Exhibit 2.2
 
 ASSET PURCHASE AGREEMENT
 DATED AS OF THE 21 ST DAY OF JULY, 2008
 BY AND AMONG
 EQ ACQUISITIONS 2003, INC., EQUILEASE FINANCIAL SERVICES, INC.,
 IRWIN COMMERCIAL FINANCE CORPORATION,
EQUIPMENT FINANCE
 AND
 IRWIN UNION BANK AND TRUST COMPANY




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Table of Contents
 PageARTICLE I PURCHASE AND SALE OF THE ASSETS
    
    
    2Section 1.01. Assets
    
    
    2Section 1.02. Assumed Liabilities
    
    
    2Section 1.03. Purchase Price
    
    
    3Section 1.04. Adjustments to Purchase Price
    
    
    8Section 1.05. Allocation of Purchase Price
    
    
    9Section 1.06. Accrued Payments
    
    
    9Section 1.07. As Is Where Is Transaction
    
    
    9ARTICLE II CLOSING
    
    
    10Section 2.01. Closing Date
    
    
    10Section 2.02. Deliveries by Seller
    
    
    10Section 2.03. Deliveries by Purchaser
    
    
    12ARTICLE III CONDITIONS PRECEDENT
    
    
    13Section 3.01. Conditions Precedent to Obligations of Seller
    
    
    13Section 3.02. Conditions Precedent to Obligations of Purchaser
    
    
    13ARTICLE IV REPRESENTATIONS AND WARRANTIES OF SELLER
    
    
    14Section 4.01. Organization; Power
    
    
    15Section 4.02. Authorization and Validity of Agreement
    
    
    15Section 4.03. No Conflict or Violation
    
    
    15Section 4.04. The Loans and Notes
    
    
    16Section 4.05. The Leases and Lease Documents
    
    
    18Section 4.06. Licenses and Permits
    
    
    20Section 4.07. Compliance with Law
    
    
    20Section 4.08. Litigation
    
    
    21Section 4.09. Title to the Assets and Related Matters
    
    
    21Section 4.10. Brokers and Finders Fees
    
    
    21Section 4.11. Disclaimer
    
    
    21ARTICLE V REPRESENTATIONS AND WARRANTIES OF PURCHASER
    
    
    22Section 5.01. Organization; Power
    
    
    22Section 5.02. Authorization and Validity of Agreement
    
    
    22Section 5.03. No Conflict or Violation
    
    
    22Section 5.04. Approvals and Consents
    
    
    22Section 5.05. Brokers and Finders Fees
    
    
    22Section 5.06. Sufficient Funds to Close
    
    
    23Section 5.07. Due Diligence Investigation
    
    
    23ARTICLE VI PRE-CLOSING COVENANTS
    
    
    23Section 6.01. Affirmative Covenants
    
    
    23Section 6.02. Negative Covenants
    
    
    23Section 6.03. Access; Cooperation
    
    
    24Section 6.04. Notification of Certain Matters
    
    
    24Section 6.05. Updates to Disclosure Schedules
    
    
    24Section 6.06. Notices and Covenants
    
    
    25Section 6.07. Notices and Servicing
    
    
    25Section 6.08 Transferring Employees
    
    
    19ARTICLE VII INDEMNIFICATION; SURVIVAL
    
    
    25Section 7.01. Indemnification By Seller
    
    
    25
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Table of Contents
 PageSection 7.02. Indemnification by Purchaser
    
