Stations, including but not limited to salaries, taxes, negative barter
        balances, music and license fees, and other charges, so that Seller shall
        be
        responsible for all expenses incurred prior to the Closing Date and Buyer
        for
        all expenses incurred thereafter. In this regard, Seller shall pay the costs
        of
        all barter obligations, if any, engineering studies, ownership reports,
        employment reports, or other reports or FCC filings required by virtue of
        Seller's ownership of the Stations prior to the Closing Date, and Buyer shall
        pay the costs of all barter obligations, if any, engineering studies, ownership
        reports, employment reports, or other reports or FCC filings required by
        virtue
        of Buyer's ownership of the Stations after the Closing Date. Each party,
        however, shall be responsible for its own expenses in connection with the
        transaction contemplated by this Agreement, including, without limitation,
        the
        preparation and prosecution of the Assignment Application (as defined herein)
        to
        be filed with the FCC pursuant to Section 4.2 of this Agreement; except that
        Seller and Buyer shall share equally the FCC filing fee for the Assignment
        Application. Except as expressly provided in this Agreement, Buyer shall
        not be
        liable for any other expenses in connection with the transactions contemplated
        by this Agreement.

    

    

    ARTICLE
      4

     

    GOVERNMENTAL
      CONSENTS

     

        4.1    FCC
      Consent.
      It is
      specifically understood and agreed by Buyer and Seller that the Closing and
      the
      assignment of the FCC Licenses and the transfer of the Stations Assets is
      expressly conditioned on and is subject to the prior consent and approval of
      the
      FCC ("FCC Consent") without the imposition of any conditions on the transfer
      of
      the FCC Licenses which are materially adverse to Buyer or Seller.

     

        4.2    FCC
      Application.
      Within
      ten business (10) days after execution of this Agreement, Seller and Buyer
      shall
      file with the FCC an application for assignment of the FCC Licenses (the
      "Assignment Application") from Seller to Buyer. Seller and Buyer shall
      thereafter prosecute the Assignment Application with all reasonable diligence
      and otherwise use their best efforts to
      obtain
      the grant of the Assignment Application as expeditiously as 

     

    
      
        
        

      

      
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    practicable.
      If the FCC Consent imposes any condition on either party hereto, such party
      shall use its best efforts to comply with such condition; provided, however,
      that neither party shall be required hereunder to comply with any condition
      that
      would have a material adverse effect upon it. If reconsideration or judicial
      review is sought with respect to the FCC Consent, the party affected shall
      vigorously oppose such efforts for reconsideration or judicial review; provided,
      however, that nothing in this Section 4.2 shall be construed to limit either
      party's right to terminate this Agreement pursuant to Article 15
      hereof.

    

    

    ARTICLE
      5

    

    CLOSING

     

        5.1    Closing.
      The
      closing of the transactions contemplated herein (the "Closing") shall occur
      within ten (10) business days after the date on which the FCC Consent shall
      have
      given, pursuant to delegated authority (the "Closing Date"); provided, however,
      that in the event that informal objections or petitions to deny are filed
      against the Assignment Application, the Closing shall, at Buyer’s option, occur
      within ten (10) business days after the date on which the FCC Consent shall
      have
      become a Final Order. A “Final Order” means an action of the FCC approving the
      Assignment Application, which is no longer subject to reconsideration or review
      by the FCC or any court or other governmental authority. The Closing shall
      be
      held at the offices of the Stations, or at such place as the parties hereto
      may
      agree.

    

    

    ARTICLE
      6

     

    REPRESENTATIONS
      AND WARRANTIES OF BUYER

     

        Buyer
      hereby
      makes the following representations and warranties to Seller, all of which
      have
      been relied upon by Seller in entering into this Agreement and, except as
      specifically otherwise provided, all of which shall be true and correct on
      the
      Closing Date:

     

        6.1    Organization
      and Standing. Buyer
      is
      a corporation duly organized, validly existing and in good standing under the
      laws of the State of Tennessee. Buyer’s expected assignee, Debut Broadcasting,
      Inc. is a corporation duly organized, validly 

     

    
      
        
        

      

      
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    existing
      and in good standing under the laws of the State of Delaware.

     

        6.2    Authorization
      and Binding Obligation.
      Buyer’s
      execution, delivery and performance of this Agreement and the transactions
      contemplated hereby have been duly and validly authorized by all necessary
      action on its part and upon the obtaining of all necessary approvals of the
      transactions contemplated by this Agreement, this Agreement will constitute,
      and
      the other agreements to be executed in connection herewith will constitute,
      the
      valid and binding obligation of Buyer enforceable in accordance with their
      terms.

     

        6.3    Absence
      of Conflicting Agreement.
      The
      execution, delivery and performance of this Agreement by Buyer: (a) will not
      conflict with, result in a breach of, or constitute a violation of or default
      under, the provisions of Buyer’s articles of incorporation or by-laws; and (b)
      will not, either alone or with the giving of notice or the passage of time,
      or
      both, conflict with, constitute grounds for termination of or result in a breach
      of the terms, conditions or provisions of, or constitute a default under, any
      agreement or instrument to which Buyer is subject.

     

        6.4    FCC
      Qualifications.
      To the
      best of Buyer’s knowledge, it is qualified under the Communications Act of 1934,
      as amended, and under the rules and regulations of the FCC, to become the holder
      of the Stations Licenses.

    

    

    ARTICLE
      7

    REPRESENTATIONS
      AND WARRANTIES OF SELLER

     

        Seller
      hereby
      makes the following representations and warranties to Buyer, all of which have
      been relied upon by Buyer in entering into this Agreement and, except as
      specifically otherwise provided, all of which shall be true and correct on
      the
      Closing Date:

     

        7.1    Organization
      and Standing.
      Seller
      is a corporation duly organized, validly existing and in good standing under
      the
      laws of the State of Mississippi. Seller has the power and authority to own,
      lease and operate the Stations Assets and to carry on the business of the
      Stations as proposed to be conducted by Seller between the date hereof and
      the
      Closing Date.

    

    
      
        
        

      

      
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          7.2    Authorization
        and Binding Obligation.
        Seller
        has the power and authority to enter into and perform this Agreement and
        the
        transactions contemplated hereby, and Seller's execution, delivery and
        performance of this Agreement, and the transactions contemplated hereby have
        been duly and validly authorized by all necessary action on its part. This
        Agreement has been duly executed and delivered by Seller and this Agreement
        constitutes, and the agreements to be executed in connection herewith will
        constitute the valid and binding obligation of Seller enforceable in accordance
        with their terms.

    

     

        7.3    Absence
      of Conflicting Agreements. The
      execution, delivery and performance of this Agreement by Seller: (a) will not
      conflict with, result in a breach of, or constitute a violation of or a default
      under, the provisions of Seller’s articles of incorporation or by-law; (b) will
      not conflict with, result in a breach of, or constitute a violation of or
      default under, any applicable law, judgment, order, injunction, decree, rule,
      regulation or ruling of any governmental authority to which Seller is a party
      or
      by which it or the Stations Assets are bound; (c) will not, either alone or
      with
      the giving of notice or the passage of time, or both, conflict with, constitute
      grounds for termination of or result in a breach of the terms, conditions or
      provisions of, or constitute a default under, any contract, agreement,
      instrument, license or permit to which Seller or the Stations Assets is now
      subject; and (d) will not result in the creation of any lien, charge or
      encumbrance on any of the Stations Assets.

     

        7.4    Government
      Authorizations. Schedule
      1.1.1 hereto contains a true and complete list of the Stations Licenses, which
      are required for the lawful conduct of the business and operation of the
      Stations in the manner and to the full extent they are proposed to be conducted
      by Buyer. Seller is the authorized legal holder of the Stations Licenses listed
      in Schedule 1.1.1. The Stations Licenses listed in Schedule 1.1.1 are in good
      standing, in full force and effect and sufficient for the operation of the
      Stations as presently operated by Buyer. The operation of the Stations is in
      accordance with the Stations Licenses and the underlying construction permits.
      No proceedings are pending or threatened, nor, to Seller's knowledge, do any
      facts exist which may result in the revocation, modification, non-renewal or
      suspension of any of the Stations Licenses, the issuance of any cease and desist
      order, the imposition of any administrative actions by the FCC with respect
      to
      the FCC Licenses or which may affect Buyer's ability to operate the Stations
      in
      accordance with the Stations Licenses and the FCC's rules.

     

    
      
        
        

      

      
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          7.5    Tangible
        Personal Property. Schedule
        1.1.2 hereto contains a list of all material tangible personal property owned,
        leased or held by Seller and used and/or useful in the conduct of the business
        and operation of the Stations. The Tangible Personal Property which is leased
        is
        identified as such on Schedule 1.1.2. The Tangible Personal Property is all
        of
        the tangible personal property necessary to operate the Stations in the manner
        in which it is presently operated. Except for the Tangible Personal Property
        leased by Seller, Seller owns and has, and will have on the Closing Date,
        good
        and marketable title to all of the Tangible Personal Property (and to all
        other
        tangible personal property and assets to be transferred to Buyer hereunder),
        and
        none of such property at the Closing will be subject to any security interest,
        mortgage, pledge, or other lien or encumbrance. To Seller's knowledge, all
        of
        the items of the Tangible Personal Property are in good repair and normal
        operating condition (ordinary wear and tear excepted) and are available for
        immediate use in the conduct of the business and operation of the Stations
        in
        its customary manner and in accordance with its licenses and the rules,
        regulations and policies of the Commission and all other governmental
        authorities having jurisdiction thereof.

       

          7.6    Real
        Property. Schedule
        1.1.5 hereto contains a list of all real property owned, leased or held by
        Seller and used and/or useful in the conduct of the business and operation
        of
        the Stations. The Real Property is all of the real property necessary to
        operate
        the Stations in the manner in which it is presently authorized to operate.
        Seller owns and has, and will have on the Closing Date, good and marketable
        title to all the Real Property and none of such property at the Closing will
        be
        subject to any security interest, mortgage, pledge, or other lien or
        encumbrance. None of the Real Property is subject to any contract, option
        or
        commitment for sale or lease to any party other than Buyer. To the best of
        Seller’s knowledge, after due inquiry, the Real Property and the present use
        thereof conforms with all restrictive covenants and with all zoning, building
        and other laws and regulations of all governmental authorities having
        jurisdiction thereof. The buildings, towers and appurtenances, and other
        fixtures used in the operation of the Stations are free of structural defects,
        are suitable for their intended use, are in a good state of maintenance and
        repair, are contained entirely within the bounds of the Real Property and
        do not
        encroach upon any property, the title or use of which will not be conveyed
        to
        Buyer hereunder. All utilities 

       

       

      
        
          
          

        

        
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      necessary
        for Buyer’s use of the Real Property are installed and in working order and are
        subject to valid easements. No condemnation proceedings have been instituted
        or
        threatened against the Real Property. Within ten (10) days of the execution
        of
        this Agreement, Seller will deliver to Buyer a preliminary report of a title
        insurance company reasonably acceptable to Buyer to insure the title to the
        Real
        Property owned by the Seller without any liens or encumbrances, other than
        current taxes or assessments, such title to be conveyed to Buyer at Closing.
        Title examination and insurance shall be at Buyer’s expense.

       

          7.7    Contracts.
        Schedule
        1.1.3 hereto contains a list of all of the agreements, leases and other
        contracts to which the Stations and Seller is a party or by which, as of
        the
        date hereof, the Stations and Seller may be bound or obligated in any way
        or
        which are required to operate the Stations in the manner in which it is now
        being operated (the "Contracts"). All of the Contracts are valid, binding
        and
        enforceable by Seller in accordance with their respective terms. Seller is
        not
        in material breach or default thereof, there is no claim of breach or default,
        and Seller has no knowledge of any act or omission which has occurred or
        which
        has been threatened which could result in a breach or default thereof. Those
        Assumed Contracts requiring the consent of a third party to assignment which
        Seller and Buyer agree are critical to the consummation of the transactions
        contemplated hereby are identified as "Material Contracts" and are so marked
        on
        Schedule 1.1.3. Notwithstanding the foregoing, if it is discovered before
        Closing that Seller failed to list a contract in Schedule 1.1.3 other than
        a
        Material Contract which was required to be listed, then Buyer may elect in
        its
        sole discretion to accept or reject such contract.

    

     

        7.8    Intangible
      Personal Property. Schedule
      1.1.4 hereto contains a list of all intangible personal property applied for,
      issued to or owned by the Seller or under which Seller is a licensee and used
      in
      the conduct of the business and operation of the Stations referred to in Section
      1.1.4 (but excluding those included in the Excluded Assets and referred to
      in
      Section 1.3). The Intangible Personal Property is all of the intangible personal
      property used in the operation of the Stations in the manner conducted by
      Seller. Seller has the right to use all of such property and such use does
      not
      infringe on or violate any other party's rights.

     

        7.9    Insurance.
      All of
      the assets to be sold to Buyer which are of an insurable character is insured
      by
      financially sound and reputable insurance companies against loss or damage
      by
      fire and 

     

    
      
        
        

      

      
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    other
      risks to the extent and in the manner customary for properties and assets of
      that nature. All such insurances policies are listed in Exhibit B hereto and
      are
      in current force and effect and full coverage thereunder shall remain in effect
      through the Closing.

     

        7.10    Taxes.
      Seller has
      filed
      all federal, state, local and foreign income, franchise, sales, use, property,
      excise, payroll and other tax returns required by law and has paid in full
      all
      taxes, estimated taxes, interest, assessments, and penalties due and payable.
      All returns and forms which have been filed have been true and correct in all
      material respects and no tax or other payment in a material amount other than
      as
      shown on such returns and forms are required to be paid and have been paid
      by
      Seller.

