Document:

Contact Name

    
      

    

     

    Exhibit
      10.4

     

    SUBSIDIARY
      GUARANTY

     

    

    
      	
              New
                York, New York

            	
              January
                27, 2006

            

    

     

    FOR
      VALUE
      RECEIVED, and in consideration of note purchases from, or credit otherwise
      extended or to be extended by Laurus Master Fund, Ltd. (“Laurus”) to or for the
      account of Impart Media Group, Inc., a Nevada corporation (the “Parent”) and
      Impart, Inc., a Washington corporation (“Impart” and together with the Parent,
      the “Companies” and each, a “Company”) from time to time and at any time and for
      other good and valuable consideration and to induce Laurus, in its discretion,
      to purchase such notes or make other extensions of credit and to make or grant
      such renewals, extensions, releases of collateral or relinquishments of legal
      rights as Laurus may deem advisable, each of the undersigned (and each of them
      if more than one, the liability under this Guaranty being joint and several)
      (jointly and severally referred to as “Guarantors” or “the undersigned”)
      unconditionally guaranties to Laurus, its successors, endorsees and assigns
      the
      prompt payment when due (whether by acceleration or otherwise) of all present
      and future obligations and liabilities of any and all kinds of each Company
      to
      Laurus and of all instruments of any nature evidencing or relating to any such
      obligations and liabilities upon which such Company or one or more parties
      and
      such Company is or may become liable to Laurus, whether incurred by such Company
      as maker, endorser, drawer, acceptor, guarantors, accommodation party or
      otherwise, and whether due or to become due, secured or unsecured, absolute
      or
      contingent, joint or several, and however or whenever acquired by Laurus,
      whether arising under, out of, or in connection with (i) that certain Security
      Agreement dated as of the date hereof by and among the Parent, the other
      Companies named therein and Laurus (the “Security Agreement”) and (ii) each
      Ancillary Agreement referred to in the Security Agreement] (the Security
      Agreement and each Ancillary Agreement, as each may be amended, modified,
      restated and/or supplemented from time to time, are collectively referred to
      herein as the “Documents”), or any documents, instruments or agreements relating
      to or executed in connection with the Documents or any documents, instruments
      or
      agreements referred to therein or otherwise, or any other obligations or
      liabilities of such Company to Laurus, whether now existing or hereafter
      arising, direct or indirect, liquidated or unliquidated, absolute or contingent,
      due or not due and whether under, pursuant to or evidenced by a note, agreement,
      guaranty, instrument or otherwise (all of which are herein collectively referred
      to as the “Obligations”), and irrespective of the genuineness, validity,
      regularity or enforceability of such Obligations, or of any instrument
      evidencing any of the Obligations or of any collateral therefor or of the
      existence or extent of such collateral, and irrespective of the allowability,
      allowance or disallowance of any or all of the Obligations in any case commenced
      by or against any Company under Title 11, United States Code, including, without
      limitation, obligations or indebtedness of any Company for post-petition
      interest, fees, costs and charges that would have accrued or been added to
      the
      Obligations but for the commencement of such case. Terms not otherwise defined
      herein shall have the meaning assigned such terms in the Security Agreement.
      In
      furtherance of the foregoing, the undersigned hereby agrees as
      follows:

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1.    No
      Impairment.
      Laurus
      may at any time and from time to time, either before or after the maturity
      thereof, without notice to or further consent of the undersigned, extend the
      time of payment of, exchange or surrender any collateral for, renew or extend
      any of the Obligations or increase or decrease the interest rate thereon, or
      any
      other agreement with any Company or with any other party to or person liable
      on
      any of the Obligations, or interested therein, for the extension, renewal,
      payment, compromise, discharge or release thereof, in whole or in part, or
      for
      any modification of the terms thereof or of any agreement between Laurus and
      any
      Company or any such other party or person, or make any election of rights Laurus
      may deem desirable under the United States Bankruptcy Code, as amended, or
      any
      other federal or state bankruptcy, reorganization, moratorium or insolvency
      law
      relating to or affecting the enforcement of creditors’ rights generally (any of
      the foregoing, an “Insolvency Law”) without in any way impairing or affecting
      this Guaranty. This Guaranty shall be effective regardless of the subsequent
      incorporation, merger or consolidation of any Company, or any change in the
      composition, nature, personnel or location of any Company and shall extend
      to
      any successor entity to each Company, including a debtor in possession or the
      like under any Insolvency Law.

     

    2.    Guaranty
      Absolute.
      Subject
      to Section 5(c) hereof, each of the undersigned jointly and severally guarantees
      that the Obligations will be paid strictly in accordance with the terms of
      the
      Documents and/or any other document, instrument or agreement creating or
      evidencing the Obligations, regardless of any law, regulation or order now
      or
      hereafter in effect in any jurisdiction affecting any of such terms or the
      rights of any Company with respect thereto. Guarantors hereby knowingly accept
      the full range of risk encompassed within a contract of “continuing guaranty”
which risk includes the possibility that a Company will contract additional
      obligations and liabilities for which Guarantors may be liable hereunder after
      such Company’s financial condition or ability to pay its lawful debts when they
      fall due has deteriorated, whether or not such Company has properly authorized
      incurring such additional obligations and liabilities. The undersigned
      acknowledge that (i) no oral representations, including any representations
      to
      extend credit or provide other financial accommodations to any Company, have
      been made by Laurus to induce the undersigned to enter into this Guaranty and
      (ii) any extension of credit to any Company shall be governed solely by the
      provisions of the Documents. The liability of each of the undersigned under
      this
      Guaranty shall be absolute and unconditional, in accordance with its terms,
      and
      shall remain in full force and effect without regard to, and shall not be
      released, suspended, discharged, terminated or otherwise affected by, any
      circumstance or occurrence whatsoever, including, without limitation: (a) any
      waiver, indulgence, renewal, extension, amendment or modification of or
      addition, consent or supplement to or deletion from or any other action or
      inaction under or in respect of the Documents or any other instruments or
      agreements relating to the Obligations or any assignment or transfer of any
      thereof, (b) any lack of validity or enforceability of any Document or other
      documents, instruments or agreements relating to the Obligations or any
      assignment or transfer of any thereof, (c) any furnishing of any additional
      security to Laurus or its assignees or any acceptance thereof or any release
      of
      any security by Laurus or its assignees, (d) any limitation on any party’s
      liability or obligation under the Documents or any other documents, instruments
      or agreements relating to the Obligations or any assignment or transfer of
      any
      thereof or any invalidity or unenforceability, in whole or in part, of any
      such
      document, instrument or agreement or any term thereof, (e) any bankruptcy,
      insolvency, reorganization, composition, adjustment, dissolution, liquidation
      or
      other like proceeding relating to any Company, or any action taken with respect
      to this Guaranty by any trustee or receiver, or by any court, in any such
      proceeding, whether or not the undersigned shall have notice or knowledge of
      any
      of the foregoing, (f) any exchange, release or nonperfection of any collateral,
      or any release, or amendment or waiver of or consent to departure from any
      guaranty or security, for all or any of the Obligations or (g) any other
      circumstance which might otherwise constitute a defense available to, or a
      discharge of, the undersigned. Any amounts due from the undersigned to Laurus
      shall bear interest until such amounts are paid in full at the highest rate
      then
      applicable to the Obligations. Obligations include post-petition interest
      whether or not allowed or allowable.

    
      
        
        

      

      
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              3.

            	
              Waivers.

