Document:

EXHIBIT 4.4

      THIS OPTION AND THE SHARES OF COMMON STOCK  ISSUABLE UPON EXERCISE OF THIS
      OPTION  HAVE NOT BEEN  REGISTERED  UNDER THE  SECURITIES  ACT OF 1933,  AS
      AMENDED,  OR ANY STATE  SECURITIES  LAWS. THIS OPTION AND THE COMMON STOCK
      ISSUABLE UPON  EXERCISE OF THIS OPTION MAY NOT BE SOLD,  OFFERED FOR SALE,
      PLEDGED  OR  HYPOTHECATED  IN THE  ABSENCE  OF AN  EFFECTIVE  REGISTRATION
      STATEMENT  AS TO THIS  OPTION  UNDER  SAID  ACT AND ANY  APPLICABLE  STATE
      SECURITIES LAWS OR AN OPINION OF COUNSEL  REASONABLY  SATISFACTORY TO FAST
      EDDIE RACING STABLES, INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

            Right to Purchase up to 643,700 Shares of Common Stock of
                         Fast Eddie Racing Stables, Inc.
                   (subject to adjustment as provided herein)

                               COMMON STOCK OPTION

No. _________________                                  Issue Date: March 9, 2005

      FAST EDDIE RACING STABLES, INC., a corporation organized under the laws of
the State of Florida ("Fast Eddie"),  hereby certifies that, for value received,
LAURUS MASTER FUND, LTD., or assigns (the "Holder"), is entitled, subject to the
terms set forth below, to purchase from the Company (as defined herein) from and
after the Issue  Date of this  Option and at any time or from time to time on or
after a respective  Option Effective Date through the close of business March 7,
2013 (the "Expiration Date"), up to 643,700 fully paid and nonassessable  shares
of  Common  Stock  (as  hereinafter  defined),  no par  value  per  share at the
applicable Exercise Price per share (as defined below). The number and character
of such shares of Common Stock and the  applicable  Exercise Price per share are
subject to adjustment as provided herein.

      As used herein the following terms, unless the context otherwise requires,
have the following respective meanings:

            (a) The term "Company"  shall include Fast Eddie and any corporation
      which shall succeed, or assume the obligations of, Fast Eddie hereunder.

            (b) The term "Common Stock" includes (i) the Company's Common Stock,
      $0.01 par value per share; and (ii) any other securities into which or for
      which any of the securities described in (a) may be converted or exchanged
      pursuant to a plan of  recapitalization,  reorganization,  merger, sale of
      assets or otherwise.

            (c) The term  "Other  Securities"  refers to any stock  (other  than
      Common  Stock) and other  securities  of the  Company or any other  person
      (corporate or otherwise)  which the holder of the Option at any time shall
      be entitled to receive,  or shall have  received,  on the  exercise of the
      Option,  in lieu of or in addition to Common  Stock,  or which at any time
      shall  be  issuable  or shall  have  been  issued  in  exchange  for or in
      replacement of Common Stock or Other  Securities  pursuant to Section 4 or
      otherwise.

                                       B-1
<PAGE>

            (d) An "Option Effective Date" applicable under this Option shall be
      the 75th day  following  the  provision by the Holder to the Company of an
      Exercise Notice (as defined below) stating that the Holder wishes exercise
      its option  hereunder  to purchase all or a portion of the Common Stock or
      Other  Securities  that it is entitled to receive in accordance  with this
      Option. The Exercise Notice shall set forth the amount of shares of Common
      Stock that the Holder shall  receive on the  respective  Option  Effective
      Date.

            (e) The "Exercise Price" applicable under this Option shall be $0.01
      for each share of Common Stock acquired hereunder.

      1. Exercise of Option.

            1.1 Number of Shares Issuable upon Exercise. From and after the date
hereof through and including the  Expiration  Date, the Holder shall be entitled
to receive,  upon exercise of this Option in whole or in part, by delivery of an
original  or fax copy of an  exercise  notice  in the form  attached  hereto  as
Exhibit  A (the  "Exercise  Notice"),  shares of  Common  Stock of the  Company,
subject to adjustment  pursuant to Section 4. Each exercise of this Option shall
be deemed to have been  effected on the later of (x) the Option  Effective  Date
and (ii) the Holder's  payment of the Exercise Price in accordance  with Section
2.2 below.

            1.2 Fair Market Value. For purposes hereof,  the "Fair Market Value"
of a share of Common Stock as of a particular  date (the  "Determination  Date")
shall mean:

            (a) If the  Company's  Common Stock is traded on the American  Stock
      Exchange  or another  national  exchange  or is quoted on the  National or
      SmallCap  Market of The  Nasdaq  Stock  Market,  Inc.("Nasdaq"),  then the
      volume-weighted  average  sale price of the Common  Stock for the five (5)
      trading days immediately  preceding the Determination Date or, if no sales
      take place  during such  period,  the average of the closing bid and asked
      prices  thereof  over such five (5)  trading  day  period,  as  officially
      reported.

