Document:

EXHIBIT 10.10

                                                                  EXECUTION COPY

                            CASH COLLATERAL AGREEMENT

                            Dated as of June 28, 2005

                                      Among

                           OCWEN FINANCIAL CORPORATION

                                   as Grantor,

                    THE BANK OF NEW YORK TRUST COMPANY, N.A.,

                             as Collateral Trustee,

                                       and

                    THE BANK OF NEW YORK TRUST COMPANY, N.A.,

                                 as Account Bank

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                                TABLE OF CONTENTS

<TABLE>
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SECTION                                                                                   PAGE
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SECTION 1.    Grant of Security........................................................      1

SECTION 2.    Security for Obligations.................................................      1

SECTION 3.    Delivery of Cash Collateral..............................................      1

SECTION 4.    The Cash Collateral Account..............................................      1

SECTION 5.    Control by Collateral Trustee............................................      2

SECTION 6.    Grantor's Rights in Cash Collateral Account..............................      2

SECTION 7.    Priority of Security Interest............................................      2

SECTION 8.    Statements, Confirmations, and Notices of Adverse Claims.................      2

SECTION 9.    Maintaining the Cash Collateral Account; Minimum Cash Collateral Amount..      3

SECTION 10.   Investing of Amounts in the Cash Collateral Account......................      3

SECTION 11.   Release of Amounts.......................................................      3

SECTION 12.   Representations and Warranties...........................................      3

SECTION 13.   Further Assurances.......................................................      3

SECTION 14.   Transfers and Other Liens................................................      4

SECTION 15.   Collateral Trustee Appointed Attorney-in-Fact............................      4

SECTION 16.   Collateral Trustee May Perform...........................................      4

SECTION 17.   Account Bank's and Collateral Trustee's Duties...........................      4

SECTION 18.   The Account Bank's Responsibility........................................      4

SECTION 19.   Remedies upon Event of Default...........................................      4

SECTION 20.   Expenses.................................................................      5

SECTION 21.   Indemnity................................................................      5

SECTION 22.   Continuing Security Interest.............................................      5

SECTION 23.   Termination; Survival....................................................      5

SECTION 24.   Entire Agreement.........................................................      5

SECTION 25.   Amendments...............................................................      6

SECTION 26.   Financial Assets.........................................................      6
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<S>                                                                                          <C>
SECTION 27.   Notices..................................................................      6

SECTION 28.   Binding Effect...........................................................      6

SECTION 29.   Execution in Counterparts................................................      6

SECTION 30.   Governing Law; Terms.....................................................      6

SECTION 31.   Counterparts.............................................................      6
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                            CASH COLLATERAL AGREEMENT

        CASH COLLATERAL AGREEMENT, dated as of June 28, 2005, among OCWEN
FINANCIAL CORPORATION (the "Grantor"), THE BANK OF NEW YORK TRUST COMPANY, N.A.
("BONY"), a national banking association (together with any successor trustee
appointed pursuant to Article 6 of the Collateral Trust Agreement, as defined
below, the "Collateral Trustee"), as trustee for the Guaranteed Parties (as
defined below), and BONY, as securities intermediary and depository bank (the
"Account Bank").

        PRELIMINARY STATEMENTS:

        (1) The Grantor has executed and delivered to the Office of Thrift
Supervision, for the benefit of the Guaranteed Parties, a Guaranty dated as of
the date hereof in respect of the Guaranteed Obligations (as defined therein).
Capitalized terms used but not defined herein are used herein as defined in the
Guaranty.

        (2) In order to secure the Guaranteed Obligations, the Grantor has
deposited the Minimum Cash Collateral Amount in a non-interest bearing cash
collateral account (the "Cash Collateral Account") with the Account Bank at its
office at 10161 Centurion Parkway, Jacksonville, FL 32256, Account No. 174351,
in the name of the Grantor but under the sole control and dominion of the
Collateral Trustee and subject to the terms of this Agreement and the Collateral
Trust Agreement dated June 28, 2005 between the Grantor and the Collateral
Trustee (the "Collateral Trust Agreement").

        (3) Terms defined in Article 8 or 9 of the Uniform Commercial Code in
effect in the State of New York (the "Code") are used in this Agreement as such
terms are defined in such Article 8 or 9.

        NOW THEREFORE, in consideration of the premises, the Grantor, the
Collateral Trustee and the Account Bank hereby agree as follows:

        SECTION 1.  Grant of Security. The Grantor hereby pledges, assigns
and grants to the Collateral Trustee, for the benefit of the Guaranteed Parties,
a security interest (collectively, the "Security Interest") in the Grantor's
right, title and interest to the following, whether now or hereafter existing or
arising (the "Cash Collateral"):

        (a) the Cash Collateral Account and all funds and financial assets from
    time to time credited thereto (including, without limitation, all
    Investments and Cash Equivalents, as defined herein, and all investment
    property), and all certificates and instruments, if any, from time to time
    representing or evidencing the Cash Collateral Account;

        (b) all promissory notes, certificates of deposit, deposit accounts,
    checks and other instruments from time to time delivered to or otherwise
    possessed by the Collateral Trustee or the Account Bank for or on behalf of
    the Grantor in substitution for or in addition to any or all of the then
    existing Cash Collateral;

        (c) all interest, dividends, distributions, cash, instruments and other
    property from time to time received, receivable or otherwise distributed in
    respect of or in exchange for any or all of the then existing Cash
    Collateral; and

        (d) all proceeds of any and all of the foregoing Cash Collateral.

        SECTION 2.  Security for Obligations. This Agreement secures the
payment of all amounts, now or hereafter existing, consisting of any of the
following: (i) the Guaranteed Obligations, (ii) all other amounts payable under
or in respect of the Guaranty and (iii) all amounts payable under or in respect
of this Agreement or the Collateral Trust Agreement.

        SECTION 3.  Delivery of Cash Collateral. All certificates or
instruments, if any, representing or evidencing the Cash Collateral shall be
delivered to and held by or on behalf of the Collateral Trustee pursuant hereto
and shall be in suitable form for transfer by delivery, or shall be accompanied
by duly executed instruments of transfer or assignment in blank, all in form and
substance satisfactory to the Collateral Trustee. In addition, the Collateral
Trustee shall have the right at any time to exchange certificates or instruments
representing or evidencing Cash Collateral for certificates or instruments of
smaller or larger denominations.

        SECTION 4.  The Cash Collateral Account. The Grantor and the Account
Bank represent and warrant to, and agree with, the Collateral Trustee that:

                                        1
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        (a) The Account Bank maintains the Cash Collateral Account for the
    Grantor, and all property (including, without limitation, all funds and
    financial assets) held by the Account Bank for the account of the Grantor
    are, and will continue to be, credited to the Cash Collateral Account in
    accordance with instructions given by the Grantor (unless otherwise provided
    herein).

        (b) To the extent that funds are credited to the Cash Collateral
    Account, the Cash Collateral Account is a deposit account; and to the extent
    that financial assets are credited to the Cash Collateral Account, the Cash
    Collateral Account is a securities account. The Account Bank is (i) the bank
    with which the Cash Collateral Account is maintained and (ii) the securities
    intermediary with respect to financial assets held in the Cash Collateral
    Account. The Grantor is (x) the Account Bank's customer with respect to the
    Cash Collateral Account and (y) the entitlement holder with respect to all
    financial assets credited from time to time to the Cash Collateral Account.

