Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Playbox (US) Inc. - Exhibit 10.4

EXHIBIT 10.4

THIS AGREEMENT is made the 4th day of August
2004

BETWEEN: 

(1) Outlander Management Limited registered in England under
company number (03836824) whose registered office is at 27 New Bond
Street London W1S 2RH (‘OM’); and 

(2) Playbox Media Limited a company registered in England under
company number (04874696) whose registered office is at 27 New Bond
Street London W1S 2RH (‘Customer’). 

WHEREAS: 

(A) The Customer’s business is an Online Music Service
(B)
OM has, in consideration of clause 4 of this agreement agreed to enter into this
agreement to provide administrative, legal, financial, marketing and sales
support and advice to the Customer on the terms set out below

NOW IT IS AGREED as follows: 

1 Definitions and interpretation 

1.1 In this agreement unless the context otherwise requires:

	‘business day’ 	
      means a day, other than a Saturday or Sunday, on which
      banks are open for ordinary banking business in London; 

	‘the Effective Date’ 	
      means 1st May 2004; 

	‘party’ or ‘parties’ 	
      references to ‘party’ or ‘parties’ shall be construed as
      references to a party or parties to this agreement; 

	‘the Services’ 	
      means the services to be performed by OM for the Customer
      upon the terms of this agreement, a detailed description of which is set
      out in the appendix hereto as amended from time to time; 

	‘value added tax’ and ‘VAT’ 	
      mean value added tax as provided for in the Value Added
      Tax Act 1994 and legislation supplemental thereto or replacing, modifying
      or consolidating it. 

1.2 References to, or to any provision of, any treaty,
legislation, statute, directive, regulation, judgment, decision, decree, order,
instrument, byelaw, or any other law of, or having effect in, any jurisdiction
(‘Laws’) shall be construed also as references to all other Laws made under the
Law referred to, and to all such Laws as amended, re-enacted, consolidated or
replaced or as their application is modified by other Laws from time to time,
and whether before or after the date of this agreement. 

1.3 References to ‘this agreement’ or to any other agreement or
document referred to in this agreement mean this agreement or such other
agreement or document as amended, varied, supplemented, modified or novated from
time to time, and include the schedules and appendices. 

1.4 References to the singular shall include the plural and
vice versa and references to the masculine, the feminine and the neuter shall
include each other such gender. 

1.5 References to ‘parties’ are references to the parties to
this agreement, and references to a ‘person’ include any individual, company,
body corporate, corporation sole or aggregate, government, state or agency of a
state, firm, partnership, joint venture, association, organisation or trust (in
each case, whether or not having separate legal personality and irrespective of
the jurisdiction in or under the law of which it was incorporated or exists) and
a reference to any of them shall include a reference to the others. 

1.6 References to clauses and the appendix are to clauses of
and the appendix to this agreement. References to this agreement include the
appendix. 

1.7 The headings are inserted for convenience only and shall
not affect the construction of this agreement. 

2 Duration 

Subject as provided in clause 9, this agreement shall commence
on the Effective Date and continue unless and until terminated by either party
giving to the other not less than one (1) month’s notice in writing.

3 Provision of the Services 

OM shall provide the services to the Customer at the times and
at the places, in the manner and in accordance with the terms set out in the
appendix. 

4 Charges 

4.1 The Customer shall pay charges for the Services in the
amounts and at the times set out in the appendix. 

4.2 All amounts expressed as payable pursuant to this agreement
are exclusive of any applicable VAT which, where applicable, shall be payable by
the relevant party in addition to the amount in question on production to it of
a valid VAT invoice. 

4.3 All sums payable by either party under this agreement shall
be paid free and clear of all withholdings, set-offs or counterclaims
whatsoever, except any deduction or withholding which may be required by law

5 Independent contractor 

In performing the services in carrying out its obligations
under this agreement, OM shall act as an independent contractor and not the
agent of the Customer, and neither OM nor any of its directors, employees or
agents shall have any authority to negotiate or enter into contracts on behalf
of or otherwise to bind the Customer except where authorised expressly in
writing). 

