Document:

EXHIBIT 4.2

THIS NOTE AND THE COMMON SHARES  ISSUABLE UPON  CONVERSION OF THIS NOTE HAVE NOT
BEEN  REGISTERED  UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED,  OR ANY STATE
SECURITIES  LAWS.  THIS NOTE AND THE COMMON SHARES  ISSUABLE UPON  CONVERSION OF
THIS NOTE MAY NOT BE SOLD,  OFFERED  FOR SALE,  PLEDGED OR  HYPOTHECATED  IN THE
ABSENCE OF AN  EFFECTIVE  REGISTRATION  STATEMENT AS TO THIS NOTE 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.

                          SECURED CONVERTIBLE TERM NOTE

      FOR VALUE RECEIVED, FAST EDDIE RACING STABLES, INC., a Florida corporation
(the  "Borrower"),  hereby promises to pay 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,  Fax: 345-949-8080 (the "Holder") or
its  registered  assigns or successors in interest,  on order,  the sum of Three
Million  Dollars  ($3,000,000),  together  with any accrued and unpaid  interest
hereon,  on March 9, 2008 (the "Maturity Date") if not sooner paid. The original
principal amount of this Note subject to amortizing payments pursuant to Section
1.2 hereof is hereinafter  referred to as the "Amortizing  Principal Amount" and
the remaining original principal amount of this Note is hereinafter  referred to
as the  "Non-Amortizing  Principal Amount." The Amortizing  Principal Amount and
the Non-Amortizing  Principal Amount are collectively  referred to herein as the
"Principal Amount".

      Capitalized  terms used herein without  definition shall have the meanings
ascribed to such terms in that certain Securities Purchase Agreement dated as of
the date hereof between the Borrower and the Holder (the "Purchase Agreement").

      The  principal  amount of this Note that is  contained  in the  Restricted
Account  (as  defined in the  Restricted  Account  Agreement  referred to in the
Purchase Agreement) on the date of the issuance of this Note is Two Million Five
Hundred Thousand Dollars ($2,500,000).

      The following terms shall apply to this Note:

                                    ARTICLE I
                             INTEREST & AMORTIZATION

      1.1 (a) Interest Rate.  Subject to Sections  1.1(b),  4.12 and 5.6 hereof,
interest  payable on this Note shall  accrue at a rate per annum (the  "Interest
Rate") equal to the "prime rate"  published in The Wall Street Journal from time
to time, plus three percent (3%). The prime rate shall be increased or decreased
as the case may be for each  increase or decrease in the prime rate in an amount
equal to such  increase  or  decrease  in the  prime  rate;  each  change  to be
effective as of the day of the change in such rate. Interest shall be calculated
on the basis of a 360 day year.  Interest shall accrue but not be payable during
the period commencing on the date hereof and ending on March 31, 2005.

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Interest  on the  Amortizing  Principal  Amount  shall be  payable  monthly,  in
arrears,  commencing  on April 1, 2005 and on the first day of each  consecutive
calendar month thereafter  (each, a "Repayment  Date") and on the Maturity Date,
whether by acceleration  or otherwise.  Accrued  interest on the  Non-Amortizing
Principal  Amount shall be payable only on the Maturity Date or, in the event of
the  redemption  or  conversion  of  all or any  portion  of the  Non-Amortizing
Principal Amount,  accrued interest on the amount so redeemed or converted shall
be paid on the date of redemption or conversion, as the case may be.

      1.1 (b) Interest  Rate  Adjustment.  The Interest Rate shall be subject to
adjustment on the last business day of each month  hereafter  until the Maturity
Date  (each  a  "Determination  Date").  If on any  Determination  Date  (i) the
Borrower shall have registered under the Securities Act of 1933, as amended (the
"Securities  Act"), the shares of Common Stock underlying each of the conversion
of this Note and the exercise of the Warrant issued on a registration  statement
declared  effective by the Securities and Exchange  Commission (the "SEC"),  and
(ii) the market  price (the  "Market  Price") of the Common Stock as reported by
Bloomberg,  L.P. on the  Principal  Market (as  defined  below) for the five (5)
consecutive  trading days immediately  preceding such Determination Date exceeds
the then  applicable  Fixed  Conversion  Price by at least  twenty five  percent
(25%), the Interest Rate for the succeeding  calendar month shall  automatically
be reduced by 25 basis points (25 b.p.) (0.25%) for each incremental twenty five
percent  (25%)  increase in the Market Price of the Common Stock above the Fixed
Conversion  Price,   after  giving  effect  to  adjustments  set  forth  herein.
Notwithstanding  the  foregoing  (and  anything  to the  contrary  contained  in
herein), in no event shall the Interest Rate be less than zero percent (0%).