        (c) Notwithstanding any other agreement to the contrary, the Account
    Bank's jurisdiction with respect to the Cash Collateral Account for purposes
    of the Code is, and will continue to be for so long as the Security Interest
    shall be in effect, the State of New York.

        (d) The Grantor and the Account Bank do not know of any claim to or
    interest in the Cash Collateral Account or any property (including, without
    limitation, funds and financial assets) credited to the Cash Collateral
    Account, except for claims and interests of the parties referred to in this
    Agreement.

        SECTION 5.  Control by Collateral Trustee. The Account Bank will
comply with (i) all instructions directing disposition of the funds in the Cash
Collateral Account, (ii) all notifications and entitlement orders that the
Account Bank receives directing it to transfer or redeem any financial asset in
the Cash Collateral Account and (iii) all other directions concerning the Cash
Collateral Account, including, without limitation, directions to distribute to
the Collateral Trustee proceeds of any such transfer or redemption or interest
or dividends on financial assets in the Cash Collateral Account (any such
instruction, notification or direction referred to in clause (i), (ii) or (iii)
above being an "Account Direction"), in each case of clauses (i), (ii) and (iii)
above originated by the Collateral Trustee without further consent by the
Grantor.

        SECTION 6.  Grantor's Rights in Cash Collateral Account. (a)
The Account Bank will not comply with instructions or directions from the
Grantor with respect to Account Directions or any other instructions or
directions whatsoever concerning the Cash Collateral Account except as provided
below in Section 6(b).

        (b) Until the Account Bank receives a notice from the Collateral Trustee
    that the Collateral Trustee will exercise exclusive control over the Cash
    Collateral Account (a "Notice of Exclusive Control"), the Account Bank may
    at the direction of the Grantor distribute to the Grantor all interest and
    regular cash dividends on property (including, without limitation, funds and
    financial assets) in the Cash Collateral Account (but not any other amounts)
    to the extent that, after giving effect to any such proposed distribution,
    the amount remaining in the Cash Collateral Account is not less than the
    Minimum Cash Collateral Amount.

        (c) If the Account Bank receives from the Collateral Trustee a Notice of
    Exclusive Control, the Account Bank will cease distributing to the Grantor
    all interest and dividends on property (including, without limitation, funds
    and financial assets) in the Cash Collateral Account until the Account Bank
    receives written notice from the Collateral Trustee withdrawing the Notice
    of Exclusive Control.

        SECTION 7.  Priority of Security Interest. (a) The Account Bank (i)
subordinates to the Security Interest and in favor of the Collateral Trustee and
the Guaranteed Parties any security interest, lien or right of recoupment or
setoff that the Account Bank may have, now or in the future, against the Cash
Collateral Account or any funds and financial assets credited to the Cash
Collateral Account and (ii) agrees that it will not exercise any right in
respect of any such security interest or lien or any such right of recoupment or
setoff until the Security Interest is terminated, except that the Account Bank
(A) will retain its prior security interest and lien on funds and financial
assets credited to the Cash Collateral Account, (B) may exercise any right in
respect of such security interest or lien, and (C) may exercise any right of
recoupment or setoff against the Cash Collateral Account, in the case of clauses
(A), (B) and (C) above, to secure or to satisfy payment (x) of the purchase
price for financial assets credited to the Cash Collateral Account and (y) for
its customary fees and expenses for the routine maintenance and operation of the
Cash Collateral Account.

        (b) The Account Bank will not enter into any other agreement with any
    Person relating to Account Directions or other directions with respect to
    the Cash Collateral Account.

        SECTION 8.  Statements, Confirmations, and Notices of Adverse Claims.
(a) The Account Bank will send copies of all statements and confirmations for
the Cash Collateral Account simultaneously to the Collateral Trustee and the
Grantor.

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        (b) The Account Bank will promptly notify the Collateral Trustee and the
Grantor if at any time the amount on deposit in the Cash Collateral Account is
less than $5,000,000.

        (c) When the Account Bank receives written notice of any claim or
interest in the Cash Collateral Account or any funds or financial assets
credited to the Cash Collateral Account other than the claims and interests of
the parties referred to in this Agreement, the Account Bank will promptly notify
the Collateral Trustee and the Grantor of such claim or interest.

        SECTION 9.  Maintaining the Cash Collateral Account; Minimum Cash
Collateral Amount. Until the Termination Date shall have occurred:

        (a) The Grantor will maintain the Cash Collateral Account with the
Account Bank.

        (b) The Grantor will maintain the Minimum Cash Collateral Amount at all
times, in accordance with the terms of the Guaranty.

        SECTION 10. Investing of Amounts in the Cash Collateral Account. The
Account Bank will (as directed in writing by the Grantor), subject to the
provisions of Section 11 and Section 19, from time to time (a) invest amounts on
deposit in the Cash Collateral Account in such Cash Equivalents as the Grantor
may select, and (b) invest interest paid on the property referred to in clause
(a) above, and reinvest other proceeds of any such property that may mature or
be sold, in each case in such Cash Equivalents as the Grantor may select, so
long as all such (the Cash Equivalents referred to in clauses (a) and (b) above
being collectively "Investments"). Interest and proceeds that are not invested
or reinvested in Investments as provided above shall be deposited and held in
the Cash Collateral Account. The Collateral Trustee and the Grantor agree that
all Investments shall be treated as financial assets under Article 8 of the
Code. As used herein, "Cash Equivalents" means any of the following, to the
extent owned by the Grantor free and clear of all Liens other than Liens created
under this Agreement and having a maturity of not greater than 90 days from the
date of issuance thereof: (i) readily marketable direct obligations of the
Government of the United States or any agency or instrumentality thereof or
obligations unconditionally guaranteed by the full faith and credit of the
Government of the United States, (ii) insured certificates of deposit of or time
deposits with any FDIC-insured depository institution, provided that the full
amount of such certificates of deposit or time deposits is covered by FDIC
insurance, and (iii) investments, classified in accordance with GAAP as Current
Assets of the Grantor, in money market funds that are registered under the
Investment Company Act of 1940, as amended, that are administered by financial
institutions that have the highest rating obtainable from either Moody's or S&P
and the portfolios of which are limited solely to investments of the character,
quality and maturity described in clauses (i) and (ii) of this definition.

        SECTION 11. Release of Amounts. Except as provided in Sections
6 and 19, the Collateral Trustee will direct the Account Bank to pay and release
to the Grantor or at its order, except as provided in Sections 6 and 19, at the
request of the Grantor, all Cash Collateral to the extent that the remaining
balance in the Cash Collateral Account exceeds the then Minimum Cash Collateral
Amount.

        SECTION 12. Representations and Warranties. The Grantor represents and
warrants as follows:

        (a) The Grantor is the legal and beneficial owner of the Cash Collateral
    free and clear of any lien, security interest, option or other charge or
    encumbrance except for the security interest created by this Agreement.

        (b) This Agreement creates in favor of the Collateral Trustee, for the
    benefit of the Guaranteed Parties, a valid security interest in the Cash
    Collateral granted by the Grantor, securing the payment of the Guaranteed
    Obligations.