            (b) If the  Company's  Common  Stock is not  traded on the  American
      Stock Exchange or another national exchange or on the Nasdaq but is traded
      on  the  NASD  OTC  Bulletin  Board  or  the  "pink   sheets",   then  the
      volume-weighted  average  sale price of the Common  Stock for the five (5)
      trading days immediately  preceding the Determination Date or, if no sales
      take  place  during  such  five (5)  trading  day  period,  as  officially
      reported.

            (c) Except as provided in clause (d) below, if the Company's  Common
      Stock is not publicly traded,  then as the Holder and the Company agree or
      in the absence of agreement by  arbitration  in accordance  with the rules
      then in effect of the American  Arbitration  Association,  before a single
      arbitrator to be chosen from a panel of persons qualified by education and
      training to pass on the matter to be decided.

            (d)  If  the  Determination  Date  is  the  date  of a  liquidation,
      dissolution  or  winding  up,  or any event  deemed  to be a  liquidation,
      dissolution  or winding up pursuant  to the  Company's  charter,  then all
      amounts to be payable per share to holders of the Common Stock pursuant to
      the charter in the event of such  liquidation,  dissolution or winding up,
      plus all other  amounts to be  payable  per share in respect of the Common
      Stock in liquidation under the charter,  assuming for the purposes of this
      clause (d) that all

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      of the shares of Common Stock then  issuable  upon  exercise of the Option
      are outstanding at the Determination Date.

            1.3 Company  Acknowledgment.  The Company  will,  at the time of the
exercise of the Option,  upon the request of the holder  hereof  acknowledge  in
writing its  continuing  obligation to afford to such holder any rights to which
such holder shall continue to be entitled after such exercise in accordance with
the  provisions  of this  Option.  If the  holder  shall  fail to make  any such
request,  such failure shall not affect the continuing obligation of the Company
to afford to such holder any such rights.

            1.4  Trustee for Option  Holders.  In the event that a bank or trust
company  shall  have been  appointed  as trustee  for the  holders of the Option
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and duties of an option or warrant agent (as  hereinafter  described)  and shall
accept,  in its own name for the account of the Company or such successor person
as may be entitled thereto, all amounts otherwise payable to the Company or such
successor,  as the case may be, on  exercise  of this  Option  pursuant  to this
Section 1.

      2. Procedure for Exercise.

            2.1 Delivery of Stock Certificates,  Etc., on Exercise.  The Company
agrees that the shares of Common Stock  purchased  upon  exercise of this Option
shall be deemed to be issued to the Holder as the record owner of such shares as
of the  close of  business  on the date on which  this  Option  shall  have been
surrendered and payment made for such shares in accordance herewith.  As soon as
practicable  after the  exercise of this  Option in full or in part,  and in any
event  within  three (3) business  days  thereafter,  the Company at its expense
(including  the payment by it of any  applicable  issue  taxes) will cause to be
issued in the name of and  delivered  to the  Holder,  or as such  Holder  (upon
payment  by  such  Holder  of any  applicable  transfer  taxes)  may  direct  in
compliance with applicable  securities  laws, a certificate or certificates  for
the number of duly and validly issued,  fully paid and  nonassessable  shares of
Common  Stock (or Other  Securities)  to which such Holder  shall be entitled on
such exercise,  plus, in lieu of any fractional share to which such holder would
otherwise be entitled,  cash equal to such fraction  multiplied by the then Fair
Market  Value  of one  full  share,  together  with  any  other  stock  or other
securities and property  (including cash, where applicable) to which such Holder
is entitled upon such exercise pursuant to Section 1 or otherwise.

      2.2 Exercise. Payment may be made in cash or by certified or official bank
check  payable to the order of the  Company  equal to the  applicable  aggregate
Exercise Price for the number of Common Shares specified in such Exercise Notice
(as such  exercise  number  shall be adjusted to reflect any  adjustment  in the
total number of shares of Common  Stock  issuable to the Holder per the terms of
this Option) and the Holder shall thereupon be entitled to receive the number of
duly authorized,  validly issued, fully-paid and non-assessable shares of Common
Stock (or Other Securities) determined as provided herein.

      3. Effect of Reorganization, Etc.

            3.1 Reorganization,  Consolidation, Merger, Etc. In case at any time
or from  time to time,  the  Company  shall  (a)  effect a  reorganization,  (b)
consolidate  with or  merge  into  any  other  person,  or (c)  transfer  all or
substantially all of its properties or assets to any other person under any plan
or arrangement  contemplating the dissolution of the Company, then, in each such
case,  as a condition  to the  consummation  of such a  transaction,  proper and
adequate  provision  shall be made by the  Company  whereby  the  Holder of this
Option,  on the  exercise  hereof as provided in Section 1 at any time after the
consummation of such  reorganization,  consolidation  or merger or the effective
date of such dissolution, as the case may be, shall

<PAGE>

receive,  in lieu of the Common  Stock (or Other  Securities)  issuable  on such
exercise prior to such  consummation or such effective date, the stock and other
securities  and property  (including  cash) to which such Holder would have been
entitled upon such consummation or in connection with such  dissolution,  as the
case may be, if such Holder had so  exercised  this  Option,  immediately  prior
thereto, all subject to further adjustment thereafter as provided in Section 4.

