Document:

Exhibit 10.46

      THESE  SECURITIES  HAVE NOT BEEN  REGISTERED  UNDER THE  SECURITIES ACT OF
1933,  AS  AMENDED  (THE  "ACT"),  AND  MAY  NOT  BE  OFFERED,   SOLD,  PLEDGED,
HYPOTHECATED,  ASSIGNED OR  TRANSFERRED  EXCEPT (i)  PURSUANT TO A  REGISTRATION
STATEMENT  UNDER THE ACT WHICH HAS BECOME  EFFECTIVE AND IS CURRENT WITH RESPECT
TO THESE SECURITIES,  OR (ii) PURSUANT TO A SPECIFIC EXEMPTION FROM REGISTRATION
UNDER THE ACT BUT ONLY UPON A HOLDER  HEREOF FIRST  HAVING  OBTAINED THE WRITTEN
OPINION OF COUNSEL TO THE CORPORATION, OR OTHER COUNSEL REASONABLY ACCEPTABLE TO
THE CORPORATION, THAT THE PROPOSED DISPOSITION IS CONSISTENT WITH ALL APPLICABLE
PROVISIONS  OF THE ACT AS WELL AS ANY  APPLICABLE  "BLUE SKY" OR  SIMILAR  STATE
SECURITIES LAW.

                            URBAN COOL NETWORK, INC.
                                 PROMISSORY NOTE

                        The Transferability of this Note
                     is Restricted as Provided in Section 3

N-___                                                  Dated: ____________, 2000
$                                                             New York, New York

FOR VALUE  RECEIVED,  Urban Cool  Network,  Inc.,  a Delaware  corporation  (the
"Company"),  promises  to  pay to  __________  or  assigns  (the  "Holder")  the
principal amount of                    DOLLARS   ($            ) (the "Principal
Amount"),  in such coin or  currency  of the United  States of America as at the
time of  payment  shall be legal  tender for the  payment of public and  private
debts,  together with simple  interest  thereon at the rate of ten percent (10%)
per annum  (calculated on the basis of a 360-day year of 30-day months),  at the
principal  office of the  Company,  upon the  earlier  of (a) the  closing of an
initial public offering of the Company's securities or (b) _____________,  2001,
eighteen  months from the date of this note.  No payments  of  principal  and/or
interest shall be due until maturity.

      Notwithstanding  anything to the contrary herein contained,  the Principal
Amount of this Note or any  interest  hereon  may be prepaid at any time or from
time to time,  prior to the maturity of this Note, in whole or in part,  without
prior notice and without penalty or premium.  Prepayments shall be applied first
to interest due and then to principal.

      1. The Notes: This Note is one of several promissory notes made and issued
by the Company which may aggregate to a maximum principal amount of five hundred
thousand dollars ($500,000) (individually,  a "Note," and together, the "Notes")
assuming all Units are sold, pursuant to the terms and subject to the conditions
of Subscription  Agreements and Investment  Representations  (the  "Subscription
Agreements"), by and among the Company and certain investors.  Reference is made
to the Subscription  Agreements for agreements of the parties applicable to this
Note.

                                       -1-

<PAGE>

      2. Covenants: The Company covenants and agrees that, so long as any of the
Notes shall be outstanding and unpaid:

            2.1 Payment of Notes. The Company will punctually pay or cause to be
paid the  Principal  Amount and interest on this Note.  Any sums  required to be
withheld  from any  payment  of  Principal  Amount or  interest  on this Note by
operation of law or pursuant to any order, judgment,  execution, treaty, rule or
regulation may be withheld by the Company and paid over in accordance therewith.

      Nothing in this Note or in any other agreement  between the Holder and the
Company shall  require the Company to pay, or the Holder to accept,  interest in
an amount  which would  subject the Holder to any  penalty or  forfeiture  under
applicable law. In the event that the payment of any charges, fees or other sums
due under this Note or provided for in any other  agreement  between the Company
and the Holder are or could be held to be in the  nature of  interest  and would
subject the Holder to any penalty or forfeiture  under applicable law, then ipso
facto the obligations of the Company to make such payment to the Holder shall be
reduced to the highest rate  authorized  under  applicable law and, in the event
that the Holder  shall have ever  received,  collected,  accepted  or applied as
interest  any amount in excess of the maximum  rate of interest  permitted to be
charged by  applicable  law,  such amount which would be excess  interest  under
applicable  law  shall be  applied  first to the  reduction  of  principal  then
outstanding,  and,  second,  if such  principal  amount  is paid  in  full,  any
remaining excess shall forthwith be returned to the Company.

            2.2 Maintenance of Corporate  Existence;  Merger and  Consolidation.
The Company will at all times cause to be done all things  necessary to preserve
and keep in full force and effect its corporate  existence and all of its rights
and  franchises  and  shall  not be  consolidated  with or merge  into any other
corporation  or transfer  all or  substantially  all of its assets to any person
unless (i) the survivor of such consolidation or merger is the Company, (ii) the
corporation  formed by such consolidation or into which the Company is merged or
to which the  assets of the  Company  are  transferred  is a  corporation  which
expressly  assumes all of the  obligations  of the Company under the Notes,  and
(iii)  after  giving  effect  to such  transaction,  no  Event  of  Default  (as
hereinafter  defined),  and no event which,  after  notice or lapse of time,  or
both, would become an Event of Default, shall have occurred and be continuing.

