Document:

Exhibit
      10.2

    STOCK
      PLEDGE AGREEMENT

    

    STOCK
      PLEDGE AGREEMENT ("Agreement")
      entered into as of the 26th day of March, 2007 by and among John Fife (the
      “Secured
      Party”),
      and
      the persons identified on the signature page hereof (each individually a
“Pledgor” and collectively, the “Pledgors”).

    

    RECITALS

    

    A. The
      Pledgors have agreed, jointly and severally, to pledge certain securities to
      secure (i) the performance by CenterStaging Corp., a Delaware corporation with
      offices at 3407 Winone Avenue, Burbank, CA 91504 (“the Maker”) of its
      obligations under its Series 2007 Original Issue Discount Secured Note in an
      aggregate face amount of up to Two Million Four Hundred Thousand and Twenty
      Four
      and 00/100 Dollars ($2,400,024.00) payable to the Secured Party (the
“Note”),
      and
      (ii) the performance by the Pledgors of their respective Guarantees delivered
      to
      the Secured Party of even date herewith. Capitalized terms in this Agreement
      which are not identified herein will have the meanings given such terms in
      the
      Note. 

    

    B. The
      Secured Party is willing to accept the Note only upon receiving the Pledgors’s
      guarantees and pledge of certain securities as set forth in this Agreement.
      

    

    NOW,
      THEREFORE, in consideration of the premises, the mutual covenants and conditions
      contained herein, and for other good and valuable consideration, the receipt
      and
      sufficiency of which are hereby acknowledged, the parties hereto hereby agree
      as
      follows:

     

    1. Grant
      of Security Interest; True-up of Collateral.
      The
      Pledgors hereby pledge to the Secured Party as collateral and security for
      the
      Secured Obligations (as defined in Section
      2)
      the
      securities initially set forth on the attached Schedule 1 of this Agreement,
      together with medallion guaranteed stock powers and an irrevocable instruction
      letter to the transfer agent (the “Transfer
      Agent”)
      of the
      Maker’s common stock (the “Pledged
      Shares”).
      If, at
      any time during the term of the Note, the market value of the Collateral (as
      defined below) then held by the escrow agent does not equal or exceed four
      hundred percent (400%) of the Maturity Amount of the Note, then the Pledgors
      shall deliver to the escrow agent for deposit into escrow within three (3)
      days
      of such date a certificate for additional shares of the Common Stock of the
      Maker (“Common
      Stock”),
      which
      shares shall have been issued no later than the Pledged Shares, such that the
      value of all Pledged Shares shall equal not less than four hundred percent
      (400%) of the Maturity Amount of the Note, together with stock powers in blank,
      medallion guaranteed and an irrevocable letter of instruction to the Transfer
      Agent with respect to the newly-delivered shares of Common Stock, and a
      statement setting forth the necessary amount of Collateral, not later than
      the
      first business day following such default. If the Pledgors fail to deliver
      the
      True-up Shares to the Secured Party within five (5) business days after receipt
      of notice by the Secured Party therefore, the Pledgors collectively shall pay
      to
      the Secured Party, in cash, One Hundred Dollars ($100) per business day until
      such certificates are delivered. Unless otherwise set forth on Schedule
      1
      of this
      Agreement, the Pledgors are the beneficial and record owners of the Pledged
      Shares set forth on such Schedule. Such Pledged Shares, together with any
      additions, replacements, accessions or substitutes therefor or proceeds thereof,
      are hereinafter referred to collectively as the “Collateral.”
      For
      purposes of this Section
      1,
      the
      Market Value of the Collateral shall be calculated as the average of
      the volume weighted average prices for the Common Stock for the five (5) trading
      days immediately preceding the date on which it is measured, as reported by
      Bloomberg L.P. The value of any additional shares delivered into escrow as
      provided above shall be deemed to be the Market Value on the date on which
      the
      deficiency shall have occurred.

    

    2. Secured
      Obligations.
      During
      the term hereof, the Collateral shall secure the performance by the Pledgors
      of
      their respective obligations, covenants, and agreements under their respective
      Guaranties and this Pledge Agreement and the performance by the Maker of its
      Obligations under the Note (the “Secured
      Obligations”).

    

    3. Perfection
      of Security Interests.
      (a)
      Upon execution of this Agreement, the Pledgors shall deliver the Pledged Shares,
      together with Stock Powers (with Medallion Guarantees annexed), to the Secured
      Party.

     

    (b) The
      Pledgors will, at their own expense, cause to be searched the public records
      with respect to the Collateral and will execute, deliver, file and record (in
      such manner and form as the Secured Party may require), or permit the Secured
      Party to file and record, as the Pledgors’s attorney-in-fact, any financing
      statements, any carbon, photographic or other reproduction of a financing
      statement or this Agreement (which shall be sufficient as a financing statement
      hereunder), any specific assignments or other paper that may be reasonably
      necessary or desirable, or that the Secured Party may request, in order to
      create, preserve, perfect or validate any Security Interest or to enable the
      Secured Party to exercise and enforce its rights hereunder with respect to
      any
      of the Collateral. The Pledgors hereby appoint the Secured Party as the
      Pledgors’s attorney-in-fact to execute in the name and behalf of the Pledgors
      such additional financing statements as the Secured Party may request.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. Assignment.
      In
      connection with the transfer of the Note in accordance with its terms, the
      Secured Party may assign or transfer the whole or any part of his security
      interest granted hereunder, and may transfer as collateral security the whole
      or
      any part of his security interest in the Collateral. Any transferee of the
      Collateral shall be vested with all of the rights and powers of the Secured
      Party hereunder with respect to the Collateral. 

    

    5. Pledgors’s
      Warranty.
      A.
Title.
      The
      Pledgors jointly and severally represent and warrant hereby to the Secured
      Party
      as follows with respect to the Pledged Shares: 

     

    (i) The
      Collateral is free and clear of any encumbrances of every nature whatsoever,
      and
      the Pledgors are the sole owner of the Pledged Shares; 

     

    (ii) The
      Pledgors further agree not to grant or create, any security interest, claim,
      lien, pledge or other encumbrance with respect to such Collateral or attempt
      to
      sell, transfer or otherwise dispose of the Collateral, until the Secured
      Obligations have been paid in full or this Agreement terminates;
      and

     

    (iii) This
      Agreement constitutes a legal, valid and binding obligation of the Pledgors
      enforceable in accordance with its terms (except as the enforcement thereof
      may
      be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
      moratorium, and similar laws now or hereafter in effect),

     

    B. Other.
      (i) The
      Pledgors have made necessary inquiries of the Maker and believe that the Maker
      fully intends to fulfill and has the capability of fulfilling the Secured
      Obligations to be performed by the Maker in accordance with the terms of the
      Note. 

    

    (ii) The
      Pledgors are not acting, and have not agreed to act, in any plan to sell or
      dispose of any Pledged Shares in a manner intended to circumvent the
      registration requirements of the Securities Act of 1933, as amended, or any
      applicable state law.

