Document:

Exhibit 10.1

THIS WARRANT AND THE UNDERLYING SHARES OF COMMON STOCK HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR
APPLICABLE STATE SECURITIES LAWS. THIS WARRANT AND, IF EXERCISED, THE UNDERLYING
SHARES OF COMMON STOCK, HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO
THEIR DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES
UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF
COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

                                 ZENASCENT, INC.
                        WARRANT TO PURCHASE COMMON STOCK

NO. W-__                                                        APRIL 30, 2002

                            VOID AFTER APRIL 30, 2007

THIS CERTIFIES THAT, for value received, LIVINGSTON INVESTMENTS, LLC with an
address at c/o Law Offices of Harrison K. Chauncey, Jr., 241 Bradley Place, Palm
Beach, Florida 33480 or its assigns (the "HOLDER"), is entitled to subscribe for
and purchase at the Exercise Price (defined below) from ZENASCENT, INC., a
Delaware corporation with its principal office at 10 West 33rd Street, Suite
705, New York, New York 10001 (the "CORPORATION") up to One Million (1,000,000)
shares of common stock, par value $.01 per share, of the Corporation (the
"COMMON STOCK").

1. DEFINITIONS. AS USED HEREIN, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING
RESPECTIVE MEANINGS:

      (a) "Exercise Period" shall mean the period commencing with the date
hereof and ending five years from the date hereof, unless sooner terminated as
provided below.

      (b) "Exercise Price" shall mean $1.24, subject to adjustment pursuant to
Section 5 below.

      (c) "Exercise Shares" shall mean the shares of Common Stock issuable upon
exercise of this Warrant.

2. EXERCISE OF WARRANT. THE RIGHTS REPRESENTED BY THIS WARRANT MAY BE EXERCISED
IN WHOLE OR IN PART AT ANY TIME DURING THE EXERCISE PERIOD, BY DELIVERY OF THE
FOLLOWING TO THE CORPORATION AT ITS ADDRESS SET FORTH ABOVE (OR AT SUCH OTHER
ADDRESS AS IT MAY DESIGNATE BY NOTICE IN WRITING TO THE HOLDER):

      (a)   An executed Notice of Exercise in the form attached hereto;

      (b)   Payment of the Exercise Price either in cash or by check; and

      (c)   This Warrant.

<PAGE>

      This Warrant may also be exercised by the surrender of this Warrant (with
the cashless exercise form attached hereto duty executed) (a "Cashless
Exercise") to the Corporation. Such presentation and surrender shall be deemed a
waiver of the Holder's obligation to pay the aggregate Exercise Price, or the
proportionate part thereof if this Warrant is exercised in part. In the event of
a Cashless Exercise, the Holder shall exchange its Warrant for that number of
shares of Common Stock determined by multiplying the number of shares of Common
Stock subject to such Cashless Exercise by a fraction, the numerator of which
shall be the difference between the then current market price per share of the
Common Stock and the per share Exercise Price, and the denominator of which
shall be the then current market price per share of the Common Stock. For
purposes of any computation under this Section, the then current market price
per share of Common Stock at any date (the "Market Price") shall be deemed to be
the last sales price of the Common Stock on the business day prior to the date
of the Cashless Exercise or, in case no such reported sales take place on such
day, the average of the last reported bid and asked prices of the Common Stock
on such day, in either case as reported on the OTC Bulletin Board of the
National Association of Securities Dealers, Inc. (the "OTCBB"), or other similar
organization if the OTCBB is no longer reporting such information, or if not so
available, the fair market price of the Common Stock as determined by the Board
of Directors.

      Upon the exercise of the rights represented by this Warrant, a certificate
or certificates for the Exercise Shares so purchased, registered in the name of
the Holder or persons affiliated with the Holder, if the Holder so designates,
shall be issued and delivered to the Holder within a reasonable time after the
rights represented by this Warrant shall have been so exercised.

      The person in whose name any certificate or certificates for Exercise
Shares are to be issued upon exercise of this Warrant shall be deemed to have
become the holder of record of such shares on the date on which this Warrant was
surrendered and payment of the Exercise Price was made, irrespective of the date
of delivery of such certificate or certificates, except that, if the date of
such surrender and payment is a date when the stock transfer books of the
Corporation are closed, such person shall be deemed to have become the holder of
such shares at the close of business on the next succeeding date on which the
stock transfer books are open.