        (c) No authorization or approval or other action by, and no notice to or
    filing with, any governmental authority or regulatory body or any other
    third party is required for (i) the grant by the Grantor of the security
    interest granted hereunder or for the execution, delivery or performance of
    this Agreement by the Grantor, (ii) the perfection or maintenance of the
    security interest created hereunder (including the first priority nature of
    such security interest) or (iii) for the exercise by the Collateral Trustee
    of its rights and remedies hereunder.

        (d) There are no conditions precedent to the effectiveness of this
    Agreement that have not been satisfied or waived.

        (e) The amount deposited in the Cash Collateral Account is not less than
    the Minimum Cash Collateral Amount.

        SECTION 13. Further Assurances. The Grantor agrees that at any time
and from time to time, at the expense of the Grantor, the Grantor will promptly
execute and deliver all further instruments and documents, and take all further
action, that may be necessary or desirable, or that the Collateral Trustee may
reasonably request, in order to perfect and protect any security interest
granted or purported to be granted hereby or to enable the Collateral Trustee to
exercise and enforce its rights and remedies hereunder with respect to any Cash
Collateral.

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        SECTION 14. Transfers and Other Liens. The Grantor agrees that it
will not sell, assign (by operation of law or otherwise), or otherwise dispose
of, or grant any option with respect to, any of the Cash Collateral.

        SECTION 15. Collateral Trustee Appointed Attorney-in-Fact. The
Grantor hereby appoints the Collateral Trustee as its attorney-in-fact, acting
with full authority in the place and stead of the Grantor and in the name of the
Grantor or otherwise, from time to time in the Collateral Trustee's discretion
to take any action and to execute any instrument that the Collateral Trustee may
deem necessary or advisable to accomplish the purposes of this Agreement,
including, without limitation, to receive, indorse and collect all instruments
made payable to the Grantor representing any interest payment, dividend or other
distribution in respect of the Cash Collateral or any part thereof and to give
full discharge for the same.

        SECTION 16. Collateral Trustee May Perform. If the Grantor fails to
perform any agreement contained herein, the Collateral Trustee, acting for
itself and on behalf of the Guaranteed Parties, may itself perform, or cause
performance of, such agreement, and the expenses of the Collateral Trustee
incurred in connection therewith shall be payable by the Grantor under
Section 20.

        SECTION 17. Account Bank's and Collateral Trustee's Duties. The
powers conferred on the Collateral Trustee hereunder are solely to protect the
interest of the Guaranteed Parties in the Cash Collateral and shall not impose
any duty upon it to exercise any such powers. Except for the safe custody of any
Cash Collateral in its possession and the accounting for moneys actually
received by it hereunder, the Account Bank shall have no duty as to any Cash
Collateral, as to ascertaining or taking action with respect to calls,
conversions, exchanges, maturities, tenders or other matters relative to any
Cash Collateral, whether or not the Collateral Trustee or the Account Bank is
deemed to have knowledge of such matters, or as to the taking of necessary steps
to preserve rights against any parties or any other rights pertaining to any
Cash Collateral. The Account Bank shall be deemed to have exercised reasonable
care in the custody and preservation of any Cash Collateral in its possession if
such Cash Collateral is accorded treatment substantially equal to that which the
Account Bank accords it own property.

        SECTION 18. The Account Bank's Responsibility. (a) The Account Bank
will not be liable to the Grantor or the Collateral Trustee for complying with a
Notice of Exclusive Control or with an Account Direction or other direction
concerning the Cash Collateral Account originated by the Collateral Trustee,
even if the Grantor notifies the Account Bank that the Collateral Trustee is not
legally entitled to issue the Notice of Exclusive Control or Account Direction
or such other direction unless the Account Bank takes the action after it is
served with an injunction, restraining order or other legal process enjoining it
from doing so, issued by a court of competent jurisdiction, and had a reasonable
opportunity to act on the injunction, restraining order or other legal process.

        (b) This Agreement does not create any obligation of the Account Bank
except for those expressly set forth in this Agreement and, to the extent the
Cash Collateral Account is a securities account, in Part 5 of Article 8 of the
Code and, to the extent the Cash Collateral Account is a deposit account, in
Article 4 of the Code. In particular, the Account Bank need not investigate
whether the Collateral Trustee is entitled under the Collateral Trustee's
agreements with the Grantor to give an Account Direction or other direction
concerning the Cash Collateral Account or a Notice of Exclusive Control. The
Account Bank may rely on notices and communications it believes given by the
appropriate party.

        SECTION 19. Remedies upon Event of Default. If any Event of Default
under the Guaranty shall have occurred and be continuing:

        (a) In addition to, and not in limitation of, the rights of the
    Collateral Trustee under Section 4.01 of the Collateral Trust Agreement, the
    Collateral Trustee may, upon notice to the Grantor and from time to time,
    direct the Account Bank to pay and release all or any part of the amount on
    deposit in the Cash Collateral Account at such time either to the Collateral
    Trustee (for application pursuant to Section 19(b) and (c) below) or to a
    Guaranteed Party that has submitted a Certificate of Demand, as defined in
    the Collateral Trust Agreement, in accordance with Section 4.01 thereof, to
    be applied against the Guaranteed Obligations then due and payable or any
    part thereof. Upon such payment and release by the Account Bank, the Grantor
    shall forthwith deposit an amount in the Cash Collateral Account equal to
    the amount by which the Minimum Cash Collateral Amount exceeds the amount on
    deposit in the Cash Collateral Account following any such application.

        (b) The Collateral Trustee, for itself and on behalf of the Guaranteed
    Parties, may also exercise in respect of the Cash Collateral, in addition to
    other rights and remedies provided for herein or otherwise available to it,
    all the rights and remedies of a secured party on default under the Code
    (whether or not the Code applies to the affected Cash Collateral), and may
    also, without

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    notice except as specified below, sell the Cash Collateral or any part
    thereof in one or more parcels at public or private sale, at any of the
    Collateral Trustee's offices or elsewhere, for cash, on credit or for future
    delivery, and upon such other terms as the Collateral Trustee may deem
    commercially reasonable. The Grantor agrees that, to the extent notice of
    sale shall be required by law, at least ten days' prior written notice to
    the Grantor of the time and place of any public sale or the time after which
    any private sale is to be made shall constitute reasonable notification. The
    Collateral Trustee shall not be obligated to make any sale of Cash
    Collateral regardless of notice of sale having been given. The Collateral
    Trustee may adjourn any public or private sale from time to time by
    announcement at the time and place fixed therefor, and such sale may,
    without further notice, be made at the time and place to which it was so
    adjourned.

        (c) Any cash held by the Collateral Trustee pursuant to clause (b)
    above, and all cash proceeds received by the Collateral Trustee in respect
    of any sale of, collection from, or other realization upon all or any part
    of the Cash Collateral may, in the discretion of the Collateral Trustee, be
    held by the Collateral Trustee as collateral for, and/or then or at any time
    thereafter be applied (after payment of any amounts payable to the
    Collateral Trustee pursuant to Section 20) in whole or in part by the
    Collateral Trustee against, all or any part of the Guaranteed Obligations in
    such order as the Collateral Trustee shall elect.

        SECTION 20. Expenses. The Grantor will upon demand pay to the
Collateral Trustee the amount of any and all reasonable expenses, including the
reasonable fees and expenses of its counsel and of any experts and agents, that
the Collateral Trustee may incur in connection with (a) the administration of
this Agreement, (b) the custody or preservation of, or the sale of, collection
from, or other realization upon, any of the Cash Collateral, (c) the exercise or
enforcement of any of the rights of the Collateral Trustee hereunder or (d) the
failure by the Grantor to perform or observe any of the provisions hereof.