            3.2  Dissolution.  In the event of any  dissolution  of the  Company
following the transfer of all or substantially  all of its properties or assets,
the Company,  concurrently with any distributions  made to holders of its Common
Stock,  shall at its expense  deliver or cause to be delivered to the Holder the
stock and other  securities  and property  (including  cash,  where  applicable)
receivable  by the Holder of the Option  pursuant  to  Section  3.1,  or, if the
Holder shall so instruct the Company,  to a bank or trust  company  specified by
the Holder and having its  principal  office in New York,  NY as trustee for the
Holder of the Option (the "Trustee").

            3.3 Continuation of Terms. Upon any  reorganization,  consolidation,
merger or transfer (and any dissolution  following any transfer)  referred to in
this  Section 3, this  Option  shall  continue  in full force and effect and the
terms hereof shall be applicable to the shares of stock and other securities and
property  receivable  on the exercise of this Option after the  consummation  of
such   reorganization,   consolidation  or  merger  or  the  effective  date  of
dissolution  following  any such  transfer,  as the case  may be,  and  shall be
binding upon the issuer of any such stock or other securities, including, in the
case of any such transfer,  the person acquiring all or substantially all of the
properties  or assets of the  Company,  whether  or not such  person  shall have
expressly  assumed  the terms of this  Option as  provided  in Section 4. In the
event  this  Option  does not  continue  in full  force  and  effect  after  the
consummation of the transactions described in this Section 3, then the Company's
securities and property  (including  cash, where  applicable)  receivable by the
Holders of the Option will be delivered to Holder or the Trustee as contemplated
by Section 3.2.

      4. Extraordinary  Events Regarding Common Stock. (i) In the event that the
Company shall (a) issue  additional  shares of the Common Stock as a dividend or
other  distribution on outstanding  Common Stock to all of the Company's  common
stockholders,  (b) subdivide  its  outstanding  shares of Common  Stock,  or (c)
combine  its  outstanding  shares of the Common  Stock into a smaller  number of
shares of the Common Stock,  then, in each such event, the Exercise Price shall,
simultaneously  with the happening of such event, be adjusted by multiplying the
then Exercise Price by a fraction, the numerator of which shall be the number of
shares of  Common  Stock  outstanding  immediately  prior to such  event and the
denominator  of which shall be the number of shares of Common Stock  outstanding
immediately  after such event,  and the product so obtained shall  thereafter be
the Exercise Price then in effect. The Exercise Price, as so adjusted,  shall be
readjusted  in the same manner upon the  happening  of any  successive  event or
events  described herein in this Section 4. The number of shares of Common Stock
that the holder of this  Option  shall  thereafter,  on the  exercise  hereof as
provided in Section 1, be entitled to receive  shall be increased or  decreased,
as the case may be, to a number  determined by multiplying  the number of shares
of Common Stock that would  otherwise (but for the provisions of this Section 4)
be issuable on such  exercise  by a fraction of which (a) the  numerator  is the
Exercise  Price that would  otherwise (but for the provisions of this Section 4)
be in effect,  and (b) the  denominator  is the Exercise  Price in effect on the
date of such exercise.

      5.  Certificate  as to  Adjustments.  In each  case of any  adjustment  or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of the Option, the Company at its expense will promptly cause its Chief
Financial  Officer or other  appropriate  designee to compute such adjustment or
readjustment  in  accordance  with  the  terms  of  the  Option  and  prepare  a
certificate  setting forth such adjustment or readjustment and showing in detail
the

<PAGE>

facts upon which such adjustment or readjustment is based, including a statement
of (a)  the  consideration  received  or  receivable  by  the  Company  for  any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold,  (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding,  and (c) the Exercise Price
and the number of shares of Common  Stock to be received  upon  exercise of this
Option,  in effect  immediately  prior to such adjustment or readjustment and as
adjusted or  readjusted as provided in this Option.  The Company will  forthwith
mail a copy of each such  certificate to the holder of the Option and any Option
agent of the Company (appointed pursuant to Section 10 hereof).

      6. Reservation of Stock, Etc., Issuable on Exercise of Option. The Company
will at all times reserve and keep  available,  solely for issuance and delivery
on the exercise of the Option, shares of Common Stock (or Other Securities) from
time to time issuable on the exercise of the Option.

