Document:

REGISTRATION
      RIGHTS AGREEMENT 

     

    This
      Registration Rights Agreement (this “Agreement”)
      is made
      and entered into as of April 21, 2006, by and among The
      Tube Media Corp.,
      a
      Delaware corporation (the “Company”),
      and
      the investors signatory hereto (each a “Purchaser”
      and
      collectively, the “Purchasers”).

     

    This
      Agreement is made pursuant to the Purchase Agreement, dated as of the date
      hereof, among the Company and the Purchasers (the “Purchase
      Agreement”).

     

    NOW,
      THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement,
      and for other good and valuable consideration the receipt and adequacy of which
      are hereby acknowledged, the Company and the Purchasers agree as follows:

     

    1. Definitions.
      Capitalized terms used and not otherwise defined herein that are defined in
      the
      Purchase Agreement shall have the meanings given such terms in the Purchase
      Agreement. As used in this Agreement, the following terms shall have the
      respective meanings set forth in this Section 1:

     

    “Advice”
      shall
      have the meaning set forth in Section 6(c).

     

    “Business
      Day”
      means a
      day, other than a Saturday or Sunday, on which banks in New York City are open
      for the general transaction of business.

     

    “Commission”
      means
      the Securities and Exchange Commission.

     

    “Common
      Stock”
      means
      the common stock of the Company, par value $0.0001 per share, and any securities
      into which such common stock may hereafter be reclassified. 

     

    “Effective
      Date”
      means
      the date that the Registration Statement filed pursuant to Section 2(a) is
      first
      declared effective by the Commission.

     

    “Effectiveness
      Period”
      shall
      have the meaning set forth in Section 2(b).

     

    “Event”
      shall
      have the meaning set forth in Section 2(c).

     

    “Event
      Date” shall
      have the meaning set forth in Section 2(c).

     

    “Exchange
      Act”
      means
      the Securities Exchange Act of 1934, as amended.

     

    “Filing
      Date”
      means,
      with respect to the Registration Statement required to be filed to cover the
      resale by the Holders of the Registrable Securities, the 60th
      calendar
      day following the Closing Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Holder”
      or
“Holders”
      means
      the holder or holders, as the case may be, from time to time of Registrable
      Securities.

     

    “Indemnified
      Party”
      shall
      have the meaning set forth in Section 5(c).

     

    “Indemnifying
      Party”
      shall
      have the meaning set forth in Section 5(c).

     

    “Interest
      Shares”
means
      the Company’s good faith estimate of the maximum number of shares of Common
      Stock issuable, at the Company’s option in accordance with the terms of the
      Purchase Agreement, during the term of the Notes in satisfaction of interest
      payments that may due and owing thereunder.

     

    “Losses”
      shall
      have the meaning set forth in Section 5(a).

     

    “New
      York Courts”
      means
      the state and federal courts sitting in the City of New York, Borough of
      Manhattan.

     

    “Notes”
      means
      the Company’s 7% Convertible Notes issued to the Purchasers pursuant to the
      Purchase Agreement.

     

    “Person”
      means an
      individual or corporation, partnership, trust, incorporated or unincorporated
      association, joint venture, limited liability company, joint stock company,
      government (or an agency or subdivision thereof) or other entity of any
      kind.

     

    “Proceeding”
      means an
      action, claim, suit, investigation or proceeding (including, without limitation,
      an investigation or partial proceeding, such as a deposition), whether commenced
      or threatened.

     

    “Prospectus”
      means
      the prospectus included in a Registration Statement (including, without
      limitation, a prospectus that includes any information previously omitted from
      a
      prospectus filed as part of an effective registration statement in reliance
      upon
      Rule 430A promulgated under the Securities Act), as amended or supplemented
      by
      any prospectus supplement, with respect to the terms of the offering of any
      portion of the Registrable Securities covered by a Registration Statement,
      and
      all other amendments and supplements to the Prospectus, including post-effective
      amendments, and all material incorporated by reference or deemed to be
      incorporated by reference in such Prospectus.

     

    “Registrable
      Securities”
      means:
      (i) one hundred fifty percent (150%) of the Conversion Shares, (ii) one hundred
      fifty percent (150%) of the Interest Shares, (iii) one hundred fifty percent
      (150%) of the Warrant Shares and (iv) any securities issued or issuable upon
      any
      stock split, dividend or other distribution, recapitalization or similar event,
      or any conversion or exercise price adjustment with respect to any of the
      securities referenced in (i), (ii) or (iii) above.

     

    “Registration
      Statement”
      means a
      registration statement which is required to register the resale of the
      Registrable Securities, and including the Prospectus, amendments and supplements
      to such registration statement or Prospectus, including pre- and post-effective
      amendments, all exhibits thereto, and all material incorporated by reference
      or
      deemed to be incorporated by reference therein.

     

    
      
        
        

      

      
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    “Required
      Effectiveness Date”
      means,
      with respect to the Registration Statement required to be filed to cover the
      resale by the Holders of the Registrable Securities, the earlier of: (i) the
      120th
      day
      following the Closing Date, and (ii) the fifth Trading Day following the date
      on
      which the Company is notified by the Commission that the Registration Statement
      will not be reviewed or is no longer subject to further review and comments.
      

     

    “Rule
      144”
      means
      Rule 144 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    “Rule
      415”
      means
      Rule 415 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    “Rule
      424”
      means
      Rule 424 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    “Securities
      Act”
      means
      the Securities Act of 1933, as amended.

     

    “Subscription
      Amount”
means,
      with respect to each Purchaser, the purchase price indicated below such
      Purchaser’s name on the signature page to the Purchase Agreement.

     

    “Trading
      Day”
      means
      (i) a day on which the Common Stock is listed or quoted and traded on its
      primary Trading Market (other than the OTC Bulletin Board), or (ii) if the
      Common Stock is not listed on a Trading Market (other than the OTC Bulletin
      Board), a day on which the Common Stock is traded in the over-the-counter
      market, as reported by the OTC Bulletin Board, or (iii) if the Common Stock
      is
      not quoted on any Trading Market, a day on which the Common Stock is quoted
      in
      the over-the-counter market as reported by the National Quotation Bureau
      Incorporated (or any similar organization or agency succeeding to its functions
      of reporting prices); provided,
      that in
      the event that the Common Stock is not listed or quoted as set forth in (i),
      (ii) and (iii) hereof, then Trading Day shall mean a Business Day.

     

    “Trading
      Market”
      means
      whichever of the New York Stock Exchange, the American Stock Exchange, the
      NASDAQ National Market, the NASDAQ Capital Market or OTC Bulletin Board on
      which
      the Common Stock is listed or quoted for trading on the date in
      question.

     

    “Warrants”
      means
      the
      Common Stock purchase warrants issued or issuable to the Purchasers pursuant
      to
      the Purchase Agreement.

     

    “Warrant
      Shares” means
      the
      shares of Common Stock issued or issuable upon exercise of the
      Warrants.

     

    2. Registration.

     

    (a) On
      or
      prior to the Filing Date, the Company shall prepare and file with the Commission
      a Registration Statement covering the resale of all Registrable Securities
      for
      an offering to be made on a continuous basis pursuant to Rule 415. The
      Registration Statement shall be on Form SB-2 (except if the Company is eligible
      to register for resale the Registrable Securities on Form S-3 in the future,
      the
      Company shall file a post effective amendment to the registration statement
      on
      Form S-3 covering the Registrable Securities and shall use its commercially
      reasonable efforts to cause such Registration Statement to be declared effective
      as promptly as practicable thereafter) and shall contain (except if otherwise
      required pursuant to written comments received from the Commission upon a review
      of such Registration Statement) the “Plan of Distribution” attached hereto as
Annex
      A.
      

     

    
      
        
        

      

      
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    (b) The
      Company shall use its reasonable best efforts to cause the Registration
      Statement to be declared effective by the Commission as soon as practicable
      and,
      in any event, no later than the Required Effectiveness Date (including filing
      with the Commission a request for acceleration of effectiveness in accordance
      with Rule 461 promulgated under the Securities Act within five (5) Business
      Days
      after the date that the Company is notified (orally or in writing, whichever
      is
      earlier) by the Commission that a Registration Statement will not be “reviewed,”
or not be subject to further review and the effectiveness of the Registration
      Statement may be accelerated) and shall use its commercially reasonable efforts
      to keep the Registration Statement continuously effective under the Securities
      Act until the earlier of the date that all Registrable Securities covered by
      the
      Registration Statement have been sold or may be sold by non-affiliates without
      volume restrictions pursuant to Rule 144(k) as determined by the counsel to
      the
      Company pursuant to a written opinion letter to such effect, addressed and
      acceptable to the Company's transfer agent and the affected Holders (the
“Effectiveness
      Period”).
      Such
      Registration Statement shall also cover, to the extent allowable under the
      Securities Act and the rules promulgated thereunder (including Rule 416), such
      indeterminate number of additional shares of Common Stock resulting from stock
      splits, stock dividends or similar transactions with respect to the Registrable
      Securities. It is agreed and understood that the Company shall, from time to
      time, be obligated to file an additional Registration Statement to cover any
      Registrable Securities which are not registered for resale pursuant to a
      pre-existing Registration Statement.

     

    (c)
      If:
      (i) the Registration Statement is not filed on or prior to the Filing Date
      (if
      the Company files a Registration Statement without affording the Holders the
      opportunity to review and comment on the same as required by Section 3(a)
      hereof, the Company shall not be deemed to have satisfied this clause (i)),
      (ii)
      a Registration Statement is not declared effective by the Commission on or
      prior
      to the Required Effectiveness Date or (iii) after its Effective Date such
      Registration Statement ceases for any reason to be effective and available
      to
      the Holders as to all Registrable Securities to which it is required to cover
      at
      any time prior to the expiration of its Effectiveness Period for more than
      20
      consecutive Trading Days or an aggregate of 60 Trading Days (which need not
      be
      consecutive)(any such failure or breach being referred to as an “Event,”
      and for
      purposes of clause (i) and (ii) the date on which such Event occurs, or for
      purposes of clause (iii) the date which such 20 consecutive or 60 Trading Day
      period (as applicable) is exceeded, being referred to as “Event
      Date”),
      then
      in addition to any other rights available to the Holders: (x) on such Event
      Date
      the Company shall pay to each Holder an amount in cash, as partial liquidated
      damages and not as a penalty, equal to 1.0% of the aggregate Subscription Amount
      paid by such Holder pursuant to the Purchase Agreement (which remedy shall
      not
      be exclusive of any other remedies available under this Agreement); and (y)
      on
      each monthly anniversary of each such Event Date thereof (if the applicable
      Event shall not have been cured by such date) until the applicable Event is
      cured, the Company shall pay to each Holder an amount in cash, as partial
      liquidated damages and not as a penalty, equal to 1.0% of the aggregate
      Subscription Amount paid by such Holder pursuant to the Purchase Agreement.
      The
      parties agree that the Company will not be liable for liquidated damages under
      this Section 2(c) in respect of any consideration paid by the Purchasers upon
      exercise of the Warrants. If the Company fails to pay any partial liquidated
      damages pursuant to this Section in full within ten days after the date payable,
      the Company will pay interest thereon at a rate of 10% per annum (or such lesser
      maximum amount that is permitted to be paid by applicable law) to the Holder,
      accruing daily from the date such partial liquidated damages are due until
      such
      amounts, plus all such interest thereon, are paid in full. The partial
      liquidated damages pursuant to the terms hereof shall apply on a pro-rata basis
      for any portion of a month prior to the cure of an Event, except in the case
      of
      the first Event Date. Notwithstanding the foregoing, the maximum amount of
      payment to a Holder associated with any and all Events shall not exceed 12%
      of
      the aggregate Subscription Amount paid by such Holder pursuant to the Purchase
      Agreement.