        SECTION 21. Indemnity. The Grantor will indemnify the Account Bank,
the Collateral Trustee, and their respective officers, directors, employees and
agents against claims, liabilities and expenses arising out of this Agreement
(including, without limitation, reasonable attorney's fees and disbursements),
except to the extent the claims, liabilities or expenses are caused by the gross
negligence or willful misconduct of the Account Bank or the Collateral Trustee,
as applicable, as found by a court of competent jurisdiction in a final,
non-appealable judgment.

        SECTION 22. Continuing Security Interest. This Agreement shall
create a continuing security interest in the Cash Collateral and shall (a)
remain in full force and effect until the Termination Date, (b) be binding upon
the Grantor, its successors and assigns, and (c) inure to the benefit of, and be
enforceable by, the Collateral Trustee and its successors, transferees and
assigns. Upon the occurrence of the Termination Date, the security interest
granted hereby shall terminate and all rights to the Cash Collateral shall
revert to the Grantor. Upon any such termination, the Collateral Trustee will,
in accordance with the provisions of Section 4.02 of the Collateral Trust
Agreement and at the Grantor's expense, return to the Grantor such of the Cash
Collateral as shall not have been sold or otherwise applied pursuant to the
terms hereof and execute and deliver to the Grantor such documents as the
Grantor shall reasonably request to evidence such termination. It is hereby
acknowledged that, unless and until applied in accordance with Section 19, and
subject to the terms of this Agreement, the Cash Collateral shall remain the
property of the Grantor. For the avoidance of doubt, nothing in this Agreement
shall constitute an obligation on the part of the Collateral Trustee to extend
credit to the Grantor, but is solely intended to provide security for, and for
the repayment of, the Guaranteed Obligations.

        SECTION 23. Termination; Survival. (a) The Collateral Trustee may
terminate this Agreement in accordance with the terms of the Collateral Trust
Agreement by notice to the Account Bank and the Grantor. If the Collateral
Trustee notifies the Account Bank that the Security Interest has terminated
pursuant to Section 4.02 of the Collateral Trust Agreement, this Agreement will
immediately terminate.

        (b) The Account Bank may terminate this Agreement on 60 days' prior
    notice to the Collateral Trustee and the Grantor, provided that before such
    termination the Account Bank and the Grantor shall make arrangements to
    transfer the property (including, without limitation, all funds and
    financial assets) credited to the Cash Collateral Account to another Account
    Bank satisfactory to the Collateral Trustee in its sole discretion that
    shall have executed, together with the Grantor, a control agreement in favor
    of the Collateral Trustee in respect of such property in substantially the
    form of this Agreement or otherwise in form and substance satisfactory to
    the Collateral Trustee.

        (c) Sections 18 and 21 will survive termination of this Agreement.

        SECTION 24. Entire Agreement. This Agreement is the entire agreement,
    and supersedes any prior agreements, and contemporaneous oral agreements, of
    the parties concerning its subject matter.

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<PAGE>

        SECTION 25. Amendments. No amendment of, or waiver of a right under,
this Agreement will be binding unless it is in writing and signed by the party
to be charged.

        SECTION 26. Financial Assets. The Account Bank agrees with the
Collateral Trustee and the Grantor that, to the fullest extent permitted by
applicable law, all property (other than funds) credited from time to time to
the Cash Collateral Account will be treated as financial assets under Article 8
of the Code.

        SECTION 27. Notices. A notice or other communication to a party
under this Agreement will be in writing, will be sent to the party's address set
forth under its name below or to such other address as the party may notify the
other parties and will be effective on receipt.

        SECTION 28. Binding Effect. This Agreement shall become effective
when it shall have been executed by the Grantor, the Collateral Trustee and the
Account Bank, and thereafter shall be binding upon and inure to the benefit of
the Grantor, the Collateral Trustee and the Account Bank and their respective
successors and assigns.

        SECTION 29. Execution in Counterparts. This Agreement may be
executed in any number of counterparts and by different parties hereto in
separate 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. Delivery of an executed counterpart of a signature page to this
Agreement by telecopier shall be effective as delivery of an original executed
counterpart of this Agreement.

        SECTION 30. Governing Law; Terms. This Agreement and the Cash
Collateral Account will be governed by the law of the State of New York. The
Account Bank and the Grantor may not change the law governing the Cash
Collateral Account without the Collateral Trustee's express prior written
agreement.

        SECTION 31. Counterparts. A facsimile or other electronically
transmitted copy of this Agreement shall have the same force and effect as an
original hereof personally delivered to the intended recipient. This Agreement
may be executed in one or more counterparts, each of which when so executed
shall be deemed to be an original and all of which together shall constitute one
and the same instrument.

                [Remainder of this page intentionally left blank]

                                        6
<PAGE>

        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

                                            OCWEN FINANCIAL CORPORATION

                                            By     /s/ WILLIAM C. ERBEY
                                                   -----------------------------
                                            Name:  William C. Erbey
                                            Title: Chairman and CEO

                                            Address:
                                            1661 Worthington Road, Suite 100
                                            West Palm Beach, FL  33401
                                            Attention: Secretary

                                            THE BANK OF NEW YORK TRUST
                                            COMPANY, N.A., as Collateral Trustee

                                            By     /s/ CRAIG A. KAYE
                                                   -----------------------------
                                            Name:  Craig A. Kaye
                                            Title: Assistant Vice President

                                            Address:
                                            10161 Centurion Parkway
                                            Jacksonville, FL  32256
                                            Attention: Corporate Trust
                                            Administration

                                            THE BANK OF NEW YORK TRUST
                                            COMPANY, N.A., as Account Bank

                                            By     /s/ CRAIG A. KAYE
                                                   -----------------------------
                                            Name:  Craig A. Kaye
                                            Title: Assistant Vice President

                                            Address:
                                            10161 Centurion Parkway
                                            Jacksonville, FL  32256
                                            Attention: Corporate Trust
                                            Administration<PAGE>
--------------------------------------------------------------------------------
                                                                   Exhibit 10.10

                 -----------------------------------------------

               THIS CONTRACT FOR SALE AND PURCHASE OF CONVERTIBLE
             NOTE AND CERTAIN INTEREST IN THE REGISTRED CAPITAL OF
                       BEIJING GENIAL TECHNICAL CO., LTD.

                 -----------------------------------------------

                                     LUO LAN

                                    ZHENG XU

                                       AND

                                Fintel Group Ltd.

                                 APRIL 25, 2005

--------------------------------------------------------------------------------

                                      P 1

<PAGE>

THIS CONTRACT is dated the April 25, 2005.

BETWEEN:

         1)       Luo Lan, ID No.: 441425197311170407, Address: No.32, Huancheng
                  Road(east), Xingning, Guangdong , China
         2)       Zheng Xu, ID No.: 110105720811611, Address: No.28, Xinshi
                  Hutong, Dongcheng district, Beijing, China (Luo Lan and Zheng
                  xu ) are hereinafter collectively referred to as the "Vendors"
                  and each individually referred to as the "Vendor"); and
         3)       Fintel Group Ltd., a company incorporated in HONG KONG with
                  its registered office situate at 306, Hang Bang Center, 28
                  Shanghai St., Kowloon, Hongkong (the "Purchaser").

