Document:

Agreement-The Studio Zone, Inc.

    THESE
      SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OFFERED
      FOR
      SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
      OR
      AN OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE COMPANY THAT SUCH
      REGISTRATION IS NOT REQUIRED.

    

    US                                                                                                   $2,000,000.00

    

    NEW
      WORLD ENTERTAINMENT CORP.

    

    PROMISSORY
      NOTE DUE MAY 3, 2007

    

    FOR
      VALUE
      RECEIVED, NEW
      WORLD ENTERTAINMENT CORP.,
      a
      corporation organized and existing under the laws of the State of Nevada (the
      "Company"), promises to pay to Global Developments Inc., the registered holder
      hereof (the "Holder"), the principal sum of TWO MILLION and 00/100 Dollars
      (US
      $2,000,000.00) on May 3, 2007 (the “Maturity Date”).

    

    Interest
      on the basis of a one year term of this Note shall be paid simultaneously with
      the issuance of this Note by the Company by issuing three and one third shares
      of common stock for every dollar loaned (interest
      shares) of restricted common stock of the company.

    

    This
      Note
      is being issued pursuant to the terms of (i) the Loan Agreement, dated as of
      May
      3, 2006 (the “Loan Agreement”), to which the Company and the Holder (or the
      Holder’s predecessor in interest) are parties, and (ii) the Security Agreement,
      which shall be entered into within thirty (30) Business Days of the Closing
      Date(the Security Agreement”), to which the Company, the Holder, and certain
      shareholders of the Company, shall be parties to. Capitalized terms not
      otherwise defined herein shall have the meanings ascribed to them in the Loan
      Agreement and the Security Agreement. AT THE OPTION OF THE HOLDER, THIS LOAN
      MAY
      BE EXCHANGED FOR SECURITES OFFERED BY THE COMPANY IN ANY FINANCING.

    

    This
      Note
      is subject to the following additional provisions:

    

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

        
        

      

    

    1. Payments
      on the outstanding principal amount (the “Principal Amount”) shall be made by
      the Borrower on August 3, 2006 and on the first business day of each succeeding
      quarter thereafter through and including the Maturity Date (each, a “Repayment
      Date”). Commencing on the first Repayment Date, the Borrower shall make
      quarterly payments to the Holder on each Repayment Date, each such payment
      in
      the amount of $500,000. Any outstanding Principal Amount shall be due and
      payable on the Maturity Date.

    

    2. (i) This
      Note
      may be prepaid in whole or in part at any time prior to the Maturity Date,
      without penalty. Any payment shall be applied as provided in Section
      3.

    

    (ii) TIME
      IS OF THE ESSENCE WITH RESPECT TO ANY PAYMENT DUE HEREUNDER.
      The
      Company shall be in default hereunder if any payment is not made in a timely
      manner, without any right to cure unless such right to cure is granted by the
      Holder in each instance, which consent shall be in the sole discretion of the
      Holder and may be withheld for any reason or for no reason
      whatsoever.

    

    3. All
      payments contemplated hereby to be made “in cash” shall be made in immediately
      available good funds of United States of America currency by wire transfer
      to an
      account designated in writing by the Holder to the Company (which account may
      be
      changed by notice similarly given). For purposes of this Note, the phrase “date
      of payment” means the date good funds are received in the account designated by
      the notice which is then currently effective.

    

    4. Subject
      to the terms of the Loan Agreement, no provision of this Note shall alter or
      impair the obligation of the Company, which is absolute and unconditional,
      to
      pay the principal of this Note at the time, place, and rate, and in the coin
      or
      currency, as herein prescribed. This Note is direct obligations of the
      Company.

    

    5. No
      recourse shall be had for the payment of the principal of this Note, or for
      any
      claim based hereon, or otherwise in respect hereof, against any incorporator,
      shareholder, officer or director, as such, past, present or future, of the
      Company or any successor corporation, whether by virtue of any constitution,
      statute or rule of law, or by the enforcement of any assessment or penalty
      or
      otherwise, all such liability being, by the acceptance hereof and as part of
      the
      consideration for the issue hereof, expressly waived and released.

    

    6. The
      Holder of the Note, by acceptance hereof, agrees that this Note is being
      acquired for investment and that such Holder will not offer, sell or otherwise
      dispose of this Note except under circumstances which will not result in a
      violation of the Securities Act of 1933, as amended, or any applicable state
      Blue Sky or foreign laws or similar laws relating to the sale of
      securities.

    

    7. Any
      notice given by any party to the other with respect to this Note shall be given
      in the manner contemplated by the Loan Agreement in the section entitled
“Notices.”

    

    8. This
      Note
      shall be governed by and construed in accordance with the laws of the State
      of
      New York. Each of the parties consents to the exclusive jurisdiction of the
      federal courts whose districts encompass any part of the County of New York
      or
      the state courts of the State of New York sitting in the County of New York
      in
      connection with any dispute arising under this Agreement and hereby waives,
      to
      the maximum extent permitted by law, any objection, including any objection
      based on forum
      non coveniens,
      to the
      bringing of any such proceeding in such jurisdictions. To the extent determined
      by such court, the Company shall reimburse the Holder for any reasonable legal
      fees and disbursements incurred by the Holder in enforcement of or protection
      of
      any of its rights under any of this Note. 