     

        7.11    Environmental.
      To the
      best
      of Seller's knowledge, (i) Seller has not unlawfully disposed of any hazardous
      waste or hazardous substance including Polychlorinated Biphenyl’s ("PCBs") at
      the Real
      Property of
      the
      Stations, (ii) the technical equipment included in the Stations Assets does
      not
      contain any PCBs, (iii) there are no underground tanks at the Real Property
      of
      the Stations and (iv) there is no asbestos insulation or other
      asbestos-containing materials at the Real Property of the Stations. As used
      herein, the term "hazardous wastes' shall mean as defined in the Resource
      Conservation and Recovery Act of 1976, 42 U.S.C. 6901 et
      seq.
      as
      amended, and in the equivalent state statute under Mississippi law. Any
      environmental studies conducted shall be at Buyer’s expense.

     

        7.12    Employee
      and Labor Relations.

     

              7.12.1    Seller
      is
      not a party to any contract with any labor organization, nor has Seller agreed
      to recognize any union or other collective bargaining unit, nor has any union
      or
      other collective bargaining unit been certified as representing any of Seller's
      employees. Seller has no knowledge of any organizational effort currently being
      made or threatened by or on behalf of any labor union with respect to employees
      of Seller.

     

              7.12.2    Seller
      has complied in all material respects with all applicable laws, rules and
      regulations relating to the employment of labor, including those relating to
      wages, hours, collective bargaining, unemployment insurance, workers'
      compensation and payment and withholding of taxes in connection with the
      operation of the Stations.

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

       

                 
        7.12.3    Seller
        has not promised to any employee of the Stations that Buyer will be hiring
        any
        such employee or otherwise made any offer of employment to any employee of
        the
        Stations on behalf of Buyer. All employees of the Stations shall be terminable,
        without liability to Buyer, on and as of the Closing Date. Buyer will have
        no
        liability to any present or past employee of the Stations for retirement,
        pension, bonus, termination, vacation, or other pay, or for hospitalization,
        major medical, life or other insurance or other employee
        benefits.

    

     

        7.13 
Litigation.
      To
      the
      best of Seller’s knowledge, there is no litigation or proceeding or
      investigation pending or threatened against Seller or the Stations in any
      federal, state or local court, or before any administrative agency or arbitrator
      (including, without limitation, any proceeding which seeks the forfeiture of,
      or
      opposes the renewal of, any of the Stations Licenses), or before any other
      tribunal duly authorized to resolve disputes, or which seeks to enjoin or
      prohibit, or otherwise questions the validity of, any action taken or to be
      taken pursuant to or in connection with this Agreement.

        

       7.14   Compliance
      with Law. The
      operation of the Stations and all of the Stations Assets are in compliance
      in
      all material respects with all applicable federal, state and local laws,
      ordinances and regulations, including the Communications Act of 1934, as amended
      and all rules and regulations issued thereunder. Without limiting the generality
      of the foregoing, Seller has timely filed all FCC reports and other documents
      required to be filed by any governmental authority with respect to the Stations
      and Seller has maintained its local public inspection file in full compliance
      with FCC requirements.

     

       7.15   Shareholders.
      Gerald
      M. Brophy, is the only shareholder of Seller.

     

       7.16   Accuracy
      of Information.
      No
      representation or warranty made by Seller hereunder or any information furnished
      or to be furnished to Buyer or any principal or agent of Buyer in connection
      with the transaction contemplated herein contains or will contain any untrue
      statement of material fact or omits or will omit to state a material fact
      necessary to make the information herein not misleading. Notwithstanding the
      generality of the foregoing, all financial information given to Buyer fairly
      reflects the condition of Seller as of the date hereof and fairly presents
      the
      results of operation of the Stations for the periods reflected therein, and
      since the date of the most recent financial statement given to

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    Buyer
      there have been no material adverse changes in the financial position of the
      Stations. 

    

    

    ARTICLE
      8

     

    COVENANTS
      OF SELLER

     

        8.1    Affirmative
      Covenants. Seller
      covenants and agrees with respect to the Stations that, between the date hereof
      and the Closing Date, except as expressly permitted by this Agreement or with
      the prior written consent of Buyer, it shall act in accordance with the
      following:

     

               
8.1.1    Seller
      shall conduct the business and operation of the Stations in the ordinary and
      prudent course of business and with the intent of preserving the ongoing
      operations and assets, listeners, advertisers and business of the
      Stations.

     

              
8.1.2   Seller
      shall operate the Stations in material accordance with FCC rules and regulations
      and the Stations Licenses and with all other laws, regulations, rules and orders
      and remove and assume all responsibility and costs for removing any and all
      violations thereof, including the payment of any fines assessed or other
      sanctions that may be imposed therefor.

     

              
8.1.3   Seller
      shall provide Buyer prompt written notice of any change in any of the
      information contained in the representations and warranties made in Article
      7
      hereof or any Schedules referred to herein or attached hereto.

     

             
 8.1.4   Seller
      shall give prompt notice to Buyer of any unusual or material developments with
      respect to the business or operation of the Stations.

     

             
8.1.5    Seller
      shall give or cause the Stations to give Buyer and Buyer's counsel, accountants,
      engineers and other representatives, at Buyer's reasonable request, and as
      authorized by the management of Seller, full and reasonable access during normal
      business hours to all of Seller's personnel, properties, books, contracts,
      reports and records including financial information and tax returns relating
      to
      the Stations, to all buildings and equipment relating to the Stations, and
      to
      the Stations’ employees in order that Buyer may have full opportunity to make
      such investigation as it desires of the affairs of the 

     

    
      
        
        

      

      
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    Stations
      and to furnish Buyer with information, and copies of all documents and
      agreements including but not limited to financial and operating data and other
      information concerning the financial condition, results of operations and
      business of the Stations, that Buyer may reasonably request.

     

            8.1.6    Seller
      shall perform all of the Contracts according to their respective terms and,
      if
      necessary, renew the same; provided, however, that, at Buyer's request, Seller
      will give protective notices of cancellation with respect to the Contracts
      which
      Buyer is not to assume.

     

            8.1.7    Seller
      shall maintain the Tangible Personal Property in its present condition, subject
      to reasonable wear and tear and to dispositions in the normal course of
      business, and keep in effect all current insurance policies with respect
      thereto, and restore, repair or replace any lost or substantially damaged item
      of Tangible Personal Property with an item of equivalent quality and value.
      

     

        8.2   Negative
      Covenants. Seller
      covenants and agrees with respect to the Stations that between the date hereof
      and the Closing Date, except as expressly permitted by this Agreement or with
      the prior written consent of Buyer, it shall act in accordance with the
      following:

     

            8.2.1    Seller
      shall not cause or permit by any act, or failure to act, any of the Stations
      Licenses to expire, be surrendered, adversely modified, or otherwise terminated,
      or the FCC to institute any proceedings for the suspension, revocation or
      adverse modification of any of the Stations Licenses.

     

            8.2.2    Seller
      shall not create or permit any Lien affecting the Stations Assets.

     

            8.2.3    Seller
      shall not: (i) enter into any commitment for capital expenditures for which
      Buyer would be liable after the Closing Date; (ii) enter into any collective
      bargaining agreement or, through negotiation or otherwise, make any commitment
      or incur any liability to any labor organization relating to any Stations
      employee (to the extent the foregoing does not violate applicable law); or
      (iii)
      enter into any contract or commitment in relation to the Stations’ business or
      employees to which Buyer will be bound or which will adversely affect Buyer's
      operation of the Stations following the Closing other than agreements cancelable
      without penalty prior to the Closing Date.

     

    
      
        
        

      

      
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8.2.4    Seller
      shall not, other than in the ordinary course of business, sell or dispose of
      or
      commit to sell or dispose of any of the Stations Assets unless, in the case
      of
      the Tangible Personal Property, the same are replaced by assets of equal quality
      and usefulness.

     

                8.2.5   Seller
      shall not increase the salary, benefits or other compensation payable to any
      Stations employee, except to the extent consistent with existing practice.
      Seller shall immediately notify Buyer upon taking any such action.

     

       8.3.      Non-compete. At
      Closing, Seller and Seller’s principals shall enter into a non-compete agreement
      in the form attached hereto as Exhibit C, which shall bar Seller and its
      Principals from having an ownership interest or investment in, or serving as
      an
      officer, director or employee of, or serving as a consultant or advisor to,
      any
      radio broadcast business whose city of license, studio or transmitter site
      it
      within one hundred (100) miles of Greenville, Mississippi, for a period of
      one
      (1) year from the Closing Date. Said agreement shall further bar Seller and
      Seller’s principals for a period of one (1) year after Closing from hiring or
      soliciting to hire any person employed by Buyer and whose duties relate
      substantially to the Stations. The portion of the purchase price allocated
      to
      the foregoing non-compete agreement shall be in accordance with Exhibit A
      hereto.

    

    

    ARTICLE
      9

    

    JOINT
      COVENANTS

     

        Buyer
      and
      Seller covenant and agree that between the date hereof and the Closing Date,
      they shall act in accordance with the following:

     

        9.1    Conditions.
      If
      any
      event should occur, either within or without the control of any party hereto,
      which would prevent fulfillment of the conditions upon the obligations of any
      party hereto to consummate the transactions contemplated by this Agreement,
      the
      parties hereto shall use their best efforts to cure the event as expeditiously
      as possible.

     

        9.2    Confidentiality.
      Buyer
      and
      Seller shall each keep confidential all information obtained by it with respect
      to the other in connection with this Agreement and the negotiations

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    preceding
      this Agreement, and will use such information solely in connection with the
      transactions contemplated by this Agreement, and if the transactions
      contemplated hereby are not consummated for any reason, each shall return to
      the
      other, without retaining a copy thereof, any schedules, documents or other
      written information obtained from the other in connection with this Agreement
      and the transactions contemplated hereby. Notwithstanding the foregoing, neither
      party shall be required to keep confidential or return any information which
      (i)
      is known or available through other lawful sources, not bound by a
      confidentiality agreement with the disclosing party or (ii) is or becomes
      publicly known through no fault of the receiving party or its agents, (iii)
      is
      required to be disclosed pursuant to an order or request of a judicial or
      governmental authority (provided the disclosing party is given reasonable prior
      notice), or (iv) is developed by the receiving party independently of the
      disclosure by the disclosing party.

     

        9.3    Cooperation.
      Buyer
      and
      Seller shall cooperate fully with one another in taking any actions, including
      actions to obtain the required consent of any governmental instrumentality
      or
      any third party necessary or helpful to accomplish the transactions contemplated
      by this Agreement; provided, however, that no party shall be required to take
      any action which would have a material adverse effect upon it. Prior to the
      Closing Date, Buyer shall not directly or indirectly control, supervise, or
      direct, or attempt to control, supervise, or direct, the operations of the
      Stations.

    

    

    ARTICLE
      10

    

    CONDITIONS
      OF CLOSING BY BUYER

     

        The
      performance of the obligations of Buyer hereunder are subject to the
      satisfaction of each of the following express conditions precedent, provided
      that Buyer may, at its election, waive any of such conditions at Closing,
      notwithstanding that such condition is not fulfilled on the Closing
      Date:

    

        10.1    Representations,
      Warranties and Covenants.

    

    10.1.1 All
      representations and warranties of Seller contained herein or in any Schedule
      or
      document delivered pursuant hereto, shall be true and complete in all material
      respects as of 

     

    
      
        
        

      

      
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      the
        date
        hereof and on and as of the Closing Date as if made on and as of that date,
        except for changes expressly permitted or contemplated by the terms of this
        Agreement.

       

              10.1.2 All
        of
        the terms, covenants and conditions to be complied with and performed by
        Seller
        on or prior to Closing Date shall have been complied with or performed in
        all
        material respect

       

          10.2    Governmental
        Consents. The
        conditions specified in Sections 4.1 and 4.2 of this Agreement shall have
        been
        satisfied.

    

     

        10.3   
Governmental
      Authorizations. Seller
      shall be the holder of the Stations Licenses and all other material licenses,
      permits and other authorizations listed in Schedule 1.1.1, and there shall
      not
      have been any modification of any of such licenses, permits and other
      authorizations which has a material adverse effect on the Stations or the
      conduct of its business and operation. No proceeding shall be pending which
      seeks or the effect of which reasonably could be to revoke, cancel, fail to
      renew, suspend or modify materially and adversely the Stations adverse effect
      on
      the Stations or the conduct of its business and operation. No proceeding shall
      be pending which seeks or the effect or which reasonably could be to revoke,
      cancel, fail to renew, suspend or modify materially and adversely the Stations
      Licenses or any other material licenses, permits or other authorizations of
      the
      Stations.

        

        10.4  
Adverse
      Proceedings.
      No
      suit, action, claim or governmental proceeding shall be pending against, and
      no
      order, decree or judgment of any court, agency or other governmental authority
      shall have been rendered against, any party hereto which would render it
      unlawful, as of the Closing Date, to effect the transactions contemplated by
      this Agreement in accordance with its terms.

     

        10.5   
Third-Party
      Consents.
      Seller
      shall have obtained and shall have delivered to Buyer all third-party consents
      to the Material Contracts.

     

        10.6    
Closing
      Deliveries.
      Seller
      shall have delivered or caused to be delivered to Buyer, on the Closing Date,
      each of the documents required to be delivered pursuant to Article
      13.

     

        10.7    
No
      Material Adverse Change.
      Since
      the date of this Agreement, there shall not have occurred, whether or not within
      Seller’s control, any material adverse change in the Assets.

     

    
      
        
        

      

      
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          10.8 
Liens.
        The
        Stations Assets shall be free and clear of all Liens.

    

    

    ARTICLE
      11

    

    CONDITIONS
      OF CLOSING BY SELLER

     

        The
      performance of the obligations of Seller hereunder are subject to the
      satisfaction of each of the following express conditions precedent, provided
      that Seller may, at its election, waive any of such conditions at Closing,
      notwithstanding that such condition is not fulfilled on the Closing
      Date:

     

        11.1   Representations,
      Warranties and Covenants.

     

            11.1.1    All
      representations and warranties of Buyer made in this Agreement or in any
      Schedule or document delivered pursuant hereto, shall be true and complete
      in
      all material respects as of the date hereof and on and as of the Closing Date
      as
      if made on and as if made on and as of that date, except for changes expressly
      permitted or contemplated by the terms of this Agreement.