      1.2  Minimum  Monthly  Principal  Payments.  Amortizing  payments  of  the
outstanding  principal  amount  of this  Note not  contained  in the  Restricted
Account (as defined in the Restricted  Account Agreement) shall begin on July 1,
2005 and shall recur on each  succeeding  Repayment  Date  thereafter  until the
Amortizing  Principal Amount has been repaid in full,  whether by the payment of
cash or by the  conversion of such  principal  into Common Stock pursuant to the
terms  hereof.  Subject to Section  2.1 and Article 3 below,  on each  Repayment
Date, the Borrower shall make payments to the Holder in the amount of $14,705.88
(the "Monthly Principal Amount"),  together with any accrued and unpaid interest
then due on such  portion of the  Amortizing  Principal  Amount plus any and all
other  amounts which are then owing under this Note that have not been paid (the
Monthly  Principal  Amount,  together with such accrued and unpaid  interest and
such  other  amounts,  collectively,  the  "Monthly  Amount") ;  provided  that,
following  a release  of an  amount of funds  from the  Restricted  Account  (as
defined in the Restricted  Account  Agreement) for the purposes set forth in the
Restricted Account Side Letter (other than with respect to a release that occurs
as a result of a conversion of any Principal  Amount) (each, a "Release Amount")
each Monthly  Principal  Amount due on any Repayment  Date occurring on or after
the 90th day following any such release shall be increased by an amount equal to
(x) such  Release  Amount  divided by (y) the sum of (I) the number of Repayment
Dates  occurring  on or after  the  90th day  following  any  such  release  and
remaining  until the Maturity Date plus (II) one (1). Any Principal  Amount that
remains  outstanding  on the  Maturity  Date  shall  be due and  payable  on the
Maturity Date.

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                                   ARTICLE II
                              CONVERSION REPAYMENT

      2.1 (a) Payment of Monthly Amount in Cash or Common Stock.  If the Monthly
Amount  (or a portion  thereof  of such  Monthly  Amount if such  portion of the
Monthly  Amount  would have been  converted  into shares of Common Stock but for
Section 3.2) is required to be paid in cash pursuant to Section 2.1(b), then the
Borrower  shall pay the  Holder an amount  equal to the  Monthly  Amount due and
owing to the Holder on the Repayment  Date in cash. If the Monthly  Amount (or a
portion of such Monthly Amount if not all of the Monthly Amount may be converted
into shares of Common  Stock  pursuant to Section 3.2) is required to be paid in
shares of Common Stock pursuant to Section 2.1(b),  the number of such shares to
be issued by the  Borrower to the Holder on such  Repayment  Date (in respect of
such  portion of the Monthly  Amount  converted  into in shares of Common  Stock
pursuant to Section 2.1(b)),  shall be the number determined by dividing (x) the
portion of the Monthly Amount  converted into shares of Common Stock, by (y) the
then applicable Fixed Conversion Price. For purposes hereof,  the initial "Fixed
Conversion Price" means $0.83.

            (b)  Monthly  Amount  Conversion  Guidelines.  Subject  to  Sections
2.1(a), 2.2 and 3.2 hereof, the Holder shall convert into shares of Common Stock
all or a portion of the Monthly  Amount due on each  Repayment Date according to
the following  guidelines  (collectively,  the "Conversion  Criteria"):  (i) the
average closing price of the Common Stock as reported by Bloomberg,  L.P. on the
Principal Market for the five (5) consecutive trading days immediately preceding
such  Repayment  Date  shall  be  greater  than or  equal  to 120% of the  Fixed
Conversion  Price and (ii) the amount of such  conversion does not exceed twenty
five percent (25%) of the aggregate  dollar  trading  volume of the Common Stock
for the twenty two (22) day trading period immediately  preceding the applicable
Repayment Date. If the Conversion Criteria are not met, the Holder shall convert
only such part of the Monthly  Amount that meets the  Conversion  Criteria.  Any
part of the Monthly  Amount due on a Repayment Date that the Holder has not been
able to  convert  into  shares  of  Common  Stock  due to  failure  to meet  the
Conversion  Criteria,  shall be paid by the  Borrower in cash  within  three (3)
business days following the applicable Repayment Date.

            (c) Application of Conversion Amounts.  Any amounts converted by the
Holder pursuant to Section 2.1(b) shall be deemed to constitute  payments of, or
applied against, (i) first,  outstanding fees, (ii) second,  accrued interest on
the Amortizing  Principal  Amount,  and (iii) third,  the  Amortizing  Principal
Amount.

      2.2 No Effective  Registration.  Notwithstanding  anything to the contrary
herein,  no amount  payable  hereunder may be converted into Common Stock unless
(a) either (i) an effective  current  Registration  Statement (as defined in the
Registration  Rights Agreement) covering the shares of Common Stock to be issued
in  satisfaction  of  such  obligations   exists,  or  (ii)  an  exemption  from
registration  of the  Common  Stock  is  available  pursuant  to Rule 144 of the
Securities Act, and (b) no Event of Default  hereunder exists and is continuing,
unless such Event of Default is cured  within any  applicable  cure period or is
otherwise  waived in writing  by the Holder in whole or in part at the  Holder's
option.

