Document:

SATISFACTION
      OF OBLIGATIONS

    

    

    In
      consideration for the execution and delivery of a replacement 10% Promissory
      Note in the principal amount of $300,000.00 by The Tube Media Corp., a Delaware
      corporation (the “Company”),
      dated
      on or about the date hereof, and the issuance of 196,604 shares of common stock
      of the Company, $.0001 par value per share, at a conversion price of $2.25,
      and
      other good and valuable consideration, Dr. Robert A. Kast (“Lender”),
      the
      holder of two promissory notes executed by the Company in his favor: (i) dated
      January 14, 2005, in the aggregate principal amount of $150,000.00, as amended
      by a letter agreement dated April 11, 2006; and (ii) dated August 31, 2005,
      in
      the aggregate principal amount of $500,000.00, as amended by a letter agreement
      dated April 11, 2006 (together, the “Notes”)
      attached hereto as Exhibit
      A
      and
Exhibit
      B,
      respectively, hereby acknowledges forgiveness of, satisfaction in full and
      waiver of an aggregate of $742,360.00 in debt obligations of the Company,
      consisting of: (x) all payments and amounts due under the Notes, including
      but
      not limited to all unpaid and accrued interest, fees, expenses and penalties
      which may now be due and outstanding or become due, and all past defaults under
      the Notes in their entirety; and (y) all payments representing consulting fees,
      past due compensation, interest, penalties, charges, fees, expenses and amounts
      of any kind that may be owed to Lender or Lender’s affiliates now or in the
      future or rights that Lender has or may have with respect to or in connection
      with that certain consulting agreement entered into on August 31, 2005, between
      the Company and DKK-RK Enterprises, Inc., a corporate entity owned by,
      controlled by, or under the control of Lender, attached hereto as Exhibit
      C,
      and any
      other consulting arrangements or agreements, whether written or verbal, between
      Lender and the Company.

    

    

    Dated:
      October 10, 2006

     

     

    
      	 	 	DR. ROBERT A.
              KAST
	 	 	 
	WITNESS	 	 
	/s/
              Patrick LaPlatney	 	/s/
              Robert A. Kast
	 	 	 

    

     

    
      	Print
              Name	 	Patrick
              LaPlatneyPROMISSORY
      NOTE

     

    

     

    Dated:
      October 10, 2006

     

    
      	1.	
              Principal
                / Borrower Promise to
                Pay

            

    

     

    FOR
      VALUE RECEIVED,
      the
      undersigned, The
      Tube Media Corp., a Delaware corporation
      whose
      address is 1451
      W. Cypress Creek Rd., Suite 300, FL 33309 (“Borrower”),
      promises to pay to Dr.
      Robert
      Alan Kast,
      (“Lender”),
      whose
      address is 21875
      Cartagena Drive,
      Boca Raton, Florida 33428,
      the
      principal sum of $300,000.00,
      with
      annual interest thereon calculated in accordance with the terms and provisions
      provided below. All sums owing under this Note are payable in lawful money
      of
      the United States of America. 

    

    
      	2.	
              Interest

            

    

     

    Interest
      shall accrued on this Note be payable at a fixed annual rate of 10.0%, until
      such time as this Note is paid in full.

     

    All
      amounts required to be paid under Lender’s Note shall be payable at Lender’s
      office located at 21875
      Cartagena Drive,
      Boca Raton, Florida 33428,
      or at
      another place as Lender, from time to time, may designate in
      writing.

     

    Interest
      calculations shall be based on a 360-day year and charged on the basis of actual
      days elapsed.

     

    
      	3.	
              Payment
                of Principal

            

    

     

    The
      entire unpaid principal balance, together with all accrued interest shall be
      due
      and payable in full on the Maturity Date (as defined hereunder). 

     

    
      	4.	
              Maturity
                Date

            

    

     

    The
      entire principal balance of this Note, together with all accrued and unpaid
      interest and fees, shall be due and payable on October 10, 2007 (“Maturity
      Date”), unless otherwise prepaid in accordance with the terms of this
      Note.

     

    
      	5.	
              Additional
                Consideration.

            

    

     

    None

     

    
      	6.	
              Prepayment;
                Subsequent Financing. 

            

    

     

    Borrower
      may prepay the whole or any portion of this Note on any date, upon five days’
notice to Lender. Lender shall be entitled to receive repayment in full of
      Borrower’s obligations hereunder out of the funds of Borrower within thirty (30)
      days of the closing of any subsequent financing of Borrower (whether completed
      as a debt or equity financing) resulting in gross proceeds to Borrower equal
      to
      or greater than $5,000,000.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	7.	
              Late
                Charge

            

    

     

    If
      any
      required payment, including the final payment due on the maturity date, is
      not
      paid within 15 days from and including the date upon which it was due (whether
      by acceleration or otherwise), then, in each such event, all past due amounts
      shall be subject to a late penalty of five (.05) cents on every dollar owed
      (the
“late penalty”). This late penalty shall be in addition to any other interest
      due as provided for in Paragraph 2 and in addition to all other rights and
      remedies provided herein or by law for the benefit of the holder on a default.
      The acceptance of any payment by the holder of the Note shall not act to
      restrict the holder at all in exercising any other rights under the Note or
      the
      law, to waive or release Borrower from any obligations contained herein, or
      to
      extend the time for payments due under this Note.

