Document:

EXHIBIT 10.5

                      INVESTMENT MANAGEMENT TRUST AGREEMENT

      This Agreement is made as of ___________, 2005 by and between Santa Monica
Media Corporation (the "Company") and Continental Stock Transfer & Trust Company
("Trustee").

      WHEREAS, the Company's  Registration Statement on Form S-1, No. 333-______
("Registration  Statement"),  for its  initial  public  offering  of  securities
("IPO") has been declared  effective as of the date hereof by the Securities and
Exchange Commission ("Effective Date"); and

      WHEREAS,  The Shemano Group,  Inc. ("The Shemano  Group") is acting as the
representative of the underwriters in the IPO; and

      WHEREAS,  as described in the  Company's  Registration  Statement,  and in
accordance with the Company's  Certificate of  Incorporation,  $[ ] of the gross
proceeds of the IPO ($[ ] if the underwriters over-allotment option is exercised
in full) will be delivered  to the Trustee to be  deposited  and held in a trust
account for the benefit of the Company and the holders of the  Company's  common
stock, par value $.001 per share,  issued in the IPO (the amount to be delivered
to the Trustee will be referred to herein as the  "Property";  the  stockholders
for whose benefit the Trustee shall hold the Property will be referred to as the
"Public  Stockholders,"  and the Public  Stockholders  and the  Company  will be
referred to together as the "Beneficiaries"); and

      WHEREAS,  the Company and the Trustee  desire to enter into this Agreement
to set forth the terms and  conditions  pursuant to which the Trustee shall hold
the Property;

      IT IS AGREED:

      1.  AGREEMENTS  AND  COVENANTS OF TRUSTEE.  The Trustee  hereby agrees and
covenants to:

            (a) Hold the Property in trust for the  Beneficiaries  in accordance
with the terms of this Agreement in a segregated trust account ("Trust Account")
established  by the Trustee at a branch of Royal Bank of Canada  selected by the
Trustee;

            (b) Manage,  supervise and administer  the Trust Account  subject to
the terms and conditions set forth herein;

            (c) In a timely  manner,  upon the  instruction  of the Company,  to
invest and reinvest the Property in any  "Government  Security." As used herein,
Government Security means any Treasury Bill issued by the United States,  having
a maturity of one hundred and eighty days or less;

            (d) Collect and receive,  when due, all principal and income arising
from the Property,  which shall become part of the  "Property,"  as such term is
used herein;

            (e) Notify the  Company of all  communications  received  by it with
respect to any Property requiring action by the Company;

            (f)  Supply  any  necessary  information  or  documents  as  may  be
requested by the Company in connection with the Company's preparation of the tax
returns for the Trust Account;

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            (g)  Participate  in  any  plan  or  proceeding  for  protecting  or
enforcing  any  right or  interest  arising  from the  Property  if, as and when
instructed by the Company to do so;

            (h) Render to the  Company  and to The  Shemano  Group,  and to such
other person as the Company may  instruct,  monthly  written  statements  of the
activities  of and amounts in the Trust  Account  reflecting  all  receipts  and
disbursements of the Trust Account; and

            (i) Commence  liquidation of the Trust Account only after receipt of
and only in accordance with the terms of a letter ("Termination  Letter"),  in a
form  substantially  similar  to that  attached  hereto as  either  Exhibit A or
Exhibit B, signed on behalf of the Company by its  President  or Chairman of the
Board and Secretary or Assistant Secretary,  and complete the liquidation of the
Trust Account and  distribute the Property in the Trust Account only as directed
in the Termination Letter and the other documents referred to therein.