WHEREAS:

         (A)      Beijing Genial Technical Co., Ltd. (the "Company") is a
                  company with limited liability incorporated in the People's
                  Republic of China and has as at the date hereof the registered
                  capital of RMB3,000,000 and a net asset of RMB19,000,000 .
         (B)      As at the date of this Contract, the Purchaser is a wholly
                  owned subsidiary of Financial Telecom Limited (USA) Inc. (the
                  "Fintel Company"), the shares of which are currently listed on
                  the Over-the-Counter Bulletin Board ("OTCBB") of the United
                  States (OTCBB Symbol: FLTL.OB).
         (C)      The Vendors have agreed to sell and the Purchaser has agreed
                  to purchase certain interests in the registered capital of the
                  Company, the aggregate of which represents 19% of the entire
                  interest in the registered capital of the Company (the "Sale
                  Interests") in accordance with the terms and conditions of
                  this Contract. The Vendors have agreed to sell and the
                  Purchaser has agreed to purchase the Convertible Note in
                  accordance with the terms and conditions of this Contract.

NOW, THEREFORE, FOR AND IN CONSIDERATION of the mutual promises and agreements
contained herein, the terms and conditions hereby are agreed upon by the Parties
in this Contract:

1.       INTERPRETATION

         1.1      In this Contract (including the Recitals), unless the context
                  otherwise requires, the following words and expressions shall
                  have the following meanings ascribed to each of them below:

"CONTRACT"                          this Contract for the sale and purchase of
                                    the Convertible Note and the Sale Interest,
                                    as amended or supplemented from time to
                                    time;
"BUSINESS DAY"                      From Monday to Friday except PRC's public
                                    holidays;
"SALE INTERESTS"                    19% of the entire interest in the registered
                                    capital of the Company to be sold by the
                                    Vendors to the Purchaser, in which 16% of
                                    the entire interest in the registered
                                    capital of the Company is sold by Luo Lan to
                                    the Purchaser and 3% of the entire interest

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                                    in the registered capital of the Company is
                                    sold by Zheng xu to the Purchaser ;
"FINTEL COMPANY"                    Financial Telecom Limited (USA) Inc., a
                                    company incorporated under the laws of the
                                    state of Nevada, United States, the shares
                                    of which are currently listed on the
                                    Over-the-Counter Bulletin Board ("OTCBB") of
                                    the United States (OTCBB Symbol: FITG.OB).
"CONSIDERATION SHARES"              New restricted shares of the Fintel Company
                                    to be allotted and issued in the name of the
                                    Vendors or their nominees for the
                                    consideration of Sale Interests according to
                                    Clause 4.1, which are restricted according
                                    to Rule 144 promulgated under the U.S
                                    Securities Act and are calculated by the
                                    Consideration regulated in Clause 4.1 /50%
                                    of the average share price of 30 business
                                    days before Completion;
"CONVERTIBLE NOTE"                  The debt certificate issued by the Vendors
                                    to the Purchaser. After the Vendors are
                                    satisfied by the consideration from the
                                    Purchaser according to Clause 4.1 of this
                                    Contract, they shall owe the Purchaser the
                                    debt of RMB1,960,000 without interests and
                                    pay off the debt of RMB1,960,000 after ten
                                    years from the issuing date of the debt
                                    certificate. During the Term of Convertible
                                    Note, the Purchaser shall be entitled to
                                    execute the right to change the Vendors'
                                    debt to 12.25% of the entire interest in the
                                    registered capital of the Company according
                                    to Clause 2.4 and 2.5 of this Contract.
"THE TERM OF CONVERTIBLE NOTE"      Within 10 years after the issuing date of
"RESTRICTED TRADING PERIOD"         Convertible Note a period of twelve (12) &
                                    twenty-four (24) & thirty-six (36) months
                                    from the date on which the Consideration
                                    Shares being allotted and issued to the
                                    Vendors or their nominees; twelve months for
                                    1/3 of the Consideration Shares, twenty-four
                                    months for another 1/3 of the Consideration
                                    Shares, thirty-six months for another 1/3
                                    shares of the Consideration Shares;

"COMPLETION"                        completion of the sale and purchase of the
                                    Sale Interests in accordance with the terms
                                    and conditions of this Contract;

"COMPLETION                         DATE" the date falling on the 5th Business
                                    Day after the conditions set out in Clause
                                    3.1 , 3.2 and 3.4 have been fulfilled or
                                    waived by the Purchaser;
"LONG STOP DATE"                    Within six months after the date of this
THE BALANCE SHEET"                  Contract; "THE DATE OF December 31, 2004.

2.       SALE AND PURCHASE OF THE SALE INTERESTS

         2.1      Subject to the terms and conditions of this Contract, each of
                  the Vendors, agrees to sell and the Purchaser agrees to
                  purchase the Sale Interests which is beneficially held by each
                  of the Vendors, in which 16% of the entire interest in the
                  registered capital of the Company is sold by Luo Lan to the
                  Purchaser and 3% of the entire interest in the registered
                  capital of the Company is sold by Zheng Xu to the Purchaser.
                  The consideration for Sale Interests is the Consideration
                  Shares. From the date of this Contract, the Purchaser is the
                  beneficial owner of the Sale Interests with all rights now or
                  hereafter attaching thereto.
         2.2      Subject to Clause 2.1 of this Contract, on the Date of the
                  Balance Sheet, the Company's net assets which are audited by
                  independent third party CPA are RMB19,000,000.
         2.3      After the date of this Contract, The Vendors will not assume
                  any debts and any other duties regards to the Sale Interests,
                  which exist after the date of this Contract and will not have
                  any creditor's rights and any other rights regards to the Sale

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                  Interests, which exists after the date of this Contract. After
                  the date of this Contract, The Purchaser will assume any debts
                  and any other duties regards to the Sales Interests, which
                  exist after the date of this Contract and will have any
                  creditor's rights and any other rights regards to the Sale
                  Interests, which exists after the date of this Contract.
         2.4      On Completion Day, if the Vendors don't issue the written
                  Transferable Note, the Purchaser automatically receive all the
                  rights of Transferable Note. The Vendor warrants as follow:

                  a)       the Purchaser may send the written note ("
                           Information of Transferable Note") to the Vendors
                           during the Term of Convertible Note and inform them
                           to get rid of the debt of the Convertible Note
                           instead that they shall transfer 12.25% of the entire
                           interest in the registered capital of this Company to
                           the Purchaser in the consideration of
                           RMB(pound)+/-(pound)(R)
                  b)       The Vendors shall transfer 12.25% of the entire
                           interest in the registered capital of this Company to
                           the Purchaser under the Chinese registration law
                           according to Information of Convertible Note and the
                           Purchaser's or its designated third party shall
                           become the owner in the registry office.

         2.5      The unconcerned matters in relation to the execution of
                  Convertible Note shall be considered by other clauses of this
                  Contract.