            

    

     

    (a)    This
      Guaranty is a guaranty of payment and not of collection. Laurus shall be under
      no obligation to institute suit, exercise rights or remedies or take any other
      action against any Company or any other person or entity liable with respect
      to
      any of the Obligations or resort to any collateral security held by it to secure
      any of the Obligations as a condition precedent to the undersigned being
      obligated to perform as agreed herein and each of the Guarantors hereby waives
      any and all rights which it may have by statute or otherwise which would require
      Laurus to do any of the foregoing. Each of the Guarantors further consents
      and
      agrees that Laurus shall be under no obligation to marshal any assets in favor
      of Guarantors, or against or in payment of any or all of the Obligations. Each
      of the undersigned hereby waives all suretyship defenses and any rights to
      interpose any defense, counterclaim or offset of any nature and description
      which the undersigned may have or which may exist between and among Laurus,
      any
      Company and/or the undersigned with respect to the undersigned’s obligations
      under this Guaranty, or which any Company may assert on the underlying debt,
      including but not limited to failure of consideration, breach of warranty,
      fraud, payment (other than cash payment in full of the Obligations), statute
      of
      frauds, bankruptcy, infancy, statute of limitations, accord and satisfaction,
      and usury. 

     

    (b)    Each
      of
      the undersigned further waives (i) notice of the acceptance of this Guaranty,
      of
      the extensions of credit, and of all notices and demands of any kind to which
      the undersigned may be entitled, including, without limitation, notice of
      adverse change in any Company’s financial condition or of any other fact which
      might materially increase the risk of the undersigned and (ii) presentment
      to or
      demand of payment from anyone whomsoever liable upon any of the Obligations,
      protest, notices of presentment, non-payment or protest and notice of any sale
      of collateral security or any default of any sort.

     

    (c)    Notwithstanding
      any payment or payments made by the undersigned hereunder, or any setoff or
      application of funds of the undersigned by Laurus, the undersigned shall not
      be
      entitled to be subrogated to any of the rights of Laurus against any Company
      or
      against any collateral or guarantee or right of offset held by Laurus for the
      payment of the Obligations, nor shall the undersigned seek or be entitled to
      seek any contribution or reimbursement from any Company in respect of payments
      made by the undersigned hereunder, until all amounts owing to Laurus by each
      Company on account of the Obligations are indefeasibly paid in full and Laurus’
obligation to extend credit pursuant to the Documents has been irrevocably
      terminated. If, notwithstanding the foregoing, any amount shall be paid to
      the
      undersigned on account of such subrogation rights at any time when all of the
      Obligations shall not have been paid in full and Laurus’ obligation to extend
      credit pursuant to the Documents shall not have been terminated, such amount
      shall be held by the undersigned in trust for Laurus, segregated from other
      funds of the undersigned, and shall forthwith upon, and in any event within
      two
      (2) business days of, receipt by the undersigned, be turned over to Laurus
      in
      the exact form received by the undersigned (duly endorsed by the undersigned
      to
      Laurus, if required), to be applied against the Obligations, whether matured
      or
      unmatured, in such order as Laurus may determine, subject to the provisions
      of
      the Documents. Any and all present and future obligations and liabilities of
      each Company to any of the undersigned are hereby waived and postponed in favor
      of, and subordinated to the full payment and performance of, all Obligations
      of
      each Company to Laurus.

    
      
        
        

      

      
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    4.    Security.
      All
      sums at any time to the credit of the undersigned and any property of the
      undersigned in Laurus’ possession or in the possession of any bank, financial
      institution or other entity that directly or indirectly, through one or more
      intermediaries, controls or is controlled by, or is under common control with,
      Laurus (each such entity, an “Affiliate”) shall be deemed held by Laurus or such
      Affiliate, as the case may be, as security for any and all of the undersigned’s
      obligations and liabilities to Laurus and to any Affiliate of Laurus, no matter
      how or when arising and whether under this or any other instrument, agreement
      or
      otherwise. 

     

    5.    Representations
      and Warranties.
      Each of
      the undersigned hereby jointly and severally represents and warrants (all of
      which representations and warranties shall survive until all Obligations are
      indefeasibly satisfied in full and the Documents have been irrevocably
      terminated), that:

     

    (a)    Corporate
      Status.
      It is a
      corporation, partnership or limited liability company, as the case may be,
      duly
      formed, validly existing and in good standing under the laws of its jurisdiction
      of formation indicated on the signature page hereof and has full power,
      authority and legal right to own its property and assets and to transact the
      business in which it is engaged.

     

    (b)    Authority
      and Execution.
      It has
      full power, authority and legal right to execute and deliver, and to perform
      its
      obligations under, this Guaranty and has taken all necessary corporate,
      partnership or limited liability company, as the case may be, action to
      authorize the execution, delivery and performance of this Guaranty.

     

    (c)    Legal,
      Valid and Binding Character.
      This
      Guaranty constitutes its legal, valid and binding obligation enforceable in
      accordance with its terms, except as enforceability may be limited by applicable
      bankruptcy, insolvency, reorganization, moratorium or other laws of general
      application affecting the enforcement of creditor’s rights and general
      principles of equity that restrict the availability of equitable or legal
      remedies. 

     

    (d)    Violations.
      The
      execution, delivery and performance of this Guaranty will not violate any
      requirement of law applicable to it or any contract, agreement or instrument
      to
      which it is a party or by which it or any of its property is bound or result
      in
      the creation or imposition of any mortgage, lien or other encumbrance other
      than
      in favor of Laurus on any of its property or assets pursuant to the provisions
      of any of the foregoing, which, in any of the foregoing cases, could reasonably
      be expected to have, either individually or in the aggregate, a Material Adverse
      Effect.

    
      
        
        

      

      
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    (e)    Consents
      or Approvals.
      No
      consent of any other person or entity (including, without limitation, any
      creditor of the undersigned) and no consent, license, permit, approval or
      authorization of, exemption by, notice or report to, or registration, filing
      or
      declaration with, any governmental authority is required in connection with
      the
      execution, delivery, performance, validity or enforceability of this Guaranty
      by
      it, except to the extent that the failure to obtain any of the foregoing could
      not reasonably be expected to have, either individually or in the aggregate,
      a
      Material Adverse Effect.

     

    (f)    Litigation.
      No
      litigation, arbitration, investigation or administrative proceeding of or before
      any court, arbitrator or governmental authority, bureau or agency is currently
      pending or, to the best of its knowledge, threatened (i) with respect to this
      Guaranty or any of the transactions contemplated by this Guaranty or (ii)
      against or affecting it, or any of its property or assets, which, in each of
      the
      foregoing cases, if adversely determined, could reasonably be expected to have
      a
      Material Adverse Effect.

     

    (g)    Financial
      Benefit.
      It has
      derived or expects to derive a financial or other advantage from each and every
      loan, advance or extension of credit made under the Documents or other
      Obligation incurred by the Companies to Laurus.

     

    (h)    Solvency.
      As of
      the date of this Guaranty, (a) the fair saleable value of its assets exceeds
      its
      liabilities and (b) it is meeting its current liabilities as they
      mature.

     

    
      	 	
              6.

            	
              Acceleration.

            

    

     

    (a)    If
      any
      breach of any covenant or condition or other event of default shall occur and
      be
      continuing under any agreement made by any Company or any of the undersigned
      to
      Laurus, or either any Company or any of the undersigned should at any time
      become insolvent, or make a general assignment, or if a proceeding in or under
      any Insolvency Law shall be filed or commenced by, or in respect of, any of
      the
      undersigned, or if a notice of any lien, levy, or assessment is filed of record
      with respect to any assets of any of the undersigned by the United States of
      America or any department, agency, or instrumentality thereof, or if any taxes
      or debts owing at any time or times hereafter to any one of them becomes a
      lien
      or encumbrance upon any assets of the undersigned in Laurus’ possession, or
      otherwise, any and all Obligations shall for purposes hereof, at Laurus’ option,
      be deemed due and payable without notice notwithstanding that any such
      Obligation is not then due and payable by the Companies.