6 Standard of work 

In performing the Services OM shall use reasonable care and
skill, comply with the terms set out in the appendix and with generally accepted
standards of good practice. The said obligations shall replace all conditions
and warranties which would otherwise be implied herein by statute, common law or
otherwise (including, without limit, the Supply of Goods and Services Act 1982)
all of which are hereby expressly excluded. 

7 Limitation of liability1

7.1 In respect of those of the Services which are of a
managerial or advisory nature (as identified in the appendix) OM shall not be
liable to the Customer for any loss suffered or liability incurred by the
Customer arising out of any act, omission or error of judgment (whether or not
negligent) which may be committed by OM or by any of its employees, agents or
subcontractors in the course of the provision of those of the Services except
where such loss or liability arises from the negligence, dishonesty or wilful
default of OM or of any of such employees, agents or subcontractors. 

7.3 Nothing in this clause 7 or elsewhere in this agreement
shall exclude, restrict or limit the liability of either party for death or
personal injury caused by that party’s negligence or for fraud. 

8 Force majeure 

8.1 If and to the extent that the provision of the Services is
prevented or delayed by force majeure (as defined by clause 8.2 below), OM shall
promptly notify the Customer specifying the nature, extent, effect and the
likely duration of the circumstances constituting the force majeure, and OM
shall then be relieved of any liability for failure to perform or for delay in
performing the Services but shall nevertheless use all reasonable endeavours to
minimise the effect of the force majeure on its performance of its obligations
and to resume full performance of them and shall make such alternative
arrangements for doing so as may be practicable without incurring material
additional expense PROVIDED that if as a result of the force majeure the
Services are not supplied for more than [6] months, the Customer
may terminate this agreement forthwith by notice to OM. Such a termination
notice shall be irrevocable, except with the consent of both parties. 

8.2 For the purposes of this clause 8, ‘force majeure’ means
any circumstances not foreseeable at the date of this agreement and not within
the reasonable control of OM 

9 Termination 

9.1 Either party may terminate this agreement forthwith by
notice to the other if the other shall have committed a material breach of this
agreement which is incapable of remedy or (if so capable) is not remedied within
30 days of the party committing the breach having been served with notice by the
other party, specifying the breach and requiring its remedy

9.2 Upon termination any rights or obligations to which either
of the parties may be entitled or be subject before such termination shall
remain in full force and effect

10 General 

10.1 OM may subcontract any of its obligations under this
agreement. This agreement shall be binding upon the parties and their successors
and permitted assigns but neither of the parties may assign any of their
respective rights and obligations under this agreement without the prior written
consent of the other 

10.2 No exercise or failure to exercise or delay in exercising
any right, power or remedy vested in either party shall constitute a waiver by
that party of that or any other right, power or remedy. 

10.3 Nothing in this agreement shall be deemed to constitute a
partnership between the parties nor constitute either party the agent of the
other or otherwise entitle either party to have authority to bind the other
party for any purpose.

10.4 This agreement, together with any documents referred to in
it, constitutes the entire agreement between the parties in relation to its
subject matter and supersedes and extinguishes any prior agreements and
understandings whether oral or written with respect to it. Each party
acknowledges that it has not been induced to enter into this agreement by any
representation or warranty other than those contained in this agreement and,
having negotiated and freely entered into this agreement, agrees that it shall
have no remedy in respect of any other such representation or warranty except in
the case of fraud. Each party acknowledges that its legal advisers have
explained to it the effect of this clause 

10.5. No variation of this agreement shall be effective unless
reduced to writing and signed by or on behalf of a duly authorised
representative of each of the parties. 

10.6 In the event that any term, condition or provision of this
agreement is held to be a violation of any applicable law statute or regulation
the same shall be deemed to be deleted from this agreement and shall be of no
force and effect and this agreement shall remain in full force and effect as if
such term, condition 

or provision had not originally been contained in this
agreement. Notwithstanding the foregoing, in the event of any such deletion the
parties agree to negotiate in good faith in order to agree the terms of a
mutually acceptable and satisfactorily alternative provision in place of the
provision so deleted. 