3.       COMPLETION

         3.1      On Completion, The Vendors shall meet the following
                  requirements:

                  (a)      The Vendors shall get all necessary consents permits
                           and approval (whether governmental, regulatory or
                           otherwise) as may be required in respect of the sale
                           and purchase of the Sale Interests from the relevant
                           PRC' governmental authorities, including but not
                           limited to the ratification from the PRC foreign
                           trade economic bureau or the provincial foreign trade
                           economic department and the Vendors shall inform the
                           Purchaser all the relevant letters, the ratification
                           documents and other relevant documents;
                  (b)      Each of the Vendors shall jointly and/or severally (
                           as the case may be ) deliver or procure the delivery
                           to the Purchaser of all the following:

                           (i)      all constitutional documents, contracts,
                                    minute books and records (which shall be
                                    written up to date as at Completion);
                           (ii)     copies of the business license, the name of
                                    the shareholders, the copies of the
                                    shareholders' identity card, the structure
                                    of the shareholding and financial statements
                                    of the Company;
                           (iii)    other documents, letters and material
                                    which the Purchaser may require;

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                  (c)      The Vendors shall hold a shareholder meeting
                           approving the following items according to the
                           Purchaser's requirements:

                           (i)      the sale and purchase of the Sale Interests;
                           (ii)     the Convertible Note and the future
                                    shareholding transfering;
                           (iii)    amending the constitution of the Company
                                    according to the Purchaser;

                  (d)      The Vendors shall complete the change procedures
                           regards to the Sale Interests in relevant Commercial
                           and Industrial bureau and inform the Purchaser all
                           the relevant letters, ratification documents and
                           other relevant documents regards to the above the
                           change procedures..

         3.2      On Completion, The Vendors shall meet the following
                  requirements:

                  a)       If so required, passing of necessary resolutions by
                           shareholders of the Purchaser at a shareholder
                           meeting approving (i) the purchase of the Sale
                           Interests from the Vendors and (ii) the issuing of
                           Convertible Note and (iii)this Contract.
                  b)       The Purchaser shall procure that the directors of the
                           board of Fintel Company make the resolutions and
                           approve: the allotment and issue of the Consideration
                           Shares to the Vendors credited as fully paid;
                  c)       the Purchaser having obtained a legal opinion issued
                           by a qualified lawyer (acceptable by the Purchaser)
                           in respect of:

                           (i)      the legality and validity of this Contract
                                    and the transactions contemplated herein;
                           (ii)     the completion of all necessary procedures
                                    and obtaining of all necessary approvals
                                    regarding the sale and purchase of the Sale
                                    Interests;
                           (iii)    no change in the permitted scope business of
                                    the Company after the transfer of the Sale
                                    Interests; (iv) all other matters reasonably
                                    requested by the Purchaser.

         3.3      When any of the conditions set out in the Clause 3.1 has been
                  satisfied by the Vendors, unless that the Purchaser may by
                  notice in writing inform the Vendors to waive any of the
                  conditions set out in Clause 3.4, the Purchaser shall procure
                  Fintel Company to allot, issue and credit the Consideration
                  Shares to the Vendors as fully paid.
         3.4      From the date of this Contract to the Completion Date, the
                  Purchaser has the rights at any time in writing to inform the
                  Vendors to waive any of the conditions set out in Clauses 3.1;
                  the Vendors also have the rights at any time in writing to
                  inform the Purchaser to waive any of the conditions set out in
                  Clause 3.2 from the date of this Contract to the Completion
                  Date.
         3.5      Clauses 5 to Clause 13 shall survive the Completion.

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4.       CONSIDERATION

         4.1      The Consideration for the sale and purchase of the Sale
                  Interests shall be the sum of RMB3,040,000 equal to US$
                  368,485(1USD=RMB8.25) and he Consideration for the Convertible
                  Note shall be the sum of RMB1,960,000 equal to US$
                  237,576(1USD=RMB8.25) and which shall be
                  satisfied by the Purchaser in the following manner:
                  i. the Purchaser procuring the Fintel Company to allot, issue
                  and credit the Consideration Shares to the Vendors in the
                  Relevant Proportions as fully paid on Completion; The
                  Purchaser shall not be obliged to complete the purchase of any
                  of the Sale Interests and Convertible Note unless the purchase
                  of all the Sale Interests and Convertible Note is completed
                  simultaneously.
         4.2      The Vendors shall notify the Purchaser in writing at least ten
                  (10) Business Days before the Completion Date of the name(s)
                  and other particulars of the registered holder(s) of the
                  Consideration Shares and the board lot denomination of the
                  share certificate(s) in respect of the Consideration Shares to
                  be issued to them or their nominee(s) and all necessary
                  information and details as is reasonably required to enable
                  the share registrars of the Fintel Company to issue the
                  definitive share certificates for such Consideration Shares
                  upon Completion.
         4.3      The Vendors understand that the Consideration Shares will not
                  be registered under the U.S. Securities Act. The Vendors also
                  understand that the Consideration Shares are being allotted
                  and issued pursuant to an exemption from registration
                  contained in the U.S. Securities Act based in part upon the
                  Vendors' representations contained in this Contract. The
                  Vendors hereby represent and warrant as follow:

                  (a)      Vendors bear economic risk: the Vendors have
                           substantial experience in evaluating and investing in
                           private placement transactions of securities in
                           companies similar to the Purchaser so that it is
                           capable of evaluating the merits and risks of its
                           investments in the Purchaser and have the capacity to
                           protect its own interests. The Vendors are able to
                           bear the economic risk of this investment;
                  (b)      Acquisition for own account: the Vendors are
                           acquiring the Consideration Shares for their
                           respective own account for investment only, and not
                           with a view towards their distribution;
                  (c)      Vendors can protect their interest: the Vendors
                           represent that by reason of their management,
                           business or financial experience, the Vendors have
                           the capacity to protect their own interests in
                           connection with the transactions contemplated in this
                           Contract. Further, the Vendors are aware of no
                           publication of any advertisement in connection with
                           the transactions contemplated in this Contract;
                  (d)      Company information: the Vendors have had an
                           opportunity to discuss the Purchaser's business,
                           management and financial affairs with directors,
                           officers and management of the Purchaser and have had
                           the opportunity to review the Purchaser's operations
                           and facilities. The Vendors have also had the
                           opportunity to ask questions of and receive answers
                           from the Purchaser and its management regarding the
                           terms and conditions of this investment; Purchaser
                           will provide balance sheet and income statement to
                           Vendors.
                  (e)      Rule 144: The Vendors have been advised or are aware
                           of the provisions of Rule 144 promulgated under the
                           U.S. Securities Act, which permits limited resale of
                           shares purchased in a private placement subject to
                           the satisfaction of certain conditions;
                  (f)      Legends: The Vendors understand and agree that the
                           Purchaser will cause the legends set forth below or
                           legends substantially equivalent thereto, to be
                           placed upon any certificate(s) evidencing ownership

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                           of the Consideration Shares, together with any other
                           legends that may be required by state or federal
                           securities laws, or by the Articles of Association
                           and Bye laws of the Company, or by any other
                           agreement between the Vendors and the Purchaser or
                           between the Vendors and any third party:
                           THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
                           REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
                           AMENDED (THE "ACT"), OR UNDER THE SECURITIES LAWS OF
                           CERTAIN STATES. THESE SECURITIES ARE SUBJECT TO
                           RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY
                           NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED
                           UNDER THE ACT AND THE APPLICABLE STATE SECURITIES
                           LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
                           THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE
                           REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS
                           INVESTMENT. THE ISSUER OF THESE SECURITIES MAY
                           REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE
                           SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY
                           PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE
                           ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

         4.4      The Purchaser agrees that upon expiry of the Restricted
                  Trading Period, upon presentation of the Consideration Shares
                  to Purchaser, under the terms and conditions of this Contract,
                  Purchaser will commerce within 7 business days all necessary
                  formalities and registration procedures as may be required
                  under the U.S. Securities Act and the applicable State
                  securities law to enable the Consideration Shares becoming
                  freely transferable and resalable.