      7. Assignment;  Exchange of Option.  Subject to compliance with applicable
securities  laws,  this  Option,   and  the  rights  evidenced  hereby,  may  be
transferred  by any  registered  holder hereof (a  "Transferor")  in whole or in
part;  provided that Holder may not assign its rights  hereunder to a competitor
of the  Company  or any  Subsidiary  of the  Company  or to any person or entity
affiliated with such a competitor. On the surrender for exchange of this Option,
with the Transferor's  endorsement in the form of Exhibit B attached hereto (the
"Transferor   Endorsement   Form")  and  together   with   evidence   reasonably
satisfactory to the Company demonstrating  compliance with applicable securities
laws, which shall include, without limitation,  the provision of a legal opinion
from the  Transferor's or company  counsel (at the Company's  expense) that such
transfer is exempt from the registration  requirements of applicable  securities
laws, and with payment by the Transferor of any applicable  transfer taxes) will
issue and deliver to or on the order of the  Transferor  thereof a new Option of
like tenor, in the name of the Transferor and/or the transferee(s)  specified in
such Transferor Endorsement Form (each a "Transferee"), calling in the aggregate
on the face or faces thereof for the number of shares of Common Stock called for
on the face or faces of the Option so surrendered by the Transferor.

      8. Replacement of Option. On receipt of evidence  reasonably  satisfactory
to the Company of the loss, theft, destruction or mutilation of this Option and,
in the case of any such loss,  theft or destruction of this Option,  on delivery
of an indemnity agreement or security reasonably satisfactory in form and amount
to the  Company  or,  in the  case of any  such  mutilation,  on  surrender  and
cancellation  of this  Option,  the  Company at its  expense  will  execute  and
deliver, in lieu thereof, a new Option of like tenor.

      9. Registration Rights. The Holder of this Option has been granted certain
registration rights by the Company. These registration rights are set forth in a
Registration Rights Agreement entered into by the Company and Purchaser dated as
of even date of this Option.

      10.  Maximum  Exercise.  The Holder shall not be entitled to exercise this
Option on an exercise  date, in connection  with that number of shares of Common
Stock  which would be in excess of the sum of (i) the number of shares of Common
Stock  beneficially  owned by the Holder and its affiliates on an exercise date,
and (ii) the number of shares of Common Stock issuable upon the exercise of this
Option with respect to which the determination of this proviso

<PAGE>

is being made on an exercise date, which would result in beneficial ownership by
the Holder and its  affiliates of more than 4.99% of the  outstanding  shares of
Common Stock of the Company on such date. For the purposes of the proviso to the
immediately  preceding  sentence,  beneficial  ownership  shall be determined in
accordance  with  Section  13(d) of the  Securities  Exchange  Act of  1934,  as
amended,  and Regulation 13d-3 thereunder.  Notwithstanding  the foregoing,  the
restriction described in this paragraph may be revoked upon 75 days prior notice
from the Holder to the Company  and may be declared  null and void by the Holder
following the occurrence  and  continuance of an Event of Default under the Note
made by the Company to the Holder dated the date hereof (as amended, modified or
supplemented from time to time, the "Note").

      11. Option Agent. The Company may, by written notice to the each Holder of
the Option,  appoint an agent for the purpose of issuing  Common Stock (or Other
Securities)  on the  exercise of this Option  pursuant to Section 1,  exchanging
this Option pursuant to Section 7, and replacing this Option pursuant to Section
8, or any of the  foregoing,  and  thereafter  any such  issuance,  exchange  or
replacement, as the case may be, shall be made at such office by such agent.

      12. Transfer on the Company's  Books.  Until this Option is transferred on
the books of the Company,  the Company may treat the registered holder hereof as
the absolute  owner hereof for all purposes,  notwithstanding  any notice to the
contrary.

      13. Notices, Etc. All notices and other communications from the Company to
the Holder of this Option shall be mailed by first class registered or certified
mail, postage prepaid, or personally delivered, at such address as may have been
furnished  to the  Company in writing by such  Holder or,  until any such Holder
furnishes  to the Company an  address,  then to, and at the address of, the last
Holder of this Option who has so furnished an address to the Company.

      14. Miscellaneous. This Option and any term hereof may be changed, waived,
discharged  or terminated  only by an instrument in writing  signed by the party
against which  enforcement of such change,  waiver,  discharge or termination is
sought.  This Option shall be governed by and construed in  accordance  with the
laws of State of New York without regard to principles of conflicts of laws. Any
action brought concerning the transactions  contemplated by this Option shall be
brought only in the state courts of New York or in the federal courts located in
the state of New York.  The  individuals  executing this Option on behalf of the
Company  agree to submit to the  jurisdiction  of such courts and waive trial by
jury. The prevailing party shall be entitled to recover from the other party its
reasonable  attorney's  fees and costs.  In the event that any provision of this
Option is invalid or unenforceable  under any applicable statute or rule of law,
then  such  provision  shall be deemed  inoperative  to the  extent  that it may
conflict  therewith and shall be deemed modified to conform with such statute or
rule of law. Any such provision which may prove invalid or  unenforceable  under
any law shall not affect the validity or  enforceability  of any other provision
of this Option.  The headings in this Option are for purposes of reference only,
and shall not limit or otherwise affect any of the terms hereof.  The invalidity
or  unenforceability of any provision hereof shall in no way affect the validity
or enforceability of any other provision hereof.  The Company  acknowledges that
legal counsel  participated  in the  preparation of this Option and,  therefore,
stipulates  that the rule of  construction  that  ambiguities are to be resolved
against the drafting  party shall not be applied in the  interpretation  of this
Option to favor any party against the other party.

