Document:

MASTER SECURITY AGREEMENT

To:      Mitchell Entertainment Company
         7220 NW 36th Street, Suite 100
         Miami, Florida  33166

Date: December 20, 2004

To Whom It May Concern:

      1. To secure the payment of all Obligations (as hereafter  defined),  each
of AGU  Entertainment  Corp., a Delaware  corporation,  The Tube Music Network,
Inc., a Florida corporation, and Pyramid Records International,  Inc., a Florida
corporation  (each  an  "Assignor"),  hereby  assigns  and  grants  to  Mitchell
Entertainment   Company,   a  Delaware  limited  liability  company   ("Mitchell
Entertainment") a continuing  security interest in all of the following property
now owned or at any time hereafter  acquired by each such Assignor,  or in which
each such  Assignor now have or at any time in the future may acquire any right,
title or interest (the "Collateral"):

            (a) (i) all of the shares of capital stock of whatever class of The
Tube Music Network, Inc. and Pyramid Records  International,  Inc., now owned or
hereafter acquired by the Assignors, together with in each case the certificates
representing the same (collectively, the "Pledged Stock");

            (ii) all  shares,  securities,  moneys or  property  representing  a
dividend  on, or a  distribution  or return of capital in respect of, any of the
Pledged Stock,  resulting from a split-up,  revision,  reclassification or other
like change of any of the Pledged  Stock or  otherwise  received in exchange for
any of the  Pledged  Stock and all equity  rights  issued to the  holders of, or
otherwise in respect of, any of the Pledged Stock; and

            (iii) in the  event of any  consolidation  or  merger  in which  any
Issuer is not the surviving corporation, all shares of each class of the capital
stock of the successor  corporation  (unless such  successor  corporation  is an
Assignor)   formed  by  or   resulting   from  such   consolidation   or  merger
(collectively,  and together with the property described in clauses (i) and (ii)
above, the "Stock Collateral");

            (b) All Film  Assets and Music  Assets (as such terms are defined on
Schedule 1);

            (c) All inventories and merchandise,  including, without limitation,
work in process, finished products, goods in transit, materials used or consumed
in the manufacture or production thereof, all wrapping,  packaging,  advertising
and shipping  materials  (and all documents  relating  thereto),  all labels and
other devices,  names and marks affixed or to be affixed thereto for the purpose
of selling or identifying  the same or the seller or manufacturer  thereof,  all
supplies and  containers  relating to or used in connection  with the foregoing,
all goods in which any  Assignor has an interest in mass or an interest or right
as a  consignee  and all  goods  which are  returned  to or  repossessed  by any
Assignor,  whether used or consumed in any Assignor's business, held for sale or
otherwise,  and all bills of lading,  warehouse receipts,  documents of title or
general intangibles (including,  without limitation,  commercial tort claims and
payment  intangibles)  relating  to  any  of the  foregoing  (collectively,  the
"Inventory");

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            (d) All goods, equipment,  parts, machinery,  tools, tooling, molds,
dies,  motors,  furniture,  fixtures (whether or not attached to real property),
furnishings,  trade  fixtures,  (except as provided  below)  motor  vehicles and
rolling stock, materials and parts and all other tangible personal property, all
attachments,  accessions  and property  now or  hereafter  affixed to or used in
connection with any of the foregoing,  and all substitutes and  replacements for
any of the foregoing;

            (e)  All  rights  to  the   payment  of  money  or  other  forms  of
consideration,   accounts,  payment  intangibles,  notes,  accounts  receivable,
drafts,  documents,  chattel paper (including,  without  limitation,  electronic
chattel paper and tangible  chattel paper),  letter of credit rights,  choses in
action, undertakings,  surety bonds, insurance policies,  acceptances,  federal,
state and local tax refunds and all other forms of claims, demands,  instruments
and receivables,  together with all guarantees,  security agreements, leases and
rights and interests  securing the same and all right, title and interest of any
Assignor in the merchandise which gave or shall give rise thereto, including the
right of stoppage in transit,  replevin,  reclamation,  repossession  and resale
(collectively, the "Receivables");

            (f) All agreements,  contracts, leases, licenses, letters of credit,
security  agreements,  indentures  and  purchase  and  sales  orders of any kind
whatsoever,  all  rights of any  Assignor  thereunder,  including  all rights to
purchase,  lease,  sell or  otherwise  acquire  or deal  with  real or  personal
property and all  warranty  rights and  contract  rights of any nature,  whether
written or oral, and all consents or other  authorizations  relating thereto, to
the extent assignable (collectively, the "Contracts");

            (g)  All  licenses,  permits,  franchises,  certificates  and  other
governmental  authorizations  and  approvals  of any nature  whatsoever,  to the
extent assignable;

            (h) All deposit accounts,  including without limitation, all demand,
time,  savings,  passbook,  custodial,  safekeeping,  escrow  or  like  accounts
maintained by any Assignor with Mitchell  Entertainment or any bank, savings and
loan association,  credit union or like organization,  and all money, cash, cash
equivalents,  investment securities, deposits and prepayments of any Assignor in
any such deposit  account (all of the  foregoing  being deemed to be in any such
account as soon as the same is put in  transit to such  account by mail or other
courier), now or hereafter existing;

            (i) All trademarks,  trade names,  corporate names,  business names,
trade  styles,  service  marks,  logos,  other  source or business  identifiers,
proprietary  product names or descriptions,  designs and general  intangibles of
like nature,  now existing or hereafter  created or acquired,  all registrations
and recordings  thereof,  all  registrations and recordings in the United States
Patent and  Trademark  Office or in any  similar  office or agency of the United
States,  any state or  territory  thereof,  or any other  country  or  political
subdivision thereof (collectively, "Trademarks");

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            (j) All  copyrights in any original work of authorship  fixed in any
tangible medium of expression,  now known or later developed,  all registrations
and applications for registration of any such copyrights in the United States or
any  other  country,   and  all  supplemental   registrations,   recordings  and
applications in the United States  Copyright  Office or in any similar office or
agency of any other country (collectively, "Copyrights");

            (k) All letters  patent of the United  States or any other  country,
all applications therefor and registrations and recordings thereof in the United
States  Patent and  Trademark  Office or in any similar  office or agency of the
United States or any state or territory thereof, or any other country, including
the patents and applications therefor (collectively "Patents");

            (l) All reissues, divisions, continuations, renewals, extensions and
continuations-in-part of any Trademarks,  Patents and/or Copyrights; all income,
royalties, damages and payments now or hereafter due and/or payable with respect
to any Trademarks,  Patents and/or Copyrights,  including,  without  limitation,
damages and payments for past or future  infringement  thereof;  all rights (but
not any  obligation)  to sue for past,  present and future  infringement  of any
Trademarks,  Patents and/or Copyrights or to bring interference proceedings with
respect thereto; and all rights corresponding to any Trademarks,  Patents and/or
Copyrights throughout the world;

            (m) All  other  proprietary  rights  and  confidential  information,
technology,  trade secrets, computer programs, source codes, software,  customer
lists,  sales literature and catalogues,  price lists,  licensee and sublicensee
information,   specifications,   telephone  numbers  and  all  applications  and
registrations  relating to any of the foregoing (the foregoing  items in clauses
(h) through (l), inclusive, collectively, the "Intellectual Property");

            (n) All stocks,  bonds,  debentures,  securities,  financial assets,
securities  entitlements,  securities accounts,  commodity contracts,  commodity
accounts,  subscription rights, options,  warrants,  puts, calls,  certificates,
partnership  interests,  joint venture  interests,  investments and/or brokerage
accounts  and all rights,  preferences,  privileges,  dividends,  distributions,
redemption payments or liquidation payments with respect thereto;

            (o) All files,  correspondence,  books and records of any  Assignor,
including  without  limitation,  books of account  and ledgers of every kind and
nature,  all  electronically  recorded  data  relating  to the  Collateral,  any
Assignor or the business thereof,  all computer programs,  tapes, discs and data
processing  software containing the same, and all receptacles and containers for
such records;

            (p) All  other  goods,  accounts,  general  intangibles  (including,
without limitation, commercial tort claims and payment intangibles),  documents,
instruments,  causes of action,  rights,  interests and properties of every kind
and description, tangible or intangible;

            (q) All rights,  remedies,  powers and/or privileges of any Assignor
with respect to any of the foregoing,  all rights in all litigation presently or
hereafter  pending  for  any  cause  or  claim  (whether  in  contract,  tort or
otherwise) and all judgments now or hereafter arising therefrom; and

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            (r) All proceeds, replacements,  products, additions, accessions and
substitutions of any of the foregoing.

Notwithstanding  the  foregoing,  the  Collateral  shall not  include the trucks
described  on Exhibit  "A"  hereto.  Except as  otherwise  defined  herein,  all
capitalized  terms used herein  shall have the meaning  provided  such terms the
Securities Purchase Agreement referred to below.

      2. The term "Obligations" as used herein shall mean and include all debts,
liabilities  and  obligations  owing by any  Assignor to Mitchell  Entertainment
arising under,  out of, or in connection  with: (i) the Note,  (ii) that certain
Securities  Purchase  Agreement  dated as of the date  hereof by and among  each
Assignor and Mitchell  Entertainment (the "Securities  Purchase  Agreement") and
(iii) the Related Agreements  referred to in the Securities  Purchase Agreement,
(the Note, the Securities Purchase Agreement and each Related Agreement, as each
may be  amended,  modified,  restated  or  supplemented  from time to time,  are
collectively  referred  to  herein  as  the  "Documents"),   or  any  documents,
instruments  or  agreements  relating  to or  executed  in  connection  with the
Documents or any  documents,  instruments  or agreements  referred to therein or
otherwise, or any other indebtedness, obligations or liabilities of the Assignor
to Mitchell Entertainment,  whether now existing or hereafter arising, direct or
indirect, liquidated or unliquidated, absolute or contingent, due or not due and
whether  under,  pursuant  to  or  evidenced  by a  note,  agreement,  guaranty,
instrument  or  otherwise,  in  each  case,  irrespective  of  the  genuineness,
validity, regularity or enforceability of such Obligations, or of any instrument
evidencing  any  of the  Obligations  or of any  collateral  therefor  or of the
existence or extent of such collateral,  and  irrespective of the  allowability,
allowance or disallowance of any or all of the Obligations in any case commenced
by or against  the  Assignor  under Title 11,  United  States  Code,  including,
without   limitation,   obligations   or   indebtedness   of  the  Assignor  for
post-petition interest,  fees, costs and charges that would have accrued or been
added to the Obligations but for the commencement of such case.