    

    (iii) The
      Pledgors have been advised by counsel of the elements of a bona-fide pledge
      for
      purposes of Rule 144(d)(3)(iv) under the Securities Act of 1933, as amended,
      including the relevant SEC interpretations, and affirms that the pledge of
      shares by the undersigned pursuant to this Pledge Agreement will constitute
      a
      bona-fide pledge of such shares for purposes of such Rule.

    

    6. Collection
      of Dividends and Interest.
      During
      the term of this Agreement and so long as the Pledgors are not in default under
      the Note, the Pledgors are authorized to collect all dividends, distributions,
      interest payments, and other amounts that may be, or may become, due on any
      of
      the Collateral. 

    

    7. Voting
      Rights.
      During
      the term of this Agreement and until such time as this Agreement has terminated
      or the Secured Party has exercised his rights under this Agreement to foreclose
      its security interest in the Collateral, The Pledgors shall have the right
      to
      exercise any voting rights evidenced by, or relating to, the
      Collateral.

    

    8. Warrants
      and Options.
      In the
      event that, during the term of this Agreement, subscription, spin-off, warrants,
      dividends, or any other rights or option shall be issued in connection with
      the
      Collateral, such warrants, dividends, rights and options shall be immediately
      delivered to the Secured Party to be held under the terms hereof in the same
      manner as the Collateral.

    

    9. Preservation
      of the Value of the Collateral.
      The
      Pledgors shall pay all taxes, charges, and assessments against the Collateral
      and do all acts necessary to preserve and maintain the value
      thereof.

    

    10. The
      Secured Party as the Pledgors's Attorney-in-Fact.

    

    (a) The
      Pledgors hereby irrevocably appoint the Secured Party as the Pledgors's
      attorney-in-fact, with full authority in the place and stead of the Pledgors
      and
      in the name of the Pledgors, the Secured Party or otherwise, from time to time
      at the Secured Party's discretion, to take any action and to execute any
      instrument that the Secured Party may reasonably deem necessary or advisable
      to
      accomplish the purposes of this Agreement, including: (i) upon the occurrence
      and during the continuance of an Event of Default (as defined below), to
      receive, endorse, and collect all instruments made payable to the Pledgors
      representing any dividend, interest payment or other distribution in respect
      of
      the Collateral (as defined in the Note) or any part thereof to the extent
      permitted hereunder and to give full discharge for the same and to execute
      and
      file governmental notifications and reporting forms; (ii) to arrange for the
      transfer of the Collateral on the books of the Maker or any other person to
      the
      name of the Secured Party or to the name of the Secured Party's
      nominee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) In
      addition to the designation of the Secured Party as the Pledgors's
      attorney-in-fact in subsection (a), the Pledgors hereby irrevocably appoint
      the
      Secured Party as the Pledgors's agent and attorney-in-fact to make, execute
      and
      deliver any and all documents and writings which may be necessary or appropriate
      for approval of, or be required by, any regulatory authority located in any
      city, county, state or country where the Pledgors, or any of them, or the Maker
      (as defined in the Note) engage in business, in order to transfer or to more
      effectively transfer any of the Pledged Interests or otherwise enforce the
      Secured Party's rights hereunder.

    

    11. Remedies
      upon Default.
      Upon
      the occurrence and during the continuance of an Event of Default under the
      Note
      (“Event
      of Default”):

    

    (a) The
      Secured Party 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 on default under the Code (irrespective
      of whether the Code applies to the affected items of Collateral), and the
      Secured Party may also without notice (except as specified below) sell the
      Collateral or any part thereof in one or more parcels in an open market public
      sale on any exchange or trading platform. To the maximum extent permitted by
      applicable law, the Secured Party may be the purchaser of any or all of the
      Collateral at any such sale and shall be entitled, for the purpose of bidding
      and making settlement or payment of the purchase price for all or any portion
      of
      the Collateral sold at any such public sale, to use and apply all or any part
      of
      the Secured Obligations as a credit on account of the purchase price of any
      Collateral payable at such sale. Each purchaser at any such sale shall hold
      the
      property sold absolutely free from any claim or right on the part of the
      Pledgors, and the Pledgors hereby waive (to the extent permitted by law) all
      rights of redemption, stay, or appraisal that it now has or may at any time
      in
      the future have under any rule of law or statute now existing or hereafter
      enacted. The Pledgors agree that, to the extent notice of sale shall be required
      by law, at least ten (10) calendar days notice to the Pledgors of the time
      and
      place of any public sale or the time after which a private sale is to be made
      shall constitute reasonable notification. The Secured Party shall not be
      obligated to make any sale of Collateral regardless of notice of sale having
      been given. The Secured Party 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. To the maximum extent permitted by law, The Pledgors hereby waive
      any
      claims against the Secured Party arising because the price at which any
      Collateral may have been sold at such a private sale was less than the price
      that might have been obtained at a public sale, even if the Secured Party
      accepts the first offer received and does not offer such Collateral to more
      than
      one offeree. 

    

    (b) Notwithstanding
      the foregoing, the Secured Party hereby acknowledges that the total number
      of
      shares of stock that may be sold pursuant to Section 11(a) of this Agreement
      shall not exceed, on any given trading day, the greater of: (i) 3% of the
      aggregate trading volume during the previous five (5) trading days, including
      that day; (ii) 15% of the trading volume on that day; or (iii) such number
      of
      shares as yield proceeds (net of commissions) of $75,000.

    

    (c) The
      Secured Party hereby acknowledges and agrees that the total number of shares
      of
      stock that may be sold pursuant to Section
      11(b)
      of this
      Agreement shall not exceed such number of shares as are necessary to yield
      gross
      proceeds equal to the Maturity Amount, as adjusted pursuant to Section 7 of
      the
      Note. Upon receipt by Secured Party of gross proceeds equal to the Maturity
      Amount, the security interests granted herein shall automatically terminate
      and
      all rights to the Collateral shall revert to Pledgor.

    

    (d) The
      Secured Party hereby agrees that, upon delivery of an opinion of counsel stating
      that the rights of the Secured Party, including without limitation the right
      to
      sell such shares under Rule 144(k) promulgated under the Securities Act of
      1933,
      as amended, will not be affected thereby, other shares of the Borrower’s common
      stock issued no later than August 17, 2005 may at any time be substituted for
      all or a portion of the Pledged Shares; 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (e) Notwithstanding
      the foregoing, in the event of a default by Borrower pursuant to the Note,
      the
      Holder shall sell all of the Collateral prior to exercising its rights and
      remedies against any of the Guarantors (as defined in the respective Guaranties)
      pursuant to the respective Guaranties.

    

    (f) The
      Pledgors hereby agree that any sale or other disposition of the Collateral
      conducted in conformity with reasonable commercial practices of banks, insurance
      companies, or other financial institutions in the city and state where the
      Secured Party is located in disposing of property similar to the Collateral
      shall be deemed to be commercially reasonable.