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK;
                            SIGNATURE PAGE FOLLOWS.]

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      IN WITNESS  WHEREOF,  the Company has executed  this Option as of the date
first written above.

                                         FAST EDDIE RACING STABLES, INC.

WITNESS:
                                         By:
                                               ---------------------------------
                                         Name:
                                               ---------------------------------
                                         Title:
-----------------------------                  ---------------------------------FAST EDDIE RACING STABLES, INC. AND CERTAIN OF ITS SUBSIDIARIES
                            MASTER SECURITY AGREEMENT

To:   Laurus Master Fund, Ltd.
      c/o M&C Corporate Services Limited
      P.O. Box 309 GT
      Ugland House
      South Church Street
      George Town
Grand Cayman, Cayman Islands

Date: March 9, 2005

To Whom It May Concern:

      1. To secure the payment of all Obligations (as hereafter  defined),  Fast
Eddie Racing Stables,  Inc., a Florida corporation (the "Company"),  each of the
other  undersigned  parties (other than Laurus Master Fund, Ltd,  "Laurus")) and
each other entity that is required to enter into this Master Security  Agreement
(each an "Assignor"  and,  collectively,  the  "Assignors")  hereby  assigns and
grants to Laurus a continuing security interest in all of the following property
now owned or at any time  hereafter  acquired by any  Assignor,  or in which any
Assignor  now have or at any time in the future may acquire any right,  title or
interest (the  "Collateral"):  all cash, cash  equivalents,  accounts,  accounts
receivable,  deposit accounts  (including,  without  limitation,  the Restricted
Account (the "Restricted  Account") maintained at North Fork Bank (Account Name:
Fast Eddie Racing Stables, Inc., Account Number:  2704056304) referred to in the
Restricted  Account  Agreement),   inventory,   equipment,   goods,   documents,
instruments (including, without limitation,  promissory notes), contract rights,
general  intangibles  (including,   without  limitation,  payment  intangibles),
chattel paper, supporting obligations,  investment property (including,  without
limitation,  all  equity  interests  owned  by any  Assignor),  letter-of-credit
rights,  trademarks,  trademark  applications,   tradestyles,   patents,  patent
applications, copyrights, copyright applications and other intellectual property
in which any  Assignor  now has or  hereafter  may acquire  any right,  title or
interest,  all proceeds and products  thereof  (including,  without  limitation,
proceeds of insurance) and all additions,  accessions and substitutions  thereto
or therefor.  In the event any Assignor wishes to finance the acquisition in the
ordinary course of business of any hereafter acquired equipment and has obtained
a commitment from a financing source to finance such equipment from an unrelated
third party,  Laurus agrees to release its security  interest on such  hereafter
acquired  equipment so financed by such third party financing source.  Except as
otherwise  defined  herein,  all  capitalized  terms used herein  shall have the
meaning  provided such terms in the Securities  Purchase  Agreement  referred to
below.

      2. The term "Obligations" as used herein shall mean and include all debts,
liabilities and obligations  owing by each Assignor to Laurus arising under, out
of, or in connection with: (i) that certain Securities  Purchase Agreement dated
as of the date hereof by and  between  the  Company and Laurus (the  "Securities
Purchase Agreement") and (ii) the Related Agreements

<PAGE>

referred  to in the  Securities  Purchase  Agreement  (the  Securities  Purchase
Agreement and each Related Agreement, as each may be amended, modified, restated
or supplemented  from time to time, are  collectively  referred to herein as the
"Documents"),  and in connection  with any documents,  instruments or agreements
relating to or executed  in  connection  with the  Documents  or any  documents,
instruments  or agreements  referred to therein or otherwise,  and in connection
with any other  indebtedness,  obligations  or  liabilities  of any  Assignor to
Laurus,  whether  now  existing  or  hereafter  arising,   direct  or  indirect,
liquidated or unliquidated,  absolute or contingent,  due or not due and whether
under,  pursuant to or evidenced by a note, agreement,  guaranty,  instrument or
otherwise, in each case, irrespective of the genuineness,  validity,  regularity
or enforceability of such  Obligations,  or of any instrument  evidencing any of
the  Obligations or of any collateral  therefor or of the existence or extent of
such collateral, and irrespective of the allowability, allowance or disallowance
of any or all of the  Obligations  in  any  case  commenced  by or  against  any
Assignor  under Title 11, United  States Code,  including,  without  limitation,
obligations or indebtedness of each Assignor for post-petition  interest,  fees,
costs and charges that would have accrued or been added to the  Obligations  but
for the commencement of such case.