5.       THE SHAREHOLDERS MEETING, BOARD AND MANAGEMENT OF THE COMPANY AFTER THE
         SALE AND PURCHASE OF SALE INTEREST

         5.1      The shareholders meeting which is formed by all shareholders
                  shall be the highest power organization of the Company. The
                  way and the procedures of discussing business in the
                  shareholders meeting and the scope of power of the
                  shareholders meeting shall be ruled by PRCs' relevant laws and
                  the Company's constitution amended under Clause 3.1 of this
                  Contract.
         5.2      The Company shall set up the Board, the members of the Board
                  are not more than 5 people and the Purchaser has the rights to
                  designate 1 director in the Board. The business and operations
                  of the Group shall be managed by the Board.
         5.3      The Chairman of the Board and the legal representative of the
                  Company shall be nominated and appointed by the Board. 5.4 The
                  financial controller and/or the chief financial officer of the
                  Company shall be nominated and appointed by the Board. 5.5 The
                  scope of the power, the rules and the way of discussing the
                  business in the Board and the matters which are not concerned
                  in Clause 5 are ruled by PRCs' relevant laws and the Company's
                  constitution amended under Clause 3.1 of this Contract.
         5.6      The General Manager takes charge of the Company under the
                  leading of the Board. The scope of the power, the rules and
                  the way of discussing the business of the General Manager are
                  ruled by PRCs' relevant laws and the Company's constitution
                  amended under Clause 3.1 of this Contract.

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6.       DISPOSAL OF CONSIDERATION SHARES

         Each of the Vendors agrees and acknowledges that the Consideration
         Shares are subject to the United States Securities and Exchange
         Commission ("SEC") Rule 144 and in particular, hereby jointly and
         severally undertakes to and covenants with the Purchaser and the Fintel
         Company that it will not, during the Restricted Trading Period, dispose
         of (including without limitation by the creation of any option, charge
         or other Encumbrance or rights over or in respect of) any of the
         Consideration Shares or any interests therein owned by it/him/her or in
         which it/he/she is, directly or indirectly, interested immediately
         after Completion.

7.       WARRANTIES

         7.1      THE WARRANTIES FROM THE VENDORS

                  1.       The Company is a company with limited liability duly
                           established and validly existing under the laws of
                           PRCs and has the corporate powers and authorizes to
                           carry on the business presently carried on by it and
                           to own and hold the assets used therewith. Each
                           member of the Company are duly established and
                           validly existing under the laws of the place of its
                           incorporation and has the corporate powers and
                           authorizes to carry on the business presently carried
                           on by it and to own and hold the assets used
                           therewith.
                  2.       The facts and information set out in the recitals and
                           Clause 2.2, the Schedules and all documents attached
                           are true and all information which has been provided
                           in writing to the Purchaser or its representatives or
                           advisers by the Vendors or by any Director, officer
                           or other official of the Company by its professional
                           advisers or other agents was when given and is now
                           true and accurate in all material respects. There is
                           no fact or matter which has not been disclosed which
                           renders any such information untrue, inaccurate or
                           misleading or the disclosure of which might
                           reasonably affect the willingness of a willing
                           purchaser to purchase the Sale Interests in
                           accordance with the provisions of this Agreement.
                  3.       The information disclosed to the Purchaser or its
                           representatives or professional advisers, by the
                           Vendors and the directors, officers or other
                           officials of the Company regarding its current status
                           or prospects comprises all information which is
                           material for the reasonable assessment of the
                           financial and trading prospects of the Company or its
                           subsidiaries as a whole.
                  4.       The copy of the memorandum and articles of
                           association of the Company which have been provided
                           to the Purchaser are true and complete in all
                           respects and have embodied in them or annexed to them
                           a copy of every such resolution and agreement
                           required by law to be annexed thereto and the Company
                           has at all times carried on its business and affairs
                           in all respects in accordance with its respective
                           memorandum and articles of association and all such
                           resolutions and agreements.

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                  5.       The Sale Interests at the date of this Agreement are
                           fully paid up and are legally owned by the Vendors.
                           There is not any guarantees , mortgages or pledges
                           and other forms of third party's benefit on, over or
                           affecting the Sale Interests.
                  6.       The accounting systems of the Company and its
                           subsidiaries comply with `the Accounting Law of PRCs'
                           and other relevant accounting regulations and laws.
                           All the books of the account of the Company and its
                           subsidiaries are true and accurate in all material
                           respects and there is no loss at the Date of the
                           Balance Sheet of the Company;
                  7.       At the Date of the Balance Sheet and the future, the
                           Vendors shall disclose a true and fair view of the
                           assets and liabilities of the Company and its
                           subsidiaries and its profits for the financial year
                           ended on such date and the future;
                  8.       Every financial year the Vendors and the Purchaser
                           shall hire the qualified and licensed CPA to audit
                           the Company.
                  9.       On Completion Date, the audited net assets of the
                           Company( the " Audited net assets) is not less than
                           the net assets on the Date of the Balance Sheet(the
                           "Promised net assets").
                  10.      The Company and its subsidiaries have paid all the
                           taxes before the Completion or will pay all the taxes
                           according to the tax laws and regulations and
                           disclose all tax evasion or legally tax evasions or
                           other tax problems which can seriously affect the
                           Purchaser's intent to purchase the Sale Interests.
                           The Company and its subsidiaries haven't or will not
                           pay any fine, penalty and interests according to the
                           tax laws , regulations and rules. The Company and its
                           subsidiaries have not in the last 3 years been the
                           subject of a discovery, audit or investigation by any
                           Taxation authority and there are no facts which are
                           likely to cause a discovery, audit or investigation
                           to be made.
                  11.      The Vendors covenant and undertake that prior to
                           Completion and without the prior written consent of
                           the Purchaser, the Vendors shall procure that the
                           Company and its subsidiaries shall not:

                           a.       incur any expenditure on capital account or
                                    enter into any option in respect of any part
                                    of its assets;
                           b.       dispose of or agree to dispose of or grant
                                    any option in respect of any part of its
                                    assets;
                           c.       borrow any money or make any payments out of
                                    or drawings on its bank account(s) other
                                    than routine payments;
                           d.       enter into any unusual or abnormal contract
                                    or commitment;
                           e.       make any loan;
                           f.       enter into any leasing, hire, purchase or
                                    other agreement or arrangements for payment
                                    on deferred terms;
                           g.       declare, make or pay any dividend or other
                                    distribution or do or suffer anything which
                                    may render its financial position less
                                    favourable than as at the date of this
                                    Agreement;
                           h.       grant or issue or agree to grant or issue
                                    any mortgages, charges, debentures or other
                                    securities or give or agree to give any
                                    guarantees or indemnities;
                           i.       make any change in the terms and conditions
                                    of employment or pension benefits of any of
                                    its directors or employees or employ or
                                    terminate (other than for good cause) the
                                    employment of any person;

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                           j.       create, issue or grant any option in respect
                                    of any class of share or loan capital or
                                    agree so to do;
                           k.       in any other way depart from the ordinary
                                    course of its respective day-to-day business
                                    either as regards the nature scope or manner
                                    of conducting the same;
                           l.       voluntarily contravene or fail to comply
                                    with any material obligation, statutory or
                                    otherwise; and
                           m.       do anything whereby its financial position
                                    will be rendered less favourable than at the
                                    date hereof.