     

            11.1.2    All
      of
      the terms, covenants and conditions to be complied with and performed by Buyer
      on or prior to the Closing Date shall have been complied with or performed
      in
      all material respects.

     

         11.2   
      Governmental
      Consents. The
      conditions specified in Sections 4.1 and 4.2 of this Agreement shall have been
      satisfied.

     

        11.3   
Adverse
      Proceedings. No
      suit,
      action, claim or governmental proceeding shall be pending against, and no other,
      decree or judgment of any court, agency or other governmental authority shall
      have been rendered against any party hereto which would render it unlawful,
      as
      of the Closing Date, to effect the transactions contemplated by this Agreement
      in accordance with its terms.

     

        11.4   Closing
      Deliveries. Buyer
      shall have delivered or caused to be delivered to Seller, on the Closing Date,
      the Purchase Price and each of the documents required to be delivered pursuant
      to Article 13.

     

    
      
        
        

      

      
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    ARTICLE
      12

    

    TRANSFER
      TAXES; FEES AND EXPENSES

     

        12.1    Expenses.
      Except
      as
      set forth in Sections 3.5 and 12.2 hereof, each party hereto shall be solely
      responsible for all costs and expenses incurred by it in connection with the
      negotiation, preparation and performance of and compliance with the terms of
      this Agreement.

     

        12.2    Transfer
      Taxes: Governmental Filing or Grant Fees. All
      costs
      of transferring the Stations Assets in accordance with this Agreement, including
      recordation, transfer and documentary taxes and fees, and any excise, sales
      or
      use taxes shall be borne by Seller.

    

    

    ARTICLE
      13

    

    CLOSING
      DELIVERIES

     

        13.1     
      Seller's
      Deliveries. At
      the
      Closing, Seller shall deliver or cause to be delivered to Buyer the
      following:

     

            13.1.1    Bills
      of
      Sale and other instruments of assignment and transfer, all in a form normal
      and
      customary in the State of Tennessee and satisfactory to Buyer’s counsel, as
      shall be effective to vest in Buyer or its permitted assignees, good and
      marketable title in and to the Stations Assets transferred pursuant to this
      Agreement in accordance with the terms of this Agreement;

     

            13.1.2    A
      warranty deed conveying title to the Real Property to Buyer;

     

            13.1.3    A
      certificate, dated the Closing Date, and substantially in the form of Exhibit
      D,
      of the Secretary of Seller certifying as to the resolutions of the Board of
      Directors of Seller approving the execution and delivery of this Agreement
      and
      each of the other documents and agreements referred to herein and authorizing
      the consummation of the transactions contemplated hereby and
      thereby;

        

            13.1.4    The
      Stations Records, including the originals or copies of all program, operations,
      transmissions, or maintenance logs and all other records required to be
      maintained by the FCC 

     

    
      
        
        

      

      
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    with
      respect to the Stations, including the Stations’ public file, shall be left at
      the Stations and thereby delivered to Buyer; and

     

            13.1.5    Such
      additional information and materials as Buyer shall have reasonably
      requested.

     

        13.2    Buyer's
      Deliveries. At
      the
      Closing, Buyer shall deliver or cause to be delivered to Seller the
      following:

            

          
13.2.1    The
      Purchase Price as described in Section 3 hereof;

     

            13.2.2    A
      certificate, dated the Closing Date, and substantially in the form of Exhibit
      E,
      of the Secretary of Buyer certifying as to the resolutions of the Board of
      Directors of Buyer approving the execution and delivery of this Agreement and
      each of the other documents and agreements referred to herein and authorizing
      the consummation of the transactions contemplated hereby and
      thereby;

     

            13.2.3    Such
      additional information and materials as Seller shall have reasonably
      requested.

    

    

    ARTICLE
      14

    

    INDEMNIFICATION

     

        14.1  Seller's
      Indemnities. Seller
      hereby agrees to indemnify, defend and hold harmless Buyer and its assignee
      with
      respect to any and all demands, claims, actions, suits, proceedings,
      assessments, judgments, costs, losses, damages, liabilities and expenses
      (including, without limitation, interest, penalties, court costs and reasonable
      attorneys' fees) ("Damages") asserted against, resulting from, imposed upon
      or
      incurred by Buyer directly or indirectly relating to or arising out
      of:

     

            14.1.1    The
      breach by Seller of any of its representations or warranties, or failure by
      Seller to perform any of its covenants, conditions or agreements set forth
      in
      this Agreement;

     

            14.1.2    The
      Retained Liabilities;

     

    
      
        
        

      

      
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            14.1.3    Any
      and
      all claims, liabilities or obligations of any nature, absolute or contingent,
      relating to the business and operation of the Stations prior to the Closing
      Date;

     

            14.1.4    Any
      failure to comply with any “bulk sales” laws applicable to the transactions
      contemplated hereby;

     

             14.1.5    A
      claim
      by any person or entity based on any arrangement or agreement to pay a
      commission, finder's fee or similar payment in connection with this Agreement
      made or alleged to have been made by Seller.

     

        14.2  Buyer's
      Indemnities. Buyer hereby
      agrees to indemnify, defend and hold harmless Seller with respect to any and
      all
      Damages asserted against, resulting from, imposed upon or incurred by Seller
      directly or indirectly relating to or arising out of:

     

            14.2.1    The
      breach by Buyer of any of its representations, warranties, or failure by Buyer
      to perform any of its covenants, conditions or agreements set forth in this
      Agreement;

     

            14.2.2    The
      Assumed Liabilities;

        

            14.2.3    Any
      and
      all claims, liabilities or obligations of any nature, absolute or contingent,
      relating to the business and operation of the Stations as conducted by Buyer
      on
      and after the Closing Date; and

     

            14.2.4    Subject
      to Section 16.14 below, a claim by any person or entity based on any arrangement
      or agreement to pay a commission, finder's fee or similar payment in connection
      with this Agreement made or alleged to have been made by Buyer.

     

        14.3    Survival
      of Representations and Warranties. The
      representations and warranties contained herein shall be deemed and construed
      to
      be continuous and survive the Closing for a period of three (3) years following
      the Closing Date.

     

      14.4   Procedures.

     

            14.4.1    Promptly
      after the receipt by either party (the "Indemnified Party") of notice of (a)
      any
      claim or (b) the commencement of any action or proceeding which may entitle
      such
      party to indemnification under this Section, such party shall give the other
      party (the "Indemnifying Party) written notice of such 

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

       

      claim
        or
        the commencement of such action or proceeding and shall permit the Indemnifying
        Party to assume the defense of any such claim or any litigation resulting
        from
        such claim. The failure to give the Indemnifying Party timely notice under
        this
        Section 14.4.1 shall not preclude the Indemnified Party from seeking
        indemnification from the Indemnifying Party unless such failure has materially
        prejudiced the Indemnifying Party's ability to defend the claim or
        litigation.

    

     

            14.4.2    If
      the
      Indemnifying Party assumes the defense of any such claim or litigation resulting
      therefrom with counsel reasonably acceptable to the Indemnified Party, the
      obligations of the Indemnifying Party as to such claim shall be limited to
      taking all steps necessary in the defense or settlement of such claim or
      litigation resulting therefrom and to holding the Indemnified Party harmless
      from and against any losses, damages and liabilities caused by or arising out
      of
      any settlement approved by the Indemnifying Party or any judgment in connection
      with such claim or litigation resulting therefrom; however, the Indemnified
      Party may participate, at its expense, in the defense of such claim or
      litigation provided that the Indemnifying Party shall direct and control the
      defense of such claim or litigation. The Indemnified Party shall cooperate
      and
      make available all books and records reasonably necessary and useful in
      connection with the defense. The Indemnifying Party shall not, in the defense
      of
      such claim or any litigation resulting therefrom, consent to entry of any
      judgment, except with the written consent of the Indemnified Party, or enter
      into any settlement, except with the written consent of the Indemnified Party,
      which does not include as an unconditional term thereof the giving by the
      claimant or the plaintiff to the Indemnified Party of a release from all
      liability in respect of such claim or litigation.

     

            14.4.3    If
      the
      Indemnifying Party shall not assume the defense of any such claim or litigation
      resulting therefrom, the Indemnified Party may, but shall have no obligation
      to,
      defend against such claim or litigation in such manner as it may deem
      appropriate, and the Indemnified Party may compromise or settle such claim
      or
      litigation without the Indemnifying Party's consent.

     

        14.5    Assignment
      of Claims. In
      the
      event that any of the Damages for which an Indemnifying Party is responsible
      or
      allegedly responsible hereunder are recoverable or potentially recoverable
      against any third party at the time when payment is due under this Article
      14,
      then the Indemnified Party shall assign any and all rights that it may have
      that
      are related in any fashion to the 

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    Damages
      or the facts or circumstances giving rise thereto to the Indemnifying Party
      as a
      condition to any payment due under this Article 14, or, if such rights are
      not
      assignable under applicable law or otherwise, the Indemnified Party hereunder
      shall attempt in good faith to collect any and all damages and losses on account
      thereof from such third party for the benefit of, and at the expense and
      direction of, the Indemnifying Party.

    

    

    ARTICLE
      15

    

    TERMINATION
      RIGHTS

     

        15.1    Termination.

     

               15.1.1    This
      Agreement may be terminated by either Buyer or Seller, if the party seeking
      to
      terminate is not in material default or breach of this Agreement, upon written
      notice to the other upon the occurrence of any of the following:

     

              15.1.1.1    if
      any condition set
      forth herein to the obligations of the party seeking to terminate has not been
      satisfied or waived on or prior to the Closing Date; or

     

                

          15.1.1.2    if
      the FCC denies the
      Assignment Application and such denial becomes a Final Order; or

     

                 
15.1.1.3    if
      there shall be in
      effect any judgment, final decree or order that would prevent or make unlawful
      the Closing of this Agreement; or

     

                 
15.1.1.4      
if
      the
      Closing has not occurred within six (6) months after the date on which the
      Assignment Application is accepted for filing by the FCC.

     

                 
15.1.2     
      This
      Agreement may be terminated by mutual agreement of the parties
      hereto.

     

             
      15.1.3.      Buyer
      may
      terminate this Agreement pursuant to Section 16.2(a) hereunder.

     

        15.2   Liability.
      The
      termination of this Agreement under Section 15.1 shall not relieve any party
      of
      any liability for breach of this Agreement prior to the date of
      termination.

     

    
      
        
        

      

      
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    ARTICLE
      16

    

    MISCELLANEOUS
      PROVISIONS

     

        16.1    Specific
      Performance. Seller
      and Buyer each recognize and acknowledge that, in the event that Seller shall
      fail to perform its obligations to consummate the transaction contemplated
      hereby, money damages alone will not be adequate to compensate Buyer for its
      injury. Seller and Buyer, therefore, each agree and acknowledge that, in the
      event of Seller's failure to perform its obligation to consummate the
      transaction contemplated hereby, Buyer shall be entitled, in addition to any
      action for monetary damages, and in addition to any other rights and remedies
      on
      account of such failure, to specific performance of the terms of this Agreement
      and of Seller's obligation to consummate the transaction contemplated hereby.
      If
      any action is brought by Buyer to enforce this Agreement, Seller shall waive
      the
      defense that there is an adequate remedy at law.

        

        16.2    Risk
      of Loss. The
      risk
      of loss or damage to any of the Stations Assets prior to the Closing Date shall
      be upon Seller. In the event of such loss or damage prior to the Closing, Seller
      shall, at its expense, and in consultation with Buyer, repair, replace and
      restore any such damaged or lost Stations Asset to its prior condition as soon
      as possible and in no event later than the Closing Date. In the event any such
      loss or damage requires the Stations to be taken off the air or to operate
      with
      reduced power for more than seven (7) days, Buyer may in its sole election
      (a)
      terminate this entire Agreement with no further obligation to Seller or (b)
      postpone the Closing for up to ninety (90) days, at the conclusion of which
      period of postponement Buyer may terminate the Agreement if the loss or damage
      has not been fully repaired and restored.

     

        16.3    Further
      Assurances. After the
      Closing, Seller shall from time to time, at the request of and expense to Buyer,
      execute and deliver such other instruments of conveyance and transfer and take
      such other actions as may reasonably be requested in order to more effectively
      consummate the transactions contemplated hereby to vest in Buyer good and
      marketable title to the assets being transferred hereunder, and Buyer shall
      from
      time to time, at the request of and expense to Seller, execute and deliver
      such
      other instruments and take such other actions as may reasonably be requested
      in
      order to more effectively relieve Seller of any obligations being assumed by
      Buyer hereunder.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

      

        16.4    Benefit
      and Assignment. This
      Agreement shall be binding upon and shall inure to the benefit of the parties
      hereto and their respective successors and permitted assigns. Seller may assign
      its interest under this Agreement with the prior written consent of Buyer,
      which
      consent shall not be unreasonably withheld.

     

        16.5    Headings.
      The
      headings set forth
      in
      this Agreement are for convenience only and will not control or affect the
      meaning or construction of the provisions of this Agreement.

     

        16.6    Governing
      Law. The
      construction and performance of this Agreement shall be governed by the laws
      of
      the State of Tennessee without giving effect to the choice of law principles
      thereof, except that the construction and performance of any issues pertaining
      to the real property shall be governed by the laws of the State of
      Mississippi.