10.7 If any party to this agreement defaults in the payment
when due of any sum payable by it under this agreement, its liability shall be
increased to include interest on such sum from the due date until the date of
actual payment (both before and after judgment) at that annual rate which is 8
percent above the base rate of (Bank of England) from time to time in
effect during such period, and compounded daily. 

10.8 No person who is not a party to this agreement shall have
any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any
term of this agreement. 

11 Notices 

11.1 Any notice (which term shall in this clause include any
other communication) to be given under this agreement by either party to the
other shall be in writing in the English language. 

11.2 Any such notice shall be addressed as provided in clause
11.3 and may be: 

11.2.1 personally delivered, in which case it shall be deemed
to have been given upon delivery at the relevant address if it is delivered not
later than 17.00 hours on a business day, or, if it is delivered later than
17.00 hours on a business day or at any time on a day which is not a business
day, at 08.00 hours on the next business day; or 

11.2.2 if within the United Kingdom, sent by first class
pre-paid post, in which case it shall be deemed to have been given 2 business
days after the date of posting; or 

11.2.3 sent by fax, in which case it shall be deemed to have
been given when despatched, subject to confirmation of uninterrupted
transmission by a transmission report provided that any notice despatched by fax
after 17.00 hours on any business day or at any time on a day which is not a
business day shall be deemed to have been given at 08.00 on the next business
day; or 

11.2.4 sent by electronic mail, in which case, it shall be
deemed to be given when received but subject to the same provisions regarding
receipt after 17.00 hours as apply to notices sent by fax. 

11.3 The addresses and other details of the parties referred to
in clause 11.2 are, subject to clause 11.4: 

	 	OM 	Name: Blue Khiroya 
	 	  	Address: Suite 5.15, 130 Shaftesbury
      Ave, 
	 	  	London, W1D 5EU 
	 	  	Fax: 020 7031 1199 
	 	  	Email: info@outlandermanagement.com
  
	 	  	  
	 	Customer 	Name: Robert Burden 
	 	  	Address: Suite 5.15, 130 Shaftesbury
      Ave, 
	 	  	London, W1D 5EU 
	 	  	Fax number: 020 7031 1199 
	 	  	Email address: Robert@pbmedia.co.uk
  

11.4 Either party may notify the other party of any change to
the address or any of the other details specified in clause 11.3, provided that
such notification shall only be effective on the date specified in such notice
or 5 business days after the notice is given, whichever is later 

12 Law and jurisdiction 

12.1 This agreement shall be governed by, and construed in all
respects in accordance with, English law. 

	Signed on behalf of OM: 	/s/ Ulrik
      Debo              (Director)
    	Date 12.08.04 
	  	  	
	  	  	  
	Signed on behalf of Customer: 	/s/ Robert
      Burden         (Director) 	Date 10.08.04 
	  	  	

APPENDIX

THE SERVICES

  	Rent: Use of office space, desk, chair, etc 

        Telephone: Line rental, handset, etc 

        Internet: connection, bandwidth, etc 
                                                                                                                                                              £500 per person 	
 
 
 £500.00 
	Legal: Registered office, Company Secretary, Statutory Filing 

                                                                                                                                                                     £100 per company 	
 £100.00 
	Finance: Book-keeping, Management Accounts, Statutory Accounts 

                                                                                                                                                                     £400 per company 	
 £400.00 
	Marketing and Sales: Advice and Support 
                                                                                                                                                              £1000 per company 	
 £1000.00 
	Stationery: Basic and Common needs 	£0.00 
	Meeting room: Use of Outlander Management Ltd’s meeting
        room 	£0.00 
	TOTAL 	£2000.00 

The aforementioned services are the monthly standard charges. 

The following will be charged over and above, as and when used by the Customer

	 Stationery: unusual and / or expensive items: exact cost will be recharged
	 Couriers: as and when used: exact cost will be recharged
	 Telephone calls: itemised calls: exact cost will be recharged
	 Meeting room: cost of MLS rooms: exact cost will be recharged
	 Misc: should anything else arise, this will be discussed individually,
    and invoiced under mutual agreement

OM will invoice the Customer monthly for services provided during the previous
  month, adding VAT if appropriate.

Payment shall be due on receipt of invoice, and be made no later than 7 days
  of date of invoice.

