Document:

<PAGE>

                                                                   Exhibit 10.14

Loan and Security Agreement Amendment dated June 30, 2003, between the Company
and Israel Discount Bank of NY.

                                 EXECUTION COPY

                                 AMENDMENT NO. 2

         AMENDMENT NO. 2, dated as of June 27, 2003 (this "Amendment No. 2"), by
and among ASTA FUNDING ACQUISITION II, LLC and PALISADES COLLECTION, L.L.C.
(together, the "Borrower"), ASTA FUNDING, INC. ("Asta Funding"), ISRAEL DISCOUNT
BANK OF NEW YORK ("Lender") and the Debtors, to the Second Amended and Restated
Loan and Security Agreement dated January 28, 2003, as amended (the "Loan
Agreement").

RECITALS
         A. Asta Funding has requested that the Lender amend the Loan Agreement
to provide that its individual 75% interest in the net collection of receivables
arising from two (2) portfolios of consumer receivables owned by Computer
Finance LLC ("Computer"), a wholly-owned subsidiary of Asta Funding ("Asta
Funding Profit Percentage") be included in the Borrowing Base as an Eligible
Portfolio.
         B. Asta Funding's Profit Percentage is subject to the terms of an
Assignment Agreement dated as of December 28, 2001, among Greenwich Capital
Financial Products, Inc., Hilco Receivables, LLC ("Hilco"), Asta Funding and
Computer (the "Computer Assignment"), pursuant to which Hilco has an undivided
25% interest in the receivables owned by Computer and Asta Funding has filed a
UUC-1 Financing Statement with respect to the receivables owned by Computer (the
"Asta Funding Filing").
         C. The Borrower has requested that the Lender grant a temporary
increase in the New Line of Credit from $25,000,000 to $36,000,000 (the
"Temporary Line Increase"), which Temporary Line Increase shall be evidenced by
the Demand Promissory Note of the Borrower in the amount of $5,000,000 in the
form annexed hereto as Exhibit A (the "Demand Note") in the form annexed hereto
as Exhibit A and by the Demand Promissory Note of the Borrower in the amount of
$6,000,000 in the form annexed hereto as Exhibit B (the "$6,000,000 Demand
Note").
         D. These Recitals are incorporated and made a part of the Loan
Agreement.
         E. The parties have agreed to amend the Loan Agreement in accordance
with the terms hereof. All capitalized terms used in this Amendment No. 2 shall
have the meaning given each such term in the Loan Agreement. Accordingly, the
Borrower, Asta Funding, the Debtors and the Bank hereby agree that the Loan
Agreement is hereby amended as follows:

                  SECTION 1.  Amendments.

                  (a) Section 1.15 is hereby deleted in its entirety and
shall read as follows:

                           "1.15 "Average Collections" shall mean an amount
                  equal to an average of the actual Collections received with
                  respect to each Eligible Portfolio in the three (3) full
                  calendar months immediately preceding the date of computation
                  or determination."

                  (b) Section 1.24 is hereby amended by (i) deleting the word
"and" immediately prior to the "(b)", (ii) inserting an "and" at the end of such
Section, and (iii) by adding the following:

                           "(c) all of Asta Funding's right, title and interest
                  in and to the Asta Funding Profit Percentage, together with
                  all proceeds, Support Obligations, Payment Intangibles,
                  Books and Records and Asta Funding's rights under the
                  Computer Assignment, including, without limitation, the Asta
                  Funding Filing."

                  (c) Section 1.27 is hereby amended by inserting after the word
"Payments" the phrase "and all proceeds of the Asta Funding Profit Percentage."

                  (d) the term "Obligations" shall include all principal and
interest payable under the Demand Note and the $6,000,000 Demand Note.

                  (e) on the Amendment Effective Date (as hereinafter defined)
the Asta Funding Profit Percentage shall be deemed an Eligible Portfolio for all
purposes under the Loan Agreement.