     

        16.7    Notices.
      All
      notices,
      elections
      and other communications permitted or required under this Agreement shall be
      in
      writing and shall be deemed effectively given or delivered upon personal
      delivery or twenty-four (24) hours after delivery to a courier service which
      guarantees overnight delivery or five (5) days after deposit with the U.S.
      Post
      Office, by registered or certified mail, postage prepaid, and, in the case
      of
      courier or mail delivery, addressed as follows (or at such other address for
      a
      party as shall be specified by like notice):

    

    

    To
      Seller:

    

    Gerald
      M.
      Brophy

    Shamrock
      Broadcasting, Inc.

    P.O.
      Box
      667

    Indianola,
      MS 38751

    Fax:
      (662) 887-1396

    

    With
      a
      copy (which shall

    not
      constitute notice) to:

    

    John
      H.
      McWilliams

    Townsend,
      McWilliams & Holladay LLP

    P.
      O. Box
      288 

    105
      South
      Main Street

    Drew,
      MS
      38737

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

              

              Fax:
        (662)
        745-8518

    

    To
      Buyer:

    

    Robert
      J.
      Marquitz

    Steven
      L.
      Ludwig

    The
      Marketing Group

    1209
      16th
      Avenue
      South

    Nashville,
      TN 37212

    Fax:
      (615) 301-0002

    

    With
      a
      copy (which shall not

    constitute
      notice) to:

    

    Stephen
      K. Rush

    Rush
      Law
      Group

    1209
      16th
      Avenue
      South

    Nashville,
      TN 37212

    Fax:
      (615) 327-0811

    

    

        16.8    No
      Third Party Beneficiaries.
      Nothing
      herein expressed or implied is intended or shall be construed to confer upon
      give to any person or entity other than the parties hereto and their successors
      or permitted assigns, any rights or remedies under or by reason of this
      Agreement.

     

        16.9    Severability.
      The
      parties agree that if one or more provisions contained in this Agreement shall
      be deemed or held to be invalid, illegal or unenforceable in any respect under
      any applicable law, this Agreement shall be construed with the invalid, illegal
      or unenforceable provision deleted, and the validity, legality and
      enforceability of the remaining provisions contained herein shall not be
      affected or impaired thereby; provided, however, that if the removal of the
      offending provision or provisions materially alters the burdens or benefits
      of
      either party, the parties agree to negotiate in good faith such modifications
      to
      this Agreement as are appropriate to insure the burdens and benefits of each
      party are reasonably comparable to those originally contemplated and
      expected.

     

        16.10    Amendments
      and Waivers.
      No
      amendment, waiver of compliance with any provision or condition hereof or
      consent pursuant to this Agreement shall be effective unless evidenced by an
      instrument in writing signed by the party against whom 

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    enforcement
      of any waiver, amendment, change, extension or discharge is sought.

     

        16.11    Entire
      Agreement.
      This
      Agreement and the Exhibits and Schedules attached hereto and the ancillary
      documents provided for herein embody the entire agreement and understanding
      of
      the parties hereto relating to the matter provided for herein and supersede
      any
      and all prior agreements, arrangements and understandings relating to the
      matters provided for herein.

     

        16.12    No
      Broker.
      Buyer
      and Seller hereby mutually represent that there are not finders, consultants
      or
      brokers involved in this transaction and that neither Seller nor Buyer has
      agreed to pay any brokers’, finders’ or consultants’ fees in connection with
      this transaction.

     

        16.13    Attorneys’
      Fees.
      In the
      event of commencement of suit by either party to enforce the provisions of
      this
      Agreement, the prevailing party shall be entitled to receive attorneys' fees
      and
      costs of collection as the court in which such suit is brought may adjudge
      reasonable in addition to all other relief granted.

     

        16.14    Time
      of Essence. Time
      is
      of the essence with respect to every provision of this Agreement.

     

     

     

     

     

     

     

        16.15 Counterparts.
      This
      Agreement may be signed in counterpart originals, which collectively shall
      have
      the same legal effect as if all signatures had appeared on the same physical
      document.

     

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

    

    

    SHAMROCK
      BROADCASTING, INC.                         THE
      MARKETING GROUP

     

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    
      
        	 By:         /s/Gerald
                M. Brophy 	
                By:       
                  /s/ Robert Marquitz

              
	 Name:    Gerald M.
                Brophy	Name:   Robert J.
                Marquitz
	 Title:     
                President  	Title:    
                PresidentExhibit 10.2

    

    ASSET
      PURCHASE AGREEMENT

    

    

    ASSET
      PURCHASE AGREEMENT,
      made
      and entered into this __ day of March, 2007 (the “Agreement”), by and between
      The River Broadcasting Company, Inc., 800 Highway One South, Delta Plaza Mall,
      #39, Greenville, MS 38702 (“Seller”) and The Marketing Group, 1209
      16th
      Avenue
      South, Suite 200, Nashville, TN 37212 or its assignee, Debut Broadcasting,
      Inc.,
      an entity under common control as The Marketing Group (The Marketing Group
      together with Debut Broadcasting, Inc. referred to as “Buyer”).

    

    

    WITNESSETH:

    

    

    WHEREAS,
      Seller
      operates radio broadcast Stations WIQQ FM 102.3 MHz in Leland, MS, WBAQ FM
      97.9
      MHz and WNIX AM 1330 kHz in Greenville, MS (the “Stations”) and is authorized to
      operate the Stations pursuant to licenses issued by the Federal Communications
      Commission (the “FCC”); and

    

    WHEREAS,
      Seller
      desires to sell to Buyer, and Buyer desires to purchase from Seller,
      substantially all of the assets used and/or useful in connection with the
      operation of the Stations, all on the terms and subject to the conditions set
      forth herein, including prior approval of the FCC.

    

    NOW,
      THEREFORE,
      in
      consideration of the foregoing premises and the mutual covenants and agreements
      hereinafter set forth, the parties hereto, intending to be legally bound, hereby
      agree as follows:

    

    

    ARTICLE
      I

    

    PURCHASE
      OF ASSETS

    

    

    1.1 Transfer
      of Assets.
      On the
      Closing Date (as defined in Section 5.1 hereof), Seller shall sell, assign,
      transfer and convey to Buyer or its designated assignee, and Buyer shall
      purchase and assume from Seller, substantially all of the assets, properties,
      interests and rights held by Seller which are used and/or useful in

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

       

      connection
        with the operation of the Stations, as the same shall exist on the Closing
        Date,
        including but not limited to the following (but excluding the Excluded Assets
        specified in Section 1.3 hereof), all such assets being referred to herein
        as
        the “Stations Assets”:

    

    

    1.1.1 All
      licenses, permits and other authorizations issued by the FCC and any other
      federal, state or local government authority (the “Stations Licenses”) to Seller
      in connection with and necessary for the conduct of the business and the
      operation of the Stations, together with renewals or modifications of such
      Stations Licenses between the date hereof and the Closing Date, including but
      not limited to those listed on Schedule 1.1.1 attached hereto; 

    

    1.1.2 All
      equipment, machinery, office furniture and fixtures, office materials and
      supplies, inventory, spare parts and other tangible personal property of every
      kind and description, and Seller’s rights therein, of Seller with respect to the
      Stations, together with any improvements or replacements thereof and additions
      thereto, made between the date hereof and the Closing Date in accordance with
      this Agreement, including but not limited to those listed on Schedule 1.1.2
      hereto;

    

    1.1.3 All
      contracts, agreements and leases, written or oral, relating to the operation
      of
      the Stations which are listed in Schedule 1.1.3 hereto (the “Assumed
      Contracts”), together with all contracts, agreements and leases entered into or
      acquired by Seller between the date hereof and the Closing Date which Buyer
      has
      agreed to assume in writing at Closing;

    

    1.1.4 All
      of
      Seller’s right, title and interest in and to the call letters “WIQQ, WBAQ and
      WNIX,” trademarks, trade names, service marks, franchises, copyrights, including
      registrations and applications for registration of any of them, jingles, logos
      and slogans or licenses to use same (the “Intangible Personal Property”),
      together with any associated goodwill and any additions thereto between the
      date
      hereof and the Closing Date, including but not limited to those described on
      Schedule 1.1.4 attached hereto;

    

    1.1.5 All
      real
      property, buildings, fixtures and other improvements thereon, leasehold
      interests, easements, licenses, rights of access, rights of way, improvements
      and other real property interests, which are held or owned by the Seller and
      

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

      used
        and/or useful in the operation of the Stations as of the date hereof and
        the
        Closing Date as described on Schedule 1.1.5 attached hereto (the “Real
        Property”);

    

    

    1.1.6 All
      books,
      files, records and logs relating to the conduct of the Stations’ business and
      the operation of the Stations (collectively the “Stations Records”). For three
      years following Closing, Seller shall have reasonable access to such books,
      files, records and logs for inspection and duplication at Seller’s expense
      during normal business hours, and to the originals if required, for the purposes
      of bookkeeping, tax return preparation and accounting procedures, and for such
      other purposes as may be customary or reasonably necessary; and

    

    1.1.7 All
      accounts receivable arising in connection with the operation of the Stations
      prior to the Closing Date and outstanding and uncollected as of the Closing
      Date
      (the “Accounts Receivable”).

    

    1.2 No
      Liens. Except
      as
      set forth on Schedule 1.2 (the “Permitted Liens”), and subject to Section 1.1.3
      hereof, the Stations Assets shall be transferred to Buyer free and clear of
      all
      debts, security interests, mortgages, trusts, claims, pledges, or other liens,
      liabilities and encumbrances whatsoever (collectively, the
      "Liens").

    

    1.3 Excluded
      Assets. Notwithstanding
      anything to the contrary contained herein, it is expressly understood and agreed
      that the Stations Assets shall not include the following assets along with
      all
      rights, title and interest therein which shall be referred to as the "Excluded
      Assets":

    

    1.3.1
       All
      cash,
      cash equivalents or similar type investments of Seller, such
      as
      certificates of deposit, Treasury bills and other marketable securities on
      hand
      and/or in banks; 

    

    1.3.2 All
      contracts that have terminated or expired prior to the Closing Date in the
      ordinary course of business and as permitted hereunder;

    

    1.3.3 All
      other
      contracts of Seller, including employment contracts, whether written or oral,
      not assumed by Buyer pursuant to the terms of Section 2.1 hereof;

    

    1.3.4 All
      pension, profit sharing or cash or deferred (Section 401(k)) plans and trusts
      and the assets thereof and any

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     other
      employee benefit plan or arrangement and the assets thereof, if any maintained
      by Seller; and

    

    1.3.5 All
      contracts of insurance and all insurance proceeds relating to claims made by
      Seller prior to the Closing Date.

    

    1.3.6 Seller’s
      books and records pertaining to the organization, existence or capitalization
      of
      Seller, and duplicate copies of such records as are necessary to enable Seller
      to file tax returns and reports, provided, however, that Seller will cooperate
      with Buyer’s reasonable requests for such information in connection with Buyer’s
      compliance with Securities Exchange Commission requirements related to Buyer’s
      public offering of securities.

    

    

     

    ARTICLE
      2

    

    ASSUMPTION
      OF OBLIGATIONS

    

    

    2.1 Assumption
      of Obligations. Subject
      to the provisions of this Article 2 and Section 3.5, on the Closing Date, Buyer
      shall assume and undertake to pay, satisfy or discharge the liabilities,
      obligations and commitments of Seller arising or to be performed on or after
      the
      Closing Date under (i) the Stations Licenses and Assumed Contracts and (ii)
      any
      other contracts entered into by Seller between the date hereof and the Closing
      Date which Buyer may in its sole discretion expressly agree in writing to
      assume. All of the foregoing liabilities and obligations shall be referred
      to
      herein collectively as the "Assumed Liabilities."

    

    2.2 Retained
      Liabilities. Except
      as
      set forth in Section 2.1 hereof, Buyer expressly does not, and shall not, assume
      or be deemed to assume any other liability, obligation, commitment, undertaking,
      expense or agreement of Seller of any kind or nature, absolute or contingent,
      known or unknown, and the execution and performance of this Agreement shall
      not
      render Buyer liable for any such liability, obligation, undertaking, expense
      or
      agreement. All of such liabilities and obligations shall be referred to herein
      collectively as the "Retained Liabilities." Without limiting the generality
      of
      the foregoing, it is understood and agreed that Buyer is not agreeing to, and
      shall not, assume any liability or 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

      obligation
        of Seller to Seller's employees under any existing written or oral agreements
        with Seller, including any such liability or obligation in respect of wages,
        salaries, bonuses, accrued vacation or sick pay or any other matter other
        than
        liabilities and obligations arising following the Closing. 

    

    

    ARTICLE
      3

    PURCHASE
      PRICE

    

    3.1 Purchase
      Price. Subject
      to certain adjustments pursuant to Sections 3.2 and 3.5 below, the purchase
      price for the transfer of the Stations Assets from Seller to Buyer shall be
      One
      Million Dollars ($1,000,000) (the "Purchase Price") plus the payment for the
      Accounts Receivable specified in Section 3.2.2.2.

    

    3.2 Payment
      of Purchase Price. The
      Purchase Price shall be paid as follows:

    

    3.2.1 Pursuant
      to the Letter of Intent dated January 2, 2007 and to secure the performance
      of
      the obligations therein between Seller and Buyer, Buyer delivered an irrevocable
      letter of credit from Regions Bank in the principal amount of Ten Thousand
      Dollars ($10,000) (the “Initial Letter of Credit”) to Seller. Concurrently with
      the execution of this Agreement, Buyer shall deliver a second irrevocable letter
      of credit from Regions Bank to Seller in the principal amount of Fifty Thousand
      Dollars ($50,000) to secure the performance of the obligations between Seller
      and Buyer as more particularly described in this Agreement (the “Second Letter
      of Credit”). Concurrently with the delivery of the Second Letter of Credit to
      Seller, Seller shall return the Initial Letter of Credit to Buyer.