            2.3 Maintenance of Properties.  The Company will reasonably maintain
in good repair, working order and condition its properties and other assets, and
from time to time make all reasonably  necessary or desirable repairs,  renewals
and replacements thereto.

            2.4 Payment of Taxes.  The Company will cause to be paid,  set aside
for payment, or cause to be discharged, before the same shall become delinquent,
all taxes,  assessments  and  governmental  charges  levied or imposed  upon the
Company or upon its income,  profits or property;  provided,  however,  that the
Company  shall not be required to cause to be paid or  discharged  any such tax,
assessment or charge whose amount,  applicability or validity is being contested
in good faith by appropriate proceedings.

                                      -2-
<PAGE>

            2.5  Compliance  with  Statutes.  The  Company  will  comply  in all
material  respects with all  applicable  statutes and  regulations of the United
States of  America  and of any state or  municipality,  and of any agency of any
thereof, in respect of the conduct of business, and the ownership of property by
the Company; provided, however, that nothing contained in this Section 2.5 shall
require the Company to comply with any such statute or regulation so long as its
legality or applicability shall be contested in good faith; and provided further
that  an  unintentional  violation  of this  covenant  done  in  good  faith  or
inadvertently shall not be deemed an Event of Default under Section 4 hereof.

            2.6  Restrictions on Dividends,  Redemptions,  etc. The Company will
not (i) declare or pay any dividend or make any other distribution on any equity
securities of the Company,  except dividends or distributions  payable in equity
securities of the Company, (ii) purchase,  redeem or otherwise acquire or retire
for value  any  equity  securities  of the  Company,  except  equity  securities
acquired upon conversion thereof into other equity securities of the Company, or
(iii)  permit a  subsidiary  of the  Company to  purchase,  redeem or  otherwise
acquire or retire for value any  equity  securities  of the  Company,  if,  upon
giving effect to such dividend,  distribution,  purchase,  redemption,  or other
acquisition or retirement, the net worth of the Company would be reduced to less
than an amount equal to the remaining indebtedness outstanding under the Notes.

            2.7 Transactions with Affiliates.  The Company will not itself,  and
will not permit any  subsidiary  to,  engage in any  transaction  of any kind or
nature  with any  affiliate  (as such term is used in Rule 405 under the Act) of
the Company,  other than a wholly-owned  subsidiary,  unless such transaction is
upon terms which are fair to the Company or such subsidiary, as the case may be,
and which are reasonably  similar to, or more  beneficial to the Company or such
subsidiary  than the terms deemed likely to occur in similar  transactions  with
unrelated persons under the same circumstances.

      3.  Restrictions Upon  Transferability.  This Note has not been registered
under the Act, and may not be offered, sold, pledged, hypothecated,  assigned or
transferred except (i) pursuant to a registration  statement under the Act which
has become  effective and is current with respect to this Note, or (ii) pursuant
to a specific  exemption from registration  under the Act but only upon a Holder
hereof first having obtained the written  opinion of counsel to the Company,  or
other  counsel  reasonably   acceptable  to  the  Company,   that  the  proposed
disposition is consistent  with all applicable  provisions of the Act as well as
any applicable "blue sky" or other state securities law.

      4. Events of Default and Remedies. An "Event of Default" shall occur if:

            4.1  Payment  of Notes.  The  Company  defaults  in the  payment  of
Principal Amount or interest of this Note, when and as the same shall become due
and payable whether at maturity thereof, or by acceleration or otherwise,  which
default  shall  continue  uncured for a period of thirty (30) days from the date
thereof; or

            4.2 Performance of Covenants,  Conditions or Agreements. The Company
fails to comply with any of the covenants, conditions or agreements set forth in
this Note and such default

                                      -3-
<PAGE>

shall continue uncured for a period of thirty (30) days after receipt of written
notice to the Company from any Holder stating the specific  default or defaults;
or

            4.3 Bankruptcy,  Insolvency,  etc. The Company shall file or consent
by  answer or  otherwise  to the entry of an order  for  relief or  approving  a
petition for relief,  reorganization  or  arrangement  or any other  petition in
bankruptcy for  liquidation or to take advantage of any bankruptcy or insolvency
law of any  jurisdiction,  or shall make an  assignment  for the  benefit of its
creditors, or shall consent to the appointment of a custodian, receiver, trustee
or other officer with similar powers of itself or of any substantial part of its
property,  or shall be  adjudicated  a  bankrupt  or  insolvent,  or shall  take
corporate  action  for the  purpose  of any of the  foregoing,  or if a court or
governmental authority of competent jurisdiction shall enter an order appointing
a custodian, receiver, trustee or other officer with similar powers with respect
to the Company or any substantial part of its property or an order for relief or
approving  a petition  for relief or  reorganization  or any other  petition  in
bankruptcy  or  for  liquidation  or to  take  advantage  of any  bankruptcy  or
insolvency  law, or an order for the  dissolution,  winding up or liquidation of
the Company, or if any such petition shall be filed against the Company and such
petition shall not be dismissed within sixty (60) days.

