Document:

Agreement-Eneco Industries

    SECURITY
      AGREEMENT

    

    

    1. Identification.

    

    This
      Security Agreement (the "Agreement"), dated for identification purposes only
      May
      ____, 2006, is entered into by and between New World Entertainment Corp., a
      Nevada corporation ("Debtor"), __________________________, _____________________
      and ______________________ (referred to herein individually as a “Shareholder”
and collectively “Shareholders”) and Greg Dureault, as collateral agent [acting
      in the manner and to the extent described in the Collateral Agent Agreement
      defined below] (the "Collateral Agent"), for the benefit of the parties
      identified as Lenders pursuant to the Loan Agreement entered into among the
      Debtor and the Lenders on May 3, 2006 (the "Lender").

    

    2. Recitals.

    

    2.1 The
      Lenders have made loans to Debtor (the "Loan").

    

    2.2 The
      Loans
      are evidenced by the Promissory Notes described on Schedule A hereto (the
“Notes”) and executed by Debtor as the "Borrower" thereof, for the benefit of
      each individual Lender as the "Holder" thereof.

    

    2.3 In
      order
      to induce the Lenders to make the Loans, and as security for Debtor's
      performance of its obligations under the Note and as security for the repayment
      of the Loan and any and all other sums due from Debtor to Lender whether arising
      under the Note issued pursuant to the Loan Agreement entered into between Debtor
      and the Lender relating to the Note, or pursuant to other written instruments
      and agreements entered into by the Debtor and a Lender, whether before or after
      the date hereof, and further specifically including all of the Debtor's
      obligations arising under the Notes and the Loan Agreement relating thereto
      (collectively, the "Obligations"), the Shareholders for good and valuable
      consideration, receipt of which is acknowledged, have agreed to grant to the
      Collateral Agent, for the benefit of the Lenders, a security interest in certain
      property specified in this Agreement, on the terms and conditions hereinafter
      set forth.

    

    2.4 The
      Lenders have appointed Greg Dureault as Collateral Agent pursuant to that
      certain Collateral Agent Agreement dated as of May ___, 2006, among the Lender
      and the Collateral Agent.

    

      
        
          
          

        

        
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    Defined
      Terms.
      The
      following defined terms which are defined in the Uniform Commercial Code in
      effect in the State of New York on the date hereof are used herein as so
      defined: Accounts, Chattel Paper, Documents, Equipment, General Intangibles,
      Instruments, Inventory and Proceeds.

    

    3. Grant
      of General Security Interest in Collateral.

    

    3.1 As
      security for the Obligations, Shareholders hereby grant the Collateral Agent,
      for the benefit of the Lenders, a security interest in the Collateral.

    

    3.2 “Collateral”
       shall mean  all of  the following property of  the
      Shareholders: 

     

    
      
        
        

      

      
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    The
      Shareholders  hereby grant the  Collateral Agent, for  the 
benefit  of  the  Lenders, a security  interest
      in and
      deposits
      with the
      Collateral Agent, the common stock of the Debtor as set forth on Schedule B
      hereto, together with notarized stock powers and corporate resolutions
      acceptable to the Debtor’s transfer agent (“Security Shares”). Such Collateral
      shall include, but not be limited to, all the Debtor’s right, title and interest
      in and to the Security Shares, together with the proceeds of any sale, exchange,
      liquidation or other disposition, whether voluntary or involuntary, and
      including but not limited to any securities, instruments, and all benefits
      and
      entitlements evidenced by or arising out of the Security Shares and all other
      securities, instruments and other property (whether real or personal, tangible
      or intangible) issued or accepted in substitution for, or in addition to, the
      foregoing, and all dividends, interest, cash, instruments, distributions,
      income, securities and any other property (whether real or personal, tangible
      or
      intangible) at any time received, receivable or otherwise distributed in respect
      of, or in exchange for, the foregoing, whether now owned or hereafter acquired,
      and any and all improvements, additions, replacements, substitutions and any
      and
      all proceeds arising out of or derived from the foregoing. The Collateral Agent
      is hereby specifically authorized to transfer any Security Shares into the
      name
      of the Collateral Agent and to take any and all action deemed advisable to
      the
      Collateral Agent to remove any transfer restrictions affecting the Security
      Shares.

