Document:

AMEND #1 TO AGMT & PLAN OF MERGER

     

    AMENDMENT
      NO. 1

     

     

    This
      Amendment No. 1, dated December 5, 2005 (this "Amendment"), amends the Agreement
      and Plan of Merger, (the "Agreement"), dated as of August 22, 2005, by and
      among
      REFAC, a Delaware corporation (“Parent”), USV Merger Sub, Inc., a Delaware
      corporation and a wholly owned subsidiary of Parent (“Merger Sub”), U.S. Vision,
      Inc., a Delaware corporation (the “Company”), Palisade Concentrated Equity
      Partnership, L.P., a Delaware limited partnership, William A. Schwartz, Jr.,
      Gayle E. Schmidt, George T. Gorman, Carmen J. Nepa, III, Pinnacle Advisors
      Limited, a New York corporation, WRS Advisors III, LLC, a New York limited
      liability company, and Marc Cornstein. Capitalized terms used but not defined
      herein shall have the meanings set forth in the Agreement

     

    WHEREAS,
      Parent, Merger Sub, the Company and the Stockholders entered into the
      Agreement;

     

    WHEREAS,
      pursuant to Section 9.03 of the Agreement,
      the
Agreement
      may be
      amended by an instrument in writing signed on behalf of Parent, Merger Sub
      and
      the Company;

     

    WHEREAS,
      the parties desire to amend the Agreement
      on the
      terms hereinafter set forth. 

     

    

    NOW,
      THEREFORE, Parent, Merger Sub and the Company, intending to be legally bound,
      hereby agree to the following amendment to the Agreement:

     

    1.  Amendment
      to Section 9.01(b)(i).
      Section
      9.01(b)(i) is hereby amended and restated in its entirety as follows:

     

    "
      if the
      Merger is not consummated on or before April 30, 2006; provided that the right
      to terminate this Agreement under this Section 9.01(b) shall not be available
      to
      any party whose failure to fulfill any obligation under this Agreement has
      been
      the cause of, or results in, the failure of the Merger to occur on or before
      such date;"

     

    2.  Limited
      Effect.
      Except
      as expressly specified herein, the terms and provisions of the Agreement shall
      continue and remain in full force and effect and shall remain the valid and
      binding obligation of the parties thereto in accordance with its terms.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    3.  Counterparts.
      This
      Amendment may be executed in two or more counterparts, all of which shall be
      considered one and the same agreement and shall become effective when one or
      more counterparts have been signed by each of the parties and delivered to
      the
      other parties.

     

    4.  Governing
      Law.
      This
      Amendment shall be governed by, and construed in accordance with, the laws
      of
      the State of Delaware, without regard to the principles of conflicts of laws
      thereof.

     

    [SIGNATURE
      PAGE FOLLOWS]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, Parent, Merger Sub and the Company have duly executed this
      Amendment, all as of the date first written above.

    

    
      	 	
              REFAC

               

              By:    
                /s/
                Robert L. Tuchman

              Name:
                Robert L. Tuchman

              Title:
                Chief Executive Officer

            
	 	 
	 	
              USV
                MERGER SUB, INC.

               

              By:    
                /s/
                Robert L. Tuchman

              Name:
                Robert L. Tuchman

              Title:
                President

            
	 	 
	 	
              U.S.
                VISION, INC.

               

              By:    
                /s/
                Carmen J. Nepa, III

              Name:
                Carmen J. Nepa, III

              Title:
                Chief Financial OfficerExhibit 4.2

SUBSEQUENT TRANSFER INSTRUMENT

 

Pursuant to this Subsequent Transfer Instrument, dated November 30, 2005 (the “Instrument”), between Deutsche Alt-A Securities, Inc. as seller (the “Depositor”), and HSBC Bank USA, National Association as trustee of the Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-5, Mortgage Pass-Through Certificates, as purchaser (the “Trustee”), and pursuant to the Pooling and Servicing Agreement, dated as of October 1, 2005 (the “Pooling and Servicing Agreement”), among the Depositor, Wells Fargo Bank, N.A. as Master Servicer and Securities Administrator and the Trustee, the Depositor and the Trustee agree to the sale by the Depositor and the purchase by the Trustee in trust, on behalf of the Trust Fund, of the Loans listed on the attached Schedule of Subsequent Loans (the “Subsequent Loans”).

Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Pooling and Servicing Agreement.

	
             
 	
            Section 1.
 	
            Conveyance of Subsequent Loans.
 