      2.3 Optional Redemption of Amortizing Principal Amount. The Borrower will
have the option of prepaying the outstanding Amortizing Principal Amount
("Optional Amortizing

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Redemption"),  in whole or in part, by paying to the Holder a sum of money equal
to (i) one hundred twenty five percent (125%) of the Amortizing Principal Amount
to be redeemed,  together with accrued but unpaid interest  thereon and (ii) any
and all other sums due,  accrued or  payable  to the Holder  arising  under this
Note, the Purchase Agreement or any Related Agreement (the preceding clauses (i)
and (ii),  collectively,  the "Amortizing  Redemption Amount") on the Amortizing
Redemption  Payment Date (as defined  below).  The Borrower shall deliver to the
Holder a notice of redemption (the "Notice of Amortizing Redemption") specifying
the date for such Optional  Amortizing  Redemption (the  "Amortizing  Redemption
Payment Date"),  which date shall be not less than seven (7) business days after
the date of the Notice of Amortizing  Redemption (the  "Redemption  Period").  A
Notice of  Amortizing  Redemption  shall not be  effective  with  respect to any
portion of the  Amortizing  Principal  Amount for which the Holder has a pending
election to convert  pursuant to Section  3.1, or for  conversions  initiated or
made by the Holder  pursuant to Section 3.1 during the  Redemption  Period.  The
Amortizing  Redemption Amount shall be determined as if such Holder's conversion
elections  had been  completed  immediately  prior to the date of the  Notice of
Amortizing Redemption. On the Amortizing Redemption Payment Date, the Amortizing
Redemption  Amount  shall be paid in good funds to the Holder.  In the event the
Borrower  fails  to pay  the  Amortizing  Redemption  Amount  on the  Amortizing
Redemption  Payment  Date as set forth  herein,  then such Notice of  Amortizing
Redemption will be null and void.

      2.4 Optional  Redemption of Non-Amortizing  Principal Amount. The Borrower
will have the option of repaying the outstanding Non-Amortizing Principal Amount
("Optional  Non-Amortizing  Redemption"),  in whole or in part,  by  paying  the
Holder  a sum of  money  equal  to one  hundred  twenty  percent  (120%)  of the
Non-Amortizing Principal Amount to be redeemed, together with accrued but unpaid
interest thereon (the "Non-Amortizing  Redemption Amount") on the Non-Amortizing
Redemption Date (as defined  below).  The Borrower shall deliver to the Holder a
written  notice  of  redemption  (the  "Notice  of  Non-Amortizing  Redemption")
specifying   the  date  for  such  Optional   Non-Amortizing   Redemption   (the
"Non-Amortizing  Redemption Date"),  which date shall be not less than seven (7)
business  days after the date of the Notice of  Non-Amortizing  Redemption  (the
"Non-Amortizing Redemption Period"). A Notice of Non-Amortizing Redemption shall
not be  effective  with respect to any portion of the  Non-Amortizing  Principal
Amount for which the  Holder  has a pending  election  to  convert  pursuant  to
Section  3.1, or for  conversions  initiated  or made by the Holder  pursuant to
Section 3.1 during the  Non-Amortizing  Redemption  Period.  The  Non-Amortizing
Redemption  Amount shall be determined as if the Holder's  conversion  elections
had been completed immediately prior to the date of the Notice of Non-Amortizing
Redemption. On the Non-Amortizing Redemption Date, the Non-Amortizing Redemption
Amount  shall be paid (i) in good funds to the Holder,  (ii) by  furnishing  the
Holder written  direction to notify the bank holding the  Restricted  Account to
release  from the  Restricted  Account  and deliver to the Holder a sum of money
equal to the Non-Amortizing Redemption Amount, or (iii) if the amount on deposit
in the Restricted Account is less than the Non-Amortizing  Redemption Amount, by
furnishing  the  Holder  written  direction  to  notify  the  bank  holding  the
Restricted  Account to release all amounts on deposit in the Restricted  Account
to the Holder and  delivering to the Holder good funds in an amount equal to the
balance of the Non-Amortizing Redemption Amount.

<PAGE>

                                   ARTICLE III
                                CONVERSION RIGHTS

      3.1. Holder's Conversion Rights.  Subject to Section 2.2, the Holder shall
have the right,  but not the  obligation,  to convert  all or any portion of the
then aggregate outstanding Principal Amount of this Note, together with interest
and fees due  hereon,  into  shares of Common  Stock,  subject  to the terms and
conditions  set forth in this Article III. The Holder may exercise such right by
delivery to the Borrower of a written  Notice of Conversion  pursuant to Section
3.3.  The shares of Common  Stock to be issued upon such  conversion  are herein
referred to as the "Conversion Shares."