     

    (b)    Each
      of
      the undersigned will promptly notify Laurus of any default by such undersigned
      in its respective performance or observance of any term or condition of any
      agreement to which the undersigned is a party if the effect of such default
      is
      to cause, or permit the holder of any obligation under such agreement to cause,
      such obligation to become due prior to its stated maturity and, if such an
      event
      occurs, Laurus shall have the right to accelerate such undersigned’s obligations
      hereunder.

    
      
        
        

      

      
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    7.    Payments
      from Guarantors.
      Laurus,
      in its sole and absolute discretion, with or without notice to the undersigned,
      may apply on account of the Obligations any payment from the undersigned or
      any
      other guarantors, or amounts realized from any security for the Obligations,
      or
      may deposit any and all such amounts realized in a non-interest bearing cash
      collateral deposit account to be maintained as security for the
      Obligations.

     

    8.    Costs.
      The
      undersigned shall pay on demand, all costs, fees and expenses (including
      expenses for legal services of every kind) relating or incidental to the
      enforcement or protection of the rights of Laurus hereunder or under any of
      the
      Obligations.

     

    9.    No
      Termination.
      This is
      a continuing irrevocable guaranty and shall remain in full force and effect
      and
      be binding upon the undersigned, and each of the undersigned’s successors and
      assigns, until all of the Obligations have been indefeasibly paid in full and
      Laurus’ obligation to extend credit pursuant to the Documents has been
      irrevocably terminated. If any of the present or future Obligations are
      guarantied by persons, partnerships, corporations or other entities in addition
      to the undersigned, the death, release or discharge in whole or in part or
      the
      bankruptcy, merger, consolidation, incorporation, liquidation or dissolution
      of
      one or more of them shall not discharge or affect the liabilities of any
      undersigned under this Guaranty.

     

    10.   Recapture.
      Anything in this Guaranty to the contrary notwithstanding, if Laurus receives
      any payment or payments on account of the liabilities guaranteed hereby, which
      payment or payments or any part thereof are subsequently invalidated, declared
      to be fraudulent or preferential, set aside and/or required to be repaid to
      a
      trustee, receiver, or any other party under any Insolvency Law, common law
      or
      equitable doctrine, then to the extent of any sum not finally retained by
      Laurus, the undersigned’s obligations to Laurus shall be reinstated and this
      Guaranty shall remain in full force and effect (or be reinstated) until payment
      shall have been made to Laurus, which payment shall be due on
      demand.

     

    11.   Books
      and Records.
      The
      books and records of Laurus showing the account between Laurus and each Company
      shall be admissible in evidence in any action or proceeding, shall be binding
      upon the undersigned for the purpose of establishing the items therein set
      forth
      and shall constitute prima facie proof thereof.

     

    12.   No
      Waiver.
      No
      failure on the part of Laurus to exercise, and no delay in exercising, any
      right, remedy or power hereunder shall operate as a waiver thereof, nor shall
      any single or partial exercise by Laurus of any right, remedy or power hereunder
      preclude any other or future exercise of any other legal right, remedy or power.
      Each and every right, remedy and power hereby granted to Laurus or allowed
      it by
      law or other agreement shall be cumulative and not exclusive of any other,
      and
      may be exercised by Laurus at any time and from time to time.

     

    13.   Waiver
      of Jury Trial.
      EACH OF
      THE UNDERSIGNED DESIRES THAT ITS DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
      APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS
      OF
      THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH OF THE UNDERSIGNED HERETO WAIVES
      ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO
      RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN
      LAURUS, AND/OR ANY OF THE UNDERSIGNED ARISING OUT OF, CONNECTED WITH, RELATED
      OR
      INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH
      THIS
      GUARANTY, ANY DOCUMENT OR THE TRANSACTIONS RELATED HERETO OR
      THERETO.

    
      
        
        

      

      
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    14.   Governing
      Law; Jurisdiction.
      THIS
      GUARANTY CANNOT BE CHANGED OR TERMINATED ORALLY, AND SHALL BE GOVERNED BY AND
      CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
      APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT REGARD TO
      PRINCIPLES OF CONFLICTS OF LAWS. EACH OF THE UNDERSIGNED HEREBY CONSENTS AND
      AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK,
      STATE
      OF NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS
      OR DISPUTES BETWEEN ANY OF THE UNDERSIGNED, ON THE ONE HAND, AND LAURUS, ON
      THE
      OTHER HAND, PERTAINING TO THIS GUARANTY OR ANY OF THE DOCUMENTS OR TO ANY MATTER
      ARISING OUT OF OR RELATED TO THIS GUARANTY OR ANY OF THE DOCUMENTS; PROVIDED,
      THAT
      EACH OF THE UNDERSIGNED ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY
      HAVE
      TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE COUNTY OF NEW YORK, STATE OF
      NEW
      YORK; AND FURTHER PROVIDED,
      THAT
      NOTHING IN THIS GUARANTY SHALL BE DEEMED OR OPERATE TO PRECLUDE LAURUS FROM
      BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT
      THE OBLIGATIONS, TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE
      OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF LAURUS.
      EACH OF THE UNDERSIGNED EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH
      JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH
      UNDERSIGNED HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF
      PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM
      NON CONVENIENS.
      EACH OF
      THE UNDERSIGNED HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND
      OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF
      SUCH
      SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED
      MAIL
      ADDRESSED TO SUCH UNDERSIGNED IN ACCORDANCE WITH SECTION 18 AND THAT SERVICE
      SO
      MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH UNDERSIGNED’S ACTUAL
      RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER
      POSTAGE PREPAID.

     

    15.   Understanding
      With Respect to Waivers and Consents.
      Each
      Guarantor warrants and agrees that each of the waivers and consents set forth
      in
      this Guaranty is made voluntarily and unconditionally after consultation with
      outside legal counsel and with full knowledge of its significance and
      consequences, with the understanding that events giving rise to any defense
      or
      right waived may diminish, destroy or otherwise adversely affect rights which
      such Guarantor otherwise may have against any Company, Laurus or any other
      person or entity or against any collateral. If, notwithstanding the intent
      of
      the parties that the terms of this Guaranty shall control in any and all
      circumstances, any such waivers or consents are determined to be unenforceable
      under applicable law, such waivers and consents shall be effective to the
      maximum extent permitted by law.

    
      
        
        

      

      
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    16.   Severability.
      To the
      extent permitted by applicable law, any provision of this Guaranty which is
      prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
      be ineffective to the extent of such prohibition or unenforceability without
      invalidating the remaining provisions hereof, and any such prohibition or
      unenforceability in any jurisdiction shall not invalidate or render
      unenforceable such provision in any other jurisdiction.

     

    17.   Amendments,
      Waivers.
      No
      amendment or waiver of any provision of this Guaranty nor consent to any
      departure by the undersigned therefrom shall in any event be effective unless
      the same shall be in writing executed by each of the undersigned directly
      affected by such amendment and/or waiver and Laurus.

     

    18.   Notice.
      All
      notices, requests and demands to or upon the undersigned, shall be in writing
      and shall be deemed to have been duly given or made (a) when delivered, if
      by
      hand, (b) three (3) days after being sent, postage prepaid, if by
      registered or certified mail, (c) when confirmed electronically, if by
      facsimile, or (d) when delivered, if by a recognized overnight delivery service
      in each event, to the numbers and/or address set forth beneath the signature
      of
      the undersigned.

