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Assignable Contract

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Assignable Contract

A futures contract with a provision permitting the contract holder to convey his or her rights of assignment to a third party.

Notes:

Not all futures contacts have this provision. In fact, most exchange traded contracts are not assignable.

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Further, there are assignable contracts in place to acquire the existing debt for a substantially lesser amount than that is reflected in the financial statements.

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Under the terms of the transaction, GlobalMedia will pay $500,000 in cash and issue up to 1,697,619 shares to acquire all of OnRadio's assignable contracts for Internet services with terrestrial radio stations.

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