     

    
      
        
        

      

      
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    (d) With
      the
      exception that the Company may file a registration statement with respect to
      any
      securities for which the Company has provided registration rights as of the
      date
      hereof and as set forth in the Disclosure Schedules to the Purchase Agreement,
      the Company shall not, from the date hereof until the Effective Date of the
      Registration Statement, prepare and file with the Commission a registration
      statement relating to an offering for its own account or the account of others
      under the Securities Act of any of its equity securities other than a
      registration statement on Form S-8.

    

    (e) Each
      Holder shall furnish to the Company a completed Questionnaire in the form
      attached to this Agreement as Annex
      B
      (a
“Selling
      Holder Questionnaire”).
      The
      Company shall not be required to include the Registrable Securities of a Holder
      in a Registration Statement and shall not be required to pay any liquidated
      or
      other damages under Section 2(c) to any Holder who fails to furnish to the
      Company a fully completed Selling Holder Questionnaire at least two Trading
      Days
      prior to the Filing Date (subject to the requirements set forth in Section
      3(a)).

    

    3. Registration
      Procedures

     

    In
      connection with the Company's registration obligations hereunder, the Company
      shall:

     

    (a) Not
      less
      than three Trading Days prior to the filing of a Registration Statement or
      any
      related Prospectus or any amendment or supplement thereto, furnish to each
      Holder copies of the “Selling Stockholders” section of such document, the “Plan
      of Distribution” and any risk factor contained in such document that addresses
      specifically this transaction or the Selling Stockholders, as proposed to be
      filed, which documents will be subject to the review of such Holder. The Company
      shall not file a Registration Statement, any Prospectus or any amendments or
      supplements thereto in which the “Selling Stockholder” section thereof differs
      from the disclosure received from a Holder in its Selling Holder Questionnaire
      (as amended or supplemented), except as may otherwise be required by applicable
      securities law or the Commission.

     

    
      
        
        

      

      
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    (b) (i)
      Prepare and file with the Commission such amendments, including post-effective
      amendments, to each Registration Statement and the Prospectus used in connection
      therewith as may be necessary to keep such Registration Statement continuously
      effective as to the applicable Registrable Securities for its Effectiveness
      Period and prepare and file with the Commission such additional Registration
      Statements in order to register for resale under the Securities Act all of
      the
      Registrable Securities; (ii) cause the related Prospectus to be amended or
      supplemented by any required Prospectus supplement, and as so supplemented
      or
      amended to be filed pursuant to Rule 424; (iii) respond as promptly as
      reasonably practicable to any comments received from the Commission with respect
      to each Registration Statement or any amendment thereto and, as promptly as
      reasonably possible provide the Holders true and complete copies of all
      correspondence from and to the Commission relating to such Registration
      Statement that pertains to the Holders as Selling Stockholders but not any
      comments that would result in the disclosure to the Holders of material and
      non-public information concerning the Company; and (iv) comply in all material
      respects with the provisions of the Securities Act and the Exchange Act with
      respect to the disposition of all Registrable Securities covered by the
      Registration Statement.

     

    (c) Notify
      the Holders as promptly as reasonably possible (and, in the case of (i)(A)
      below, not less than three Trading Days prior to such filing) and (if requested
      by any such Person) confirm such notice in writing as promptly as reasonably
      possible (i)(A) when a Prospectus or any Prospectus supplement or post-effective
      amendment to a Registration Statement is proposed to be filed; (B) when the
      Commission notifies the Company whether there will be a “review” of such
      Registration Statement and whenever the Commission comments in writing on any
      Registration Statement (in which case the Company shall provide true and
      complete copies thereof and all written responses thereto to each of the Holders
      that pertain to the Holders as a Selling Stockholder or to the Plan of
      Distribution, but not information which the Company believes would constitute
      material and non-public information); and (C) with respect to each Registration
      Statement or any post-effective amendment, when the same has been declared
      effective; (ii) of any request by the Commission or any other Federal or state
      governmental authority for amendments or supplements to a Registration Statement
      or Prospectus or for additional information that pertains to the Holders as
      Selling Stockholders or the Plan of Distribution; (iii) of the issuance by
      the
      Commission of any stop order suspending the effectiveness of a Registration
      Statement covering any or all of the Registrable Securities or the initiation
      of
      any Proceedings for that purpose; (iv) of the receipt by the Company of any
      notification with respect to the suspension of the qualification or exemption
      from qualification of any of the Registrable Securities for sale in any
      jurisdiction, or the initiation or threatening of any Proceeding for such
      purpose; (v) of the occurrence of any event or passage of time that makes the
      financial statements included in a Registration Statement ineligible for
      inclusion therein or any statement made in such Registration Statement or
      Prospectus or any document incorporated or deemed to be incorporated therein
      by
      reference untrue in any material respect or that requires any revisions to
      such
      Registration Statement, Prospectus or other documents so that, in the case
      of
      such Registration Statement or the Prospectus, as the case may be, it will
      not
      contain any untrue statement of a material fact or omit to state any material
      fact required to be stated therein or necessary to make the statements therein
      (in the case of any Prospectus, form of prospectus or supplement thereto, in
      light of the circumstances under which they were made), not misleading; and
      (vi)
      of the occurrence or existence of any event relating to the Company that the
      Company believes may be material and that, in the good faith determination
      of
      the Company makes it not in the best interests of the Company to suspend the
      use
      of any prospectus included in any Registration (but in no event, without the
      prior written consent of a Purchaser, shall the Company disclose to such
      Purchaser any of the facts or circumstances regarding such event or any other
      material non-public information relating thereto).

     

    
      
        
        

      

      
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    (d) Use
      its
      reasonable best efforts to avoid the issuance of, or, if issued, obtain the
      withdrawal of (i) any order suspending the effectiveness of a Registration
      Statement, or (ii) any suspension of the qualification (or exemption from
      qualification) of any of the Registrable Securities for sale in any
      jurisdiction, as soon as practicable.

     

    (e) If
      requested by a Holder, furnish to such Holder, without charge, at least one
      conformed copy of each Registration Statement and each amendment thereto and
      all
      exhibits to the extent requested by such Person (including those previously
      furnished or incorporated by reference) promptly after the filing of such
      documents with the Commission; provided, that the Company shall have no
      obligation to provide any document pursuant to this clause that is available
      on
      the EDGAR system.

     

    (f) Prior
      to
      any public offering of Registrable Securities, use its reasonable best efforts
      to register or qualify or cooperate with the selling Holders in connection
      with
      the registration or qualification (or exemption from such registration or
      qualification) of such Registrable Securities for offer and sale under the
      securities or Blue Sky laws of those jurisdictions within the United States
      as
      any Holder requests in writing, to keep each such registration or qualification
      (or exemption therefrom) effective during the Effectiveness Period and to do
      any
      and all other acts or things reasonably necessary or advisable to enable the
      disposition in such jurisdictions of the Registrable Securities covered by
      the
      Registration Statements; provided,
      that
      the
      Company shall not be required to qualify generally to do business in any
      jurisdiction where it is not then so qualified or to take any action that would
      subject the Company to general service of process in any jurisdiction where
      it
      is not then so subject or subject the Company to any material tax in any such
      jurisdiction where it is not then so subject.

     

    (g) Cooperate
      with the Holders to facilitate the timely preparation and delivery of
      certificates representing Registrable Securities to be delivered to a transferee
      pursuant to the Registration Statements, which certificates shall be free,
      to
      the extent permitted by the Purchase Agreement and under law, of all restrictive
      legends, and to enable such Registrable Securities to be in such denominations
      and registered in such names as any such Holders may reasonably request. In
      connection therewith, if required by the Company’s transfer agent, the Company
      shall promptly after the effectiveness of the Registration Statement cause
      an
      opinion of counsel as to the effectiveness of the Registration Statement to
      be
      delivered to and maintained with its transfer agent, together with any other
      authorizations, certificates and directions required by the transfer agent,
      which authorize and direct the transfer agent to issue such Registrable
      Securities without legend upon sale by the holder of such shares of Registrable
      Securities under the Registration Statement.

     

    (h) Following
      the occurrence of any event contemplated by Sections 3(c)(v) through 3(c)(vi),
      as promptly as reasonably possible, prepare a supplement or amendment, including
      a post-effective amendment, to the affected Registration Statements or a
      supplement to the related Prospectus or any document incorporated or deemed
      to
      be incorporated therein by reference, and file any other required document
      so
      that, as thereafter delivered, no Registration Statement nor any Prospectus
      will
      contain an untrue statement of a material fact or omit to state a material
      fact
      required to be stated therein or necessary to make the statements therein (in
      the case of any Prospectus, form of prospectus or supplement thereto, in light
      of the circumstances under which they were made), not misleading. If the Company
      notifies the Holders in accordance with Sections 3(c)(ii) through 3(c)(v) above
      to suspend the use of any Prospectus until the requisite changes to such
      Prospectus have been made, then the Holders shall suspend use of such
      Prospectus. The foregoing sentence shall not be deemed to limit, in any manner,
      the obligation of the Company to pay the liquidated damages arising under,
      and
      in accordance with, Section 2(c).

     

    
      
        
        

      

      
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    (i) As
      long
      as any Holder owns Notes, Warrants or Warrant Shares, the Company covenants
      to
      use commercially reasonable timely file (or obtain extensions in respect thereof
      and file within the applicable grace period) all reports required to be filed
      by
      the Company after the date hereof pursuant to Section 13(a) or 15(d) of the
      Exchange Act. As long as any Holder owns Notes, Warrants or Warrant Shares,
      if
      the Company is not required to file reports pursuant to Section 13(a) or 15(d)
      of the Exchange Act, it will prepare and furnish to the Holders and make
      publicly available in accordance with Rule 144(c) promulgated under the
      Securities Act annual and quarterly financial statements, together with a
      discussion and analysis of such financial statements in form and substance
      substantially similar to those that would otherwise be required to be included
      in reports required by Section 13(a) or 15(d) of the Exchange Act, as well
      as
      any other information required thereby, in the time period that such filings
      would have been required to have been made under the Exchange Act. The Company
      further covenants that it will take such further action as any Holder may
      reasonably request, all to the extent required from time to time to enable
      such
      Person to sell Notes and Warrant Shares without registration under the
      Securities Act within the limitation of the exemptions provided by Rule 144
      promulgated under the Securities Act, including compliance with the provisions
      of the Purchase Agreement relating to the transfer of the Notes and Warrant
      Shares. 

     

    (j) Promptly
      deliver to each Holder, without charge, as many copies of each Prospectus or
      Prospectuses (including each form of prospectus) and each amendment or
      supplement thereto as such Persons may reasonably request. 

    

    4. Registration
      Expenses.
      All
      fees and expenses incident to the Company’s performance of or compliance with
      its obligations under this Agreement (excluding any underwriting discounts
      and
      selling commissions) shall be borne by the Company whether or not any
      Registrable Securities are sold pursuant to a Registration Statement. The fees
      and expenses referred to in the foregoing sentence shall include, without
      limitation, (i) all registration and filing fees (including, without limitation,
      fees and expenses (A) with respect to filings required to be made with the
      Trading Market on which the Common Stock is then listed for trading, and (B)
      in
      compliance with applicable state securities or Blue Sky laws), (ii) printing
      expenses (including, without limitation, expenses of printing certificates
      for
      Registrable Securities and of printing prospectuses if the printing of
      prospectuses is reasonably requested by the holders of a majority of the
      Registrable Securities included in the Registration Statement), (iii) messenger,
      telephone and delivery expenses, (iv) fees and disbursements of counsel for
      the
      Company, (v) Securities Act liability insurance, if the Company so desires
      such
      insurance, (vi) fees and expenses of all other Persons retained by the Company
      in connection with the consummation of the transactions contemplated by this
      Agreement and (vii) fees and expenses of one counsel to the Holders in an amount
      not to exceed $10,000. In addition, the Company shall be responsible for all
      of
      its internal expenses incurred in connection with the consummation of the
      transactions contemplated by this Agreement (including, without limitation,
      all
      salaries and expenses of its officers and employees performing legal or
      accounting duties), the expense of any annual audit and the fees and expenses
      incurred in connection with the listing of the Registrable Securities on any
      securities exchange as required hereunder. In no event shall the Company be
      responsible for any broker or similar commissions of the Holders.