     

    
      	8.	
              Default
                and Remedies

            

    

     

    If
      Borrower fails to pay principal and/or interest on the date on which it falls
      due or to perform any of the agreements, conditions, covenants, provisions,
      or
      stipulations contained in this Note, then Lender, at its option and without
      notice to Borrower, may declare immediately due and payable the entire unpaid
      balance of principal with interest from the date of default at the rate of
      16%
      per year and all other sums due by Borrower hereunder anything herein to the
      contrary notwithstanding. Payment of this sum may be enforced and recovered
      in
      whole or in part at any time by one or more of the remedies provided to Lender
      in this Note. In that case, Lender also may recover all costs in connection
      with
      suit, a reasonable attorney’s fee for collection, and interest on any judgment
      obtained by Lender at the rate of 12% per year.

     

    The
      remedies of Lender and the warrants provided in this Note shall be cumulative
      and concurrent, and they may be pursued singly, successively, or together at
      the
      sole discretion of Lender. They may be exercised as often as occasion shall
      occur, and failing to exercise one shall in no event be construed as a waiver
      or
      release of it.

     

    
      	9.	
              Attorneys’
                Fees and Costs

            

    

     

    Borrower
      shall pay all attorneys fees in connection with the preparation of this
      Note.

     

    If
      Lender
      engages any attorney to enforce or construe any provision of this Note, or
      as a
      consequence of any default whether or not any legal action is filed, Borrower
      immediately shall pay on demand all reasonable attorneys’ fees and other
      Lender’s costs, together with interest from the date of demand until paid at the
      highest rate of interest then applicable to the unpaid principal, as if the
      unpaid attorneys’ fees and costs had been added to the principal.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	10.	
              Waivers

            

    

     

    (a) Borrower
      hereby waives and releases all benefit that might accrue to Borrower by virtue
      of any present or future laws of exemption with regard to real or personal
      property or any part of the proceeds arising from any sale of that property,
      from attachment, levy, or sale under execution, or providing for any stay of
      execution, exemption from civil process, or extension of time for payment.
      Borrower agrees that any real estate that may be levied on under a judgment
      obtained by virtue hereof, on any writ of execution issued thereon, may be
      sold
      on any writ in whole or in part in any order desired by Lender.

     

    (b) Borrower
      and all endorsers, sureties, and guarantors jointly and severally waive
      presentment for payment, demand, notice of demand, notice of nonpayment or
      dishonor, protest, notice of protest of this Note, and all other notices in
      connection with the delivery, acceptance, performance, default, or enforcement
      of the payment of this Note. They agree that each shall have unconditional
      liability without regard to the liability of any other party and that they
      shall
      not be affected in any manner by any indulgence, extension of time, renewal,
      waiver, or modification granted or consented to by Lender. Borrower and all
      endorsers, sureties, and guarantors consent to any and all extensions of time,
      renewals, waivers, or modifications that may be granted by Lender with respect
      to the payment or other provisions of this Note, and to the release of any
      collateral or any part thereof, with or without substitution, and they agree
      that additional borrowers, endorsers, guarantors, or sureties may become parties
      hereto without notice to them or affecting their liability
      hereunder.

     

    (c) Lender
      shall not be considered by any act of omission or commission to have waived
      any
      of its rights or remedies hereunder, unless such waiver is in writing and signed
      by Lender, and then only to the extent specifically set forth in writing. A
      waiver on one event shall not be construed as continuing or as a bar to or
      waiver of any right or remedy to a subsequent event. 

     

    (d) Lender
      hereby waives all past defaults and rights of any kind that Lender has or may
      have had arising from the past defaults including all fees, expenses, penalties
      and charges related to such defaults with respect to or in connection with
      either of
      two
      promissory notes executed by the Borrower in Lender’s favor as follows,: (i)
      dated January 14, 2005, in the aggregate principal amount
      $150,000.00,
      as
      amended by a letter agreement dated April 11, 2006;
      and
      (ii) dated August 31, 2005, in the aggregate principal amount of $500,000.00,
      with a current outstanding principal balance of $200,000.00 (together, the
      “Former Notes”),
      and
      Lender hereby agrees to execute a Satisfaction of Obligations relating to the
      Former Notes, in the forms attached hereto as Exhibit A and Exhibit B,
      respectively, and such Former Notes are canceled in full and shall be considered
      void ab initio with neither party having any liability or obligation hereafter
      to the other.