            4.4.  Remedies.  In case an Event of Default (other than an Event of
Default  resulting from the Company's failure to pay the Principal Amount of, or
any  interest  upon,  this  Note,  when the same  shall  be due and  payable  in
accordance  with the terms hereof  (after  giving  affect to  applicable  "cure"
provisions herein) and an Event of Default resulting from bankruptcy, insolvency
or  reorganization)  shall  occur and be  continuing,  the  Holders of the Notes
representing at least fifty-one  percent (51%) in the aggregate of the Principal
Amount of all Notes then  outstanding,  may  declare by notice in writing to the
Company all unpaid  Principal  Amount and  accrued  interest on all of the Notes
then outstanding to be due and payable immediately.  In case an Event of Default
resulting  from the  Company's  nonpayment  of Principal  Amount of, or interest
upon, this Note shall occur,  the Holder may declare all unpaid Principal Amount
and  accrued  interest  on this Note held by such  Holder to be due and  payable
immediately.  In case an Event of Default resulting from bankruptcy,  insolvency
or reorganization  shall occur, all unpaid principal and accrued interest on the
Notes held by each  Holder  shall be due and  payable  immediately  without  any
declaration or other act on the part of such Holders.  Any such acceleration may
be annulled and past defaults (except,  unless  theretofore  cured, a default in
payment  of  Principal  Amount or  interest  on the  Notes) may be waived by the
Holders of a majority in Principal Amount of the Notes then outstanding.

      5. Costs of Collection.  Should the indebtedness  represented by this Note
or any part thereof be collected  in any  proceeding,  or this Note be placed in
the hands of attorneys for collection  after default,  the Company agrees to pay
as an additional obligation under this Note, in addition to the Principal Amount
and  interest  due and  payable  hereon,  all  costs of  collecting  this  Note,
including reasonable attorneys' fees.

      6. Waiver and Amendments. This Note may be amended, modified,  superseded,
canceled,  renewed or  extended,  and the terms  hereof may be waived  only by a
written  instrument  signed by the  Company  and  Holders of at least  fifty-one
percent  (51%)  in  Principal  Amount  of the  Notes  at the  time  outstanding;
provided, however, that the consent of a Holder shall be required to

                                      -4-
<PAGE>

modify the terms of this Note  affecting the payment of Principal  Amount of, or
interest on, such Holder's  Note or the term of such Holder's  Note. No delay on
the part of any party in  exercising  any right,  power or  privilege  hereunder
shall operate as a waiver hereof,  nor shall any waiver on the part of any party
of any right,  power or privilege or privilege  hereunder  preclude any other or
further  exercise hereof or the exercise of any other right,  power or privilege
hereunder.  The rights and remedies  provided  herein are cumulative and are not
exclusive of any rights or remedies which any party may otherwise have at law or
in equity.

      7. Loss,  Theft,  Destruction  or Mutilation of Note.  Upon receipt by the
Company of evidence  reasonably  satisfactory to the Company of the loss, theft,
destruction or mutilation of this Note, and of indemnity or security  reasonably
satisfactory  to the  Company,  and upon  reimbursement  to the  Company  of all
reasonable expenses  incidental thereto,  and upon surrender and cancellation of
this Note,  if  mutilated,  the Company will make and deliver a new Note of like
tenor,  in lieu of this Note. Any Note made and delivered in accordance with the
provisions of this Section 7 shall be dated as of the date to which interest has
been paid on this Note,  or if no  interest  has  theretofore  been paid on this
Note, then dated the date hereof.

      8.  Notice.  Any  notice  or other  communication  required  or  permitted
hereunder shall be in writing and shall be delivered personally,  telegraphed or
sent by certified,  registered,  or express mail, postage prepaid,  and shall be
deemed given when so delivered  personally,  telegraphed or, if mailed, five (5)
days after the date of deposit in the United States mails, as follows:

      (i)   if to the Company, to:

            Urban Cool Network, Inc.
            1401 Elm Street, Suite 1955
            Dallas, Texas 75202
            Attention: Jacob R. Miles III, Chief Executive Officer

      (ii)  if to the  Holder,  to the  address  of such  Holder as shown on the
books of the Company.

      9.  Governing  Law.  This  Note  shall be  governed  by and  construed  in
accordance with the laws of the State of New York,  without giving effect to its
conflicts of law principles.  The Company agrees that any dispute or controversy
arising  out of this Note shall be  adjudicated  in a court  located in New York
City,  and hereby  submits to the  exclusive  jurisdiction  of the courts of the
State of New York located in New York, New York and of the federal courts in the
Southern  District of New York, and  irrevocably  waives any objection it now or
hereafter may have respecting the venue of such action or proceeding  brought in
such a court or respecting  the fact that such court is an  inconvenient  forum,
and consents to the service of process in any such action or proceeding by means
of registered or certified mail, return receipt requested.