    
    25Section 7.03. Indemnification Notice; Litigation Notice
    
    
    26Section 7.04. Defense of Third Person Claims
    
    
    26Section 7.05. Disagreement Notice
    
    
    27Section 7.06. Payment of Losses
    
    
    27Section 7.07. Survival; Limitations
    
    
    27Section 7.08. Cure Right
    
    
    28Section 7.09. Net Recovery
    
    
    28Section 7.10. Intentionally Deleted
    
    
    29Section 7.11. Sole Remedy
    
    
    29Section 7.12. Tax Treatment of Indemnity Payments
    
    
    29ARTICLE VIII TERMINATION
    
    
    29Section 8.01. Events of Termination
    
    
    29Section 8.02. Effect of Termination
    
    
    30ARTICLE IX RESTRICTIVE COVENANTS
    
    
    30Section 9.01. Confidential Information
    
    
    30Section 9.02. Remedies
    
    
    31ARTICLE X OTHER AGREEMENTS
    
    
    31Section 10.01. Deposits and Reserves
    
    
    31Section 10.02. Cooperation on Tax Matters
    
    
    31Section 10.03. Files and Records
    
    
    32ARTICLE XI DEFINITIONS
    
    
    32ARTICLE XII MISCELLANEOUS
    
    
    38Section 12.01. Public Announcements
    
    
    38Section 12.02. Costs and Expenses
    
    
    39Section 12.03. Further Assurances
    
    
    39Section 12.04. Addresses for Notices, Etc.
    
    
    39Section 12.05. Headings
    
    
    40Section 12.06. Construction
    
    
    40Section 12.07. Severability
    
    
    41Section 12.08. Entire Agreement and Amendment
    
    
    42Section 12.09. No Waiver; Cumulative Remedies
    
    
    42Section 12.10. Parties in Interest
    
    
    42Section 12.11. Successors and Assigns; Assignment
    
    
    42Section 12.12. Governing Law; Dispute Resolution; Jurisdiction and Venue
    
    
    43Section 12.13. Waiver of Jury Trial
    
    
    46Section 12.14. Counterparts
    
    
    46Section 12.15. Certain Understandings
    
    
    47Section 12.16. Guaranty of Guarantors
    
    
    47Section 12.17 Guaranty of Purchase Guarantors
    
    
    47Section 12.18 Specific Performance
 -iii}-




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ASSET PURCHASE AGREEMENT
 Agreement Purchaser Purchaser Guarantor Seller Guarantor
 WITNESSETH :
 WHEREAS Business
 WHEREAS
 WHEREAS,
 WHEREAS,
 WHEREAS
 WHEREAS,
 WHEREAS, Article XI
 NOW, THEREFORE




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AGREEMENT
 ARTICLE I  PURCHASE AND SALE OF THE ASSETS
 Section 1.01. Assets . Assets
    Schedule 1.01(d) Assigned Contracts
  Section 1.02. Assumed Liabilities . Assumed
Liabilities
  Section 1.02
   2




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Section 1.03. Purchase Price . Purchase Price Section 1.04
 Closing Cash Payment Closing Cash Payment Section 1.03(b) Section 1.03(d) Section 1.04 plus Cutoff Date
 Additional Purchase Price Payment
 Amount and Payment Additional Purchase Price
 Calculation
 3




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Initial Calculation
 Monthly Reports. Reset Percentage
 Audit; Inspection Right and Dispute Resolution Section 1.03(b)
 4




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Section 1.03(b)
 Interest Section 1.03(b)
 Collection Efforts
 Definition Net Losses provided however
 Originations between Cutoff Date and Closing Additional Portfolio
Assets provided however
 5




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Escrow and Incomplete Files
 Holdback Transaction
 Holdback Transaction Cash
Payment Escrow Amount Escrow Agent Escrow
Agreement
  th Post-Closing Escrow Period
 6




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Exhibit
 Proof of Payment
 provided however Section
1.03(d)(iv)(B)
 Incomplete File Missing File Item
 Assumption of Liabilities Section 1.02
  7




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Section 1.04. Adjustments to Purchase Price .
 Adjustment
Period Section 1.03(a) Section 1.03(c) Purchase Price Adjustment Section 1.03(a) Section 1.03(c) Adjustment Notice
 Section 1.04(a) Dispute Section 1.04(b) Section 1.04
  Section 1.04 Section 1.03(a) Section 1.03(c) Section 1.03(d)
 Section
1.04 Section 1.03(a) Section 1.03(c) Section
 8




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1.03(d)
 Section 1.04(b)
 Section 1.03 Section
1.04 Final Purchase Price
 Section 1.05. Intentionally deleted .
 Section 1.06. Accrued Payments .
 Section 1.07. As Is Where Is Transaction . Accordingly,
except as expressly set forth in this Agreement, Purchaser will accept the Assets on the Closing
Date AS IS and WHERE IS.
 Section 1.08. True Sale
 9