      2. AGREEMENTS AND COVENANTS OF THE COMPANY.  The Company hereby agrees and
covenants to:

            (a) Give all  instructions  to the  Trustee  hereunder  in  writing,
signed by the Company's President or Chairman of the Board. In addition,  except
with  respect to its duties under  paragraph  1(i) above,  the Trustee  shall be
entitled  to rely on,  and shall be  protected  in  relying  on,  any  verbal or
telephonic  advice or instruction which it in good faith believes to be given by
any one of the persons authorized above to give written  instructions,  provided
that the Company shall promptly confirm such instructions in writing;

            (b) Hold the Trustee  harmless  and  indemnify  the Trustee from and
against,   any  and  all  expenses,   including   reasonable  counsel  fees  and
disbursements,  or loss suffered by the Trustee in  connection  with any action,
suit or other proceeding  brought against the Trustee involving any claim, or in
connection with any claim or demand which in any way arises out of or relates to
this Agreement,  the services of the Trustee  hereunder,  or the Property or any
income earned from  investment  of the Property,  except for expenses and losses
resulting from the Trustee's gross  negligence or willful  misconduct.  Promptly
after  the  receipt  by  the  Trustee  of  notice  of  demand  or  claim  or the
commencement  of any action,  suit or proceeding,  pursuant to which the Trustee
intends  to seek  indemnification  under  this  paragraph,  it shall  notify the
Company in writing of such claim  (hereinafter  referred to as the  "Indemnified
Claim").  The  Trustee  shall have the right to conduct  and manage the  defense
against such  Indemnified  Claim,  provided,  that the Trustee  shall obtain the
consent of the Company with respect to the  selection of counsel,  which consent
shall not be unreasonably  withheld.  The Company may participate in such action
with its own counsel; and

            (c) Pay the  Trustee  an  initial  acceptance  fee of $1,000  and an
annual fee of $3,000 (it being expressly  understood that the Property shall not
be used to pay  such  fee).  The  Company  shall  pay the  Trustee  the  initial
acceptance  fee  and  first  year's  fee at the  consummation  of  the  IPO  and
thereafter on the anniversary of the Effective Date. The Trustee shall refund to
the Company the fee (on a pro rata basis) with  respect to any period  after the
liquidation  of the Trust Fund.  The Company  shall not be  responsible  for any
other fees or charges of the Trustee except as may be provided in paragraph 2(b)
hereof (it being  expressly  understood  that the Property  shall not be used to
make any payments to the Trustee under such paragraph).

      3. LIMITATIONS OF LIABILITY.  The Trustee shall have no  responsibility or
liability to:

            (a) Take any  action  with  respect to the  Property,  other than as
directed in  paragraph 1 hereof and the Trustee  shall have no  liability to any
party except for  liability  arising out of its own gross  negligence or willful
misconduct;

            (b) Institute any proceeding for the collection of any principal and
income  arising from, or  institute,  appear in or defend any  proceeding of any
kind with  respect  to,  any of the  Property  unless  and  until it shall  have
received instructions from the Company given as provided herein to do so and the
Company  shall have  advanced or  guaranteed  to it funds  sufficient to pay any
expenses incident thereto;

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<PAGE>

            (c) Change the investment of any Property,  other than in compliance
with paragraph 1(c);

            (d) Refund any depreciation in principal of any Property;

            (e)  Assume  that the  authority  of any  person  designated  by the
Company to give  instructions  hereunder shall not be continuing unless provided
otherwise  in such  designation,  or unless the Company  shall have  delivered a
written revocation of such authority to the Trustee;

            (f) The other parties  hereto or to anyone else for any action taken
or omitted by it, or any action  suffered by it to be taken or omitted,  in good
faith  and in the  exercise  of its own  best  judgment,  except  for its  gross
negligence or willful misconduct. The Trustee may rely conclusively and shall be
protected  in acting upon any order,  notice,  demand,  certificate,  opinion or
advice  of  counsel  (including  counsel  chosen  by  the  Trustee),  statement,
instrument,  report or other paper or document (not only as to its due execution
and the validity and  effectiveness of its provisions,  but also as to the truth
and acceptability of any information therein contained) which is believed by the
Trustee,  in good  faith,  to be genuine  and to be signed or  presented  by the
proper  person or  persons.  The  Trustee  shall  not be bound by any  notice or
demand, or any waiver, modification, termination or rescission of this agreement
or any of the terms hereof,  unless evidenced by a written instrument  delivered
to the  Trustee  signed by the  proper  party or parties  and,  if the duties or
rights of the  Trustee  are  affected,  unless it shall  give its prior  written
consent thereto;

            (g)  Verify  the  correctness  of the  information  set forth in the
Registration  Statement or to confirm or assure that any acquisition made by the
Company or any other action taken by it is as contemplated  by the  Registration
Statement; and

            (h) Pay any taxes on behalf of the Trust Account (it being expressly
understood  that the  Property  shall not be used to pay any such taxes and that
such  taxes,  if any,  shall be paid by the  Company  from funds not held in the
Trust Account).