    

    (g) The
      Pledgors hereby acknowledge that the sale by the Secured Party of any Collateral
      pursuant to the terms hereof in compliance with the Securities Act of 1933,
      as
      amended, as now in effect or as hereafter amended, or any similar statute
      hereafter adopted with similar purpose or effect (the "Securities
      Act"),
      as
      well as applicable "Blue Sky" or other state securities laws, may require strict
      limitations as to the manner in which the Secured Party or any subsequent
      transferee of the Collateral may dispose thereof. The Pledgors acknowledge
      and
      agree that in order to protect the Secured Party's interest it may be necessary
      to sell the Collateral at a price less than the maximum price attainable if
      a
      sale were delayed or were made in another manner, such as a public offering
      under the Securities Act. The Pledgors have no objection to sale in such a
      manner and agrees that the Secured Party shall have no obligation to obtain
      the
      maximum possible price for the Collateral. 

    

    (h) If
      the
      Secured Party shall determine to exercise its right to sell all or any portion
      of the Collateral pursuant to this Section, then the Pledgors agree that, upon
      request of the Secured Party, the Pledgors, at their own expense,
      shall:

    

    (i) execute
      and deliver, or cause the officers and directors of the Maker to execute and
      deliver, to any person, entity or governmental authority as the Secured Party
      may choose, any and all documents and writings which, in the Secured Party's
      reasonable judgment, may be necessary or appropriate for approval, or be
      required by, any regulatory authority located in any city, county, state or
      country where the Pledgors or the Maker engage in business, in order to transfer
      or to more effectively transfer the Pledged Interests or otherwise enforce
      the
      Secured Party's rights hereunder; and

    

    (ii) do
      or
      cause to be done all such other acts and things as may be necessary to make
      such
      sale of the Collateral or any part thereof valid and binding and in compliance
      with applicable law; and

    

    (iii) cause
      the
      Maker to timely file all periodic reports required to be filed by the Maker
      under the Securities Exchange Act of 1934, as amended.

    

    The
      Pledgors acknowledge that there is no adequate remedy at law for failure by
      them
      to comply with the provisions of this Section
      11
      and that
      such failure would not be adequately compensable in damages, and therefore
      agree
      that their agreements contained in this Section
      11
      may be
      specifically enforced. 

    

    (e) THE
      PLEDGORS EXPRESSLY WAIVE TO THE MAXIMUM EXTENT PERMITTED BY LAW: (i) ANY
      CONSTITUTIONAL OR OTHER RIGHT TO A JUDICIAL HEARING PRIOR TO THE TIME THE
      SECURED PARTY DISPOSES OF ALL OR ANY PART OF THE COLLATERAL AS PROVIDED IN
      THIS
      SECTION; (ii) ALL RIGHTS OF REDEMPTION, STAY, OR APPRAISAL THAT THEY NOW HAVE
      OR
      MAY AT ANY TIME IN THE FUTURE HAVE UNDER ANY RULE OF LAW OR STATUTE NOW EXISTING
      OR HEREAFTER ENACTED; AND (iii) EXCEPT AS SET FORTH IN SUBSECTION
      (a)
      OF THIS
SECTION
      11,
      ANY
      REQUIREMENT OF NOTICE, DEMAND, OR ADVERTISEMENT FOR SALE.

    

    12.   (a) Term
      of Agreement.
      This
      Agreement shall continue in full force and effect until payment in full of
      all
      obligations now or hereafter due under the Note. Upon payment in full of all
      such obligations, the security interests in the relevant Collateral shall be
      deemed released, and any portion of the Collateral not transferred to or sold
      by
      the Secured Party shall be returned to the Pledgors within five (5) trading
      days
      to the Pledgors, as contemplated above (and for such purpose, delivery to Darrin
      Ocasio, Esq., of Sichenzia Ross Friedman Ference LLP of New York, NY shall
      deemed to comply with such return requirement).

    

    (b) Application
      of Proceeds.
      Upon
      the occurrence and during the continuance of an Event of Default, any cash
      held
      by the Secured Party as Collateral and all cash proceeds received by the Secured
      Party in respect of any sale of, collection from, or other realization upon
      all
      or any part of the Collateral pursuant to the exercise by the Secured Party
      of
      its remedies as a secured creditor as provided in Section
      11
      shall be
      applied from time to time by the Secured Party as provided in the
      Note.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    13. Indemnity
      and Expenses.
      The
      Pledgors agree, jointly and severally:

    

    (a) To
      indemnify and hold harmless the Secured Party and each of his agents and
      affiliates from and against any and all claims, damages, demands, losses,
      obligations, judgments and liabilities (including, without limitation,
      reasonable attorneys' fees and expenses) in any way arising out of or in
      connection with this Agreement or the Secured Obligations, except to the extent
      the same shall arise as a result of the gross negligence or willful misconduct
      of the party seeking to be indemnified; and

    

    (b) To
      pay
      and reimburse the Secured Party upon demand for all reasonable costs and
      expenses (including, without limitation, reasonable attorneys' fees and
      expenses) that the Secured Party may incur in connection with (i) the custody,
      use or preservation of, or the sale of, collection from or other realization
      upon, any of the Collateral, including the reasonable expenses of re-taking,
      holding, preparing for sale or lease, selling or otherwise disposing of or
      realizing on the Collateral, (ii) the exercise or enforcement of any rights
      or
      remedies granted hereunder, under the Note or otherwise available to it (whether
      at law, in equity or otherwise), or (iii) the failure by the Pledgors to perform
      or observe any of the provisions hereof. The provisions of this Section
      13
      shall
      survive the execution and delivery of this Agreement, the repayment of any
      of
      the Secured Obligations, the termination of the commitments of the Secured
      Party
      under the Note and the termination of this Agreement.

    

    14. Duties
      of the Secured Party.
      The
      powers conferred upon the Secured Party hereunder are solely to protect his
      interests in the Collateral and shall not impose on him any duty to exercise
      such powers. Except as provided in Section 9-207 of the Uniform Commercial
      Code,
      The Secured Party shall have no duty with respect to the Collateral or any
      responsibility for taking any necessary steps to preserve rights against any
      Persons with respect to any Collateral.

    

    15. Choice
      of Law and Venue; Submission to Jurisdiction; Service of Process.

    

    (a) THE
      VALIDITY OF THIS AGREEMENT, ITS CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT,
      AND THE RIGHTS OF THE PARTIES HERETO SHALL BE DETERMINED UNDER, GOVERNED BY,
      AND
      CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS (WITHOUT
      REFERENCE TO THE CHOICE OF LAW PRINCIPLES THEREOF). 

    

    (b) THE
      PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS
      AGREEMENT SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND FEDERAL COURTS
      LOCATED IN COOK COUNTY, STATE OF ILLINOIS OR, AT THE SOLE OPTION OF THE SECURED
      PARTY, IN ANY OTHER COURT IN WHICH THE SECURED PARTY SHALL INITIATE LEGAL OR
      EQUITABLE PROCEEDINGS AND WHICH HAS SUBJECT MATTER JURISDICTION OVER THE MATTER
      IN CONTROVERSY. 