     

    19.   Successors.
      Laurus
      may, from time to time, without notice to the undersigned, sell, assign,
      transfer or otherwise dispose of all or any part of the Obligations and/or
      rights under this Guaranty. Without limiting the generality of the foregoing,
      Laurus may assign, or grant participations to, one or more banks, financial
      institutions or other entities all or any part of any of the Obligations. In
      each such event, Laurus, its Affiliates and each and every immediate and
      successive purchaser, assignee, transferee or holder of all or any part of
      the
      Obligations shall have the right to enforce this Guaranty, by legal action
      or
      otherwise, for its own benefit as fully as if such purchaser, assignee,
      transferee or holder were herein by name specifically given such right. Laurus
      shall have an unimpaired right to enforce this Guaranty for its benefit with
      respect to that portion of the Obligations which Laurus has not disposed of,
      sold, assigned, or otherwise transferred.

     

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

     

    21.   Release.
      Nothing
      except indefeasible payment in full of the Obligations shall release any of
      the
      undersigned from liability under this Guaranty.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    22.   Remedies
      Not Exclusive.
      The
      remedies conferred upon Laurus in this Guaranty are intended to be in addition
      to, and not in limitation of any other remedy or remedies available to Laurus
      under applicable law or otherwise.

     

    23.   Limitation
      of Obligations under this Guaranty.
      Each
      Guarantor and Laurus (by its acceptance of the benefits of this Guaranty) hereby
      confirms that it is its intention that this Guaranty not constitute a fraudulent
      transfer or conveyance for purposes of the Bankruptcy Code, the Uniform
      Fraudulent Conveyance Act of any similar Federal or state law. To effectuate
      the
      foregoing intention, each Guarantor and Laurus (by its acceptance of the
      benefits of this Guaranty) hereby irrevocably agrees that the Obligations
      guaranteed by such Guarantor shall be limited to such amount as will, after
      giving effect to such maximum amount and all other (contingent or otherwise)
      liabilities of such Guarantor that are relevant under such laws and after giving
      effect to any rights to contribution pursuant to any agreement providing for
      an
      equitable contribution among such Guarantor and the other Guarantors (including
      this Guaranty), result in the Obligations of such Guarantor under this Guaranty
      in respect of such maximum amount not constituting a fraudulent transfer or
      conveyance. 

     

    [REMAINDER
      OF THIS PAGE IS BLANK.

    SIGNATURE
      PAGE IMMEDIATELY FOLLOWS] 

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, this Guaranty has been executed by the undersigned as of the
      date and year here above written.

     

    
      
        	 	
                IMPART
                  MEDIA GROUP, INC.

              
	 	 	 	 	 
	 	 	 	 	 
	 	By:	
                /s/Joseph
                  Martinez

              	 
	 	Name:
                Joseph Martinez	 
	 	Title:  
                Chief Financial	 
	 	 	 	 
	 	Address:  
                1300 North Northlake Way 	 
	 	
                   
                  Seattle, Washington 98103

              	 
	 	Telephone:
                (206) 633-1852	 
	 	Facsimile:
                (949) 725-1160	 
	 	State
                of Formation: Nevada	 
	 	 	 	 
	 	 	 	 
	 	
                IMPART,
                  INC.

              
	 	 
	 	
                By:

              	
                /s/Joseph
                  Martinez

              	 
	 	
                Name:
                  Joseph Martinez

              
	 	
                Title: 
                  Chief Financial Officer

              
	 	 
	 	
                Address:  
                  1300 North Northlake Way

              
	 	
                Seattle,
                  Washington 98103

              
	 	
                Telephone:
                  (206) 633-1852

              
	 	
                Facsimile:
                  (949) 725-1160

              
	 	
                State
                  of Formation: Washington

              

      

    

     

     

    10Exhibit 10.5

    
      

    

     

    Exhibit
      10.5

     

    

     

    REGISTRATION
      RIGHTS AGREEMENT

     

    This
      Registration Rights Agreement (this “Agreement”) is made and entered into as of
      January 27, 2006, by and between IMPART MEDIA GROUP, INC., a Nevada corporation
      (the “Company”), and Laurus Master Fund, Ltd. (the “Purchaser”). 

     

    This
      Agreement is made pursuant to the Security Agreement, dated as of the date
      hereof, by and among the Purchaser, the Company and various subsidiaries of
      the
      Company (as amended, modified or supplemented from time to time, the “Security
      Agreement”), and pursuant to the Warrants referred to therein.

     

    The
      Company and the Purchaser hereby agree as follows: 

     

    1.    
Definitions.
      Capitalized terms used and not otherwise defined herein that are defined in
      the
      Security Agreement shall have the meanings given such terms in the Security
      Agreement. As used in this Agreement, the following terms shall have the
      following meanings: 

     

    “Commission”
      means
      the Securities and Exchange Commission.

     

    “Common
      Stock”
      means
      shares of the Company’s common stock, par value $0.01 per share. 

     

    “Effectiveness
      Date”
      means,
      (i) with respect to the Registration Statement required to be filed in
      connection with the Warrants issued on the date hereof, a date no later than
      one
      hundred eighty (180) days following such date and (ii) with respect to each
      additional Registration Statement required to be filed hereunder (if any),
      a
      date no later than thirty (30) days following the applicable Filing
      Date.

     

    “Effectiveness
      Period”
      has the
      meaning set forth in Section 2(a). 

     

    “Exchange
      Act”
      means
      the Securities Exchange Act of 1934, as amended, and any successor
      statute.

     

    “Filing
      Date”
      means,
      with respect to (1) the Registration Statement required to be filed in
      connection with the shares of Common Stock issuable to the Holder upon exercise
      of a Warrant, April 15, 2006, and (2) the Registration Statement required to
      be
      filed in connection with the shares of Common Stock issuable to the Holder
      as a
      result of adjustments to the Exercise Price made pursuant to Section 4 of the
      Warrant or otherwise, thirty (30) days after the occurrence of such event or
      the
      date of the adjustment of the Exercise Price.

     

    “Holder”
      or
“Holders”
      means
      the Purchaser or any of its affiliates or transferees to the extent any of
      them
      hold Registrable Securities, other than those purchasing Registrable Securities
      in a market transaction.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Indemnified
      Party”
      has the
      meaning set forth in Section 5(c).

     

    “Indemnifying
      Party”
      has the
      meaning set forth in Section 5(c).

     

    “Proceeding”
      means an
      action, claim, suit, investigation or proceeding (including, without limitation,
      an investigation or partial proceeding, such as a deposition), whether commenced
      or threatened. 

     

    “Prospectus”
      means
      the prospectus included in a Registration Statement (including, without
      limitation, a prospectus that includes any information previously omitted from
      a
      prospectus filed as part of an effective registration statement in reliance
      upon
      Rule 430A promulgated under the Securities Act), as amended or supplemented
      by
      any prospectus supplement, with respect to the terms of the offering of any
      portion of the Registrable Securities covered by such Registration Statement,
      and all other amendments and supplements to the Prospectus, including
      post-effective amendments, and all material incorporated by reference or deemed
      to be incorporated by reference in such Prospectus. 

     

    “Registrable
      Securities”
      means
      the shares of Common Stock issuable upon exercise of the Warrants.

     

    “Registration
      Statement”
      means
      each registration statement required to be filed hereunder, including the
      Prospectus therein, amendments and supplements to such registration statement
      or
      Prospectus, including pre- and post-effective amendments, all exhibits thereto,
      and all material incorporated by reference or deemed to be incorporated by
      reference in such registration statement. 

     

    “Rule
      144”
      means
      Rule 144 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    “Rule
      415”
      means
      Rule 415 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    “Securities
      Act”
      means
      the Securities Act of 1933, as amended, and any successor statute.

     

    “Security
      Agreement”
      has the
      meaning given to such term in the Preamble hereto.