      4. TERMINATION. This Agreement shall terminate as follows:

            (a) If the  Trustee  gives  written  notice to the  Company  that it
desires to resign under this  Agreement,  the Company  shall use its  reasonable
efforts to locate a successor  trustee.  At such time that the Company  notifies
the Trustee that a successor  trustee has been  appointed by the Company and has
agreed to become  subject  to the terms of this  Agreement,  the  Trustee  shall
transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating
to the Trust  Account,  whereupon  this  Agreement  shall  terminate;  provided,
however, that, in the event that the Company does not locate a successor trustee
within ninety days of receipt of the  resignation  notice from the Trustee,  the
Trustee may submit an application to have the Property deposited with the United
States  District  Court  for the  Southern  District  of New York and upon  such
deposit, the Trustee shall be immune from any liability whatsoever;

            (b) At such time that the Trustee has completed the  liquidation  of
the Trust Account in accordance  with the  provisions of paragraph  1(i) hereof,
and   distributed  the  Property  in  accordance  with  the  provisions  of  the
Termination  Letter,  this  Agreement  shall  terminate  except with  respect to
Paragraph 2(b); or

            (c) On such date after ____________,  2007 when the Trustee deposits
the Property with the United States District Court for the Southern  District of
New York in the event that,  prior to such date,  the Trustee has not received a
Termination Letter from the Company pursuant to paragraph 1(i).

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<PAGE>

      5. MISCELLANEOUS.

            (a) The Company and the Trustee  each  acknowledge  that the Trustee
will  follow the  security  procedures  set forth  below  with  respect to funds
transferred from the Trust Account.  Upon receipt of written  instructions,  the
Trustee will confirm  such  instructions  with an  Authorized  Individual  at an
Authorized  Telephone  Number listed on the attached  Exhibit C. The Company and
the Trustee will each restrict  access to confidential  information  relating to
such security procedures to authorized persons. Each party must notify the other
party  immediately  if it has reason to believe  unauthorized  persons  may have
obtained  access  to  such  information,  or of any  change  in  its  authorized
personnel.  In  executing  funds  transfers,  the Trustee will rely upon account
numbers or other  identifying  numbers of a beneficiary,  beneficiary's  bank or
intermediary  bank,  rather than names.  The Trustee shall not be liable for any
loss,  liability  or expense  resulting  from any error in an account  number or
other  identifying  number,  provided it has accurately  transmitted the numbers
provided.

            (b) This  Agreement  shall be governed by and construed and enforced
in accordance with the laws of the State of California, without giving effect to
conflict of laws. It may be executed in several counterparts,  each one of which
shall constitute an original, and together shall constitute but one instrument.

            (c) This Agreement  contains the entire agreement and  understanding
of the parties hereto with respect to the subject matter hereof.  This Agreement
or any  provision  hereof may only be changed,  amended or modified by a writing
signed by each of the parties hereto;  provided,  however,  that no such change,
amendment or  modification  may be made without the prior written consent of The
Shemano Group. As to any claim,  cross-claim or counterclaim in any way relating
to this Agreement, each party waives the right to trial by jury.

            (d) The parties hereto consent to the  jurisdiction and venue of any
state or  federal  court  located in the City of Los  Angeles  for  purposes  of
resolving any disputes hereunder.