    

    (b) THE
      PLEDGORS HEREBY SUBMIT FOR THEMSELVES AND IN RESPECT OF THEIR PROPERTY,
      GENERALLY AND UNCONDITIONALLY, TO THE JURISDICTION OF THE AFORESAID COURTS
      AND
      WAIVES, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT IT MAY HAVE
      TO
      ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT
      ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION. 

    

    (c) THE
      PLEDGORS HEREBY WAIVE PERSONAL SERVICE OF THE SUMMONS, COMPLAINT, OR OTHER
      PROCESS ISSUED IN ANY ACTION OR PROCEEDING AND AGREE THAT SERVICE OF SUCH
      SUMMONS, COMPLAINT, OR OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED
      MAIL
      ADDRESSED TO THE PLEDGORS AT THEIR RESPECTIVE ADDRESSES FOR NOTICES IN
      ACCORDANCE WITH THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED
      COMPLETED UPON THE EARLIER OF THE PLEDGORS'S ACTUAL RECEIPT THEREOF OR THREE
      (3)
      DAYS AFTER DEPOSIT IN THE UNITED STATES MAILS, PROPER POSTAGE
      PREPAID.

    

    (d) NOTHING
      IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO AFFECT THE RIGHT OF THE SECURED
      PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW, OR TO
      PRECLUDE THE ENFORCEMENT BY THE SECURED PARTY OF ANY JUDGMENT OR ORDER OBTAINED
      IN SUCH FORUM OR THE TAKING OF ANY ACTION UNDER THIS AGREEMENT TO ENFORCE SAME
      IN ANY OTHER APPROPRIATE FORUM OR JURISDICTION.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    16. Amendments;
      etc. No
      amendment or waiver of any provision of this Agreement nor consent to any
      departure by the Pledgors herefrom shall in any event be effective unless the
      same shall be in writing and signed by the Secured Party, and then such waiver
      or consent shall be effective only in the specific instance and for the specific
      purpose for which given. No failure on the part of the Secured Party to
      exercise, and no delay in exercising any right under this Agreement, any other
      document or documents delivered in connection with the transactions contemplated
      by the Note, this Agreement or the Guarantees (the “Guarantees”)
      of
      even date herewith (all such documents, including the Note, this Agreement
      and
      the Guarantees are hereinafter referred to collectively as the “Loan
      Documents”,
      and
      each individually as a “Loan
      Document”),
      or
      otherwise with respect to any of the Secured Obligations, shall operate as
      a
      waiver thereof; nor shall any single or partial exercise of any right under
      this
      Agreement, any other Loan Document, or otherwise with respect to any of the
      Secured Obligations preclude any other or further exercise thereof or the
      exercise of any other right. The remedies provided for in this Agreement or
      otherwise with respect to any of the Secured Obligations are cumulative and
      not
      exclusive of any remedies provided by law.

    

    17. Notices. Unless
      otherwise specifically provided herein, all notices shall be in writing
      addressed to the respective party as set forth below: and may be personally
      served, faxed, telecopied or sent by overnight courier service or United States
      mail:

    

    If
      to the
      Pledgors: 

     

    c/o
      CenterStaging Corp.

    3407
      Winone Ave.

    Burbank,
      CA 91504

    

    With
      copies to:

    

    Darrin
      M.
      Ocasio, Esq.

    Sichenzia
      Ross Friedman Ference LLP

    1065
      Avenue of the Americas

    New
      York,
      NY 10018

    Fax
      No.: 212-930-9725

    

    If
      to the
      Secured Party:

    

    John
      Fife

    303
      East
      Wacker Drive

    Suite
      301

    Chicago,
      IL 60601  

     

    Fax
      No.:
312-819-9701

     

    with
      a
      copy to:

    

    Merrill
      E. Weber, Esq.

    303
      East
      Wacker Drive

    Suite
      301

    Chicago,
      IL 60601

    

    Fax
      No.:
      312-819-9701

     

    Any
      notice given pursuant to this Section
      17
      shall be
      deemed to have been given: (a) if delivered in person, when delivered; (b)
      if
      delivered by fax, on the date of transmission if transmitted on a Business
      Day
      before 4:00 p.m. at the place of receipt or, if not, on the next succeeding
      Business Day (as defined in the Note); (c) if delivered by overnight courier,
      two (2) days after delivery to such courier properly addressed; or (d) if by
      United States mail, four (4) Business Days after depositing in the United States
      mail, with postage prepaid and properly addressed. Any party hereto may change
      the address or fax number at which it is to receive notices hereunder by notice
      to the other party in writing in the foregoing manner.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    18. Continuing
      Security Interest. This
      Agreement shall create a continuing security interest in the Collateral and
      shall: (a) remain in full force and effect until the indefeasible payment in
      full of the Secured Obligations, including the cash collateralization,
      expiration, or cancellation of all Secured Obligations, if any, consisting
      of
      letters of credit, and the full and final termination of any commitment to
      extend any financial accommodations under the Note; (b) be binding upon the
      Pledgors and their respective successors and assigns; and (c) inure to the
      benefit of the Secured Party and his successors, transferees, and assigns.
      Upon
      the indefeasible payment in full of the Secured Obligations, including the
      cash
      collateralization, expiration, or cancellation of all Secured Obligations,
      if
      any, consisting of letters of credit, and the full and final termination of
      any
      commitment to extend any financial accommodations under the Note, the security
      interests granted herein shall automatically terminate and all rights to the
      Collateral shall revert to the Pledgors. Upon any such termination, the Secured
      Party, at the Pledgors's expense, shall execute and deliver to the Pledgors
      such
      documents as the Pledgors shall reasonably request to evidence such termination.
      Such documents shall be prepared by the Pledgors and shall be in form and
      substance reasonably satisfactory to the Secured Party.

    

    19. Security
      Interest Absolute. To
      the
      maximum extent permitted by law, all rights of the Secured Party, all security
      interests hereunder, and all obligations of the Pledgors hereunder, shall be
      absolute and unconditional irrespective of:

    

    (a) any
      lack
      of validity or enforceability of any of the Secured Obligations or any other
      agreement or instrument relating thereto, including any of the Loan
      Documents;

    

    (b) any
      change in the time, manner, or place of payment of, or in any other term of,
      all
      or any of the Secured Obligations, or any other amendment or waiver of or any
      consent to any departure from any of the Credit Documents, or any other
      agreement or instrument relating thereto;

    

    (c) any
      exchange, release, or non-perfection of any other collateral, or any release
      or
      amendment or waiver of or consent to departure from any Guarantee for all or
      any
      of the Secured Obligations; 

    

    (d) any
      other
      circumstances that might otherwise constitute a defense available to, or a
      discharge of, the Pledgors.