    

    3.3 The
      Collateral Agent is hereby specifically authorized to transfer any Collateral
      into the name of the Collateral Agent and to take any and all action deemed
      advisable to the Collateral Agent to remove any transfer restrictions affecting
      the Collateral.

    

    4. Perfection
      of Security Interest.

    

    Shareholders
      shall execute and deliver to the Collateral Agent UCC-1 Financing Statements
      ("Financing Statements") assigning to the Collateral Agent security interests
      in
      Shareholders’ right, title and interest in and to the Collateral. Debtor and
      Shareholders hereby authorize the Collateral Agent to file such Financing
      Statements at the Debtor’s expense, in such filing locations as the Collateral
      Agent deems appropriate.

    

    5. Distribution
      on Liquidation.

    

    5.1 If
      any
      sum is paid as a liquidating distribution on or with respect to the Collateral,
      Shareholders shall accept same in trust for the Lenders and shall deliver same
      to the Collateral Agent to be applied to the Obligations then due, in accordance
      with the terms of the Notes.

    

    

      
        
          
          

        

        
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    5.2 Prior
      to
      any Event of Default (as defined herein), Debtor and Shareholders shall be
      entitled to exercise all voting power pertaining to any of the Collateral,
      provided such exercise is not contrary to the interests of the Lenders and
      does
      not impair the Collateral.

    

    6. Further
      Action By Debtor and Covenants and Warrants.

    

    6.1 Collateral
      Agent at all times shall have a perfected security interest in the Collateral
      which shall be prior to any other unperfected interest therein. Shareholders
      have and will continue to have full title to the Collateral free from any liens,
      leases, encumbrances, judgments or other claims, Collateral Agent's security
      interest in the Collateral constitutes and will continue to constitute a first,
      prior and indefeasible security interest in favor of Collateral Agent.
      Shareholders will do all acts and things, and will execute and file all
      instruments (including, but not limited to, security agreements, financing
      statements, continuation statements, etc.) reasonably requested by the
      Collateral Agent to establish, maintain and continue the perfected security
      interest of Collateral Agent in the Collateral, and Debtor will promptly on
      demand, pay all costs and expenses of filing and recording, including the costs
      of any searches deemed necessary by Collateral Agent from time to time to
      establish and determine the validity and the continuing priority of the security
      interest of Collateral Agent, and Debtor will also pay all other claims and
      charges that in the opinion of Collateral Agent might prejudice, imperil or
      otherwise affect the Collateral or its security interest therein.

    

    6.2 Debtor
      and Shareholders will not sell, transfer, assign or pledge those items of
      Collateral (or allow any such items to be sold, transferred, assigned or
      pledged), without the prior written consent of Collateral Agent. Although
      proceeds of Collateral are covered by this Security Agreement, this shall not
      be
      construed to mean that Collateral Agent consents to any sale of the
      Collateral.

    

    6.3 Debtor
      and Shareholders will, at all reasonable times, allow Collateral Agent or its
      representatives free and complete access to all of Debtor 's records which
      in
      any way relate to the Collateral, for such inspection and examination as
      Collateral Agent deems necessary.

    

    6.4 Debtor
      and Shareholders, at their sole cost and expense, will protect and defend this
      Security Agreement, all of the rights of Collateral Agent hereunder, and the
      Collateral against the claims and demands of all other parties.

    

    6.5 Debtor
      and Shareholders will promptly notify Collateral Agent of any levy, distraint
      or
      other seizure by legal process or otherwise of any part of the Collateral,
      and
      of any threatened or filed claims or proceedings that might in any way affect
      or
      impair any of the rights of Collateral Agent under this Security
      Agreement.