            (e) Any notice,  consent or request to be given in  connection  with
any of the terms or provisions of this  Agreement  shall be in writing and shall
be sent by express mail or similar  private courier  service,  by certified mail
(return receipt requested), by hand delivery or by facsimile transmission:

if to the Trustee, to:

Continental Stock Transfer
& Trust Company
17 Battery Place
New York, New York 10004
Attn:         Steven G. Nelson
Fax No.:      (212) 509-5150

if to the Company, to:

Santa Monica Media Corporation
9229 Sunset Boulevard, Suite 505
Los Angeles, CA 90069
Fax No.:

in either case with a copy to:

            (f) This  Agreement  may not be assigned by the Trustee  without the
prior consent of the Company.

                                       4
<PAGE>

            (g) Each of the Trustee and the Company  hereby  represents  that it
has the full  right and power and has been duly  authorized  to enter  into this
Agreement and to perform its respective  obligations as contemplated  hereunder.
The Trustee acknowledges and agrees that it shall not make any claims or proceed
against  the  Trust  Account,  including  by way of  set-off,  and  shall not be
entitled to any funds in the Trust Account under any circumstance.

      IN  WITNESS  WHEREOF,  the  parties  have duly  executed  this  Investment
Management Trust Agreement as of the date first written above.

                                            CONTINENTAL STOCK TRANSFER & TRUST
                                            COMPANY, as Trustee

                                            By: ________________________________
                                                Name:
                                                Title:

                                            SANTA MONICA MEDIA CORPORATION

                                            By: ________________________________
                                                Name:     David Marshall
                                                Title:    Chairman and Chief
                                                          Executive Officer

                                       5
<PAGE>

                                                                       EXHIBIT A

                             [LETTERHEAD OF COMPANY]

                                  [INSERT DATE]

Continental Stock Transfer
& Trust Company
17 Battery Place
New York, New York 10004
Attn: Steven Nelson

      Re:      TRUST ACCOUNT NO. ----------------- TERMINATION LETTER

Gentlemen:

      Pursuant to paragraph 1(i) of the Investment  Management  Trust  Agreement
between  Santa  Monica  Media  Corporation  ("Company")  and  Continental  Stock
Transfer & Trust  Company  ("Trustee"),  dated as of  ___________,  2005 ("Trust
Agreement"),  this is to  advise  you  that  the  Company  has  entered  into an
agreement ("Business Agreement") with __________________  ("Target Business") to
consummate a business combination with Target Business ("Business  Combination")
on or about  [INSERT  DATE].  The Company  shall notify you at least 48 hours in
advance of the  actual  date of the  consummation  of the  Business  Combination
("Consummation Date").

      In accordance with the terms of the Trust  Agreement,  we hereby authorize
you to commence  liquidation  of the Trust  Account to the effect  that,  on the
Consummation  Date,  all of funds held in the Trust Account will be  immediately
available  for transfer to the account or accounts that the Company shall direct
on the Consummation Date.

      On the Consummation  Date (i) counsel for the Company shall deliver to you
written  notification that the Business  Combination has been  consummated,  and
(ii) the Company shall deliver to you written  instructions  with respect to the
transfer of the funds held in the Trust Account ("Instruction  Letter"). You are
hereby  directed and  authorized to transfer the funds held in the Trust Account
immediately  upon your  receipt  of the  counsel's  letter  and the  Instruction
Letter,  in accordance  with the terms of the Instruction  Letter.  In the event
that certain  deposits  held in the Trust  Account may not be  liquidated by the
Consummation  Date without penalty,  you will notify the Company of the same and
the Company shall direct you as to whether such funds should remain in the Trust
Account and distributed  after the  Consummation  Date to the Company.  Upon the
distribution of all the funds in the Trust Account pursuant to the terms hereof,
the Trust Agreement shall be terminated.

      In the event  that the  Business  Combination  is not  consummated  on the
Consummation  Date  described in the notice thereof and we have not notified you
on or before the original Consummation Date of a new Consummation Date, then the
funds held in the Trust  Account  shall be  reinvested  as provided in the Trust
Agreement on the business day immediately following the Consummation Date as set
forth in the notice.