    

    9. JURY
      TRIAL WAIVER. The
      Company and the Holder hereby waive a trial by jury in any action, proceeding
      or
      counterclaim brought by either of the Parties hereto against the other in
      respect of any matter arising out of or in connection with this Note.

    

    10. The
      following shall constitute an "Event of Default":

    

    
      	 	
              a.

            	
              The
                Company shall default in the payment of principal on this Note or
                any
                other amount due, time being of the essence;
                or

            

    

    

    
      	 	
              b.

            	
              Any
                of the representations or warranties made by the Company herein,
                in the
                Loan Agreement or any of the other Transaction Agreements shall be
                false
                or misleading in any material respect at the time made;
                or

            

    

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

        
        

      

    

    
      	 	
              c.

            	
              The
                Company shall (1) make an assignment for the benefit of creditors
                or
                commence proceedings for its dissolution; or (2) apply for or consent
                to
                the appointment of a trustee, liquidator or receiver for its or for
                a
                substantial part of its property or business;
                or

            

    

    

    
      	 	
              d.

            	
              A
                trustee, liquidator or receiver shall be appointed for the Company
                or for
                a substantial part of its property or business without its consent;
                or

            

    

    

    
      	 	
              e.

            	
              Any
                governmental agency or any court of competent jurisdiction at the
                instance
                of any governmental agency shall assume custody or control of the
                whole or
                any substantial portion of the properties or assets of the Company;
                or

            

    

    

    
      	 	
              f.

            	
              Bankruptcy,
                reorganization, insolvency or liquidation proceedings or other proceedings
                for relief under any bankruptcy law or any law for the relief of
                debtors
                shall be instituted by or against the Company.

            

    

    

    If
      an
      Event of Default shall have occurred, then, or at any time thereafter, and
      in
      each and every such case, unless such Event of Default shall have been waived
      in
      writing by the Holder (which waiver shall not be deemed to be a waiver of any
      subsequent default) at the option of the Holder and in the Holder's sole
      discretion, the Holder may consider this Note immediately due and payable (and
      the Maturity Date shall be accelerated accordingly), without presentment,
      demand, protest or notice of any kinds, all of which are hereby expressly
      waived, anything herein or in any note or other instruments contained to the
      contrary notwithstanding, and interest shall accrue on the total amount due
      (the
“Default Amount”) on the date of the Event of Default (the “Default Date”) at
      the rate of 18% per annum or the maximum rate allowed by law, whichever is
      lower, from the Default Date until the date payment is made, and the Holder
      may
      immediately enforce any and all of the Holder's rights and remedies provided
      herein or any other rights or remedies afforded by law. 

    

    

    
      
        
        

      

      
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    11. In
      the
      event for any reason, any payment by or act of the Company or the Holder shall
      result in payment of interest which would exceed the limit authorized by or
      be
      in violation of the law of the jurisdiction applicable to this Note, then
ipso
      facto
      the
      obligation of the Company to pay interest or perform such act or requirement
      shall be reduced to the limit authorized under such law, so that in no event
      shall the Company be obligated to pay any such interest, perform any such act
      or
      be bound by any requirement which would result in the payment of interest in
      excess of the limit so authorized. In the event any payment by or act of the
      Company shall result in the extraction of a rate of interest in excess of a
      sum
      which is lawfully collectible as interest, then such amount (to the extent
      of
      such excess not returned to the Company) shall, without further agreement or
      notice between or by the Company or the Holder, be deemed applied to the payment
      of principal, if any, hereunder immediately upon receipt of such excess funds
      by
      the Holder, with the same force and effect as though the Company had
      specifically designated such sums to be so applied to principal and the Holder
      had agreed to accept such sums as an interest-free prepayment of this Note.
      If
      any part of such excess remains after the principal has been paid in full,
      whether by the provisions of the preceding sentences of this Section or
      otherwise, such excess shall be deemed to be an interest-free loan from the
      Company to the Holder, which loan shall be payable immediately upon demand
      by
      the Company. The provisions of this Section shall control every other provision
      of this Note.

    

    IN
      WITNESS WHEREOF, the Company has caused this instrument to be duly executed
      by
      an officer thereunto duly authorized this 3rd
      day of
      May 2006.

    

     

    NEW
      WORLD ENTERTAINMENT CORP.

    

    

    

    By:
      _______________________________________

    Name:
      Michelle Dobson

    Title:
      PresidentAgreement-Franklin Ross

    

    REGISTRATION
      RIGHTS AGREEMENT

    

    This
      Registration Rights Agreement (the “Agreement”) is made and entered into as of
      this 3rd
      day of
      May, 2006 by and among New World Entertainment Corp., a Nevada corporation
      (the
“Company”) and the “Lenders” named in that certain Loan Agreement by and among
      the Company (the “Loan Agreement”). 

     

    The
      parties hereby agree as follows:

     

    1. Certain
      Definitions.

     

    As
      used
      in this Agreement, the following terms shall have the following
      meanings:

     

    “Affiliate”
means,
      with respect to any person, any other person which directly or indirectly
      controls, is controlled by, or is under common control with, such
      person.