      3. Each Assignor  hereby  jointly and severally  represents,  warrants and
covenants to Laurus that:

            (a) it is a corporation,  partnership or limited liability  company,
      as the case may be, validly existing, in good standing and organized under
      the  respective  laws of its  jurisdiction  of  organization  set forth on
      Schedule A, and each Assignor will provide  Laurus thirty (30) days' prior
      written  notice of any  change in any of its  respective  jurisdiction  of
      organization;

            (b) its legal name is as set forth in its respective  Certificate of
      Incorporation or other organizational  document (as applicable) as amended
      through  the  date  hereof  and as set  forth on  Schedule  A, and it will
      provide Laurus thirty (30) days' prior written notice of any change in its
      legal name;

            (c) its organizational  identification  number (if applicable) is as
      set forth on Schedule A hereto,  and it will  provide  Laurus  thirty (30)
      days'  prior  written  notice of any  change in any of its  organizational
      identification number;

            (d) it is the lawful owner of the  respective  Collateral and it has
      the sole right to grant a security  interest  therein  and will defend the
      Collateral against all claims and demands of all persons and entities;

            (e) it will  keep its  respective  Collateral  free and clear of all
      attachments,  levies, taxes, liens, security interests and encumbrances of
      every kind and nature  ("Encumbrances"),  except (i) Encumbrances securing
      the  Obligations,  (ii)  Encumbrances for taxes not yet due and payable or
      which are being contested in good faith by appropriate proceedings,  (iii)
      pledges  or  deposits  in  connection   with  workers'   compensation   or
      unemployment  insurance,  (iv) Encumbrances securing indebtedness of up to
      $10,000 in the aggregate  principal amount outstanding at any time that is
      incurred to finance the acquisition of fixed or capital  assets,  provided
      that such Encumbrances are

                                       2
<PAGE>

      created  contemporaneously  with the acquisition of such assets and do not
      encumber  any  property  financed  by such  indebtedness;  and  (v)  other
      Encumbrances  securing  indebtedness  incurred in the  ordinary  course of
      business  not  exceeding   $10,000  in  the  aggregate   principal  amount
      outstanding at any time;

            (f) it will, at its and the other  Assignors  joint and several cost
      and expense keep the Collateral in good state of repair (ordinary wear and
      tear  excepted) and will not waste or destroy the same or any part thereof
      other than ordinary course discarding of items no longer used or useful in
      its or such other Assignors' business;

            (g) it  will  not  without  Laurus'  prior  written  consent,  sell,
      exchange,  lease or otherwise dispose of the Collateral,  whether by sale,
      lease or  otherwise,  except  for the sale of  inventory  in the  ordinary
      course of business  and for the  disposition  or transfer in the  ordinary
      course of  business  during  any  fiscal  year of  obsolete  and  worn-out
      equipment or equipment no longer  necessary for its ongoing needs,  having
      an  aggregate  fair market  value of not more than $25,000 and only to the
      extent that:

                  (i) the proceeds of any such  disposition  are used to acquire
            replacement  Collateral  which is subject to Laurus' first  priority
            perfected security interest,  or are used to repay Obligations or to
            pay general corporate expenses; and

                  (ii)  following  the  occurrence  of an Event of Default which
            continues  to exist the  proceeds of which are remitted to Laurus to
            be held as cash collateral for the Obligations;

            (h) it will insure or cause the  Collateral to be insured in Laurus'
      name against loss or damage by fire, theft, burglary,  pilferage,  loss in
      transit  and such other  hazards as Laurus  shall  specify in amounts  and
      under  policies  by  insurers  reasonably  acceptable  to  Laurus  and all
      premiums thereon shall be paid by such Assignor and the policies delivered
      to Laurus.  If any such  Assignor  fails to do so, Laurus may procure such
      insurance  and the  cost  thereof  shall  be  promptly  reimbursed  by the
      Assignors, jointly and severally, and shall constitute Obligations;

            (i) it will at all reasonable  times and on reasonable  prior notice
      allow  Laurus or Laurus'  representatives  free access to and the right of
      inspection of the Collateral; and

            (j) such Assignor  (jointly and severally with each other  Assignor)
      hereby indemnifies and saves Laurus harmless from all loss, costs, damage,
      liability  and/or  expense,  including  reasonable  attorneys'  fees, that
      Laurus may sustain or incur to enforce payment, performance or fulfillment
      of  any of the  Obligations  and/or  in the  enforcement  of  this  Master
      Security  Agreement  or in the  prosecution  or  defense  of any action or
      proceeding  either  against  Laurus or any Assignor  concerning any matter
      growing  out of or in  connection  with this  Master  Security  Agreement,
      and/or any of the Obligations  and/or any of the Collateral  except to the
      extent caused by Laurus' own gross  negligence or willful  misconduct  (as
      determined  by  a  court  of  competent   jurisdiction   in  a  final  and
      nonappealable decision.