     

    
      
        
        

      

      
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    5. Indemnification.

     

    (a) Indemnification
      by the Company.
      The
      Company shall, notwithstanding any termination of this Agreement, indemnify
      and
      hold harmless each Holder, the officers, directors, agents, partners, members,
      shareholders and employees of each of them, each Person who controls any such
      Holder (within the meaning of Section 15 of the Securities Act or Section 20
      of
      the Exchange Act) and the officers, directors, agents and employees of each
      such
      controlling Person, to the fullest extent permitted by applicable law, from
      and
      against any and all losses, claims, damages, liabilities, costs (including,
      without limitation, reasonable costs of preparation and reasonable attorneys'
      fees) and expenses (collectively, “Losses”),
      as
      incurred, arising out of or relating to (i) any untrue or alleged untrue
      statement of a material fact contained in any Registration Statement, any
      Prospectus or any form of prospectus or in any amendment or supplement thereto
      (it being understood that the Holder has approved Annex
      A
      hereto
      for this purpose) or in any preliminary prospectus, or arising out of or
      relating to any omission or alleged omission of a material fact required to
      be
      stated therein or necessary to make the statements therein (in the case of
      any
      Prospectus or form of prospectus or supplement thereto, in light of the
      circumstances under which they were made) not misleading, except to the extent,
      but only to the extent, that (A) such untrue statements, alleged untrue
      statements, omissions or alleged omissions are based solely upon information
      regarding such Holder furnished in writing to the Company by such Holder
      expressly for use therein, or to the extent that such information relates to
      such Holder or such Holder's proposed method of distribution of Registrable
      Securities and was reviewed and expressly approved in writing by such Holder
      expressly for use in the Registration Statement, such Prospectus or such form
      of
      Prospectus or in any amendment or supplement thereto (it being understood that
      the Holder has approved Annex A hereto for this purpose) or (2) in the case
      of
      an occurrence of an event of the type specified in Section 3(c)(ii)-(vi), the
      use by such Holder of an outdated or defective Prospectus after the Company
      has
      notified such Holder in writing that the Prospectus is outdated or defective
      and
      prior to the receipt by such Holder of an Advice (as defined in Section 6(d)
      below); provided,
      however,
      that
      the indemnity agreement contained in this Section 5(a) shall not apply to
      amounts paid in settlement of any Losses if such settlement is effected without
      the prior written consent of the Company, which consent shall not be
      unreasonably withheld. The Company shall notify the Holders promptly of the
      institution, threat or assertion of any Proceeding of which the Company is
      aware
      in connection with the transactions contemplated by this Agreement. Such
      indemnity shall remain in full force and effect regardless of any investigation
      made by or on behalf of an Indemnified Party (as defined in Section 5(c)) and
      shall survive the transfer of the Registrable Securities by the
      Holders.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    (b) Indemnification
      by Holders.
      Each
      Holder shall, notwithstanding any termination of this Agreement, severally
      and
      not jointly, indemnify and hold harmless the Company, its directors, officers,
      agents and employees, each Person who controls the Company (within the meaning
      of Section 15 of the Securities Act and Section 20 of the Exchange Act), and
      the
      directors, officers, agents or employees of such controlling Persons, to the
      fullest extent permitted by applicable law, from and against all Losses, as
      incurred, arising solely out of or based solely upon any untrue statement of
      a
      material fact contained in any Registration Statement, any Prospectus, or any
      form of prospectus, or in any amendment or supplement thereto, or arising solely
      out of or based solely upon any omission of a material fact required to be
      stated therein or necessary to make the statements therein (in the case of
      any
      Prospectus, or any form of prospectus or supplement thereto, in light of the
      circumstances under which they were made) not misleading to the extent, but
      only
      to the extent that, (A) such untrue statements or omissions are based solely
      upon information regarding such Holder furnished in writing to the Company
      by
      such Holder expressly for use therein, or to the extent that such information
      relates to such Holder or such Holder’s proposed method of distribution of
      Registrable Securities and was reviewed and expressly approved in writing by
      such Holder expressly for use in the Registration Statement (it being understood
      that the Holder has approved Annex
      A
      hereto
      for this purpose), such Prospectus or such form of Prospectus or in any
      amendment or supplement thereto, (B) sales of the Registrable (B) in the case
      of
      an occurrence of an event of the type specified in Section 3(c)(ii)-(vi), the
      use by such Holder of an outdated or defective Prospectus after the Company
      has
      notified such Holder in writing that the Prospectus is outdated or defective
      and
      prior to the receipt by such Holder of an Advice or an amended or supplemented
      Prospectus, but only if and to the extent that following the receipt of the
      Advice or the amended or supplemented Prospectus the misstatement or omission
      giving rise to such Loss would have been corrected; provided,
      however,
      that
      the indemnity agreement contained in this Section 5(b) shall not apply to
      amounts paid in settlement of any Losses if such settlement is effected without
      the prior written consent of the selling Holder, which consent shall not be
      unreasonably withheld. In no event shall the liability of any selling Holder
      hereunder be greater in amount than the dollar amount of the net proceeds
      received by such Holder upon the sale of the Registrable Securities giving
      rise
      to such indemnification obligation.

     

    (c) Conduct
      of Indemnification Proceedings.
      If any
      Proceeding shall be brought or asserted against any Person entitled to indemnity
      hereunder (an “Indemnified
      Party”),
      such
      Indemnified Party shall promptly notify the Person from whom indemnity is sought
      (the “Indemnifying
      Party”)
      in
      writing, and the Indemnifying Party shall assume the defense thereof, including
      the employment of counsel reasonably satisfactory to the Indemnified Party
      and
      the payment of all fees and expenses incurred in connection with defense
      thereof; provided,
      that
      the failure of any Indemnified Party to give such notice shall not relieve
      the
      Indemnifying Party of its obligations or liabilities pursuant to this Agreement,
      except (and only) to the extent that it shall be finally determined by a court
      of competent jurisdiction (which determination is not subject to appeal or
      further review) that such failure shall have proximately and materially
      adversely prejudiced the Indemnifying Party.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    An
      Indemnified Party shall have the right to employ separate counsel in any such
      Proceeding and to participate in the defense thereof, but the fees and expenses
      of such counsel shall be at the expense of such Indemnified Party or Parties
      unless: (1) the Indemnifying Party has agreed in writing to pay such fees and
      expenses; (2) the Indemnifying Party shall have failed promptly to assume the
      defense of such Proceeding and to employ counsel reasonably satisfactory to
      such
      Indemnified Party in any such Proceeding; or (3) the named parties to any such
      Proceeding (including any impleaded parties) include both such Indemnified
      Party
      and the Indemnifying Party, and such Indemnified Party shall have been advised
      by counsel that a conflict of interest is likely to exist if the same counsel
      were to represent such Indemnified Party and the Indemnifying Party (in which
      case, if such Indemnified Party notifies the Indemnifying Party in writing
      that
      it elects to employ separate counsel at the expense of the Indemnifying Party,
      the Indemnifying Party shall not have the right to assume the defense thereof
      and such counsel shall be at the expense of the Indemnifying Party), provided,
      that the Indemnifying Party shall not be liable for the fees and expenses of
      more than one separate firm of attorneys at any time for all Indemnified
      Parties. The Indemnifying Party shall not be liable for any settlement of any
      such Proceeding effected without its written consent, which consent shall not
      be
      unreasonably withheld. No Indemnifying Party shall, without the prior written
      consent of the Indemnified Party, effect any settlement of any pending
      Proceeding in respect of which any Indemnified Party is a party, unless such
      settlement includes an unconditional release of such Indemnified Party from
      all
      liability on claims that are the subject matter of such Proceeding.

     

    All
      fees
      and expenses of the Indemnified Party (including reasonable fees and expenses
      to
      the extent incurred in connection with investigating or preparing to defend
      such
      Proceeding in a manner not inconsistent with this Section) shall be paid to
      the
      Indemnified Party, as incurred, within twenty Trading Days of written notice
      thereof to the Indemnifying Party (regardless of whether it is ultimately
      determined that an Indemnified Party is not entitled to indemnification
      hereunder; provided,
      that
      the Indemnifying Party may require such Indemnified Party to undertake to
      reimburse all such fees and expenses to the extent it is finally judicially
      determined that such Indemnified Party is not entitled to indemnification
      hereunder).

     

    (d) Contribution.
      If a
      claim for indemnification under Section 5(a) or 5(b) is unavailable to an
      Indemnified Party (by reason of public policy or otherwise), then each
      Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
      contribute to the amount paid or payable by such Indemnified Party as a result
      of such Losses, in such proportion as is appropriate to reflect the relative
      fault of the Indemnifying Party and Indemnified Party in connection with the
      actions, statements or omissions that resulted in such Losses as well as any
      other relevant equitable considerations. The relative fault of such Indemnifying
      Party and Indemnified Party shall be determined by reference to, among other
      things, whether any action in question, including any untrue or alleged untrue
      statement of a material fact or omission or alleged omission of a material
      fact,
      has been taken or made by, or relates to information supplied by, such
      Indemnifying Party or Indemnified Party, and the parties' relative intent,
      knowledge, access to information and opportunity to correct or prevent such
      action, statement or omission. The amount paid or payable by a party as a result
      of any Losses shall be deemed to include, subject to the limitations set forth
      in Section 5(c), any reasonable attorneys' or other reasonable fees or expenses
      incurred by such party in connection with any Proceeding to the extent such
      party would have been indemnified for such fees or expenses if the
      indemnification provided for in this Section was available to such party in
      accordance with its terms. 

     

    The
      parties hereto agree that it would not be just and equitable if contribution
      pursuant to this Section 5(d) were determined by pro rata allocation or by
      any
      other method of allocation that does not take into account the equitable
      considerations referred to in the immediately preceding paragraph.
      Notwithstanding the provisions of this Section 5(d), no Holder shall be required
      to contribute, in the aggregate, any amount in excess of the amount by which
      the
      proceeds actually received by such Holder from the sale of the Registrable
      Securities subject to the Proceeding exceeds the amount of any damages that
      such
      Holder has otherwise been required to pay by reason of such untrue or alleged
      untrue statement or omission or alleged omission. No person guilty of fraudulent
      misrepresentation (within the meaning of Section 11(f) of the Securities Act)
      shall be entitled to contribution from any Person who was not guilty of such
      fraudulent misrepresentation. 

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    The
      indemnity and contribution agreements contained in this Section are not in
      dimunition or limitation of the indemnification provisions under the Purchase
      Agreement.

     

    6. Miscellaneous

     

    (a) Remedies.
      In the
      event of a breach by the Company or by a Holder of any of their obligations
      under this Agreement, each Holder or the Company, as the case may be, in
      addition to being entitled to exercise all rights granted by law and under
      this
      Agreement, including recovery of damages, will be entitled to specific
      performance of its rights under this Agreement. The Company and each Holder
      agree that monetary damages would not provide adequate compensation for any
      losses incurred by reason of a breach by it of any of the provisions of this
      Agreement and hereby further agrees that, in the event of any action for
      specific performance in respect of such breach, it shall waive the defense
      that
      a remedy at law would be adequate.

     

    (b) Compliance.
      Each
      Holder covenants and agrees that it will comply with the prospectus delivery
      requirements of the Securities Act as applicable to it in connection with sales
      of Registrable Securities pursuant to the Registration Statement and applicable
      state and federal securities laws.