      3.2 Conversion  Limitation.  Notwithstanding  anything contained herein to
the contrary,  the Holder shall not be entitled to convert pursuant to the terms
of this Note an amount that would be convertible  into that number of Conversion
Shares  which  would  exceed  the  difference  between  4.99% of the  issued and
outstanding  shares of Common  Stock  and the  number of shares of Common  Stock
beneficially  owned by such Holder or issuable upon exercise of Warrants held by
such Holder. For the purposes of the immediately preceding sentence,  beneficial
ownership  shall be determined in accordance  with Section 13(d) of the Exchange
Act and Regulation  13d-3  thereunder.  The Holder may void the Conversion Share
limitation  described  in this  Section  3.2 upon 75 days  prior  notice  to the
Borrower or without any notice requirement upon an Event of Default.

      3.3  Mechanics  of Holder's  Conversion.  (a) In the event that the Holder
elects to convert any amounts outstanding under this Note into Common Stock, the
Holder  shall  give  notice of such  election  by  delivering  an  executed  and
completed notice of conversion (a "Notice of Conversion") to the Borrower, which
Notice of  Conversion  shall  provide a breakdown  in  reasonable  detail of the
Principal Amount, accrued interest and fees being converted.  On each Conversion
Date (as  hereinafter  defined) and in accordance with its Notice of Conversion,
the Holder shall make the appropriate reduction to the Principal Amount, accrued
interest  and fees as entered in its records and shall  provide  written  notice
thereof to the Borrower within two (2) business days after the Conversion  Date.
Each date on which a Notice of  Conversion  is  delivered or  telecopied  to the
Borrower in accordance with the provisions  hereof shall be deemed a "Conversion
Date".  A form of Notice of  Conversion  to be employed by the Holder is annexed
hereto as Exhibit A.

            (b)  Pursuant to the terms of a Notice of  Conversion,  the Borrower
will issue  instructions  to the  transfer  agent  accompanied  by an opinion of
counsel,  if so  required  by the  Borrower's  transfer  agent,  within  two (2)
business days of the date of the Borrower's  receipt of the Notice of Conversion
and shall cause the transfer agent to transmit the certificates representing the
Conversion  Shares to the  Holder  by  crediting  the  account  of the  Holder's
designated  broker with the Depository  Trust  Corporation  ("DTC")  through its
Deposit  Withdrawal Agent  Commission  ("DWAC") system within three (3) business
days after  receipt by the Borrower of the Notice of Conversion  (the  "Delivery
Date").  In the case of the exercise of the  conversion  rights set forth herein
the  conversion  privilege  shall  be  deemed  to have  been  exercised  and the
Conversion  Shares  issuable upon such  conversion  shall be deemed to have been
issued upon the date of receipt by the Borrower of the Notice of Conversion. The
Holder shall be treated for all purposes as the record  holder of such shares of
Common Stock,  unless the Holder provides the Borrower  written  instructions to
the contrary.

<PAGE>

      3.4 Conversion Mechanics.

            (a) The  number of shares  of  Common  Stock to be issued  upon each
conversion  of this Note  pursuant to this  Article III shall be  determined  by
dividing  that  portion  of the  Principal  Amount and  interest  and fees to be
converted,  if any, by the then applicable Fixed Conversion  Price. In the event
of any conversions of outstanding  obligations  under this Note in part pursuant
to this Article III, such conversions shall be deemed to constitute  conversions
(i) first, of the Monthly Amount for the current  calendar  month,  (ii) then of
the  accrued  interest  on the  Principal  Amount,  (iii)  then  of  outstanding
Amortizing  Principal  Amount,  by  applying  the  conversion  amount to Monthly
Principal Amounts for the remaining  Repayment Dates in chronological  order and
(iv) then, of outstanding Non-Amortizing Principal Amount.

            (b) The  Fixed  Conversion  Price and  number  and kind of shares or
other securities to be issued upon conversion is subject to adjustment from time
to time upon the occurrence of certain events, as follows:

                  A. Stock Splits,  Combinations and Dividends. If the shares of
      Common Stock are  subdivided or combined into a greater or smaller  number
      of shares of Common Stock, or if a dividend is paid on the Common Stock in
      shares  of Common  Stock,  the Fixed  Conversion  Price or the  Conversion
      Price, as the case may be, shall be proportionately reduced in the case of
      subdivision  of shares or stock dividend or  proportionately  increased in
      the case of  combination  of shares,  in each such case by the ratio which
      the total number of shares of Common Stock  outstanding  immediately after
      such event bears to the total number of shares of Common Stock outstanding
      immediately prior to such event.

                  B. During the period the conversion right exists, the Borrower
      will reserve from its  authorized  and unissued  Common Stock a sufficient
      number of shares to provide for the issuance of Common Stock upon the full
      conversion of this Note. The Borrower represents that upon issuance,  such
      shares will be duly and validly issued, fully paid and non-assessable. The
      Borrower  agrees  that its  issuance  of this Note shall  constitute  full
      authority to its  officers,  agents,  and transfer  agents who are charged
      with the duty of executing and issuing stock  certificates  to execute and
      issue the  necessary  certificates  for  shares of Common  Stock  upon the
      conversion of this Note.