<PAGE>

                  (f) on the date thirty (30) days after the Amendment Effective
Date, the New Line of Credit shall automatically be reduced to $25,000,000 and
all Obligations in excess thereof shall be immediately due and payable to the
Lender, without demand.

                  (g) the Loan Agreement hereby is amended by adding a new
Section 2.5, which shall read as follows:

                           "2.5 Minimum Average Loan Balance. Commencing July,
                  2003, the Borrower shall maintain an average loan balance in
                  each month of not less than $15,000,000 as determined on the
                  last Banking Day of each month (the "Minimum Average Loan
                  Balance"), provided, that the Minimum Average Loan Balance
                  shall automatically decrease in each successive month by
                  $1,500,000 until such Average Loan Balance equals zero. In
                  the event on the last Banking Day of any month the Minimum
                  Average Loan Balance is less than as required for such
                  month, the Borrower shall pay the Lender a fee, equal to the
                  average rate of interest charged to the Borrower applied to
                  the amount of the loans in that month below the Minimum
                  Average Loan Balance for such month. Such fee shall be
                  payable on demand and may be charged to any account of the
                  Borrower with the Lender and shall be included in the
                  Obligations and be secured by the Collateral."

                  SECTION 2. Conditions to Effectiveness of Fifth Amendment.

                  This Amendment No. 2 shall become effective on the date (the
"Amendment Effective Date") on which the following conditions precedent shall
have been satisfied:

                  (a) the Lender shall have received this Amendment No. 2
executed and delivered by a duly authorized officer of the Borrower, Asta
Funding, each Debtor and the Lender;

                  (b) the Lender shall have received an Amendment to the General
Security Agreement, dated November 21, 2001, as amended, of Asta Funding,
granting to the Lender a security interest in the Asta Funding Profit
Percentage, in form, scope and substance acceptable to the Lender ("Asta
Assignment"), executed and delivered by a duly authorized officer of Asta
Funding;

                  (c) the Lender shall have received a UCC-3 Assignment of the
Asta Funding Filing for filing in the State of Delaware, in form and scope
acceptable to the Lender;

                  (d) the Lender shall have received the Demand Note and the
$6,000,000 Demand Note, executed and delivered by the Borrower; and

                  (e) the Lender shall have received such other documents as the
Bank or its counsel may reasonably request;

                  SECTION 3. Limited Effect.

                  Except as expressly amended and modified by this Amendment No.
2, the Loan Agreement shall continue to be, and shall remain, in full force and
effect in accordance with its terms.

                  SECTION 4. Representations and Warranties.

                  The Borrower, Asta Funding and each Debtor hereby (a) ratifies
and confirms its respective obligations under the Loan Agreement and each Loan
Document to which it is a party and (b) confirms and reaffirms the
representations and warranties contained in Section 17 of the Loan Agreement and
in each of the Loan Documents; provided, however, that reference therein to the
"Loan Documents" shall be deemed to include this Amendment No. 2, the Asta
Assignment ,the Demand Note and the $6,000,000 Demand Note. The Borrower, Asta
Funding and each Debtor hereby represents and warrants that as of the Amendment
Effective Date, after giving effect to this Amendment No. 2, no Event of Default
shall have occurred or be continuing. Asta Funding hereby represents and
warrants that (i) the Computer Assignment has not been amended and is in full
force and effect, (ii) it has no knowledge of any defense, offset or
counterclaim in favor of Computer with respect to the payment of the Asta
Funding Profit Percentage, and (iii) the consent of Hilco is not required to the
execution and delivery of the Asta Assignment.

                  SECTION 5. Counterparts.

                  This Amendment No. 2 may be executed by the parties hereto on
any number of separate counterparts, each of which shall be an original and all
of which taken together shall constitute one and the same instrument.
<PAGE>

                  SECTION 6. Governing Law.

                  THIS AMENDMENT NO. 2 SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK.

                  IN WITNESS WHEREOF, the Borrower, Asta Funding, the Debtors
and the Lender have caused this Amendment No. 2 to be duly executed by their
duly authorized officers, all as of the date first above written.