    

    3.2.2 At
      Closing, Buyer shall pay to Seller the Purchase Price, as follows:

    

    3.2.2.1 One
      Million Dollars ($1,000,000), by wire transfer of immediately available funds,
      plus or minus any adjustments to be made pursuant to Section 3.5 hereof;
      and

    

    3.2.2.2 No
      later
      than one (1) day prior to the Closing Date, Seller shall deliver to Buyer a
      complete and detailed itemization of all Accounts Receivables outstanding as
      of
      the Closing Time, in an aged accounts receivable format, arising from

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

      the
        operations of the Station prior to the Closing Time. At Closing, Buyer
        shall assign such Accounts Receivable to Buyer, and Buyer shall pay Seller
        eighty percent (80%) of the aggregate value of the aged Accounts Receivable
        outstanding for not more than 90 days and any other Accounts Receivable that
        Buyer may accept (the “Assigned Accounts Receivable”). Buyer may exclude from
        the Assigned Accounts Receivable those Accounts Receivable which the debtor
        has
        expressly disputed in writing,
        and any
        barter agreements.

    

    

    3.3 Second
      Letter of Credit.

    

    3.3.1 In
      the
      event that this Agreement is terminated by Seller prior to the Closing because
      of Buyer’s refusal or inability to close or pursuant to Section 15.1.1.1,
      Seller, if not in material default or breach of this Agreement, shall be
      entitled to receive or draw down against the full amount of the Second Letter
      of
      Credit in accordance with its terms as liquidated damages and not as a penalty.
      Buyer
      and
      Seller each acknowledge and agree that the liquidated damage amount is Seller's
      sole remedy for Buyer's breach hereof and that such amount is reasonable in
      light of the anticipated harm which would be caused by Buyer's breach of this
      Agreement, the difficulty of proof of loss, the inconvenience and nonfeasability
      of otherwise obtaining an adequate remedy, and the value of the transaction
      to
      be consummated hereunder. In
      addition, Seller shall be entitled to recover from Buyer court costs and
      reasonable attorneys’ fees, incurred by it in enforcing its rights to liquidated
      damages hereunder, plus interest at the Prime Rate on the amount of any judgment
      obtained against Buyer from the date of default until the date of payment of
      the
      judgment. “Prime Rate” shall mean a per annum rate equal to the “prime rate” as
      published in the Money Rates column of the Eastern Edition of The
      Wall Street Journal (or
      the
      average of such rates if more than one rate is indicated).

    

    3.3.2 In
      the
      event of a termination of this Agreement for a reason other than as described
      in
      Section 3.3.1, then Seller shall not be entitled to draw down against the Second
      Letter of Credit and Seller shall return the Second Letter of Credit to
      Buyer.

    

    3.4 Allocation
      of Purchase Price. The
      Purchase Price shall be allocated in accordance with Exhibit A hereto.

    

    3.5 Proration
      of Income and Expenses. Except
      as
      otherwise 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    provided
      herein, on the Closing Date, there shall be prorated all revenue and expenses
      arising from the conduct of the business and operation of the Stations,
      including expenses related to the Stations Licenses and Real Property, and
      other
      prepaid and deferred items. Such prorations shall be based upon the principle
      that Seller shall be responsible for all liabilities and obligations and
      entitled to all revenue incurred or accruing in connection with the operation
      of
      the Stations until the Closing Date, and Buyer shall be responsible for such
      liabilities and obligations and entitled to all revenue incurred by Buyer
      thereafter. Such prorations shall include, without limitation, all ad valorem,
      real estate and other property taxes, business and license fees, FCC regulatory
      fees, utility expenses, payments of rent, utilities, insurance, salaries, taxes,
      music and license fees, and other charges. In this regard, Seller shall pay
      the
      costs of all engineering studies, ownership reports, employment reports, or
      other reports or FCC filings required by virtue of Seller's ownership of the
      Stations prior to the Closing Date, and Buyer shall pay the costs of all
      engineering studies, ownership reports, employment reports, or other reports
      or
      FCC filings required by virtue of Buyer's ownership of the Stations after the
      Closing Date. Any
      filing or grant fees imposed by any governmental authority, the consent of
      which
      is required for the transactions contemplated by this Agreement, including
      all
      filing fees incurred pursuant to Section 4.2, shall be borne equally by Buyer
      and Seller. Seller shall have fully performed or terminated all barter
      agreements prior to Closing, except for those barter obligations expressly
      set
      forth in the Assumed Contracts.

    

    3.5.1
      Seller agrees to the payment of $ 28,669 to Buyer at Closing for the repair
      of
      the AM transmitter site described in the engineering studies performed by Rob
      Herring. Seller shall not be responsible for any payment in excess of $28,669,
      for the AM repairs described herein.

    

    ARTICLE
      4

    

    GOVERNMENTAL
      CONSENTS

    

    4.1 FCC
      Consent.
      It is
      specifically understood and agreed by Buyer and Seller that the Closing and
      the
      assignment of the FCC Licenses and the transfer of the Stations Assets is
      expressly conditioned on and is subject to the prior consent and approval of
      the
      FCC ("FCC Consent") without the imposition of any conditions on 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    the
      transfer of the FCC Licenses which are materially adverse to Buyer or
      Seller.

    

    4.2 FCC
      Application.
      Within
      ten (10) business days after execution of this Agreement, Seller and Buyer
      shall
      file with the FCC an application for assignment of the FCC Licenses (the
      "Assignment Application") from Seller to Buyer. Seller and Buyer shall
      thereafter prosecute the Assignment Application with all reasonable diligence
      and otherwise use their best efforts to
      obtain
      the grant of the Assignment Application as expeditiously as practicable. If
      the
      FCC Consent imposes any condition on either party hereto, such party shall
      use
      its best efforts to comply with such condition; provided, however, that neither
      party shall be required to comply with any condition that would have a material
      adverse effect upon it. If reconsideration or judicial review is sought with
      respect to the FCC Consent, the party affected shall vigorously oppose such
      efforts for reconsideration or judicial review; provided, however, that nothing
      in this Section 4.2 shall be construed to limit either party's right to
      terminate this Agreement pursuant to Article 15 hereof.

    

    

    ARTICLE
      5

    

    CLOSING

    

    5.1 Closing.
      Subject
      to the terms and conditions of this Agreement, including Section 15.1 hereof
      and
      except as otherwise mutually agreed upon by Seller and Buyer, the closing of
      the
      transactions contemplated herein (the "Closing") shall occur on a date agreed
      upon by Buyer and Seller within ten (10) business days after the date on which
      the FCC Consent shall have been given, pursuant to delegated authority (the
      "Closing Date"); provided, however, that in the event that informal objections
      or petitions to deny are filed against the Assignment Application, the Closing
      shall, at Buyer’s option, occur within ten (10) business days after the date on
      which the FCC Consent shall have become a Final Order. A “Final Order” means an
      action of the FCC approving the Assignment Application, which is no longer
      subject to reconsideration or review by the FCC or any court or other
      governmental authority. The Closing shall be held at the offices of the
      Stations, or at such place as the parties hereto may agree.

     

    
      
        
        

      

      
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    ARTICLE
      6

    REPRESENTATIONS
      AND WARRANTIES OF BUYER

    

    Buyer
      hereby makes the following representations and warranties to Seller, all of
      which have been relied upon by Seller in entering into this Agreement and,
      except as specifically otherwise provided, all of which shall be true and
      correct on the Closing Date:

    

    6.1 Organization
      and Standing. The
      Marketing Group is a corporation duly organized, validly existing and in good
      standing under the laws of the State of Tennessee, and is qualified to do
      business in each jurisdiction in which the Stations Assets are located. Debut
      Broadcasting, Inc. is a corporation duly organized, validly existing and in
      good
      standing under the laws of the State of Delaware and is qualified to do business
      in each jurisdiction in which the Stations Assets are located.

    

    6.2 Authorization
      and Binding Obligation.
      Buyer’s
      execution, delivery and performance of this Agreement and the transactions
      contemplated hereby have been duly and validly authorized by all necessary
      action on its part and upon the obtaining of all necessary approvals of the
      transactions contemplated by this Agreement, this Agreement will constitute,
      and
      the other agreements to be executed in connection herewith will constitute,
      the
      valid and binding obligation of Buyer enforceable in accordance with their
      terms.

    

    6.3 Absence
      of Conflicting Agreement.
      Except
      as set forth in Article 4 with respect to FCC and other governmental consents,
      the execution, delivery and performance of this Agreement by Buyer: (a) do
      not
      and will not require the consent of any third party; (b) will not conflict
      with,
      result in a breach of, or constitute a violation of or a default under, the
      provisions of Buyer’s organizational documents; (c) do not and will not conflict
      with, result in a breach of, or constitute a violation of or default under,
      any
      applicable law, judgment, order, injunction, decree, rule, regulation or ruling
      of any governmental authority to which Buyer is a party; and (d) do not and
      will
      not, either alone or with the giving of notice or the passage of time, or both,
      conflict with, constitute grounds for termination of or result in a breach
      of
      the terms, conditions or provisions of, or constitute a default 

     

    
      
        
        

      

      
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      under,
        any contract, agreement, instrument, license or permit to which Buyer is
        now
        subject.

    

    

    6.4 FCC
      Qualifications.
      To the
      best of Buyer’s knowledge, it is qualified under the Communications Act of 1934,
      as amended, and under the rules and regulations of the FCC, to be the licensee
      of, acquire, own and operate the Stations. There are no facts that would, under
      existing law and the rules, regulations, policies and procedures of the FCC,
      disqualify Buyer as an assignee of the Stations Licenses or as the owner and
      operator of the Stations. No waiver of any FCC rule or policy is necessary
      for
      the FCC Consent to be obtained. There is no action, suit or proceeding pending
      or threatened against Buyer which questions the legality or propriety of the
      transactions contemplated by this Agreement or could materially adversely affect
      the ability of Buyer to perform its obligations hereunder.

    

    6.5
      Absence
      of Litigation.
      There is
      no claim, litigation, proceeding or investigation pending or, to the best of
      Buyer’s knowledge, threatened against Buyer which seeks to enjoin or prohibit,
      or which otherwise questions the validity of, any action taken or to be taken
      in
      connection with this Agreement.

    

    6.6
      Bankruptcy.
      No
      insolvency proceedings of any character, including without limitation,
      bankruptcy, receivership, reorganization, composition or arrangement with
      creditors, voluntary or involuntary, affecting Buyer are pending or, to the
      best
      of Buyer’s knowledge, threatened, and Buyer has not made any assignment for the
      benefit of creditors or taken any action which would constitute the basis for
      the institution of such insolvency proceedings.

    

    

    

    

    ARTICLE
      7

    REPRESENTATIONS
      AND WARRANTIES OF SELLER

    

    Seller
      hereby makes the following representations and warranties to Buyer, all of
      which
      have been relied upon by Buyer in entering into this Agreement and, except
      as
      specifically otherwise provided, all of which shall be true and correct on
      the
      Closing Date:

    

    
      
        
        

      

      
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        7.1 Organization
        and Standing.
        Seller
        is a corporation duly organized, validly existing and in good standing under
        the
        laws of the State of Mississippi. Seller has the power and authority to own,
        lease and operate the Stations Assets and to carry on the business of the
        Stations as proposed to be conducted by Seller between the date hereof and
        the
        Closing Date.

    

    

    7.2 Authorization
      and Binding Obligation.
      Seller
      has the power and authority to enter into and perform this Agreement and the
      transactions contemplated hereby, and Seller's execution, delivery and
      performance of this Agreement, and the transactions contemplated hereby have
      been duly and validly authorized by all necessary action on its part. This
      Agreement has been duly executed and delivered by Seller and this Agreement
      constitutes, and the agreements to be executed in connection herewith will
      constitute the valid and binding obligation of Seller enforceable in accordance
      with their terms, except as limited by laws affecting the enforcement of
      creditors’ rights or equitable principles generally.

    

    7.3 Absence
      of Conflicting Agreements. Except
      as
      set forth in Article 4 with respect to FCC and other governmental consents,
      the
      execution, delivery and performance of this Agreement by Seller: (a) do not
      and
      will not require the consent of any third party; (b) will not conflict with,
      result in a breach of, or constitute a violation of or a default under, the
      provisions of Seller’s organizational documents; (c) do not and will not
      conflict with, result in a breach of, or constitute a violation of or default
      under, any applicable law, judgment, order, injunction, decree, rule, regulation
      or ruling of any governmental authority to which Seller is a party or by which
      it or the Stations Assets are bound; and (d) do not and will not, either alone
      or with the giving of notice or the passage of time, or both, conflict with,
      constitute grounds for termination of or result in a breach of the terms,
      conditions or provisions of, or constitute a default under, any contract,
      agreement, instrument, license or permit to which Seller or the Stations Assets
      is now subject; and (e) will not result in the creation of any lien, charge
      or
      encumbrance on any of the Stations Assets.

    

    7.4 Government
      Authorizations. Except
      as
      otherwise provided,
      Schedule
      1.1.1 hereto contains a true and complete list of the Stations Licenses, which
      are required for the lawful conduct of the business and operation of the
      Stations in the manner and to the 

     

    
      
        
        

      

      
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      full
        extent they are proposed to be conducted by Buyer. Seller is the authorized
        legal holder of the Stations Licenses listed in Schedule 1.1.1. Except as
        otherwise provided on Schedule 1.1.1, the Stations Licenses listed in Schedule
        1.1.1 are in good standing, in full force and effect and sufficient for the
        operation of the Stations as presently operated by Buyer. The operation of
        the
        Stations is in material compliance with the Stations Licenses and the underlying
        construction permits. Except as otherwise provided on Schedule 1.1.1, no
        proceedings are pending or to Seller’s knowledge, threatened, nor, to Seller's
        knowledge, do any facts exist which may result in the revocation, modification,
        non-renewal or suspension of any of the Stations Licenses, the issuance of
        any
        cease and desist order, the imposition of any administrative actions by the
        FCC
        with respect to the FCC Licenses or which may affect Buyer's ability to operate
        the Stations in accordance with the Stations Licenses and the FCC's
        rules.