     

    “Trading
      Market”
      means
      any of the National Association of Securities Dealers Over The Counter Bulletin
      Board, NASDAQ Capital Market, the NASDAQ National Market, the American Stock
      Exchange or the New York Stock Exchange 

     

    “Warrants”
      means
      the Common Stock purchase warrants issued in connection with the Security
      Agreement, whether on the date thereof or thereafter.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              2.

            	
              Registration.

            

    

     

    (a)    On
      or
      prior to each Filing Date, the Company shall prepare and file with the
      Commission a Registration Statement covering the Registrable Securities for
      a
      selling stockholder resale offering to be made on a continuous basis pursuant
      to
      Rule 415. Each Registration Statement shall be on Form SB-2 or Form S-3 (except
      if the Company is not then eligible to register for resale the Registrable
      Securities on such forms, in which case such registration shall be on another
      appropriate form in accordance herewith). The Company shall cause each
      Registration Statement to become effective and remain effective as provided
      herein. The Company shall use its best efforts to cause each Registration
      Statement to be declared effective under the Securities Act as promptly as
      possible after the filing thereof, but in any event no later than the
      Effectiveness Date. The Company shall use its reasonable commercial efforts
      to
      keep each Registration Statement continuously effective under the Securities
      Act
      until the date which is the earlier date of when (i) all Registrable Securities
      covered by such Registration Statement have been sold or (ii) all Registrable
      Securities covered by such Registration Statement may be sold immediately
      without registration under the Securities Act and without volume restrictions
      pursuant to Rule 144(k), as determined by the counsel to the Company pursuant
      to
      a written opinion letter to such effect, addressed and acceptable to the
      Company’s transfer agent and the affected Holders (each, an “Effectiveness
      Period”).

     

    (b)    Within
      three business days of the Effectiveness Date, the Company shall cause its
      counsel to issue a blanket opinion substantially in the form attached hereto
      as
      Exhibit A, which opinion shall be satisfactory to Laurus in its sole discretion,
      to the transfer agent stating that the shares are subject to an effective
      registration statement and can be reissued free of restrictive legend upon
      notice of a sale by the Purchaser and confirmation by the Purchaser that it
      has
      complied with the prospectus delivery requirements, provided that the Company
      or
      such counsel has not advised the transfer agent orally or in writing that the
      opinion has been withdrawn. Copies of the blanket opinion required by this
      Section 2(b) shall be delivered to the Purchaser within the time frame set
      forth
      above. 

     

    3.    Registration
      Procedures.
      If and
      whenever the Company is required by the provisions hereof to effect the
      registration of any Registrable Securities under the Securities Act, the Company
      will, as expeditiously as possible: 

     

    (a)    prepare
      and file with the Commission a Registration Statement with respect to such
      Registrable Securities, respond as promptly as possible to any comments received
      from the Commission, and use its best efforts to cause such Registration
      Statement to become and remain effective for the Effectiveness Period with
      respect thereto, and promptly provide to the Purchaser copies of all filings
      and
      Commission letters of comment relating thereto;

     

    (b)    prepare
      and file with the Commission such amendments and supplements to such
      Registration Statement and the Prospectus used in connection therewith as may
      be
      necessary to comply with the provisions of the Securities Act with respect
      to
      the disposition of all Registrable Securities covered by such Registration
      Statement and to keep such Registration Statement effective until the expiration
      of the Effectiveness Period applicable to such Registration
      Statement;

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (c)    furnish
      to the Purchaser such number of copies of the Registration Statement and the
      Prospectus included therein (including each preliminary Prospectus) as the
      Purchaser reasonably may request to facilitate the public sale or disposition
      of
      the Registrable Securities covered by such Registration Statement;

     

    (d)    use
      its
      bestefforts to register or qualify the Purchaser’s Registrable Securities
      covered by such Registration Statement under the securities or “blue sky” laws
      of such jurisdictions within the United States as the Purchaser may reasonably
      request, provided, however, that the Company shall not for any such purpose
      be
      required to qualify generally to transact business as a foreign corporation
      in
      any jurisdiction where it is not so qualified or to consent to general service
      of process in any such jurisdiction;

     

    (e)    list
      the
      Registrable Securities covered by such Registration Statement with any
      securities exchange on which the Common Stock of the Company is then listed;
      

     

    (f)    immediately
      notify the Purchaser at any time when a Prospectus relating thereto is required
      to be delivered under the Securities Act, of the happening of any event of
      which
      the Company has knowledge as a result of which the Prospectus contained in
      such
      Registration Statement, as then in effect, includes an untrue statement of
      a
      material fact or omits to state a material fact required to be stated therein
      or
      necessary to make the statements therein not misleading in light of the
      circumstances then existing; and

     

    (g)    make
      available for inspection by the Purchaser and any attorney, accountant or other
      agent retained by the Purchaser, all publicly available, non-confidential
      financial and other records, pertinent corporate documents and properties of
      the
      Company, and cause the Company’s officers, directors and employees to supply all
      publicly available, non-confidential information reasonably requested by the
      attorney, accountant or agent of the Purchaser.

     

    4.    Registration
      Expenses.
      All
      expenses relating to the Company’s compliance with Sections 2 and 3 hereof,
      including, without limitation, all registration and filing fees, printing
      expenses, fees and disbursements of counsel and independent public accountants
      for the Company, fees and expenses (including reasonable counsel fees) incurred
      in connection with complying with state securities or “blue sky” laws, fees of
      the NASD, transfer taxes, fees of transfer agents and registrars, fees of,
      and
      disbursements incurred by, one counsel for the Holders are called “Registration
      Expenses”. All selling commissions applicable to the sale of Registrable
      Securities, including any fees and disbursements of any special counsel to
      the
      Holders beyond those included in Registration Expenses, are called “Selling
      Expenses.” The Company shall only be responsible for all Registration
      Expenses.

     

    
      	 	
              5.

            	
              Indemnification.

            

    

     

    (a)    In
      the
      event of a registration of any Registrable Securities under the Securities
      Act
      pursuant to this Agreement, the Company will indemnify and hold harmless each
      Holder, and its officers, directors and each other person, if any, who controls
      such Holder within the meaning of the Securities Act, against any losses,
      claims, damages or liabilities, joint or several, to which such Holder, or
      such
      persons may become subject under the Securities Act or otherwise, insofar as
      such losses, claims, damages or liabilities (or actions in respect thereof)
      arise out of or are based upon any untrue statement or alleged untrue statement
      of any material fact contained in any Registration Statement under which such
      Registrable Securities were registered under the Securities Act pursuant to
      this
      Agreement, any preliminary Prospectus or final Prospectus contained therein,
      or
      any amendment or supplement thereof, or arise out of or are based upon the
      omission or alleged omission to state therein a material fact required to be
      stated therein or necessary to make the statements therein not misleading,
      and
      will reimburse such Holder, and each such person for any reasonable legal or
      other expenses incurred by them in connection with investigating or defending
      any such loss, claim, damage, liability or action; provided,
      however,
      that
      the Company will not be liable in any such case if and to the extent that any
      such loss, claim, damage or liability arises out of Purchaser’s failure to
      comply with the prospectus delivery requirements under the Securities Act or
      is
      based upon an untrue statement or alleged untrue statement or omission or
      alleged omission so made in conformity with information furnished by or on
      behalf of the Purchaser or any such person in writing specifically for use
      in
      any such document.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (b)    In
      the
      event of a registration of the Registrable Securities under the Securities
      Act
      pursuant to this Agreement, the Purchaser will indemnify and hold harmless
      the
      Company, and its officers, directors and each other person, if any, who controls
      the Company within the meaning of the Securities Act, against all losses,
      claims, damages or liabilities, joint or several, to which the Company or such
      persons may become subject under the Securities Act or otherwise, insofar as
      such losses, claims, damages or liabilities (or actions in respect thereof)
      arise out of or are based upon any untrue statement or alleged untrue statement
      of any material fact which was furnished in writing by the Purchaser to the
      Company expressly for use in (and such information is contained in) the
      Registration Statement under which such Registrable Securities were registered
      under the Securities Act pursuant to this Agreement, any preliminary Prospectus
      or final Prospectus contained therein, or any amendment or supplement thereof,
      or arise out of or are based upon the omission or alleged omission to state
      therein a material fact required to be stated therein or necessary to make
      the
      statements therein not misleading, and will reimburse the Company and each
      such
      person for any reasonable legal or other expenses incurred by them in connection
      with investigating or defending any such loss, claim, damage, liability or
      action, provided,
      however,
      that
      the Purchaser will be liable in any such case if and only to the extent that
      any
      such loss, claim, damage or liability arises out of or is based upon an untrue
      statement or alleged untrue statement or omission or alleged omission so made
      in
      conformity with information furnished in writing to the Company by or on behalf
      of the Purchaser specifically for use in any such document. Notwithstanding
      the
      provisions of this paragraph, the Purchaser shall not be required to indemnify
      any person or entity in excess of the amount of the aggregate net proceeds
      received by the Purchaser in respect of Registrable Securities in connection
      with any such registration under the Securities Act.