                  C. Share Issuances.  Subject to the provisions of this Section
      3.4,  if the  Borrower  shall  at any  time  prior  to the  conversion  or
      repayment in full of the Principal Amount issue any shares of Common Stock
      or  securities  convertible  into Common  Stock to a person other than the
      Holder (except (i) pursuant to Subsections A or B above;  (ii) pursuant to
      options,  warrants or other obligations to issue shares outstanding on the
      date  hereof as  disclosed  to Holder in  writing;  or (iii)  pursuant  to
      options  that may be issued  under any  employee  incentive  stock  option
      and/or any  non-qualified  employee stock option plan or agreement adopted
      by the Borrower) for a  consideration  per share (the "Offer  Price") less
      than the Fixed  Conversion  Price in effect at the time of such  issuance,
      then the Fixed Conversion  Price shall be immediately  reset to such lower
      Offer  Price at the time of  issuance  of such  securities.  For  purposes
      hereof,  the issuance of any security of the Borrower  convertible into or
      exercisable or exchangeable for Common Stock shall result in an

<PAGE>

      adjustment to the Fixed Conversion Price at the time of issuance of such
      securities.

                  D.  Reclassification,  etc. If the Borrower at any time shall,
      by reclassification or otherwise, change the Common Stock into the same or
      a different number of securities of any class or classes, this Note, as to
      the unpaid Principal Amount and accrued interest thereon, shall thereafter
      be deemed to evidence  the right to  purchase  an adjusted  number of such
      securities  and kind of  securities  as would  have been  issuable  as the
      result of such change with respect to the Common Stock  immediately  prior
      to such reclassification or other change.

      3.5 Issuance of  Replacement  Note.  Upon any partial  conversion  of this
Note, a replacement  Note  containing  the same date and provisions of this Note
shall,  at the written  request of the Holder,  be issued by the Borrower to the
Holder for the outstanding  Principal  Amount of this Note and accrued  interest
which  shall not have been  converted  or paid.  Subject  to the  provisions  of
Article IV, the Borrower will pay no costs,  fees or any other  consideration to
the Holder for the production and issuance of a replacement Note.

                                   ARTICLE IV
                               EVENTS OF DEFAULT

      Upon the  occurrence  and  continuance  of an Event of Default  beyond any
applicable grace period, the Holder may make all sums of principal, interest and
other fees then remaining unpaid hereon and all other amounts payable  hereunder
immediately due and payable.  In the event of such an  acceleration,  the amount
due and owing to the Holder shall be one hundred  twenty  percent  (120%) of the
outstanding  principal  amount of the Note (plus accrued and unpaid interest and
fees,  if any) (the  "Default  Payment").  The Default  Payment shall be applied
first to any fees due and payable to Holder  pursuant to this Note, the Purchase
Agreement or the Related Agreements,  then to accrued and unpaid interest due on
the Note and then to outstanding principal balance of the Note.

      The  occurrence of any of the  following  events set forth in Sections 4.1
through 4.10, inclusive, is an "Event of Default":

      4.1 Failure to Pay  Principal,  Interest or other Fees. The Borrower fails
to pay when due any  installment of principal,  interest or other fees hereon in
accordance herewith,  or the Borrower fails to pay when due any amount due under
any other  promissory  note issued by  Borrower  to the Holder,  and in any such
case,  such failure shall  continue for a period of three (3) days following the
date upon which any such payment was due.

      4.2 Breach of Covenant.  The  Borrower  breaches any covenant or any other
term  or  condition  of this  Note or the  Purchase  Agreement  in any  material
respect, or the Borrower or any of its Subsidiaries breaches any covenant or any
other term or  condition of any Related  Agreement in any material  respect and,
any such case, such breach, if subject to cure, continues for a period of thirty
(30) days after the occurrence thereof.

      4.3  Breach of  Representations  and  Warranties.  Any  representation  or
warranty made by the Borrower in this Note or the Purchase Agreement,  or by the
Borrower or any of its Subsidiaries in

<PAGE>

any Related  Agreement,  shall,  in any such case, be false or misleading in any
material  respect on the date that such  representation  or warranty was made or
deemed made.

      4.4  Receiver or Trustee.  The Borrower or any of its  Subsidiaries  shall
make an assignment for the benefit of creditors,  or apply for or consent to the
appointment  of a receiver  or trustee for it or for a  substantial  part of its
property  or  business;  or  such a  receiver  or  trustee  shall  otherwise  be
appointed.

      4.5 Judgments.  Any money judgment, writ or similar final process shall be
entered or filed against the Borrower or any of its Subsidiaries or any of their
respective  property or other  assets for more than  $100,000,  and shall remain
unvacated, unbonded or unstayed for a period of thirty (30) days.

