Document:

BRAND AND SERVICES ACQUISITION
		CORP.
	 

	 
		401 East Las Olas Boulevard, Suite
		1220
	 

	 
		Fort Lauderdale, FL 33301
	 

	 
		___________, 2007
	 

	 
		New River Capital :Partners, LP
	 

	 
		401 East Las Olas Boulevard, Suite
		1220
	 

	 
		Fort Lauderdale, FL 33301
	 

	 
		Ladies and Gentlemen:
	 

	 
		This letter will confirm our agreement that,
		commencing on the effective date (“Effective Date”) of the
		registration statement for the initial public offering (“IPO”)
		of the securities of Brand and Services Acquisition Corp. (the
		“Company”), and continuing for up to two years until the
		earlier of the consummation by the Company of a business combination or the
		Company’s liquidation (as described in the Company’s IPO prospectus)
		(the “Termination Date”), New River Capital Partners, LP
		(“NRCP”) shall make available to the Company certain office as well
		as certain office and secretarial services as may be required by the Company
		from time to time, situated at 401 East Las Olas Boulevard, Suite 1220, Fort
		Lauderdale, FL 33301. In exchange therefor, the Company shall pay NRCP the sum
		of $7,500 per month on the Effective Date and continuing monthly thereafter
		until the Termination Date.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Very truly yours,
				

			 
	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  BRAND AND SERVICES ACQUISITION
				  CORP.
				

			 
	 	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 

 

	 
		AGREED TO AND ACCEPTED BY:
	 

	 
		NEW RIVER CAPITAL PARTNERS, LP
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  By: 
				

			 	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				  Name:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Title:PROMISSORY NOTE

 

	
                        $100,000.00
 	
                        As of May 31, 2007
 
	
                         
 	
                        New York, New York
 

Brand and Services Acquisition Corp, (the “Maker”) promises to pay to the order of BCM Equity Partners LLC (the “Payee”) the principal sum of One Hundred Thousand Dollars and No Cents ($100,000.00) in lawful money of the United States of America, on the terms and conditions described below.

1. Principal. The principal balance of this Note shall be repayable on the earlier of (i) May 30, 2008, or (ii) the date on which Maker consummates an initial public offering of its securities (the “Maturity Date”).

2. Interest. Interest shall not accrue on the unpaid principal balance of this Note.

3. Payment. The principal balance of this Note may be prepaid in whole or in part at any time or from time to time.

4. Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including, without limitation, reasonable attorneys’ fees, and, finally, to the reduction of the unpaid principal balance of this Note.

5. Events of Default. The following shall constitute Events of Default:

(a) Failure to Make Required Payments. Failure by Maker to pay the principal on this Note within five (5) business days following the date when due.

(b) Voluntary Bankruptcy. Etc. The commencement by Maker of a voluntary case under applicable bankruptcy law, or any other applicable insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of, or taking possession by, a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

(c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under applicable bankruptcy law, or any other applicable insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of the affairs of Maker, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

6. Remedies.

(a) Upon the occurrence of an Event of Default specified in Section 5(a), Payee may, by written notice to Maker, declare this Note to be due and payable, whereupon the principal amount of this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

 

 

(b) Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of, and all other sums payable with regard to, this Note shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

7. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to this Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be
sold upon any such writ in whole or in part in any order desired by Payee.

8. Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors or sureties may become parties hereto without notice to them or affecting their liability hereunder.

9. Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery, (iv) sent by telefacsimile, or (v) sent by e-mail, to the following addresses or to such other address as either party may designate by notice in accordance with this Section:

If to Maker:

Brand and Services Acquisition Corp.