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ARTICLE II  CLOSING
 Section 2.01. Closing Date . Closing Closing Date Article VIII Section 2.01 Article VIII
 Section 2.02. Deliveries by Seller . Section 3.01
     10




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Sections 3.02(b) 3.02(c)
 Section 2.03
     Exhibit C Transition Services Agreement
 Section 1.03(d) Custodian Custodian Receipt Exhibit E
  11




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Section 2.03. Deliveries by Purchaser . Section 3.02
 Section 1.03
      Section 2.02
 Sections 3.01(b) 3.01(c)
 12




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ARTICLE III  CONDITIONS PRECEDENT
 Section 3.01. Conditions Precedent to Obligations of Seller .
 Deliveries by Purchaser Section 2.03
 Representations and Warranties of Purchaser
 Performance of the Obligations of Purchaser
 Legal Proceedings
 No Violation of Orders
 Required Approvals Section 3.01(f)
 Section 3.02. Conditions Precedent to Obligations of Purchaser .
 13




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Deliveries by Seller Section 2.02
 Representations and Warranties of Seller and Guarantor
 Performance of the Obligations of Seller
 Legal Proceedings
 No Violation of Orders
 Required Approvals Section 3.01(f)
 ARTICLE IV  REPRESENTATIONS AND WARRANTIES OF SELLER AND GUARANTOR
 Sections 4.01 4.11 Sections 4.01 4.03
 14




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Section 6.05 Disclosure Schedules
 Section 4.01. Organization; Power . . Section 4.01
 Section 4.02. Authorization and Validity of Agreement .
 Section 4.03. No Conflict or Violation .
  Section 4.03(b)
 15




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Section 4.03(b)
 Section 4.04. The Loans and Notes .
 Section 4.04
 Section 4.04(b)
  Section 4.04(b)
  Section 4.04(b)(iv)
 16




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Section 4.04(c)
 Section 4.04(d)
     Section
4.04(d)(v) ;
 17




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Section 4.05. The Leases and Lease Documents .
 Section 4.05(a)
 Section 4.05(b)
  Section 4.05(b)
  Section 4.05(b)(iv)
 18




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Section 4.05(c)
 Section 4.05(d)
       Section 4.05A. Assigned Contracts . Section 4.05A
 19




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Section
4.05A (b)
    Section 4.06. Licenses and Permits . Section 4.06
 Section 4.07. Compliance with Law . Section
4.07
 20




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Section 4.08. Litigation . Section 4.08
 Section 4.09. Title to the Assets and Related Matters .
 Section 4.10. Brokers and Finders Fees . Section 4.10
 Section 4.11. Disclaimer . Article IV Purchaser hereby acknowledges and agrees to such disclaimer
and that, except as specifically set forth in this Article IV , Purchaser is purchasing
the Assets on an  as is, where is  basis. It is understood and agreed by the parties
hereto that Purchaser is assuming the risk of deterioration subsequent to the date hereof in the
credit quality of the Loans and the Leases, as well as the condition (financial or otherwise) of
the Obligors thereunder. Accordingly, Purchaser and Seller agree that, in the event of any
claim for indemnification pursuant to Section 7.01(a) , Seller shall be responsible
(subject to the terms of Article VII ) only for the portion of any such Indemnity Loss
that is attributable solely to a breach by Seller of any representation or warranty without
regard to any such deterioration in credit quality or the condition (financial or otherwise) of
any Obligor. Purchaser shall have no recourse whatsoever to Seller with respect to the
performance of any Loan or Lease by the Obligor unless caused by a breach by Seller of its
representations an warranties hereunder.
 21




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ARTICLE V  REPRESENTATIONS AND WARRANTIES OF PURCHASER AND PURCHASER
GUARANTOR
  Section 5.01. Organization; Power .
 Section 5.02. Authorization and Validity of Agreement .
 Section 5.03. No Conflict or Violation .
 Section 5.04. Approvals and Consents .
 Section 5.05. Brokers and Finders Fees .
 22