      10. Successors and Assigns. All the covenants, stipulations,  promises and
agreements in this Note  contained by or on behalf of the Company shall bind its
successors and assigns, whether or not so expressed.

                                      -5-
<PAGE>

      IN WITNESS  WHEREOF,  the Company has caused this Note to be signed in its
corporate name by a duly authorized officer and to be dated as of the date first
above written.

                                       URBAN COOL NETWORK, INC.

                                       By: _____________________________________
                                           Name:
                                           Title:

                                      -6-Exhibit 10.47

      THE  SECURITIES  AND  THE  SECURITIES  ISSUABLE  UPON  EXERCISE  OF  THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT"), AND THEY MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED,  ASSIGNED
OR  TRANSFERRED  EXCEPT (i) PURSUANT TO A REGISTRATION  STATEMENT  UNDER THE ACT
WHICH HAS BECOME EFFECTIVE AND IS CURRENT WITH RESPECT TO THESE  SECURITIES,  OR
(ii) PURSUANT TO A SPECIFIC  EXEMPTION FROM REGISTRATION  UNDER THE ACT BUT ONLY
UPON A HOLDER HEREOF FIRST HAVING OBTAINED THE WRITTEN OPINION OF COUNSEL TO THE
COMPANY,  OR  OTHER  COUNSEL  REASONABLY  ACCEPTABLE  TO THE  COMPANY,  THAT THE
PROPOSED DISPOSITION IS CONSISTENT WITH ALL APPLICABLE  PROVISIONS OF THE ACT AS
WELL AS ANY APPLICABLE "BLUE SKY" OR SIMILAR STATE SECURITIES LAW.

                                 July ___, 2000

                            URBAN COOL NETWORK, INC.
                          COMMON STOCK PURCHASE WARRANT

                     The Transferability of this Warrant is
                       Restricted as Provided in Section 3

W-__                        Warrants to Purchase ________ Shares of Common Stock

      For good and valuable consideration,  the receipt and sufficiency of which
is hereby acknowledged by Urban Cool Network,  Inc., a Delaware corporation (the
"Company"), ________________________ is hereby granted the right to purchase, at
the initial exercise price of $2.00 per share (subject to adjustment as provided
herein),  at any time from  ____________,  2000 [6 months after date of original
issuance]  until 5:00 p.m.,  New York City time,  on  __________  2005, [5 years
after date of issuance]  __________ shares of common stock of the Company,  $.01
par value per share (the "Shares").

      Each Common  Stock  Purchase  Warrant  (each,  a  "Warrant")  is initially
exercisable at a price

                                      -1-
<PAGE>

of $2.00 per Share,  payable in cash or by certified  or official  bank check in
New York Clearing  House funds,  subject to adjustments as provided in Section 5
hereof. Upon surrender of this Warrant,  with the annexed Subscription Form duly
executed,  together with payment of the Purchase Price (as hereinafter  defined)
for the Shares purchased at the offices of the Company, the registered holder of
this  Warrant  (the  "Holder")  shall be  entitled to receive a  certificate  or
certificates for the Shares so purchased.

      1. Exercise of Warrant.

            The purchase  rights  represented by this Warrant are exercisable at
the option of the Holder,  in whole or in part (but not as to fractional  Shares
underlying  this  Warrant),  during  any  period in which  this  Warrant  may be
exercised as set forth  above.  In the case of the purchase of less than all the
Shares  purchasable  under this  Warrant,  the Company shall cancel this Warrant
upon the  surrender  hereof and shall  execute and deliver a new Warrant of like
tenor for the balance of the Shares purchasable hereunder.

      2. Issuance of Certificates.

            Upon  the  exercise  of this  Warrant  and  payment  in full for the
Shares, the issuance of certificates for Shares underlying this Warrant shall be
made  forthwith  (and in any event  within five (5)  business  days  thereafter)
without charge to the Holder, including,  without limitation,  any tax which may
be payable  in respect of the  issuance  thereof,  and such  certificates  shall
(subject to the  provisions of Section 3 hereof) be issued in the name of, or in
such  names as may be  directed  by, the  Holder;  provided,  however,  that the
Company  shall not be required to pay any tax which may be payable in respect of
any transfer involved in the issuance and delivery of any such certificates in a

                                      -2-
<PAGE>

name  other than that of the Holder and the  Company  shall not be  required  to
issue or  deliver  such  certificates  unless  or until the  person  or  persons
requesting  the  issuance  thereof  shall have paid to the Company the amount of
such tax or shall have  established to the satisfaction of the Company that such
tax has been paid. The  certificates  representing  the Shares  underlying  this
Warrant  shall be executed  on behalf of the Company by the manual or  facsimile
signature of the present or any future  Chairman,  Vice  Chairman,  President or
Vice President and Secretary or Assistant Secretary of the Company.