     

    (e) Lender
      hereby forgives and releases the Borrower from all consulting fees, and waives
      payment of any and all other past due compensation, fees, expenses and amounts
      of any kind that may be owed to Lender now or in the future or rights that
      Lender has or may have with respect to or in connection with that certain
      consulting agreement entered into on August 31, 2005, between the Borrower
      and
      DKK-RK Enterprises, Inc., a corporate entity owned by, controlled by, or under
      the control of Lender, attached hereto as Exhibit C, and any and all other
      consulting arrangements or agreements, whether written or verbal, between Lender
      and the Borrower.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	11.	
              Release.

            

    

     

    Lender
      hereby remises, releases, and forever discharges the Borrower, its affiliates,
      subsidiaries, officers, directors, employees and agents of and from all, and
      all
      manner of, actions, causes of action, suits, proceedings, debts, dues,
      contracts, judgments, damages, claims, and demands whatsoever in law or equity,
      which the Lender ever had, now has, or which its successors or assigns,
      hereafter can, shall, or may have for or by reason of any matter, cause, or
      thing whatsoever, arising from the Lender’s participation as either a lender or
      shareholder of Borrower prior to the date hereof.

     

    
      	12.	
              Notices

            

    

     

    All
      notices required under or in connection with this Note shall be delivered or
      sent by certified or registered mail, return receipt requested, postage prepaid,
      to the addresses set forth in Paragraph 1 hereof, or to another address that
      any
      party may designate from time to time by notice to the others in the manner
      set
      forth herein. All notices shall be considered to have been given or made either
      at the time of delivery thereof to an officer or employee or on the third
      business day following the time of mailing in the aforesaid manner.

     

    
      	13.	
              Costs
                and Expenses

            

    

     

    Borrower
      shall pay the cost of any revenue tax or other stamps now or hereafter required
      by law at any time to be affixed to this Note.

     

    
      	14.	
              No
                Partnership or Joint
                Venture

            

    

     

    Nothing
      contained in this Note or elsewhere shall be construed as creating a partnership
      or joint venture between Lender and Borrower or between Lender and any other
      person or as causing the holder of the Note to be responsible in any way for
      the
      debts or obligations of Borrower or any other person.

     

    
      	15.	
              Interest
                Rate Limitation

            

    

     

    Notwithstanding
      anything contained herein to the contrary, the holder hereof shall never be
      entitled to collect or apply as interest on this obligation any amount in excess
      of the maximum rate of interest permitted to be charged by applicable law.
      If
      the holder of this Note ever collects or applies as interest any such excess,
      the excess amount shall be applied to reduce the principal debt; and if the
      principal debt is paid in full, any remaining excess shall be paid forthwith
      to
      Borrower. In determining whether the interest paid or payable in any specific
      case exceeds the highest lawful rate, the holder and Borrower shall to the
      maximum extent permitted under applicable law (a) characterize any non-principal
      payment as an expense, fee, or premium rather than as interest; (b) exclude
      voluntary prepayments and the effects of these; and (c) spread the total amount
      of interest throughout the entire contemplated term of the obligation so that
      the interest rate is uniform throughout the term. Nothing in this paragraph
      shall be considered to increase the total dollar amount of interest payable
      under this Note.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	16.	
              Obligations
                of the Persons Under this
                Note

            

    

     

    If
      more
      than one person signs this Note, each person is fully and personally obligated
      to keep all of the promises made in this Note, including the promise to pay
      the
      full amount owed. Any person who is a guarantor, surety or endorser of this
      Note
      is also obligated to do these things. Any person who takes over these
      obligations, including the obligations of a guarantor, surety or endorser of
      this Note is also obligated to keep all of the promises made in this Note.
      The
      Note Holder may enforce its rights under this Note against each person
      individually or against all of us together. This means that any one of us may
      be
      required to pay all of the amounts owed under this Note.

     

    
      	17.	
              Modification

            

    

     

    In
      the
      event this Note is pledged or collaterally assigned by Lender at any time or
      from time to time before the maturity date, neither Borrower nor Lender shall
      permit any modification of this Note without the consent of the
      pledgee/assignee.

     

    
      	18.	
              Number
                and Gender

            

    

     

    In
      this
      Note the singular shall include the plural and the masculine shall include
      the
      feminine and neuter gender, and vice versa, if the context so
      requires.

     

    
      	19.	
              Headings

            

    

     

    Headings
      at the beginning of each numbered paragraph of this Note are intended solely
      for
      convenience of reference and are not to be construed as being a part of the
      Note.

     

    
      	20.	
              Time
                of Essence

            

    

     

    Time
      is
      of the essence with respect to every provision of this Note.

     

    
      	21.	
              Governing
                Law

            

    

     

    This
      Note
      shall be construed and enforced in accordance with the laws of the State of
      Florida, except to the extent that federal laws preempt the laws of the State
      of
      Florida.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    IN
      WITNESS WHEREOF,
      Borrower have executed this Promissory Note on the date set forth
      above.

     

     

    
      	 	 	
              The
                Tube Media Corp.

               

              By:
                /s/ PATRICK LAPLATNEY

              Name:
                PATRICK LAPLATNEY

              Title:
                CHIEF EXECUTIVE OFFICER

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