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Section 5.06. Sufficient Funds to Close . Exhibit D.
 Section 5.07. Due Diligence Investigation .
 ARTICLE VI  PRE-CLOSING COVENANTS
  Section 6.01. Affirmative Covenants .
   Section 6.02. Negative Covenants . Section 6.02
 23




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Section 6.03. Access; Cooperation . Purchaser
Group provided however Section 6.03
 Section 6.04. Notification of Certain Matters .
   Section 6.05. Updates to Disclosure Schedules .
 24




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Article IV Disclosure Schedule
Updates
 Section 6.06. Notices and Covenants .
 Section 6.07. Notices and Servicing
 ARTICLE VII  INDEMNIFICATION; SURVIVAL
 Section 7.01. Indemnification By Seller . Article VII Purchaser Indemnified Parties
    Section 1.03(d)
  Section 7.02. Indemnification by Purchaser . Article VII
    25




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Section 7.03. Indemnification Notice; Litigation Notice . Sections 7.01 7.02 Claimant Indemnifying Party Indemnification Notice Article
VII Litigation Notice
 Section 7.04. Defense of Third Person Claims . Election Notice provided however provided however Article VII
 26




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provided however Article VII
 Section 7.05. Disagreement Notice . Disagreement Notice Article VII Section 12.12
 Section 7.06. Payment of Losses . Article VII Section 12.12
 Section 7.07. Survival; Limitations . provided however Article VII Section 7.07 Section 7.01(a) Section 4.01 Section 4.02 Section 1.04
 27




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Section 7.01(a)
 Section 7.08. Cure Right . Section 7.01(a) (b) Article VII Section 7.08
 Section 7.09. Net Recovery . Section 7.01 Article VII
 28




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Section 7.10. Intentionally deleted.
 Section 7.11. Sole Remedy . Article VII Section 9.01 Article IV
 Section 7.12. Tax Treatment of Indemnity Payments .
 ARTICLE VIII  TERMINATION
 Section 8.01. Events of Termination .
 Article V
 Article
IV
 29




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Section 8.02. Effect of Termination . Section 8.01 provided however Section
8.02 Section 9.01 Section 12.01 Section 12.02
 ARTICLE IX  RESTRICTIVE COVENANTS
 Section 9.01. Confidential Information . Confidential Information Section 9.01
 30




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Section 8.01 et seq Privacy Laws
 Section 9.02. Remedies . Section 9.01
 Injunctive Relief Section 9.01 Section 9.01
 Costs, Expenses and Attorneys Fees Section 9.01 Section 9.01
 ARTICLE X  OTHER AGREEMENTS
 Section 10.01. Intentionally deleted .
 Section 10.02. Cooperation on Tax Matters .
  31




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Section 10.02(a) Section 10.02
 Section 10.03. Files and Records .
 ARTICLE XI  DEFINITIONS
  Advances
 32




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Affiliate
 Assignment and Assumption Agreement Exhibit B
 Best Efforts
 Bill of Sale Exhibit A
 Business Day
 Code
 Collateral
 Encumbrance
 Files and Records
 Financed Property
 33




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GAAP
 Governing Documents
 Governmental Entity
 Indemnity Loss other than
 to the Knowledge of Known to
 Law
 Leases Section 4.05(a)
 34




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Lease Advances
 Lease Agreements
 Lease Amount
 Lease Documents
 Liability
 Licenses and Permits
 Loan Documents
 Loans Section 4.04(a)
 Notes
 Obligor
 Ordinary Course of Business
 Permitted Encumbrance Section 4.09
 35




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Person
 Portfolio
 Privacy Laws Section 9.01
 Proceeding
 Related Agreements ,
 Securities Act
 Security Documents
 Tax Taxes
 Tax Return
 36