    

    

    
      
        
        

      

      
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    6.6 Debtor
      and Shareholders, at their own expense, will obtain and maintain in force
      insurance policies covering losses or damage to those items of Collateral which
      constitute physical personal property. The insurance policies to be obtained
      by
      Debtor and Shareholders shall be in form and amounts reasonably acceptable
      to
      Collateral Agent. Debtor and Shareholders shall make the Collateral Agent a
      loss
      payee thereon. Collateral Agent is hereby irrevocably appointed Debtor's and
      Shareholders’ attorney-in-fact to endorse any check or draft that may be payable
      to Debtor or Shareholders, so that Collateral Agent may collect the proceeds
      payable for any loss under such insurance. The proceeds of such insurance,
      less
      any costs and expenses incurred or paid by Collateral Agent in the collection
      thereof, shall be applied either toward the cost of the repair or replacement
      of
      the items damaged or destroyed, or on account of any sums secured hereby,
      whether or not then due or payable.

    

    6.7 Collateral
      Agent may, at its option, and without any obligation to do so, pay, perform
      and
      discharge any and all amounts, costs, expenses and liabilities herein agreed
      to
      be paid or performed by Debtor or Shareholders, and all amounts expended by
      Collateral Agent in so doing shall become part of the Obligations secured
      hereby, and shall be immediately due and payable by Debtor and Shareholders
      to
      Collateral Agent upon demand and shall bear interest at 18% per annum from
      the
      dates of such expenditures until paid.

    

    6.8 Upon
      the
      request of Collateral Agent, Debtor and Shareholders will furnish within five
      (5) days thereafter to Collateral Agent, or to any proposed assignee of this
      Security Agreement, a written statement in form satisfactory to Collateral
      Agent, duly acknowledged, certifying the amount of the principal and interest
      then owing under the Obligations, whether any claims, offsets or defenses exist
      against the Obligations or against this Security Agreement, or any of the terms
      and provisions of any other agreement of Debtor or Shareholders securing the
      Obligations. In connection with any assignment by Collateral Agent of this
      Security Agreement, Shareholders hereby agree to cause the insurance policies
      required hereby to be carried by Debtor and Shareholders, if any, to be endorsed
      in form satisfactory to Collateral Agent or to such assignee, with loss payable
      clauses in favor of such assignee, and to cause such endorsements to be
      delivered to Collateral Agent within ten (10) calendar days after request
      therefor by Collateral Agent.

    

    6.9 The
      Shareholders will, at their own expense, make, execute, endorse, acknowledge,
      file and/or deliver to the Collateral Agent from time to time such vouchers,
      invoices, schedules, confirmatory assignments, conveyances, financing
      statements, transfer endorsements, powers of attorney, certificates, reports
      and
      other assurances or instruments and take further steps relating to the
      Collateral and other property or rights covered by the security interest hereby
      granted, as the Collateral Agent may reasonable require.

    

    

    
      
        
        

      

      
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    6.10 Shareholders
      represent and warrant that they are the true and lawful exclusive owners of
      the
      Collateral, free and clear of any liens and encumbrances.

    

    6.11 Shareholders
      hereby agree not to divest themselves of any right under the Collateral absent
      prior written approval of the Collateral Agent.

    

    6.12 Shareholders
      will cooperate and provide such certificate, resolutions, representations,
      legal
      opinions and all other matters necessary to facilitate a sale of any part of
      the
      Collateral pursuant to Rule 144 under the Securities Act of 1933.

     

    7. Power
      of Attorney.

    

    Debtor
      and Shareholders hereby irrevocably constitute and appoint the Collateral Agent
      as the true and lawful attorney of Debtor and Shareholders, with full power
      of
      substitution, in the place and stead of Debtor and Shareholders and in the
      name
      of Debtor and Shareholders or otherwise, at any time or times, in the discretion
      of the Collateral Agent, to take any action and to execute any instrument or
      document which the Collateral Agent may deem necessary or advisable to
      accomplish the purposes of this Agreement which Debtor or Shareholders fail
      to
      take or fails to execute within five (5) business days of the Collateral Agent's
      reasonable request therefor. This power of attorney is coupled with an interest,
      is irrevocable and shall not be affected by any subsequent disability or
      incapacity of Debtor or Shareholders.