    

    

    7.5 Tangible
      Personal Property. Schedule
      1.1.2 hereto contains a list of all material tangible personal property owned,
      leased or held by Seller and used and/or useful in the conduct of the business
      and operation of the Stations. The Tangible Personal Property which is leased
      is
      identified as such on Schedule 1.1.2. The Tangible Personal Property is all
      of
      the tangible personal property necessary to operate the Stations in the manner
      in which it is presently operated. Except for the Tangible Personal Property
      leased by Seller, Seller owns and has, and will have on the Closing Date, good
      and marketable title to all of the Tangible Personal Property (and to all other
      tangible personal property and assets to be transferred to Buyer hereunder),
      and
      none of such property at the Closing will be subject to any security interest,
      mortgage, pledge, or other lien or encumbrance. Except as identified on Schedule
      1.1.2, to Seller's knowledge, all material items of the Tangible Personal
      Property are in good repair and normal operating condition (ordinary wear and
      tear excepted) and are available for immediate use in the conduct of the
      business and operation of the Stations in its customary manner and in accordance
      with its licenses and the rules, regulations and policies of the Commission
      and
      all other governmental authorities having jurisdiction thereof.

    

    

    7.6 Real
      Property. Schedule
      1.1.5 hereto contains a list of all of the Real Property and is all of the
      real
      property necessary to operate the Stations in the manner in which it is
      presently authorized to operate. Seller owns and has, and will have on the
      Closing Date, good and marketable title to all the owned Real 

     

    
      
        
        

      

      
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      Property
        and none of such property at the Closing will be subject to any Liens other
        than
        Permitted Liens. None of the Real Property is subject to any contract, option
        or
        commitment for sale or lease to any party other than Buyer. Seller has received
        no notice of, and has no knowledge of, any violation of or noncompliance
        with
        any restrictive covenants, zoning, building and other laws and regulations
        of
        applicable governmental authorities having jurisdiction in connection with
        the
        Real Property. The buildings, towers and appurtenances, and other fixtures
        used
        in the operation of the Stations are in good working order and repair without
        any defects which would prevent the operation, use and function thereof in
        a
        normal and expected manner. To Seller’s knowledge, the improvements on the owned
        Real Property are contained entirely within the bounds of the owned Real
        Property and do not encroach upon any property, the title or use of which
        will
        not be conveyed to Buyer hereunder. All utilities necessary for Buyer’s use of
        the Real Property are installed and in working order. No condemnation
        proceedings have been instituted or, to Seller’s knowledge, threatened against
        the Real Property.  

    

    

    7.7 Contracts.
      Schedule
      1.1.3 hereto contains a list of all of the Assumed Contracts. Each of the
      Assumed Contracts are valid, binding and enforceable by Seller in accordance
      with their respective terms. Seller is not in material breach or default
      thereof, there is no claim of breach or default, and Seller has no knowledge
      of
      any act or omission which has occurred or which has been threatened which could
      result in a breach or default thereof. Those Assumed Contracts requiring the
      consent of a third party to assignment which Seller and Buyer agree are critical
      to the consummation of the transactions contemplated hereby are identified
      as
      "Material Contracts" and are so marked on Schedule 1.1.3. Notwithstanding the
      foregoing, if it is discovered before Closing that Seller failed to list a
      contract in Schedule 1.1.3 other than a Material Contract which was required
      to
      be listed, then Buyer may elect in its sole discretion to accept or reject
      such
      contract.

    

    7.8 Intangible
      Personal Property. Schedule
      1.1.4 hereto contains a list of all material intangible personal property
      applied for, issued to or owned by the Seller or under which Seller is a
      licensee and used in the conduct of the business and included in the Stations
      Assets. The Intangible Personal Property is all of the intangible personal
      property used in the operation of the Stations in the manner conducted by
      Seller. Seller has the right to use all of such property and to Seller’s
      knowledge, such use does not infringe on or violate any other party's
      rights.

    

    
      
        
        

      

      
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    7.9 Insurance.
      All of
      the assets to be sold to Buyer which are of an insurable character are insured
      by financially sound and reputable insurance companies against loss or damage
      by
      fire and other risks to the extent and in the manner customary for properties
      and assets of that nature. All such insurances policies are listed on Schedule
      7.9 hereto and are in current force and effect and full coverage thereunder
      shall remain in effect through the Closing. 

    

    7.10 Taxes.
      Seller has,
      in
      respect of the Station’s business, filed all federal, state, local and foreign
      income, franchise, sales, use, property, excise, payroll and other tax returns
      required by law and has paid in full all taxes, estimated taxes, interest,
      assessments, and penalties due and payable pursuant to such returns or
      assessments. All returns and forms which have been filed have been true and
      correct in all material respects and no tax or other payment in a material
      amount other than as shown on such returns and forms are required to be paid
      and
      have been paid by Seller.

    

    7.11 Environmental.
      To Seller's
      knowledge, (i) Seller has not unlawfully disposed of any Hazardous Materials
      (defined herein) at the Real
      Property included
      in the Stations Assets, (ii) the technical equipment included in the Stations
      Assets does not contain any polychlorinated
      biphenyls (PCBs),
      (iii) there are no underground tanks at the Real Property of the Stations.
      As
      used
      herein, the term "Hazardous Materials" shall mean all chemicals, petroleum,
      crude oil or any fraction thereof, hydrocarbons, polychlorinated biphenyls
      (PCBs), asbestos, asbestos-containing materials and/or products, urea
      formaldehyde, or any substances which are classified as "hazardous" or "toxic"
      under CERCLA; hazardous waste as defined under the Solid Waste Disposal Act,
      as
      amended 42 U.S.C. § 6901; air pollutants regulated under the Clean Air Act, as
      amended, 42 U.S.C. § 7401, et
      seq, pollutants
      as defined under the Clean Water Act, as amended, 33 U.S.C. § 1251, et
      seq, any
      pesticide as defined by Federal Insecticide, Fungicide, and Rodenticide Act,
      as
      amended, 7 U.S.C. §
136,
      et
      seq, any
      hazardous chemical substance or mixture or imminently hazardous substance or
      mixture regulated by the Toxic Substances Control Act, as amended, 15 U.S.C.
      §2601, et Seq, any substance listed in the United States Department of
      Transportation Table at 45 CFR 172 10I; any chemicals included in regulations
      promulgated under the above listed statutes; any explosives, radioactive
      material, and any chemical regulated by state statutes similar to 

     

    
      
        
        

      

      
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    the
      federal statutes listed above and regulations promulgated under such state
      statutes.

    

    7.12 Employee
      and Labor Relations.

    

    7.12.1 Seller
      is
      not a party to any contract with any labor organization, nor has Seller agreed
      to recognize any union or other collective bargaining unit, nor has any union
      or
      other collective bargaining unit been certified as representing any of Seller's
      employees. Seller has no knowledge of any organizational effort currently being
      made or threatened by or on behalf of any labor union with respect to employees
      of Seller. 

    

    7.12.2 Seller
      has complied in all material respects with all applicable laws, rules and
      regulations relating to the employment of labor, including those relating to
      wages, hours, collective bargaining, unemployment insurance, workers'
      compensation and payment and withholding of taxes in connection with the
      operation of the Stations.

    

    7.12.3 Seller
      has not promised to any employee of the Stations that Buyer will be hiring
      any
      such employee or otherwise made any offer of employment to any employee of
      the
      Stations on behalf of Buyer. All employees of the Stations shall be terminable,
      without liability to Buyer, on and as of the Closing Date. Buyer will have
      no
      liability to any present or past employee of the Stations for retirement,
      pension, bonus, termination, vacation, or other pay, or for hospitalization,
      major medical, life or other insurance or other employee benefits.

    

    7.13 Litigation.
      There
      is
      no litigation or proceeding or investigation pending or, to Seller’s knowledge,
      threatened against Seller or the Stations in any federal, state or local court,
      or before any administrative agency or arbitrator (including, without
      limitation, any proceeding which seeks the forfeiture of, or opposes the renewal
      of, any of the Stations Licenses), or before any other tribunal duly authorized
      to resolve disputes, or which seeks to enjoin or prohibit, or otherwise
      questions the validity of, any action taken or to be taken pursuant to or in
      connection with this Agreement.

    

    7.14 Compliance
      with Law. The
      operation of the Stations and all of the Stations Assets are in compliance
      in
      all material respects with all applicable federal, state and local laws,
      ordinances and regulations, including the Communications Act of 

     

    
      
        
        

      

      
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      1934,
        as
        amended and all rules and regulations issued thereunder. Without limiting
        the
        generality of the foregoing, Seller has timely filed all FCC reports and
        other
        documents required to be filed by any governmental authority with respect
        to the
        Stations and Seller has maintained its local public inspection file in full
        compliance with FCC requirements.

    

     

    7.15 Shareholders.
      George
      E.
      Pine (80%) and James Karr (20%) are the only shareholders of
      Seller.

    

    7.16
      Accuracy
      of Information.
      No
      representation or warranty made by Seller hereunder or any information furnished
      or to be furnished to Buyer or any principal or agent of Buyer in connection
      with the transaction contemplated herein contains or will contain any untrue
      statement of material fact or omits or will omit to state a material fact
      necessary to make the information herein not misleading. Notwithstanding the
      generality of the foregoing, all financial information given to Buyer fairly
      reflects the condition of Seller as of the date hereof and fairly presents
      the
      results of operation of the Stations for the periods reflected therein, and
      since the date of the most recent financial statement given to Buyer there
      have
      been no material adverse changes in the financial position of the
      Stations.

    

    7.17
      Bankruptcy.
      No
      insolvency proceedings of any character, including without limitation,
      bankruptcy, receivership, reorganization, composition or arrangement with
      creditors, voluntary or involuntary, affecting Seller are pending or, to the
      best of Seller’s knowledge, threatened, and Seller has not made any assignment
      for the benefit of creditors or taken any action which would constitute the
      basis for the institution of such insolvency proceedings.

    

    
      
        
        

      

      
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    ARTICLE
      8

    COVENANTS

    

    8.1 Seller
      Affirmative Covenants. Seller
      covenants and agrees with respect to the Stations that, between the date hereof
      and the Closing Date, except as expressly permitted by this Agreement or with
      the prior written consent of Buyer, it shall act in accordance with the
      following:

    

    8.1.1 Seller
      shall conduct the business and operation of the Stations in the ordinary course
      of business consistent with past practice and with the intent of preserving
      the
      ongoing operations and assets, listeners, advertisers and business of the
      Stations.

    

    8.1.2 Seller
      shall operate the Stations in material accordance with FCC rules and regulations
      and the Stations Licenses and with all other laws, regulations, rules and orders
      and remove and assume all responsibility and costs for removing any and all
      violations thereof, including the payment of any fines assessed or other
      sanctions that may be imposed therefor.

    

    8.1.3 Seller
      shall provide Buyer prompt written notice of any material change in any of
      the
      information contained in the representations and warranties made in Article
      7
      hereof or any Schedules referred to herein or attached hereto.

    

    8.1.4 Seller
      shall give prompt notice to Buyer of any unusual or material developments with
      respect to the business or operation of the Stations.

    

    8.1.5 Seller
      shall give or cause the Stations to give Buyer and Buyer's counsel, accountants,
      engineers and other representatives, at Buyer's reasonable request, and as
      authorized by the management of Seller, reasonable access during normal business
      hours to all of Seller's personnel, properties, books, contracts, reports and
      records including financial information and tax returns relating to the
      Stations, to all buildings and equipment relating to the Stations, and to the
      Stations’ employees in order that Buyer may have full opportunity to make such
      investigation as it desires of the affairs of the Stations and to furnish Buyer
      with information, and copies of all documents and agreements including but
      not
      limited to financial and operating

     

    
      
        
        

      

      
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      data
        and
        other information concerning the financial condition, results of operations
        and
        business of the Stations, that Buyer may reasonably request. The rights of
        Buyer
        under this Section 8.1.5 shall not be exercised in such a manner as to interfere
        unreasonably with or disrupt the business or operation of the
        Stations.

    

    

    8.1.6 Seller
      shall use commercially reasonable efforts to perform all of the Assumed
      Contracts according to their respective material terms and, if necessary, renew
      the same; provided, however, that, at Buyer's request, Seller will give
      protective notices of cancellation with respect to the Contracts which Buyer
      is
      not to assume. 

    

    8.1.7 Seller
      shall use commercially reasonable efforts to maintain the Tangible Personal
      Property in its present condition, subject to reasonable wear and tear and
      to
      dispositions in the normal course of business, and keep in effect all current
      insurance policies with respect thereto, and restore, repair or replace any
      lost
      or substantially damaged item of Tangible Personal Property in accordance with
      Section 16.2.

    

    8.2 Seller
      Negative Covenants. Seller
      covenants and agrees with respect to the Stations that between the date hereof
      and the Closing Date, except as expressly permitted by this Agreement or with
      the prior written consent of Buyer, it shall act in accordance with the
      following:

    

    8.2.1 Seller
      shall not cause or permit by any act, or failure to act, any of the Stations
      Licenses to expire, be surrendered, adversely modified, or otherwise terminated,
      or the FCC to institute any proceedings for the suspension, revocation or
      adverse modification of any of the Stations Licenses.

    

    8.2.2 Seller
      shall not create or permit any Lien affecting the Stations Assets, except for
      Permitted Liens or those in existence on the date of this Agreement, all of
      which will be removed on or prior to the Closing Date.

    

    8.2.3 Seller
      shall not: (i) enter into any commitment for capital expenditures for which
      Buyer would be liable after the Closing Date; (ii) enter into any collective
      bargaining agreement or, through negotiation or otherwise, make any commitment
      or incur any liability to any labor organization relating to any Stations
      employee (to the extent the foregoing does not violate applicable

     

    
      
        
        

      

      
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       law);
        or (iii) enter into any contract or commitment in relation to the Stations’
business or employees to which Buyer will be bound or which will adversely
        affect Buyer's operation of the Stations following the Closing other than
        agreements cancelable without penalty prior to the Closing
        Date.