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Defined term
    
    SectionAdditional Portfolio Assets
    
    Section 1.03(b)Additional Purchase Price
    
    Section 1.03(b)Adjustment Notice
    
    Section 1.04(a)Agreement
    
    PreambleArbitration Award
    
    Section 13.12(c)(v)Arbitration Demand
    
    Section 13.12(c)(i)Arbitration Response
    
    Section 13.12(c)(i)Arbitrators
    
    Section 13.12(c)(ii)Assets
    
    Section 1.01Assigned Contracts
    
    Section 1.01(d)Assumed Liabilities
    
    Section 1.02Business
    
    PreambleClaimant
    
    Section 7.03Closing
    
    Section 2.01Closing Cash Payment
    
    Section 1.03(a)Custodian
    
    Section 2.02(m)Custodian Receipt
    
    Section 2.02(m)Cut-Off Date
    
    Section 1.03(a)Closing Date
    
    Section 2.01Confidential Information
    
    Section 9.01Disagreement Notice
    
    Section 7.05Disclosure Schedules
    
    Article IVDisclosure Schedule Updates
    
    Section 6.05Dispute Notice
    
    Section 1.04(d)Election Notice
    
    Section 8.04Escrow Agent
    
    Section 1.03(d)Escrow Agreement
    
    Section 1.03(d)
 37




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Defined term
    
    SectionEscrow Amount
    
    Section 1.03(d)Final Purchase Price
    
    Section 1.03Holdback Transaction Cash Payment
    
    Section 1.03(d)Holdback Transactions
    
    Section 1.03(d)Incomplete Files
    
    Section 1.03(d)Indemnification Notice
    
    Section 7.03Indemnifying Party
    
    Section 7.03Indemnity Loss
    
    Section 7.01Initial Calculation
    
    Section 1.04(b)Knowledge Certificate
    
    Section 7.10Litigation Notice
    
    Section 7.03Missing File Item
    
    Section 1.03(d)Net Losses
    
    Section 1.03(b)Neutral Arbitrator
    
    Section 13.12(c)(ii)Post-Closing Escrow Period
    
    Section 1.03(d)Preliminary Allocation
    
    Section 1.05Proof of Payment
    
    Section 1.03(d)Privacy Laws
    
    Section 9.01Purchaser
    
    PreamblePurchaser Guarantor
    
    PreamblePurchase Price
    
    Section 1.03Purchaser Indemnified Parties
    
    Section 7.01Purchaser Group
    
    Section 6.03Reset Percentage
    
    1.03(b)Seller
    
    PreambleTransition Services Agreement
    
    Section 2.02(j)
 ARTICLE XII  MISCELLANEOUS
 Section 12.01. Public Announcements .
 38




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Section 12.02. Costs and Expenses .
 Section 12.03. Further Assurances .
 Section 12.04. Addresses for Notices, Etc . Section 12.04 Section 12.04
 If to Seller or Guarantor:
    
    Irwin Union Bank and Trust Company500 Washington Street  Box 929Columbus, Indiana 47202-0929Attention: Gregory F. EhlingerFacsimile: (812) 376-1709With a copy to (which copy
shall not constitute notice
hereunder):
    
    Ice Miller LLPOne American Square, Suite 3100
 39




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Indianapolis, Indiana 46282Attention: Steven K. HumkeFacsimile: (317) 592-4675E-mail: steven.humke@icemiller.comAttention: Janice WilkenFacsimile: (317) 592-4840E-mail: janice.wilken@icemiller.comIf to Purchaser or
Purchaser Guarantor:
    
    EQ Acquisitions 2003, Inc. and Equilease
Financial Services, Inc.50 Washington Street, 10thFloorNorwalk, CT 06854Attention: PresidentFacsimile: (203) 354-3655With a copy to (which copy
shall not constitute notice
hereunder):
    
    EQ Acquisitions 2003, Inc. and Equilease
Financial Services, Inc.50 Washington Street, 10thFloorNorwalk, CT 06854Attention: General CounselFacsimile: (203) 354-3655
 Section 12.04
 Section 12.05. Headings .
 Section 12.06. Construction .
  40




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Section 12.07. Severability .
 41




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Section 12.08. Entire Agreement and Amendment.
 Section 12.09. No Waiver; Cumulative Remedies .
 Section 12.10. Parties in Interest .
 Section 12.11. Successors and Assigns; Assignment .
 42




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provided
 Section 12.12. Governing Law; Dispute Resolution; Jurisdiction and Venue .
 Applicable Law
 Dispute Resolution Process Section 9.01 Section 12.12 Section 12.12(b) Section 9.02
 Mandatory Informal Dispute Resolution.
 Notice of Claim Notice of Claim
 Discussion/Meeting Process
 43