                                            Very truly yours,

                                            SANTA MONICA MEDIA CORPORATION

                                            By: ________________________________
                                                David Marshall, Chairman

                                                ________________________________
                                                Eric Puiler, Secretary

<PAGE>

                                                                       EXHIBIT B

                             [LETTERHEAD OF COMPANY]

                                  [INSERT DATE]

Continental Stock Transfer
& Trust Company
17 Battery Place
New York, New York 10004
Attn:

      Re:      TRUST ACCOUNT NO. ----------------- TERMINATION LETTER

Gentlemen:

      Pursuant to paragraph 1(i) of the Investment  Management  Trust  Agreement
between  Santa  Monica  Media  Corporation  ("Company")  and  Continental  Stock
Transfer & Trust  Company  ("Trustee"),  dated as of  ___________,  2005 ("Trust
Agreement"),  this is to advise you that the Company has been unable to effect a
Business  Combination  with a Target Company within the time frame  specified in
the Company's prospectus relating to its IPO.

      In accordance with the terms of the Trust  Agreement,  we hereby authorize
you, to commence  liquidation of the Trust Account.  You will notify the Company
and Royal Bank of Canada  ("Designated  Paying Agent") in writing as to when all
of the funds in the Trust  Account  will be  available  for  immediate  transfer
("Transfer Date"). The Designated Paying Agent shall thereafter notify you as to
the  account or accounts of the  Designated  Paying  Agent that the funds in the
Trust  Account  should  be  transferred  to on the  Transfer  Date so  that  the
Designated  Paying Agent may commence  distribution  of such funds in accordance
with the  Company's  instructions.  You shall have no  obligation to oversee the
Designated  Paying Agent's  distribution  of the funds.  Upon the payment to the
Designated  Paying  Agent  of all the  funds in the  Trust  Account,  the  Trust
Agreement shall be terminated.

                                            Very truly yours,

                                            Santa Monica Media Corporation

                                            By: ________________________________
                                                David Marshall, Chairman

                                                ________________________________
                                                Eric Puiler, Secretary

<PAGE>

                                    EXHIBIT C

          AUTHORIZED INDIVIDUAL(S) FOR
              TELEPHONE CALL BACK                AUTHORIZED TELEPHONE NUMBER(S)
------------------------------------------    ----------------------------------

COMPANY:

Santa Monica Media Corporation
1415 Kellum Place
Suite 205
Garden City, New York 11530
Attn: David Marshall, Chairman                          (516) 739-1017

TRUSTEE:
Continental Stock Transfer
& Trust Company
17 Battery Place
New York, New York 10004
Attn: Steven G. Nelson, Chairman                        (212) 845-3200EXHIBIT 10.6

                             STOCK ESCROW AGREEMENT

         STOCK ESCROW AGREEMENT,  dated as of ____________,  2005 ("Agreement"),
by and among SANTA MONICA MEDIA CORPORATION, a Delaware corporation ("Company"),
THE  PERSONS  SET FORTH ON  EXHIBIT A HERETO  (the  "Initial  Stockholder")  and
CONTINENTAL  STOCK TRANSFER & TRUST  COMPANY,  a New York  corporation  ("Escrow
Agent").

         WHEREAS, the Company has entered into an Underwriting Agreement,  dated
July 5, 2005  ("Underwriting  Agreement"),  with The Shemano  Group  ("SHEMANO")
acting  as  representative  of  the  several  underwriters  (collectively,   the
"Underwriters"),  pursuant to which, among other matters,  the Underwriters have
agreed to purchase 15,600,000 units ("Units") of the Company. Each Unit consists
of one share of the Company's  Common Stock,  par value $.001 per share, and one
Warrant to purchase one share of Common  Stock,  all as more fully  described in
the Company's final Prospectus,  dated ________, 2005 ("Prospectus")  comprising
part of the Company's Registration Statement on Form S-1 (File No. 333-________)
under  the  Securities  Act of  1933,  as  amended  ("Registration  Statement"),
declared effective on __________, 2005 ("Effective Date").