      3. Each  Assignor  hereby  represents,  warrants and covenants to Mitchell
Entertainment that:

            (a) it is a corporation,  partnership or limited liability  company,
as the case may be, validly  existing,  in good standing and organized under the
laws  of  the  jurisdiction  of  organization,  and  it  will  provide  Mitchell
Entertainment  thirty  (30)  days'  prior  written  notice of any  change in its
jurisdiction of organization;

            (b) its legal name, as set forth in its Certificate of Incorporation
(or equivalent  organizational  document) as amended through the date hereof, is
as set forth in  Section 1 hereof  and it will  provide  Mitchell  Entertainment
thirty (30) days' prior written notice of any change in its legal name;

            (c) it is the lawful owner of the Collateral,  free and clear of all
attachments,  levies, taxes, liens, security interests and encumbrances of every
kind  and  nature   ("Encumbrances"),   except  (i)  Encumbrances  securing  the
Obligations and (ii) Encumbrances set forth on Exhibit "B" hereto and it has the
sole right to grant a security  interest  therein and will defend the Collateral
against all claims and demands of all persons and entities;

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            (d) it will  keep  the  Collateral  owned  by it free  and  clear of
Encumbrances,   except  (i)  Encumbrances  securing  the  Obligations  and  (ii)
Encumbrances set forth on Exhibit "B" hereto.

            (e) it will at its own cost and expense keep the  Collateral in good
state of repair  (ordinary wear and tear excepted) and will not waste or destroy
the same or any part thereof other than ordinary  course  discarding of items no
longer used or useful in its business;

            (f) it will  not  without  Mitchell  Entertainment's  prior  written
consent, sell, exchange,  lease or otherwise dispose of the Collateral,  whether
by sale,  lease or otherwise,  except in the ordinary course of business and for
the disposition or transfer in the ordinary course of business during any fiscal
year of obsolete and worn-out equipment or equipment no longer necessary for its
ongoing needs, having an aggregate fair market value of not more than $150,000
and only to the extent that:

                  (i) the proceeds of any such  disposition  are used to acquire
replacement  Collateral which is subject to Mitchell  Entertainment's  perfected
security  interest or are used to repay  Obligations or to pay general corporate
expenses; and

                  (ii)  following  the  occurrence  of an Event of Default which
continues to exist the proceeds of which are remitted to Mitchell  Entertainment
to be held as cash collateral for the Obligations;

            (g) it will insure the Collateral in Mitchell  Entertainment's  name
against loss or damage by fire, theft, burglary,  pilferage, loss in transit and
such other hazards as Mitchell  Entertainment shall specify in amounts and under
policies  by insurers  acceptable  to Mitchell  Entertainment  and all  premiums
thereon  shall be paid by the Assignor  and the  policies  delivered to Mitchell
Entertainment.  If the  Assignor  fails  to do so,  Mitchell  Entertainment  may
procure such insurance and the cost thereof shall be promptly  reimbursed by the
Assignor and shall constitute Obligations;

            (h) it will at all reasonable times allow Mitchell  Entertainment or
Mitchell  Entertainment's  representatives  free  access  to and  the  right  of
inspection of the Collateral;

            (i) it hereby indemnifies and saves Mitchell  Entertainment harmless
from all loss, costs,  damage,  liability and/or expense,  including  reasonable
attorneys'  fees  incurred  through  all levels of  proceedings,  that  Mitchell
Entertainment   may  sustain  or  incur  to  enforce  payment,   performance  or
fulfillment of any of the Obligations and/or in the enforcement of this Security
Agreement or in the  prosecution  or defense of any action or proceeding  either
against any Assignor or Mitchell Entertainment concerning any matter growing out
of or in connection with this Security Agreement,  and/or any of the Obligations
and/or  any  of  the  Collateral   except  to  the  extent  caused  by  Mitchell
Entertainment's  own gross negligence or willful  misconduct (as determined by a
court of competent jurisdiction in a final and nonappealable decision); and

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            (j)  shall  comply  with  all  valid  laws,  rules,  ordinances  and
regulations  of the Federal,  state and local  government,  and all agencies and
subdivisions  thereof which laws,  rules,  ordinances and  regulations  apply or
relate to the Collateral.

      4. The  occurrence  of any of the  following  events or  conditions  shall
constitute an "Event of Default" under this Security Agreement:

            (a) any  covenant,  warranty,  representation  or statement  made or
furnished to Mitchell  Entertainment by any Assignor or on any Assignor's behalf
was false in any  material  respect  when made or  furnished,  and if subject to
cure, shall not be cured for a period of twenty (20) days;

            (b)  the  loss,  theft,  substantial  damage,  destruction,  sale or
encumbrance to or of any of the Collateral or the making of any levy, seizure or
attachment thereof or thereon except to the extent:

                  (i) such loss is covered by insurance  proceeds which are used
to replace the item or repay Mitchell Entertainment; or

                  (ii)  said  levy,   seizure  or  attachment  does  not  secure
indebtedness in excess of $100,000 and such levy,  seizure or attachment has not
been removed or otherwise  released  within ten (10) days of the creation or the
assertion thereof;

            (c) the Assignor shall become insolvent, cease operations, dissolve,
terminate  our  business  existence,  make  an  assignment  for the  benefit  of
creditors,  suffer  the  appointment  of  a  receiver,  trustee,  liquidator  or
custodian of all or any part of the Assignor's property;

            (d) any proceedings  under any bankruptcy or insolvency law shall be
commenced by or against the Assignor and if commenced against the Assignor shall
not be dismissed within thirty (30) days;

            (e) the  Assignor  shall  repudiate,  purport  to  revoke or fail to
perform any of its obligations  under the Note (after passage of applicable cure
period, if any); or

            (f) an Event of Default (or similar  occurrence) shall have occurred
under and as defined in the Securities Purchase Agreement or any other Document.

      5. Each Assignor supplementally agrees as follows:

            (a)  Concurrently  with the  execution and delivery of this Security
Agreement,  each Assignor  shall (i) file such financing  statements,  copyright
mortgages, trademark security agreements, and other documents in such offices as
shall be  necessary  or as  Mitchell  Entertainment  may  request to perfect and
establish  the priority of the liens granted by this  Security  Agreement,  (ii)
deliver and pledge to Mitchell  Entertainment any and all instruments,  endorsed
or accompanied  by such  instruments of assignment and transfer in such form and
substance  as Mitchell  Entertainment  may  request,  (iii)  deliver to Mitchell
Entertainment all certificates with respect to the Pledged Stock, accompanied by
undated  stock powers duly executed in blank,  , (iv) obtain  letter  agreements
between Mitchell Entertainment and the issuer of uncertificated  securities with
respect to uncertificated  securities held in the name of any Assignor,  and (v)
take all such other  actions as shall be necessary or as Mitchell  Entertainment
may request to perfect the liens granted by this Security Agreement.

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            (b) With  respect to each  Copyright  in which any  Assignor  has an
ownership interest,  neither Assignor nor any of its licensees shall (i) fail to
place  an  appropriate   notice  of  copyright  on  any  copies  embodying  such
copyrighted  works which are publicly  distributed or (ii) fail to do any act or
knowingly  omit to do any act whereby the  Copyright may become  invalidated  or
dedicated to the public domain.

            (c) If any Assignor creates or obtains an ownership  interest in any
Copyright  or obtains  any rights to any  Trademark  (or any other  Intellectual
Property) after the date hereof, the provisions of this Security Agreement shall
automatically  apply thereto and any Assignor shall take such action as Mitchell
Entertainment  may request to more fully evidence the same.  Each Assignor shall
promptly  notify Mitchell  Entertainment  in writing of (i) any new Trademark or
Copyright  application  or  registration  in which any Assignor has an ownership
interest and (ii) any new  copyrighted  work in which any Assignor  acquires any
ownership  interest,  which notice shall include the title and author(s) of such
copyrighted work.

            (d) Each  Assignor  shall (i) promptly (but in any event within five
days  after  becoming  aware  thereof)  notify  Mitchell  Entertainment  of  the
institution  of, or any adverse  determination  in, any  proceeding  in the U.S.
Patent and Trademark Office,  U.S. Copyright Office or in any federal,  state or
foreign court or agency  regarding  any  Assignor's  claim of ownership,  or the
enforceability or validity of any Intellectual  Property,  or of any other event
that does or could  reasonably be expected to adversely  affect the value of any
of the  Trademarks  or  Copyrights,  the  ability of any  Assignor  or  Mitchell
Entertainment  to  dispose  of any of the same or the  rights  and  remedies  of
Mitchell  Entertainment  in relation  thereto;  (ii)  promptly  notify  Mitchell
Entertainment of any suspected  infringement of any Intellectual Property by any
third party that does or could  reasonably  be expected to adversely  affect the
value of any Intellectual Property or Collateral, the ability of any Assignor or
Mitchell  Entertainment to dispose of any of the same or the rights and remedies
of  Mitchell  Entertainment  in relation  thereto,  or of any claim by any third
party; (iii) concurrently with the filing of any application for registration of
any  Trademark,  execute,  deliver and record in all  appropriate  registers and
offices,  an  appropriate  form of a  collateral  security  agreement  (in  form
approved by Mitchell Entertainment) evidencing the security interest of Mitchell
Entertainment  therein; (iv) concurrently with the filing of any application for
registration  of any Copyright,  execute,  deliver and record in all appropriate
registers and offices,  a Mortgage of Copyright and Security  agreement (in form
approved  by  Mitchell  Entertainment),  evidencing  the  security  interest  of
Mitchell  Entertainment  therein;  and (v) diligently keep accurate and complete
records with respect to the Trademarks and Copyrights.

            (e) Each Assignor shall, as appropriate and commercially reasonable,
(i) make and diligently prosecute federal applications on any existing or future
registrable but unregistered  Intellectual  Property owned by it, (ii) preserve,
maintain and renew all of the  Intellectual  Property  and rights and  interests
related  thereto,  including,  without  limitation,  by  payment  of all  taxes,
annuities,  issue and  maintenance  fees and by the use of all proper  statutory
notices and designations and (iii) initiate and diligently  prosecute in its own
name,  for its own benefit and at its own expense,  such suits,  proceedings  or
other actions for  infringement,  or other damage or  opposition,  cancellation,
concurrent  use or  interference  proceedings  as are  necessary  to protect its
interests in the Intellectual Property.

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            (f) Without  limiting the generality of the other provisions of this
Security  Agreement and in addition to all other rights and remedies of Mitchell
Entertainment hereunder,  each Assignor further agrees that, upon the occurrence
and during the continuance of any Event of Default,  Mitchell  Entertainment may
take any or all of the  following  actions:  (i) take  and use  and/or  sell any
Assignor's interest in the Intellectual Property (or any portion thereof),  (ii)
bring suit to enforce any Intellectual  Property and/or any licenses  thereunder
or other rights with respect thereto,  (iii) direct any Assignor to refrain,  in
which event any Assignor shall refrain, from using the Intellectual Property (or
any portion thereof) in any manner  whatsoever,  directly or indirectly and (iv)
direct any Assignor to execute, in which event any Assignor shall execute,  such
other and further  documents that Mitchell  Entertainment may request to further
confirm the provisions hereof. Upon the request of Mitchell Entertainment,  each
Assignor  also shall make  available  to Mitchell  Entertainment,  to the extent
within  any  Assignor's  power  and  authority,  such  individuals  then in such
Assignor's  employ to assist in the  production,  advertisement  and sale of the
products and services sold under the Intellectual Property,  such individuals to
be   available  to  perform   their  prior   functions  on  behalf  of  Mitchell
Entertainment and to be compensated at the expense of any Assignor.