      3. Restriction on Transfer; Registration Under the Securities Act of 1933,
as amended.

      3.1 Restriction on Transfer.  Neither this Warrant nor any Shares issuable
upon exercise  hereof has been  registered  under the Securities Act of 1933, as
amended (the "Act"), and none of such securities may be offered,  sold, pledged,
hypothecated,  assigned or  transferred  except (i)  pursuant to a  registration
statement  under the Act which has become  effective and is current with respect
to such  securities or (ii) pursuant to a specific  exemption from  registration
under the Act but only upon a Holder  hereof first  having  obtained the written
opinion of counsel to the Company, or other counsel reasonably acceptable to the
Company,  that the  proposed  disposition  is  consistent  with  all  applicable
provisions  of the Act as well as any  applicable  "Blue Sky" or  similar  state
securities  law.  Upon  exercise,  in part or in whole,  of this  Warrant,  each
certificate issued  representing the Shares underlying this Warrant shall bear a
legend to the foregoing effect.

                                      -3-
<PAGE>

      3.2 Demand Registration.

      (a) At any time during the five-year period commencing 12 months after the
date of  original  issuance  of the  Warrants,  if the Company is subject to the
reporting  requirements of Section 13 or Section 15(g) under the Exchange Act of
1934, as amended (the "Exchange Act"), the Holders of the Warrants and/or Shares
representing a "Majority" (as hereinafter defined) of such securities shall have
the right (which right is in addition to the  registration  rights under Section
3.3  hereof),  to have the  Company  prepare  and file with the  Securities  and
Exchange  Commission  (the  "Commission"),   on  one  occasion,  a  registration
statement and such other documents,  including a prospectus, as may be necessary
in the opinion of counsel for the Company,  and counsel for the Holders, if any,
and the Holders,  in order to comply with the provisions of the Securities  Act,
so as to permit a public offering and sale of their  respective  Shares for nine
(9)  consecutive  months by such  Holders and any other  Holders of the Warrants
and/or Shares who notify the Company within ten (10) days after receiving notice
from the  Company of such  request.  The  Company  covenants  and agrees to give
written notice of any registration request under this Section 3.2 by any Holders
or Holders to all other  Holders of Warrants and Shares  within ten (10) days of
the receipt of any such registration request.

      (b)  The  Company  shall  use its  best  efforts  to  file a  registration
statement  within thirty (30) days of receipt of any demand therefor and to have
any registration statement declared effective at the earliest possible time. The
Company  shall  furnish  each  Holder  desiring  to sell  Shares  such number of
prospectuses as shall reasonably be requested.

                                      -4-
<PAGE>

      3.3 Piggyback Registration.

      (a) If, at any time during the five-year period commencing 12 months after
the date of original issuance of the Warrants,  the Company proposes to register
any of its securities  under the  Securities Act (other than in connection  with
the merger, acquisition or exchange offer on Form S-4 or pursuant to Form S-8 or
successor forms) it will give written notice by registered mail, at least thirty
(30)  days  prior to the  filing  of each such  registration  statement,  to the
Holder(s) of the Warrants  and/or the Shares of its intention to do so. Upon the
written request of any Holder of the Warrants and/or the Shares given within ten
(10) days after  receipt of any such  notice of his desire to include any Shares
in such proposed registration statement, the Company shall afford such Holder(s)
of the  Warrants  and/or  the  Shares the  opportunity  to have any such  Shares
registered under such registration statement.

      (b)  Notwithstanding  the provisions of this Section 3.3 the Company shall
have the right at any time after it shall have given written notice  pursuant to
this Section 3.3 (irrespective of whether a written request for inclusion of any
such  securities  shall have been  made) to elect not to file any such  proposed
registration  statement,  or to withdraw  the same after the filing but prior to
the effective date thereof.

      3.4 Certain Covenants with Respect to Registration. In connection with any
registration  under Sections 3.2 or 3.3 hereof, the Company covenants and agrees
as follows:

            (a) The Company shall use its best efforts to cause any registration
statement  to be declared  effective at the earliest  possible  time,  and shall
furnish  each  Holder  desiring  to  sell  Warrant  Securities  such  number  of
prospectuses as shall be reasonably required.

                                      -5-
<PAGE>

            (b) The Company shall pay all costs  (excluding fees and expenses of
Holder(s)' counsel and any underwriting or selling  commissions or other charges
of any  broker-dealer  acting on  behalf of  Holder(s)),  fees and  expenses  in
connection with all  registration  statements filed pursuant to Sections 3.2 and
3.3 hereof  including,  without  limitation,  the Company's legal and accounting
fees, printing expenses, blue sky fees and expenses.

            (c) The Company will take all necessary action which may be required
in  qualifying  or  registering  the Warrants and Shares or New Warrants and New
Warrant  Shares,  as defined in Section 6 hereof,  (collectively,  the  "Warrant
Securities")  included in a  registration  statement for offering and sale under
the  securities or blue sky laws of such states as  reasonably  are requested by
the Holder(s),  provided that the Company shall not be obligated to qualify as a
foreign corporation to do business under the laws of any such jurisdiction.