      4.6  Bankruptcy.  Bankruptcy,  insolvency,  reorganization  or liquidation
proceedings  or other  proceedings or relief under any bankruptcy law or any law
for the relief of debtors  shall be instituted by or against the Borrower or any
of its Subsidiaries and, in the case of any such proceeding  instituted  against
the  Borrower  or any of its  Subsidiaries,  shall not be vacated  or  dismissed
within sixty (60) days.

      4.7 Stop  Trade.  An SEC stop  trade  order or  Principal  Market  trading
suspension of the Common Stock shall be in effect for five (5) consecutive  days
or five (5) days during a period of ten (10) consecutive days,  excluding in all
cases a  suspension  of all trading on a  Principal  Market,  provided  that the
Borrower shall not have been able to cure such trading  suspension within thirty
(30) days of the notice  thereof or list the Common  Stock on another  Principal
Market  within sixty (60) days of such notice.  The  "Principal  Market" for the
Common Stock shall include the NASD OTC Bulletin Board,  NASDAQ SmallCap Market,
NASDAQ  National  Market  System,  American  Stock  Exchange,  or New York Stock
Exchange  (whichever  of the  foregoing  is at the  time the  principal  trading
exchange or market for the Common Stock).

      4.8 Failure to Deliver  Common  Stock or  Replacement  Note.  The Borrower
shall fail (i) to timely deliver  Common Stock to the Holder  pursuant to and in
the form required by this Note, and Section 9 of the Purchase Agreement, if such
failure  to  timely  deliver  Common  Stock  shall not be cured  within  two (2)
business  days or (ii) to deliver a  replacement  Note to Holder within ten (10)
business days  following  the required  date of such  issuance  pursuant to this
Note, the Purchase  Agreement or any Related  Agreement (to the extent  required
under such agreements).

      4.9 Default Under Related  Agreements or Other Agreements.  The occurrence
and continuance of any Event of Default (as defined in the Purchase Agreement or
any Related Agreement) or any event of default (or similar term) under any other
indebtedness  of the  Company  and/or  any of its  Subsidiaries  that  equals or
exceeds  $25,000 in outstanding  principal  amount in the aggregate for all such
indebtedness.

      4.10  Change in  Control.  (i) Any  "Person" or "group" (as such terms are
defined in  Sections  13(d) and 14(d) of the  Exchange  Act, as in effect on the
date hereof) is or becomes the  "beneficial  owner" (as defined in Rules 13(d)-3
and 13(d)-5 under the Exchange Act), directly or indirectly, of 35% or more on a
fully diluted basis of the then outstanding voting equity interest of the

<PAGE>

Borrower (other than a "Person" or "group" that beneficially owns 35% or more of
such  outstanding  voting equity interests of the Company on the date hereof) or
(ii) the Board of Directors of the Borrower shall cease to consist of a majority
of the Board of  Directors  of the  Borrower  on the date  hereof (or  directors
appointed by a majority of the Board of Directors in effect immediately prior to
such appointment).

                           DEFAULT RELATED PROVISIONS

      4.11  Default  Interest  Rate.  Following  the  occurrence  and during the
continuance of an Event of Default,  the Borrower shall pay additional  interest
on  this  Note in an  amount  equal  to two  percent  (2%)  per  month,  and all
outstanding  obligations  under  this Note,  including  unpaid  interest,  shall
continue  to accrue  such  additional  interest  from the date of such  Event of
Default until the date such Event of Default is cured or waived.

      4.12 Conversion Privileges. The conversion privileges set forth in Article
III shall remain in full force and effect  immediately  from the date hereof and
until this Note is paid in full.

      4.13 Cumulative Remedies. The remedies under this Note shall be
cumulative.

                                    ARTICLE V
                                  MISCELLANEOUS

      5.1 Failure or Indulgence  Not Waiver.  No failure or delay on the part of
the Holder  hereof in the exercise of any power,  right or  privilege  hereunder
shall operate as a waiver thereof,  nor shall any single or partial  exercise of
any such power, right or privilege preclude other or further exercise thereof or
of any other  right,  power or  privilege.  All  rights  and  remedies  existing
hereunder  are  cumulative  to, and not  exclusive  of,  any rights or  remedies
otherwise available.

      5.2 Notices.  Any notice herein required or permitted to be given shall be
in writing and shall be deemed  effectively given: (a) upon personal delivery to
the party notified, (b) when sent by confirmed telex or facsimile if sent during
normal  business hours of the recipient,  if not, then on the next business day,
(c) five business  days after having been sent by registered or certified  mail,
return receipt requested, postage prepaid, or (d) one business day after deposit
with a nationally  recognized  overnight courier,  specifying next day delivery,
with written  verification of receipt.  All communications  shall be sent to the
Borrower  at  the  address  provided  in  the  Purchase  Agreement  executed  in
connection  herewith,  and to the Holder at the address provided in the Purchase
Agreement  for such  Holder,  with a copy to John E.  Tucker,  Esq.,  825  Third
Avenue,  14th Floor, New York, New York 10022,  facsimile number (212) 541-4434,
or at such other address as the Borrower or the Holder may designate by ten days
advance written notice to the other parties hereto. A Notice of Conversion shall
be deemed given when made to the Borrower pursuant to the Purchase Agreement.