         WHEREAS,  the Initial Stockholder has agreed as a condition of the sale
of the Units to deposit  their  shares of Common  Stock of the  Company,  as set
forth opposite their respective names in Exhibit A attached hereto (collectively
"Escrow Shares"), in escrow as hereinafter provided.

         WHEREAS, the Company and the Initial Stockholder desire that the Escrow
Agent  accept  the  Escrow  Shares,  in  escrow,  to be held  and  disbursed  as
hereinafter provided.

         IT IS AGREED:

         1. APPOINTMENT OF ESCROW AGENT. The Company and the Initial Stockholder
hereby appoint the Escrow Agent to act in accordance with and subject to the
terms of this Agreement and the Escrow Agent hereby accepts such appointment and
agrees to act in accordance with and subject to such terms.

         2. DEPOSIT OF ESCROW SHARES. On or before the Effective Date, each of
the Initial Stockholder shall deliver to the Escrow Agent certificates
representing his respective Escrow Shares, to be held and disbursed subject to
the terms and conditions of this Agreement. Each Initial Stockholder
acknowledges that the certificate representing his Escrow Shares is legended to
reflect the deposit of such Escrow Shares under this Agreement.

         3. DISBURSEMENT OF THE ESCROW SHARES. The Escrow Agent shall hold the
Escrow Shares until the earlier of (i) one year following the date of a business
combination; (ii) liquidation of the Company; or (iii) the consummation of a
liquidation, merger, stock exchange or other similar transaction which results
in all of our stockholders having the right to exchange their shares of common
stock for cash, securities or other property subsequent to the consummation of a
Business Combination with a target business ("Escrow Period"), on which date it
shall, upon written instructions from each Initial Stockholder, disburse each of
the Initial Stockholder's Escrow Shares to such Initial Stockholder; provided,
however, that if the Escrow Agent is notified by the Company pursuant to Section
6.7 hereof that the Company is being liquidated at any time during the Escrow
Period, then the Escrow Agent shall promptly destroy the certificates
representing the Escrow Shares; provided further, however, that if, after the
Company consummates a Business Combination (as such term is defined in the
Registration Statement), it (or the surviving entity) subsequently consummates a
liquidation, merger, stock exchange or other similar transaction which results
in all of the stockholders of such entity having the right to exchange their
shares of Common Stock for cash, securities or other property, then the Escrow
Agent will, upon receipt of a certificate, executed by the Chief Executive
Officer or Chief Financial Officer of the Company, in form reasonably acceptable
to the Escrow Agent, that such transaction is then being consummated, and
release the Escrow Shares to the Initial Stockholder upon consummation of the
transaction so that they can similarly participate. The Escrow Agent shall have
no further duties hereunder after the disbursement or destruction of the Escrow
Shares in accordance with this Section 3.
<PAGE>

         4. RIGHTS OF INITIAL STOCKHOLDER IN ESCROW SHARES.

            4.1 VOTING RIGHTS AS A STOCKHOLDER. Subject to the terms of the
Insider Letter described in Section 4.4 hereof and except as herein provided,
the Initial Stockholder shall retain all of their rights as stockholders of the
Company during the Escrow Period, including, without limitation, the right to
vote such shares.

            4.2 DIVIDENDS AND OTHER DISTRIBUTIONS IN RESPECT OF THE ESCROW
SHARES. During the Escrow Period, all dividends payable in cash with respect to
the Escrow Shares shall be paid to the Initial Stockholder, but all dividends
payable in stock or other non-cash property ("Non-Cash Dividends") shall be
delivered to the Escrow Agent to hold in accordance with the terms hereof. As
used herein, the term "Escrow Shares" shall be deemed to include the Non-Cash
Dividends distributed thereon, if any.