            (g) For the purpose of enabling  Mitchell  Entertainment to exercise
its rights and remedies hereunder at such time as Mitchell  Entertainment  shall
be  lawfully  entitled  to do  so,  each  Assignor  hereby  grants  to  Mitchell
Entertainment  an  irrevocable,  non-exclusive  license (but not an assignment),
exercisable  without  payment of royalty or other  compensation to any Assignor,
(i) to use, assign,  license or sublicense any Assignor's interest in any of the
Intellectual  Property  now  owned or  hereafter  created  or  acquired  by such
Assignor  and  wherever  the same may be located  and (ii) to have access to all
media in which any of the items so  licensed  may be  recorded or stored and all
computer  equipment,  software and programs used for the compilation or printout
thereof.

      6. Each Assignor supplementally agrees as follows respecting Receivables:

            (a) Mitchell Entertainment hereby authorizes any Assignor to collect
any  Receivables  in which  Mitchell  Entertainment  has been granted a security
interest  hereunder,  and each Assignor agrees to use its best efforts to effect
the prompt collection thereof.  Mitchell Entertainment hereby further authorizes
any Assignor to use the proceeds of any such  collections  in the conduct of its
business in the ordinary  course.  Each Assignor  agrees that  immediately  upon
Mitchell  Entertainment's  request following the occurrence of a potential Event
of Default (as determined by Mitchell  Entertainment),  each Assignor  shall, at
its sole  expense,  establish and maintain (i) an United States Post Office lock
box (the "Lock  Box"),  to which  Mitchell  Entertainment  shall have  exclusive
access. Each Assignor authorizes Mitchell  Entertainment,  from time to time, to
remove the contents of the Lock Box therefrom for disposition in accordance with
this Security Agreement.  Each Assignor agrees to notify all account debtors and
other  parties  obligated to any Assignor that all payments made to any Assignor
(other than payments by electronic  funds transfer)  shall be remitted,  for the
credit of each Assignor, to the Lock Box, and each Assignor shall include a like
statement of all invoices.  Each Assignor shall

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also, at the request of Mitchell Entertainment at any time or from time to time,
execute and deliver to Mitchell  Entertainment an assignment or assignments,  in
form  satisfactory  to Mitchell  Entertainment,  of all of any  Assignor's  then
existing  Receivables and the proceeds thereof. If notwithstanding the giving of
any  notice,  any  account  debtor or other  obligor  shall make  payment to any
Assignor,  such  Assignor  shall hold all such  payments  in trust for  Mitchell
Entertainment  without commingling the same with other funds of any Assignor and
shall deliver the same to Mitchell  Entertainment or any such agent or designee,
immediately  upon  receipt  by any  Assignor  in the  identical  form  received,
together with any necessary endorsements.

            (b) If any Event of Default shall have  occurred and be  continuing,
with or without  notice to any Assignor and without  affecting  the liability of
any Assignor hereunder, any Receivables in which Mitchell Entertainment has been
granted a security  interest  hereunder  may be altered or  modified by Mitchell
Entertainment  in any respect,  and Mitchell  Entertainment  may: (i) settle and
adjust all disputes and claims  directly with the account debtor with respect to
any such Receivables,  (ii) alter, accelerate, extend or change the time, manner
and/or amount of any payments made or to be made by the account debtor under any
such  Receivable,  (iii) consent from time to time to the acceptance of security
or  additional  or  substituted  security of any kind for any  obligation of the
account  debtor  under  any such  Receivable  or to the  release,  surrender  or
alteration  of any such  security,  and (iv) deal as  aforesaid  or in any other
manner with the account debtor of any such Receivable.  Nothing herein contained
shall be construed as requiring or obligating Mitchell Entertainment or any such
agent or designee to make any demand, or to make any inquiry as to the nature or
sufficiency  of any  payment  received  by it or to present or file any claim or
notice or take any action with respect to any Collateral or the monies due or to
become due  thereunder  or to take any steps  necessary  to preserve  any rights
against prior parties.  Neither Mitchell Entertainment nor the agent or designee
of  Mitchell  Entertainment  shall have any  liability  to any  Assignor  on the
Collateral  for actions taken in good faith pursuant to this Section and without
gross negligence.

      7. As respects Stock Collateral:

            (a) So long as no  Event  of  Default  shall  have  occurred  and be
continuing,  the  Assignors  shall  have  the  right  to  exercise  all  voting,
consensual and other powers of ownership  pertaining to the Stock Collateral for
all purposes not  inconsistent  with the terms of any Basic  Document,  provided
that the  Assignors  agree that they will not vote the Stock  Collateral  in any
manner that is inconsistent with the terms of the Purchase  Agreement,  the Note
or any Related Agreement.

            (b) So long as no  Event  of  Default  shall  have  occurred  and be
continuing,  the Assignors shall be entitled to receive and retain any dividends
on the Stock Collateral paid in cash.

            (c) If any Event of Default shall have  occurred and be  continuing,
and whether or not  Mitchell  Entertainment  exercises  any  available  right to
declare any  Obligation  due and  payable or seeks or pursues  any other  right,
remedy, power or privilege available to it under applicable law or this Security
Agreement,  all dividends and other  distributions on the Stock Collateral shall
be paid directly to Mitchell Entertainment and shall be deemed part of the Stock
Collateral,  subject to the terms of this Security  Agreement,  and, if Mitchell
Entertainment  shall so  request,  the  Assignors  shall  execute and deliver to
Mitchell Entertainment  appropriate additional dividend,  distribution and other
orders and  instruments  to that end,  provided that if such Event of Default is
cured, any such dividend or distribution paid to Mitchell Entertainment prior to
such cure shall,  upon request of the Assignors (except to the extent applied to
the Obligations), be returned by Mitchell Entertainment to the Assignors.

                                       9
<PAGE>

      8. If any Event of Default shall have occurred and be continuing:

            (a)  Mitchell  Entertainment  may (i) open any  Assignor's  mail and
collect any and all amounts due to any Assignor from other persons,  (ii) notify
any account  debtor  obligated  on any of the  Receivables  or any  purchaser of
Collateral  or any other  person of  Mitchell  Entertainment's  interest  in the
Collateral  and instruct any such persons to make payments  thereon  directly to
Mitchell  Entertainment  and  (iii)  notify  postal  authorities  that  all mail
addressed to any Assignor is to be delivered to Mitchell Entertainment.

            (b) Mitchell  Entertainment may grant extensions,  compromise claims
and settle  Collateral for less than face value, all without prior notice to any
Assignor.

            (c) Mitchell  Entertainment  shall have the right,  on behalf of any
Assignor,  (i) to enter into, or renegotiate,  any lease, license, sale or other
agreements  relating to any  Collateral in which any Assignor has an interest as
Mitchell  Entertainment  deems appropriate;  (ii) to require,  demand,  collect,
receive, settle, adjust and compromise and to give acquittances and receipts for
the payment of any and all monies payable pursuant to all agreements relating to
any item of Collateral  to which any Assignor may be a party;  (iii) to file any
claims  and/or  proofs of claim and to  commence,  maintain or  discontinue  any
actions, suits or other proceedings deemed by Mitchell  Entertainment  advisable
for the purpose of collecting or enforcing  payment of any such monies;  (iv) to
receive or endorse any checks,  drafts or other  orders or  instruments  for the
payment of monies  payable to any  Assignor  which shall be issued in respect of
such money;  (v) to execute any and all  instruments,  agreements  or  documents
which may be necessary or desirable under the  circumstances;  and (vi) to apply
all receipts so derived as herein  provided.  Mitchell  Entertainment,  however,
shall not be  obligated  to make any  demand or  present or file any claim or to
take any action authorized hereby.  Each Assignor shall gather up and deliver to
Mitchell Entertainment, and shall use its best efforts to cause third parties to
gather up and deliver to Mitchell Entertainment,  all materials, books, records,
documents  and  things  of  any  nature  (including,   without  limitation,  the
Collateral)  required by Mitchell  Entertainment  in the  exercise of its rights
hereunder upon Mitchell Entertainment's request. Each Assignor shall thereafter,
unless requested to do otherwise by Mitchell Entertainment,  continue to perform
its  respective  obligations in accordance  with all agreements  relating to any
Collateral to which it is a party.  If any agreement  relating to any Collateral
provides for fees to be paid to any Assignor for services  rendered  thereunder,
any  Assignor  shall  cause all such fees to be  remitted  directly  to Mitchell
Entertainment.

            (d)   Mitchell   Entertainment   may  exercise  in  respect  of  the
Collateral,  in addition to other  rights and  remedies  provided  for herein or
otherwise  available to it, all the rights and remedies of a secured party under
the Uniform  Commercial Code of the State of Florida (the "Code"),  and Mitchell
Entertainment  may also  without  notice  except  as  specified  below  sell the
Collateral or any part thereof in one or more parcels at public or private sale,

                                       10
<PAGE>

for cash,  on credit  or for  future  delivery,  and upon  such  other  terms as
Mitchell Entertainment in its sole and absolute discretion may deem commercially
reasonable.  Any  Assignor  agrees that,  to the extent  notice of sale shall be
required by law, at least ten (10) days'  notice to any Assignor of the time and
place of any public sale or the time after which any private  sale is to be made
shall constitute reasonable  notification.  Mitchell  Entertainment shall not be
obligated  to make any sale of  Collateral  regardless  of notice of sale having
been given.  Mitchell  Entertainment may adjourn any public or private sale from
time to time by announcement at the time and place fixed therefor, and such sale
may,  without further  notice,  be made at the time and place to which it was so
adjourned.  Any Assignor hereby waives any claims against Mitchell Entertainment
arising  by reason of the fact that the price at which any  Collateral  may have
been sold at such a private  sale was less than the price  which might have been
obtained  at a public  sale,  even if Mitchell  Entertainment  accepts the first
offer received and does not offer such Collateral to more than one offeree,  and
in all events such sale shall be deemed to be  commercially  reasonable.  At any
such public or private sale, Mitchell  Entertainment may be the purchaser of the
Collateral.

            (e) Any cash held by Mitchell  Entertainment  as Collateral  and all
cash  proceeds  received  by Mitchell  Entertainment  in respect of any sale of,
collection  from, or other  realization  upon all or any part of the  Collateral
may,  in  the  discretion  of  Mitchell  Entertainment,   be  held  by  Mitchell
Entertainment  as Collateral for, and/or then or at any time thereafter  applied
in whole or in part by  Mitchell  Entertainment  against  all or any part of the
Obligations  in such order as Mitchell  Entertainment  shall  elect.  After such
application  and after  payment by Mitchell  Entertainment  of any other  amount
required  by law,  any  surplus of such cash or cash  proceeds  held by Mitchell
Entertainment  and remaining after payment in full of all the Obligations  shall
be paid over to any  Assignor  or to  whomsoever  may be  lawfully  entitled  to
receive such  surplus.  In a like manner,  each  Assignor  shall pay to Mitchell
Entertainment, without demand, whatever amount of the Obligations remains unpaid
after  the  Collateral  has been sold and the  proceeds  applied  as  aforesaid,
together  with  interest  thereon  from the date of demand at the  highest  rate
permitted  under  applicable law, which interest shall also constitute a part of
the Obligations.  Without limiting the foregoing,  any Assignor hereby expressly
waives any obligations  Mitchell  Entertainment may have regarding the foregoing
under Section 9207(c) of the Code.