The invoice will be sent by way of any method mentioned in Clause 11. 

AMENDMENT TO APPENDIX

THE SERVICES

	Rent: Use of office space, desk, chair, etc 
Telephone:
      Line rental, handset, etc 
Internet: connection, bandwidth,
      etc 

                                                                                                                                                                     £500 per person 	

£500.00 
	Legal: Registered office, Company Secretary, Statutory
      Filing 

                                                                                                                                                                     £100 per company 	
£100.00 
	Finance: Book-keeping, Management Accounts, Statutory
      Accounts 

                                                                                                                                                                     £400 per company 	
£400.00 
	Marketing and Sales: Advice and
      Support 

                                                                                                                                                                     £1000 per company 	
£1000.00 
	Stationery: Basic and Common needs 	£0.00 
	Meeting room: Use of Outlander Management Ltd’s meeting
      room 	£0.00 
	IT Service Charges 	£350.00 
	TOTAL 	£2350.00 

The aforementioned services are the monthly standard charges.

The following will be charged over and above, as and when used
by the Customer

	Stationery: unusual and / or expensive items: exact cost will be
  recharged 
  
	Couriers: as and when used: exact cost will be recharged 
  
	Telephone calls: itemised calls: exact cost will be recharged 
  
	Meeting room: cost of MLS rooms: exact cost will be recharged 
  
	Misc: should anything else arise, this will be discussed individually,
  and invoiced under mutual agreement 

OM will invoice the Customer monthly for services provided
during the previous month, adding VAT if appropriate.

Payment shall be due on receipt of invoice, and be made no
later than 7 days of date of invoice.

The invoice will be sent by way of any method mentioned in
Clause 11.Filed by Automated Filing Services Inc. (604) 609-0244 - Playbox (US) Inc. - Exhibit 10.5

EXHIBIT 10.5

LOAN AGREEMENT

THIS AGREEMENT is made the 4th day of October 2004

BETWEEN:

	(1) 	 PlayBox Media Ltd of 27 New Bond Street, London W1S
        2RH ("the Borrower"); 

	 	
       

	(2) 	 PlayBox Media Inc of 306 Victoria House, Victoria, Mahé,
        Seychelles ("the Lender") 

Whereby it is agreed that the Lender will make available to the
Borrower a Loan Facility ("the Facility") in the sum of £150,000.00 (One hundred
and fifty thousand pounds Sterling) on the following terms and conditions:-

	1. 	
      Commitment 

	 	
       

		
      The amount of the Facility will not exceed £150,000.00
      

	 	
       

	2. 	
      Definitions 

	 	
       

		
      The following terms used elsewhere in this agreement
      shall have the meanings ascribed to them below:-

	     
     	"Agreed Interest Rate"
            	
      6 per cent per annum above the Svenska Handelsbanken Plc
      Base rate from time to time being in force or 10% per annum which ever is
      the greater 

	 	  	
       

	     
     	“Default Interest Rate”
            	
      10 per cent per annum above the Svenska Handelsbanken Plc
      Base rate from time to time being in force or 14% per annum which ever is
      the greater 

	 	  	
       

	   
     	"Drawdown Date”  
        	
      The day upon which the Facility is drawn down in
      accordance with clause 3 and 7 and in meeting the qualification criteria
      outlined in clause 11. 

	 	  	
       

	   	"Encumbrance”  
	
      Any mortgage charge lien pledge or other security
      interest or encumbrance of any kind 

	 	  	
       

	 	"Event of Default" 	
      Any of the events specified in Clause 10 hereof

	 	  	
       

	   	"Facility"   	
      The Facility the terms and conditions of which are set
      out in this agreement 

	 	  	
       

	 	“the Repayment Date” 	
      The 1st day of April 2007 

	 	  	
       

	   	"the Security
      Documents"   	
      The debenture more particularly described in clause 8
      hereof 

	 	  	
       

	 	“the Qualification Criteria” 	
      As set out in clause 11 hereof

	
      3. 
	