            (d)  The  Company  shall  indemnify  the  Holder(s)  of the  Warrant
Securities to be sold pursuant to any registration statement and each person, if
any,  who controls  such Holders  within the meaning of Section 15 of the Act or
Section  20(a) of the  Securities  Exchange Act of 1934,  as amended  ("Exchange
Act"),  against all loss,  claim,  damage,  expense or liability  (including all
expenses  reasonably  incurred in investigating,  preparing or defending against
any claim whatsoever) to which any of them may become subject under the Act, the
Exchange Act or any other  statute,  common law or otherwise,  arising out of or
based upon any untrue  statement or alleged untrue  statement of a material fact
contained in such registration  statement  executed by the Company or based upon
written information  furnished by the Company filed in any jurisdiction in order
to qualify the Warrant  Securities  under the  securities  laws thereof or filed
with the Securities and Exchange

                                      -6-
<PAGE>

Commission (the  "Commission"),  any state securities  commission or agency, the
National Association of Securities Dealers, Inc., The Nasdaq Stock Market or any
securities exchange, or the omission or alleged omission therefrom of a material
fact required to be stated therein or necessary to make the statements contained
therein not  misleading,  unless such statement or omission was made in reliance
upon and in conformity with written information  furnished to the Company by the
Holder(s)  expressly for use in such  registration  statement,  any amendment or
supplement  thereto  or any  application,  as the case may be. If any  action is
brought  against the  Holder(s) or any  controlling  person of the  Holder(s) in
respect of which  indemnity may be sought  against the Company  pursuant to this
Section  3.4(c),  the Holder(s) or such  controlling  person shall within thirty
(30) days after the receipt thereby of a summons or complaint notify the Company
in writing of the  institution  of such action and the Company  shall assume the
defense of such action,  including the employment and payment of reasonable fees
and expenses of counsel (which counsel shall be reasonably  satisfactory  to the
Holder(s) or such controlling person), but the failure to give such notice shall
not affect such indemnified  person's right to indemnification  hereunder except
to the extent that the Company's defense of such action was materially adversely
affected thereby.  The Holder(s) or such controlling person shall have the right
to employ its or their own counsel in any such case,  but the fees and  expenses
of such counsel  shall be at the expense of the  Holder(s)  or such  controlling
person  unless the  employment  of such counsel  shall have been  authorized  in
writing by the  Company in  connection  with the  defense  of such  action,  the
Company  shall not have  employed  counsel to have charge of the defense of such
action or such indemnified party or parties shall have reasonably concluded that
there  may be  defenses  available  to it or them  which are  different  from or
additional  to those  available to the Company (in which case the Company  shall
not have the right to direct the defense of such

                                      -7-
<PAGE>

action on behalf of the  indemnified  party or parties),  in any of which events
the fees and expenses of not more than one additional  firm of attorneys for the
Holder(s) and/or such controlling  person shall be borne by the Company.  Except
as expressly  provided in the previous  sentence,  in the event that the Company
shall not previously  have assumed the defense of any such action or claim,  the
Company  shall not  thereafter  be liable to the  Holder(s) or such  controlling
person in  investigating,  preparing or defending any such action or claim.  The
Company  agrees  promptly to notify the  Holder(s)  of the  commencement  of any
litigation or proceedings against the Company or any of its officers,  directors
or controlling  persons in connection with the resale of the Warrant  Securities
or in connection with such registration statement.  The Company agrees to notify
promptly the Holder(s) of the  commencement  of any  litigation  or  proceedings
against the Company or any of its officers,  directors or controlling persons in
connection  with the resale of any of the Warrant  Securities in connection with
such registration  statement.  The Company further agrees that upon demand by an
indemnified person, at any time or from time to time, it will promptly reimburse
such indemnified person for any loss, claim, damage,  liability, cost or expense
actually and reasonably paid by the  indemnified  person as to which the Company
has  indemnified  such person  pursuant  hereto.  Notwithstanding  the foregoing
provisions  of this Section  3.4(c),  any such payment or  reimbursement  by the
Company of fees, expenses or disbursements  incurred by an indemnified person in
any  proceeding in which a final  judgment by a court of competent  jurisdiction
(after all appeals or the  expiration of time to appeal) is entered  against any
Registration  Rights Holder or such indemnified person as a direct result of any
Registration  Rights  Holder  or  such  person's  gross  negligence  or  willful
misfeasance will be promptly repaid to the Company.