    

    8. Performance
      By The Collateral Agent.

    

    If
      Debtor
      or Shareholders fail to perform any material covenant, agreement, duty or
      obligation of Debtor or Shareholders under this Agreement, the Collateral Agent
      may, at any time or times in its discretion, take action to effect performance
      of such obligation. All reasonable expenses of the Collateral Agent incurred
      in
      connection with the foregoing authorization shall be payable by Debtor and
      Shareholders as provided in Paragraph 12.1 hereof. No discretionary right,
      remedy or power granted to the Collateral Agent under any part of this Agreement
      shall be deemed to impose any obligation whatsoever on the Collateral Agent
      with
      respect thereto, such rights, remedies and powers being solely for the
      protection of the Collateral Agent.

    

    9. Event
      of Default.

    

    An
      event
      of default ("Event of Default") shall be deemed to have occurred hereunder
      upon
      the occurrence of any event of default as defined in the Notes or the Loan
      Agreement. Upon and after any Event of Default, after the applicable cure
      period, if any, any or all of the Obligations shall become immediately due
      and
      payable at the option of the Collateral Agent, for the benefit of the Lenders,
      and the Collateral Agent may dispose of Collateral as provided below. A default
      by Debtor or Shareholders of any of their obligations pursuant to this Agreement
      shall be deemed an Event of Default hereunder and an event of default as defined
      in the Obligations.

    

    

    
      
        
        

      

      
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    10. Disposition
      of Collateral.

    

    Upon
      and
      after any Event of Default which is then continuing,

    

    10.1 The
      Collateral Agent may exercise its rights with respect to each and every
      component of the Collateral, without regard to the existence of any other
      security or source of payment for the Obligations. In addition to other rights
      and remedies provided for herein or otherwise available to it, the Collateral
      Agent shall have all of the rights and remedies of a lender on default under
      the
      Uniform Commercial Code ("Code") then in effect in the State of New
      York.

    

    10.2 If
      any
      notice to Shareholders of the sale or other disposition of Collateral is
      required by then applicable law, five (5) days' prior notice (or, if longer,
      the
      shortest period of time permitted by then applicable law) to Shareholders of
      the
      time and place of any public sale of Collateral or of the time after which
      any
      private sale or any other intended disposition is to be made, shall constitute
      reasonable notification.

    

    10.3 The
      Collateral Agent is authorized, at any such sale, if the Collateral Agent deems
      it advisable to do so, in order to comply with any applicable securities laws,
      to restrict the prospective bidders or purchasers to persons who will represent
      and agree, among other things, that they are purchasing the Collateral for
      their
      own account for investment, and not with a view to the distribution or resale
      thereof, or otherwise to restrict such sale in such other manner as the
      Collateral Agent deems advisable to ensure such compliance. Sales made subject
      to such restrictions shall be deemed to have been made in a commercially
      reasonable manner.

    

    10.4 All
      cash
      proceeds received by the Collateral Agent for the benefit of the Lenders in
      respect of any sale, collection or other enforcement or disposition of
      Collateral, shall be applied (after deduction of any amounts payable to the
      Collateral Agent pursuant to Paragraph 12.1 hereof) against the Obligations.
      Upon payment in full of all Obligations, Shareholders shall be entitled to
      the
      return of all Collateral, including cash, which has not been used or applied
      toward the payment of Obligations or used or applied to any and all costs or
      expenses of the Collateral Agent incurred in connection with the liquidation
      of
      the Collateral (unless another person is legally entitled thereto). Any
      assignment of Collateral by the Collateral Agent to Shareholders shall be
      without representation or warranty of any nature whatsoever and wholly without
      recourse. The Lenders may purchase the Collateral and pay for such purchase
      by
      offsetting any sums owed to Lender by Debtor arising under the Obligations
      or
      any other source.

    

    

    
       

      
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    10.5 No
      exercise by the Collateral Agent of any right hereby given it, no dealing by
      the
      Collateral Agent with Debtor, Shareholders or any other person, and no change,
      impairment or suspension of any right or remedy of the Collateral Agent shall
      in
      any way affect any of the obligations of Debtor or Shareholders hereunder or
      any
      Collateral furnished by Debtor or Shareholders or give Debtor or Shareholders
      any recourse against the Collateral Agent.