                                 ASTA FUNDING ACQUISITION II, LLC

                                 By:    /s/ Gary Stern
                                     ------------------------------------------
                                          Name: Gary Stern
                                          Title: Manager

                                 By:    /s/ Mitchell Herman
                                     -------------------------------------------
                                          Name: Mitchell Herman
                                          Title: Manager

                                 PALISADES COLLECTION, L.L.C.

                                 By:    /s/ Gary Stern
                                     ------------------------------------------
                                          Name: Gary Stern
                                          Title: Manager

                                 By:    /s/ Mitchell Herman
                                     -------------------------------------------
                                          Name: Mitchell Herman
                                          Title: Manager

                                 ASTA FUNDING, INC.

                                 By:    /s/ Gary Stern
                                     ------------------------------------------
                                          Name: Gary Stern
                                          Title:  President

                                 By:    /s/ Mitchell Herman
                                     -------------------------------------------
                                          Name: Mitchell Herman
                                          Title: Secretary and
                                                  Chief Financial Officer

                                 ASTA FUNDING ACQUISITION I, LLC

                                 By:    /s/ Gary Stern
                                     ------------------------------------------
                                          Name: Gary Stern
                                          Title: Manager

                                 By:    /s/ Mitchell Herman
                                     -------------------------------------------
                                          Name: Mitchell Herman
                                          Title: Manager

                                 E.R. RECEIVABLES CORP., L.L.C.

                                 By:    /s/ Gary Stern
                                     ------------------------------------------
                                          Name: Gary Stern
                                          Title: Manager

                                 By:    /s/ Mitchell Herman
                                     -------------------------------------------
                                          Name: Mitchell Herman
                                          Title: Manager

<PAGE>

                                 PALISADES ACQUISITION I, LLC

                                 By:    /s/ Gary Stern
                                     ------------------------------------------
                                          Name: Gary Stern
                                          Title: Manager

                                 By:    /s/ Mitchell Herman
                                     -------------------------------------------
                                          Name: Mitchell Herman
                                          Title: Manager

                                 PALISADES ACQUISITION II, LLC

                                 By:    /s/ Gary Stern
                                     ------------------------------------------
                                          Name: Gary Stern
                                          Title: Manager

                                 By:    /s/ Mitchell Herman
                                     -------------------------------------------
                                          Name: Mitchell Herman
                                          Title: Manager

                                 ISRAEL DISCOUNT BANK OF NEW YORK

                                 By:    /s/ Kevin Lord
                                     -------------------------------------------
                                          Name: Kevin Lord
                                          Title: Vice President

                                 By:    /s/ Jerry Hertzman
                                     -------------------------------------------
                                          Name: Jerry Hertzman
                                          Title: Senior Vice President

<PAGE>

                                AMENDMENT TO THE
                           GENERAL SECURITY AGREEMENT
                              (Asta Funding, Inc.)

         THIS AMENDMENT TO THE GENERAL SECURITY AGREEMENT (this "Amendment")
dated as of June 27, 2003 between Asta Funding, Inc. (the "Obligor"), and Israel
Discount Bank of New York (the "Bank").

         WHEREAS, pursuant to the Second Amended and Restated Loan and Security
Agreement dated as of January 28, 2003 (the "Loan Agreement"), among the
Obligor, the Bank and certain Affiliates (as such term is used in the Loan
Agreement) of the Obligor, the Obligor has executed a General Security Agreement
dated as of November 15, 2001 (the "Security Agreement"), in favor of the Bank;
and

         WHEREAS, the Obligor wishes to obtain a temporary increase in the line
of credit available to the Borrowers (as defined in the Loan Agreement) under
the Loan Agreement to an amount not to exceed $36,000,000.00; and

         WHEREAS, the Bank has consented to that increase, provided that the
Obligor grants to the Bank a lien in the Obligor's 75% "profit interest" in the
receivables owned by the Obligor's subsidiary, Computer Finance LLC, a Delaware
limited liability company;