    

    20. Headings. Section
      and subsection headings in this Agreement are included herein for convenience
      of
      reference only and shall not constitute a part of this Agreement or be given
      any
      substantive effect.

    

    21. Severability. In
      case
      any provision in or obligation under this Agreement shall be invalid, illegal
      or
      unenforceable in any jurisdiction, the validity, legality and enforceability
      of
      the remaining provisions or obligations, or of such provision or obligation
      in
      any other jurisdiction, shall not in any way be affected or impaired
      thereby.

    

    22. Counterparts;
      Telefacsimile Execution. This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original and all of which together shall constitute one and the same
      Agreement. Delivery of an executed counterpart of this Agreement by
      telefacsimile shall be equally as effective as delivery of an original executed
      counterpart of this Agreement. Any party delivering an executed counterpart
      of
      this Agreement by telefacsimile also shall deliver an original executed
      counterpart of this Agreement but the failure to deliver an original executed
      counterpart shall not affect the validity, enforceability, or binding effect
      hereof.

    

    23. Waiver
      of Marshaling. Each
      of
      the Pledgors and the Secured Party acknowledges and agrees that in exercising
      any rights under or with respect to the Collateral: (a) the Secured Party is
      under no obligation to marshal any Collateral; (b) may, in his absolute
      discretion, realize upon the Collateral in any order and in any manner he so
      elects; and (c) may, in his absolute discretion, apply the proceeds of any
      or
      all of the Collateral to the Secured Obligations in any order and in any manner
      he so elects. The Pledgors and the Secured Party waive any right to require
      the
      marshaling of any of the Collateral.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    24. Waiver
      of Jury Trial. THE
      PLEDGORS AND THE SECURED PARTY HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY
      TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
      AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT
      CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR
      STATUTORY CLAIMS. THE PLEDGORS AND THE SECURED PARTY REPRESENT THAT EACH HAS
      REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
      RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION,
      A
      COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE
      COURT.

    

    [SIGNATURE
      PAGE FOLLOWS]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Pledgors and the Secured Party have caused this Agreement
      to be duly executed and delivered by their officers thereunto duly authorized
      as
      of the date first written above.

     

    
      	 	 	 
	 	PLEDGORS
	 
 	 
 	 
 
	 	By:  	/s/ Roger
              Paglia 
	
               

               

            	
               

              Name:   

            	
              
Roger
              Paglia
	 	 

    

    
      	 	 	 
	 	By:  	/s/ Howard
              Livingston
	 	
               

              Name:    

            	
              
Howard
              Livingston
	 	 

    

    
      
        
          	 	 	 
	 	By:  	/s/ Jan
                  Parent
	 	
                   

                  Name:    

                	
                  
Jan
                  Parent
	 	 

        

        
          
            
              	 	 	 
	 	By:  	/s/ John
                      G.
                      Caswell
	 	
                       

                      Name:    

                    	
                      
John
                      G. Caswell
	 	 

            

            
              
                 

                
                  	 	SECURED PARTY
	 	 	 
	 	JOHN FIFE
	 	 	 
	 	
                          By:  

                        	/s/ John
                          Fife
	 	
                                         
                             

                        	
                          

                        
	 	 

                

                
                   

                  
                    
                      
                      

                    

                    
                      
                      

                      
                        

                      

                    

                    
                      
                      

                    

                  

                

              

            

          

        

      

    

     

    Schedule
      1

    

    

    Pledged
      Interests: Twelve Million Five Hundred Thousand Shares of Common Stock of
      CenterStaging Corp.

    

    Name
      of
      Maker: CenterStaging Corp.

    

    Jurisdiction
      of Organization: Delaware

    

    Type
      of
      Interest: Shares of Common Stock

    

    Number
      of
      Shares/Units (if applicable): 13,500,000

    

    Certificate
      Number(s) (if any): 42885,
      42886, 42887, 42891, 43232, 43233, 42895, 42896, 42897, 42901, 43236, 43237,
      42907, 42908, 42910, 42915, 42916, 42919, 42898 

    

    Percentage
      of Outstanding Interests in Maker: 21% 

    

    Date
      Acquired: August 17, 2005

     

    Additional
      Collateral as Set forth in Section 1.

     

      

    

    Schedule
      2

    

    

    Pledgors
      Information:

    

    For
      Pledgors that are Registered Organizations

    

    Jurisdiction
      of Organization: ___________________

    

    Type
      of
      Organization:   ___________________

    

    Organizational
      ID Number (if any): ___________________

    

    For
      Pledgors That Is An Individual

    

    Address
      of Principal Residence:  See
      Guaranty Side Letter

    

    For
      Pledgors That Is Neither a Registered Organization nor an
      Individual:
      

    

    Type
      of
      Organization:
      ___________________________________________________________Exhibit
      10.3

     

    GUARANTY

    

    GUARANTY
      dated as of March 26, 2007 ("Guaranty") made jointly and severally by Roger
      Paglia, Howard Livingston, Jan Parent and John G. Caswell, each a resident
      of
      the State of California (each, a “Guarantor” and collectively, the
“Guarantors”), in favor of John Fife (the "Lender").  

    

    WITNESSETH

    

    WHEREAS,
      CenterStaging Corp., a Delaware corporation (the “Borrower”), and the Lender are
      parties to a secured note, dated as of even date herewith (such note, as
      amended, restated, supplemented or otherwise modified from time to time, being
      hereinafter referred to as the “Note”);

    

    WHEREAS,
      pursuant to the Note, the Guarantors are required to execute and deliver to
      the
      Lender guaranties jointly and severally guaranteeing the Note and all other
      obligations under the Note and the pledge agreement by and between the Pledgors
      thereunder and the Lender of even date herewith (such pledge agreement, as
      amended, restated, supplemented or otherwise modified from time to time, being
      hereinafter referred to as the “Pledge Agreement”; the Note, the Guaranties and
      the Pledge Agreement, together with all other documents required to be delivered
      in connection herewith and therewith are collectively referred to as the “Loan
      Documents”); and

    

    WHEREAS,
      each of the Guarantors has (a) received the sum of $1,000 for execution of
      this
      Guaranty, and (b) determined that (i) he will derive substantial benefit and
      advantage from the Loan and other financial accommodations made available to
      the
      Borrower under the Note and the other Loan Documents and (ii) his execution,
      delivery and performance of this Guaranty directly benefits, and is within
      the
      best interests of, such Guarantor; 

    

    NOW,
      THEREFORE, in consideration of the premises and the agreements herein and in
      order to induce the Lender to make and maintain the Loan pursuant to the Note,
      each of the Guarantors hereby agrees with the Lender, jointly and severally,
      as
      follows:

    

    Section
      1. Definitions.
      Reference is hereby made to the Note for a statement of the terms thereof.
      All
      terms used in this Guaranty which are defined in the Note and not otherwise
      defined herein shall have the same meanings herein as set forth therein. As
      used
      in this Guaranty, the following terms have the following meanings (terms defined
      in the singular to have the same meaning when used in the plural and vice
      versa):

    

    “Borrower”
      has the meaning specified in the preamble above.