     

    (c) Discontinued
      Disposition.
      Each
      Holder further agrees by its acquisition of such Registrable Securities that,
      upon receipt of a notice from the Company of the occurrence of any event of
      the
      kind described in Section 3(c), such Holder will forthwith discontinue
      disposition of such Registrable Securities under the Registration Statement
      until such Holder's receipt of the copies of the supplemented Prospectus and/or
      amended Registration Statement declared effective by the Commission or until
      it
      is advised in writing (the “Advice”)
      by the
      Company that the use of the applicable Prospectus may be resumed, and, in either
      case, has received copies of any additional or supplemental filings that are
      incorporated or deemed to be incorporated by reference in such Prospectus or
      Registration Statement. The Company may provide appropriate stop orders to
      enforce the provisions of this paragraph.

     

    (d) Piggy-Back
      Registrations.
      If at
      any time during the Effectiveness Period there is not an effective Registration
      Statement covering all of the Registrable Securities and the Company shall
      determine to prepare and file with the Commission a registration statement
      relating to an offering for its own account or the account of others under
      the
      Securities Act of any of its equity securities, other than on Form S-4 or Form
      S-8 (each as promulgated under the Securities Act) or their then equivalents
      relating to equity securities to be issued solely in connection with any
      acquisition of any entity or business or equity securities issuable in
      connection with stock option or other employee or director benefit plans, then
      the Company shall send to each Holder written notice of such determination
      and,
      if within ten days after receipt of such notice, any such Holder shall so
      request in writing, the Company shall include in such registration statement
      all
      or any part of such Registrable Securities such holder requests to be
      registered, subject to customary underwriter cutbacks applicable to all holders
      of registration rights on a pro rata basis; provided
      that if
      at any time after giving written notice of its intention to register any
      securities and prior to the effective date of the registration statement filed
      in connection with such registration, the Company shall determine for any reason
      not to register or to delay registration of such securities, the Company may,
      at
      its election, give written notice of such determination to such Holder and,
      thereupon, (i) in the case of a determination not to register, shall be relieved
      of its obligation to register any Registrable Securities in connection with
      such
      registration (but not from its obligation to pay expenses in accordance with
      Section 4 hereof), and (ii) in the case of a determination to delay registering,
      shall be permitted to delay registering any Registrable Securities being
      registered pursuant to this Section 6(d) for the same period as the delay in
      registering such other securities.

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    (e) Amendments
      and Waivers.
      This
      Agreement may be amended only by a writing signed by all of the parties hereto.
      The Company may take any action herein prohibited, or omit to perform any act
      herein required to be performed by it, only if the Company shall have obtained
      the written consent to such amendment, action or omission to act, of each
      Purchaser. 

     

    (f) Notices.
      All
      notices and other communications provided for or permitted hereunder shall
      be
      made as set forth in Section 9.4 of the Purchase Agreement.

     

    (g) Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of and be binding upon the successors
      and
      permitted assigns of each of the parties and shall inure to the benefit of
      each
      Holder. The Company may not assign its rights or obligations hereunder without
      the prior written consent of each Holder. The rights of the Holders hereunder,
      including the right to have the Company register Registrable Securities pursuant
      to this Agreement, may be assigned by each Holder to transferees or assignees
      of
      all or any portion of the Registrable Securities, but only if (i) the Holder
      agrees in writing with the transferee or assignee to assign such rights, and
      a
      copy of such agreement is furnished to the Company within a reasonable time
      after such assignment, (ii) the Company is, within a reasonable time after
      such
      transfer or assignment, furnished with written notice of the name and address
      of
      such transferee or assignee and the securities with respect to which such
      registration rights are being transferred or assigned, (iii) at or before the
      time the Company received the written notice contemplated by clause (ii) of
      this
      sentence, the transferee or assignee agrees in writing with the Company to
      be
      bound by all of the provisions contained herein and (iv) the transferee is
      an
“accredited investor” as that term is defined in Rule 501 of Regulation
      D.

     

    (h) Execution
      and Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed shall be deemed to be an original and, all of which taken together
      shall constitute one and the same Agreement. In the event that any signature
      is
      delivered by facsimile transmission, such signature shall create a valid binding
      obligation of the party executing (or on whose behalf such signature is
      executed) the same with the same force and effect as if such facsimile signature
      were the original thereof.

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    (i) Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by and construed and enforced in accordance
      with the internal laws of the State of New York, without regard to the
      principles of conflicts of law thereof. Each party agrees that all Proceedings
      concerning the interpretations, enforcement and defense of the transactions
      contemplated by this Agreement (whether brought against a party hereto or its
      respective Affiliates, employees or agents) will be commenced in the New York
      Courts. Each party hereto hereby irrevocably submits to the exclusive
      jurisdiction of the New York Courts for the adjudication of any dispute
      hereunder or in connection herewith or with any transaction contemplated hereby
      or discussed herein, and hereby irrevocably waives, and agrees not to assert
      in
      any Proceeding, any claim that it is not personally subject to the jurisdiction
      of any New York Court, or that such Proceeding has been commenced in an improper
      or inconvenient forum. Each party hereto hereby irrevocably waives personal
      service of process and consents to process being served in any such Proceeding
      by mailing a copy thereof via registered or certified mail or overnight delivery
      (with evidence of delivery) to such party at the address in effect for notices
      to it under this Agreement and agrees that such service shall constitute good
      and sufficient service of process and notice thereof. Nothing contained herein
      shall be deemed to limit in any way any right to serve process in any manner
      permitted by law. Each party hereto hereby irrevocably waives, to the fullest
      extent permitted by applicable law, any and all right to trial by jury in any
      Proceeding arising out of or relating to this Agreement or the transactions
      contemplated hereby. If any party shall commence a Proceeding to enforce any
      provisions of this Agreement, then the prevailing party in such Proceeding
      shall
      be reimbursed by the other parties for its attorney’s fees and other costs and
      expenses incurred with the investigation, preparation and prosecution of such
      Proceeding.

     

    (j) Cumulative
      Remedies.
      The
      remedies provided herein are cumulative and not exclusive of any remedies
      provided by law.

     

    (k) Severability.
      If any
      term, provision, covenant or restriction of this Agreement is held by a court
      of
      competent jurisdiction to be invalid, illegal, void or unenforceable, the
      remainder of the terms, provisions, covenants and restrictions set forth herein
      shall remain in full force and effect and shall in no way be affected, impaired
      or invalidated, and the parties hereto shall use their reasonable efforts to
      find and employ an alternative means to achieve the same or substantially the
      same result as that contemplated by such term, provision, covenant or
      restriction. It is hereby stipulated and declared to be the intention of the
      parties that they would have executed the remaining terms, provisions, covenants
      and restrictions without including any of such that may be hereafter declared
      invalid, illegal, void or unenforceable.

     

    (l) Headings.
      The
      headings in this Agreement are for convenience of reference only and shall
      not
      limit or otherwise affect the meaning hereof.

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    (m) Independent
      Nature of Purchasers' Obligations and Rights.
      The
      obligations of each Purchaser under this Agreement are several and not joint
      with the obligations of any other Purchaser hereunder, and no Purchaser shall
      be
      responsible in any way for the performance of the obligations of any other
      Purchaser hereunder. The decision of each Purchaser to purchase Securities
      pursuant to the Transaction Documents has been made independently of any other
      Purchaser. Nothing contained herein or in any other agreement or document
      delivered at any closing, and no action taken by any Purchaser pursuant hereto
      or thereto, shall be deemed to constitute the Purchasers as a partnership,
      an
      association, a joint venture or any other kind of entity, or create a
      presumption that the Purchasers are in any way acting in concert with respect
      to
      such obligations or the transactions contemplated by this Agreement. Each
      Purchaser acknowledges that no other Purchaser has acted as agent for such
      Purchaser in connection with making its investment hereunder and that no
      Purchaser will be acting as agent of such Purchaser in connection with
      monitoring its investment in the Securities or enforcing its rights under the
      Transaction Documents. Each Purchaser shall be entitled to protect and enforce
      its rights, including without limitation the rights arising out of this
      Agreement, and it shall not be necessary for any other Purchaser to be joined
      as
      an additional party in any Proceeding for such purpose. The Company acknowledges
      that each of the Purchasers has been provided with the same Registration Rights
      Agreement for the purpose of closing a transaction with multiple Purchasers
      and
      not because it was required or requested to do so by any Purchaser.

     

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    IN
      WITNESS WHEREOF, the parties have executed this Registration Rights Agreement
      as
      of the date first written above.

     

    
      	 	 	 
	 	THE
              TUBE
              MEDIA CORP.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title:

    

     

     

     

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      PAGES OF PURCHASERS TO FOLLOW]

     

     

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have executed this Registration Rights Agreement
      as
      of the date first written above.

     

    
      	 	 	 
	 	
              NAME
                OF
                INVESTING ENTITY

               

            
	 	
              
 
	 	AUTHORIZED
              SIGNATORY
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title:

    

     

    
      	 	 	 
	 	ADDRESS
              FOR NOTICE
	 
 	 
 	 
 
	 	c/o:   	 
	 	 	
              
 
	 	Street:  	 
	 	 	
              
 
	 	City/State/Zip: 	 
	 	 	
              

            
	 	Attention: 	 
	 	 	
              
 
	 	Tel:	 
	 	 	
              
 
	 	Fax:	 
	 	 	
              
 
	 	Email: 	 
	 	 	
              
 

    

     

    
 

    
      
        
        

      

      
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    Annex
      A

     

    Plan
      of
      Distribution

     

    The
      Selling Stockholders and any of their pledgees, donees, transferees, assignees
      and successors-in-interest may, from time to time, sell any or all of their
      shares of Common Stock on any stock exchange, market or trading facility on
      which the shares are traded or in private transactions. These sales may be
      at
      fixed or negotiated prices. The Selling Stockholders may use any one or more
      of
      the following methods when selling shares:

     

    
      	 	
              ordinary
                brokerage transactions and transactions in which the broker-dealer
                solicits purchasers;

            

    

     

    
      	 	
              block
                trades in which the broker-dealer will attempt to sell the shares
                as agent
                but may position and resell a portion of the block as principal to
                facilitate the transaction;

            

    

     

    
      	 	
              purchases
                by a broker-dealer as principal and resale by the broker-dealer for
                its
                account;

            

    

     

    
      	 	
              an
                exchange distribution in accordance with the rules of the applicable
                exchange;

            

    

     

    
      	 	
              privately
                negotiated transactions;

            

    

     

    
      	 	
              short
                sales; 

            

    

     

    
      	 	
              broker-dealers
                may agree with the selling stockholders to sell a specified number
                of such
                shares at a stipulated price per
                share;

            

    

     

    
      	 	
              a
                combination of any such methods of sale;
                and

            

    

     

    
      	 	
              any
                other method permitted pursuant to applicable
                law.

            

    

     

    The
      Selling Stockholders may also sell shares under Rule 144 under the Securities
      Act, if available, rather than under this prospectus.

     

    Broker-dealers
      engaged by the Selling Stockholders may arrange for other brokers-dealers to
      participate in sales. Broker-dealers may receive commissions or discounts from
      the Selling Stockholders (or, if any broker-dealer acts as agent for the
      purchaser of shares, from the purchaser) in amounts to be negotiated. The
      Selling Stockholders do not expect these commissions and discounts to exceed
      what is customary in the types of transactions involved.

     

    
      
        
        

      

      
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    The
      Selling Stockholders may from time to time pledge or grant a security interest
      in some or all of the Shares owned by them and, if they default in the
      performance of their secured obligations, the pledgees or secured parties may
      offer and sell shares of Common Stock from time to time under this prospectus,
      or under an amendment to this prospectus under Rule 424(b)(3) or other
      applicable provision of the Securities Act of 1933 amending the list of selling
      stockholders to include the pledgee, transferee or other successors in interest
      as selling stockholders under this prospectus.