         NOW THEREFORE, in consideration of the foregoing, the Security
Agreement is amended as follows:

1. The definition of "Collateral" in Section I is hereby amended by restating
clause (b) in its entirety to read as follows:

         "(b) all of Asta Funding's (i) Auto Loans, Auto Contracts and the
Accounts, Collections rights, claims, actions and/or causes of action, Books and
Records, lawsuits, judgments and Support Obligations relating thereto that have
been granted to Lender pursuant to the Original Restated Agreement, and (ii) (a)
the Asta Profit Percentage (as such term is defined in that certain Loan and
Security Agreement dated as of August 30, 2001, by and among Greenwich Capital
Financial Products, Inc., Computer Finance LLC and Asta Funding), and (b) the
Asta Purchased Profit Percentage (as such term is defined in that certain
Assignment Agreement dated as of December 28, 2001, by and among Greenwich
Capital Financial Products, Inc., Hilco Receivables, LLC and the Asta Funding).

2. The Obligor reaffirms as of the date hereof the representations and
warranties set forth in Sections 5 and 7 of the Security Agreement.

3. The Obligor reaffirms as of the date hereof the covenants set forth in
Sections 6 and 8 of the Security Agreement

4. All other terms and conditions of the Security Agreement shall continue to be
of full force and effect, to the extent they remain unchanged by the foregoing,
and the Obligor shall continue to remain bound thereby.

                  IN WITNESS WHEREOF, intending to be legally bound, the
undersigned have caused this Amendment to be duly executed as of the date first
above written.

                                 ASTA FUNDING, INC.,
                                          as Obligor

                                 By:  /s/ Gary Stern
                                    ---------------------------------
                                      Name: Gary Stern
                                      Title: President & CEO

                                 By:  /s/ Mitchell Herman
                                    --------------------------------------
                                      Name: Mitchell Herman
                                      Title: EVP & Chief Financial Officer

                                 ISRAEL DISCOUNT BANK OF NEW YORK,
                                          as Bank

                                 By:  /s/ Jerry Herztman
                                    --------------------------------------
                                      Name: Jerry Hertzman
                                      Title: Senior Vice President<PAGE>

                                                                    EXHIBIT 10.1
                             SUBSCRIPTION AGREEMENT

                                                                   June 19, 2003

JAG Media Holdings, Inc.
6865 S.W. 18th Street, Suite B13
Boca Raton, FL 33433
Attention:  Board of Directors

Dear Sirs:

                  1. The undersigned (the "Purchaser") hereby offers to
subscribe to (a) 1,282,675 shares (the "Class A Shares") of Class A common
stock, par value $0.00001 per share, of JAG Media Holdings, Inc., a Nevada
corporation (the "Company") and (b) 20,000 shares (the "Series 3 Shares") of
Series 3 Class B common stock, par value $0.00001 per share (collectively, the
"Shares"), and pay therefore a total consideration of $422,000.00. It is
understood that the Company will deliver to the Purchaser certificates for the
Shares against payment to the Company of the purchase price thereof. The rights
and preferences of the Series 3 Shares are set forth in the Certificate of
Designation attached hereto as Exhibit A.

                  2. The Purchaser hereby represents and warrants to the Company
that it is acquiring the Shares solely for its own account for investment, and
not as a nominee for any other party, and not with a view to the distribution
thereof or with any present intention of selling any thereof. The Purchaser
acknowledges that it has been informed by the Company that the Shares have not
been registered under the Securities Act of 1933, as amended (the "Securities
Act"), and that the Shares must be held indefinitely unless subsequently
registered under the Securities Act or an exemption from such registration is
available. The Purchaser also acknowledges that it is fully aware of the
restrictions on disposing of the Shares resulting from the provisions of the
Securities Act and the General Rules and Regulations of the Securities and
Exchange Commission thereunder (including, without limitation, Rule 144). The
Purchaser hereby confirms and acknowledges that it will not offer, sell or
otherwise dispose of any of the Shares except under circumstances that will not
result in a violation of the Securities Act or any applicable state securities
laws. Further, the Purchaser acknowledges (i) that the purchase of the Shares is
a long term investment and (ii) that the Purchaser must bear the economic risk
of the investment for an indefinite period of time because the Shares have not
been registered under the Securities Act or any state securities laws and that
the Purchaser's financial condition is such that it is not likely that it will
be necessary to dispose of any of the Shares in the foreseeable future.