            (f) Mitchell  Entertainment  shall not be obligated to resort to its
rights or remedies with respect to any other security for or guaranty or payment
of the  Obligations  before  resorting  to its rights and  remedies  against any
Assignor  or the  Collateral  hereunder.  All rights and  remedies  of  Mitchell
Entertainment shall be cumulative and not in the alternative.

      9. If the Assignor  defaults in the  performance  or fulfillment of any of
the terms,  conditions,  promises,  covenants,  provisions  or warranties on any
Assignor's  part to be performed or fulfilled under or pursuant to this Security
Agreement,  Mitchell  Entertainment may, at its option without waiving its right
to enforce this Security Agreement according to its terms, immediately or at any
time thereafter and without notice to the Assignor,  perform or fulfill the same
or cause the  performance or fulfillment of the same for the Assignor's  account
and at the  Assignor's  cost  and  expense,  and the cost  and  expense  thereof
(including   reasonable   attorneys'   fees  incurred   through  all  levels  of
proceedings)  shall be added to the  Obligations  and shall be payable on demand
with interest thereon at the highest rate permitted by law.

                                       11
<PAGE>

      10. Each Assignor hereby appoints Mitchell Entertainment,  any of Mitchell
Entertainment's officers,  employees or any other person or entity whom Mitchell
Entertainment  may  designate  as our  attorney,  with  power  to  execute  such
documents in our behalf and to supply any omitted information and correct patent
errors in any  documents  executed by such  Assignor  or on our behalf;  to file
financing  statements  against the Assignor  covering the  Collateral  (and,  in
connection  with the  filing  of any such  financing  statements,  describe  the
Collateral  as "all assets and all personal  property,  whether now owned and/or
hereafter acquired" (or any substantially  similar variation thereof));  to sign
such  Assignor's  name on public  records;  and to do all other things  Mitchell
Entertainment  deems  necessary  to carry  out  this  Security  Agreement.  Each
Assignor  hereby  ratifies  and  approve  all acts of the  attorney  and neither
Mitchell  Entertainment  nor  the  attorney  will  be  liable  for  any  acts of
commission or omission,  nor for any error of judgment or mistake of fact or law
other than their gross  negligence  or willful  misconduct  (as  determined by a
court of competent  jurisdiction in a final and non-appealable  decision).  This
power being coupled with an interest,  is irrevocable so long as any Obligations
remains unpaid.

      11. No delay or failure on Mitchell Entertainment's part in exercising any
right, privilege or option hereunder shall operate as a waiver of such or of any
other right, privilege,  remedy or option, and no waiver whatever shall be valid
unless in writing,  signed by Mitchell Entertainment and then only to the extent
therein set forth, and no waiver by Mitchell  Entertainment of any default shall
operate  as a waiver of any other  default  or of the same  default  on a future
occasion.  Mitchell  Entertainment's  books and records  containing entries with
respect to the  Obligations  shall be  admissible  in  evidence in any action or
proceeding,  shall be binding upon the Assignor for the purpose of  establishing
the items  therein set forth and shall  constitute  prima  facie proof  thereof.
Mitchell  Entertainment  shall have the right to enforce  any one or more of the
remedies  available  to Mitchell  Entertainment,  successively,  alternately  or
concurrently.  Each  Assignor  agrees to join  with  Mitchell  Entertainment  in
executing  financing  statements or other  instruments to the extent required by
the Code in form  satisfactory to Mitchell  Entertainment  and in executing such
other  documents  or  instruments  as may be  required  or deemed  necessary  by
Mitchell   Entertainment  for  purposes  of  affecting  or  continuing  Mitchell
Entertainment's security interest in the Collateral.

      12.  This  Security  Agreement  shall  be  governed  by and  construed  in
accordance  with the laws of the  State of  Florida  and  cannot  be  terminated
orally. All of the rights, remedies,  options, privileges and elections given to
Mitchell  Entertainment  hereunder  shall  inure  to  the  benefit  of  Mitchell
Entertainment's  successors and assigns.  The term "Mitchell  Entertainment"  as
herein  used  shall  include  Mitchell  Entertainment,  any  parent of  Mitchell
Entertainment,   any  of   Mitchell   Entertainment's   subsidiaries   and   any
co-subsidiaries  of Mitchell  Entertainment's  parent,  whether now  existing or
hereafter  created  or  acquired,  and all of the terms,  conditions,  promises,
covenants,  provisions and warranties of this Security  Agreement shall inure to
the  benefit  of each of the  foregoing  and  shall  bind  the  representatives,
successors  and  assigns  of any  Assignor  and each of the  foregoing.  Each of
Mitchell  Entertainment  and the Assignor hereby (a) submit to the  nonexclusive
jurisdiction  of any Florida  court  sitting in the County of  Broward,  and (b)
waive any objection such Assignor or Mitchell  Entertainment  may have as to the
bringing or maintaining of such action with any such court.

                                       12
<PAGE>

      13. All notices  from  Mitchell  Entertainment  to any  Assignor  shall be
sufficiently  given if mailed or  delivered  to the  Assignor at its address set
forth in the Securities Purchase Agreement.

      14.  Assignor  hereby waives and releases,  for itself and anyone claiming
through,  by, or under it, to the maximum  extent  permitted  by the laws of the
State of Florida: (a) all benefit that might accrue to Assignor by virtue of any
present or future law  exempting  the  Collateral,  or any part of the  proceeds
arising from any sale thereof,  from attachment,  levy or sale on execution,  or
providing for any  appraisement,  valuation,  stay of execution,  exemption from
civil process,  redemption or extension of time for payment;  (b) all notices of
default,  or Mitchell  Entertainment's  actual  exercise of any option or remedy
under any  Documents,  or  otherwise;  and (c) any right to have the  Collateral
marshalled.

                                       13
<PAGE>

      15. EACH ASSIGNOR AND MITCHELL  ENTERTAINMENT HEREBY MUTUALLY,  KNOWINGLY,
WILLINGLY,  INTENTIONALLY AND VOLUNTARILY WAIVE THEIR RIGHT TO TRIAL BY JURY AND
NO PARTY NOR ANY  ASSIGNEE,  SUCCESSOR,  HEIR,  OR LEGAL  REPRESENTATIVE  OF THE
PARTIES (ALL OF WHOM ARE HEREINAFTER  COLLECTIVELY REFERRED TO AS THE "PARTIES")
SHALL SEEK A JURY TRIAL IN ANY LAWSUIT,  PROCEEDING,  COUNTERCLAIM  OR ANY OTHER
LITIGATION  PROCEEDING  BASED UPON OR ARISING OUT OF THIS SECURITY  AGREEMENT OR
ANY  DOCUMENTS  OR  ANY  INSTRUMENT  EVIDENCING,  SECURING  OR  RELATING  TO THE
INDEBTEDNESS  OR OTHER  OBLIGATIONS  SECURED HEREBY OR ANY RELATED  AGREEMENT OR
INSTRUMENT,  ANY OTHER  COLLATERAL  FOR THE  INDEBTEDNESS  OR OTHER  OBLIGATIONS
SECURED HEREBY OR ANY COURSE OF ACTION,  COURSE OF DEALING,  STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS  RELATING TO THE NOTE OR THIS SECURITY  AGREEMENT.
THE PARTIES ALSO WAIVE ANY RIGHT TO CONSOLIDATE ANY ACTION IN WHICH A JURY TRIAL
HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL HAS NOT BEEN WAIVED.
THE  PROVISIONS OF THIS SECTION HAVE BEEN FULLY  NEGOTIATED BY THE PARTIES.  THE
WAIVER  CONTAINED  HEREIN IS  IRREVOCABLE,  CONSTITUTES  A KNOWING AND VOLUNTARY
WAIVER, AND SHALL BE SUBJECT TO NO EXCEPTIONS.

                           Very truly yours,

                           AGU Entertainment Corp., a Delaware corporation

                           By: /s/ David C. Levy
                              --------------------------------------------------
                                David C. Levy, President and Secretary

                           The Tube Music Network, Inc., a Florida corporation

                           By:  /s/ David C. Levy
                              --------------------------------------------------
                                David C. Levy, President and Secretary

                           Pyramid Records International, Inc.,
                           a Florida corporation

                           By:  /s/ David C. Levy
                              --------------------------------------------------
                                David C. Levy, President and Secretary

                                       14
<PAGE>

ACKNOWLEDGED:

MITCHELL ENTERTAINMENT COMPANY
a Delaware limited liability company

By:  /s/ Johnathan E. Mitchell
   -----------------------------------------
     Jonathan E. Mitchell, Manager

                                       15
<PAGE>

                                   Schedule 1

                 DEFINITION OF "FILM ASSETS"; "MUSIC ASSETS" AND
                           OTHER ANCILLARY DEFINITIONS

      A. Film Assets.

      "Film  Assets"  shall mean,  with respect to each  feature or  non-feature
motion picture, television series or episode thereof, other audio-visual work of
any nature or  development  project in which any  Assignor  now has or hereafter
acquires any interest  including,  without  limitation,  the  following  feature
motion pictures and television series [FILL IN] (all of the foregoing are herein
referred  to as the  "Films"  and  individually  as a  "Film"),  all  rights and
interests therein or pertaining thereto,  and all properties and things of value
pertaining thereto,  and all products and proceeds thereof,  including,  without
limitation,  all rights  and  interests  of every  kind and  nature of  whatever
description,  present  and  future,  direct and  indirect,  whether now owned or
hereafter acquired (including,  without limitation, any rights or interests that
revert), throughout the universe in perpetuity, whether now or hereafter created
or devised, and by all means, whether now known or hereafter created or devised,
including but not limited to all rights and interests in and to the following:

            (a)  All  rights  of  every  kind  and  nature  (including,  without
limitation,  copyrights)  in and to any  literary,  musical,  dramatic  or other
literary  material of any kind or nature upon  which,  in whole or in part,  the
Film is or may be based,  or from which it is or may be adapted or  inspired  or
which  may be or has been  used or  included  in the  Film,  including,  without
limitation,  the  screenplay  and all  other  scripts,  scenarios,  screenplays,
bibles,  stories,   treatments,   novels,  outlines,  books,  titles,  concepts,
manuscripts or other properties or materials of any kind or nature,  in whatever
state of completion and all drafts,  versions and variations thereof (all of the
foregoing herein collectively referred to as the "Literary Property");

            (b) All physical  properties  of every kind or nature of or relating
to the Film and all versions  thereof and all teasers,  trailers,  music videos,
featurettes,  television  spots and  "making  of  Films",  to the  extent now or
hereafter in existence,  including, without limitation,  exposed film, developed
film, positives,  negatives,  prints, answer prints, special effects,  pre-print
materials   (including   interpositives,    negatives,    duplicate   negatives,
internegatives,  color reversals,  intermediates,  lavenders,  fine grain master
prints and matrices, title overlays, textless backgrounds and all other forms of
pre-print  elements  which may be necessary or useful to produce prints or other
copies  or  additional  pre-print  elements,  whether  now  known  or  hereafter
devised), soundtracks,  recordings, audio and video tapes and discs of all types
and gauges,  cutouts,  trims and any and all other physical  properties of every
kind and nature  relating to the Film in whatever state of  completion,  and all
duplicates,  drafts, versions, variations and copies of each thereof (all of the
foregoing herein collectively referred to as the "Physical Property");

            (c) All rights of every kind or nature,  present and future,  in and
to all  agreements,  Contracts,  contract  rights,  credits,  letters of credit,
security agreements, leases, licenses, indentures, commitments, subscription and
customer  agreements,  purchase and sale orders,  warranty  rights and all other
agreements and rights under  Contracts of any nature,  whether  written or oral,
and all  consents  or other  authorization  relating  thereto,  relating  to the
production, sale, distribution,  marketing, licensing, exhibition, reproduction,
publication,  ownership,  exploitation or other uses or disposition of the Film,
including, without limitation:

                                       16
<PAGE>

                  (i)  consent  agreements,  control  agreements,  sales  agency
agreements, financing arrangements, acquisition agreements, copyright mortgages,
collective bargaining agreements, and performance bonds;

                  (ii) agreements relating to the licensing, granting or selling
rights  to  distribute,   broadcast,   exhibit  or  otherwise  relating  to  the
exploitation of the Film or rights therein;

                  (iii) rights relating to merchandising,  publishing, music and
phonorecords derived from or connected with the Film; and

                  (iv) the proceeds of, and all  accounts,  accounts  receivable
and contract  rights (as such terms are defined in the Code) with respect to all
of said agreements.

