Common use of Liquidation of Company Clause in Contracts

Liquidation of Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company in the event that the Company fails to consummate a Business Combination within the time period(s) specified in the Prospectus. WITNESS the execution of this Agreement as of the date first above written. MEDIA & ENTERTAINMENT HOLDINGS, INC. By: ------------------------------------------- Herbert A. Granath, Chief Executive Officer XXXXXXX XXXXXHOLDERS: --------------------------------- Herbert A. Granath --------------------------------- Harvey M. Seslowsky --------------------------------- Robert C. Clauser, Jr. --------------------------------- Bruce Maggin HEARST CORPORATION By:________________________________ Name: Title: CONTINENTAL STOCK TRANSFER & TRUST COMPANY By:________________________________ Name: Steven G. Nelson Title: Chairman EXHIBIT A Name and Address of Number Stock Date of Initial Stockholder of Shares Certificate Number Insider Letter -------------------

Liquidation of Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company in the event that the Company fails to consummate a Business Combination within the time period(s) specified in the Prospectus. WITNESS the execution of this Agreement as of the date first above written. MEDIA & ENTERTAINMENT HOLDINGS, INC. By: ------------------------------------------- -------------------------------------------- Herbert A. Granath, Chief Executive Officer XXXXXXX XXXXXHOLDERSSTOCKHOLDERS: --------------------------------- ------------------------ Herbert A. Granath --------------------------------- ------------------------ Harvey M. Seslowsky --------------------------------- ------------------------ Robert C. Clauser, Jr. --------------------------------- ------------------------ Bruce Maggin HEARST CORPORATION By:________________________________ Name: Title: CONTINENTAL STOCK TRANSFER TRANXXXX & TRUST COMPANY By:________________________________ : -------------------------------------------- Name: Steven G. Nelson Title: Chairman Chairmax EXHIBIT A Name and Address of Number Stock Date of Initial Stockholder INITIAL STOCKHOLDER of Shares Certificate Number Insider Letter -------------------