                  3.       (a) Each certificate representing Shares shall be
endorsed with the following legend:
<PAGE>

         THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR STATE
         SECURITIES LAWS, AND NO TRANSFER OF THESE SECURITIES MAY BE MADE EXCEPT
         (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR
         (B) PURSUANT TO AN EXEMPTION THEREFROM WITH RESPECT TO WHICH THE
         COMPANY MAY REQUIRE AN OPINION OF COUNSEL FOR THE HOLDER THAT SUCH
         TRANSFER IS EXEMPT FROM THE REQUIREMENTS OF THE ACT.

                  (b) Each certificate representing Series 3 Shares shall also
be endorsed with the following legend:

         THE MANDATORY REDEMPTION PROVISIONS, DIVIDEND RIGHTS, VOTING POWERS,
         PREFERENCES, LIMITATIONS, RESTRICTIONS AND OTHER RIGHTS OF THE SERIES 3
         CLASS B COMMON STOCK OF THE CORPORATION ARE SET FORTH IN FULL IN THE
         CERTIFICATE OF DESIGNATION OF THE SERIES 3 CLASS B COMMON STOCK OF THE
         CORPORATION, WHICH IS ON FILE WITH THE SECRETARY OF STATE OF THE STATE
         OF NEVADA AND AVAILABLE FREE OF CHARGE FROM THE SECRETARY OF THE
         CORPORATION UPON THE REQUEST OF ANY STOCKHOLDER OF THE CORPORATION.

                  4. The Purchaser has such experience and knowledge in
financial and business matters to be capable of evaluating the merits and risks
of the investment contemplated hereby and has reviewed the merits of such
investment with tax and legal counsel and other advisors to the extent deemed
advisable. The Purchaser has been given the opportunity to ask questions of, and
receive answers from, JAG Media Holdings, Inc. concerning the investment and to
obtain any additional information the Purchaser deemed necessary. The Purchaser
is an "accredited investor" as defined in Rule 501 under the Securities Act.

                  5. You represent that you have not dealt with any finders,
placement agents or brokers of any kind in connection with this matter, other
than RMC1 Capital Markets, Inc.

                  6. By acknowledgement of this letter below, the Company hereby
agrees that it will undertake to register the Class A Shares issuable hereunder
on a registration statement to be selected by the Company and that such
registration statement will be filed with the SEC by the earlier of (a) ten (10)
business days following the Oil@Work closing; (b) ten (10) business days
following the termination of the Oil@Work transaction; or (c) 90 calendar days
after the date of this Subscription Agreement. The Company will enter
appropriate stop-transfer orders on any register or records maintained by or on
behalf of the Company with respect to the Shares to insure that the Shares are
not transferred except in accordance with this letter.

                  7. The Purchaser is a limited liability company organized
under the laws of the State of Florida.

                  8. The Company makes no representations or warranties
whatsoever, whether express or implied, hereunder.

<PAGE>

                            Very truly yours,

                            BAY POINT INVESTMENT PARTNERS LLC

                             By: /s/ Richard Meiman
                                 ------------------
                                 Name: Richard Meiman
                                 Title:  Manager

                            Address: c/o Law Offices of Stewart Merkin
                                     444 Brickell Avenue, Suite 300
                                      Miami, FL 33131

ACCEPTED:
JAG MEDIA HOLDINGS, INC.