      Availability 

	
       
	
       
	
       

		
      3.1 
	
      Subject to the receipt by the Lender of the Security
      Documents, the Qualification Criteria and no Event of Default having
      occurred which is or with the passage of cime or the giving of notice
      shall become an Event of Default the Facility shall be

			
      made available to the Borrower in tranches of £30,000.00
      and shall be advanced to the Borrower one tranche every three months, or
      otherwise agreed upon, following the date of this agreement following the
      receipt by the Lender of a written notice from the Borrower requesting
      drawdown and including payment instructions to be received by the Lender
      three clear days before the Drawdown Date 

	 	
       
	
       

	3.2 	
      A notice given by the Borrower in accordance with clause
      3.1 above will be irrevocable 

	 	
       
	
       

	4. 	
      Repayment 

	 	
       
	
       

	4.1 	
      The Borrower shall subject to the terms and conditions of
      this Agreement repay the Facility in full together with all accrued
      interest and costs on or before the Repayment Date time to be of the
      essence 

	 	
       
	
       

	4.2 	
      No set off or counterclaim of any nature whatsoever by
      the Borrower against the Lender shall entitle the Borrower to refuse or
      fail to pay upon the due date the principal or interest in respect of the
      Facility or any monies payable hereunder or to set off or claim to set off
      any part of such sum against such claim or counterclaim but any claim or
      counterclaim shall only be enforceable by separate proceedings 

	 	
       
	
       

	4.3 	
      Prepayment of the whole or any part of the Facility will
      be permitted at any time at the Borrower's option without penalty save
      that if the Facility is repaid in full prior to the Repayment Date the
      Borrower shall in addition to repayment of the Facility pay to the Lender
      a sum equivalent to the amount of interest due to the Lender for the whole
      of the period of the Facility credit being given to the Borrower for
      interest payments (if any) made by the Borrower to the Lender prior to the
      date of prepayment 

	 	
       
	
       

	5. 	
      Interest 

	 	
       
	
       

		
      The Borrower shall not pay any interest to the Lender on
      the Facility for the period of eighteen months from the date of this
      Agreement thereafter the Borrower shall pay interest to the Lender at the
      Agreed Interest Rate upon repayment of the Facility save that in an Event
      of Default as set out in clause 10 below the Borrower shall pay to the
      Lender interest on all monies due under this Agreement at the Default
      Interest Rate from the date of Default until all monies due under this
      Agreement are repaid to the Lender 

	 	
       
	
       

	6. 	
      Tax and Payments 

	 	
       
	
       

	6.1 	
      All amounts due hereunder shall be paid by the Borrower
      without deduction of or withholding for or withholding of or on account of
      any taxes fees charges or otherwise which may be levied in the United
      Kingdom or elsewhere whether now or hereafter save to the extent that the
      Borrower is compelled by law to make such deduction in which event the
      Borrower will pay to the Lender such additional amount as shall ensure
      that the aggregate of the net amounts received after deduction shall equal
      the amount which would have been receivable before such deduction
  

	 	
       
	
       

	6. 	
      2 All payments due to the Lender shall be made by the
      Borrower on the due date to such account as the Lender shall notify the
      Borrower in writing for this purpose 

	 	
       
	
       

	6.3 	
      All payments due under this agreement shall be made by
      Bankers Standing Order unless otherwise agreed in advance between the
      Lender and the Borrower 

	 	
       
	
       

	6.4 	
      All payments received by the Lender under this clause or
      any other provision of this agreement shall be applied in the following
      order: - 

	 	
       
	
       

		
      6.4.1 
	
      towards the costs charges and expenses of the Lender in
      enforcing any of its rights and remedies hereunder

2

		
      6.4.2 
	
      towards satisfaction of interest up to the date of
      payment 

	 	
       
	
       

		
      6.4.3 
	
      towards satisfaction of the Facility up to the date of
      payment in total 

	 	
       
	
       

	7. 	Conditions Precedent 

This Facility after deduction of the Lender's Solicitors costs
of and incidental to the preparation of this agreement and the Security
Documents is made available to the Borrower subject to this agreement duly
signed on behalf of the Borrower written notice of drawdown and the Security
Documents all in form and content acceptable to the Lender being received by the
Lender (or his Solicitors) not less than 3 business days prior to the Drawdown
date or such later date as may be acceptable to the Lender