     

    Upon
      the
      Company being notified in writing by a Selling Stockholder that any material
      agreement has been entered into with a broker-dealer for the sale of Common
      Stock through a block trade, special offering, exchange distribution or
      secondary distribution or a purchase by a broker or dealer, a supplement to
      this
      prospectus will be filed, if required, pursuant to Rule 424(b) under the
      Securities Act, disclosing (i) the name of each such Selling Stockholder and
      of
      the participating broker-dealer(s), (ii) the number of shares involved, (iii)
      the price at which such shares of Common Stock were sold, (iv) the commissions
      paid or discounts or concessions allowed to such broker-dealers, where
      applicable, (v) that such broker-dealer(s) did not conduct any investigation
      to
      verify the information set out or incorporated by reference in this prospectus,
      and (vi) other facts material to the transaction. In addition, upon the Company
      being notified in writing by a Selling Stockholder that a donee or pledgee
      intends to sell more than 500 shares of Common Stock, a supplement to this
      prospectus will be filed if then required in accordance with applicable
      securities laws. 

     

    The
      Selling Stockholders also may transfer the shares of Common Stock in other
      circumstances, in which case the transferees, pledgees or other successors
      in
      interest will be the selling beneficial owners for purposes of this
      prospectus.

     

    The
      Selling Stockholders and any broker-dealers or agents that are involved in
      selling the shares may be deemed to be “underwriters” within the meaning of the
      Securities Act in connection with such sales. In such event, any commissions
      received by such broker-dealers or agents and any profit on the resale of the
      shares purchased by them may be deemed to be underwriting commissions or
      discounts under the Securities Act. Discounts, concessions, commissions and
      similar selling expenses, if any, attributable to the sale of shares will be
      borne by the selling stockholder. Each Selling Stockholder has represented
      and
      warranted to the Company that it acquired the securities subject to this
      registration statement in the ordinary course of such Selling Stockholder’s
      business and, at the time of its purchase of such securities such Selling
      Stockholder had no agreements or understandings, directly or indirectly, with
      any person to distribute any such securities. 

     

    The
      Company has advised each Selling Stockholder that it may not use shares
      registered on this Registration Statement to cover short sales of Common Stock
      made prior to the date on which this Registration Statement shall have been
      declared effective by the Commission. If the Selling Stockholders use this
      prospectus for any sale of the Common Stock, they will be subject to the
      prospectus delivery requirements of the Securities Act. The Selling Stockholders
      will be responsible to comply with the applicable provisions of the Securities
      Act and Exchange Act, and the rules and regulations thereunder promulgated,
      including, without limitation, Regulation M, as applicable to such Selling
      Stockholders in connection with resales of their respective shares under this
      Registration Statement.

     

    We
      are
      required to pay all fees and expenses incident to the registration of the
      shares, but we will not receive any proceeds from the sale of the Common Stock.
      We have agreed to indemnify the selling stockholders against certain losses,
      claims, damages and liabilities, including liabilities under the Securities
      Act.

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

    Annex
      B

     

    The
      Tube
      Media Corp.

     

    Selling
      Securityholder Questionnaire

    

    
      	1.	
              Your
                identity and background as the Beneficial Holder of Common Stock
                and
                Warrants

            

    

     

    
      	 	(a)	 	
              Your full legal name: 

            	 
	 	 	 	 	 
	 	 	 	
            	 
	 	(b)	 	Citizenship:
	 
	 	 	 	 	 
	 	(c)	 	Social
              Security No. or Taxpayer ID No.: 	 
	 	 	 	 	 
	 	(d)	 	Your
              address, telephone number, facsimile number and email address: 	 

    

     

    
      	 	 	Address:
	 
	 	 	
            	 
	 	 	
              
Telephone
              No.: 	 
	 	 	 	 
	 	 	Fax
              No.: 	 
	 	 	 	 
	 	 	Email
              Address: 	 
	 	 	 	 
	 	 	Contact
              Person: 	 

    

     

    
      
        	 	(e)	 	Full legal name of person through
                which you
                hold the Common Stock and Warrants only if different than as set
                forth in
                Item 1(a) above (i.e.
                name of your broker or the DTC participant, if applicable, through
                which
                your shares of Common Stock are held):	 

      

       

      
        
          	 	 	Name
                  of broker: 	 
	 	 	
                	 
	 	 	
                  
DTC
                  No.: 	 
	 	 	 	 
	 	 	Contact
                  Person: 	 
	 	 	 	 
	 	 	Telephone
                  No.: 	 

        

         

        
          
            	2.	
                    Your
                      Relationship with the
                      Company

                  

          

        

      

    

     

    
      
        	 	(a)	 	Have you or any of your affiliates,
                officers,
                directors or principal equity holders (owners of 5% or more of the
                equity
                securities of the undersigned) held any position or office or have
                you had
                any other material relationship with the Company (or its predecessors
                or
                affiliates) within the past three years?	 
	 	 	 	o   
                Yes	 
	 	 	 	o No	 

      

       

      
        
          
          

        

        
          -20-

          
            

          

        

        
          
          

        

      

    

     

    
      
        	 	(b)	 	If your response to Item 2(a) above
                is yes,
                please state the nature and duration of your
                relationship with the Company:	 
	 	 	 	 

                

              	 
	 	 	 	
                

              	 

      

       

    

    
      
        
          	3.	
                  Your
                    interest in the Common Stock and
                    Warrants

                

        

      

       

      
        
          	 	(a)	 	State the total number of shares
                  (identifying
                  separately those number of shares
                  of Common Stock underlying the Warrants) you expect to purchase
                  in
                  connection
                  with the proposed sale of Common Stock and Warrants by the Company:	 
	 	 	 	
                  

                	 
	 	(b)	 	Do you beneficially own1 
                  any securities of the Company other than the securities
                  you will receive in connection with the proposed sale of Common
                  Stock
                  and Warrants by the Company?	 
	 	 	 	o   
Yes	 
	 	 	 	o
No	 
	 	 	 	 	 
	 	(c)	 	If your answer to Item 3(b) above
                  is yes,
                  state the type, the aggregate amount or
                  number of shares of such other securities of the Company beneficially
                  owned
                  by you:	 
	 	 	 	 	 
	 	 	 	Type:
                  	 
	 	 	 	 	 
	 	 	 	Aggregate
                  Amount/Number of Shares: 	 
	 	 	 	 	 
	 	 	 	CUSIP
                  No(s).: 	 
	 	 	 	 	 
	 	 	 	Holder
                  of record: 	 

        

         

        
          	 	 	 	
                  Note: List separately shares held of
                    record jointly
                    with another person, in a fiduciary capacity or in a name other
                    than your
                    own. Attach additional sheets and itemize, if
                    necessary.

                	 

        

        __________________________

          
            	1NOTE:
                    	
                    For
                      purposes of this question, shares are considered “beneficially owned” by a
                      person if the person, directly or indirectly, through any contract,
                      arrangement, understanding, relationship or otherwise, has
                      or shares
                      voting power and/or investment power with respect to such shares.
“Voting
                      power” is the power to vote or direct the voting of the shares, and
                      “investment power” is the power to dispose of (or direct the disposition
                      of) the shares.

                  

          
 

         

        
          
            
            

          

          
            -21-

            
              

            

          

          
            
            

          

        

         

        
          	 	(d)	 	Do you have both sole
                  voting power and sole
                  investment power with respect to all the
                  shares to be purchased in the proposed sale of Common Stock and
                  Warrants
                  by
                  the Company and
                  any shares already beneficially owned by you?	 
	 	 	 	o   
Yes	 
	 	 	 	o
No	 
	 	 	 	 	 
	 	(e)	 	If your answer to Item 3(d) above
                  is no,
                  provide information in the space below with
                  respect to why you do not have sole voting power and sole investment
                  power,
                  including
                  the number of shares as to which you do not have sole voting or
                  investment
                  power.	 
	 	 	 	 

                  

                	 
	 	 	 	
                  

                	 
	 	 	 	
                  

                	 
	 	(f)	 	Do you wish to disclaim beneficial
                  ownership
                  of any of the shares of Common Stock
                  and Warrants (either to be purchased in the proposed offering or
                  currently
                  owned)
                  that are described above?	 
	 	 	 	o   
Yes	 
	 	 	 	o No	 
	 	 	 	 	 
	 	(g)	 	If your answer to Item 3(f) is yes,
                  provide
                  information in the space below with respect
                  to why you wish to disclaim beneficial ownership, including the
                  number
                  of
                  shares as to which beneficial ownership is disclaimed.	 
	 	 	 	 	 
	 	 	 	
                  

                	 
	 	 	 	
                  

                	 
	 	 	 	
                  

                	 
	 	(h)	 	Do you have the right to acquire
                  beneficial
                  ownership of any shares of Common Stock
                  within 60 days?	 
	 	 	 	o   
Yes	 
	 	 	 	o No	 
	 	 	 	 	 
	 	(i)	 	If your answer to Item 3(h) is yes,
                  state the
                  number of shares as to which you have the
                  right to acquire beneficial ownership within 60 days in the space
                  provided
                  below
                  and describe the date and circumstances under which you have any
                  such
                  right
                  of acquisition.	 

        

         

      

    

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

     

    
      
        	 	 	 	
                

              	 
	 	 	 	
                

              	 
	 	 	 	
                

              	 
	 	(j)	 	At the time of your receipt of the
                Common
                Stock and Warrants upon the completion
                of the proposed sale of Common Stock and Warrants, will you have
                any
                agreements or understandings, directly or indirectly, with any person
                to
                distribute
                the Common Stock and Warrants?	 
	 	 	 	o   
Yes	 
	 	 	 	o No	 
	 	 	 	 	 
	 	(k)	 	If your response to Item 3(j) above
                is yes,
                please describe such agreements or understandings:	 
	 	 	 	 	 
	 	 	 	
                

              	 
	 	 	 	
                

              	 

      

       

    

    
      
        
          
            	4.	
                    Beneficial
                      Ownership

                  

          

        

         

        
          
            	 	(a)	 	Is the beneficial holder of the
                    Common Stock
                    and Warrants (whether now held or to
                    be purchased) an SEC-reporting company?	 
	 	 	 	o   
Yes	 
	 	 	 	o No	 
	 	 	 	 	 
	 	(b)	 	If your answer to Item 4(a) above
                    is no, name
                    the natural person(s) who exercise voting
                    or investment control over the Common Stock and Warrants (whether
                    now
                    held
                    or to be purchased) and give their current titles and describe
                    the
                    relationship of
                    such individuals to the beneficial owner, including their relationships
                    with any intermediate
                    entities, naming such entities:	 
	 	 	 	 	 
	 	 	 	Name(s)
                    of Natural Person(s) and Title(s): 	 
	 	 	 	
                  	 
	 	 	 	
                    

                  	 
	 	 	 	
                    

                  	 

          

           

          
            
              
              

            

            
              -23-

              
                

              

            

            
              
              

            

          

           

          
            
              
                
                  
                    	5.	
                            NASD
                              Affiliates and Associates

                          

                  

                

                 

                
                  
                    	 	(a) 	 	Are you a member of The
                            National Association
                            of Securities Dealers, Inc. (“NASD”)
                            or a broker-dealer registered pursuant to Section 15
                            of the Exchange
                            Act?	 
	 	 	 	o   
Yes	 
	 	 	 	o
No	 
	 	 	 	 	 
	 	(b) 	 	If “yes” to Section 5(a), did you
                            receive
                            your Common Stock and Warrants as compensation
                            for
                            investment banking services to the Company?	 
	 	 	 	o   
Yes	 
	 	 	 	o
No	 
	 	 	 	 	 
	 	 	 	Note: If
“no”,
                            the Commission’s staff has indicated that you should be identified as
                            an
                            underwriter
                            in the Registration Statement.	 
	 	 	 	 	 