By:  /s/Gary Valinoti
     ----------------
     Name:  Gary Valinoti
     Title:  President & CEO

<PAGE>

                                                                       Exhibit A

                           CERTIFICATE OF DESIGNATION
                                     OF THE
                          SERIES 3 CLASS B COMMON STOCK
                         ($0.00001 PAR VALUE PER SHARE)
                                       OF
                            JAG MEDIA HOLDINGS, INC.

         The undersigned, the duly elected and acting president of JAG Media
Holdings, Inc., a Nevada corporation (the "Corporation"), pursuant to Nevada
Revised Statutes 78.1955, does hereby certify that the Board of Directors of the
Corporation adopted the following resolution pursuant to the authority of
Section 78.195 of the Nevada Revised Statutes and Article FOURTH of the
Corporation's Articles of Incorporation, as amended:

         RESOLVED, that the Corporation's Class B common stock shall consist of
three series: Series 1 Class B common stock, the terms and conditions of which
are set forth in the Articles of Incorporation of the Corporation, as amended
(the "Articles"), Series 2 Class B common stock, the terms and conditions of
which are set forth in the Certificate of Designation of the Series 2 Class B
Common Stock filed with the Secretary of State of the State of Nevada on April
11, 2003 and Series 3 Class B common stock, par value $0.00001 per share, whose
terms and conditions are set forth below:

Series 3 Class B common stock

         (a) Designation and Amount. The shares of such series shall be
designated as "Series 3 Class B common stock" and the initial number of shares
constituting such series shall be Forty Thousand (40,000).

         (b) No Voting Rights. Except as required by law, holders of shares of
Series 3 Class B common stock shall not be entitled or permitted to vote on any
matter required or permitted to be voted upon by the stockholders of the
Corporation.

         (c) Distribution of Assets. Upon the dissolution, liquidation or
winding up of the Corporation, subject to the rights, if any, of the holders of
any of the Corporation's securities other than common stock, the holders of the
Series 3 Class B common stock, Series 2 Class B common stock Series 1 Class B
common stock and Class A common stock will be entitled to receive all the assets
of the Corporation available for distribution to its stockholders ratably in
proportion to the number of shares held by them.

         (d) Dividends. Holders of Series 3 Class B common stock, Series 2 Class
B common stock and Class A common stock shall be entitled to receive, on an
equal basis, such dividends, payable in cash or otherwise, as may be declared
thereon by the Board of Directors from time to time out of the assets or funds
of the Corporation legally available therefor.
<PAGE>

         (e) Mandatory Redemption. (1) No redemption of the Series 3 Class B
common stock shall be authorized or made except as provided herein. Each share
of the Series 3 Class B common stock must be redeemed by the Corporation, to the
fullest extent permitted by law, within six (6) months (or as soon thereafter as
permitted by law) following final resolution of the Corporation's lawsuit
against certain brokerage firms (JAG Media Holdings, Inc. v. A.G. Edwards & Sons
et al) which is, as of the date of this resolution, pending in U.S. District
Court for the Southern District of Texas or any successor or other lawsuit
relating to the subject matter thereof in which the Corporation (or any
successor-in-interest) is named as a plaintiff (the "Lawsuit"), which date shall
be determined by the Board of Directors (the "Redemption Date"). The Redemption
Price for each share of the Series 3 Class B common stock shall be equal to the
greater of (i) par value or (ii) .0025% of ten percent of the net proceeds to
the Corporation of the Lawsuit after payment of fees and expenses incurred in
connection with such lawsuit and all taxes on net income accrued or paid with
respect to such amount, which amount shall be rounded to the nearest whole cent.
Notice of the redemption by the Corporation of the outstanding shares of Series
3 Class B common stock (the "Redemption Notice") shall be given by first class
mail, postage prepaid, mailed not less than 30 days prior to the Redemption
Date, to each holder of record of the shares to be redeemed, at such holder's
address as the same appears on the stock register of the Corporation; provided,
however, that no failure to give such notice, nor any deficiency therein, shall
affect the validity of the procedure for the redemption of any shares of Series
3 Class B common stock to be redeemed except as to the holder or holders to whom
the Company has failed to give such notice or whose notice was defective. The
Redemption Notice shall state:

                           (A) the Redemption Price;

                           (B) the Redemption Date;

                           (C) that the holder is to surrender to the
                  Corporation, at the place or places, which shall be designated
                  in such redemption notice, its certificates representing the
                  shares of Series 3 Class B common stock to be redeemed;

                           (D) that dividends on the shares of the Series 3
                  Class B common stock to be redeemed shall cease to accumulate
                  on the day prior to the Redemption Date unless the Corporation
                  defaults in the payment of the Redemption Price; and

                           (E) the name of any bank or trust company performing
                  the duties referred to in subsection (e)(5) below.

                  (2) On or before the Redemption Date, each holder of Series 3
Class B common stock to be redeemed shall surrender the certificate or
certificates representing such shares of Series 3 Class B common stock to the
Company, in the manner and at the place designated in the Redemption Notice, and
on the Redemption Date the Redemption Price for such shares shall be payable to
the holder thereof whose name appears on such certificate or certificates and
who appears on the stock transfer records of the Corporation as the owner
thereof, and the shares represented by each surrendered certificate shall be
returned to authorized but unissued shares.
<PAGE>

                  (3) Unless the Company defaults in the payment in full of the
Redemption Price, dividends on the Series 3 Class B common stock called for
redemption shall cease to accumulate on the day prior to the Redemption Date,
and the holders of such shares shall cease to have any further rights with
respect thereto on the Redemption Date, other than the right to receive the
Redemption Price, without interest.

                  (4) If a Redemption Notice shall have been duly given, and if,
on or before the Redemption Date specified therein, all funds necessary for such
redemption shall have been set aside by the Corporation, separate and apart from
its other funds, in trust for the pro rata benefit of the holders of the Series
3 Class B common stock called for redemption so as to be and continue to be
available therefor, then, notwithstanding that any certificate for shares so
called for redemption shall not have been surrendered for cancellation, all
shares so called for redemption shall no longer be deemed outstanding, and all
rights with respect to such shares shall forthwith on such Redemption Date cease
and terminate, except only the right of the holders thereof to receive the
amount payable on redemption thereof, without interest.

                  (5) If a Redemption Notice shall have been duly given or if
the Corporation shall have given to the bank or trust company hereinafter
referred to irrevocable authorization promptly to give such notice, and if on or
before the Redemption Date specified therein the funds necessary for such
redemption shall have been deposited by the Corporation with such bank or trust
company in trust for the pro rata benefit of the holders of the Series 3 Class B
common stock called for redemption, then, notwithstanding that any certificate
for shares so called for redemption shall not have been surrendered for
cancellation, from and after the time of such deposit, all shares so called, or
to be so called pursuant to such irrevocable authorization, for redemption shall
no longer be deemed to be outstanding and all rights with respect to such shares
shall forthwith cease and terminate, except only the right of the holders
thereof to receive from such bank or trust company at any time after the time of
such deposit the funds so deposited, without interest. The aforesaid bank or
trust company shall be organized and in good standing under the laws of the
United States of America or of any state thereof. Any interest accrued on such
funds shall be paid to the Corporation from time to time. Any funds so set aside
or deposited, as the case may be, and unclaimed at the end of three years from
such Redemption Date shall, to the extent permitted by law, be released or
repaid to the Corporation, after which repayment the holders of the shares so
called for redemption shall look only to the Corporation for payment thereof.

                  (6) All interpretations of the redemption provisions contained
in this Section (e) and all determinations required to be made in connection
with the Redemption Date and the Redemption Price, including, without
limitation, the determination of which successor or related actions or
proceedings may constitute a Lawsuit (as defined herein), shall be within the
discretion of the Board of Directors and any such determination by the Board of
Directors shall be final and conclusive, and actions by the Corporation in
respect of this Section (e) shall be taken at the direction of the Board of
Directors. The Board of Directors may, but need not, appoint such agents,
attorneys-in-fact and trustees as and with such revocable and irrevocable powers
as it deems appropriate in its sole discretion to carry out the redemption
provided for herein.
<PAGE>

         (f) No Reissuance of Series 3 Class B common stock. None of the shares
of Series 3 Class B common stock acquired by the Corporation by reason of
redemption, purchase, or otherwise shall be reissued.