            (e) The Holder(s) of the Warrant Securities to be sold pursuant to a
registration

                                      -8-
<PAGE>

statement,  and their successors and assigns, shall severally,  and not jointly,
indemnify the Company,  its officers and directors and each person,  if any, who
controls  the  Company  within  the  meaning of Section 15 of the Act or Section
20(a) of the  Exchange  Act,  against  all loss,  claim,  damage or  expense  or
liability   (including  all  expenses   reasonably  incurred  in  investigating,
preparing or defending  against any claim  whatsoever)  to which they may become
subject under the Act, the Exchange Act or otherwise,  arising from  information
furnished in writing by or on behalf of such  Holders,  or their  successors  or
assigns,  for specific inclusion in such registration  statement.  The Holder(s)
further agree(s) that upon demand by an indemnified  person, at any time or from
time to time, they will promptly reimburse such indemnified person for any loss,
claim,  damage,  liability,  cost or expense actually and reasonably paid by the
indemnified  person as to which  the  Holder(s)  have  indemnified  such  person
pursuant  hereto.  Notwithstanding  the  foregoing  provisions  of this  Section
3.3(d), any such payment or reimbursement by the Holder(s) of fees,  expenses or
disbursements  incurred by an  indemnified  person in any  proceeding in which a
final  judgment by a court of competent  jurisdiction  (after all appeals or the
expiration of time to appeal) is entered against the Company or such indemnified
person as a direct  result of the Company or such person's  gross  negligence or
willful misfeasance will be promptly repaid to the Holder(s).

            (f)  Nothing  contained  in this  Agreement  shall be  construed  as
requiring the Holder(s) to exercise  their Warrants or New Warrants prior to the
initial filing of any registration statement or the effectiveness thereof.

            (g) The Company  shall furnish to each Holder  participating  in the
offering and to each  underwriter,  if any, and the  Placement  Agent,  a signed
counterpart, addressed to such Holder

                                      -9-
<PAGE>

or underwriter, if any, and the Placement Agent, of (i) an opinion of counsel to
the Company,  dated the effective date of such  registration  statement (and, if
such registration includes an underwritten public offering, an opinion dated the
date of the closing under the underwriting agreement), and (ii) a "cold comfort"
letter dated the effective  date of such  registration  statement  (and, if such
registration  includes an underwritten public offering,  a letter dated the date
of the  closing  under the  underwriting  agreement)  signed by the  independent
public auditors who have issued a report on the Company's  financial  statements
included in such registration statement, in each case covering substantially the
same matters with respect to such  registration  statement  (and the  prospectus
included therein) and, in the case of such accountants'  letter, with respect to
events subsequent to the date of such financial  statements,  as are customarily
covered in opinions of issuer's counsel and in accountants' letters delivered to
underwriters in underwritten public offerings of securities.

            (h) For the  purposes  of this  Agreement,  the term  "Majority"  in
reference to the  Registration  Rights  Holders of Shares and/or  Warrant Shares
shall  mean in  excess of fifty  percent  (50%) of the then  outstanding  Shares
and/or Warrant Shares  (assuming the exercises of all Warrants) that (i) are not
held by the Company, an affiliate (excluding, if applicable, the Placement Agent
and its affiliates,  officers and  directors),  officer,  creditor,  employee or
agent  thereof or any of their  respective  affiliates,  member of their family,
persons  acting as nominees or in  conjunction  therewith and (ii) have not been
resold  to the  public  pursuant  to a  registration  statement  filed  with the
Commission under the Securities Act.

      4. Price.

      4.1 Initial and Adjusted  Purchase Price. The initial purchase price shall
be $2.00

                                      -10-
<PAGE>

per Share.  The  adjusted  purchase  price shall be the price which shall result
from time to time from any and all adjustments of the initial  purchase price in
accordance with the provisions of Section 5 hereof.

      4.2  Purchase  Price.  The term  "Purchase  Price"  herein  shall mean the
initial  purchase  price or the  adjusted  purchase  price,  depending  upon the
context.

      5. Adjustments of Purchase Price and Number of Shares.

            In the event that,  prior to the  issuance by the Company of all the
Shares issuable upon exercise of this Warrant,  there shall be any change in the
outstanding  common stock of the Company by reason of the  declaration  of stock
dividends,  or through stock splits or combinations,  the remaining Shares still
subject to this Warrant and the purchase  price thereof  shall be  appropriately
adjusted  (but  without  regard to  fractions)  by the Board of Directors of the
Company to reflect such change.

      6. Merger or Consolidation.

            In case of any  consolidation  of the Company with, or merger of the
Company with, or merger of the Company into,  another  corporation (other than a
consolidation or merger which does not result in any  reclassification or change
of the outstanding common stock of the Company),  the corporation formed by such
consolidation  or merger shall execute and deliver to the Holder a  supplemental
warrant  agreement  providing  that the Holder  shall have the right  thereafter
(until the  expiration  of such  Warrant)  to  receive,  upon  exercise  of this
Warrant,  the kind and  amount  of shares  of stock  and  other  securities  and
property receivable upon such consolidation or merger by a holder

                                      -11-
<PAGE>

of the number of shares of common  stock of the Company  for which this  Warrant
might have been exercised immediately prior to such consolidation,  merger, sale
or transfer.  The above  provisions of this Section 6 shall  similarly  apply to
successive consolidations or mergers.

      7. Exchange and Replacement of Warrant.

            This Warrant is  exchangeable  without  expense,  upon the surrender
hereof by the registered Holder at the principal executive office of the Company
for a new Warrant of like tenor and date representing in the aggregate the right
to  purchase  the same  number of Shares as are  purchasable  hereunder  in such
denominations  as shall be  designated  by the Holder hereof at the time of such
surrender.