     

    (c)    Promptly
      after receipt by a party entitled to claim indemnification hereunder (an
“Indemnified Party”) of notice of the commencement of any action, such
      Indemnified Party shall, if a claim for indemnification in respect thereof
      is to
      be made against a party hereto obligated to indemnify such Indemnified Party
      (an
“Indemnifying Party”), notify the Indemnifying Party in writing thereof, but the
      omission so to notify the Indemnifying Party shall not relieve it from any
      liability which it may have to such Indemnified Party other than under this
      Section 5(c) and shall only relieve it from any liability which it may have
      to
      such Indemnified Party under this Section 5(c) if and to the extent the
      Indemnifying Party is prejudiced by such omission. In case any such action
      shall
      be brought against any Indemnified Party and it shall notify the Indemnifying
      Party of the commencement thereof, the Indemnifying Party shall be entitled
      to
      participate in and, to the extent it shall wish, to assume and undertake the
      defense thereof with counsel satisfactory to such Indemnified Party, and, after
      notice from the Indemnifying Party to such Indemnified Party of its election
      so
      to assume and undertake the defense thereof, the Indemnifying Party shall not
      be
      liable to such Indemnified Party under this Section 5(c) for any legal expenses
      subsequently incurred by such Indemnified Party in connection with the defense
      thereof; if the Indemnified Party retains its own counsel, then the Indemnified
      Party shall pay all fees, costs and expenses of such counsel, provided,
      however,
      that,
      if the defendants in any such action include both the Indemnified Party and
      the
      Indemnifying Party and the Indemnified Party shall have reasonably concluded
      that there may be reasonable defenses available to it which are different from
      or additional to those available to the Indemnifying Party or if the interests
      of the Indemnified Party reasonably may be deemed to conflict with the interests
      of the Indemnifying Party, the Indemnified Party shall have the right to select
      one separate counsel and to assume such legal defenses and otherwise to
      participate in the defense of such action, with the reasonable expenses and
      fees
      of such separate counsel and other expenses related to such participation to
      be
      reimbursed by the Indemnifying Party as incurred.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (d)    In
      order
      to provide for just and equitable contribution in the event of joint liability
      under the Securities Act in any case in which either (i) the Purchaser, or
      any
      officer, director or controlling person of the Purchaser, makes a claim for
      indemnification pursuant to this Section 5 but it is judicially determined
      (by
      the entry of a final judgment or decree by a court of competent jurisdiction
      and
      the expiration of time to appeal or the denial of the last right of appeal)
      that
      such indemnification may not be enforced in such case notwithstanding the fact
      that this Section 5 provides for indemnification in such case, or (ii)
      contribution under the Securities Act may be required on the part of the
      Purchaser or such officer, director or controlling person of the Purchaser
      in
      circumstances for which indemnification is provided under this Section 5; then,
      and in each such case, the Company and the Purchaser will contribute to the
      aggregate losses, claims, damages or liabilities to which they may be subject
      (after contribution from others) in such proportion so that the Purchaser is
      responsible only for the portion represented by the percentage that the public
      offering price of its securities offered by the Registration Statement bears
      to
      the public offering price of all securities offered by such Registration
      Statement, provided,
      however,
      that,
      in any such case, (A) the Purchaser will not be required to contribute any
      amount in excess of the public offering price of all such securities offered
      by
      it pursuant to such Registration Statement; and (B) no person or entity guilty
      of fraudulent misrepresentation (within the meaning of Section 10(f) of the
      Act)
      will be entitled to contribution from any person or entity who was not guilty
      of
      such fraudulent misrepresentation.

     

    
      	 	
              6.

            	
              Representations
                and Warranties.

            

    

     

    (a)    The
      Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange
      Act and, except with respect to certain matters which the Company has disclosed
      to the Purchaser on Schedule
      12(u)
      to the
      Security Agreement, the Company has timely filed all proxy statements, reports,
      schedules, forms, statements and other documents required to be filed by it
      under the Exchange Act. The Company has filed (i) its Annual Report on Form
      10-KSB for the fiscal year ended December 31, 2004 and (ii) its Quarterly Report
      on Form 10-QSB for the fiscal quarters ended March 31, 2005, June 30, 2005
      and
      September 30, 2005 (collectively, the “SEC Reports”). Each SEC Report was, at
      the time of its filing, in substantial compliance with the requirements of
      its
      respective form and none of the SEC Reports, nor the financial statements (and
      the notes thereto) included in the SEC Reports, as of their respective filing
      dates, contained any untrue statement of a material fact or omitted to state
      a
      material fact required to be stated therein or necessary to make the statements
      therein, in light of the circumstances under which they were made, not
      misleading. The financial statements of the Company included in the SEC Reports
      comply as to form in all material respects with applicable accounting
      requirements and the published rules and regulations of the Commission or other
      applicable rules and regulations with respect thereto. Such financial statements
      have been prepared in accordance with generally accepted accounting principles
      (“GAAP”) applied on a consistent basis during the periods involved (except (i)
      as may be otherwise indicated in such financial statements or the notes thereto
      or (ii) in the case of unaudited interim statements, to the extent they may
      not
      include footnotes or may be condensed) and fairly present in all material
      respects the financial condition, the results of operations and the cash flows
      of the Company and its subsidiaries, on a consolidated basis, as of, and for,
      the periods presented in each such SEC Report.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (b)    The
      Common Stock is quoted for trading on the NASDAQ Over The Counter Bulletin
      Board
      and satisfies all requirements for the continuation of such quotation, and
      the
      Company shall do all things necessary for the continuation of such quotation.
      The Company has not received any notice that its Common Stock will no longer
      be
      quoted on the NASDAQ Over The Counter Bulletin Board (except for prior notices
      which have been fully remedied) or that the Common Stock does not meet all
      requirements for the continuation of such listing

     

    (c)    Neither
      the Company, nor any of its affiliates, nor any person acting on its or their
      behalf, has directly or indirectly made any offers or sales of any security
      or
      solicited any offers to buy any under circumstances that would cause the
      offering of the Securities pursuant to the Security Agreement to be integrated
      with prior offerings by the Company for purposes of the Securities Act which
      would prevent the Company from selling the Common Stock pursuant to Rule 506
      under the Securities Act, or any applicable exchange-related stockholder
      approval provisions, nor will the Company or any of its affiliates or
      subsidiaries take any action or steps that would cause the offering of the
      Common Stock to be integrated with other offerings (other than such concurrent
      offering to the Purchaser).

