Premiere CS5 ugly effect when rendered
 

I am using Premiere and After Effects CS5.
Imported two compositions from AE to Premiere using dynamic link.
One is the "full screen monitor" and one is "monitor standing on the floor with video in it.

Speaker and the studio are rendered videos.

I made one sequence and put one perspective together with virtual studio, speaker and monitor on the floor.
And then put that sequence in the another one with other perspectives.
The "full screen" monitor is on the video track 2 - above the speaker and studio.


I got this ugly effect when export - I tried H.264 and MPEG. : YouTube - Premiere rendering error
I tried restarting AE, Premiere and Windows, but always the same.

Are you encoding out using Adobe Media Encoder, or using the direct export in PPro?

@Eric, i tried both