    

    “Guaranty”
      means this Guaranty.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Guaranty
      Documents” means the Loan Documents and any document or agreement evidencing,
      related to or delivered in connection with any or all of the Guaranteed
      Obligations.

    

    “Guaranteed
      Obligations” means any and all present and future liabilities and obligations of
      the Borrower and the Guarantors, or any thereof, to the Lender incurred by
      the
      Borrower or the Guarantors, or any thereof, respectively, under the Loan
      Documents, and whether due or to become due, secured or unsecured, absolute
      or
      contingent, joint or several, direct or indirect, acquired outright,
      conditionally or as collateral security by the Lender from another, liquidated
      or unliquidated, arising by operation of law or otherwise, together with all
      fees and expenses incurred in collecting any or all of the items specified
      in
      this definition or enforcing any rights under any of the Guaranty Documents,
      including all fees and expenses of the Lender’s counsel and of any experts and
      agents which may be paid or incurred by the Lender in collecting any such items
      or enforcing any such rights.

    

    Section
      2. Rules
      of Interpretation.
      When
      used in this Guaranty: (1) “or” is not exclusive, (2) a reference to a law or
      document includes any amendment or modification to such law or document and
      (3)
      a reference to an agreement, instrument or document includes any amendment
      or
      modification of such agreement, instrument or document.

    

    Section
      3. Guaranty.
      The
      Guarantors hereby guarantee to the Lender and his successors, endorsees,
      transferees and assigns the prompt and complete payment, as and when due and
      payable (whether at stated maturity or by required prepayment, acceleration,
      demand or otherwise), of all of the Guaranteed Obligations now existing or
      hereafter incurred will be paid strictly in accordance with their
      terms.

    

    Section
      4. Limitation
      of Liability.
      The
      obligations of the Guarantors under this Guaranty shall be limited to an
      aggregate amount equal to the largest amount that would not render the
      obligations of the Guarantors under this Guaranty subject to avoidance under
      Section 548 of the United States Bankruptcy Code or any comparable provision
      of
      any applicable state law.

    

    Section
      5. Type
      of Guaranty.
      This
      Guaranty is absolute and unconditional and as such is not subject to any
      conditions and each of the Guarantors is fully liable to perform all of his
      duties and obligations under this Guaranty as of the date of execution of this
      Guaranty. This Guaranty is a continuing guaranty and applies to all future
      Guaranteed Obligations. In addition, this Guaranty shall remain in full force
      and effect even if at any time there are no outstanding Guaranteed Obligations.
      This Guaranty is a guaranty of payment and not of collection. The obligations
      and liabilities of the Guarantors under this Guaranty shall not be conditioned
      or contingent upon the pursuit by the Lender of any right or remedy against
      the
      Borrower, the Guarantors or any other person which may be or become liable
      in
      respect of all or any part of the Guaranteed Obligations, or against any assets
      securing the payment of the Guaranteed Obligations or guarantee for such
      Guaranteed Obligations or right of setoff with respect to such Guaranteed
      Obligations. This Guaranty is irrevocable and as such cannot be cancelled,
      terminated or revoked by the Guarantors or any thereof. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Section
      6. Reinstatement
      of Guaranty.
      This
      Guaranty shall continue to be effective or shall be reinstated, as the case
      may
      be, if at any time any payment, or any part thereof, of any of the Guaranteed
      Obligations are rescinded or must otherwise be returned by the Lender upon
      the
      insolvency, bankruptcy, dissolution, liquidation or reorganization of the
      Borrower, the Guarantors or otherwise, all as though such payment had not been
      made.

    

    The
      Guarantors hereby consent that, without the necessity of any reservation of
      rights against the Guarantors and without notice to or further assent by the
      Guarantors, any demand for payment of any of the Guaranteed Obligations made
      by
      the Lender may be rescinded by the Lender and any of such Guaranteed Obligations
      continued after such rescission.

    

    Section
      7. Security
      Interest.
      To
      secure the payment of the obligations of the Guarantors under this Guaranty,
      each of the Guarantors has executed (a) a Pledge Agreement in favor of the
      Lender, and granted the Lender a pledge and security interest in the Pledged
      Shares listed in Schedule
      1
      to the
      Pledge Agreement, and (b) a Confession of Judgment in the form annexed hereto
      as
Exhibit
      1.

    

    Section
      8.  Lender’s
      Rights Upon Default.
      In the
      event of a default by Borrower pursuant to the Note, Lender shall sell all
      of
      the Collateral (as defined in the Pledge Agreement), prior to exercising his
      rights and remedies against the Guarantors pursuant to this
      Guaranty.

    

    

    Section
      9. Waiver
      of Notices.
      Each of
      the Guarantors hereby waives any and all notices including (1) notice of or
      proof of reliance by the Lender upon this Guaranty or acceptance of this
      Guaranty, (2) notice of the incurrence of any Guaranteed Obligations or the
      renewal, extension or accrual of any such Guaranteed Obligations, (3) notice
      of
      any actions taken by the Lender, the Borrower, any of the Guarantors or any
      other person under any Guaranty Document, and (4) notices of nonpayment or
      nonperformance, protest, notices of protest and notices of
      dishonor.

    

    Section
      10. Waiver
      of Defenses.
      Each of
      the Guarantors hereby waives any and all defenses to his performance of his
      duties and obligations under this Guaranty, including any defense based on
      any
      of the following:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (1) any
      failure of the Lender to disclose to the Guarantors any information relating
      to
      the business, condition (financial or otherwise), operations, performance,
      properties or prospects of any party obligated to make payment on any and all
      Guaranteed Obligations, whether as principal or guarantor, now or hereafter
      known to the Lender,

     

    (2) any
      defense to the payment of any or all the Guaranteed Obligations, including
      lack
      of validity or enforceability of any of the Guaranteed Obligations or any
      Guaranty Documents, 

     

    (3) any
      change in the time, manner or place of payment of, or in any other term in
      respect of, all or any of the Guaranteed Obligations, or any other amendment
      or
      waiver of or consent to any departure from any Guaranty Document,

     

    (4) any
      exchange or release of, or non-perfection of any security interest on or in
      any
      assets securing the payment of the Guaranteed Obligations,

     

    (5) any
      failure to execute any other guaranty for all or any part of the Guaranteed
      Obligations, or any release or amendment or waiver of, or consent to any
      departure from, any other guaranty for any or all of the Guaranteed Obligations,
      

     

    
      
        (6)
          any
          subordination of any or all of the Guaranteed
          Obligations,  

      

    

    

    (7) 
      any act
      or omission of the Lender in connection with the enforcement of, or the exercise
      of rights and remedies, including any election of, or the order of exercising
      any, remedies, with respect to (a) the Guaranteed Obligations, (b) any other
      guarantor of the Guaranteed Obligations, or (c) any assets securing the payment
      of the Guaranteed Obligations, 

    

    (8) any
      manner of application of any funds received by the Lender to Guaranteed
      Obligations or any other obligations owed to the Lender, whether from the sale
      or disposition of any assets securing the Guaranteed Obligations, from another
      guarantor of the Guaranteed Obligations or otherwise, and 

    

    (9) any
      failure to give or provide any notices, demands or protests, including those
      specified under Section
      9
      herein,
      entitled “Waiver of Notices”.