     

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

     

    “Common
      Stock”
shall
      mean the Company’s common stock, $.001 par value, and any securities into which
      such shares may hereinafter be reclassified.

     

    “Lenders”
shall
      mean the Lenders
      identified in the Loan Agreement
      and any Affiliate or permitted transferee of any Lender who is a subsequent
      holder of the Note or the Registrable Securities.

     

    “Prospectus”
shall
      mean the prospectus included in any Registration Statement, 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 such
      Registration Statement and by all other amendments and supplements to the
      prospectus, including post-effective amendments and all material incorporated
      by
      reference in such prospectus.

     

    “Register,”
      “registered”
and
      “registration”
refer
      to a registration made by preparing and filing a Registration Statement or
      similar document in compliance with the 1933 Act (as defined below), and the
      declaration or ordering of effectiveness of such Registration Statement or
      document.

     

    “Registrable
      Securities”
shall
      mean (i) 10,833,333 shares of Common Stock issuable as prepaid interest on
      the
      Notes, and (ii) any other securities issued or issuable with respect to or
      in
      exchange for Registrable Securities; provided, that, a security shall cease
      to
      be a Registrable Security upon (A) sale pursuant to a Registration Statement
      or
      Rule 144 under the 1933 Act, or (B) such security becoming eligible for sale
      by
      the Investors pursuant to Rule 144(k).

     

    “Registration
      Statement”
shall
      mean any registration statement of the Company filed under the 1933 Act that
      covers the resale of any of the Registrable Securities pursuant to the
      provisions of this Agreement, amendments and supplements to such Registration
      Statement, including post-effective amendments, all exhibits and all material
      incorporated by reference in such Registration Statement.

     

    “Required
      Investors”
mean
      the Investors holding a majority of the Registrable Securities.

     

    “SEC”
means
      the U.S. Securities and Exchange Commission.

     

    
      
        
        

      

      
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    “Shares”
means
      10,833,333 shares of Common Stock issued as prepaid interest pursuant to the
      terms of the Notes.

     

    “1933
      Act”
means
      the Securities Act of 1933, as amended, and the rules and regulations
      promulgated thereunder.

     

    “1934
      Act”
means
      the Securities Exchange Act of 1934, as amended, and the rules and regulations
      promulgated thereunder.

     

    2. Registration.

     

    2.1(a)  Registration
      Statement. The
      Company shall use its best efforts to prepare and file a Registration Statement
      on a form that shall (A) be available for the sale of the Registrable Securities
      by the Investors and (B) comply as to form with the requirements of the
      applicable form on which such Registration Statement is filed and include all
      financial statements required by the SEC to be filed therewith ("REGISTRATION
      STATEMENT") with the SEC within forty five (45) days of the Closing Date to
      provide for the offer and sale of the Registrable Securities and shall use
      its
      best efforts to cause the Registration Statement to become effective under
      the
      Act no later than the earlier of (i) one hundred and twenty (120) days after
      the
      Closing Date and (ii) the sixth (6th) business day following the date on which
      the Company is notified by the SEC that such Registration Statement will not
      be
      reviewed or is no longer subject to further review and comments; provided,
      however, that if the SEC determines to perform a full review of the Registration
      Statement, such one hundred and twenty (120) day period shall be extended to
      one
      hundred fifty (150) days ("EFFECTIVE DATE"). The Registration Statement filed
      pursuant to this Section 2.1(a) may, at the Company's discretion and with the
      consent of the Required Investors include securities of the Company other than
      the Registrable Securities.

    

    2.2
       Piggyback
      Registration.

    

        (a)
       From
      and
      after the Closing Date and until such time as the Registrable Securities are
      freely saleable under Rule 144(k) without volume limitations, if the Company
      shall determine to proceed with the preparation and filing of a Registration
      Statement in connection with the proposed offer and sale of any of its
      securities by it or any of its security holders (other than a registration
      statement on Form S-4, S-8, any successor form thereto or other limited purpose
      form), the Company will give written notice of its determination to all record
      Investors of the Registrable Securities at least twenty (20) days prior to
      filing. Upon receipt of a written request from any such Holder within twenty
      (20) days after receipt of any such notice from the Company, the Company will,
      except as herein provided, cause all the Registrable Securities owned by such
      Investors to be included in such Registration Statement in order to permit
      the
      sale or other disposition by the prospective seller or sellers of the
      Registrable Securities to be so registered. If any registration pursuant to
      this
      Section 2.2 shall be underwritten in whole or in part, the Company shall cause
      the Registrable Securities requested for inclusion pursuant to this Section
      2.2
      to be included in the underwriting on the same terms and conditions as the
      securities otherwise being sold through the underwriters, except to the extent
      provided in Section 2.2(b) below. In such event the right of any Holder to
      registration shall be conditioned upon such underwriting and the inclusion
      of
      such Holder's Registrable Securities in such underwriting to the extent provided
      in Section 2.2(b) below. All Investors  proposing to  distribute their
      securities  through such underwriting shall  (together with 
the  Company and  the  other investors distributing their
      securities  through such

     

    
      
        
        

      

      
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     underwriting)
      enter into an underwriting agreement with the underwriters' representative
      for
      such offering; provided that such holders shall have no right to participate
      in
      the selection of the underwriters for an offering pursuant to this Section
      2.2(a). The obligation of the Company under this Section 2.2 shall be unlimited
      as to the number of Registration Statements to which it applies. Notwithstanding
      the foregoing, to the extent that all Registrable Securities are registered
      on
      an effective Registration Statement on Form SB-2, the Company shall not be
      required to provide notice to Investors of the preparation and filing of a
      registration statement in connection with the proposed nonunderwritten offer
      and
      sale of any of its securities and the Investors shall not be entitled to include
      any Registrable Securities on such registration statement.