     

    11. Waiver
      of Automatic Stay.
      The
      Debtor and Shareholders acknowledge and agree that should a proceeding under
      any
      bankruptcy or insolvency law be commenced by or against the Debtor or
      Shareholders, or if any of the Collateral (as defined in the Security Agreement)
      should become the subject of any bankruptcy or insolvency proceeding, then
      the
      Collateral Agent should be entitled to, among other relief to which the
      Collateral Agent may be entitled under the Note, Security Agreement, the Loan
      Agreement and any other agreement to which the Debtor, Shareholders, Lenders
      or
      Collateral Agent are parties, (collectively "Loan Documents") and/or applicable
      law, an order from the court granting immediate relief from the automatic stay
      pursuant to 11 U.S.C. Section 362 to permit the Collateral Agent to exercise
      all
      of its rights and remedies pursuant to the Loan Documents and/or applicable
      law.
      THE DEBTOR AND SHAREHOLDERS EXPRESSLY WAIVE THE BENEFIT OF THE AUTOMATIC STAY
      IMPOSED BY 11 U.S.C. SECTION 362. FURTHERMORE, THE DEBTOR AND SHAREHOLDERS
      EXPRESSLY ACKNOWLEDGE AND AGREE THAT NEITHER 11 U.S.C. SECTION 362 NOR ANY
      OTHER
      SECTION OF THE BANKRUPTCY CODE OR OTHER STATUTE OR RULE (INCLUDING, WITHOUT
      LIMITATION, 11 U.S.C. SECTION 105) SHALL STAY, INTERDICT, CONDITION, REDUCE
      OR
      INHIBIT IN ANY WAY THE ABILITY OF THE COLLATERAL AGENT TO ENFORCE ANY OF ITS
      RIGHTS AND REMEDIES UNDER THE LOAN DOCUMENTS AND/OR APPLICABLE LAW. The Debtor
      and Shareholders hereby consent to any motion for relief from stay which may
      be
      filed by the Collateral Agent in any bankruptcy or insolvency proceeding
      initiated by or against the Debtor and Shareholders, further, agree not to
      file
      any opposition to any motion for relief from stay filed by the Collateral Agent.
      The Debtor and Shareholders represent, acknowledge and agree that this provision
      is a specific and material aspect of this Agreement, and that the Collateral
      Agent would not agree to the terms of this Agreement if this waiver were not
      a
      part of this Agreement. The Debtor and Shareholders further represent,
      acknowledge and agree that this waiver is knowingly, intelligently and
      voluntarily made, that neither the Collateral Agent nor any person acting on
      behalf of the Collateral Agent has made any representations to induce this
      waiver, that the Debtor and Shareholders have been represented (or has had
      the
      opportunity to be represented) in the signing of this Agreement and in the
      making of this waiver by independent legal counsel selected by the Debtor and
      Shareholders and that the Debtor and Shareholders have had the opportunity
      to
      discuss this waiver with counsel. The Debtor and Shareholders further agree
      that
      any bankruptcy or insolvency proceeding initiated by the Debtor or Shareholders
      and will only be brought in courts within the geographic boundaries of New
      York
      State.

    

    

    

    
      
        
        

      

      
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    12. Miscellaneous.

    

    12.1 Expenses.
      Debtor
      and Shareholders shall severally pay to the Collateral Agent, on demand, the
      amount of any and all reasonable expenses, including, without limitation,
      attorneys' fees, legal expenses and brokers' fees, which the Collateral Agent
      may incur in connection with (a) sale, collection or other enforcement or
      disposition of Collateral; (b) exercise or enforcement of any the rights,
      remedies or powers of the Collateral Agent hereunder or with respect to any
      or
      all of the Obligations; or (c) failure by Debtor or Shareholders to perform
      and
      observe any agreements of Debtor or Shareholders contained herein which are
      performed by the Collateral Agent.