    

    Section
      11. Subrogation.
      None of
      the Guarantors may exercise any rights which the Guarantors may acquire by
      way
      of subrogation or contribution, whether acquired by any payment made under
      this
      Guaranty, by any setoff or application of funds of the Borrower, by the Lender
      or otherwise, until (1) the payment in full of the Guaranteed Obligations (after
      the Lender no longer has any obligation or arrangement to provide credit to
      the
      Borrower, including under or pursuant to a line of credit), and (2) the payment
      of all fees and expenses to be paid by the Guarantors pursuant to this Guaranty.
      If any amount shall be paid to the Guarantors on account of such subrogation
      or
      contribution rights at any time when all of the Guaranteed Obligations and
      all
      such other expenses shall not have been paid in full (after the Lender no longer
      has any obligation or arrangement to provide credit to the Borrower, including
      under or pursuant to a line of credit), such amount shall be held in trust
      for
      the benefit of the Lender, shall be segregated from the other funds of the
      Guarantors and shall forthwith be paid over to the Lender to be credited and
      applied in whole or in part by the Lender against the Guaranteed Obligations,
      whether matured or unmatured, and all such other fees and expenses in accordance
      with the terms of the Guaranty Documents.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Section
      12. Representations.
      At the
      time of execution of this Guaranty and each time the Lender provides credit
      as
      noted above, the Guarantors, jointly and severally, represent and warrant to
      the
      Lender as follows:

    

    (1) Name.
      The
      exact legal names of the Guarantors are the names specified in the preamble
      to
      this Guaranty. The Guarantors have not been known by any other names during
      the
      two (2) years prior to the date of the Guaranty.

    

    (2) Location.
      The
      principal addresses of the Guarantors are as set forth in the preamble to this
      Guaranty.

    

    (3) No
      Contravention.
      The
      execution, delivery and performance by the Guarantors of this Guaranty do not
      and will not (a) violate any provision of any law, order, writ, judgment,
      injunction, decree, determination, or award presently in effect applicable
      to
      the Guarantors, (b) result in a breach of or constitute a default under any
      indenture or loan or credit agreement or any other agreement, lease, or
      instrument to which the Guarantors, or any thereof, is a party or by which
      the
      Guarantors, or any thereof, or their respective properties may be bound or
      affected, or (c) result in, or require, the creation or imposition of any lien
      upon or with respect to any of the properties now owned or hereafter acquired
      by
      the Guarantors.

    

    (4) Governmental
      Authority.
      No
      authorization, approval or other action by, and no notice to or filing with,
      any
      governmental authority is required for the due execution, delivery and
      performance by the Guarantors of this Guaranty.

    

    (5) Legally
      Enforceable Guaranty.
      This
      Guaranty is the legal, valid and binding obligation of the Guarantors,
      enforceable against each of them in accordance with its terms, except to the
      extent that such enforcement may be limited by (a) applicable bankruptcy,
      insolvency, and other similar laws affecting creditors' rights generally, or
      (b)
      general equitable principles, regardless of whether the issue of enforceability
      is considered in a proceeding in equity or at law.

    

    Section
      13. Remedies.
      The
      Lender shall not, by any act, delay, omission or otherwise, be deemed to have
      waived any of his rights or remedies under this Guaranty or otherwise. A waiver
      by the Lender of any right or remedy hereunder on any one occasion, shall not
      be
      construed as a ban or waiver of any such right or remedy which the Lender would
      have had on any future occasion, nor shall the Lender be liable for exercising
      or failing to exercise any such right or remedy. The rights and remedies of
      the
      Lender under this Guaranty are cumulative and, as such, are in addition to
      any
      other rights and remedies available to the Lender under law or any other
      agreements.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Section
      14. Appointment
      as Attorney-in-Fact.
      The
      Guarantors hereby appoint the Lender as the attorney-in-fact for the Guarantors,
      with full authority in the place and stead of, and in the name of, the
      Guarantors, or otherwise, to exercise all rights and remedies granted to the
      Lender under this Guaranty and to take any action and to execute any instrument
      which the Lender may deem necessary or advisable to accomplish the purposes
      of
      this Guaranty.

    

    Section
      15. Indemnity
      and Expenses.
      The
      Guarantors hereby indemnify the Lender from and against any and all claims,
      losses, damages and liabilities growing out of or resulting from this Guaranty
      (including, without limitation, enforcement of this Guaranty), except claims,
      losses, damages or liabilities resulting from the Lender's gross negligence
      and
      willful misconduct.

    

    The
      Guarantors will upon demand pay to the Lender the amount of any and all
      expenses, including the fees and expenses of his counsel and of any experts
      and
      agents, which the Lender may incur in connection with (1) any amendment to
      this
      Guaranty, (2) the administration of this Guaranty, (3) the exercise or
      enforcement of any of the rights of the Lender under this Guaranty, or (4)
      the
      failure by the Guarantors to perform or observe any of the provisions of this
      Guaranty.

    

    Section
      16. Amendments.
      No
      amendment or waiver of any provision of this Guaranty, nor consent to any
      departure by the Guarantors from this Guaranty, shall in any event be effective
      unless the same shall be in writing and signed by the Guarantors and the Lender,
      and then such amendment or waiver shall be effective only in the specific
      instance and for the specific purpose for which given.

    

    Section
      17. Addresses
      for Notices.
      All
      notices and other communications provided for under this Guaranty shall be
      in
      writing and, mailed or delivered by messenger or overnight delivery service,
      addressed, in the case of each Guarantor at the address specified below his
      signature, and in the case of the Lender at the address specified below, or
      as
      to any such party at such other address as shall be designated by such party
      in
      a written notice to the other parties complying as to delivery with the terms
      of
      this Section.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    If
      to the
      Lender:

    

    John
      Fife

    303
      East
      Wacker Drive

    Suite
      301

    Chicago,
      IL 60601  

       

    With
      copies to:

    

    Merrill
      E. Weber, Esq.

    303
      East
      Wacker Drive

    Suite
      301

    Chicago,
      IL 60601

    

    If
      to the
      Guarantors, or any thereof:

     

    c/o
      CenterStaging Corp.

    3407
      Winone Ave.

    Burbank,
      CA 91504

    

    With
      copies to:

    

    Darrin
      M.
      Ocasio, Esq.