401 East Las Olas Blvd. 

Suite 1220

Fort Lauderdale, FL 33301 

Email Address:taucamp@nrcp.com

If to Payee:

BCM Equity Partners LLC

712 Fifth Avenue, 49th Floor

New York, New York 10019

Email Address: mrapp@broadbandcapital.com

Notice shall be deemed given on the earlier of actual receipt by the receiving party, if sent by certified mail, and (i) three business days after certification thereof, (ii) if personally delivered, the date reflected on a signed delivery receipt, (iii) if sent by private or governmental express mail or delivery service, one (1) business day following tender of delivery or dispatch by express mail or delivery service, (iv) if by facsimile, the date shown on a telefacsimile transmission confirmation, or (v) if sent by email, the date on which an e-mail transmission was received by the receiving party’s on-line access provider.

 

 

2

 

10. Construction. This Note shall be construed and enforced in accordance with the domestic, internal law, but not the law of conflict of laws, of the State of New York.

11. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed the day and year first above written.

 

	
                         
 	
                         
 	
                        BRAND AND SERVICES ACQUISITION CORP.
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ Thomas Aucamp
 
	
                         
 	
                         
 	
                         
 	
                        Name: Thomas Aucamp
 
	
                         
 	
                         
 	
                         
 	
                        Title: President
 

 

 

3PROMISSORY NOTE
	 

	 
		 
	 

	 
			
				
				  $100,000.00
				

			 	
				
				  As of June 7, 2007
				

			 
	
				
				   
				

			 	
				
				  New York, New York
				

			 

 

	 
		Brand and Services Acquisition Corp. (the
		“Maker”)
		promises to pay to the order of NRC V, LLC (the
		“Payee”) the principal sum of One Hundred Thousand Dollars and
		No Cents ($100,000.00) in lawful money of the United States of America, on the
		terms and conditions described below.
	 

	 
		1. Principal. The
		principal balance of this Note shall be repayable on the earlier of (i) May 30,
		2008, or (ii) the date on which Maker consummates an initial public offering of
		its securities (the “Maturity
		Date”).
	 

	 
		2. Interest.
		Interest shall not accrue on the unpaid principal balance of this Note.
	 

	 
		3. Payment. The
		principal balance of this Note may be prepaid in whole or in part at any time
		of from time to time.
	 

	 
		4. Application of Payments. All payments shall be applied first to payment in full
		of any costs incurred in the collection of any sum due under this Note,
		including, without limitation, reasonable attorneys’ fees, and, finally,
		to the reduction of the unpaid principal balance of this Note.
	 

	 
		5. Events of Default. The following shall constitute Events of
		Default:
	 

	 
		(a) Failure to Make Required Payments. Failure by Maker to pay the principal on this Note
		within five (5) business days following the date when due.
	 

	 
		(b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under
		applicable bankruptcy law, or any other applicable insolvency, reorganization,
		rehabilitation or other similar law, or the consent by it to the appointment
		of, or taking possession by, a receiver, liquidator, assignee, trustee,
		custodian, sequestrator or other similar official of Maker or for any
		substantial part of its property, or the making by it of any assignment for the
		benefit of creditors, or the failure of Maker generally to pay its debts as
		such debts become due, or the taking of corporate action by Maker in
		furtherance of any of the foregoing.
	 

	 
		(c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court
		having jurisdiction in the premises in respect of Maker in an involuntary case
		under applicable bankruptcy law, or any other applicable insolvency or other
		similar law, or appointing a receiver, liquidator, assignee, custodian,
		trustee, sequestrator or similar official of Maker or for any substantial part
		of its property, or ordering the winding-up or liquidation of the affairs of
		Maker, and the continuance of any such decree or order unstayed and in effect
		for a period of 60 consecutive days.
	 

	 
		6. Remedies.

	 

	 
		(a) Upon the occurrence of an Event of
		Default specified in Section 5(a), Payee may, by written notice to Maker,
		declare this Note to be due and payable, whereupon the principal amount of this
		Note, and all other amounts payable hereunder, shall become immediately due and
		payable without presentment, demand, protest or other notice of any kind, all
		of which are hereby expressly waived, anything contained herein or in the
		documents evidencing the same to the contrary notwithstanding.
	 