    

    12.2 Waivers,
      Amendment and Remedies.
      No
      courses of dealing by the Collateral Agent and no failure by the Collateral
      Agent to exercise, or delay by the Collateral Agent in exercising, any right,
      remedy or power hereunder shall operate as a waiver thereof, and no single
      or
      partial exercise thereof shall preclude any other or further exercise thereof
      or
      the exercise of any other right, remedy or power of the Collateral Agent. No
      amendment, modification or waiver of any provision of this Agreement and no
      consent to any departure by Debtor or Shareholders therefrom, shall, in any
      event, be effective unless contained in a writing signed by the Collateral
      Agent, and then such waiver or consent shall be effective only in the specific
      instance and for the specific purpose for which given. The rights, remedies
      and
      powers of the Collateral Agent, not only hereunder, but also under any
      instruments and agreements evidencing or securing the Obligations and under
      applicable law are cumulative, and may be exercised by the Collateral Agent
      from
      time to time in such order as the Collateral Agent may elect.

    

    12.3 Notices.
      Any
      notice or other communications under the provisions of this Agreement shall
      be
      given in writing and delivered in person, by reputable overnight courier or
      delivery service, by facsimile machine (receipt conformed) with a copy sent
      by
      first class mail on the date of transmissions, or by registered or certified
      mail, return receipt requested, directed to its addresses set forth below (or
      to
      any new address of which either party hereto shall have informed the other
      by
      the giving of notice in the manner provided herein): 

    

    To
      Debtor:                   
      New
      World
      Entertainment Corp.

    7251
      West
      Lake Mead Boulevard, Suite 300

    Las
      Vegas, NV 89128

    Fax:
      (888) 628-1949

    

    With
      a
      copy to:                   
      Sichenzia
      Ross Friedman Ference LLP

    1065
      Avenue of The Americas, 21st
      Floor

    New
      York,
      NY 10018

    Attn:
      Richard Friedman, Esq.

    Fax:
      (212) 93-9725

    

    To
      Shareholders:          
____________________

     
      ____________________

     
      ____________________

     
      ____________________

     
      Fax: ( ) -

    

    To
      Lenders:                 
      To
      the
      addresses and telecopier numbers

    Set
      forth
      on Schedule A hereto

    

    To
      the
      Collateral Agent:      
Greg
      Dureault

     ______________________

     ______________________

     ______________________

     Telephone:
      

     Fax:
      

    

    

    

    Any
      party
      may change its address by written notice in accordance with this
      paragraph.

    

    
       

      
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    12.4 Term:
      Binding Effect.
      This
      Agreement shall (a) remain in full force and effect until payment and
      satisfaction in full of all of the Obligations; (b) be binding upon Debtor
      and
      Shareholders, and their successors and assigns; and (c) inure to the benefit
      of
      the Collateral Agent, for the benefit of the Lenders and their heirs, legal
      representatives, successors in title and assigns.

    

    12.5 Captions.
      The
      captions of Paragraphs, Articles and Sections in this Agreement have been
      included for convenience of reference only, and shall not define or limit the
      provisions hereof and have no legal or other significance
      whatsoever.

    

    12.6 Governing
      Law; Venue; Severability.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York without regard to principles of conflicts or choice of law,
      except to the extent that the perfection of the security interest granted hereby
      in respect of any item of Collateral may be governed by the law of another
      jurisdiction. Any legal action or proceeding against the Debtor and Shareholders
      with respect to this Agreement may be brought in the courts of the State of
      New
      York or of the United States for the Southern District of New York, and, by
      execution and delivery of this Agreement, each of the Debtor and Shareholders
      hereby irrevocably accepts for itself and in respect of its property, generally
      and unconditionally, the jurisdiction of the aforesaid courts. The Debtor and
      Shareholders hereby irrevocably waive any objection which they may now or
      hereafter have to the laying of venue of any of the aforesaid actions or
      proceedings arising out of or in connection with this Agreement brought in
      the
      aforesaid courts and hereby further irrevocably waives and agrees not to plead
      or claim in any such court that any such action or proceeding brought in any
      such court has been brought in an inconvenient forum. If any provision of this
      Agreement, or the application thereof to any person or circumstance, is held
      invalid, such invalidity shall not affect any other provisions which can be
      given effect without the invalid provision or application, and to this end
      the
      provisions hereof shall be severable and the remaining, valid provisions shall
      remain of full force and effect.