    Sichenzia
      Ross Friedman Ference LLP

    61
      Broadway, 32nd
      Floor

    New
      York,
      NY 10006

    

    All
      such
      notices and other communications shall, when mailed, be effective three (3)
      days
      after being placed in the mails, or when delivered to a messenger or overnight
      delivery service, be effective one (1) day after being delivered to the
      messenger or overnight delivery service, in each case, addressed as specified
      above.

    

    Section
      18. Assignment
      and Transfer of Obligations.
      This
      Guaranty will bind the estate of each of the Guarantors as to Guaranteed
      Obligations created or incurred both before and after the bankruptcy or
      liquidation of the Guarantors, whether or not the Lender receives notice of
      such
      bankruptcy or liquidation. This Guaranty shall inure to the benefit of the
      Lender and his successors, transferees and assigns. The Guarantors may not
      transfer or assign their respective obligations under this Guaranty. The Lender
      may assign or otherwise transfer all or a portion of his rights or obligations
      with respect to the Guaranteed Obligations to any other party, and such other
      party shall then become vested with all the benefits in respect of such
      transferred Guaranteed Obligations granted to the Lender in this Guaranty or
      otherwise. The Guarantors agree that the Lender can provide information
      regarding the Guarantors to any prospective or actual successor, transferee
      or
      assign.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Section
      19. Setoff.
      The
      Guarantors agree that, in addition to, and without limiting, any right of
      setoff, the Lender’s lien or counterclaim the Lender may otherwise have, the
      Lender shall be entitled, at his option, to offset balances (general or special,
      time or demand, provisional or final) held by him for the account of the
      Guarantors, or any thereof, at any of the offices of the Lender, in Dollars
      or
      any other currency, against any amount payable by the Guarantors to the Lender
      under this Guaranty which is not paid when demanded (regardless of whether
      such
      balances are then due to the Guarantors), in which case the Lender shall
      promptly notify the Guarantors, provided that the Lender’s failure to give such
      notice shall not affect the validity of such offset.

    

    Section
      20. Submission
      to Jurisdiction.
      The
      Guarantors hereby irrevocably submit to the jurisdiction of any federal or
      state
      court sitting in Cook County in the State of Illinois over any action or
      proceeding arising out of or related to this Guaranty and agrees with the Lender
      that personal jurisdiction over the Guarantors and the venue of any such actions
      or proceedings rests with such courts for purposes of any action on or related
      to this Guaranty. The Guarantors hereby waive personal service by manual
      delivery and agree that service of process may be made by prepaid certified
      mail
      directed to the Guarantors at the address of the Guarantors for notices under
      this Guaranty or at such other addresses as may be designated in writing by
      the
      Guarantors to the Lender, and that upon mailing of such process such service
      will be effective as if the Guarantors were personally served. The Guarantors
      agree that a final judgment in any such action or proceeding shall be conclusive
      and may be enforced in other jurisdictions by suit on the judgment or in any
      manner provided by law. The Guarantors further waive any objection to venue
      in
      any such action or proceeding on the basis of inconvenient forum.
      Notwithstanding the above, the Guarantors agree that any action on or proceeding
      brought against the Lender may be brought in any state or Federal court in
      which
      jurisdiction may be had.

    

    Section
      21. Governing
      Law.
      This
      Guaranty shall be governed by and construed in accordance with the laws of
      the
      State of Illinois without regard to its principles of conflicts of
      law.

    

    Section
      22. Subordination.
      Once a
      demand for payment is made on the Guarantors under this Guaranty, the Guarantors
      will not, individually or collectively, (1) make any demand for payment of,
      or
      take any action to accelerate, any obligation owed to the Guarantors, or any
      thereof, by the Borrower, (2) seek to collect payment of, or enforce any right
      or remedies against the Borrower, any of the obligations owed to the Guarantors,
      or any thereof, by the Borrower or any guarantees, credit supports, collateral
      or other security related to or supporting any of such obligations, or (3)
      commence, or join with any other creditor in commencing, any bankruptcy or
      similar proceeding against the Borrower. The Guarantors also agree, individually
      and collectively, that the payment of all obligations of the Borrower to the
      Guarantors shall be subordinate and junior in time and right of payment in
      accordance with the terms of this Section
      21
      to the
      prior payment in full (in cash) of the Guaranteed Obligations. In furtherance
      of
      such subordination, (1) to the extent possible, none of the Guarantors will
      take
      or receive from the Borrower any payments, in cash or any other property, by
      setoff or any other means, of any or all of the obligations owed to the
      Guarantors, or any thereof, by the Borrower, or purchase, redeem, or otherwise
      acquire any of such obligations, or change the terms or provisions of any such
      obligations and (2) if for any reason and under any circumstance the Guarantors,
      or any thereof, shall receive a payment on such obligation, whether in a
      bankruptcy or similar proceeding or otherwise, all such payments or
      distributions upon or with respect to such obligations shall be received in
      trust for the benefit of the Lender, shall be segregated from other funds and
      property held by the Guarantors and shall be forthwith paid over to the Lender
      in the same form as so received (with any necessary endorsement) to be applied
      (in the case of cash) to, or held as collateral (in the case of securities
      or
      other non-cash property) for, the payment or prepayment of the Guaranteed
      Obligations. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Section
      23. Miscellaneous.
      This
      Guaranty is in addition to and not in limitation of any other rights and
      remedies the Lender may have by virtue of any other instrument or agreement
      previously, contemporaneously or hereafter executed by the Guarantors or any
      thereof or any other party or by law or otherwise. If any provision of this
      Guaranty is contrary to applicable law, such provision shall be deemed
      ineffective without invalidating the remaining provisions of this Guaranty.
      Titles in this Guaranty are for convenience of reference only and shall not
      affect the interpretation or construction of this Guaranty. This Guaranty
      constitutes the entire agreement between the Guarantors and the Lender with
      respect to the matters covered by this Guaranty and supercedes all written
      or
      oral agreements with respect to such matters.

    

    Section
      24. WAIVER
      OF JURY TRIAL.
      THE
      GUARANTOR EXPRESSLY WAIVES ANY AND EVERY RIGHT TO A TRIAL BY JURY IN ANY ACTION
      ON OR RELATED TO THIS GUARANTY.

    

    

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      REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Guarantors have duly executed and delivered this Guaranty
      as of the date first written above.

     

     

    
      	 	 	 
	 	By:  	/s/ Roger
              Paglia
	 	
               

              Name:   

            	
              
Roger
              Paglia
	 	 

      
        	 	 	 
	 	By:  	/s/ Howard
                Livingston
	 	
                 

                Name:   

              	
                
Howard
                Livingston
	 	 

        
          	 	 	 
	 	By:  	/s/ Jan
                  Parent
	 	
                   

                  Name:   

                	
                  
Jan
                  Parent
	 	 

          
            	 	 	 
	 	By:  	/s/ John
                    G.
                    Caswell
	 	
                     

                    Name:   

                  	
                    
John
                    G. Caswell

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