7.2      THE WARRANTIES FROM THE PURCHASER

         1.       The Company is a company duly established and validly existing
                  under the laws of the Hongkong and has the corporate powers
                  and authorises to carry on the business presently carried on
                  by it and to own and hold the assets used therewith. The
                  Fintel Company is a listed company duly established and
                  validly existing under the laws of USA.

         2.       The Purchaser procure that Fintel Company will issue the
                  Consideration Shares according to the terms and conditions of
                  this Contract.

8.       THE LIABILITIES OF THE BREACH OF THE CONTRACT

         8.1.     The Vendors and Purchaser shall fulfilled the Contract
                  properly and in time, Should all or part of this Contract be
                  unable to be fulfilled owing to the fault of one party, the
                  breaching party shall bear the responsibilities thus caused.
         8.2.     Should the Vendors break the warranties regulated in Clause
                  7.1 and cause the Purchaser's economic loss and expenses (
                  including the legal fees ), the Vendors shall bear the
                  responsibilities thus caused.
         8.3.     Should the Vendors break the warranties regulated in Clause
                  7.1(8), the Vendors shall pay back to the Purchaser with the
                  difference of Audited net assets and Promised net assets.

9.       PRICE ADJUSTMENT

         9.1      If the 12 months, 24 months and 36 months of Restricted
                  Trading Period are over, the value of the freely transferable
                  Consideration Shares which the Vendors or their designated
                  persons are owner, that is the freely transferable
                  Consideration Shares x the average price of 30 trading days
                  before the end of Restricted Trading Period, is less than the
                  twice of the value of the freely transferable Consideration
                  Shares on Completion Date, the Vendors inform the Purchaser in
                  written note(the Vendors' note) and ask the Purchaser execute
                  the following price adjustments. The Purchaser shall choose
                  one of the following ways to execute the price adjustments
                  within 30 business days after the Vendors' note.
                  A)       to pay back cash according to the following formula:
                           the Cash paid back = the twice of the value of freely
                           transferable Consideration Shares on Completion Date
                           -(the freely transferable Consideration Shares x the
                           average price of 30 trading days before the
                           Restricted Trading Period(including the ending day of
                           the Restricted Trading Period));

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                  B)       procure the Fintel Company issue and allot new
                           restricted shares of the Fintel Company in the name
                           of the Vendors or their nominees, which are
                           restricted according to Rule 144 promulgated under
                           the U.S Securities Act and are calculated by the Cash
                           paid back / the average share price of 30 business
                           days before the Restricted Trading Period(including
                           the ending day of the Restricted Trading Period).
         9.2      If the value of the freely transferable Consideration Shares
                  on the ending days of the Restricted Trading Period and the
                  days that the Vendors sell is more than twice of the value of
                  the freely transferable Consideration Shares on Completion,
                  the Purchaser shall have the rights to share 50% of
                  difference.
         9.3      If the Company is listed in any security exchange board after
                  within 12 months after the Completion, the Clause 9 of the
                  Contract shall be not valid.

10.      TERMINATION AND AMENDMENTS

         10.1     The Vendors and the Purchaser can agree in writing to
                  terminate this Contract after negotiations.

         10.2     The Vendors and the Purchaser can terminate this Contract
                  according to the following conditions:

                  1.       Should this Contract be unable to be fulfilled
                           materially due to the Force Majeure, the Vendors and
                           the Purchaser have the rights to terminate this
                           Contract without any liabilities.
                  2.       Should one party be unable to fulfil this Contract
                           improperly and cause to break this Contract
                           fundamentally, the party who abides by this Contract
                           has the rights to terminate this Contract, the
                           breaching party shall bear the responsibilities thus
                           caused.
                  3.       other conditions regulated by the relevant laws.

11.      CONFIDENTIALITY AND ANNOUNCEMENTS

         11.1.    Each of the parties undertakes to the others that it will not,
                  at any time after the date of this Agreement, divulge or
                  communicate to any person other than to its professional
                  advisers, or when required by law or any rule of any relevant
                  stock exchange body or regulatory authorities, or to its
                  respective officers or employees whose province is to know the
                  same any confidential information concerning the business,
                  accounts, finance or contractual arrangements or other
                  dealings, transactions or affairs of any of the others which
                  may be within or may come to its knowledge and it shall use
                  its best endeavours to prevent the publication or disclosure
                  of any such confidential information concerning such matters.
         11.2.    No public announcement or communication of any kind shall be
                  made in respect of the subject matter of this Agreement unless
                  specifically agreed between the parties or unless an
                  announcement is required pursuant to the applicable laws and
                  the regulations or the requirements of any relevant stock
                  exchange or any other regulatory body or authority. Any
                  announcement by any party required to be made pursuant to any
                  relevant laws or regulation or the requirements of the
                  relevant stock exchange or any other regulatory body or
                  authority shall be issued only after such prior consultation
                  with the other party as is reasonably practicable in the
                  circumstances.

                                      P 11

<PAGE>

12.      GOVERNING LAW AND JURISDICTION

         12.1.    This Agreement shall be governed by and construed in
                  accordance with the laws of Hong Kong.
         12.2.    Any dispute, controversy or claim arising out of or relating
                  to this Agreement, or the breach termination or invalidity
                  thereof, shall be settled firstly by friendly negotiations ;
                  In case no settlement can be reached through consultations,
                  the disputes shall be submitted to the jurisdictional Court in
                  HongKong.

13.      MISCELLANEOUS

         13.1.    This Contract constitutes the entire agreement between the
                  parties hereto with respect to the matters dealt with herein
                  and supersedes all previous agreements, arrangements,
                  statements, understandings or transactions between the parties
                  hereto in relation to the matters hereof and the parties
                  acknowledge that no claim shall arise in respect of any
                  agreement so superseded.

         13.2.    Any variation to this Agreement shall be binding only if
                  recorded in a document signed by all the parties hereto. 13.3.
                  The obligations, liabilities (including without limitation,
                  breach of Warranties) and undertakings of the Vendors shall be
                  joint and several.

         13.4.    This Agreement shall be binding upon and ensure for the
                  benefit of the successors of the parties but shall not be
                  assignable.

         13.5.    All provisions of this Agreement, in so far as the same shall
                  not have been performed at Completion, shall remain in full
                  force and effect notwithstanding Completion.

         13.6.    If any provision of this Agreement shall be held to be illegal
                  or unenforceable, the enforceability of the remainder of this
                  Agreement shall not be affected.

         13.7.    The Purchaser shall not be responsible for any government fees
                  and tax and other additional expenses(including lawyer fees)
                  caused by the Vendors according to this Contract.

                                      P 12

<PAGE>

IN WITNESS WHEREOF THIS CONTRACT HAS BEEN DULY EXECUTED BY ALL PARTIES HERETO
THE DAY AND YEAR FIRST ABOVE WRITTEN.

THE VENDORS

LUO LAN

ZHENG XU

THE PURCHASER
FINTEL GROUP LTD.(STAMP)
AUTHORIZATION

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