	8. 	
      Security 

	 	
       

	8.1 	
      As continuing security for the due and punctual payment
      and performance of all indebtedness and obligations of the Borrower to the
      Lender arising hereunder whether now or hereinafter existing and whether
      due or to become due (collectively, the “Obligations”), the Borrower
      hereby grants to the Lender a Debenture in the form attached hereto (the
      

	 	
       

		
      “Debenture”) 

	 	
       

	8.2 	
      In the event that the Borrower fails to perform any of
      its obligations hereunder the Lender may exercise all the powers and
      rights of the Debenture holder and as conferred by statute or otherwise
      and (without prejudice to the generality to the foregoing and in addition
      to the powers and rights conferred by statute) may sell or otherwise
      dispose of all title to and interest in the Company’s Property (or any
      part thereof) secured by the Debenture upon such terms and generally in
      such commercially reasonable manner as the Lender thinks fit. The Lender
      shall not be liable for any loss or damage occasioned by any such sale or
      disposal arising out of the exercise of or failure to exercise any of its
      powers hereunder. The Lender shall be entitled to apply moneys arising
      from the exercise of such powers towards the discharge of any amount due
      to it hereunder in such manner as the Lender deems fit, with (subject to
      any rights of set off, combination or retention in favour of the Lender)
      any surplus being paid to the Borrower. 

	 	
       

	9. 	
      Covenants 

The Borrower covenants as follows:-

	9.1 	
      to provide the Lender with such reasonable information as
      the Lender may reasonably require in respect of the Borrower's financial
      position 

	 	
       

	9.2 	
      to pay all the Lender's costs charges and expenses in
      connection with the Facility and the Security Documents to include inter
      alia legal costs 

	 	
       

	9.3 	
      to notify the Lender immediately in the event of a
      petition being filed against the Borrower for the winding up compulsory or
      otherwise of the Borrower or of the Borrower's inability to pay its debts
      

	 	
       

	9.4 	
      to notify the Lender immediately in the event of any
      adverse changes in the financial position of the Borrower 

	 	
       

	9.5 	
      to notify the Lender immediately in the event that any
      litigation or administrative proceedings before or of any court or
      governmental authority is or becomes pending or to the best knowledge of
      the Borrower threatened against the Borrower or any of the Borrower's
      assets which might materially adversely affect the ability of the Borrower
      to perform the obligations hereunder or under the Security Documents
    

3

	9.6 	
      to give notice to the Lender as soon as possible after
      becoming aware of the same of the occurrence of any Event of Default or
      any other event which with the giving of notice or lapse of time or both
      would constitute an Event of Default 

	 	
       

	9.7 	
      not without the prior written consent of the Lender to
      create or have outstanding any Encumbrance other than any such as has been
      disclosed to the Lender prior to the execution hereof 

	 	
       

	10. 	
      Events of Default 

In the event that:

	10.1 	
      the Borrower makes default in the payment within seven
      days of the due date of any amount payable hereunder; or 

	 	
       

	10.2 	
      the Borrower shall default in the performance or
      observance of any other obligation covenant term or condition of this
      Facility and if capable of remedy such default shall not have been
      remedied within 15 days after written notice thereof shall have been given
      to the Borrower by the Lender; or 

	 	
       

	10.3 	
      any statement made or information supplied by the
      Borrower in connection with this Facility is incorrect or incomplete in
      any material respect; or 

	 	
       

	10.4 	
      any default shall occur under any other Encumbrances
      agreement or indebtedness entered into by the Borrower; or 

	 	
       

	10.5 	
      any insolvency/bankruptcy or similar proceedings are
      instituted against the Borrower under the laws of any jurisdiction; or
    

	 	
       

	10.6 	
      there shall occur a change in the financial condition of
      the Borrower which would materially impair the ability of the Borrower to
      perform any of its obligations under the Facility or place any security
      constituted by any of the Security Documents in jeopardy; or 

	 	
       

	10.7 	
      if the Borrower makes an assignment for the benefit of
      its creditors or convenes a meeting for the purpose of entering into any
      arrangements or composition for the benefit of the said creditors or the
      Borrower suspend payment of its debts;or 