    

    12.7 Counterparts/Execution.
      This
      Agreement may be executed in any number of counterparts and by the different
      signatories hereto on separate counterparts, each of which, when so executed,
      shall be deemed an original, but all such counterparts shall constitute but
      one
      and the same instrument. This Agreement may be executed by facsimile signature
      and delivered by facsimile transmission.

    

    

    [THIS
      SPACE INTENTIONALLY LEFT BLANK]

    

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, the
      undersigned have executed and delivered this Security Agreement, as of the
      date
      first written above.

    

    "DEBTOR"

    

    NEW
      WORLD
      ENTERTAINMENT CORP.

    a
      Nevada
      corporation

    

    
 

    By:
      _________________________________

    Michelle
      Dobson

    President
      and Director

    

    “SHAREHOLDERS”

     

    ___________________________________

    Name:

    

    ___________________________________

    Name:

    

    ___________________________________

    Name: 

     

    

    "THE
      COLLATERAL AGENT"

    

    

    ___________________________________

    Greg
      Dureault

    

     

    

    

    This
      Security Agreement may be executed by facsimile signature and delivered by
      confirmed facsimile transmission.

    
      
         

      

      
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    SECURITY
      AGREEMENT - SCHEDULE A

    

    
      	
              LENDER

            	
              PRINCIPAL
                AMOUNT OF SECURED CONVERTIBLE NOTES

            
	
              Global
                Developments Inc.

              c/o
                510-999 W. Hastings St.

              Vancouver,
                BC V6C 2W2

              Attn:
                John Briner

            	
              $2,000,000.00

            
	
              555
                Holdings LLC 

              c/o
                      510-999 W. Hastings St.

              Vancouver,
                BC V6C 2W2

              Attn:
                John Briner

            	
              $1,250,000.00

            
	
              TOTAL

            	
              $3,250,000.00

            

    

    

    
      
        
        

      

      
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    SECURITY
      AGREEMENT - SCHEDULE B

    

    SECURITY
      SHARES

    

    

    
      	
              DEPOSITOR

            	
              DEPOSITED
                SHARES COMPRISING A PORTION OF THE COLLATERAL

            
	
              ________________________

              ________________________

              [SHAREHOLDER’S
                NAME]

            	
              ________________
                common shares ($.001 par value per share) of New World Entertainment
                Corp.

            
	
              ________________________

              ________________________

               

              [SHAREHOLDER’S
                NAME]

            	
              ________________
                common shares ($.001 par value per share) of New World Entertainment
                Corp.

            
	
              ________________________

              ________________________

               

              [SHAREHOLDER’S
                NAME]

            	
              ________________
                common shares ($.001 par value per share) of New World Entertainment
                Corp.Exhibit 10.25

    MORNINGSTAR
      CORPORATION

    

    

    ______________________________________

    

    

    

    CONVERTIBLE
      DEBENTURE

    (the
      “Debenture")

    

    

    

    
      	
              PRINCIPAL:

            	
              $822,273
                (U.S.)

            
	 	 
	
              INTEREST:

            	
              6%
                Per Annum

            
	 	 
	
              DUE
                DATE:

            	
              October
                24, 2005

            
	 	 
	
              ISSUE
                DATE:

            	
              October
                24, 2008

            
	 	 
	
              LENDER:

            	
              GLOBAL
                DEVELOPMENTS INC. 

            
	 	 
	
              LENDER
                ADDRESS:

            	
              Suite
                510 - 999 West Hastings 

            
	 	
              Vancouver,
                BC

            
	 	
              V6C
                2W2

            

    

    

    

    

    WITH
      THE TERMS AS FOLLOWS:

    

    

    FOR
      VALUE RECEIVED,
      MORNINGSTAR
      CORPORATION
      (the
“Company”),
      HEREBY
      ACKNOWLEDGES ITSELF INDEBTED TO THE
      AFORESTATED LENDER
      (the
“Lender”),
      AND
      THE COMPANY PROMISES TO PAY TO THE LENDER, in
      the
      manner and at the times set forth herein in accordance with the stated terms,
      the aggregate
      Principal
      (the
“Principal”,
      also
      called the "Loan")
      sum of
Eight
      Hundred Twenty-Two Thousand Two Hundred Seventy-Three Dollars ($822,273 U.S.)
      and Interest, and other costs as set forth herein, in
      lawful
      money of the United States of America.