	 
		(b) Upon the occurrence of an Event of
		Default specified in Sections 5(b) and 5(c),
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		the unpaid principal balance of, and all
		other sums payable with regard to, this Note shall automatically and
		immediately become due and payable, in all cases without any action on the part
		of Payee.
	 

	 
		7. Waivers. Maker
		and all endorsers and guarantors of, and sureties for, this Note waive
		presentment for payment, demand, notice of dishonor, protest, and notice of
		protest with regard to this Note, all errors, defects and imperfections in any
		proceedings instituted by Payee under the terms of this Note, and all benefits
		that might accrue to Maker by virtue of any present or future laws exempting
		any property, real or personal, or any part of the proceeds arising from any
		sale of any such property, from attachment, levy or sale under execution, or
		providing for any stay of execution, exemption from civil process or extension
		of time for payment; and Maker agrees that any real estate that may be levied
		upon pursuant to a judgment obtained by virtue hereof, on any writ of execution
		issued hereon, may be sold upon any such writ in whole or in part in any order
		desired by Payee.
	 

	 
		8. Unconditional Liability. Maker hereby waives all notices in connection with the
		delivery, acceptance, performance, default or enforcement of the payment of
		this Note, and agrees that its liability shall be unconditional, without regard
		to the liability of any other party, and shall not be affected in any manner by
		any indulgence, extension of time, renewal, waiver or modification granted or
		consented to by Payee, and consents to any and all extensions of time,
		renewals, waivers or modifications that may be granted by Payee with respect to
		the payment or other provisions of this Note, and agrees that additional
		makers, endorsers, guarantors or sureties may become parties hereto without
		notice to them or affecting their liability hereunder.
	 

	 
		9. Notices. Any
		notice called for hereunder shall be deemed properly given if (i) sent by
		certified mail, return receipt requested, (ii) personally delivered, (iii)
		dispatched by any form of private or governmental express mail or delivery
		service providing receipted delivery, (iv) sent by telefacsimile, or (v) sent
		by e-mail, to the following addresses or to such other address as either party
		may designate by notice in accordance with this Section:
	 

	 
		If to Maker:
	 

	 
		Brand and Services Acquisition Corp. 

	 

	 
		401 East Las Olas Blvd. 
	 

	 
		Suite 1220
	 

	 
		Fort Lauderdale, FL 33301 
	 

	 
		Email Address:taucamp@nrcp.com
	 

	 
		If to Payee:
	 

	 
		NRC V, LLC
	 

	 
		401 East Las Olas Blvd.
	 

	 
		Suite 1220
	 

	 
		Fort Lauderdale, FL 33301
	 

	 
		Email Address:taucamp@nrcp.com
	 

	 
		Notice shall be deemed given on the earlier
		of actual receipt by the receiving party, if sent by certified mail, and (i)
		three business days after certification thereof, (ii) if personally delivered,
		the date reflected on a signed delivery receipt, (iii) if sent by private or
		governmental express mail or delivery service, one (1) business day following
		tender of delivery or dispatch by express mail or delivery service, (iv) if by
		facsimile, the date shown on a telefacsimile transmission confirmation, or (v)
		if sent by email, the date on which an e-mail transmission was received by the
		receiving party’s on-line access provider.
	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		10. Construction.
		This Note shall be construed and enforced in accordance with the domestic,
		internal law, but not the law of conflict of laws, of the State of New
		York.
	 

	 
		11. Severability.
		Any provision contained in this Note which is prohibited or unenforceable in
		any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
		of such prohibition or unenforceability without invalidating the remaining
		provisions hereof, and any such prohibition or unenforceability in any
		jurisdiction shall not invalidate or render unenforceable such provision in any
		other jurisdiction.
	 

	 
		IN WITNESS WHEREOF, Maker, intending to be
		legally bound hereby, has caused this Note to be duly executed the day and year
		first above written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  BRAND AND SERVICES ACQUISITION
				  CORP.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Thomas Aucamp
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Thomas Aucamp
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: President
				

			 

 

	 
		 
	 

	 
		3

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