3. COVENANTS OF THE CORPORATION.

            3.1 Covenants as to Exercise Shares. The Corporation covenants and
agrees that all Exercise Shares that may be issued upon the exercise of the
rights represented by this Warrant will, upon issuance, be validly issued and
outstanding, fully paid and nonassessable, and free from all taxes, liens and
charges with respect to the issuance thereof. The Corporation further covenants
and agrees that the Corporation will at all times during the Exercise Period,
have authorized and reserved, free from preemptive rights, a sufficient number
of shares of its Common Stock to provide for the exercise of the rights
represented by this Warrant. If at any time during the Exercise Period the
number of authorized but unissued shares of Common Stock shall not be sufficient
to permit exercise of this Warrant, the Corporation will take such corporate
action as may, in the opinion of its counsel, be necessary to increase its
authorized but unissued shares of Common Stock to such number of shares as shall
be sufficient for such purposes.

            3.2 No Impairment. Except and to the extent as waived or consented
to by the Holder, the Corporation will not, by amendment of its Articles of
Incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Corporation, but will at all times in
good faith assist in the carrying out of all the provisions of this Warrant and
in the taking of all

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<PAGE>

such action as may be necessary or appropriate in order to protect the exercise
rights of the Holder against impairment.

            3.3 Notices of Record Date. In the event of any taking by the
Corporation of a record of the holders of any class of securities for the
purpose of determining the holders thereof who are entitled to receive any
dividend (other than a cash dividend which is the same as cash dividends paid in
previous quarters) or other distribution, the Corporation shall mail to the
Holder, at least ten (10) days prior to the date specified herein, a notice
specifying the date on which any such record is to be taken for the purpose of
such dividend or distribution.

4. REPRESENTATIONS OF HOLDER.

            4.1 Acquisition of Warrant for Personal Account. The Holder
represents and warrants that it is acquiring the Warrant solely for its account
for investment and not with a view to or for sale or distribution of said
Warrant or any part thereof. The Holder also represents that the entire legal
and beneficial interests of the Warrant and Exercise Shares the Holder is
acquiring is being acquired for, and will be held for, its account only.

            4.2   Securities Are Not Registered.

            (a) The Holder understands that the Warrant and the Exercise Shares
have not been registered under the Securities Act of 1933, as amended (the
"ACT") on the basis that no distribution or public offering of the stock of the
Corporation is to be effected. The Holder realizes that the basis for the
exemption may not be present if, notwithstanding its representations, the Holder
has a present intention of acquiring the securities for a fixed or determinable
period in the future, selling (in connection with a distribution or otherwise),
granting any participation in, or otherwise distributing the securities. The
Holder has no such present intention.

            (b) The Holder recognizes that the Warrant and the Exercise Shares
must be held indefinitely unless they are subsequently registered under the Act
or an exemption from such registration is available. The Holder recognizes that
the Corporation has no obligation to register the Warrant or the Exercise Shares
of the Corporation, or to comply with any exemption from such registration.

            (c) The Holder is aware that neither the Warrant nor the Exercise
Shares may be sold pursuant to Rule 144 adopted under the Act unless certain
conditions are met, including, among other things, the existence of a public
market for the shares, the availability of certain current public information
about the Corporation, the resale following the required holding period under
Rule 144 and the number of shares being sold during any three month period not
exceeding specified limitations. Holder is aware that the conditions for resale
set forth in Rule 144 have not been satisfied and that the Corporation presently
has no plans to satisfy these conditions in the foreseeable future.

            4.3   Disposition of Warrant and Exercise Shares. The Holder
understands and agrees that all certificates evidencing the shares to be
issued to the Holder may bear the following legend:

      THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
      1933, AS AMENDED (THE "ACT"). THEY MAY NOT BE SOLD, OFFERED FOR SALE,
      PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
      STATEMENT AS TO THE SECURITIES UNDER

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<PAGE>

      THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH
      REGISTRATION IS NOT REQUIRED.