                                       3
<PAGE>

      4. The  occurrence  of any of the  following  events or  conditions  shall
constitute an "Event of Default" under this Master Security Agreement:

            (a) any  covenant,  warranty,  representation  or statement  made or
      furnished  to Laurus  by the  Assignor  or on the  Assignor's  behalf  was
      breached in any  material  respect or false in any  material  respect when
      made or furnished,  as the case may be, and, in the case of a covenant, if
      subject to cure, shall not be cured for a period of thirty (30) days;

      (b) the loss, theft, substantial damage, destruction,  sale or encumbrance
      to or of any of the  Collateral  or the  making  of any levy,  seizure  or
      attachment thereof or thereon except to the extent:

                  (i) such loss is covered by insurance  proceeds which are used
            to replace the item or repay Laurus; or

                  (ii)  said  levy,   seizure  or  attachment  does  not  secure
            indebtedness  in  excess  of  $100,000  and such  levy,  seizure  or
            attachment has been bonded or stayed to the  satisfaction of Laurus,
            or removed or otherwise released,  in each case, within fifteen (15)
            business days of the creation or the assertion thereof;

            (b) any Assignor shall become insolvent, cease operations, dissolve,
      terminate our business  existence,  make an assignment  for the benefit of
      creditors,  suffer the appointment of a receiver,  trustee,  liquidator or
      custodian of all or any part of Assignors' property;

            (c) any proceedings  under any bankruptcy or insolvency law shall be
      commenced  by or  against  any  Assignor  and,  in the  case  of any  such
      proceeding  instituted  against  any  Assignor,  shall not be  vacated  or
      dismissed within sixty (60) days;

            (d) the  Company  shall  repudiate,  purport  to  revoke  or fail to
      perform any or all of its  obligations  under any Note  (after  passage of
      applicable cure period, if any); or

            (e) an Event of Default shall have occurred and be continuing  under
      and as defined in any Document.

      5. Upon the occurrence and during the continuation of any Event of Default
and at any time thereafter,  Laurus may declare all Obligations  immediately due
and payable and Laurus  shall have the remedies of a secured  party  provided in
the  Uniform  Commercial  Code as in  effect  in the  State  of New  York,  this
Agreement and other  applicable law. Upon the occurrence of any Event of Default
and at any time thereafter, Laurus will have the right to take possession of the
Collateral  and to maintain  such  possession  on our  premises or to remove the
Collateral or any part thereof to such other premises as Laurus may desire. Upon
Laurus' request, each of the Assignors shall assemble or cause the Collateral to
be assembled and make it available to Laurus at a place designated by Laurus. If
any  notification of intended  disposition of any Collateral is required by law,
such notification,  if mailed,  shall be deemed properly and reasonably given if
mailed  at  least  ten (10)  days  before  such  disposition,  postage  prepaid,
addressed to any Assignor either at such  Assignor's  address shown herein or at
any address appearing on Laurus' records for such Assignor.  Any proceeds of any
disposition of any of the Collateral shall be applied by

                                       4
<PAGE>

Laurus  to the  payment  of all  expenses  in  connection  with  the sale of the
Collateral,  including  reasonable  attorneys' fees and other legal expenses and
disbursements  and the reasonable  expense of retaking,  holding,  preparing for
sale, selling,  and the like, and any balance of such proceeds may be applied by
Laurus toward the payment of the  Obligations  in such order of  application  as
Laurus may elect, and each Assignor shall be liable for any deficiency.  For the
avoidance of doubt,  following the occurrence  and during the  continuance of an
Event of Default,  Laurus shall have the immediate right to withdraw any and all
monies contained in the Restricted  Account or any other deposit accounts in the
name of the Assignor and controlled by Laurus and apply same to the repayment of
the Obligations (in such order of application as Laurus may elect).

      6. If any Assignor  defaults in the  performance  or fulfillment of any of
the terms,  conditions,  promises,  covenants,  provisions or warranties on such
Assignor's  part to be performed  or fulfilled  under or pursuant to this Master
Security  Agreement,  Laurus  may,  at its option  without  waiving its right to
enforce this Master Security Agreement according to its terms, immediately or at
any time  thereafter and without notice to any Assignor,  perform or fulfill the
same or cause the  performance or  fulfillment  of the same for each  Assignor's
joint and several  account  and at each  Assignor's  joint and several  cost and
expense, and the cost and expense thereof (including reasonable attorneys' fees)
shall be added to the  Obligations  and shall be payable on demand with interest
thereon  at the  highest  default  rate set  forth in the Note,  or, at  Laurus'
option,  debited by Laurus  from the  Restricted  Account  or any other  deposit
accounts in the name of the Assignor and controlled by Laurus.