     

    (d)    The
      Warrants and the shares of Common Stock that the Purchaser may acquire pursuant
      to the Warrants are all restricted securities under the Securities Act as of
      the
      date of this Agreement. The Company will not issue any stop transfer order
      or
      other order impeding the sale and delivery of any of the Registrable Securities
      at such time as such Registrable Securities are registered for public sale
      or an
      exemption from registration is available, except as required by federal or
      state
      securities laws.

     

    (e)    The
      Company understands the nature of the Registrable Securities issuable upon
      the
      exercise of each Warrant and recognizes that the issuance of such Registrable
      Securities may have a potential dilutive effect. The Company specifically
      acknowledges that its obligation to issue the Registrable Securities is binding
      upon the Company and enforceable regardless of the dilution such issuance may
      have on the ownership interests of other shareholders of the
      Company.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (f)    Except
      for agreements made in the ordinary course of business, there is no agreement
      that has not been filed with the Commission as an exhibit to a registration
      statement or to a form required to be filed by the Company under the Exchange
      Act, the breach of which could reasonably be expected to have a material and
      adverse effect on the Company and its subsidiaries, or would prohibit or
      otherwise interfere with the ability of the Company to enter into and perform
      any of its obligations under this Agreement in any material
      respect.

     

    (g)    The
      Company will at all times have authorized and reserved a sufficient number
      of
      shares of Common Stock for the full exercise of the Warrants.

     

    
      	 	
              7.

            	
              Miscellaneous.

            

    

     

    (a)    Remedies.
      In the
      event of a breach by the Company or by a Holder, of any of their respective
      obligations under this Agreement, each Holder or the Company, as the case may
      be, in addition to being entitled to exercise all rights granted by law and
      under this Agreement, including recovery of damages, will be entitled to
      specific performance of its rights under this Agreement.

     

    (b)    No
      Piggyback on Registrations.
      Except
      as and to the extent set forth on Schedule 7(b) hereto, neither the Company
      nor
      any of its security holders (other than the Holders in such capacity pursuant
      hereto) may include securities of the Company in any Registration Statement
      other than the Registrable Securities, and the Company shall not after the
      date
      hereof enter into any agreement providing any such right for inclusion of shares
      in the Registration Statement to any of its security holders. Except as and
      to
      the extent specified in Schedule
      7(b)
      hereto,
      the Company has not previously entered into any agreement granting any
      registration rights with respect to any of its securities to any Person that
      have not been fully satisfied. 

     

    (c)    Compliance.
      Each
      Holder covenants and agrees that it will comply with the prospectus delivery
      requirements of the Securities Act as applicable to it in connection with sales
      of Registrable Securities pursuant to any Registration Statement. 

     

    (d)    Discontinued
      Disposition.
      Each
      Holder agrees by its acquisition of such Registrable Securities that, upon
      receipt of a notice from the Company of the occurrence of a Discontinuation
      Event (as defined below), such Holder will forthwith discontinue disposition
      of
      such Registrable Securities under the applicable Registration Statement until
      such Holder’s receipt of the copies of the supplemented Prospectus and/or
      amended Registration Statement or until it is advised in writing (the “Advice”)
      by the Company that the use of the applicable Prospectus may be resumed, and,
      in
      either case, has received copies of any additional or supplemental filings
      that
      are incorporated or deemed to be incorporated by reference in such Prospectus
      or
      Registration Statement. The Company may provide appropriate stop orders to
      enforce the provisions of this paragraph. For purposes of this Agreement, a
      “Discontinuation Event” shall mean (i) when the Commission notifies the Company
      whether there will be a “review” of such Registration Statement and whenever the
      Commission comments in writing on such Registration Statement (the Company
      shall
      provide true and complete copies thereof and all written responses thereto
      to
      each of the Holders); (ii) any request by the Commission or any other Federal
      or
      state governmental authority for amendments or supplements to such Registration
      Statement or Prospectus or for additional information; (iii) the issuance by
      the
      Commission of any stop order suspending the effectiveness of such Registration
      Statement covering any or all of the Registrable Securities or the initiation
      of
      any Proceedings for that purpose; (iv) the receipt by the Company of any
      notification with respect to the suspension of the qualification or exemption
      from qualification of any of the Registrable Securities for sale in any
      jurisdiction, or the initiation or threatening of any Proceeding for such
      purpose; and/or (v) the occurrence of any event or passage of time that makes
      the financial statements included in such Registration Statement ineligible
      for
      inclusion therein or any statement made in such Registration Statement or
      Prospectus or any document incorporated or deemed to be incorporated therein
      by
      reference untrue in any material respect or that requires any revisions to
      such
      Registration Statement, Prospectus or other documents so that, in the case
      of
      such Registration Statement or Prospectus, as the case may be, it will not
      contain any untrue statement of a material fact or omit to state any material
      fact required to be stated therein or necessary to make the statements therein,
      in light of the circumstances under which they were made, not
      misleading.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (e)    Piggy-Back
      Registrations.
      If at
      any time during any Effectiveness Period there is not an effective Registration
      Statement covering all of the Registrable Securities required to be covered
      during such Effectiveness Period and the Company shall determine to prepare
      and
      file with the Commission a registration statement relating to an offering for
      its own account or the account of others under the Securities Act of any of
      its
      equity securities, other than on Form S-4 or Form S-8 (each as promulgated
      under the Securities Act) or their then equivalents relating to equity
      securities to be issued solely in connection with any acquisition of any entity
      or business or equity securities issuable in connection with stock option or
      other employee benefit plans, then the Company shall send to each Holder written
      notice of such determination and, if within fifteen (15) days after receipt
      of
      such notice, any such Holder shall so request in writing, the Company shall
      include in such registration statement all or any part of such Registrable
      Securities such Holder requests to be registered, to the extent the Company
      may
      do so without violating registration rights of others which exist as of the
      date
      of this Agreement, subject to customary underwriter cutbacks applicable to
      all
      holders of registration rights and subject to obtaining any required consent
      of
      any selling stockholder(s) to such inclusion under such registration
      statement.

     

    (f)    Amendments
      and Waivers.
      The
      provisions of this Agreement, including the provisions of this sentence, may
      not
      be amended, modified or supplemented, and waivers or consents to departures
      from
      the provisions hereof may not be given, unless the same shall be in writing
      and
      signed by the Company and the Holders of the then outstanding Registrable
      Securities. Notwithstanding the foregoing, a waiver or consent to depart from
      the provisions hereof with respect to a matter that relates exclusively to
      the
      rights of certain Holders and that does not directly or indirectly affect the
      rights of other Holders may be given by Holders of at least a majority of the
      Registrable Securities to which such waiver or consent relates; provided,
      however,
      that
      the provisions of this sentence may not be amended, modified, or supplemented
      except in accordance with the provisions of the immediately preceding
      sentence.

     

    (g)    Notices.
      Any
      notice or request hereunder may be given to the Company or the Purchaser at
      the
      respective addresses set forth below or as may hereafter be specified in a
      notice designated as a change of address under this Section 7(g). Any notice
      or
      request hereunder shall be given by registered or certified mail, return receipt
      requested, hand delivery, overnight mail, Federal Express or other national
      overnight next day carrier (collectively, “Courier”) or telecopy (confirmed by
      mail). Notices and requests shall be, in the case of those by hand delivery,
      deemed to have been given when delivered to any party to whom it is addressed,
      in the case of those by mail or overnight mail, deemed to have been given three
      (3) business days after the date when deposited in the mail or with the
      overnight mail carrier, in the case of a Courier, the next business day
      following timely delivery of the package with the Courier, and, in the case
      of a
      telecopy, when confirmed. The address for such notices and communications shall
      be as follows:

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	
              If
                to the Company:

            	
              Impart
                Media Group, Inc. Attention: Chief Financial Officer

            
	
               

            	Facsimile:
	 	 
	 	
              with
                a copy to:

            
	 	 
	 	
              Eric
                M. Hellige, Esq.