	 	(c)	 	Are any of your affiliates
                            or any member of
                            your immediate family2 
                            a
                            member of
                            the NASD or a broker-dealer registered pursuant to Section
                            15 of the
                            Exchange  Act?	 
	 	 	 	o   
Yes	 
	 	 	 	o
No	 
	 	 	 	 	 
	 	(d) 	 	If your response to Item
                            5(a) and 5(c) above
                            is no, are you, any of your affiliates or
                            any member of your immediate family an “affiliate” of a member of the NASD
                            or
                            a broker-dealer registered pursuant to Section 15 of
                            the Exchange
                            Act?	 
	 	 	 	o   
Yes	 
	 	 	 	o
No	 
	 	 	 	 	 
	 	 	 	Note: For the purposes
                            of this Item 5(d),
                            an “affiliate” of a registered broker-dealer shall  include
                            any company that directly, or indirectly through one
                            or more
                            intermediaries,  controls,
                            is controlled by, or is under common control with, such
                            NASD member or
                             broker-dealer,
                            but excludes any individuals who are merely employed
                            by such NASD
                             member
                            or broker-dealer or its affiliates.	 
	 	 	 	 	 
	 	(e)	 	If your response to Item
                            5(d) above is “yes”,
                            do you certify that you bought the Common Stock and Warrants
                            in the
                            ordinary course of business, and at the time of the purchase
                            of the Common
                            Stock and Warrants to be resold, you had no agreements
                            or understandings,
                            directly or indirectly, with any person to distribute
                            the Common Stock
                            and/or Warrants ?	 
	 	 	 	o   
Yes	 
	 	 	 	o
No	 

                  

                  

                    2 Immediate
                      family includes your parents, mother-in-law, father-in-law,
                      spouse, sibling,
                      brother-in-law or sister-in-law, children, son-in-law or daughter-in-law,
                      and
                      any other individual who is supported to a materiel extent
                      by
                      you.
 

                  
                    
                      
                      

                    

                    
                      -24-

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                  
                    	 	 	 	Note: If
                            “no”, the Commission’s staff has indicated that you should be identified
                            as an underwriter
                            in the Registration Statement.	 

                  

                   

                

              

            

          

        

      

    

    Certain
      legal consequences arise from being named as a selling securityholder in the
      Registration Statement and the related prospectus. Accordingly, beneficial
      owners of Common Stock and Warrants are advised to consult their own securities
      law counsel regarding the consequences of being named or not being named as
      a
      selling securityholder in the Registration Statement and the related
      prospectus.

     

    The
      undersigned acknowledges its obligation to comply with the provisions of the
      Securities Exchange Act of 1934 and the rules thereunder relating to stock
      manipulation, particularly Regulation M thereunder (or any successor rules
      or
      regulations), in connection with any offering of Common Stock pursuant to the
      Registration Statement. The undersigned agrees that neither it nor any person
      acting on its behalf will engage in any transaction in violation of such
      provisions.

     

    The
      undersigned hereby acknowledges and is advised of the following Interpretation
      A.65 of the July 1997 SEC Manual of Publicly Available Telephone Interpretations
      regarding short selling:

     

    “An
      Issuer filed a Form S-3 registration statement for a secondary offering of
      common stock which is not yet effective. One of the selling shareholders wanted
      to do a short sale of common stock “against the box” and cover the short sale
      with registered shares after the effective date. The issuer was advised that
      the
      short sale could not be made before the registration statement become effective,
      because the shares underlying the short sale are deemed to be sold at the time
      such sale is made. There would, therefore, be a violation of Section 5 if the
      shares were effectively sold prior to the effective date.”

     

    By
      returning this Questionnaire, the undersigned will be deemed to be aware of
      the
      foregoing interpretation.

     

    Upon
      any
      sale of Common Stock pursuant to the Registration Statement, the selling
      securityholder will be required to deliver to the Transfer Agent (with a copy
      to
      the Company) the Notice of Transfer (completed and signed) in the form attached
      as Exhibit
      A
      hereto
      and hereby undertakes to do so.

     

    In
      the
      event that the undersigned transfers all or any portion of the Company’s Common
      Stock or Warrants after the date on which the information in this Questionnaire
      is provided to the Company, the undersigned agrees to notify the transferee(s)
      at the time of transfer of its rights and obligations hereunder.

     

    By
      signing below, the undersigned consents to the disclosure of the information
      contained in this Questionnaire and the inclusion of such information in the
      Registration Statement, the related prospectus and any state securities or
“Blue
      Sky” applications. The undersigned understands that the information in this
      Questionnaire will be relied upon by the Company in connection with the
      preparation or amendment of the Registration Statement or related
      prospectus.

     

    By
      signing below, the undersigned represents that the information provided herein
      is accurate and complete. The undersigned agrees to promptly notify the Company
      of any inaccuracies or changes in the information provided herein that may
      occur
      subsequent to the date hereof at any time while the Registration Statement
      remains effective.

     

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

    Once
      this
      Questionnaire is executed by the undersigned beneficial holder and received
      by
      the Company, the terms of this Questionnaire, and the representations and
      warranties contained herein, shall be binding on, shall inure to the benefit
      of
      and shall be enforceable by the respective successors, heirs, personal
      representatives and assigns of the Company and shall be governed in all respects
      by the internal laws of the State of Delaware.

     

    Dated:
      ____________, 2006

    

    
      	 	 	 
	 	 	 
	 	 	
              
(Name)
              [Please print or type]
	 	  	 
	 	By:	 
	 	 	
              
                
                                     
                (Authorized Signature)

            
	 	 	 
	 	Title: 	 
	 	
              
                
 

            

     

     

    
      
        
        

      

      
        -26-PLEDGE
      AND SECURITY AGREEMENT

    

    

    THIS
      PLEDGE AND SECURITY AGREEMENT (the "Agreement"),
      dated
      April 21, 2006, is made by David Levy (the "Pledgor")
      in
      favor of Nite Capital, L.P., a Delaware limited partnership, individually and
      in
      its capacity as agent for the Investors (as defined in the Purchase Agreement,
      as defined below) (the "Agent").

    

    W
      I T N E
      S S E T H:

    

    WHEREAS,
      pursuant to that certain Purchase Agreement, dated as of even date hereof (the
      "Purchase
      Agreement"),
      by
      and among The Tube Media Corp. (the "Borrower")
      and
      the Investors party thereto (the "Investors"),
      the
      Investors have agreed to purchase from the Borrower Secured Convertible Notes
      in
      the aggregate principal amount of $5,000,000 (the "Notes")
      and
      warrants to purchase shares of the Borrower’s common stock; and

    

    WHEREAS,
      the Pledgor is a substantial stockholder and an
      executive officer of the Borrower and will derive substantial benefit from
      the
      purchase of the Notes by the Investors; and

    

    WHEREAS,
      in order to induce the Investors to enter into the Purchase Agreement and to
      purchase the Notes, the Pledgor has agreed to pledge the Collateral (as defined
      in Section 2 below) to the Agent. 

    

    NOW,
      THEREFORE, in consideration of the mutual covenants set forth herein, to induce
      the Investors to enter into the Purchase Agreement and to purchase the Notes,
      and for other good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, the parties hereto agree as follows:

    

    1. Definitions.

    

    1.1
      Defined
      Terms.
      Capitalized terms in this Agreement shall be defined as follows (and as defined
      elsewhere in this Agreement):

    

    "Business
      Day"
      means
      any day that is not a Saturday, a Sunday or a day on which banks are required
      or
      permitted to be closed in the State of New York.

    

    "Distributions"
      means
      all stock dividends, liquidating dividends, shares of stock resulting from
      stock
      splits, reclassifications, non-cash dividends and other distributions on or
      with
      respect to the Shares, whether similar or dissimilar to the foregoing, but
      shall
      not include Dividends.

    

    "Dividends"
      means
      all cash dividends declared with respect to the Shares.

    

    "Obligations"
      means
      any and all obligations, liabilities and indebtedness of every kind, nature
      and
      description owing by the Borrower to the Investors, including, without
      limitation, principal, interest, charges, fees, costs and expenses, however
      evidenced, whether as principal, surety, endorser or otherwise, whether arising
      under the Purchase Agreement, the Notes or otherwise, whether now existing
      or
      hereafter arising, and whether direct or indirect, absolute or contingent,
      joint
      or several, secured or unsecured, due or not due, contractual or tortious,
      and
      liquidated or unliquidated.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    "Shares"
      means
      the 150,000 shares of common stock of the Borrower owned by the Pledgor as
      of
      the date of this Agreement.

    

    "UCC"
      means
      the Uniform Commercial Code as in effect in the State of New York from time
      to
      time.

    

    1.2 Rules
      of Construction.
      In this
      Agreement, unless specified otherwise:

    

    a. "Any"
      means "any one or more"; "including" means "including without limitation";
      "or"
      means "and/or".

    

    b. Singular
      words include plural, and vice versa. 

    

    c. Headings
      are for convenience only, and do not affect the meaning of any
      provision.

    

    d. Reference
      to an agreement includes reference to its permitted supplements, restatements,
      amendments and other modifications.

    

    e. Reference
      to a law includes reference to any amendment or modification of the law and
      to
      any rules or regulations issued thereunder.

    

    f. Reference
      to a person includes reference to its permitted successors and assigns in the
      applicable capacity.

    

    g. Reference
      to a Section signifies reference to a Section of this Agreement, unless the
      context clearly indicates otherwise.

    

    h. "Hereunder,"
      "hereto," "hereof," "herein," and like words, refer to the whole of this
      Agreement rather than to a particular part hereof, unless the context clearly
      indicates otherwise.

    

    1.3 No
      Strict Construction.
      The
      parties acknowledge that this Agreement has been prepared jointly by the Pledgor
      and the Agent, and this Agreement shall not be strictly construed against any
      party.

    

    2. Grant
      of Security Interest.
      As
      security for the indefeasible payment in full of all of the Obligations, the
      Pledgor hereby pledges, assigns and transfers to the Agent, and grants to the
      Agent a continuing first priority security interest in and to, the Shares
      (including the certificates representing the Shares), together with all
      Dividends and Distributions, interest and other payments and rights with respect
      thereto, together with all proceeds thereof (collectively, the "Collateral").
      The
      Pledgor further pledges, assigns and transfers to the Agent, and grants to
      the
      Agent a continuing first priority security interest in and to, and agrees to
      duly endorse to the order of the Agent, any additional Collateral, together
      with
      all proceeds thereof, from time to time received, receivable or otherwise
      distributed in respect of or in exchange for any or all of the Shares. Any
      Collateral delivered by the Pledgor to the Agent may be endorsed by the Agent,
      in its own name or in the name of the Pledgor, on behalf of the Pledgor to
      the
      order of the Agent.

    

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    3. Stock
      Powers, Endorsements, Etc.
      The
      Pledgor shall, from time to time, upon request of the Agent, promptly execute
      such endorsements and deliver to the Agent such stock powers and similar
      documents, reasonably satisfactory in form and substance to the Agent, with
      respect to the Collateral as the Agent may reasonably request and shall, from
      time to time, upon request of the Agent, promptly transfer any securities which
      are part of the Collateral into the name of any nominee designated by the Agent
      on the books of the entity issuing such securities; provided,
      however,
      that
      the Agent shall not be entitled to effect or demand a transfer of the Collateral
      into the name of the Agent or the Agent’s nominee without the consent of the
      Pledgor unless and until an Event of Default (as defined in Section 8) shall
      have occurred. The Pledgor shall cause the Borrower to record on its books
      and
      records the pledge created by this Agreement and to execute and deliver the
      Acknowledgment and Agreement in the form of Schedule
      I
      attached
      hereto. The Pledgor hereby authorizes and instructs the Borrower to comply
      with
      any instruction received by it from the Agent without any further order or
      further consent from instructions from the Pledgor, and the Pledgor agrees
      that
      the Borrower shall be fully protected in so complying with any such instructions
      from the Agent.