      7. Each Assignor appoints Laurus,  any of Laurus'  officers,  employees or
any other person or entity whom Laurus may designate as our attorney, with power
to execute  such  documents  in each of our  behalf  and to supply  any  omitted
information and correct patent errors in any documents  executed by any Assignor
or on any Assignor's  behalf; to file financing  statements  against us covering
the  Collateral  (and,  in  connection  with the  filing  of any such  financing
statements,  describe the  Collateral as "all assets and all personal  property,
whether now owned  and/or  hereafter  acquired"  (or any  substantially  similar
variation thereof)); after the occurrence of, and during the continuation of, an
Event of Default, to sign our name on public records; and to do all other things
Laurus deem necessary to carry out this Master Security Agreement. Each Assignor
hereby ratifies and approves all acts of the attorney and neither Laurus nor the
attorney  will be liable for any acts of  commission  or  omission,  nor for any
error of  judgment  or mistake of fact or law other  than  gross  negligence  or
willful  misconduct  (as  determined by a court of competent  jurisdiction  in a
final and non-appealable  decision).  This power being coupled with an interest,
is irrevocable so long as any Obligations remains unpaid.

      8. No delay or failure on Laurus' part in exercising any right,  privilege
or option  hereunder  shall  operate as a waiver of such or of any other  right,
privilege,  remedy or option,  and no waiver  whatever  shall be valid unless in
writing,  signed by Laurus and then only to the extent therein set forth, and no
waiver by Laurus of any default  shall  operate as a waiver of any other default
or of  the  same  default  on a  future  occasion.  Laurus'  books  and  records
containing  entries  with  respect to the  Obligations  shall be  admissible  in
evidence  in any action or  proceeding  and shall  constitute  prima facie proof
thereof.  Laurus shall have the right to enforce any one or more of the remedies
available to Laurus,  successively,  alternately or concurrently.  Each Assignor
agrees  to  join  with  Laurus  in  executing  financing   statements  or  other
instruments to the extent

                                       5
<PAGE>

required by the Uniform  Commercial  Code in form  satisfactory to Laurus and in
executing  such other  documents  or  instruments  as may be  required or deemed
necessary by Laurus for purposes of affecting  or  continuing  Laurus'  security
interest in the Collateral.

      9. This Master  Security  Agreement  shall be governed by and construed in
accordance  with the laws of the  State of New  York and  cannot  be  terminated
orally. All of the rights, remedies,  options, privileges and elections given to
Laurus  hereunder shall inure to the benefit of Laurus'  successors and assigns.
The term  "Laurus" as herein used shall include  Laurus,  any parent of Laurus',
any of Laurus'  subsidiaries and any co-subsidiaries of Laurus' parent,  whether
now existing or hereafter created or acquired, and all of the terms, conditions,
promises, covenants,  provisions and warranties of this Agreement shall inure to
the  benefit  of each of the  foregoing,  and  shall  bind the  representatives,
successors  and assigns of each  Assignor.  Laurus and each Assignor  hereby (a)
waive  any and all  right  to  trial  by jury  in  litigation  relating  to this
Agreement  and  the  transactions   contemplated   hereby,  (b)  submit  to  the
nonexclusive  jurisdiction of any New York State court sitting in the borough of
Manhattan,  the city of New York and (c)  waive  any  objection  Laurus  or each
Assignor may have as to the bringing or maintaining of such action with any such
court.

      10. It is understood  and agreed that any person or entity that desires to
become an Assignor  hereunder,  or is required to execute a counterpart  of this
Master Security  Agreement after the date hereof pursuant to the requirements of
any  Document,  shall become an Assignor  hereunder  by (x)  executing a Joinder
Agreement  in  form  and  substance   satisfactory  to  Laurus,  (y)  delivering
supplements  to such  exhibits  and annexes to such  Documents  as Laurus  shall
reasonably  request and (z) taking all actions as specified in this Agreement as
would have been taken by such  Assignor  had it been an  original  party to this
Agreement,  in each case with all  documents  required  above to be delivered to
Laurus and with all  documents  and  actions  required  above to be taken to the
reasonable satisfaction of Laurus.

      11. All notices from Laurus to any Assignor shall be sufficiently given if
mailed or delivered to such Assignor's address set forth below.

      12. This Master Security  Agreement and the security  interests granted by
the Assignors  hereunder shall terminate upon the provision by Laurus of written
confirmation to the Company that (x) all  indebtedness  obligations  owed by any
Assignor to Laurus have been repaid in full (including,  without limitation, all
principal,  interest  and fees  related  to the Note and any other  indebtedness
outstanding  at such time and owed to Laurus) and (y) all  commitments by Laurus
to fund any indebtedness have been terminated in their entirety.

                                         Very truly yours,

                                         FAST EDDIE RACING STABLES, INC.

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

                                       6
<PAGE>

                                         DUNCAN CAPITAL FINANCIAL GROUP, INC.

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

                                         COMPLETE INVESTMENT MANAGEMENT INC. OF
                                         PHILADELPHIA

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

                                         PENSION ADMINISTRATION SERVICES, INC.

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

                                         MD BLUESTEIN, INC.

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

                                       7
<PAGE>

                                         ACKNOWLEDGED:

                                         LAURUS MASTER FUND, LTD.

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

                                       8

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