	 	
       

	10.8 	
      if an encumbrancer takes possession or a receiver or
      other similar officer is appointed in respect of the whole or any material
      part of the assets or undertakings or the equivalent thereof of the
      Borrower; or 

	 	
       

	10.9 	
      it becomes unlawful for the Borrower to perform its
      obligations under this agreement or any such documents becomes
      unenforceable; or 

then the obligations of the Lender under this Facility may at
the sole discretion of the Lender be terminated forthwith and the entire amount
of the Facility together with accrued interest thereon and outstanding and any
other amounts payable hereunder shall immediately become due and payable without
further notice of any kind and the Lender shall have the immediate right to
enforce any of its rights under this Facility

	11. 	Qualification Criteria 
	 	 
		
      In order for the Borrower to call for a tranche of the
      Facility it must provide the Borrower with the following:
  

Each tranche is secured by reaching pre-agreed milestones,
which is attached hereto -

4

	     
     	2nd tranche
      –       	
      business infrastructure in place, product services live,
      demo services live, corporate and consumer website live, sales and
      marketing collateral in place, leads generated to ensure 1st
      sale, partnerships and alliances in place 

	 	  	
       

	 	3rd tranche - 	
      Revenue needs to be generated 

	 	  	
       

	   	4th tranche
      -   	
      Profitable business or a very clear path to break even
      must be in place, with the funds being used to increase sales and
      marketing efforts. 

	 	  	
       

	 	5th tranche - 	
      will be available if deemed needed

	12. 	Fees and Expenses 

The Borrower undertakes on demand by the Lender to reimburse
the Lender for all charges costs and expenses incurred by the Lender in
connection with the establishment of this Facility and all monies which the
Lender may expend or become liable for in enforcing all or any of its rights or
remedies hereunder whether or not the Facility is drawn down pursuant to this
agreement

	13. 	Benefit of Assignment 

The Borrower may not assign its rights or obligations
hereunder. The Lender may at any time upon written notice to the Borrower assign
all or any part of its rights or obligations under this agreement to whomsoever
the Lender wishes

	14. 	Notices 

All notices required to be given under the terms of this
agreement shall be in writing and in the case of the Lender shall be sent to and
in the case of the Borrower shall be given to the address for service herein
before appearing. Any such notice may be delivered personally by first class
pre-paid registered delivery post or facsimile transmission and shall be deemed
to have been served if by hand when delivered if by first class registered
delivery post 48 hours after posting and if by facsimile transmission when
despatched

	15. 	
      Law and Jurisdiction 

	 	
       

	15.1 	
      This agreement shall be governed by and construed in
      accordance with the laws of England 

	 	
       

	15.2 	
      Any dispute arising between the parties concerning this
      agreement shall be determined by the English Courts and the parties hereby
      submit to the exclusive jurisdiction of the English Courts for such
      purpose 

	 	
       

	16. 	
      Waiver 

No failure to exercise nor delay in exercising on the part of
the Lender any right or remedy hereunder shall operate as a waiver thereof nor
shall any single or partial exercise of any right or remedy prevent any further
or other exercise thereof or the exercise of any other right or remedy

	17. 	The Contracts (Rights Of Third Parties) Act 1999

The parties hereto do not intend that any term of this
Agreement should be enforceable by any third party as provided by The Contracts
(Rights Of Third Parties) Act 1999

5

IN WITNESS whereof the parties hereto have executed this
  Agreement 

SIGNED as a DEED by 

  PLAYBOX INC                                                             /s/
  Malcolm Nickerson

  a Company incorporated in Seychelles 

  acting by a person who in accordance with

  the laws of that territory is acting under 

  the authority of the Company:-

Signed at - Crosbies, Antigua, October 12th 2004

  By: Malcolm Nickerson for OCMS Ltd.

  Title: Director

EXECUTED as a deed by

  PLAYBOX MEDIA LIMITED acting 

  by a Director and Company 

  Secretary or by two Directors

Director        Robert Burden

Witness              Basar
  Korkankorkmaz

        Flat17, Robert’s Court, 23 Essex Rd,
  London N1 2SA 

6

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