         (g) Business Day. If any payment or redemption shall be required by the
terms hereof to be made on a day that is not a Business Day, such payment or
redemption shall be made on the immediately succeeding Business Day. For the
purposes of this Resolution, Business Day shall mean any day other than a
Saturday, Sunday, national or relevant state holiday or any other day on which
commercial banks in New York City are authorized or required by law to be
closed.

         (h) Share Certificates. Share certificates shall be issued to represent
the Series 3 Class B common stock which will specify the number of shares
represented by such certificate and the name of the beneficial owner of such
shares. Shares of Series 3 Class B common stock may be transferred only on the
books of the Corporation in person or by duly authorized attorney upon surrender
of said certificate properly endorsed and specifying the new beneficial owner.

         (i) Legend. The Series 3 Class B common stock will bear a legend to the
following effect:

THE MANDATORY REDEMPTION PROVISIONS, DIVIDEND RIGHTS, VOTING POWERS,
PREFERENCES, LIMITATIONS, RESTRICTIONS AND OTHER RIGHTS OF THE SERIES 3 CLASS B
COMMON STOCK OF THE CORPORATION ARE SET FORTH IN FULL IN THE CERTIFICATE OF
DESIGNATION OF THE SERIES 3 CLASS B COMMON STOCK OF THE CORPORATION, WHICH IS ON
FILE WITH THE SECRETARY OF STATE OF THE STATE OF NEVADA AND AVAILABLE FREE OF
CHARGE FROM THE SECRETARY OF THE CORPORATION UPON THE REQUEST OF ANY STOCKHOLDER
OF THE CORPORATION.

         The foregoing resolution has been duly adopted by the Board of
Directors in accordance with the provisions of Section 78.195 of the Revised
Statutes of the State of Nevada and the Article FOURTH of the Corporation's
Articles.

                  IN WITNESS WHEREOF, I have signed this Certificate of
Designation as of this ___ day of June, 2003.

                                           -----------------------------
                                           Gary Valinoti
                                           President and Chief Executive Officer

<PAGE>

[JAG MEDIA LOGO]                                                    [LETTERHEAD]
--------------------------------------------------------------------------------

August 12, 2003

Bay Point Investment Partners, LLC
c/o Law Offices of Stewart Merkin
444 Brickell Avenue, Suite 300
Miami, FL 33131

                    Re:    Subscription Agreement dated June 19, 2003 between
                           JAG Media Holdings, Inc. and Bay Point Investment
                           Partners, LLC (the "Subscription Agreement")

Gentlemen:

This will confirm that the first sentence of paragraph 6. of the Subscription
Agreement is amended to read as follows:

"By acknowledgement of this letter below, the Company hereby agrees that it will
undertake to register the Class A Shares issuable hereunder on a registration
statement to be selected by the Company and that such registration statement
will be filed with the SEC by the earlier of (a) ten (10) business days
following the closing of the Company's proposed transaction with XeQute
Solutions, Inc.; (b) ten (10) business days following the termination of the
XeQute Solutions, Inc. transaction; or (c) one hundred twenty (120) days after
the date of this Agreement."

All other terms of the Subscription Agreement shall remain unchanged and in full
force and effect.

Very truly yours,
JAG MEDIA HOLDINGS, INC.

By: /s/ Gary Valinoti
    -----------------
      Name: Gary Valinoti
      Title:  President & CEO

AGREED AND ACCEPTED:
BAY POINT INVESTMENT PARTNERS, LLC

By: /s/Richard Meiman
    -----------------
      Name: Richard Meiman
      Title: Manager

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]