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Section
12.12(c)(ii) Designated
Parties
 Mandatory, Non-Binding Mediation Process Section 12.12(c)(ii) Mediation Request Section 12.12(d)
 Binding Arbitration
 (i)
    
    Arbitration Demand/Response/Reply. After first
complying with the foregoing provisions of Section 12.12, either party may
initiate a binding arbitration process to decide any dispute under this
Agreement by providing a written demand for arbitration (the Arbitration
Demand) to the Person designated to receive notice. Any Arbitration
Demand shall state specifically the nature of the claim(s), the relevant time
periods, the document(s), if any, that are alleged to govern the dispute, the
names of any relevant known witnesses associated with either of the parties,
the identification of any third parties that may be relevant to the dispute, a
 44




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specific dollar amount alleged to be owing, if any, and any other specific
information that may be necessary to define the nature of the dispute. The
party receiving the Arbitration Demand shall provide a written response (the
Arbitration Response) within ten (10) calendar days after receiving
the Arbitration Demand. The Arbitration Response may be a simple denial or
may set forth in writing any counterclaims including the same type of
information required in an original Arbitration Demand. If an Arbitration
Response includes any counterclaims, then the party originally demanding the
arbitration may reply within ten (10) calendar days after receiving the
Arbitration Response. If any party fails to respond to any claim or
counterclaim, the party shall be deemed to deny the demand.
 Selection/Expense of Arbitrators Arbitrators Neutral Arbitrator
 Location/Timing
 Discovery/Briefing and Presentation of Evidence
 Arbitration Award
 45




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Arbitration Award
 Court Proceedings forum non conveniens Section 9.01
 Section 12.13. Waiver of Jury Trial .
 Section 12.14. Counterparts .
 46




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Section 12.15. Certain Understandings.
 Section 12.16. Guaranty of Guarantor. Section 7.06 Guarantied Obligations
 Section 12.17. Guaranty of Purchaser Guarantor. Section 1.03(b) Purchaser Guarantied Obligations
 47




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Section 12.18. Specific Performance . Section 12.12
 [SIGNATURE PAGE FOLLOWS]
 48




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IN WITNESS WHEREOF
 PURCHASEREQ ACQUISITIONS 2003, INC.By:
    
    /s/ Gary SilverhardtPrinted:
    
    Gary SilverhardtTitle:
    
    PresidentPURCHASER GUARANTOREQUILEASE FINANCIAL SERVICES, INC.By:
    
    /s/ Gary SilverhardtPrinted:
    
    Gary SilverhardtTitle:
    
    PresidentSELLERIRWIN COMMERCIAL FINANCE CORPORATION, EQUIPMENT FINANCEAttest:
    
    /s/ Steven R. Schultz
    
    By:
    
    /s/ William I. MillerPrinted:
    
    Steven R. Schultz
    
    Printed:
    
    William I. MillerTitle:
    
    Secretary
    
    Title:
    
    ChairmanGUARANTORIRWIN UNION BANK AND TRUST COMPANYAttest:
    
    /s/ Steven R. Schultz
    
    By:
    
    /s/ William I. MillerPrinted:
    
    Steven R. Schultz
    
    Printed:
    
    William I. MillerTitle:
    
    Secretary
    
    Title:
    
    Chairman and President
 Signature Page to Irwin Asset Purchase Agreement




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LIST OF EXHIBITS
 Exhibit A
    
    Bill of SaleExhibit B
    
    Assignment and Assumption AgreementExhibit C
    
    Transition Services AgreementExhibit D
    
    Funding Commitment LetterExhibit E
    
    Custodial Receipt
 Exhibits




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EXHIBIT A
 Bill of Sale
  Exhibits




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EXHIBIT B
 Assignment and Assumption Agreement
  Exhibits




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EXHIBIT C
 Transition Services Agreement
  Exhibits




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EXHIBIT D
 Funding Commitment Letter
  Exhibits




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EXHIBIT E
 Custodial Receipt
  Exhibits