    

      (b)
       In
      connection with an underwritten public offering for the account of the Company,
      if, in the opinion of the underwriters' representative market factors
      (including, without limitation, the aggregate number of shares of Common Stock
      requested to be registered, the general condition of the market, and the status
      of the persons proposing to sell securities pursuant to the registration)
      require a limitation of the number of shares to be underwritten, the
      underwriters' representative may exclude some or all Registrable Securities
      from
      such registration and underwriting and the Company shall be obligated to include
      in such Registration Statement only such limited portion of the Registrable
      Securities with respect to which the Investors have requested inclusion
      hereunder as the underwriters shall permit. Any exclusion of Registrable
      Securities shall be made pro rata among the Investors seeking to include
      Registrable Securities, in proportion to the number of Registrable Securities
      sought to be included by such holder; provided, however, that the Company shall
      not exclude any Registrable Securities unless the Company has first excluded
      all
      outstanding securities, the investors of which are not contractually entitled
      to
      inclusion of such securities in such Registration Statement or are not
      contractually entitled to pro rata inclusion with the Registrable Securities;
      and provided, further, however, that, after giving effect to the immediately
      preceding proviso, any exclusion of Registrable Securities shall be made pro
      rata with holders of other securities having the right to include such
      securities in the Registration Statement. No Registrable Securities excluded
      from the underwriting by reason of this Section 2.2(b) shall be included in
      such
      Registration Statement.

    

    3.1
       Registration
      Procedures.
      If and
      whenever the Company is required by the provisions of Sections 2.1 or 2.2 to
      effect the registration of Registrable Securities under the Securities Act,
      the
      Company will:

    

    (a)
       use
      its
      best efforts to cause such a Registration Statement to become and remain
      effective for a period of two (2) years; provided, however, that any
      Registration Statement filed pursuant to Section 2.2 may be kept effective
      for
      such lesser period of time until which all Registrable Securities included
      thereunder are freely saleable (without restriction, except with regard to
      Registrable Securities held by persons deemed to be "affiliates" of the Company)
      or have been disposed of pursuant to a registration statement or all transfer
      restrictions or legends have otherwise been removed;

    

    
      
        
        

      

      
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    (b)
       prepare
      and file with the SEC such amendments to such Registration Statement and
      supplements to the prospectus contained therein as may be necessary to keep
      such
      Registration Statement effective for the period of time described in paragraph
      (a) above;

    

    (c)
       furnish
      to the Investors participating in such registration such reasonable number
      of
      copies of such Registration Statement, preliminary prospectus, final prospectus
      and such other documents as such underwriters or selling shareholders may
      reasonably request in order to facilitate the public offering of such
      securities;

    

    (d)
       use
      its
      best efforts to register or qualify the securities covered by the Registration
      Statement under such state securities or blue sky laws of such jurisdictions
      as
      such participating Investors may reasonably request in writing within twenty
      (20) days following the original filing of such Registration Statement, except
      that the Company shall not for any purpose be required to execute a general
      consent to service of process or to qualify to do business as a foreign
      corporation in any jurisdiction wherein it is not so qualified;

     

    (e)
       in
      the
      event that a registration involves an underwritten offering, enter into and
      perform its obligations under an underwriting agreement, in usual and customary
      form, including, without limitation, customary indemnification and contribution
      obligations, with the managing underwriter or such offering;

     

    (f)
       notify
      the Investors participating in such registration, promptly, and in no event
      later than two (2) business days after, the Registration Statement has become
      effective or a supplement to any prospectus forming a part of the Registration
      Statement has been filed;

     

    (g)
       notify
      such Investors promptly of any request by the SEC for the amending or
      supplementing the Registration Statement or prospectus or for additional
      information;

     

    (h)
       notify
      such Investors promptly of the Company's reasonable determination that a
      post-effective amendment to a Registration Statement or prospectus would be
      appropriate;

     

    (i)
       prepare
      and file with the SEC, promptly upon the request of any such Investors, any
      amendments or supplements to the Registration Statement or prospectus which,
      in
      the opinion of counsel for such Investors (and concurred in by counsel for
      the
      Company), is required under the Securities Act or the rules and regulations
      thereunder in connection with the distribution of the Registrable
      Securities;

     

    (j)
       prepare
      and promptly file with the SEC and promptly notify such Investors of the filing
      of such amendment or supplement to the Registration Statement or prospectus
      as
      may be necessary to correct any statements or omissions if, at the time when
      a
      prospectus relating to such securities is required to be delivered under the
      Securities Act, any event shall have occurred as the result of which any such
      prospectus or any other prospectus as then in effect would include an untrue
      statement of a material fact or omit to state any material fact necessary to
      make the statements therein, in the light of the circumstances in which they
      were made, not misleading;