      5.3 Amendment  Provision.  The term "Note" and all reference  thereto,  as
used  throughout  this  instrument,  shall mean this  instrument  as  originally
executed,  or  if  later  amended  or  supplemented,   then  as  so  amended  or
supplemented,  and any  successor  instrument  issued  pursuant  to Section  3.5
hereof, as it may be amended or supplemented.

<PAGE>

      5.4  Assignability.  This Note shall be binding  upon the Borrower and its
successors  and  assigns,  and shall  inure to the benefit of the Holder and its
successors and assigns, and may be assigned by the Holder in accordance with the
requirements of the Purchase  Agreement.  This Note shall not be assigned by the
Borrower without the consent of the Holder.

      5.5  Governing  Law.  This Note  shall be  governed  by and  construed  in
accordance with the laws of the State of New York,  without regard to principles
of  conflicts  of laws.  Any action  brought by either  party  against the other
concerning the transactions contemplated by this Agreement shall be brought only
in the state courts of New York or in the federal courts located in the State of
New York in New York County.  Both parties and the individual  signing this Note
on behalf of the Borrower  agree to submit to the  jurisdiction  of such courts.
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
Note 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 Note.  Nothing  contained  herein shall be deemed or operate to preclude
the Holder from bringing suit or taking other legal action  against the Borrower
in any other jurisdiction to collect on the Borrower's obligations to Holder, to
realize on any  collateral  or any other  security for such  obligations,  or to
enforce a judgment or other court in favor of the Holder.

      5.6  Maximum  Payments.  Nothing  contained  herein  shall  be  deemed  to
establish  or require  the  payment of a rate of  interest  or other  charges in
excess of the maximum permitted by applicable law. In the event that the rate of
interest  required  to be paid or other  charges  hereunder  exceed the  maximum
permitted by such law, any payments in excess of such maximum  shall be credited
against  amounts  owed by the  Borrower  to the Holder and thus  refunded to the
Borrower.

      5.7  Security  Interest  and  Guarantee.  The  Holder  has been  granted a
security  interest (i) in certain assets of the Borrower and its Subsidiaries as
more fully  described  in the  Master  Security  Agreement  dated as of the date
hereof and (ii)  pursuant  to the Stock  Pledge  Agreement  dated as of the date
hereof.  The  obligations  of the  Borrower  under this Note are  guaranteed  by
certain  Subsidiaries of the Borrower pursuant to the Subsidiary  Guaranty dated
as of the date hereof.

      5.8  Construction.   Each  party   acknowledges  that  its  legal  counsel
participated in the preparation of this Note 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 Note to favor any party
against the other.

      5.9 Cost of  Collection.  If default is made in the  payment of this Note,
the  Borrower  shall pay to Holder  reasonable  costs of  collection,  including
reasonable attorney's fees.

       [Balance of page intentionally left blank; signature page follows.]

<PAGE>

      IN WITNESS WHEREOF,  the Borrower has caused this Note to be signed in its
name effective as of this 9th day of March, 2005.

                                           FAST EDDIE RACING STABLES, INC.

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

WITNESS:

-------------------------------EXHIBIT 4.3

      THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
      WARRANT HAVE NOT BEEN  REGISTERED  UNDER THE  SECURITIES  ACT OF 1933,  AS
      AMENDED,  OR ANY STATE  SECURITIES LAWS. THIS WARRANT AND THE COMMON STOCK
      ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD,  OFFERED FOR SALE,
      PLEDGED  OR  HYPOTHECATED  IN THE  ABSENCE  OF AN  EFFECTIVE  REGISTRATION
      STATEMENT  AS TO THIS  WARRANT  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 1,084,338 Shares of Common Stock of
                         Fast Eddie Racing Stables, Inc.
                   (subject to adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

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 Warrant and at any time or from time to time before
5:00  p.m.,  New York time,  through  the close of  business  March 9, 2012 (the
"Expiration  Date"),  up to  1,084,338  fully paid and  nonassessable  shares of
Common  Stock (as  hereinafter  defined),  $0.01 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,
      par value $0.01 per share; and (ii) any other securities into which or for
      which any of the securities  described in the preceding  clause (i) 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 Warrant at any time shall
      be entitled to receive,  or shall have  received,  on the  exercise of the
      Warrant,  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.

            (d) The  "Exercise  Price"  applicable  under this Warrant  shall be
      $1.00.

                                       B-1
<PAGE>

      1. Exercise of Warrant.

            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 Warrant 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.