            
	 	
              Pryor
                Cashman Sherman & Flynn LLP

            
	 	
              410
                Park Avenue

            
	 	
              New
                York, New York 10022

            
	 	
              Facsimile:
                212-326-0806

            
	 	 
	 	 
	
              If
                to a Purchaser:

            	
              To
                the address set forth under such Purchaser name on the signature
                pages
                hereto.

            
	 	 
	
              If
                to any other Person who is then the registered
                Holder:

            	
              To
                the address of such Holder as it appears in the stock transfer books
                of
                the Company

            

    

     

    or
      such
      other address as may be designated in writing hereafter in accordance with
      this
      Section 7(g) by such Person.

     

    (h)    Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of and be binding upon the successors
      and
      permitted assigns of each of the parties and shall inure to the benefit of
      each
      Holder. The Company may not assign its rights or obligations hereunder without
      the prior written consent of each Holder. Each Holder may assign their
      respective rights hereunder in the manner and to the Persons as permitted under
      the Security Agreement. 

     

    (i)    
Execution
      and Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed shall be deemed to be an original and, all of which taken together
      shall constitute one and the same agreement. In the event that any signature
      is
      delivered by facsimile transmission, such signature shall create a valid binding
      obligation of the party executing (or on whose behalf such signature is
      executed) the same with the same force and effect as if such facsimile signature
      were the original thereof.

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (j)    
Governing
      Law, Jurisdiction and Waiver of Jury Trial.
      THIS
      AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH
      THE
      LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN
      SUCH
      STATE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. The Company hereby
      consents and agrees that the state or federal courts located in the County
      of
      New York, State of New York shall have exclusion jurisdiction to hear and
      determine any Proceeding between the Company, on the one hand, and the
      Purchaser, on the other hand, pertaining to this Agreement or to any matter
      arising out of or related to this Agreement; provided,
      that
      the Purchaser and the Company acknowledge that any appeals from those courts
      may
      have to be heard by a court located outside of the County of New York, State
      of
      New York, and further provided,
      that
      nothing in this Agreement shall be deemed or operate to preclude the Purchaser
      from bringing a Proceeding in any other jurisdiction to collect the obligations,
      to realize on the Collateral or any other security for the obligations, or
      to
      enforce a judgment or other court order in favor of the Purchaser. The Company
      expressly submits and consents in advance to such jurisdiction in any Proceeding
      commenced in any such court, and the Company hereby waives any objection which
      it may have based upon lack of personal jurisdiction, improper venue or
forum
      non conveniens.
      The
      Company hereby waives personal service of the summons, complaint and other
      process issued in any such Proceeding and agrees that service of such summons,
      complaint and other process may be made by registered or certified mail or
      by a
      nationally recognized overnight courier addressed to the Company at the address
      set forth in Section 7(g) and that service so made shall be deemed completed
      upon the earlier of Company’s actual receipt thereof and three (3) days after
      being sent by registered or certified mail or by a nationally recognized
      overnight courier addressed to the Company at the address set forth in Section
      7(g). The parties hereto desire that their disputes be resolved by a judge
      applying such applicable laws. Therefore, to achieve the best combination of
      the
      benefits of the judicial system and of arbitration, the parties hereto waive
      all
      rights to trial by jury in any Proceeding brought to resolve any dispute,
      whether arising in contract, tort, or otherwise between the Purchaser and/or
      the
      Company arising out of, connected with, related or incidental to the
      relationship established between then in connection with this Agreement. If
      either party hereto shall commence a Proceeding to enforce any provisions of
      this Agreement, the Security Agreement or any other Ancillary Agreement, then
      the prevailing party in such Proceeding shall be reimbursed by the other party
      for its reasonable attorneys’ fees and other costs and expenses incurred with
      the investigation, preparation and prosecution of such Proceeding.

     

    (k)    Cumulative
      Remedies.
      The
      remedies provided herein are cumulative and not exclusive of any remedies
      provided by law.

     

    (l)    
Severability.
      If any
      term, provision, covenant or restriction of this Agreement is held by a court
      of
      competent jurisdiction to be invalid, illegal, void or unenforceable, the
      remainder of the terms, provisions, covenants and restrictions set forth herein
      shall remain in full force and effect and shall in no way be affected, impaired
      or invalidated, and the parties hereto shall use their reasonable efforts to
      find and employ an alternative means to achieve the same or substantially the
      same result as that contemplated by such term, provision, covenant or
      restriction. It is hereby stipulated and declared to be the intention of the
      parties that they would have executed the remaining terms, provisions, covenants
      and restrictions without including any of such that may be hereafter declared
      invalid, illegal, void or unenforceable.

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (m)    Headings.
      The
      headings in this Agreement are for convenience of reference only and shall
      not
      limit or otherwise affect the meaning hereof.

     

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

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties have executed this Registration Rights Agreement
      as
      of the date first written above.

     

    

    
      	 	
              IMPART
                MEDIA GROUP, INC.

            	 
	 	 	 	 
	 	 	 	 
	 	
              By:

            	
              /s/Joseph
                Martinez

            	 
	 	
              Name:
                Joseph Martinez

            	 
	 	
              Title:
                Chief Financial Officer

            	 
	 	 	 	 
	 	 	 	 
	 	
              LAURUS
                MASTER FUND, LTD. 

            	 
	 	 	 
	 	 	 
	 	
              By:

            	/s/
              David Grin	 
	 	
              Name:

            	David
              Grin	 
	 	
              Title:

            	Director	 
	 	 	 
	 	
              Address
                for Notices:

            	 
	 	 	 
	 	
              825
                Third Avenue, 14th Floor

            	 
	 	
              New
                York, New York 10022

            	 
	 	
              Attention:
                David Grin

            	 
	 	
              Facsimile:
                212-541-4434

            	 

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    ____________,
      200___

     

    ______________

     

    ______________

     

    Attention:
      __________

     

    
      	 	
              Re:

            	
              Impart
                Media Group, Inc. Registration Statement on Form
                SB-2

            

    

     

    Ladies
      and Gentlemen:

     

    As
      counsel to Impart
      Media Group, Inc,
      a
      Nevada corporation (the “Company”), we have been requested to render our opinion
      to you in connection with the resale by the individuals or entitles listed
      on
Schedule
      A
      attached
      hereto (the “Selling Stockholders”), of an aggregate of __________ shares (the
“Shares”) of the Company’s Common Stock.

     

    A
      Registration Statement on Form SB-2 (Reg. No. 333-_____) under the Securities
      Act of 1933, as amended (the “Act”), with respect to the resale of the Shares
      was declared effective by the Securities and Exchange Commission on [date].
      Enclosed is a copy of the Prospectus included in the Registration Statement
      dated [date]. We understand that the Shares are to be offered and sold in the
      manner described in the Prospectus.

     

    Based
      upon the foregoing, upon request by the Selling Stockholders at any time while
      the registration statement remains effective, it is our opinion that the Shares
      have been registered for resale under the Act and new certificates evidencing
      the Shares upon their transfer by the Selling Stockholders may be issued without
      restrictive legend. We will advise you if the registration statement is not
      available or effective at any point in the future.

     

    
      	 	
              Very
                truly yours,

            
	 	 
	 	 
	 	
              [Company
                counsel]

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Schedule
      A to Exhibit A

     

    
      	
              Selling
                Stockholder

            	
              R/N/O

            	
              Shares

              Being
                Offered

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