     

     (k)
       advise
      such Investors, promptly after it shall receive notice or obtain knowledge
      thereof, of the issuance of any stop order by the SEC suspending the
      effectiveness of the Registration Statement or the initiation or threatening
      of
      any proceeding for that purpose and promptly use its best efforts to prevent
      the
      issuance of any stop order or to obtain its withdrawal if such stop order should
      be issued;

    

    
      
        
        

      

      
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      (l)
         at
        the
        request of Investors of a majority of the Registrable Securities included
        in the
        Registration Statement, furnish to the underwriters or selling shareholders
        on
        the date that the Registrable Securities are delivered to underwriters for
        sale
        in connection with a registration pursuant to this Agreement (i) an opinion,
        dated such date, of the counsel representing the Company for the purposes
        of
        such registration, in form and substance as is customarily given to underwriters
        in an underwritten public offering, addressed to the underwriters and (ii)
        a
        letter dated such date, from the independent certified accountants of the
        Company, in form an substance as is customarily given by independent certified
        public accountants to underwriters in an underwritten public offering, addressed
        to the underwriters;

       

      (m)
         make
        available for inspection by any underwriters participating in an offering
        covering Registrable Securities, and the counsel, accountants or other agents
        retained by any such underwriter, all pertinent financial and other records,
        corporate documents, and properties of the Company, and cause the Company's
        officers, directors and employees to supply all information reasonably requested
        by any such underwriters in connection with such offering;

       

      (n)
         to
        the
        extent the Registration Statement is not filed on Form SB-2, convert such
        Registration Statement to Form SB-2 as soon as reasonably practicable following
        the Company becoming eligible to register securities on Form SB-2;

       

      (o)
         if
        the
        Common Stock is then listed on a national securities exchange, cause the
        Registrable Securities to be listed on such exchange, or if reported on Nasdaq,
        to be reported on Nasdaq;

       

      (p)
         provide
        a
        transfer agent and registrar, which may be a single entity, for the Registrable
        Securities not later than the effective date of the Registration Statement
        in
        which Registrable Securities are included; and

       

      (q)
         comply
        with all applicable rules and regulations of the Commission and make generally
        available to its security holders earning statements satisfying the provisions
        of Section 11(a) of the Securities Act and Rule 158 thereunder no later than
        forty five (45) days after the end of any twelve (12) month period (or ninety
        (90) days after the end of any twelve (12) month period if such period is
        a
        fiscal year) commencing on the first day of the first fiscal quarter of the
        Company, after the effective date of the Shelf Registration Statement, which
        statements shall cover said twelve (12) month period.

    

    

    3.2
       Expenses.
       With
      respect to each inclusion of Registrable Securities in a Registration Statement
      pursuant to Sections 2.1 and 2.2 hereof, the fees, costs and expenses of
      registration to be borne by the Company shall include, all registration, filing,
      and NASD fees; printing expenses, fees and disbursements of counsel and
      accountants for the Company; all legal fees and disbursements and other expenses
      of complying with state securities or blue sky laws of any jurisdictions in
      which the securities to be offered are to be registered and qualified. Fees
      and
      disbursements of counsel and accountants for the selling security Investors
      shall be borne by the selling security Investors, and security Investors
      participating in such registration shall bear their pro rata share of the
      underwriting discounts and commissions and transfer taxes. If NASD Rule 2710
      or
      any similar rule requires any broker-dealer to make a filing prior to executing
      a sale of Registrable Securities, the Company shall make an Issuer Filing with
      the NASD Corporate Financing Department pursuant to NASD Rule 2710 and respond
      within five (5) business days to any comments received from the NASD in
      connection therewith.

    

    
      
        
        

      

      
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    4. Certain
      Obligations of Investors

    