(a)           The Depositor does hereby sell, transfer, assign, set over and convey to the Trustee in trust, on behalf of the Trust Fund, without recourse, all of its right, title and interest in and to the Subsequent Loans, and including all amounts due on the Subsequent Loans after the related Subsequent Cut-Off Date, and all items with respect to the Subsequent Loans to be delivered pursuant to Section 2.1 of the Pooling and Servicing Agreement; provided, however that the Depositor reserves and retains all right, title and interest in and to amounts due on the Subsequent Loans on or prior to the related Subsequent Cut-Off Date. The Depositor, contemporaneously with the delivery of this Agreement, has delivered or caused to be delivered to the Trustee each item set forth in Section 2.1 of the Pooling and
Servicing Agreement. The transfer to the Trustee by the Depositor of the Subsequent Loans identified on the Loan Schedule shall be absolute and is intended by the Depositor, the Trustee and the Certificateholders to constitute and to be treated as a sale by the Depositor to the Trust Fund.

(b)           The Depositor, concurrently with the execution and delivery hereof, does hereby transfer, assign, set over and otherwise convey to the Trustee without recourse for the benefit of the Certificateholders all the right, title and interest of the Depositor, in, to and under the Subsequent Mortgage Loan Purchase Agreement, dated the date hereof, between the Depositor as purchaser and the Mortgage Loan Seller as seller, to the extent of the Subsequent Loans.

	
             
 	
            (c)
 	
            Additional terms of the sale are set forth on Attachment A hereto.
 
	
             
 	
            Section 2.
 	
            Representations and Warranties; Conditions Precedent.
 	
             

					

(a)           The Depositor hereby confirms that each of the conditions and the representations and warranties set forth in Section 2.6 of the Pooling and Servicing Agreement are satisfied as of the date hereof.

(b)           All terms and conditions of the Pooling and Servicing Agreement are hereby ratified and confirmed; provided, however, that in the event of any conflict, the provisions of this Instrument shall control over the conflicting provisions of the Pooling and Servicing Agreement.

	
             
 	
            Section 3.
 	
            Recordation of Instrument.
 

 

 

 

To the extent permitted by applicable law, this Instrument, or a memorandum thereof if permitted under applicable law, is subject to recordation in all appropriate public offices for real property records in all of the counties or other comparable jurisdictions in which any or all of the properties subject to the Mortgages are situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by the Depositor at the Certificateholders’ expense on direction of the related Certificateholders, but only when accompanied by an Opinion of Counsel to the effect that such recordation materially and beneficially affects the interests of the Certificateholders or is necessary for the administration or servicing of the Mortgage Loans.

	
             
 	
            Section 4.
 	
            Governing Law.
 

This Instrument shall be construed in accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws, without giving effect to principles of conflicts of law (other than Section 5-1401 of the New York General Obligations Law).

	
             
 	
            Section 5.
 	
            Counterparts.
 

This Instrument may be executed in one or more counterparts and by the different parties hereto on separate counterparts, each of which, when so executed, shall be deemed to be an original; such counterparts, together, shall constitute one and the same instrument.

	
             
 	
            Section 6.
 	
            Successors and Assigns.
 

This Instrument shall inure to the benefit of and be binding upon the Depositor and the Trustee and their respective successors and assigns.

[signature page follows]

 

 

 

	
             
 	
            DEUTSCHE ALT-A SECURITIES, INC.
 
	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 
	
             
 	
            By:
 	
            
/s/ Susan Valenti
 
 
	
             
 	
            Name:
 	
            Susan Valenti
 
	
             
 	
            Title:
 	
            Director
 
	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 
	
             
 	
            By:
 	
            
/s/ Adam Yarnold
 
 
	
             
 	
            Name:
 	
            Adam Yarnold
 
	
             
 	
            Title:
 	
            Director
 
	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 
	
             
 	
            HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee for Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-5, Mortgage Pass-Through Certificates
 
	
             
 	
             
 	
             
 
	
             
 	
             
 	
             
 
	
             
 	
            By:
 	
            
/s/ Elena Zheng
 
 
	
             
 	
            Name:
 	
            Elena Zheng
 
	
             
 	
            Title:
 	
            Assistant Vice President
 

 

Attachments

	
            A.
 	
            Additional terms of sale.
 

	
            B.
 	
            Schedule of Subsequent Loans.
 

 

 

ATTACHMENT A

 

ADDITIONAL TERMS OF SALE

 

None

 

 

ATTACHMENT B

 

SCHEDULE OF SUBSEQUENT LOANS

 

(provided upon request)

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