5. ADJUSTMENT OF EXERCISE PRICE. In the event of changes in the outstanding
Common Stock of the Corporation by reason of stock dividends, split-ups,
recapitalizations, reclassifications, combinations or exchanges of shares,
separations, reorganizations, liquidations, or the like prior to the exercise of
this Warrant (or portion thereof), the number and class of shares available
under the Warrant (or portion thereof) in the aggregate and the Exercise Price
shall be correspondingly adjusted to give the Holder of the Warrant (or portion
thereof), on exercise for the same aggregate Exercise Price, the total number,
class, and kind of shares as the Holder would have owned had the Warrant (or
portion thereof) been exercised prior to the event and had the Holder continued
to hold such shares until after the event requiring adjustment. The form of this
Warrant need not be changed because of any adjustment in the number of Exercise
Shares subject to this Warrant.

6. FRACTIONAL SHARES. No fractional shares shall be issued upon the exercise of
this Warrant as a consequence of any adjustment pursuant hereto. All Exercise
Shares (including fractions) issuable upon exercise of this Warrant may be
aggregated for purposes of determining whether the exercise would result in the
issuance of any fractional share. If, after aggregation, the exercise would
result in the issuance of a fractional share, the Corporation shall, in lieu of
issuance of any fractional share, pay the Holder otherwise entitled to such
fraction a sum in cash equal to the product resulting from multiplying the then
current fair market value of an Exercise Share by such fraction.

7. NO STOCKHOLDER RIGHTS. This Warrant in and of itself shall not entitle the
Holder to any voting rights or other rights as a stockholder of the Corporation.

8. TRANSFER OF WARRANT. Subject to applicable laws, the restriction on transfer
set forth on the first page of this Warrant, this Warrant and all rights
hereunder are transferable, by the Holder in person or by duly authorized
attorney, upon delivery of this Warrant and the form of assignment attached
hereto to any transferee designated by Holder. The transferee shall sign an
investment letter in form and substance satisfactory to the Corporation.

9. LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is lost,
stolen, mutilated or destroyed, the Corporation may, on such terms as to
indemnity or otherwise as it may reasonably impose (which shall, in the case of
a mutilated Warrant, include the surrender thereof), issue a new Warrant of like
denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed.
Any such new Warrant shall constitute an original contractual obligation of the
Corporation, whether or not the allegedly lost, stolen, mutilated or destroyed
Warrant shall be at any time enforceable by anyone.

10. NOTICES, ETC. All notices and other communications required or permitted
hereunder shall be in writing and shall be sent by telex, telegram, express mail
or other form of rapid communications, if possible, and if not then such notice
or communication shall be mailed by first-class mail, postage prepaid, addressed
in each case to the party entitled thereto at the following addresses: (a) if to
the Corporation, to Zenascent, Inc., Attention: Secretary, 10 West 33rd Street,
Suite 705, New York, NY 10001 and (b) if to the Holder, to Livingston
Investments, LLC, c/o Law Offices of Harrison K. Chauncey, Jr., 241 Bradley
Place, Palm Beach, Florida 33480, or at such other address as one party may
furnish to the other in writing. Notice shall be deemed effective on the date
dispatched if by personal delivery, telecopy, telex or telegram, two days after
mailing if by express mail, or three days after mailing if by first-class mail.

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<PAGE>

11. REGISTRATION RIGHTS. Promptly following the merger of a wholly-owned
subsidiary of the Corporation with and into Cedric Kushner Boxing, Inc., a
Delaware corporation, the Corporation shall use its best efforts to prepare,
file and mail to its stockholders a Proxy Statement and hold a meeting of the
Corporation's stockholders related to the actions described in the Proxy
Statement (the "Meeting Date"). The Corporation shall use its reasonable best
efforts to prepare and file with the Securities and Exchange Commission within
45 days after the Meeting Date and have declared effective under the Securities
Act within 150 days following the Meeting Date a registration statement on Form
SB-2 or S-1 or such other form as is appropriate in order to register the
Exercise Shares.

12. ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute
acceptance of and agreement to all of the terms and conditions contained herein.

13.   GOVERNING LAW.  This Warrant and all rights, obligations and
liabilities hereunder shall be governed by the laws of the State of New York.