    

    

    8.2.4 Seller
      shall not, other than in the ordinary course of business, sell or dispose of
      or
      commit to sell or dispose of any of the Stations Assets unless, in the case
      of
      the Tangible Personal Property, the same are replaced by assets of equal quality
      and usefulness.

    

    8.2.5 Seller
      shall not increase the salary, benefits or other compensation payable to any
      Stations employee, except to the extent consistent with existing practice or
      as
      may be required by applicable law, and Seller shall promptly notify Buyer upon
      taking any such action.

    

    8.3. Seller
      Non-compete. At
      Closing, Seller and Seller’s principals shall enter into a non-compete agreement
      in the form attached hereto as Exhibit B, which shall bar Seller and its
      principals, George E. Pine (a/k/a George Pine, III) and James Karr, from having
      an ownership interest or investment in, or serving as an officer, director
      or
      employee of, or serving as a consultant or advisor to, any radio broadcast
      business whose city of license, studio or transmitter site is located within
      fifty (50) miles of Greenville, Mississippi, for a period of one (1) year from
      the Closing Date. Said agreement shall further bar Seller and Seller’s
      principals for a period of one (1) year after Closing from hiring or soliciting
      to hire any person employed by Buyer and whose duties relate substantially
      to
      the Stations. The portion of the purchase price allocated to the foregoing
      non-compete agreement shall be in accordance with Exhibit A hereto.

    

    8.4. Buyer
      Covenants. Buyer
      covenants and agrees that, between the date hereof and the Closing Date, except
      as expressly permitted by this Agreement or with the prior written consent
      of
      Seller, it shall act in accordance with the following:

    

    8.4.1.
      Notification.
      Buyer
      shall notify Seller of any litigation, arbitration or administrative proceeding
      pending or threatened against Buyer which challenges the transactions
      contemplated hereby, including any challenges to the FCC Application, and shall
      use reasonable efforts to remove any such impediment to the transactions
      contemplated by this 

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    Agreement.

    

    8.4.2.
      No
      Inconsistent Action.
      Buyer
      shall not take any action materially inconsistent with its obligations under
      this Agreement or that would hinder or delay the consummation of the
      transactions contemplated by this Agreement.

    

     

    

    ARTICLE
      9

    

    JOINT
      COVENANTS

    

    

    Buyer
      and
      Seller covenant and agree that between the date hereof and the Closing Date,
      they shall act in accordance with the following:

    

    9.1 Conditions.
      If
      any
      event should occur, either within or without the control of any party hereto,
      which would prevent fulfillment of the conditions upon the obligations of any
      party hereto to consummate the transactions contemplated by this Agreement,
      the
      parties hereto shall use their best efforts to cure the event as expeditiously
      as possible.

    

    9.2 Confidentiality.
      Buyer
      and
      Seller shall each keep confidential all information obtained by it with respect
      to the other in connection with this Agreement and the negotiations preceding
      this Agreement, and will use such information solely in connection with the
      transactions contemplated by this Agreement, and if the transactions
      contemplated hereby are not consummated for any reason, each shall return to
      the
      other, without retaining a copy thereof, any schedules, documents or other
      written information obtained from the other in connection with this Agreement
      and the transactions contemplated hereby. Notwithstanding the foregoing, neither
      party shall be required to keep confidential or return any information which
      (i)
      is known or available through other lawful sources, not bound by a
      confidentiality agreement with the disclosing party or (ii) is or becomes
      publicly known through no fault of the receiving party or its agents, (iii)
      is
      required to be disclosed pursuant to an order or request of a judicial or
      governmental authority (provided the disclosing party is given reasonable prior
      notice), or (iv) is developed by the receiving party independently of the
      disclosure by the disclosing party.

    

    
      
        
        

      

      
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    9.3 Cooperation.
      Buyer
      and
      Seller shall cooperate fully with one another in taking any actions, including
      actions to obtain the required consent of any governmental instrumentality
      or
      any third party necessary or helpful to accomplish the transactions contemplated
      by this Agreement; provided, however, that no party shall be required to take
      any action which would have a material adverse effect upon it. To the extent
      that any Assumed Contract, except Material Contracts, may not be assigned
      without the consent of any third party, and such consent is not obtained prior
      to Closing, this Agreement and any assignment executed pursuant hereto shall
      not
      constitute an assignment thereof, but to the extent permitted by law shall
      constitute an equitable assignment by Seller and assumption by Buyer of Seller’s
      rights and obligations under the applicable Assumed Contract, with Seller making
      available to Buyer the benefits thereof and Buyer performing the obligations
      thereunder on Seller’s behalf.

    

    9.4
      Control
      of Stations.
      Prior to
      the Closing Date, Buyer shall not directly or indirectly control, supervise,
      or
      direct, or attempt to control, supervise, or direct, the operations of the
      Stations. Such operations shall be the sole responsibility of Seller and,
      subject to the provisions of this Article 9, shall be in its complete
      discretion.

    

    

    

    

    ARTICLE
      10

    

    CONDITIONS
      OF CLOSING BY BUYER

    

    

    The
      performance of the obligations of Buyer hereunder are subject to the
      satisfaction of each of the following express conditions precedent, provided
      that Buyer may, at its election, waive any of such conditions at Closing,
      notwithstanding that such condition is not fulfilled on the Closing
      Date:

    

    10.1 Representations,
      Warranties and Covenants.

    

    10.1.1 All
      representations and warranties of Seller contained herein or in any Schedule
      or
      document delivered pursuant hereto, shall be true and complete in all material
      respects as of the date hereof and on and as of the Closing Date as if made
      on
      and 

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

       

      as
        of
        that date, except for changes expressly permitted or contemplated by the
        terms
        of this Agreement.

    

    

    10.1.2 All
      of
      the terms, covenants and conditions to be complied with and performed by Seller
      on or prior to Closing Date shall have been complied with or performed in all
      material respects.

     

                   
      10.2 Governmental
      Consents. The
      conditions specified in Sections 4.1 and 4.2 of this Agreement shall have been
      satisfied.

     

    10.3 Governmental
      Authorizations. Seller
      shall be the holder of the Stations Licenses and all other material licenses,
      permits and other authorizations listed in Schedule 1.1.1, and there shall
      not
      have been any modification of any of such licenses, permits and other
      authorizations which has a material adverse effect on the Stations or the
      conduct of its business and operation. No proceeding shall be pending which
      seeks or the effect of which reasonably could be to revoke, cancel, fail to
      renew, suspend or modify adversely the Stations Licenses or any other material
      licenses, permits or other authorizations relating to the Station.

    

    10.4 Adverse
      Proceedings.
      No
      suit, action, claim or governmental proceeding shall be pending against, and
      no
      order, decree or judgment of any court, agency or other governmental authority
      shall have been rendered against, any party hereto which would render it
      unlawful, as of the Closing Date, to effect the transactions contemplated by
      this Agreement in accordance with its terms.

    

    10.5 Third-Party
      Consents.
      Seller
      shall have obtained and shall have delivered to Buyer all third-party consents
      to the Material Contracts.

    

    10.6 Closing
      Deliveries.
      Seller
      shall have delivered, caused to be delivered, or stand willing to deliver to
      Buyer, on the Closing Date, each of the documents required to be delivered
      pursuant to Article 13.

    

    10.7 No
      Material Adverse Change.
      Since
      the date of this Agreement, there shall not have occurred, whether or not within
      Seller’s control, any material adverse change in the Stations
      Assets.

    

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    10.8
      Liens.
      The
      Station Assets shall be free and clear of all Liens, except the Permitted
      Liens.

    

    10.9
      Preliminary
      Title Report.
      Seller
      shall have obtained and delivered to Buyer a preliminary report of a title
      insurance company reasonably acceptable to Buyer to insure the title to the
      Real
      Property included in the Station Assets and owned by the Seller without any
      liens or encumbrances, other than the Permitted Liens and current taxes or
      assessments. The costs and expenses incurred in connection with obtaining such
      report shall be borne one-half by Seller and one-half by Buyer.

    

    ARTICLE
      11

    

    CONDITIONS
      OF CLOSING BY SELLER

    

    

    The
      performance of the obligations of Seller hereunder are subject to the
      satisfaction of each of the following express conditions precedent, provided
      that Seller may, at its election, waive any of such conditions at Closing,
      notwithstanding that such condition is not fulfilled on the Closing
      Date:

    

    11.1 Representations,
      Warranties and Covenants.

    

    11.1.1 All
      representations and warranties of Buyer made in this Agreement or in any
      Schedule or document delivered pursuant hereto, shall be true and complete
      in
      all material respects as of the date hereof and on and as of the Closing Date
      as
      if made on and as if made on and as of that date, except for changes expressly
      permitted or contemplated by the terms of this Agreement.

    

    11.1.2 All
      of
      the terms, covenants and conditions to be complied with and performed by Buyer
      on or prior to the Closing Date shall have been complied with or performed
      in
      all material respects.

    

    11.2 Governmental
      Consents. The
      conditions specified in Sections 4.1 and 4.2 of this Agreement shall have been
      satisfied.

    

    11.3 Adverse
      Proceedings. No
      suit,
      action, claim or governmental proceeding shall be pending against, and no other,
      decree or judgment of any court, agency or other governmental authority shall
      have been rendered against any party hereto which

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

       

      would
        render it unlawful, as of the Closing Date, to effect the transactions
        contemplated by this Agreement in accordance with its terms.

    

    

    11.4 Closing
      Deliveries. Buyer
      shall have delivered, caused to be delivered, or stand willing to deliver to
      Seller, on the Closing Date, the Purchase Price and each of the documents
      required to be delivered pursuant to Article 13.

    

    ARTICLE
      12

    

    TRANSFER
      TAXES; FEES AND EXPENSES

    

    12.1 Expenses.
      Except
      as
      set forth in Sections 3.5 and 12.2 hereof, each party hereto shall be solely
      responsible for all costs and expenses incurred by it in connection with the
      negotiation, preparation and performance of and compliance with the terms of
      this Agreement.

    

    12.2 Transfer
      Taxes: Governmental Filing or Grant Fees. All
      costs
      of transferring the Stations Assets in accordance with this Agreement, including
      recordation, transfer and documentary taxes and fees, and any excise, sales
      or
      use taxes shall be borne one-half by Seller and one-half by Buyer.

    

    ARTICLE
      13

    

    CLOSING
      DELIVERIES

    

    13.1 Seller's
      Deliveries. At
      the
      Closing, Seller shall deliver or cause to be delivered to Buyer the
      following:

    

    13.1.1 Bills
      of
      Sale and other instruments of assignment and transfer, all in a form normal
      and
      customary in the State of Tennessee and satisfactory to Buyer’s counsel, as
      shall be effective to vest in Buyer or its permitted assignees, good and
      marketable title in and to the Stations Assets transferred pursuant to this
      Agreement in accordance with the terms of this Agreement;

    

    13.1.2 A
      special
      warranty deed conveying title to the Real Property to Buyer; 

    

    13.1.3 A
      certificate, dated the Closing Date, and substantially in the form of Exhibit
      C,
      of the Secretary of Seller certifying as to the resolutions of the Board of
      Directors of 

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

       

      Seller
        approving the execution and delivery of this Agreement and each of the other
        documents and agreements referred to herein and authorizing the consummation
        of
        the transactions contemplated hereby and thereby;

    

    

    13.1.4 A
      certificate of an officer of Seller, dated the Closing Date, in form and
      substance reasonably satisfactory to Buyer certifying to the fulfillment of
      the
      conditions specified in Section 10.1.

    

    13.1.5 The
      Stations Records, including the originals or copies of all program, operations,
      transmissions, or maintenance logs and all other records required to be
      maintained by the FCC with respect to the Stations, including the Stations’
public file, shall be left at the Stations and thereby delivered to Buyer;
      

    

    13.1.6 A
      certified check made payable to Buyer in the amount of $28,669 in accordance
      with Section 3.5.1; and

    

    13.1.7 Such
      additional information and materials as Buyer shall have reasonably
      requested.

    

    13.2 Buyer's
      Deliveries. At
      the
      Closing, Buyer shall deliver or cause to be delivered to Seller the
      following:

    

    13.2.1 The
      Purchase Price as described in Section 3 hereof;

    

    13.2.2 A
      certificate, dated the Closing Date, and substantially in the form of Exhibit
      D,
      of the Secretary of Buyer certifying as to the resolutions of the Board of
      Directors of Buyer approving the execution and delivery of this Agreement and
      each of the other documents and agreements referred to herein and authorizing
      the consummation of the transactions contemplated hereby and
      thereby;

    

    13.2.3 A
      certificate of an officer of Buyer, dated the Closing Date, in form and
      substance reasonably satisfactory to Seller, certifying to the fulfillment
      of
      the conditions specified in Section 11.1.

    

    13.2.4 Such
      additional information and materials as Seller shall have reasonably
      requested.

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      14

    

    INDEMNIFICATION

    

    14.1  Seller's
      Indemnities. Notwithstanding
      the Closing, Seller
      hereby agrees to indemnify, defend and hold harmless Buyer and its assignee
      with
      respect to any and all demands, claims, actions, suits, proceedings,
      assessments, judgments, costs, losses, damages, liabilities and expenses
      (including, without limitation, interest, penalties, court costs and reasonable
      attorneys' fees) ("Damages") asserted against, resulting from, imposed upon
      or
      incurred by Buyer directly or indirectly relating to or arising out
      of:

    

    14.1.1 The
      material breach by Seller of any of its representations or warranties, or
      failure by Seller to perform any of its covenants, conditions or agreements
      set
      forth in this Agreement;

    

    14.1.2 The
      Retained Liabilities;

    

    14.1.3 Any
      and
      all claims, liabilities or obligations of any nature, absolute or contingent,
      relating to the business and operation of the Stations prior to the Closing
      Date;

    

    14.1.4 Any
      failure to comply with any “bulk sales” laws applicable to the transactions
      contemplated hereby;

    

    14.1.5 A
      claim
      by any person or entity based on any arrangement or agreement to pay a
      commission, finder's fee or similar payment in connection with this Agreement
      made or alleged to have been made by Seller.