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

            1.3 Company  Acknowledgment.  The Company  will,  at the time of the
exercise of the Warrant,  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  Warrant.  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 Warrant  Holders.  In the event that a bank or trust
company  shall have been  appointed  as trustee  for the  holders of the Warrant
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and duties of a warrant agent (as  hereinafter  described) and shall accept,  in
its own name for the account of the Company or such

<PAGE>

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 Warrant
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 Warrant
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  Warrant  shall  have been
surrendered and payment made for such shares in accordance herewith.  As soon as
practicable  after the exercise of this  Warrant 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 either (i) in cash or by certified
or  official  bank  check  payable  to the  order  of the  Company  equal to the
applicable  aggregate Exercise Price, (ii) by delivery of the Warrant, or shares
of Common Stock and/or Common Stock  receivable  upon exercise of the Warrant in
accordance  with the formula set forth below in this  Section 2.2, or (iii) by a
combination  of any of the  foregoing  methods,  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  Warrant)  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.  Notwithstanding any provisions herein to the contrary,  if the
Fair  Market  Value of one share of Common  Stock is greater  than the  Exercise
Price (at the date of  calculation  as set forth  below),  in lieu of exercising
this Warrant for cash, the Holder may elect to receive shares equal to the value
(as determined  below) of this Warrant (or the portion thereof being  exercised)
by  surrender of this Warrant at the  principal  office of the Company  together
with the  properly  endorsed  Exercise  Notice in which event the Company  shall
issue to the  Holder a number  of  shares of  Common  Stock  computed  using the
following formula:

      X=Y     (A-B)
            ---------
                A

      Where X =   the number of shares of Common Stock to be issued to the
                  Holder

      Y =         the number of shares of  Common Stock  purchasable  under  the
                  Warrant  or,  if  only a  portion  of  the  Warrant  is  being
                  exercised,  the portion of the Warrant being exercised (at the
                  date of such calculation)

      A =         the Fair  Market Value of one  share of the  Company's  Common
                  Stock (at the date of such calculation)

      B =         Exercise Price (as adjusted to the date of such calculation)

<PAGE>

      3. Effect of Reorganization, Etc.; Adjustment of Exercise Price.

            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
Warrant,  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  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 Warrant,  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  Warrant  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 Warrant (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  Warrant  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 Warrant 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  Warrant as  provided in Section 4. In the
event  this  Warrant  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  Warrant  will  be  delivered  to  Holder  or  the  Trustee  as
contemplated by Section 3.2.

      4.  Extraordinary  Events  Regarding  Common Stock.  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,  (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  Warrant  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

<PAGE>

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  Warrant,  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  Warrant  and  prepare a
certificate  setting forth such adjustment or readjustment and showing in detail
the 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
Warrant,  in effect  immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant.  The Company will  forthwith
mail a copy of each  such  certificate  to the  holder  of the  Warrant  and any
Warrant agent of the Company (appointed pursuant to Section 11 hereof).

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

      7. Assignment;  Exchange of Warrant. Subject to compliance with applicable
securities  laws,  this  Warrant,  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
Warrant,  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  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  Warrant  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 Warrant so surrendered by the Transferor.

      8. Replacement of Warrant. On receipt of evidence reasonably  satisfactory
to the Company of the loss,  theft,  destruction  or  mutilation of this Warrant
and, in the case of any such loss,  theft or  destruction  of this  Warrant,  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 Warrant,  the Company at its expense will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

      9.  Registration  Rights.  The  Holder of this  Warrant  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 Holder
dated as of even date of this Warrant.

<PAGE>

      10.  Maximum  Exercise.  The Holder shall not be entitled to exercise this
Warrant 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
Warrant with respect to which the determination of this proviso 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 is  automatically  null and void upon an Event of Default  under the
Secured  Convertible  Term Note made by the Company to the Holder dated the date
hereof (as amended, modified or supplemented from time to time, the "Note").

      11. Warrant  Agent.  The Company may, by written notice to the each Holder
of the  Warrant,  appoint an agent for the purpose of issuing  Common  Stock (or
Other  Securities)  on the  exercise  of this  Warrant  pursuant  to  Section 1,
exchanging  this  Warrant  pursuant  to Section 7, and  replacing  this  Warrant
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 Warrant 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  Warrant  shall be  mailed  by first  class  registered  or
certified mail,  postage prepaid,  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
Warrant who has so furnished an address to the Company.

      14.  Miscellaneous.  This  Warrant  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 Warrant 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 Warrant
shall be brought only in the state  courts of New York or in the federal  courts
located in the state of New York; provided,  however, that the Holder may choose
to waive this  provision and bring an action  outside the state of New York. The
individuals  executing  this Warrant 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  Warrant  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 Warrant.
The headings in this Warrant 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

<PAGE>

legal counsel  participated in the  preparation of this Warrant 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
Warrant to favor any party against the other party.

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

<PAGE>

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

                                         FAST EDDIE RACING STABLES, INC.

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

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