            (d) All rent, revenues, income, compensation,  products,  increases,
proceeds,  rights  to the  payment  of money or  other  forms of  consideration,
accounts, payment intangibles,  notes, accounts receivable,  general intangibles
(including, without limitation, commercial tort claims and payment intangibles),
contract  rights,  chattel  paper  (including,  without  limitation,  electronic
chattel paper and tangible  chattel paper),  letter of credit rights,  choses in
action,  undertakings,  surety bonds, acceptances,  investment property, drafts,
documents,  instruments  and  goods,  including  Inventory  (as those  terms are
defined  in the  applicable  Code,  and all  other  forms  of  claims,  demands,
instruments and receivables, whether for goods or other property sold, leased or
licensed, services performed or to be performed, or otherwise, together with all
guarantees, security agreements, leases and rights and interests guaranteeing or
securing the same (including, without limitation, all tax refunds, all refund of
fees,  advances  or  royalties  paid or prepaid  and  profits or other  property
obtained or to be obtained), from the production, sale, distribution, marketing,
licensing, exhibition,  reproduction,  publication,  ownership,  exploitation or
other uses or disposition  of the Film and the Literary  Property (or any rights
therein or part thereof,  including  any and all  merchandising  and  publishing
rights  therein  and  thereto),  in any and all media,  and any and all  amounts
recovered  as  damages  by reason of unfair  competition,  the  infringement  of
copyright,  breach of any  contract or  infringement  of any rights,  or derived
therefrom in any manner whatsoever;

            (e) All rights in and to all  copyrights and renewals and extensions
of  copyrights,  domestic and foreign,  heretofore or hereafter  obtained in the
Film or the Literary  Property or any part  thereof,  and the right (but not the
obligation)  to make  publication  thereof for copyright  purposes,  to register
claims  under  copyright,  and the right (but not the  obligation)  to renew and
extend such  copyrights,  and the right (but not the  obligation)  to sue in the
name(s)  of  Grantor or  Secured  Party (or both) for past,  present  and future
infringements of copyright and to receive all damages,  judgments  recoveries or
proceeds therefrom;

            (f) All trademarks,  trade names,  corporate names,  business names,
trade  styles,  service  marks,  logos,  other  source or business  identifiers,
proprietary product names or descriptions, prints and labels on which any of the
foregoing  have  appeared or appear,  designs and  general  intangibles  of like
nature,  now existing or hereafter created or acquired,  relating to the Film or
the  exploitation   thereof  all  registrations  and  recordings  thereof,   all
registrations and recordings in the United States Patent and Trademark Office or
in any similar  office or agency of the United  States,  any state or  territory
thereof, or any other country or political subdivision thereof,  relating to the
Film or the exploitation  thereof and the accompanying  good will and other like
business  property  rights,  and the right (but not the  obligation) to register
claims under  trademark  and to renew and extend such  trademarks  and the right
(but not the  obligation)  to sue in the name(s) of Grantor or Secured Party (or
both) for past, present or future infringement of trademark;

                                       17
<PAGE>

            (g) All rights in and to the title of the Film and the exclusive use
thereof including (without  limitation) any and all rights protected pursuant to
trademark,  service  mark,  unfair  competition  and/or  other  laws,  rules  or
principles  of law or equity,  and, to the extent now or hereafter in existence,
all other licenses and other intellectual  property rights, and all renewals and
extensions  thereof,  domestic  and foreign,  relating to the Film,  whether now
owned or  hereafter  acquired,  and the  accompanying  good will and other  like
business  property  rights,  and the right (but not the  obligation) to register
claims  under any  intellectual  property  rights and to renew and  extend  such
intellectual  property  rights and the right (but not the  obligation) to sue in
the  name(s) of Grantor or Secured  Party (or both) for past,  present or future
infringement of any intellectual property rights;

            (h)  All  rights  to  perform,  copy,  record,  re-record,  produce,
publish, reproduce and/or synchronize any or all music, musical compositions and
master  recordings  created for,  used in or to be used in  connection  with the
Film,  and all other  rights of every  kind and  nature in and to any and all of
said music,  musical  compositions and master recordings created for, used in or
to be used in  connection  with the Film,  including,  without  limitation,  all
copyrights  therein as well as all other rights to exploit such music  including
recording, soundtrack recording and music publishing rights;

            (i) All  collateral,  allied,  ancillary and subsidiary  rights,  of
every kind and nature,  without  limitation,  derived  from,  appurtenant  to or
related to the Film or the Literary Property, including, without limitation, all
production,  exploitation,  reissue,  remake, sequel,  prequel, serial or series
production  rights by use of film, tape or any other recording devices now known
or hereafter devised,  whether based upon, derived from or inspired by the Film,
the  Literary  Property  or any part  thereof;  all rights to use,  exploit  and
license  others to use or exploit any and all music,  novelization,  publishing,
commercial tie-ups and merchandising rights of every kind and nature, including,
without limitation,  all music, novelization,  publishing,  merchandising rights
and commercial  tie-ups arising out of or connected with or inspired by the Film
or the  Literary  Property,  the title or titles  of the  Film,  the  characters
appearing   in  the  Film  or  the  Literary   Property   and/or  the  names  or
characteristics of said characters,  and including further,  without limitation,
any and all commercial  exploitation  in connection with or related to the Film,
all remakes,  sequels,  prequels or other  adaptations  and/or  derivative works
thereof and/or said Literary Property;

            (j) All  insurance and  insurance  policies  heretofore or hereafter
obtained in connection with the Film or the insurable  properties thereof and/or
any  person or  persons  engaged  in the  development,  production,  completion,
delivery or exploitation of the Film, and the proceeds of all of the foregoing;

                                       18
<PAGE>

            (k) All rights to develop,  produce,  acquire,  reacquire,  finance,
release, sell, distribute,  subdistribute,  lease,  sublease,  market,  license,
sublicense,  exhibit,  broadcast,  transmit,  reproduce,  publicize or otherwise
exploit  the Film,  the  Literary  Property  and any and all  rights  therein in
perpetuity,  without  limitation,  in any  manner  and in any  media  whatsoever
throughout the universe, including without limitation, by projection, radio, all
forms of television  (including,  without  limitation,  free, pay, toll,  cable,
sustaining,  subscription,  sponsored and direct satellite broadcast), all forms
of  "pay-per-view"  and  "video-on-demand",  in theaters,  non-theatrically,  on
cassettes,  cartridges,  DVD, other discs and other similar and dissimilar video
devices, all forms of computer assisted or interactive media (including, but not
limited to,  CD-ROM,  CD-I and similar disc systems,  interactive  cable and any
other devices or methods now existing or  hereinafter  devised),  and by any and
all other  scientific,  mechanical or electronic  means,  methods,  processes or
devices now known or hereafter conceived, devised or created;

            (l)  All  files,  receipts,  documents,  correspondence,  books  and
records,  minute books,  ledgers,  employee  records,  customer lists,  computer
programs,  data processing software,  agreements,  data,  microfiche,  microfilm
computer records (including,  without  limitation,  magnetic tape, disc storage,
electronic storage,  digital storage,  card forms and printed copy),  including,
without  limitation,  documents or receipts of any kind or nature  issued by any
pledgeholder,  warehouseman  or bailee  and books of  account  of every kind and
nature, relating to the Film and/or any Physical Properties thereof,  Grantor or
the  business  thereof,  and  all  copies  or  reproductions   thereof  and  all
receptacles and containers for such records,  whether now or hereafter existing,
and wherever located;

            (m) Any and all security interests,  liens, pledges,  collateral and
all rights therein and thereto as may have been or may be granted to any debtor,
whether by another  debtor,  an  affiliated  party of any  debtor,  or any third
party;

            (n) All key art, transparencies, photographs, slides and promotional
materials of whatever nature; and

            (o) All  cash  and  cash  equivalents  of  Grantor  derived  from or
relating to the Film and all drafts, checks, letters of credit,  certificates of
deposit,  notes, bills of exchange and other writings relating to the Film which
evidence  a right  to the  payment  of  money  and are not  themselves  security
agreements  or  leases  and are of a type  which is in the  ordinary  course  of
business  transferred  by delivery with any necessary  endorsement or assignment
whether now owned or hereafter acquired.

      B. Music Assets.

      "Music Assets" shall mean (a) the Composition  Collateral,  (b) the Master
Recording Collateral, and (c) the Physical Property, and all collateral, allied,
ancillary and subsidiary  rights of every kind and nature,  without  limitation,
derived  from,  appurtenant  to or related to the  Composition  Collateral,  the
Master  Recording  Collateral,  or the  Physical  Property,  including,  without
limitation,  all production,  exploitation,  commercial tie-up and merchandising
rights of every kind and nature and all commercial tort claims.

                                       19
<PAGE>

      "Composition  Collateral"  shall  mean the  Musical  Compositions  and all
copyrights and all renewals and extensions  thereof and other rights with regard
thereto, all contract rights (including, but not limited to, all rights of every
kind and nature,  present and future,  in and to all agreements  relating to the
creation,  performance,  publication,  administration  and  exploitation  of the
Musical   Compositions,   including  all  agreements  relating  to  the  Musical
Compositions),  accounts  receivable,  royalties,  rights to receive  royalties,
commercial  tort  claims,  and any other  proceeds of the Musical  Compositions,
whether presently existing or hereafter arising, including,  without limitation,
the gross receipts  derived by any Assignor from:  (a) the  exploitation  of the
Musical  Compositions  in the  form  of  sheet  music,  orchestrations,  folios,
compilations,  songbooks and other forms of print;  (b) the  exploitation of the
Musical  Compositions  as embodied in Records;  (c) the inclusion of the Musical
Compositions in motion pictures, videotapes and other audiovisual works; (d) the
granting  to  third  parties  of the  right  to  perform  publicly  the  Musical
Compositions  by any and all means  throughout  the universe;  and (e) any other
royalty or royalty  interest  of any  Assignor,  payments  and other  monies and
valuable consideration, regardless of how denominated, now or hereafter owing to
any Assignor or  hereafter  derived from the  exploitation  (including,  without
limitation, the license and/or sale) of the Musical Compositions,  and all other
rights in and to the Musical Compositions,  including any renewals or extensions
thereof.