                 [Remainder of page intentionally left blank]

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<PAGE>

      IN WITNESS WHEREOF, the Corporation has caused this Warrant to be executed
by its duly authorized officer as of April 30, 2002.

                              ZENASCENT, INC.

                              By:/s/Steven Angel
                                 ---------------------------------------
                                 Name: Steven Angel
                                 Title: Secretary

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<PAGE>

                               NOTICE OF EXERCISE

TO: ZENASCENT, INC.

(1) The undersigned hereby elects to purchase ______________ shares of the
Common Stock of ZENASCENT, INC. (the "COMPANY") pursuant to the terms of the
attached Warrant, and tenders herewith payment of the exercise price in full,
together with all applicable transfer taxes, if any.

(2) Please issue a certificate or certificates representing said shares of
Common Stock in the name of the undersigned or in such other name as is
specified below:

                            ------------------------
                                     (Name)

                            ------------------------

                            ------------------------
                                    (Address)

(3) The undersigned represents that (i) the aforesaid shares of Common Stock are
being acquired for the account of the undersigned for investment and not with a
view to, or for resale in connection with, the distribution thereof and that the
undersigned has no present intention of distributing or reselling such shares;
(ii) the undersigned is aware of the Company's business affairs and financial
condition and has acquired sufficient information about the Company to reach an
informed and knowledgeable decision regarding its investment in the Company;
(iii) the undersigned is experienced in making investments of this type and has
such knowledge and background in financial and business matters that the
undersigned is capable of evaluating the merits and risks of this investment and
protecting the undersigned's own interests; (iv) the undersigned understands
that the shares of Common Stock issuable upon exercise of this Warrant have not
been registered under the Securities Act of 1933, as amended (the "SECURITIES
ACT"), by reason of a specific exemption from the registration provisions of the
Securities Act, which exemption depends upon, among other things, the bona fide
nature of the investment intent as expressed herein, and, because such
securities have not been registered under the Securities Act, they must be held
indefinitely unless subsequently registered under the Securities Act or an
exemption from such registration is available; (v) the undersigned is aware that
the aforesaid shares of Common Stock may not be sold pursuant to Rule 144
adopted under the Securities Act unless certain conditions are met and until the
undersigned has held the shares for the number of years prescribed by Rule 144,
that among the conditions for use of the Rule is the availability of current
information to the public about the Company and the Company has not made such
information available and has no present plans to do so; and (vi) the
undersigned agrees not to make any disposition of all or any part of the
aforesaid shares of Common Stock unless and until there is then in effect a
registration statement under the Securities Act covering such proposed
disposition and such disposition is made in accordance with said registration
statement, or the undersigned has provided the Company with an opinion of
counsel satisfactory to the Company, stating that such registration is not
required.

---------------------------------         --------------------------------------
           (Print Name)                                (Signature)

Date:
      --------------------------

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<PAGE>

                                 ASSIGNMENT FORM

                        (To assign the foregoing Warrant,
                        execute this form and supply required
                        information. Do not use this form to
                        purchase shares.)

      FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to

Name:
       -----------------------------------------------------------------------
                                 (Please Print)

Address:
          --------------------------------------------------------------------
                                 (Please Print)

Dated:
        ------------------

Holder's Signature:
                    -------------------------------------

Holder's Address:
                    -------------------------------------

                    -------------------------------------

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatever. Officers of corporations and those acting in a fiduciary or
other representative capacity should file proper evidence of authority to assign
the foregoing Warrant.

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<PAGE>

                                CASHLESS EXERCISE

            The undersigned Holder, pursuant to the provisions of the foregoing
Warrant, hereby irrevocably elects to exchange its Warrant for __________ shares
of Common Stock of Zenascent, Inc. pursuant to the Cashless Exercise provisions
of said Warrant.

Dated:                            Signature:
      ------------------                    ------------------------------------

                                  Name:
                                        ----------------------------------------

                                  Address:
                                            ------------------------------------

                                       9Exhibit 10.2

                           CEDRIC KUSHNER BOXING, INC.