     

    The
      effective date (the "Effective
      Date")
      of
      this Debenture shall be the aforestated Issue Date and the due date (the
      "Due
      Date")
      for
      the payment of all Principal shall be January 27, 2008, unless accelerated
      due
      to default not cured or waived by the terms hereof, and such accelerated date
      shall thereupon be the Due Date.

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    This
      Debenture is specifically acknowledged to be a continuing security for all
      indebtedness of the Company outstanding from time-to-time, including for all
      re-advances after any payments of Principal, partial or otherwise, until
      discharged by the Lender in writing.

    

    This
      Debenture is enforceable and actionable in accordance with the laws of and
      in
      the jurisdiction of the Company and the Company waives any and all defenses
      to
      the enforcement hereof and attorns without reservation or defense to execution
      hereof (except the defense of payment) and to any judgment, reciprocating or
      otherwise.

    

    1. Interest

    

    This
      Debenture will bear interest (the “Interest”)
      at
six
      (6%) percent per annum,
      calculated annually and the Interest shall be payable annually (on each
      anniversary of the Effective Date) in arrears. After the Due Date Interest
      shall
      continue at 6% per annum but shall be capitalized monthly when unpaid.

    

    

    2. Payment
      of Principal and Interest

    

    The
      Principal will be due and payable by the Company to the Lender in the following
      manner:

    

    
      	 	
              (a)

            	
              the
                Principal shall be paid on the Due Date, and any acceleration thereof;
                and

            

    

    

    
      	 	
              (b)

            	
              in
                the event that the Principal and Interest has been reduced by an
                exercise
                of the Conversion Option (as defined below) then the reduced Principal
                and
                Interest shall be considered paid and discharged.
                

            

    

    

    

    3. Conversion
      Terms of this Debenture

    

    The
      Lender shall have the option during the term of this Debenture, and any
      extension thereto, to convert (the "Conversion
      Option")
      the
      Principal and Interest unpaid into common shares (the "Shares”)
      of the
      Company at the following conversion rates: 

    

    
      	 	
              (a)

            	
              The
                Conversion rate should be at a rate of $0.50 US per
                Share;

            

    

    

    Fractional
      shares will not be issued on any conversion but, in lieu thereof, the Company
      will make a cash payment.

    

    The
      right
      to convert the Debenture may be exercised by the Lender by the delivery of
      a
      notice of exercise of the Conversion Option, which must be exercised in full
      as
      to any unpaid Principal as to each Debenture in this series tendered for
      conversion. Subject to regulatory delays reasonably acceptable to the Lender,
      the Shares shall be delivered within ten (10) days of notice of exercise and
      subject to the least restriction available under appropriate regulatory laws.
      

    

    

    

    4. Replacement
      of Prior Encumbrances and Release of Security

    

    It
      is
      hereby agreed and acknowledged by the Company and the Lender that this security
      shall replace and supersede any preceding agreements and contracts of security
      respecting the Principal and Interest. 

    

    Upon
      payment of the Principal (whether by payment in cash or by conversion to Shares)
      and payment of Interest, the Lender shall provide the Company, at its request,
      with all such discharges, releases and acknowledgments of payment as the Company
      may reasonably require and request to evidence such payment and to discharge
      the
      within security and any registration in respect thereto.

    

    

    TO
      HAVE AND TO HOLD
      the same
      unto the use of the Lender, and the Lender’s successors and assigns, upon and
      subject to the terms and conditions herein set forth.

    

    

    This
      Debenture is issued subject to and with the benefit of the conditions annexed
      hereto, which are to be deemed part of it.

    
 

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF
      the
      Company has caused its duly authorized officer to execute these terms effective
      on the Effective Date.

    

    

    

    MORNINGSTAR
      CORPORATION

    

    

    Per:___________________________________ 

    Authorized
      Signatory

    

    

    GLOBAL
      DEVELOPMENTS INC

    

    

    

    Per:___________________________________

    Authorized
      Signatory

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