      "Master  Recording  Collateral"  shall mean the Sound  Recordings  and all
copyrights and all renewals and extensions  thereof and other rights with regard
thereto, all contract rights (including, but not limited to, all rights of every
kind and nature,  present and future,  in and to all agreements  relating to the
creation, performance, publication, administration and exploitation of the Sound
Recordings, including all agreements relating to the Sound Recordings), accounts
receivable,  royalties, rights to receive royalties, commercial tort claims, and
any other  proceeds  of the Sound  Recordings,  whether  presently  existing  or
hereafter arising, including,  without limitation, the gross receipts derived by
any Assignor from: (a) the  exploitation of the Sound  Recordings as embodied in
Records;  (b)  the  inclusion  of  the  Sound  Recordings  in  motion  pictures,
videotapes and other audiovisual works; (c) the granting to third parties of the
right to  exploit  the  Sound  Recordings;  (d) the right to  perform  the Sound
Recordings publicly by means of a digital audio transmission;  and (e) any other
royalty or royalty  interest  of any  Assignor,  payments  and other  monies and
valuable consideration,  regardless of how dominated,  now or hereafter owing to
any Assignor or  hereafter  derived from the  exploitation  (including,  without
limitation,  the license  and/or  sale) of the Sound  Recordings,  and all other
rights in and to the Sound  Recordings,  including  any  renewals or  extensions
thereof.

      "Physical  Property"  shall mean all physical  properties of every kind or
nature of or  relating to the  Composition  Collateral  or the Master  Recording
Collateral  to the extent now or  hereafter  in  existence,  including,  without
limitation, all sheet music, orchestrations, folios, compilations, songbooks and
other forms of print; all Records; and all Master Tapes.

      "Musical  Compositions"  shall mean all of any Assignor's right, title and
interest in and to all musical  compositions  (whether published or unpublished,
registered  or  unregistered,  presently  existing or created or acquired in the
future)  which is owned or  controlled,  in whole or in part, by any Assignor or
any of their respective Subsidiaries,  or with respect to which any Assignor has
any right to receive royalties or other proceeds, including, without limitation,
all  rights  to:  (a) the  exploitation  thereof  in the  form of  sheet  music,
orchestrations,  folios,  compilations,  songbooks and other forms of print; (b)
the exploitation  thereof as embodied in Records;  (c) the inclusion  thereof in
motion  pictures,  videotapes and other  audiovisual  works; (d) the granting to
third parties of the right to perform publicly such musical  compositions by any
and all means,  throughout  the  universe;  and (e) any other royalty or royalty
interest of any Assignor,  payments and other monies and valuable consideration,
regardless  of how  denominated,  now or  hereafter  owing  to any  Assignor  or
hereafter  derived from the exploitation  (including,  without  limitation,  the
license and/or sale) thereof.

                                       20
<PAGE>

      "Records" shall mean any form of reproduction,  distribution, transmission
or  communication  of  Recordings  (whether  or not  in  physical  form)  now or
hereafter known (including  reproductions of sound alone or together with visual
images)  which  is  manufactured,   distributed,   transmitted  or  communicated
primarily for personal use, home use,  institutional  (e.g.,  library or school)
use,   jukebox  use,  or  use  in  means  of   transportation,   including   any
computer-assisted  media (e.g., CD-ROM, DVD Audio, CD Extra, Enhanced CD) or use
as a so-called "ring tone." For the avoidance of doubt,  "Records" shall include
the transmission or communication of a master recording directly to the consumer
regardless of whether  previously or subsequently  embodied in a physical record
configuration by any Person.

      "Recording" shall mean any recording of sound, whether or not coupled with
a visual image,  by any method and on any substance or material,  whether now or
hereafter  known,  which is used or useful in the recording,  production  and/or
manufacture of Records or for any other exploitation of sound.

      "Sound  Recordings"  shall mean all  copyrights  in and other  rights with
respect to sound  recordings  (whether  published or unpublished,  registered or
unregistered,  presently  existing  or  created  or  acquired  in  the  future),
including  sound  recordings  embodied  on  Records,  with  respect to which any
Assignor now or in the future has any ownership  interest or distribution  right
or which any Assignor otherwise controls.

      "Master  Tapes" shall mean all original  master  recording  tapes (whether
digital  or  analog)  and every  recording  of sound (by any  method  and on any
substance or material, now known or hereafter developed), whether or not coupled
with a visual  image,  including the  following  elements:  (1) master mix reels
(i.e.,  two-track  master  mixes on analog  tape)  recorded  and compiled at the
mixing studio (i.e.,  prior to mastering) ; (2) analog and/or digital multitrack
tapes (masters and slaves)  (including any two,  three,  four,  eight,  sixteen,
twenty-four and forty-eight  track master tapes and all other multitrack  master
tapes) with accompanying tone reels (if available);  (3) Two Track Masters;  (4)
computer-based  recording storage formats (e.g., ProTools session and audio data
files,  Exabyte reels,  magneto-optical  discs,  CD-Rs,  hard discs,  etc.); (5)
sample and  automation  discs (if any);  (6) all existing  documentation  (e.g.,
console  strips,  outboard  settings,  session  notes,  etc.);  and  (7) and all
acetates and metal or other  equivalent  parts or  reproductions  of such master
tapes and  recordings,  and all other materials used or useful in the Recording,
production or manufacture of Records.

                                       21EXHIBIT 10.4

Tax Folio Nos. 19230 12 00100, 19230 12 00200, 19230 19 00200 & 19230 19 00300

--------------------------------------------------------------------------------
PREPARED  BY/RECORD AND RETURN TO: Howard L. Friedberg,  Esquire,  Katz, Barron,
Squitero,  Faust, Brecker,  Terzo,  Friedberg & Grady, P.A.; 2699 South Bayshore
Drive, 7th Floor Miami, Florida 33133; Telephone: (305) 856-2444.
--------------------------------------------------------------------------------

                    ASSIGNMENT OF RENTS, LEASES AND DEPOSITS

      THIS  ASSIGNMENT  is made  and  entered  into as of the AGU  ENTERTAINMENT
CORP., a Delaware corporation  ("Assignor"),  whose address is 3200 West Oakland
Park Boulevard,  Lauderdale  Lakes,  Florida 33311,  and Mitchell  Entertainment
Company, a Delaware limited liability company ("Assignee"), 7220 NW 36th Street,
Suite 100, Miami, Florida 33166, its successors and assigns.

                              W I T N E S S E T H:

      WHEREAS,  contemporaneously  herewith, Assignor has executed and delivered
to Assignee a Secured  Convertible  Term Note in the  principal  amount of Three
Million  and 00/100  Dollars  ($3,000,000.00)  (hereinafter  referred  to as the
"Note"),  secured by a Mortgage Deed and Security  Agreement  dated of even date
herewith  (hereinafter  referred  to as  the  "Mortgage"),  on the  property  of
Assignor in Broward County, Florida, the legal description of which is set forth
as follows:

              SEE LEGAL DESCRIPTION, ANNEXED HERETO AND MADE A PART
                              HEREOF AS EXHIBIT "A"

together  with all  buildings  and  improvements  now or  hereafter  constructed
thereon (all of such property being hereinafter  collectively referred to as the
"Property" or "Mortgaged Property"); and

WHEREAS, the Mortgage is a second mortgage, subject and subordinate only to that
certain  mortgage  of even date  herewith  in favor of  Charley  Zeches,  in her
capacity as Trustee of Lakes  Holding  Trust U/A dated July 27, 2001,  having an
outstanding  balance of $7,000,000,  and Assignment of Rents, Leases and Profits
(collectively, the "Zeches Mortgage"); and

<PAGE>

      WHEREAS,  as  additional  security  for the  Note and the  obligations  of
Assignor  thereunder,  Assignor  has executed  and  delivered  to Assignee  this
Assignment.

      NOW, THEREFORE, for value received and as security for the payment of said
obligations  of  Assignor,  Assignor,  for  itself  and for its  successors  and
assigns, does hereby transfer,  assign and deliver unto Assignee, its successors
and assigns,  all of the right, title and interest of Assignor in and to (1) all
leases,  subleases,  tenancies and any other agreement  affecting the use of the
Mortgaged  Property,  whether  written or oral,  now or hereafter  existing with
respect to any portion or portions of the Mortgaged Property,  together with any
renewals  or  extensions  thereof  and leases,  subleases,  tenancies,  and such
agreements in substitution  therefor (all of which are hereinafter  collectively
referred to as the "Leases" or "Assigned Leases" and singularly as "Lease"), (2)
all rents,  deposits,  issues,  profits and other  payments of every kind due or
payable  and to become  due or  payable to  Assignor  by virtue of the  Assigned
Leases,  or otherwise due or payable and to become due or payable to Assignor as
the result of any issue,  possession  or occupancy of any portion or portions of
the Mortgaged Property,  (3) all right, title and interest of Assignor in and to
all  guarantees  of the  Assigned  Leases  and (4) any  award  made in any court
proceeding  involving  any  of the  lessees  in any  bankruptcy,  insolvency  or
reorganization proceedings in any state or federal court.

      TO HAVE AND TO HOLD the same unto  Assignee,  its  successors and assigns,
until such time as the indebtedness secured by the Mortgage shall have been paid
in full, for the purpose of further and  collaterally  securing:  (1) payment of
the  indebtedness  evidenced  by the Note  together  with the  interest  on said
indebtedness;  (2) payment of all sums, with interest thereon, to become due and
payable to Assignee hereunder or under the provisions of the Mortgage, the Note,
or any other obligation of Assignor to Assignee now or hereafter  existing;  and
(3)  performance  and  discharge  of each and  every  obligation,  covenant  and
agreement  of Assignor  contained  herein,  or in the Note,  the  Mortgage,  any
associated loan document or any other  obligation of Assignor to Assignee now or
hereafter existing (hereinafter collectively referred to as the "Obligations").

      This instrument of Assignment is delivered and accepted upon the following
terms and conditions:

      1. Assignor's  License to Operate if no Event of Default.  This Assignment
shall  be and  constitute  an  absolute  assignment  effective  upon  execution,
however,  so long as no event of  default  shall  exist  under the  Obligations,
Assignor  shall  have a  revocable  license,  revocable  by  Assignee  upon  the
occurrence of an event of default under the Obligations, and to collect, receive
and apply for its own  account  all rents,  issues  and  profits  (the  "Rents")
accruing by virtue of the  Assigned  Leases,  and to execute and deliver  proper
receipts and acquittances therefor,  provided, however, that without the written
consent of Assignee, Assignor shall not collect any installment of rent or other
required sums, in advance,  other than a security deposit and rent for the first
and last  month of any  lease  or  sublease  term  (hereinafter  referred  to as
"Permitted Advance Rental Payments"). As to any security deposits and/or prepaid
rents, Assignor shall furnish to Assignee, upon Assignee's request, satisfactory
evidence that Assignor has  maintained  such security  deposits  and/or  prepaid
rents in accordance with the requirements of Florida law.