                           10 % SENIOR PROMISSORY NOTE

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "ACT") OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE
OFFERED, SOLD, PLEDGED, HYPOTHECATED, ASSIGNED OR OTHERWISE TRANSFERRED (IN ANY
SUCH CASE, A "TRANSFER"), UNLESS (A) SUCH TRANSFER IS EFFECTED IN COMPLIANCE
WITH THE TERMS AND CONDITIONS HEREOF; AND (B) A REGISTRATION STATEMENT WITH
RESPECT HERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS OR (C) THE MAKER OF THIS NOTE RECEIVES AN OPINION OF COUNSEL TO THE HOLDER
OF THIS NOTE, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE
COMPANY, THAT SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.

$1,000,000                                                      March 15, 2002

      FOR VALUE RECEIVED, the undersigned, CEDRIC KUSHNER BOXING, INC., a
Delaware corporation (the "Maker"), hereby promises to pay to the order of
MACKIN CHARITABLE REMAINDER TRUST, a Florida trust (the "Obligee"), and/or to
the order of any subsequent holder(s) of this Promissory Note (hereinafter,
together with the Obligee, referred to as the "Holder"), the principal sum of
One Million Dollars ($1,000,000), together with interest (computed as
hereinafter provided) on any and all principal amounts outstanding hereunder
from time to time from the date hereof until payment in full hereof, at a rate
equal to ten percent 10% per annum. All interest shall be computed on the daily
unpaid principal balance hereof based on a three hundred sixty-five (365) day
year, and shall be payable as provided in this Promissory Note.

      1. Term, Interest, Payment and Prepayment. (a) Subject to acceleration
upon the occurrence of an Event of Default (as defined herein), this Promissory
Note shall have a term beginning on the date hereof and ending on March 14, 2012
(in each case, the "Maturity Date"). As used herein, a "Business Day" shall mean
any day except Saturday, Sunday and any day which shall be in New York City a
legal holiday or a day on which banking institutions are authorized or required
by law or other government action to close.

      (b) Interest on the principal amount then outstanding hereunder shall be
payable monthly in advance on the first business Day of each month during which
this Promissory Note is outstanding, commencing with April 1, 2002, provided
that the final payment of interest hereunder shall be made on the date that the
principal amount hereof is repaid in full. Notwithstanding anything to the
contrary herein, from and after the date upon which any payment of principal or
interest becomes due and payable (whether by acceleration or otherwise), if the
same is not timely paid, interest shall be payable on all

<PAGE>

sums outstanding hereunder at a rate equal to fifteen percent (15%) per annum
until such failure to pay has been cured.

      (c) Notwithstanding the foregoing, the Maker shall, subject to the
following sentence, have the right, at any time and from time to time, to prepay
all or any portion of the then-outstanding balance of this Promissory Note upon
three (3) Business Days' prior written notice to the Holder, stating the amount
of the prepayment. All prepayments shall be applied to the interest outstanding
hereunder prior to their application to the outstanding principal amount
hereunder.

      (d) All principal and, interest hereunder are payable in lawful currency
of the United States of America by wire transfer of immediately available funds
in accordance with such wire transfer information as may from time to time be
provided to the Maker by the Holder upon the Maker's request.

      2. Waiver of Presentment. The Maker hereby waives presentment, demand,
dishonor, protest, notice of protest, diligence and any other notice or action
otherwise required to be given or taken under the law in connection with the
delivery, acceptance, performance, default, enforcement or collection of this
Promissory Note, and expressly agrees that this Promissory Note, or any payment
hereunder, may be extended, modified or subordinated (by forbearance or
otherwise) from time to time, without in any way affecting the liability of the
Maker. The Maker hereby further waives the benefit of any exemption under the
homestead exemption laws, if any, or any other exemption or insolvency laws, and
consents that the Holder may release or surrender, exchange or substitute any
personal property or other collateral security now held or which may hereafter
be held as security for the payment of this Promissory Note.