            4.3 RESTRICTIONS ON TRANSFER. During the Escrow Period, no sale,
transfer or other disposition may be made of any or all of the Escrow Shares
except (i) by gift to a member of Initial Stockholder's immediate family or to a
trust, the beneficiary of which is an Initial Stockholder or a member of an
Initial Stockholder's immediate family, (ii) by virtue of the laws of descent
and distribution upon death of any Initial Stockholder, or (iii) pursuant to a
qualified domestic relations order; PROVIDED, HOWEVER, that such permissive
transfers may be implemented only upon the respective transferee's written
agreement to be bound by the terms and conditions of this Agreement and of the
Insider Letter signed by the Initial Stockholder transferring the Escrow Shares.
During the Escrow Period, the Initial Stockholder shall not pledge or grant a
security interest in the Escrow Shares or grant a security interest in their
rights under this Agreement.

            4.4 INSIDER LETTERS. Each of the Initial Stockholder has executed a
letter agreement with SHEMANO and the Company, dated as indicated on Exhibit A
hereto, and which is filed as an exhibit to the Registration Statement ("Insider
Letter"), respecting the rights and obligations of such Initial Stockholder in
certain events, including but not limited to the liquidation of the Company.

         5. CONCERNING THE ESCROW AGENT.

            5.1 GOOD FAITH RELIANCE. The Escrow Agent shall not be liable for
any action taken or omitted by it in good faith and in the exercise of its own
best judgment, and may rely conclusively and shall be protected in acting upon
any order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Escrow Agent), statement, instrument, report or other
paper or document (not only as to its due execution and the validity and
effectiveness of its provisions, but also as to the truth and acceptability of
any information therein contained) which is believed by the Escrow Agent to be
genuine and to be signed or presented by the proper person or persons. The
Escrow Agent shall not be bound by any notice or demand, or any waiver,
modification, termination or rescission of this Agreement unless evidenced by a
writing delivered to the Escrow Agent signed by the proper party or parties and,
if the duties or rights of the Escrow Agent are affected, unless it shall have
given its prior written consent thereto.

                                       2
<PAGE>

            5.2 INDEMNIFICATION. The Escrow Agent shall be indemnified and held
harmless by the Company from and against any expenses, including counsel fees
and disbursements, or loss suffered by the Escrow Agent in connection with any
action, suit or other proceeding involving any claim which in any way, directly
or indirectly, arises out of or relates to this Agreement, the services of the
Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than
expenses or losses arising from the gross negligence or willful misconduct of
the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of
any demand or claim or the commencement of any action, suit or proceeding, the
Escrow Agent shall notify the other parties hereto in writing. In the event of
the receipt of such notice, the Escrow Agent, in its sole discretion, may
commence an action in the nature of interpleader in an appropriate court to
determine ownership or disposition of the Escrow Shares or it may deposit the
Escrow Shares with the clerk of any appropriate court or it may retain the
Escrow Shares pending receipt of a final, non-appealable order of a court having
jurisdiction over all of the parties hereto directing to whom and under what
circumstances the Escrow Shares are to be disbursed and delivered. The
provisions of this Section 5.2 shall survive in the event the Escrow Agent
resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

            5.3 COMPENSATION. The Escrow Agent shall be entitled to reasonable
compensation from the Company for all services rendered by it hereunder. The
Escrow Agent shall also be entitled to reimbursement from the Company for all
expenses paid or incurred by it in the administration of its duties hereunder
including, but not limited to, all counsel, advisors' and agents' fees and
disbursements and all taxes or other governmental charges.

            5.4 FURTHER ASSURANCES. From time to time on and after the date
hereof, the Company and the Initial Stockholder shall deliver or cause to be
delivered to the Escrow Agent such further documents and instruments and shall
do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this
Agreement, to evidence compliance herewith or to assure itself that it is
protected in acting hereunder.

            5.5 RESIGNATION. The Escrow Agent may resign at any time and be
discharged from its duties as escrow agent hereunder by its giving the other
parties hereto written notice and such resignation shall become effective as
hereinafter provided. Such resignation shall become effective at such time that
the Escrow Agent shall turn over to a successor escrow agent appointed by the
Company, the Escrow Shares held hereunder. If no new escrow agent is so
appointed within the 60 day period following the giving of such notice of
resignation, the Escrow Agent may deposit the Escrow Shares with any court it
reasonably deems appropriate.