                                       2
<PAGE>

      2. Assignee's Rights in Event of Default.

      2.1  Immediately  upon the  occurrence  of any event of default  under the
Obligations,  the revocable  license  described in paragraph 1 above shall cease
and  terminate  upon  demand and notice  made by  Assignee,  and, in such event,
Assignee,  subject to the rights of the mortgagee under the Zeches Mortgage,  is
hereby expressly and irrevocably  authorized to enter and take possession of the
Rents, or by written notice served personally upon or sent by registered mail to
Assignor as Assignee may elect, without further authorization,  notice or demand
and without  the  commencement  of any action to  foreclose  the  Mortgage or to
exercise its power of sale thereunder.

      2.2 Assignor does hereby  constitute  and appoint  Assignee,  irrevocably,
with full power of substitution  and revocation,  its true and lawful  attorney,
coupled with an  interest,  for it and in its name,  place and stead,  to do and
perform  any or all of the  following  actions,  as fully  for all  intents  and
purposes, as it could do if personally present,  hereby ratifying and confirming
all that its said attorney or its substitution  shall lawfully do or cause to be
done by virtue hereof:

            (a) manage and operate the Property or any part thereof;

            (b) lease any part or parts  thereof for such  periods of time,  and
      upon such terms and  conditions as Assignee  may, in its sole  discretion,
      deem proper;

            (c) enforce, cancel or modify any of the Leases;

            (d)  demand,  collect,  sue for,  attach,  levy,  recover,  receive,
      compromise and adjust, and make, execute and deliver receipts and releases
      for all rents,  issues,  profits and other amounts that may then be or may
      thereafter  become due,  owing or payable  with respect to the Property or
      any part thereof from any present or future lessees,  tenants,  subtenants
      or occupants thereof;

            (e) institute, prosecute to completion or compromise and settle, all
      summary proceedings, actions for rent or for removing any and all lessees,
      tenants,  subtenants  or  occupants  of the  Property or any part or parts
      thereof;

            (f) enforce or enjoin or restrain the violation of any of the terms,
      provisions  and  conditions  of any  Lease  or  Leases,  now or  hereafter
      affecting the Property or any part thereof;

            (g) make such  repairs and  alterations  to the Property as Assignee
      may, in its reasonable discretion, deem proper;

            (h) pay,  from and out of rents,  issues and  profits  collected  in
      respect of the Property or any part  thereof,  or from or out of any other
      funds, the rent and all other charges required to be paid under any ground
      leases  on  which  the  Mortgage  may   constitute  a  lien,   any  taxes,
      assessments, water rates, sewer rates, or other government charges levied,
      assessed or imposed against the Property, or any portion thereof, and also
      any and all other charges, costs and expenses which it may be necessary or
      advisable  for  Assignee  to pay in the  management  or  operation  of the
      Property, including without limiting the generality of any rights, powers,
      privileges and authority  hereinbefore or hereinafter conferred) the costs
      of repairs and  alterations,  commissions  for renting the Property or any
      portions thereof, any legal expenses in enforcing claims, preparing papers
      or for any other services that may be required; and

                                       3
<PAGE>

            (i) generally,  do, execute and perform any other act, deed,  matter
      or thing  whatsoever that ought to be done,  executed and performed in and
      about or with  respect to the  Property,  as fully as  Assignor  might do,
      provided,  however,  that any  action,  or failure  or refusal to act,  by
      Assignee  under this  Assignment  shall be at its election and without any
      liability on its part.

      2.3  Assignee  shall  apply the net amount of rents,  issues  and  profits
received  by it from the  Property,  after  payment  of all  costs  and  charges
incurred  by  Assignee  (including  any  liability,   loss,  expense  or  damage
hereinafter referred to in paragraph 5 hereof),  first to the payment, when due,
of the  installments  of interest  payable under the Note and  thereafter to the
payment  of  principal  thereunder.  Any of  such  funds  remaining  after  such
application shall be paid as soon as reasonably  practicable by Assignee to such
persons as Assignor may designate to Assignee in writing.

      2.4 Assignee  shall be  accountable  to Assignor only for monies  actually
received by Assignee  pursuant to this  Assignment  and the  acceptance  of this
Assignment shall not constitute a satisfaction of any indebtedness, liability or
obligations, or any part thereof, now or hereafter owed by Assignor to Assignee,
except to the extent of amounts  actually  received  and  applied by Assignee on
account of the same.

      2.5 The rights and powers of Assignee  hereunder shall continue and remain
in full  force and  effect  until all  amounts  secured  hereby,  including  any
deficiency resulting from foreclosure sale, are paid in full, and shall continue
after   commencement  of  foreclosure  and  after  foreclosure  sale  and  until
expiration of the equity of redemption,  notwithstanding sale of the Property to
a purchaser other than Assignee. Assignee shall not be liable to Assignor or any
one claiming under or through Assignor by reason of anything done or left undone
by Assignee hereunder.

      3. Attornment of Lessees in Event of Default.  ASSIGNOR HEREBY IRREVOCABLY
DIRECTS EACH LESSEE  AND/OR  SUBLESSEE  UNDER EACH OF THE LEASES UPON DEMAND AND
NOTICE FROM ASSIGNEE OF AN EVENT OF DEFAULT UNDER ANY OF THE OBLIGATIONS, TO PAY
ASSIGNEE ALL RENTS,  DEPOSITS  AND PROFITS  ACCRUING OR DUE UNDER ITS LEASE FROM
AND AFTER THE RECEIPT OF SUCH DEMAND AND NOTICE.  ANY LESSEE MAKING SUCH PAYMENT
TO ASSIGNEE SHALL BE UNDER NO OBLIGATION TO INQUIRE INTO OR DETERMINE THE ACTUAL
EXISTENCE OF ANY SUCH EVENT OF DEFAULT(S) CLAIMED BY ASSIGNEE.

      4. Covenants of Assignor.  Assignor, for itself and for its successors and
assigns, covenants and warrants as follows:

                                       4
<PAGE>

            (a) that each of the Leases now or  hereafter in effect is and shall
      be a valid and  existing  lease or  sublease  and that there  are,  to the
      extent  ascertainable  by Assignor,  no defaults on the part of any of the
      parties thereto;

            (b) that Assignor has not sold, assigned, transferred,  mortgaged or
      pledged any of the rents,  issues or profits from the Property or any part
      thereof,  whether now or hereafter  to become due, to any person,  firm or
      corporation other than Assignee;

            (c) that no rents, issues,  deposits or profits of the Property,  or
      any part  thereof,  becoming due  subsequent  to the date hereof have been
      collected  nor has  payment of any of the sums been  anticipated,  waived,
      released, discounted or otherwise discharged or compromised;

            (d) that Assignor will not assign,  pledge or otherwise encumber any
      of the  Leases or any of the rents  thereunder  unless  the prior  written
      consent  of  Assignee  shall  have been  obtained  thereto  and unless the
      instrument creating such assignment, pledge or encumbrance shall expressly
      state that the same is subject to this Assignment;

            (e) that Assignor will not, without in each case having obtained the
      prior  written  consent  of  Assignee,  which  shall  not be  unreasonably
      withheld,  enter  into any new lease  agreement,  with  respect to a 5,000
      square  foot or  greater  portion  of the  Property  or with  respect to a
      portion of the Property  which is less than 5,000 square feet,  unless the
      rent payable under such lease  agreement  represents the fair market value
      for the lease of a space of similar size and character to the space rented
      under such lease  agreement,  or amend,  modify,  terminate  or accept any
      surrender of any Lease;

            (f) that Assignor will not waive or give any consent with respect to
      any default or variation in the performance of any of the terms, covenants
      and  conditions  on the part of any  lessee,  sublessee,  tenant  or other
      occupant  to be  performed  under any of the Leases  without  the  written
      consent of  Assignee,  but will at all times take proper  steps to enforce
      all of the provisions and conditions thereof;

            (g) that Assignor will not collect or receive,  without in each case
      having  obtained the prior written consent of Assignee  thereto,  from any
      such lessee, sublessee,  tenant or other occupant, any installment of rent
      in advance of the respective  dates  prescribed in the Leases,  except for
      Permitted Advance Rental Payments;

            (h) that Assignor will perform and observe, or cause to be performed
      and observed, all of the terms, covenants and conditions on its part to be
      performed and observed with respect to each of the Leases;

                                       5
<PAGE>

            (i) that at all  times  during  which  this  Assignment  shall be in
      effect,  Assignor  will use its best  efforts to keep the  Property  fully
      rented at the highest possible rentals obtainable;

            (j) that  Assignor will notify  Assignee  promptly when any Lease is
      hereafter  executed,  extended,  renewed,  amended or modified and that it
      will furnish to Assignee,  on demand,  true copies of all Leases hereafter
      executed  and true  copies  of each  agreement  or  letter  effecting  the
      renewal, amendment or modification of any Assigned Lease;

            (k) any Leases  hereafter  executed shall provide that within thirty
      (30) days after  written  request from Assignee (i) the lessee shall agree
      to  furnish  to  Assignee  a  financial  statement  on a  form  reasonably
      satisfactory to Assignee and such other  documentation which would reflect
      the status of the Lease and/or the financial  condition of such lessee and
      (ii)  Assignor  and such  lessee  shall  agree to amend  the Lease to make
      reasonable changes required by Assignee provided, however, such changes do
      not materially alter the terms and conditions of the Lease; and

            (l) not to enter into any new lease agreement with any operating dry
      cleaner  or  gasoline  service  station  or any  similar  type or types of
      establishment  without first  obtaining  the written  consent of Assignee,
      which may be withheld by Assignee, in its sole and absolute discretion.

      Assignor   acknowledges   and  agrees  that  the  approval   (directly  or
indirectly)  of any Lease by Assignee  shall not be  construed  in any manner to
create any  liability  or  responsibility  as to Assignee in the event that such
Lease or the  tenant  thereunder  should  default.  The  review  of any Lease by
Assignee shall be solely for  Assignee's own purposes,  shall not constitute any
representation  by  Assignee  as to  the  subject  Lease  or as  to  the  tenant
thereunder  and may not and shall not be relied  upon by Assignor in any manner.
Assignee  shall  independently  review  and  approve  any Lease  and the  tenant
thereunder prior to execution thereof by Assignor.

      5. Indemnification.

      5.1  Assignor  hereby  agrees  to  indemnify,  defend,  and hold  Assignee
harmless  (except  to the  extent  caused by the  gross  negligence  or  willful
misconduct of the Assignee)  (a) against and from any and all  liability,  loss,
damage and expense,  including reasonable attorneys' fees, which it may or shall
incur under or in connection with any of the Leases,  or by reason of any of the
Obligations,  or by  reason of any  action  taken by  Assignee  under any of the
Obligations  (including,  without  limitation,  any action which Assignee in its
discretion may take to protect its interest in the Property,  including, without
limitation,  the  making of  advances  and the  entering  into of any  action or
proceeding arising out of or connected with the Leases or the Obligations),  and
(b)  against  and from any and all  claims and  demand  whatsoever  which may be
asserted against  Assignor by reason of any alleged  obligations or undertakings
on its part to perform or discharge any of the terms,  covenants and  conditions
contained in any of the Leases.