      3. Default; Acceleration. (a) An "Event of Default" shall occur if:

            (i) the Maker shall fail to pay to the Holder any amount due
      hereunder on the date such payment is due, and such default shall continue
      unremedied for twelve (12) or more Business Days following written notice
      thereof from the Holder to the Maker;

            (ii) any of Cedric Kushner  Boxing,  Inc., a Delaware  corporation
      ("Boxing"),  Cedric  Kushner  Promotions,  Ltd., a New York  corporation
      ("CKP") or Big Content,  Inc.,  a Delaware  corporation  ("BCI"),  shall
      fail to make any  payments  due to  Livingston  in a timely  fashion  as
      required  under the Consulting  Agreement,  dated as of the date hereof,
      by and among Boxing, CKP, BCI, Zenascent,  Inc., a Delaware  corporation
      ("Zenascent"),   and   Livingston,   and  such  failure  shall  continue
      unremedied  for twelve  (12) or more  Business  Days  following  written
      notice thereof from Livingston to Zenascent;

            (iii) any representation, warranty or statement made by the Maker
      herein shall prove to be untrue in any material respect on the date as of
      which made or deemed made;

<PAGE>

            (iv) any of (A) a case or proceeding shall be commenced and continue
      undismissed or unstayed for a period of 60 days against the Maker, or a
      voluntary case shall be commenced by the Maker, in either case seeking
      relief under applicable bankruptcy laws or any other law relating to
      bankruptcy, insolvency, reorganization, winding up or composition or
      adjustment of debts, in each case as now or hereafter in effect, (B) the
      Maker shall apply for, consent to, or fail to contest, the appointment of
      a receiver, liquidator, custodian, trustee or the like of the Maker or for
      all or any part of its property, (C) the Maker shall make a general
      assignment for the benefit of its creditors, (D) the Maker shall fail to
      pay its debts as they become due or (E) the Maker shall duly authorize the
      taking of any of the foregoing actions; or

            (v) The Security Agreement shall cease to be in full force or
      effect, or shall cease to give the Holder the rights, powers and
      privileges purported to be created thereby, in favor of the Holder,
      superior to and prior to all liens other than permitted liens.

      (b) If an Event of Default occurs and is continuing, the Holder may, upon
written notice to the Maker, take any or all of the following actions, without
prejudice to the rights of the Holder to enforce its claims against the Maker
(provided, that, if an Event of Default specified in Section 3(a)(iv) above
shall occur, the result which would occur upon the giving of written notice by
the Holder to the Maker as specified in clauses (i) below shall occur
automatically without the giving of any such notice): (i) declare the principal
of this Promissory Note and all other obligations owing hereunder to be,
whereupon the same shall become, forthwith due and payable without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by
the Maker; (ii) take any other action or exercise any other right or remedy
available under applicable law; or (iii) be entitled to receive the television
revenues of CKP and Boxing to satisfy any unpaid portions hereunder, and, upon
the Holder's demand, the Maker, CKP and Boxing shall take all action to ensure
that the television revenues are paid over promptly on default to Holder.

      4. Representations and Warranties of the Maker. The Maker hereby
represents and warrants that (a) it is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware, is duly
authorized to do business in each jurisdiction in which its business makes such
authorization necessary and has the requisite power under its governing
documents to own and operate its properties, to carry on its business, to borrow
money and to execute, deliver, and perform this Agreement, (b) it has the full
power, authority and legal right to execute, deliver and perform the terms and
provisions of this Promissory Note and has taken all necessary action to
authorize the execution, delivery and performance by it of this Promissory Note,
(c) it has duly executed and delivered this Promissory Note, and this Promissory
Note constitutes its legal, valid and binding obligation enforceable against it
in accordance with its terms and (d) the execution, delivery and performance of
this Promissory Note does not conflict with or breach any law, order,
regulation, contract or other agreement binding upon the Maker.

<PAGE>

      5. Priority. In the event of any voluntary or involuntary liquidation,
dissolution or winding up of the Maker, this Note and the indebtedness evidenced
hereby shall be senior in right of payment to any other indebtedness of the
Maker.

      6. Guarantee. The obligations of the Maker hereunder are hereby jointly
and severally guaranteed by CKP, BCI and Zenascent in accordance with the terms
and conditions of the Guarantee Agreement attached hereto as Annex A.

      7. Miscellaneous. (a) This Note, and the rights and obligations of a party
hereunder, may not be Transferred, (i) by the Maker, other than to Cedric
Kushner Promotions, Ltd., a New York corporation, without the prior written
consent of the Holder or (ii) by any party except in compliance with the
Securities Act of 1933, as amended, any applicable state securities laws, and
the respective rules and regulations adopted thereunder.