            Upon receipt by the Company of evidence  reasonably  satisfactory to
it of the loss, theft,  destruction or mutilation of this Warrant,  and, in case
of loss, theft or destruction,  of indemnity or security reasonably satisfactory
to it, and  reimbursement to the Company of all reasonable  expenses  incidental
thereto, and upon surrender and cancellation of this Warrant, if mutilated,  the
Company  will make and  deliver a new  Warrant  of like  tenor,  in lieu of this
Warrant.

      8. Elimination of Fractional Interests.

            The Company shall not be required to issue certificates representing
fractions of Shares on the exercise of this Warrant, nor shall it be required to
issue scrip or pay cash in lieu of fractional interests,  it being the intent of
the parties that all fractional interests shall be eliminated.

                                      -12-
<PAGE>

      9. Reservation of Securities.

            The Company shall at all times reserve and keep available out of its
authorized common stock, solely for the purpose of issuance upon the exercise of
this  Warrant,  such  number of Shares as shall be  issuable  upon the  exercise
hereof. The Company covenants and agrees that, upon exercise of this Warrant and
payment of the Purchase Price  therefor,  all Shares issuable upon such exercise
shall be duly and validly issued, fully paid and nonassessable.

      10. Notices to Warrant Holders.

            Nothing  contained in this Warrant  shall be construed as conferring
upon the Holder hereof the right to vote or to consent or to receive notice as a
stockholder  in respect of any  meetings  of  stockholders  for the  election of
directors  or  any  other  matter,  or as  having  any  rights  whatsoever  as a
stockholder of the Company.

      11. Notices.

            All notices, requests, consents and other communications required or
permitted  hereunder  shall be in  writing  and shall be  delivered  personally,
telegraphed or sent by certified,  registered, or express mail, postage prepaid,
and shall be deemed  given  when so  delivered  personally,  telegraphed  or, if
mailed,  five days  after the date of deposit in the  United  States  mails,  as
follows:

      (a) If to the Company, to:

                                      -13-
<PAGE>

          Urban Cool Network, Inc.
          1401 Elm Street, Suite 1955
          Dallas, Texas 75202
          Attn:  Jacob R. Miles III, Chief Executive Officer

      (b) If to the registered Holder, to the address of such Holder as shown on
the books of the Company.

      12.  Supplements and  Amendments.  The Company and the Placement Agent may
from time to time  supplement  or amend the  Warrant  Certificates  without  the
approval of any Holders of the Warrant  Certificates  (other than the  Placement
Agent) in order to cure any  ambiguity,  to correct or supplement  any provision
contained  herein  which may be defective or  inconsistent  with any  provisions
herein,  or to make any  other  provisions  in regard to  matters  or  questions
arising  hereunder  which the Company and the Placement Agent may deem necessary
or  desirable  and which the  Company  and the  Placement  Agent  deem shall not
adversely  affect the  interests  of the Holders of Warrant  Certificates.  This
Warrant  Agreement may otherwise be amended,  modified,  superseded,  renewed or
extended only by a written  instrument  signed by the Company and the holders of
at least a majority of the Warrants.

      13. Successors.

            All  the  covenants,  agreements,   representations  and  warranties
contained in this  Warrant  shall bind the parties  hereto and their  respective
heirs, executors, administrators, distributees, successors and assigns.

                                      -14-
<PAGE>

      14. Headings.

            The   headings  in  this   Warrant  are  inserted  for  purposes  of
convenience only and shall have no substantive effect.

      15. Law Governing.

            This  Warrant  is  delivered  in the  State of New York and shall be
construed  and  enforced in  accordance  with,  and governed by, the laws of the
State of New York, without giving effect to conflicts of law principles.

                                      -15-
<PAGE>

      IN WITNESS  WHEREOF,  the Company has caused this  Warrant to be signed in
its  corporate  name  by,  and  such  signature  to be  attested  to by,  a duly
authorized officer and has caused its corporate seal to be affixed hereto on the
date first above written.

                                       URBAN COOL NETWORK, INC.

[SEAL]

                                       By: _____________________________________
                                           Jacob R. Miles III
                                           Chief Executive Officer

Attest:

_________________________________
Name:
Title:

                                      -16-
<PAGE>

                            URBAN COOL NETWORK, INC.

                                SUBSCRIPTION FORM

                    (To be Executed by the Registered Holder
                        in order to Exercise the Warrant)

      The  undersigned  hereby  irrevocably  elects  to  exercise  the  right to
purchase  _________  Shares  represented  by this Warrant in  accordance  to the
conditions  hereof and  herewith  makes  payment of the  Purchase  Price of such
Shares in full.

                                         _______________________________________
                                         Signature

                                         _______________________________________
                                         Address

                                         _______________________________________
                                         Social Security Number or Taxpayer's
                                         ID Number

Dated:____________________________

                                      -17-

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