      (a)
       Each
      Holder agrees that, upon receipt of any notice from the Company of the happening
      of (i) any event of the kind described in 3.1(g), 3.1(h), 3.1(i), 3.1(j) or
      3.1(k) hereof, or (ii) a determination by the Company's Board of Directors
      that
      it is advisable to suspend use of the prospectus for a discrete period of time
      due to pending corporate developments such as negotiation of a material
      transaction which the Company, in its sole discretion after consultation with
      legal counsel, determines it would be obligated to disclose in the Shelf
      Registration Statement, which disclosure the Company believes would be premature
      or otherwise inadvisable at such time or would have a material adverse effect
      on
      the Company and its stockholders, such Holder will forthwith discontinue
      disposition of such Registrable Securities covered by the Shelf Registration
      Statement or prospectus until such Holder's receipt of the copies of the
      supplemented or amended prospectus contemplated by Section 3.1 hereof, or until
      such Holder is advised in writing by the Company that the use of the applicable
      prospectus may be resumed, and has received copies of any additional or
      supplemental filings that are incorporated or deemed to be incorporated by
      reference in such prospectus. The period of time in which the use of a
      prospectus or Shelf Registration Statement is so suspended shall be referred
      to
      as a "BLACK-OUT PERIOD." The Company agrees to so advise such Holder promptly
      of
      the commencement and termination of any such Black-Out Period, and the Holder
      agrees to keep the fact of such Black-Out Period confidential. The Company
      shall
      not impose a Black-Out Period under this Section 4 for more than thirty (30)
      consecutive days and not more than twice in any given twelve (12) month period;
      provided, that at least ninety (90) days must pass between Black-Out Periods.
      Notwithstanding the foregoing, the Company may suspend the effectiveness of
      any
      Shelf Registration Statement if the SEC rules and regulations prohibit the
      Company from maintaining the effectiveness of a Shelf Registration because
      its
      financial statements are stale at a time when its fiscal year has ended or
      it
      has made an acquisition reportable under Item 2 of Form 8-K or any other similar
      situation until the earliest time in which the SEC would allow the Company
      to
      re-effect a Shelf Registration Statement (provided that the Company shall use
      its reasonable best efforts to cure any such situation as soon as possible
      so
      that the Shelf Registration Statement can be made effective at the earliest
      possible time). The Company shall not effect a Black-Out Period unless the
      Company also institutes such Black-Out Period against sales under any
      Registration Statements on Form S-8 or any other registration statement that
      the
      Company has on file with the SEC at such time. Notwithstanding the foregoing,
      the Company undertakes and covenants that until the first to occur of (i) the
      end of sixty (60) days following the effective date of the Shelf Registration
      Statement, or (ii) the date that all the Shares and Warrant Shares have been
      resold pursuant to a registration statement or Rule 144, the Company will not
      take any action, including, without limitation, entering into any acquisition,
      share exchange or sale or other transaction that could have the effect of
      delaying the effectiveness of any pending Registration Statement, requiring
      a
      post-effective amendment to be filed or causing a post-effective amendment
      to a
      Registration Statement to not be declared effective or for a Holder not to
      be
      able to effect sales for a period of fifteen (15) or more days.

    

    
      
        
        

      

      
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    (b)
       In
      connection with the registration of the Registrable Securities, each of the
      Investors shall have the following obligations:

    

       (i)
       It
      shall
      be a condition precedent to the obligations of the Company to take any action
      pursuant to this Agreement with respect to each Holder that such Holder shall
      furnish to the Company such information regarding itself, the Registrable
      Securities held by it and the intended methods of disposition of such securities
      as shall be reasonably required to effect the registration of the Registrable
      Securities and shall execute such documents in connection with such registration
      as the Company may reasonably request. At least fifteen (15) days prior to
      the
      first anticipated filing date of the Registration Statement, the Company shall
      notify each Holder of the information the Company requires from each such Holder
      (the "Requested Information") if it elects to have any of his Registrable
      Securities included in the Registration Statement. If within seven (7) days
      of
      the filing date the Company has not received the Requested Information from
      a
      Holder (a "Non-Responsive Holder"), then the Company may file the Registration
      Statement without including Registrable Securities of such Non-Responsive
      Holder.

    

       
      (ii)
 Each
      Holder participating in an underwritten offering agrees to cooperate with the
      Company in connection with the preparation and filing of any Registration
      Statement hereunder, unless each Holder has notified the Company in writing
      of
      its election to exclude all of its Registrable Securities from the Registration
      Statement.

    

       (iii)
       In
      the
      event Investors holding a majority in interest of the Registrable Securities
      being sold pursuant to the Shelf Registration Statement select underwriters
      for
      the offering, each Holder agrees to enter into and perform its obligations
      under
      an underwriting agreement, in usual and customary form, including, without
      limitation, customary indemnification and contribution obligations and market
      stand-off obligations, with the managing underwriter of such offering and to
      take such other actions as are reasonably required in order to expedite or
      facilitate the disposition of the Registrable Securities being sold, unless
      the
      Lender such Holder has notified the Company in writing of its election to
      exclude all of his Registrable Securities from the Registration
      Statement.

    

    5.1
       Indemnification
      by the Company.
      To the
      extent permitted by law, the Company will indemnify and hold harmless each
      holder of Registrable Securities which are included in a Registration Statement
      pursuant to the provisions of Sections 2.1 and 2.2 hereof, such Holder's
      directors and officers, and any underwriter (as defined in the Securities Act)
      for such holder and each person, if any, who controls such holder or such
      underwriter within the meaning of the Securities Act, from and against, and
      will
      reimburse such holder and each such underwriter and controlling person with
      respect to, any and all loss, damage, liability, cost and expense to which
      such
      holder or any such underwriter or controlling person may become subject under
      the Securities Act or otherwise, insofar as such losses, damages, liabilities,
      costs or expenses are caused by any untrue statement or alleged untrue statement
      of any material fact contained in a Registration Statement, any prospectus
      contained therein or any amendment or supplement thereto, or arise out of or
      are
      based upon the omission or alleged omission to state therein a material fact
      required to be stated therein or necessary to make the statements therein,
      in
      light of the circumstances in which they were made, not misleading; provided,
      however, that the Company will not be liable in any such case to the extent
      that
      any such loss, damage, liability, cost or expenses arises out of or is based
      upon an untrue statement or alleged untrue statement or omission or alleged
      omission so made in conformity with written information furnished by such
      holder, such underwriter or such controlling person specifically for use in
      the
      preparation thereof; provided, however, that the indemnity agreement set forth
      herein shall not apply (i) to amounts paid in settlement of any such loss,
      claim, damage, liability or action if such settlement is effected without the
      prior consent of the Company or (ii) with respect to any preliminary prospectus,
      if the untrue statement or omission of material fact contained in such
      preliminary prospectus was corrected in an amended prospectus and the Company
      has provided notice of such amendment to each Investor pursuant to Section
      3.1
      hereof.