      (b) No consent or waiver by the Holder with respect to any action or
failure to act which, without such consent or waiver, would constitute a breach
of any provision of this Promissory Note shall be valid and binding unless in
writing and signed by the Holder.

      (c) All agreements between the Maker and the Holder are hereby expressly
limited to provide that in no contingency or event whatsoever, whether by reason
of acceleration of maturity of the indebtedness evidenced hereby or otherwise,
shall the amount paid or agreed to be paid to the Holder for the use,
forbearance or detention of the indebtedness evidenced hereby exceed the maximum
amount which the Holder is permitted to receive under applicable law. If, from
any circumstances whatsoever, fulfillment of any provision hereof, at the time
performance of such provision shall be due, shall involve transcending the limit
of validity prescribed by law, then, ipso facto, the obligation to be fulfilled
shall automatically be reduced to the limit of such validity, and if from any
circumstance the Holder shall ever receive as interest an amount which would
exceed the highest lawful rate, such amount which would be excessive interest
shall be applied to the reduction of the principal balance hereof to the Holder,
and not to the payment of interest hereunder.

      (d) Upon receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Promissory Note and of a letter
of indemnity reasonably satisfactory to the Company, and upon reimbursement to
the Company of all reasonable expenses incident thereto, and upon surrender or
cancellation of this Promissory Note, if mutilated, the Company will make and
deliver a new Promissory Note of like tenor in lieu of such lost, stolen,
destroyed or mutilated Promissory Note.

      (e) This Promissory Note shall be governed by and construed in accordance
with the laws of the State of New York, without regard to the conflict of laws
principles thereof. Each of the Maker and the Holder hereby agrees to (a) submit
to the personal jurisdiction of the United States District Court for the
Southern District of New York (and all appropriate appellate courts), or, if
jurisdiction in such court is lacking, any court of the State of New York of
competent jurisdiction sitting in New York County (and all

<PAGE>

appropriate appellate courts), in connection with any action or dispute
hereunder, and (b) irrevocably waive any objection it may now or hereafter have
as to the venue of any proceeding brought in any such court or that any such
court is an inconvenient forum. In the case any action or dispute shall be
brought hereunder, the losing party thereto shall pay all attorney fees, court
costs and fees and costs of the prevailing party thereto incident to such action
or dispute or the appeal thereof.

      (f) Each right, power and remedy of the Holder provided for in this
Agreement or now or hereafter existing at law or in equity or by statute or
otherwise shall be cumulative and concurrent and shall be in addition to every
other right, power or remedy provided for herein or now or hereafter existing at
law or in equity or by statute or otherwise; and the exercise or beginning of
the exercise of any one or more of such rights, powers or remedies shall not
preclude the simultaneous or later exercise by the Holder of any or all such
other rights, powers or remedies. No delay on the part of the Holder in
exercising any right, power or remedy hereunder and no course of dealing between
the Maker and the Holder shall operate as a waiver thereof.

      (g) All notices and other communications provided for hereunder shall be
in writing (including telecopier) and shall be sufficiently given if delivered
in person or sent by telecopier (with receipt confirmed by the sender's
transmitting device) or a nationally-recognized express courier service,
addressed to such party, (i) in the case of the Maker, at 1 Montauk Highway,
Southampton, New York 11968, attention Cedric Kushner, President, telecopier
(516) 726-7777, (ii) in the case of the Obligee, at 241 Bradley Place, Palm
Beach, Florida 33480, attention Chester F. English, Managing Member, telecopier
(561) 833-9060 and (iii) in the case of any Holder other than the Obligee, at
its address or telecopier number as set forth in a written notification provided
to the Maker upon the Transfer of this Promissory Note to it in accordance with
the provisions of this Section 7(g). Notwithstanding the foregoing, a party may
change its address or telecopier number for notices hereunder pursuant to a
written notification to the other parties hereto in accordance with the
provisions of this Section 7(g). All such notices and communications shall be
deemed to have been given as of the date received by the party to whom sent.

      IN WITNESS WHEREOF, the Maker has caused this Promissory Note to be
executed by its duly authorized officer as of the date first set forth above.

CEDRIC KUSHNER BOXING, INC.

By:/s/ Cedric Kushner
   ---------------------------
   Name: Cedric Kushner
   Title: President

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