            5.6 DISCHARGE OF ESCROW AGENT. The Escrow Agent shall resign and be
discharged from its duties as escrow agent hereunder if so requested in writing
at any time by the other parties hereto, jointly, provided, however, that such
resignation shall become effective only upon acceptance of appointment by a
successor escrow agent as provided in Section 5.5.

            5.7 LIABILITY. Notwithstanding anything herein to the contrary, the
Escrow Agent shall not be relieved from liability hereunder for its own gross
negligence or its own willful misconduct.

         6. MISCELLANEOUS.

            6.1 GOVERNING LAW. This Agreement shall for all purposes be deemed
to be made under and shall be construed in accordance with the laws of the State
of New York.

            6.2 THIRD PARTY BENEFICIARIES. Each of the Initial Stockholder
hereby acknowledges that the Underwriters are third party beneficiaries of this
Agreement and this Agreement may not be modified or changed without the prior
written consent of SHEMANO.

            6.3 ENTIRE AGREEMENT. This Agreement contains the entire agreement
of the parties hereto with respect to the subject matter hereof and, except as
expressly provided herein, may not be changed or modified except by an
instrument in writing signed by the party to the charged.

                                       3
<PAGE>

            6.4 HEADINGS. The headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation thereof.

            6.5 BINDING EFFECT. This Agreement shall be binding upon and inure
to the benefit of the respective parties hereto and their legal representatives,
successors and assigns.

            6.6 NOTICES. Any notice or other communication required or which may
be given hereunder shall be in writing and either be delivered personally or be
mailed, certified or registered mail, or by private national courier service,
return receipt requested, postage prepaid, and shall be deemed given when so
delivered personally or, if mailed, two days after the date of mailing, as
follows:

                 If to the Company, to:

                 Santa Monica Media Corporation
                 1415 Kellum Place, Suite 205
                 Garden City, New York 11530
                 Attn: Chairman

                 If to a Stockholder, to his address set forth in Exhibit A.

                 and if to the Escrow Agent, to:

                 Continental Stock Transfer & Trust Company
                 17 Battery Place
                 New York, New York 10004
                 Attn: Chairman

                 A copy of any notice sent hereunder shall be sent to:

                 Bingham McCutchen LLP
                 399 Park Avenue
                 New York, New York 10022
                 Attn: Floyd I. Wittlin, Esq.

                 and:

                 The Shemano Group
                 601 California Street, Suite 1150
                 San Francisco, CA 94108

                 and:

                 Troy & Gould PC
                 1801 Century Park East, 16th Floor
                 Los Angeles, CA 90067
                 Attn: David L. Ficksman

         The parties may change the persons and  addresses  to which the notices
or other  communications  are to be sent by  giving  written  notice to any such
change in the manner provided herein for giving notice.

            6.7 LIQUIDATION OF THE COMPANY. The Company shall give the Escrow
Agent written notification of the liquidation and dissolution of the Company in
the event that the Company fails to consummate a Business Combination within the
time period(s) specified in the Prospectus.

                                       4
<PAGE>

         WITNESS  the  execution  of this  Agreement  as of the date first above
written.

                                    SANTA MONICA MEDIA CORPORATION

                                    By:
                                        ----------------------------------------
                                        David Marshall, Chief Executive Officer

                                    INITIAL STOCKHOLDER:

                                    SANTA MONICA CAPITAL PARTNERS, LLC,
                                    a Delaware limited liability company

                                    BY: SANTA MONIC CORP., a California
                                        corporation

                                    --------------------------------------------
                                    Name: David Marshall
                                    Title: President

                                    CONTINENTAL STOCK TRANSFER & TRUST COMPANY

                                    By:
                                       -----------------------------------------
                                       Name:
                                       Title:

                                       5
<PAGE>

                                    EXHIBIT A

                                             Stock
Name and Address of      Number of        Certificate         Date of Insider
Initial Stockholder        Shares            Number                Letter
-------------------      ----------       -----------      ---------------------

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