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    5.2
       Indemnification
      by the Investors.
      Each
      holder of Registrable Securities included in a registration pursuant to the
      provisions of Sections 2.1 and 2.2 hereof will indemnify and hold harmless
      the
      Company, its directors and officers, any controlling person and any underwriter
      from and against, and will reimburse the Company, its directors and officers,
      any controlling person and any underwriter with respect to, any and all loss,
      damage, liability, cost or expense to which the Company or any controlling
      person and/or any underwriter may become subject under the Securities Act or
      otherwise, insofar as such losses, damages, liabilities, costs or expenses
      are
      caused by any untrue statement or alleged untrue statement of any material
      fact
      contained in the Registration Statement, any prospectus contained therein or
      any
      amendment or supplement thereto, or arise out of or are based upon the omission
      or alleged omission to state therein a material fact required to be stated
      therein or necessary to make the statements therein, in light of the
      circumstances in which they were made, not misleading, in each case to the
      extent, but only to the extent, that such untrue statement or alleged untrue
      statement or omission or alleged omission was so made in reliance upon and
      in
      strict conformity with written information furnished by or on behalf of such
      Holder specifically for use in the preparation thereof and provided further,
      that the maximum amount that may be recovered from any holder shall be limited
      to the net amount of proceeds received by such Holder from the sale of the
      Registrable Securities.

    

    5.3
       Indemnification
      Procedure.
      Promptly after receipt by an indemnified party under this Section 5 of a notice
      of the commencement of any action (including any governmental action) such
      indemnified party will, if a claim in respect thereof is to be made against
      any
      indemnifying party hereunder, deliver to the indemnifying party a written notice
      of the commencement thereof. The failure to deliver written notice to the
      indemnifying party within a reasonable time of the commencement of any such
      action shall relieve such indemnifying party of any liability to the indemnified
      party under this Section 5 only to the extent prejudicial to its ability to
      defend such action, but the omission so to deliver written notice to the
      indemnifying party will not relieve it of any liability that it may have to
      an
      indemnified party otherwise than under this Agreement. The indemnifying party
      shall have the right to participate in, and, to the extent the indemnifying
      party so desires, jointly with any other indemnifying party similarly noticed,
      to assume control of the defense thereof with counsel mutually satisfactory
      to
      the parties; provided, however, that an indemnified party shall have the right
      to retain its own counsel, with the reasonable fees and expenses to be paid
      by
      the indemnifying party, if in the reasonable determination of counsel for the
      indemnifying party, representation of such indemnified party by the counsel
      obtained by the indemnifying party would be inappropriate due to actual or
      potential conflicting interests between such indemnified party and any other
      party represented by such counsel in such proceeding. After notice from the
      indemnifying party to such indemnified party of its election so to assume the
      defense thereof, the indemnifying party will not be liable to such indemnified
      party pursuant to the provisions of paragraph 5.1 or 5.2 above for any legal
      or
      other expense subsequently incurred by such indemnified party in connection
      with
      the defense thereof other than reasonable costs of investigation, unless (i) the
      indemnified party shall have employed counsel in accordance with the provisions
      of the preceding sentence, (ii) the indemnifying party shall not have employed
      counsel reasonably satisfactory to the indemnified party to represent the
      indemnified party within a reasonable time after the notice of the commencement
      of the action or (iii) the indemnifying party has authorized in writing the
      employment of counsel for the indemnified party at the expense of the
      indemnifying party.

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    5.4
       Contribution.
      To the
      extent any indemnification by an indemnifying party is prohibited or limited
      by
      law, the indemnifying party agrees to make the maximum contribution with respect
      to any amounts for which it would otherwise be liable under Section 5 hereof
      to
      the extent permitted by law, provided that (i) no contribution shall be made
      under circumstances where the maker would not have been liable for
      indemnification pursuant to the provisions of Section 5 hereof, (ii) no seller
      of Registrable Securities guilty of fraudulent misrepresentation (within the
      meaning of Section 11(f) of the Securities Act) shall be entitled to
      contribution from any seller of Registrable Securities who was not guilty of
      such fraudulent misrepresentation, and (iii) contribution by any seller of
      Registrable Securities shall be limited to the net amount of proceeds received
      by such seller from the sale of such Registrable Securities.

    

    6.1
       Assignable
      Rights.
       The
      rights with respect to the Registrable Securities under this Agreement shall,
      in
      addition to being for the benefit of the parties hereto, be for the benefit
      of
      and enforceable by a transferee of the Registrable Securities, provided that
      the
      Company is furnished with written notice of the name and address of such
      transferee or assignee with respect to which such registration rights are being
      assigned, such notice provides a written agreement for the transferee or
      assignee to be bound by the terms and provisions of this Agreement and the
      Loan
      Agreement and such assignment or transfer is in accordance with and permitted
      by
      applicable Federal and state securities laws and the terms of the Loan
      Agreement. The obligations of the Company contained in this Agreement shall
      be
      binding upon any successor to the Company and continue to be in effect with
      respect to any securities issued by any successor to the Company in substitution
      or exchange for any Registrable Securities.