    

    4. Rights
      of the Pledgor.
      Unless
      and until an Event of Default shall have occurred, the Pledgor shall have the
      following rights with regard to the Shares:

    

    a. To
      vote
      the Shares or to give consents, waivers, and ratifications with respect to
      the
      Shares; provided,
      however,
      that no
      vote shall be cast, and no consent, waiver or ratification shall be given or
      action taken, which would have the effect of impairing the position or interest
      of the Agent in respect of the Collateral or which would authorize or effect:
      (i) the dissolution or liquidation of the Borrower, in whole or in part; or
      (ii)
      the sale of the Borrower (whether by merger, consolidation, sale of all or
      substantially all of the assets or stock of the Borrower or otherwise);
      and

    

    b. To
      receive any Dividends declared on the Shares; provided,
      however,
      that
      the following Dividends shall remain subject to the liens created by this
      Agreement and shall be delivered to the Agent within two (2) Business Days
      following receipt thereof: (i) all Dividends paid or payable in connection
      with
      a partial or total liquidation or dissolution and (ii) cash paid, payable or
      otherwise distributed in redemption of, or in exchange for, any
      Collateral.

    

    5. Affirmative
      Covenants.
      Unless
      otherwise consented to in writing by the Agent, until the Obligations have
      been
      indefeasibly paid in full (and so long as the Notes are outstanding), the
      Pledgor hereby covenants as follows:

    

    a. The
      Pledgor will not sell, assign, or transfer any of his rights in or to the
      Collateral;

    

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    b. The
      Pledgor will make due and timely payment or deposit of all taxes, assessments,
      or contributions required by law which may be lawfully levied or assessed with
      respect to the Collateral and will execute and deliver to the Agent on demand,
      appropriate certificates attesting to the timely payment or deposit of all
      such
      taxes, assessments or contributions; 

    

    c. The
      Pledgor shall notify the Agent in writing within two (2) Business Days of
      receipt of any Distributions, and the Pledgor shall deliver such Distributions
      to the Agent; 

    

    d. The
      Pledgor shall observe, conform and comply with the covenants, terms and
      conditions of this Agreement. The Pledgor shall promptly notify the Agent in
      writing upon the occurrence of any event of default (or any event which, with
      the giving of notice and/or the passage of time, could become an event of
      default) under this Agreement; 

    

    e. At
      any
      time, or from time to time, upon request of the Agent, the Pledgor shall execute
      and deliver such further documents and do such other acts and things as the
      Agent may request in order to effectuate more fully the purposes of this
      Agreement. The Pledgor hereby authorizes the Agent to file and record in such
      public records offices as the Agent may determine such financing statements
      as
      the Agent may determine relative to the transactions contemplated by this
      Agreement; and

    

    f. The
      Pledgor has and will defend the title to the Collateral pledged by him and
      the
      security interest granted in such Collateral to the Agent against the claim
      of
      any Person (as defined in the Purchase Agreement) and will maintain and preserve
      such security interest.

    

    6. No
      Other Security Interest.
      Unless
      the Agent shall otherwise consent in writing, until the Obligations have been
      indefeasbily paid in full, the Pledgor hereby covenants that it shall not incur,
      create or permit to exist any mortgage, assignment, pledge, hypothecation,
      security interest, lien, or other encumbrance (collectively, "Liens")
      on any
      of the Collateral now owned and pledged in accordance with this Agreement or
      hereafter acquired, except for those Liens in favor of the Agent created by
      this
      Agreement.

    

    7. Representations
      and Warranties.
      The
      Pledgor represents and warrants to the Agent that:

    

    a. The
      Pledgor has the capacity to execute and deliver this Agreement and to perform
      his obligations hereunder;

    

    b. This
      Agreement has been duly executed and delivered by the Pledgor and constitutes
      a
      valid and binding obligation of the Pledgor, enforceable against the Pledgor
      in
      accordance with its terms, except as may be limited by bankruptcy, insolvency,
      fraudulent conveyance, reorganization or similar laws affecting creditors'
      rights generally or by general equitable principles and except insofar as the
      enforceability of any provision of such agreement would be restricted or void
      by
      reason of public policy;

    

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    c. The
      Pledgor has obtained all requisite consents or approvals necessary for the
      execution, delivery and performance of this Agreement and the consummation
      of
      the transactions contemplated hereby;

    

    d. The
      Pledgor is the legal and beneficial owner of the Shares and no other Person
      (including the Pledgor’s spouse) has any right, title or interest in or to the
      Shares, and there are no existing options, warrants, calls, purchase rights
      or
      commitments of any character whatsoever relating to the Shares;

    

    e. The
      Collateral is owned by the Pledgor free and clear of any Liens, except for
      the
      Liens granted herein in favor of the Agent; and

    

    f. Upon
      delivery of the Shares to the Agent, this Agreement shall create a first
      priority security interest in the Collateral and the proceeds thereof, subject
      to no prior or secondary security interest or other Liens.

    

    8. Events
      of Default.

    

    8.1 The
      occurrence of any one or more of the following events shall constitute an event
      of default (each, an "Event
      of Default")
      by the
      Pledgor under this Agreement:

    

    a. any
      event
      of default shall occur and be continuing under the Notes; and

    

    b. the
      breach of any warranty, representation, or covenant made by the Pledgor in
      this
      Agreement.

    

    9. Remedies
      Upon an Event of Default.

    

    9.1 Upon
      an
      Event of Default, the Agent shall have the following remedies available, at
      its
      election:

    

    a. To
      vote
      the Shares;

    

    b. To
      give
      consents, waivers and ratifications with respect to the Shares; 

    

    c. To
      receive all dividends, cash, securities and all other distributions of any
      kind
      given with respect to the Shares; 

    

    d. (i) To
      sell,
      assign or transfer the Shares and any other Collateral pledged under this
      Agreement, or any part thereof, in one or more sales, at a public or private
      sale, conducted by any officer or agent of, or auctioneer or attorney for,
      the
      Agent, at a place designated by the Agent, for cash, upon credit or for future
      delivery, and at such price or prices as the Agent shall, in its sole and
      absolute discretion, determine, and the Agent and/or the Pledgor or any or
      all
      of them may be the purchaser of any or all of the Collateral so
      sold;

    

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    (ii) Upon
      any
      such sale, the Agent shall have the right to deliver, assign and transfer to
      the
      purchaser(s) thereof the Collateral so sold. Each purchaser (including the
      Agent) at any such sale shall hold the Collateral so sold absolutely free from
      any claim or right of any kind whatsoever, including, without limitation, any
      equity or right of redemption of the Pledgor, which the Pledgor hereby
      specifically waives; 

    

    (iii) At
      any
      such public or private sale, the Collateral may be sold in one lot as an
      entirety or in separate installments; 

    

    (iv) In
      case
      of any sale of all or any part of the Collateral on credit or for future
      delivery, the Collateral so sold may be retained by the Agent until the purchase
      price is paid by the purchaser(s) thereof, but the Agent shall not incur any
      liability in case of the failure of such purchaser to take up and pay for the
      Collateral so sold. In case of any such failure, such Collateral may again
      be
      sold under and pursuant to the provisions of this Agreement; and

    

    (v) The
      receipt from the Agent for the purchase price paid at any such sale of the
      Shares shall be a sufficient discharge therefor to any purchaser(s) of the
      Collateral, or any portion thereof, sold as described in this Section 9.1(d).
      No
      such purchaser (or such purchaser's representatives or assigns), after paying
      such purchase price and receiving such receipt, shall be bound to see to the
      application of such purchase price or any part thereof or in any manner
      whatsoever be answerable for any loss, misapplication or non-application of
      any
      such purchase price, or be bound to inquire as to the authorization, necessity,
      expediency or regularity of any such sale; 

    

    e. To
      institute proceedings to collect all Obligations from the Pledgor or any other
      Person who may be responsible for the payment of any Obligations;
      and

    

    f. To
      exercise any remedy provided for under the UCC, any other applicable law or
      the
      Agreements.

    

    9.2 Upon
      the
      occurrence and during the continuance of an Event of Default, the proceeds
      of
      any sale of, or other realization upon, all or any part of the Collateral shall
      be applied by the Agent in the following order of priorities:

    

    a. first,
      to
      payment of the reasonable out-of-pocket expenses of such sale or other
      realization, including reasonable compensation to agents and counsel for the
      Agent, and all reasonable out-of-pocket expenses, liabilities and advances
      incurred or made by the Agent in connection therewith, and any other
      unreimbursed expenses for which the Agent is to be reimbursed pursuant to the
      Agreements;

    

    b. second,
      to the payment of accrued but unpaid interest (including post-petition interest)
      on the Notes;

    

    c. third,
      to
      the payment of unpaid principal on the Notes;

    

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    d. fourth,
      to the payment of all other Obligations, until all such Obligations shall have
      been paid in full; and

    

    e. finally,
      to payment to the Pledgor or as a court of competent jurisdiction may direct
      of
      any surplus then remaining from such proceeds.

    

    The
      Agent
      may make distributions hereunder in cash or in kind or in any combination
      thereof.

    

    To
      the
      extent that fewer than all Shares are sold in full satisfaction of the
      Obligations, the remaining Shares shall be returned to the Pledgor.

    

    9.3 The
      Pledgor hereby designates, constitutes and appoints the Agent and any designee
      or agent of the Agent as its attorney-in-fact, irrevocably and with power of
      substitution, to make and execute all conveyances, assignments and instruments
      of transfer regarding the Collateral sold pursuant to this Section 9 and to
      do
      all other acts and things necessary and advisable in the sole discretion of
      the
      Agent to carry out and enforce this Agreement. The Agent or any designee or
      agent of the Agent, in their capacity as attorney-in-fact for the Pledgor,
      shall
      not be liable for any acts of commission or omission nor for any error of
      judgment or mistake of fact or law. This power of attorney being coupled with
      an
      interest is irrevocable while any of the Obligations shall remain unpaid.

    

    9.4 The
      Agent
      may, in any order and at any time, simultaneously or not simultaneously,
      exercise any of the remedies set forth in this Section 9, in addition to, and
      not in lieu of, any remedies that may otherwise be available at law or in
      equity. 

    

    9.5 The
      Pledgor acknowledges that the Shares have not been registered under the
      Securities Act of 1933, as amended, or any similar state or federal law and
      that, therefore, the Agent may be unable to effect a public sale of all or
      any
      part of the Shares, and may be compelled to resort to one or more private sales
      to a restricted group of purchasers who will be obligated to agree, among other
      things, to acquire the Shares for their own account, for investment, and not
      with a view to the distribution or resale thereof. The Pledgor acknowledges
      that
      any such private sales may be at prices and terms less favorable to the Pledgor
      than those of public sales, and agrees that such private sales shall be deemed
      to have been made in a commercially reasonable manner and that the Agent has
      no
      obligation to delay any sale to permit the issuer thereof to register them
      under
      the Securities Act of 1933, as amended.

    

    10. Lien
      Absolute.
      All
      rights of the Agent hereunder, and all obligations of the Pledgor hereunder,
      shall be absolute and unconditional irrespective of:

    

    10.1. any
      lack
      of validity or enforceability of the Notes or any other agreement or instrument
      governing or evidencing any of the Obligations;

    

    10.2. any
      change in the time, manner or place of payment of, or in any other term of,
      all
      or any part of the Obligations, or any other amendment or waiver of, or any
      consent to any departure, from the Notes or any other agreement or instrument
      governing or evidencing any of the Obligations;

    

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    10.3. any
      exchange, release or non-perfection of any collateral (including the
      Collateral), or any release or amendment or waiver of or consent to departure
      from any guaranty, for all or any of the Obligations;

    

    10.4. the
      insolvency of the Borrower; or

    

    10.5. any
      other
      circumstance which might otherwise constitute a defense available to, or a
      discharge of, the Pledgor.