    

    14.2 Buyer's
      Indemnities. Notwithstanding
      the Closing,
      Buyer hereby
      agrees to indemnify, defend and hold harmless Seller with respect to any and
      all
      Damages asserted against, resulting from, imposed upon or incurred by Seller
      directly or indirectly relating to or arising out of:

    

    14.2.1 The
      material breach by Buyer of any of its representations, warranties, or failure
      by Buyer to perform any of its covenants, conditions or agreements set forth
      in
      this Agreement;

    

    14.2.2 The
      Assumed Liabilities;

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    14.2.3 Any
      and
      all claims, liabilities or obligations of any nature, absolute or contingent,
      relating to the business and operation of the Stations as conducted by Buyer
      on
      and after the Closing Date; and

    

    14.2.4 A
      claim
      by any person or entity based on any arrangement or agreement to pay a
      commission, finder's fee or similar payment in connection with this Agreement
      made or alleged to have been made by Buyer.

    

    14.3 Survival
      of Representations and Warranties. The
      representations and warranties contained herein shall be deemed and construed
      to
      be continuous and survive the Closing for a period of one (1) year following
      the
      Closing Date. No claim may be brought under this Agreement unless written notice
      describing in reasonable detail the nature and basis of such claim is given
      on
      or prior to the last day of the applicable survival period. In the event such
      notice is given, the right to indemnification with respect thereto shall survive
      the applicable survival period until such claim is finally resolved and any
      obligations thereto are fully satisfied. 

    

    14.4 Procedures.

    

    14.4.1 Within
      [thirty (30) days] after the receipt by either party of notice of (a) any claim
      or (b) the commencement of any action or proceeding which may entitle such
      party
      to indemnification under this Section, such party (the "Indemnified Party")
      shall give the other party (the "Indemnifying Party) written notice of such
      claim or the commencement of such action or proceeding and shall permit the
      Indemnifying Party to assume the defense of any such claim or any litigation
      resulting from such claim. The failure to give the Indemnifying Party timely
      notice under this Section 14.4.1 shall not preclude the Indemnified Party from
      seeking indemnification from the Indemnifying Party unless such failure has
      materially prejudiced the Indemnifying Party's ability to defend the claim
      or
      litigation.

    

    14.4.2 If
      the
      Indemnifying Party assumes the defense of any such claim or litigation resulting
      therefrom with counsel reasonably acceptable to the Indemnified Party, the
      obligations of the Indemnifying Party as to such claim shall be limited to
      taking all steps necessary in the defense or settlement of such claim or
      litigation resulting therefrom and to holding the Indemnified Party harmless
      from and against any losses, damages and liabilities 

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

       

      caused
        by
        or arising out of any settlement approved by the Indemnifying Party or any
        judgment in connection with such claim or litigation resulting therefrom;
        however, the Indemnified Party may participate, at its expense, in the defense
        of such claim or litigation provided that the Indemnifying Party shall direct
        and control the defense of such claim or litigation. The Indemnified Party
        shall
        cooperate and make available all books and records reasonably necessary and
        useful in connection with the defense. The Indemnifying Party shall not,
        in the
        defense of such claim or any litigation resulting therefrom, consent to entry
        of
        any judgment, except with the written consent of the Indemnified Party, or
        enter
        into any settlement, except with the written consent of the Indemnified Party,
        which does not include as an unconditional term thereof the giving by the
        claimant or the plaintiff to the Indemnified Party of a release from all
        liability in respect of such claim or litigation.

    

    

    14.4.3 If
      the
      Indemnifying Party shall not assume the defense of any such claim or litigation
      resulting therefrom, the Indemnified Party may, but shall have no obligation
      to,
      defend against such claim or litigation in such manner as it may deem
      appropriate, and the Indemnified Party may compromise or settle such claim
      or
      litigation without the Indemnifying Party's consent.

    

    14.5 Assignment
      of Claims. In
      the
      event that any of the Damages for which an Indemnifying Party is responsible
      or
      allegedly responsible hereunder are recoverable or potentially recoverable
      against any third party at the time when payment is due under this Article
      14,
      then the Indemnified Party shall assign any and all rights that it may have
      that
      are related in any fashion to the Damages or the facts or circumstances giving
      rise thereto to the Indemnifying Party as a condition to any payment due under
      this Article 14, or, if such rights are not assignable under applicable law
      or
      otherwise, the Indemnified Party hereunder shall attempt in good faith to
      collect any and all damages and losses on account thereof from such third party
      for the benefit of, and at the expense and direction of, the Indemnifying
      Party.

    

    

    ARTICLE
      15

    

    TERMINATION
      RIGHTS

    

    15.1 Termination.

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    15.1.1 This
      Agreement may be terminated by either Buyer or Seller, if the party seeking
      to
      terminate is not in material default or breach of this Agreement, upon written
      notice to the other upon the occurrence of any of the following:

    

    15.1.1.1
      if any condition set forth herein to the obligations of the party seeking to
      terminate has not been satisfied or waived on or prior to the Closing Date;
      or

    

    15.1.1.2
      if the FCC denies the Assignment Application; or

    

    15.1.1.3
      if there shall be in effect any judgment, final decree or order that would
      prevent or make unlawful the Closing of this Agreement; or

    

    15.1.1.4
      if the Closing has not occurred within six (6) months after the date on which
      the Assignment Application is accepted for filing by the FCC.

    

    15.1.2 This
      Agreement may be terminated by mutual agreement of the parties
      hereto.

    

    15.1.3. Buyer
      may
      terminate this Agreement pursuant to Section 16.2 hereunder.

    

    15.1.4. Seller
      may terminate this Agreement pursuant to Sections 3.3.1 and 16.2
      hereunder.

    

    

    15.2 Liability.
      The
      termination of this Agreement under Section 15.1 shall not relieve any party
      of
      any liability for breach of this Agreement prior to the date of
      termination.

    

    

    

    

    

    ARTICLE
      16

    

    MISCELLANEOUS
      PROVISIONS

    

    16.1 Specific
      Performance. Seller
      and Buyer each recognize and acknowledge that, in the event that Seller shall
      fail to perform its obligations to consummate the transaction
      contemplated

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

       

      hereby,
        and Buyer is not also in material default hereunder, money damages alone
        will
        not be adequate to compensate Buyer for its injury. Seller agrees and
        acknowledges that Buyer shall be entitled, in lieu of bringing suit at law
        or
        equity for money or other damages including costs and expenses incurred by
        Buyer
        in the preparation and negotiation of this Agreement and in contemplation
        of the
        Closing hereunder, to obtain specific performance of the terms of this Agreement
        and of Seller's obligation to consummate the transaction contemplated hereby.
        If
        any action is brought by Buyer to enforce this Agreement, Seller shall waive
        the
        defense that there is an adequate remedy at law. As a condition to seeking
        specific performance, Buyer shall have demonstrated that it is willing and
        able
        to tender the Purchase Price and perform its other closing obligations in
        all
        respects.

    

    

    16.2 Risk
      of Loss. The
      risk
      of loss or damage to any of the Stations Assets prior to the Closing Date shall
      be upon Seller. In the event of such loss or damage prior to the Closing, Seller
      shall, at its expense, and in consultation with Buyer, repair, replace and
      restore any such damaged or lost Stations Asset to its prior condition as soon
      as possible and in no event later than the Closing Date. In the event any such
      loss or damage requires the Stations to be taken off the air or to operate
      with
      reduced power for more than seven (7) days, Buyer may in its sole election
      (a)
      terminate this entire Agreement with no further obligation to Seller or (b)
      postpone the Closing for up to ninety (90) days, at the conclusion of which
      period of postponement Buyer may terminate the Agreement if the loss or damage
      has not been fully repaired and restored. If Seller is unable or fails to
      restore or replace lost or damaged Station Assets prior to the Closing due
      to
      catastrophic loss in excess of $250,000, either party may elect to terminate
      this Agreement with no further obligation under this Agreement.   

    

    16.3 Further
      Assurances. After the
      Closing, Seller shall from time to time, at the request of and expense to Buyer,
      execute and deliver such other instruments of conveyance and transfer and take
      such other actions as may reasonably be requested in order to more effectively
      consummate the transactions contemplated hereby to vest in Buyer good and
      marketable title to the assets being transferred hereunder, and Buyer shall
      from
      time to time, at the request of and expense to Seller, execute and deliver
      such
      other instruments and take such other actions as may reasonably be requested
      in
      order to more effectively relieve Seller of any obligations being assumed by
      Buyer hereunder.

    

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

       

                     
        16.4 Benefit
        and Assignment. This
        Agreement shall be binding upon and shall inure to the benefit of the parties
        hereto and their respective successors and permitted assigns. Seller may
        assign
        its interest under this Agreement with the prior written consent of Buyer,
        which
        consent shall not be unreasonably withheld.

    

    

    16.5 Headings.
      The
      headings set forth
      in
      this Agreement are for convenience only and will not control or affect the
      meaning or construction of the provisions of this Agreement.

    

    16.6 Governing
      Law. The
      construction and performance of this Agreement shall be governed by the laws
      of
      the State of Tennessee without giving effect to the choice of law principles
      thereof, except that the construction and performance of any issues pertaining
      to the Real Property shall be governed by laws of the State of
      Mississippi.

    

    16.7 Notices.
      All
      notices,
      elections
      and other communications permitted or required under this Agreement shall be
      in
      writing and shall be deemed effectively given or delivered upon personal
      delivery or twenty-four (24) hours after delivery to a courier service which
      guarantees overnight delivery or five (5) days after deposit with the U.S.
      Post
      Office, by registered or certified mail, postage prepaid, and, in the case
      of
      courier or mail delivery, addressed as follows (or at such other address for
      a
      party as shall be specified by like notice):

    

    To
      Seller:

    

    George
      E.
      Pine

    The
      River
      Broadcasting Company Inc.

    800
      Highway One South

    Delta
      Plaza Mall, #39

    Greenville,
      MS 38702

    Fax:
      (703) 736-0865 (c/o Howard McAnany)

    

    With
      a
      copy (which shall

    not
      constitute notice) to:

    

    Leventhal
      Senter & Lerman PLLC

    2000
      K
      Street, NW

    Suite
      600

    Washington,
      DC 20006

    Attn:
      Howard A. Topel, Esq.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    Fax:
      (202) 293-7783

    

    

    To
      Buyer:

    

    Robert
      J.
      Marquitz

    Steven
      L.
      Ludwig

    The
      Marketing Group

    1209
      16th
      Avenue
      South

    Nashville,
      TN 37212

    Fax:
      (615) 301-0002

    

    With
      a
      copy (which shall not

    constitute
      notice) to:

    

    Stephen
      K. Rush

    Rush
      Law
      Group

    1209
      16th
      Avenue
      South

    Nashville,
      TN 37212

    Fax:
      (615) 327-0811

    

    

    

    16.8 No
      Third Party Beneficiaries.
      Nothing
      herein expressed or implied is intended or shall be construed to confer upon
      give to any person or entity other than the parties hereto and their successors
      or permitted assigns, any rights or remedies under or by reason of this
      Agreement.

    

    16.9 Severability.
      The
      parties agree that if one or more provisions contained in this Agreement shall
      be deemed or held to be invalid, illegal or unenforceable in any respect under
      any applicable law, this Agreement shall be construed with the invalid, illegal
      or unenforceable provision deleted, and the validity, legality and
      enforceability of the remaining provisions contained herein shall not be
      affected or impaired thereby; provided, however, that if the removal of the
      offending provision or provisions materially alters the burdens or benefits
      of
      either party, the parties agree to negotiate in good faith such modifications
      to
      this Agreement as are appropriate to insure the burdens and benefits of each
      party are reasonably comparable to those originally contemplated and
      expected.

    

    16.10 Amendments
      and Waivers.
      No
      amendment, waiver of compliance with any provision or condition hereof or
      consent 

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

       

      pursuant
        to this Agreement shall be effective unless evidenced by an instrument in
        writing signed by the party against whom enforcement of any waiver, amendment,
        change, extension or discharge is sought.

    

    

    16.11 Entire
      Agreement.
      This
      Agreement and the Exhibits and Schedules attached hereto and the ancillary
      documents provided for herein embody the entire agreement and understanding
      of
      the parties hereto relating to the matter provided for herein and supersede
      any
      and all prior agreements, arrangements and understandings relating to the
      matters provided for herein.

    

    16.12 No
      Broker.
      Buyer
      and Seller hereby mutually represent that there are no finders or brokers
      involved in this transaction and that neither Seller nor Buyer has agreed to
      pay
      any brokers’ or finders’ fees in connection with this transaction.

    

    16.13 Attorneys’
      Fees.
      In the
      event of commencement of suit by either party to enforce the provisions of
      this
      Agreement, the prevailing party shall be entitled to receive attorneys' fees
      and
      costs of collection as the court in which such suit is brought may adjudge
      reasonable in addition to all other relief granted.

    

    16.14 Time
      of Essence. Time
      is
      of the essence with respect to every provision of this
      Agreement.

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    

    16.15 Counterparts.
      This
      Agreement may be signed in counterpart originals, which collectively shall
      have
      the same legal effect as if all signatures had appeared on the same physical
      document.

    

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

    
 

    
      	THE RIVER BROADCASTING COMPANY,
              INC.	THE MARKETING
              GROUP
	By:          /s/
              James Karr, Jr.	By:       
              /s/ Robert J. Marquitz
	Name:    James Karr,
              Jr.	Name:   Robert J.
              Marquitz
	Title:      Vice
              President 	Title:    
              President

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