                                       6
<PAGE>

      5.2 Should Assignee incur any such liability, loss, damage or expense, the
amount  thereof,  together with interest  thereon at the highest rate  permitted
under  Florida law,  shall be payable by Assignor to Assignee  immediately  upon
demand, or at the option of Assignee, Assignee may reimburse itself therefor out
of any rents, issues or profits of the Property collected by Assignee.

      5.3 Nothing  contained  herein  shall  operate or be construed to obligate
Assignee to perform any of the terms,  covenants or conditions  contained in any
Lease, or to take any measures, legal or otherwise, to enforce collection of any
of said rents or other  payments,  or  otherwise to impose any  obligation  upon
Assignee  with respect to any of said Leases,  including but not limited to, any
obligation arising out of any covenant of quiet enjoyment therein contained.

      5.4 Prior to actual  entry into any taking  possession  of the Property by
Assignee,  this  Assignment  shall  not  operate  to  place  upon  Assignee  any
responsibility  for the operation,  control,  care,  management or repair of the
Property,  and the  execution of this  Assignment by Assignor  shall  constitute
conclusive  evidence that all  responsibility  for the operation,  control care,
management  and repair of the Property is and shall be that of Assignor prior to
such actual entry and taking of possession.

      6. Exercise of Remedies. Failure of Assignee to avail itself of any of the
terms, covenants and conditions of this Assignment for any period of time, or at
any time or times, shall not be construed or deemed to be a waiver of any of its
rights hereunder.  The rights and remedies of Assignee under this Assignment are
cumulative  and are not in lieu of but are in addition  to any other  rights and
remedies  which  Assignee  shall  have  under or by  virtue  of any other of the
Obligations. The rights and remedies of Assignee hereunder may be exercised from
time to time and as often as such exercise is deemed expedient.

      7. Assignment by Assignee.  Assignee shall have the right to assign to any
subsequent  holder of the  Mortgage,  or to any  person  acquiring  title to the
Property,  Assignor's rights, title and interest in any Lease or sublease hereby
or hereafter assigned,  subject,  however, to the provisions of this Assignment.
After  Assignor  shall have been barred and  foreclosed of all right,  title and
interest and equity of  redemption in said  Property,  no assignee of Assignor's
interest  in said Leases  shall be liable to account to Assignor  for any rents,
income, revenue, issues or profits thereafter accruing.

      8.  Termination  of  this  Agreement.  Upon  payment  in  full  of all the
indebtedness secured by the Mortgage, as evidenced by a recorded satisfaction or
release of Mortgage,  as well as any sums which may be payable  hereunder,  this
Assignment shall become and be void and of no further effect and, in that event,
upon the  request of  Assignor,  Assignee  covenants  to execute  and deliver to
Assignor  instruments  effective to evidence the  termination of this Assignment
and/or the reassignment to Assignor of the rights,  power and authority  granted
herein.

      9. No Merger of Assigned Leases. As against Assignee,  at all times during
which this Assignment shall be in effect, there shall be no merger of the Leases
or the leasehold  estate created  thereby with the fee estate in the Property by
reason of the fact that the Leases or any interest therein may be held by or for
the account of any person,  firm or corporation which may be or become the owner
of said fee estate, unless Assignee shall consent in writing to said merger.

                                       7
<PAGE>

      10.  Notice.  Any notice,  demand,  request or other  communication  given
hereunder or in  connection  herewith  (hereinafter  "Notices")  shall be deemed
sufficient  if in writing and sent by  registered  or  certified  mail,  postage
prepaid, return receipt requested, addressed to the party to receive such Notice
at the  addresses  set forth in this  Section,  or at such other address as such
party may hereafter  designate by Notice given in like fashion.  Notice shall be
deemed given when mailed.  Notwithstanding the foregoing, routine communications
such as ordinary distribution checks,  copies of documents,  etc. may be sent by
ordinary  first-class mail.  Notwithstanding  anything in this instrument to the
contrary, all requirements of notice shall be deemed inapplicable if Assignee is
prevented from giving such notice by bankruptcy or any other  applicable law. In
such event,  the cure period,  if any, shall then run from the occurrence of the
event or condition of default  rather than from the date of notice.  The initial
addresses are as follows:

                                       8
<PAGE>

         If to Assignor:            AGU Entertainment Corp.
                                    3200 West Oakland Park Boulevard
                                    Lauderdale Lakes, Florida  33311
                                    Attention:  Chief Financial Officer
                                    Facsimile:

                  with a copy to:

                                    Bruce C. Rosetto, Esq.
                                    Blank Rome LLP
                                    1200 North Federal Highway, Suite 417
                                    Boca Raton, Florida  33432
                                    Facsimile:  (561)417-8186

         If to Assignee:            Mitchell Entertainment Company
                                    7220 NW 36th Street, Suite 100
                                    Miami, Florida  33166
                                    Attention:  Jonathan E. Mitchell
                                    Facsimile:  (305) 591-9657

                  with a copy to:

                                    Mitchell Entertainment Company
                                    11601 Wilshire Boulevard, Suite 2400
                                    Los Angeles, California  90025
                                    Attention:  Jonathan E. Mitchell
                                    Facsimile:  (310) 473-0076

                                    Robert S. Barry, Jr., Esq.
                                    Loeb & Loeb LLP
                                    10100 Santa Monica Boulevard, Suite 2200
                                    Los Angeles, California  90067
                                    Facsimile:  (310) 282-2200

                                    Howard L. Friedberg, Esq.
                                    Katz, Barron etal
                                    2699 South Bayshore Drive, 7th Floor
                                    Miami, Florida 33133
                                    Facsimile (305) 285-9227

      11. Miscellaneous Provisions.

      11.1  Whenever  the context so  requires,  reference  herein to the neuter
gender shall  include the masculine  and/or  feminine  gender,  and the singular
number shall include the plural.

                                       9
<PAGE>

      11.2  All of the  provisions  of  this  Assignment  shall  be  deemed  and
construed to be "conditions"  and  "covenants" as though the words  specifically
expressing  or importing  covenants  and  conditions  were used in each separate
provision hereof.

      11.3 This Assignment is being delivered and is intended to be performed in
the State of Florida and shall be construed and enforced in accordance  with and
governed by the internal laws (and not the law of conflicts) of such state.

      11.4 No change, amendment, modification, cancellation or discharge hereof,
or of any part  hereof,  shall be valid  unless  Assignee  shall have  consented
thereto in writing.

      11.5 In the event there is any conflict  between the terms and  provisions
of the Mortgage and the terms and provisions of this  Assignment,  the terms and
provisions of this Assignment shall prevail.

      11.6 The terms, covenants,  and conditions contained herein shall inure to
the benefit of, and bind Assignee and Assignor and their  respective  successors
and assigns or executors,  administrators,  successors and assigns,  as the case
may be.

      11.7 The captions of this  Assignment  are for  convenience  and reference
only and neither in any way define,  limit, or describe the scope or interest of
this Assignment nor in any way affect this Assignment.

      11.8  In  case  any  one or  more  of the  provisions  contained  in  this
Assignment  are,  or shall for any  reason be held to be,  invalid,  illegal  or
unenforceable in any respect,  such invalidity,  illegality or  unenforceability
shall not  affect  any other  provision  hereof or  thereof,  but each  shall be
construed as if such invalid,  illegal or unenforceable provision had never been
included.

      11.9  The  rights  and  remedies  in  favor of  Assignee  granted  by this
Assignment  shall  be in  addition  to and  shall  not in any way  constitute  a
limitation upon the rights and remedies  available to Assignee under  applicable
law,  including  without  limitation  all rights under Chapter  697.07,  Florida
Statutes,  regarding  assignment  of rents and all  rights  under  Chapter  702,
Florida Statutes, regarding foreclosure actions.

      11.10  Assignee may take or release other  security for the payment of the
Obligations,  and,  may  release  any  party  primarily  or  secondarily  liable
therefore,  and, may apply any other security held by it to the  satisfaction of
the Obligations, without prejudice to any of its rights under this Assignment.

      ASSIGNOR AND ASSIGNEE HEREBY MUTUALLY, KNOWINGLY, WILLINGLY, INTENTIONALLY
AND  VOLUNTARILY  WAIVE  THEIR  RIGHT TO  TRIAL  BY JURY  AND NO  PARTY  NOR ANY
ASSIGNEE,  SUCCESSOR,  HEIR, OR LEGAL REPRESENTATIVE OF THE PARTIES (ALL OF WHOM
ARE  HEREINAFTER  COLLECTIVELY  REFERRED TO AS THE "PARTIES")  SHALL SEEK A JURY

                                       10
<PAGE>

TRIAL  IN  ANY  LAWSUIT,  PROCEEDING,   COUNTERCLAIM  OR  ANY  OTHER  LITIGATION
PROCEEDING  BASED UPON OR ARISING OUT OF THIS  ASSIGNMENT OR ANY ASSOCIATED LOAN
DOCUMENTS OR ANY INSTRUMENT EVIDENCING, SECURING OR RELATING TO THE INDEBTEDNESS
OR OTHER OBLIGATIONS SECURED HEREBY OR ANY RELATED AGREEMENT OR INSTRUMENT,  ANY
OTHER  COLLATERAL FOR THE  INDEBTEDNESS  SECURED HEREBY OR ANY COURSE OF ACTION,
COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS RELATING TO
THE LOAN EVIDENCED BY THE NOTE OR TO THIS ASSIGNMENT. THE PARTIES ALSO WAIVE ANY
RIGHT TO  CONSOLIDATE  ANY ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY
OTHER ACTION IN WHICH A JURY TRIAL HAS NOT BEEN WAIVED.  THE  PROVISIONS OF THIS
PARAGRAPH HAVE BEEN FULLY NEGOTIATED BY THE PARTIES. THE WAIVER CONTAINED HEREIN
IS IRREVOCABLE, CONSTITUTES A KNOWING AND VOLUNTARY WAIVER, AND SHALL BE SUBJECT
TO NO EXCEPTIONS.  ASSIGNEE HAS IN NO WAY AGREED WITH OR REPRESENTED TO ASSIGNOR
OR ANY OTHER  PARTY  THAT THE  PROVISIONS  OF THIS  PARAGRAPH  WILL NOT BE FULLY
ENFORCED IN ALL INSTANCES.

      IN WITNESS WHEREOF,  Assignor has caused these presents to be signed as of
the day and year first above written.

Signed, sealed and delivered
in the presence of:

                                             AGU ENTERTAINMENT CORP.,
                                             a Delaware corporation

/s/ Bruce C. Rosetto
---------------------------------------

Print name: Bruce C. Rosetto                 By: /s/ David Levy
           ----------------------------          ------------------------------
                                                David Levy, President
/s/ Innocencia Ramos
---------------------------------------

Print name: Innocencia Ramos
            ---------------------------

                                                     (Corporate Seal)

                                       11

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