    

    11. Release.
      The
      Pledgor consents and agrees that the Agent may at any time, or from time to
      time, in its discretion:

    

    11.1. renew,
      extend or change the time of payment, and/or the manner, place or terms of
      payment, of all or any part of the Obligations; and

    

    11.2. exchange,
      release and/or surrender all or any of the collateral (including the
      Collateral), or any part thereof, by whomsoever deposited, which is now or
      may
      hereafter be held by the Agent in connection with all or any of the Obligations;
      all in such manner and upon such terms as the Agent may deem proper, and without
      notice to or further assent from the Pledgor, it being hereby agreed that the
      Pledgor shall be and remain bound upon this Agreement, irrespective of the
      value
      or condition of any of the collateral (including the Collateral), and
      notwithstanding any such change, exchange, settlement, compromise, surrender,
      release, renewal or extension. 

    

    12. Reinstatement.
      This
      Agreement shall remain in full force and effect and continue to be effective
      should any petition be filed by or against the Pledgor or the Borrower for
      liquidation or reorganization, should the Pledgor or the Borrower become
      insolvent or make an assignment for the benefit of creditors or should a
      receiver or trustee be appointed for all or any significant part of the
      Pledgor’s or the Borrower’s assets, and shall continue to be effective or be
      reinstated, as the case may be, if at any time payment and performance of the
      Obligations, or any part thereof, is, pursuant to applicable law, rescinded
      or
      reduced in amount, or must otherwise be restored or returned by any obligee
      of
      the Obligations, whether as a “voidable preference”, “fraudulent conveyance”, or
      otherwise, all as though such payment or performance had not been made. In
      the
      event that any payment, or any part thereof, is rescinded, reduced, restored
      or
      returned, the Obligations shall be reinstated and deemed reduced only by such
      amount paid and not so rescinded, reduced, restored or returned.

    

    13. Satisfaction;
      Agent’s Duty Regarding Shares.

    

    13.1 Promptly
      after the Obligations have been indefeasibly paid in full and the Notes are
      no
      longer outstanding or upon conversion of the Notes in full, this Agreement
      shall
      be terminated and of no further force and effect. 

    

    13.2 Beyond
      the exercise of reasonable care to assure the safe custody of the Shares while
      held hereunder, the Agent shall have no liability or duty with respect to the
      Shares. Placing or depositing the Shares in a bank safe deposit box of the
      Agent's selection shall fully and completely satisfy the Agent's duty to
      exercise reasonable care. The Agent shall not have any duty or liability to
      take
      any action or to preserve rights pertaining to the Shares and shall be relieved
      of all responsibility for the Shares upon surrendering them or tendering
      surrender thereof to the Pledgor.

    

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    14. Nonwaiver.
      No
      failure or delay on the part of the Agent in exercising any of its rights and
      remedies hereunder or otherwise shall constitute a waiver thereof, and no single
      or partial waiver by the Agent of any default or other right or remedy which
      it
      may have shall operate as a waiver of any other default, right or remedy or
      of
      the same default, right or remedy on a future occasion.

    

    15. Waivers
      by the Pledgor.
      The
      Pledgor hereby waives presentment, notice of dishonor and protest of all
      instruments included in or evidencing any of the Obligations or the Collateral
      and any and all other notices and demands whatsoever whether or not relating
      to
      such instruments. In the event of any litigation at any time arising with
      respect to any matter connected with this Agreement or the Obligations, the
      Pledgor hereby waives any and all defenses, rights of setoff and rights to
      interpose counterclaims of any nature. 

    

    16. Modification.
      No
      provision hereof shall be modified, altered or limited except by a written
      instrument expressly referring to this Agreement and to the provision so
      modified or limited, and executed by the Pledgor and the Agent.

    

    17. Binding
      Effect.
      This
      Agreement and all Obligations of the Pledgor hereunder shall be binding upon
      the
      successors, assigns, heirs and executors of the Pledgor, and shall, together
      with the rights and remedies of the Agent hereunder, inure to the benefit of
      the
      Agent and its successors, heirs, executors and assigns.

    

    18. Governing
      Law; Consent to Jurisdiction.
      This
      Agreement shall be governed by, and construed in accordance with, the internal
      laws of the State of New York, without reference to the choice of law principles
      thereof. Any legal action, suit or proceeding arising out of or relating to
      this
      Agreement shall only be instituted, heard and adjudicated (excluding appeals)
      in
      a state or federal court located in the Southern District of New York, and
      each
      party hereto knowingly, voluntarily and intentionally waives any objection
      which
      such party may now or hereafter have to the laying of the venue of any such
      action, suit or proceeding, and irrevocably submits to the exclusive personal
      jurisdiction of any such court in any such action, suit or proceeding. Service
      of process in connection with any such action, suit or proceeding may be served
      on each party hereto anywhere in the world by the same methods as are specified
      for the giving of notices under this Agreement.

    

    19. Notices.
      All
      notices, requests, consents and other communications hereunder shall be in
      writing, shall be addressed to the receiving party's address set forth below
      or
      to such other address as a party may designate by notice hereunder, and shall
      be
      either (i) delivered by hand, (ii) made by facsimile, (iii) sent
      by a recognized overnight courier, or (iv) sent by certified mail, return
      receipt requested, postage prepaid.

    

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    If
      to the
      Pledgor:

    

    David
      Levy

    1451
      West
      Cypress Creek Road

    Suite
      300

    Fort
      Lauderdale, FL 33309

    Facsimile:
      954-343-1272

     

    If
      to the
      Agent:

    

    Nite
      Capital, L.P.

    100
      East
      Cook Avenue, Suite 201

    Libertyville,
      IL 60048

    Attn:
      Keith Goodman

    Facsimile:
      (847) 968-2648

    

    with
      a
      copy (which
      shall not in itself constitute effective notice)
      to:

    

    Mathew
      B.
      Hoffman, Esq.

    Lowenstein
      Sandler PC

    1251
      Avenue of the Americas, 18th
      Floor

    New
      York,
      NY 10020

    Fax:
      (973) 422-6871

    

    All
      notices, requests, consents and other communications hereunder shall be deemed
      to have been given either (i) if by hand, at the time of the delivery
      thereof to the receiving party at the address of such party set forth above,
      (ii) if made by facsimile, at the time that receipt thereof has been
      acknowledged by electronic confirmation or otherwise, (iii) if sent by
      overnight courier, on the next Business Day following the day such notice is
      delivered to the courier service, or (iv) if sent by registered or certified
      mail, on the fifth (5th)
      Business Day following the day such mailing is made.

    

    20. Severability.
      If any
      term of this Agreement shall be held to be invalid, illegal or unenforceable,
      the validity of all other terms hereof shall in no way be affected
      thereby.

    

    21. Benefit
      of Investors.
      The
      security interest in the Collateral granted herein shall be for the benefit
      of
      Agent and the Investors, and all proceeds or payments realized from the
      Collateral in accordance herewith shall be applied to the holders of the Notes
      on a pro-rata basis based on the total outstanding amounts due and owing under
      the Notes.

    

    22. The
      Agent.

    

    22.1 The
      Agent
      shall be deemed to be authorized on behalf of each Investor to act on behalf
      of
      such Investor under this Agreement and to exercise such powers hereunder as
      are
      specifically delegated to or required of the Agent by the terms hereof, together
      with such powers as may be reasonably incidental thereto. By accepting their
      Notes, each Investor shall be deemed to have agreed to indemnify the Agent
      from
      and against any and all liabilities, obligations, losses, damages, penalties,
      actions, judgments, suits, costs, expenses or disbursements of any kind or
      nature whatsoever which may at any time be imposed on, incurred by, or asserted
      against the Agent in any way relating to or arising out of this Agreement,
      including the reimbursement of the Agent for all out-of-pocket expenses
      (including attorneys' fees) incurred by the Agent hereunder or in connection
      herewith or in enforcing the Obligations of the Investors under this Agreement,
      in all cases as to which the Agent is not reimbursed by the Borrower;
provided
      that no
      Investor shall be liable for the payment of any portion of such liabilities,
      obligations, losses, damages, penalties, actions, judgments, suits, costs,
      expenses or disbursements determined by a court of competent jurisdiction in
      a
      final proceeding to have resulted solely from the Agent's gross negligence
      or
      willful misconduct. The Agent shall not be required to take any action
      hereunder, or to prosecute or defend any suit in respect of this Agreement,
      unless the Agent is indemnified to its reasonable satisfaction by the Investors
      against loss, costs, liability and expense. If any indemnity in favor of the
      Agent shall become impaired, it may call for additional indemnity and cease
      to
      do the acts indemnified against until such additional indemnity is
      given.

    

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    22.2 Neither
      the Agent nor any of its directors, officers, partners, employees or agents
      shall be liable to any Investor for any action taken or omitted to be taken
      by
      it under this Agreement, or in connection herewith. The Agent shall not be
      responsible to any Investor for any recitals, statements, representations or
      warranties herein or in any certificate or other document delivered in
      connection herewith or for the condition or value of any of the Collateral,
      or
      be required to make any inquiry concerning either the performance or observance
      of any of the terms, provisions or conditions of any of the Notes, the financial
      condition of the Borrower or the existence or possible existence of any default
      or event of default. The Agent shall be entitled to rely upon advice of counsel
      concerning legal matters and upon any notice, consent, certificate, statement
      or
      writing which it believes to be genuine and to have presented by a proper
      person.

    

    22.3 The
      Agent
      shall have the same rights and powers with respect to any Notes held by it
      or
      any of its affiliates, as any Investor and may exercise the same as if it were
      not the Agent. 

    

    23. No
      Jury Trial.  EACH
      OF THE PLEDGOR AND THE AGENT HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL BY
      JURY
      IN ANY LITIGATION WITH RESPECT TO ANY ASPECT OF THIS AGREEMENT AND REPRESENTS
      THAT HE OR IT, AS THE CASE MAY BE, HAS CONSULTED WITH COUNSEL SPECIFICALLY
      WITH
      RESPECT TO THIS WAIVER. 

    
 

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF, the parties have executed or caused this Agreement to be
      executed as of the date first written above.

    
      	 	 	 
	 	 
	 	
              
David
              Levy
	 	 
	 	NITE CAPITAL, L.P.
	 	 	 
	 	By:  	 
	 	
              
Name:

	 	Title:

    

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

    SCHEDULE
      I

     

    ACKNOWLEDGMENT
      AND CONSENT

     

     

    Nite
      Capital, L.P.

    100
      East
      Cook Avenue, Suite 201

    Libertyville,
      IL 60048

    Attention:
      Keith Goodman

    

    The
      Tube
      Media Corp. ("Company"),
      hereby (i) acknowledges receipt of a fully executed copy of the Pledge and
      Security Agreement, dated as of April 21, 2006 (the "Agreement";
      capitalized terms used herein without definition have the meanings provided
      therein), made by David Levy ("Pledgor")
      in
      favor of the Agent; (ii) consents and agrees to the pledge by Pledgor of the
      Collateral pursuant to the Agreement and to all of the other terms and
      provisions of the Agreement; (iii) agrees to comply with all instructions
      received by it from the Agent without further consent by Pledgor; (iv) advises
      Pledgor and Agent that a pledge of the Shares has been registered on the books
      of Company and in the name of the Agent and agrees to so register any additional
      shares of capital stock of the Company acquired by the Borrower; and (v)
      represents and warrants that, except for the pledge in favor of the Agent,
      there
      are no Liens to which the Collateral is or may be subject as of the date
      hereof.

    

    IN
      WITNESS WHEREOF, a duly authorized officer of the undersigned has executed
      and
      delivered this Acknowledgment and Consent as of this 21st day of April,
      2006.

    
      	 	 	 
	 	THE
              TUBE MEDIA
              CORP.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title:

     

    
      
         

      

      
        -13-

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