    

    6.2
       Reports
      Under Exchange Act.
      With a
      view to making available to the Investors of Registrable Securities the benefits
      of Rule 144 and any other rule or regulation of the SEC that may at any time
      permit the Investors of the Registrable Securities to sell any of the
      Registrable Securities to the public without registration, the Company agrees
      to
      apply its best efforts to:

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

      (a)
       make
      and
      keep public information available, as those terms are understood and defined
      in
      Rule 144, at all times;

    

      (b)
       file
      with
      the SEC in a timely manner all reports and other documents required of the
      Company under the Securities Act and the Exchange Act;

    

      (c)
       furnish
      to each holder of Registrable Securities, forthwith upon request (i) a written
      statement by the Company that it has complied with the reporting requirements
      of
      Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most
      recent annual or quarterly report of the Company and such other reports and
      documents so filed by the Company and (iii) such other information as may be
      reasonably requested in availing the Investors of any Registrable Securities
      of
      any rule or regulation of the SEC which permits the selling of any such
      securities without registration; and

    

      (d)
       direct
      its counsel to issue an appropriate legal opinion instructing the Company's
      transfer agent to remove the legend with respect to such Registrable Securities,
      subject to Investor providing any documentation reasonably requested by the
      Company or its counsel for review in connection with such request.

    

     

    7. Miscellaneous.

     

    (a)  Amendments
      and Waivers.
      This
      Agreement may be amended only by a writing signed by the Company and the
      Required Investors. 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 the Required Investors.

     

    (b)  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.

     

    (c)  Benefits
      of the Agreement.
      The
      terms and conditions of this Agreement shall inure to the benefit of and be
      binding upon the respective permitted successors and assigns of the parties.
      Nothing in this Agreement, express or implied, is intended to confer upon any
      party other than the parties hereto or their respective successors and assigns
      any rights, remedies, obligations, or liabilities under or by reason of this
      Agreement, except as expressly provided in this Agreement.

     

    (d)  Counterparts;
      Faxes.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute one and the
      same
      instrument. This Agreement may also be executed via facsimile, which shall
      be
      deemed an original.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (e)  Titles
      and Subtitles.
      The
      titles and subtitles used in this Agreement are used for convenience only and
      are not to be considered in construing or interpreting this
      Agreement.

     

    (f)  Severability.
      Any
      provision of this Agreement that is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof but shall be interpreted as if it were written so as to be
      enforceable to the maximum extent permitted by applicable law, and any such
      prohibition or unenforceability in any jurisdiction shall not invalidate or
      render unenforceable such provision in any other jurisdiction. To the extent
      permitted by applicable law, the parties hereby waive any provision of law
      which
      renders any provisions hereof prohibited or unenforceable in any
      respect.

     

    (g)  Further
      Assurances.
      The
      parties shall execute and deliver all such further instruments and documents
      and
      take all such other actions as may reasonably be required to carry out the
      transactions contemplated hereby and to evidence the fulfillment of the
      agreements herein contained.

     

    (h)  Entire
      Agreement.
      This
      Agreement is intended by the parties as a final expression of their agreement
      and intended to be a complete and exclusive statement of the agreement and
      understanding of the parties hereto in respect of the subject matter contained
      herein. This Agreement supersedes all prior agreements and understandings
      between the parties with respect to such subject matter.

     

    (i)  Governing
      Law; Consent to Jurisdiction; Waiver of Jury Trial.
      This
      Agreement shall be governed by, and construed in accordance with the laws of
      the
      State of New York without regard to the choice of law principles thereof. Each
      of the parties hereto irrevocably submits to the exclusive jurisdiction of
      the
      courts of the State of New York for the purpose of any suit, action, proceeding
      or judgment relating to or arising out of this Agreement and the transactions
      contemplated hereby. Service of process in connection with any such suit, action
      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.
      Each of the parties hereto irrevocably consents to the jurisdiction of any
      such
      court in any such suit, action or proceeding and to the laying of venue in
      such
      court. Each party hereto irrevocably waives any objection to the laying of
      venue
      of any such suit, action or proceeding brought in such courts and irrevocably
      waives any claim that any such suit, action or proceeding brought in any such
      court has been brought in an inconvenient forum. EACH
      OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY
      LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN
      CONSULTED SPECIFICALLY AS TO THIS WAIVER.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have executed this Agreement or caused their duly
      authorized officers to execute this Agreement as of the date first above
      written.

     

    The
      Company:                    
      New
      World
      Entertainment Corp.

    

    

    

    By:_________________________

    Name:
      Michelle Dobson

    Title:
      Director and President

    

    

    The
      Lender:                   Global
      Developments Inc.

    

    

    

    By:_________________________

    Name:
      John Briner

    Title:
      Director

     

    

    The
      Lender:                    555
      Holdings LLC

    

    

    

    By:
      _________________________

    Name:
      John Briner

    Title:
      _______________________

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