Document:

ex101.htm

    EXHIBIT
      10.1

     

     

     

    THIS
      WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE
      TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT
      TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION
      AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

    
       

       

      WARRANT
        TO PURCHASE STOCK

    

    
      	 	
               

            
	
              Corporation:

            	
              Sadhana
                Equity Investment, Inc., a Florida corporation

            
	
              Number
                of Shares:

            	
              262,800

            
	
              Class
                of Stock:

            	
              Common
                Stock, no par value

            
	
              Exercise
                Price:

            	
              $0.01
                per share

            
	
              Issue
                Date:

            	
              August
                14, 2007

            
	
              Expiration
                Date:

            	
              August
                13, 2012

            

    

     

    THIS
      WARRANT CERTIFIES THAT, for good and valuable consideration, the receipt of
      which is hereby acknowledged, Law Offices of Michael H. Hoffman, P.A., or its
      permitted assignee (“Holder”), is entitled to purchase the number of fully paid
      and nonassessable shares of the class of securities (the “Shares”) of the
      corporation (the “Company”) at the exercise price (the “Warrant Price”) all as
      set forth above and as adjusted pursuant to Article 2 of this warrant, subject
      to the provisions and upon the terms and conditions set forth in this
      warrant.

     

    ARTICLE
      1.    EXERCISE.

     

    1.1  Method
      of Exercise.  Upon the quotation of the Company’s shares of common
      stock on a Public Market (as defined in Section 1.5), Holder may exercise
      this warrant, in whole or in part, by delivering this warrant and a duly
      executed Notice of Exercise in substantially the form attached as Appendix
      1 to the principal office of the Company.  Unless Holder is
      exercising the conversion right set forth in Section 1.2, Holder shall
      also deliver to the Company a check for the Warrant Price for the Shares being
      purchased.

     

    1.2  Conversion
      Right.  Upon the quotation of the Company’s shares of common stock
      on a Public Market (as defined in Section 1.5), in lieu of exercising
      this warrant as specified in Section 1.1, Holder may from time to time
      convert this warrant, in whole or in part, into a number of Shares determined
      by
      multiplying the number of shares issuable upon exercise of this warrant by
      a
      fraction, (a) the numerator of which is the fair market value of one Share
      minus
      the Warrant Price of one Share, by (b) the fair market value of one
      Share.  The fair market value of the Shares shall be the closing price
      of the Shares (or the closing price of the Company’s stock into which the Shares
      are convertible) reported for the business day immediately before Holder
      delivers its Notice of Exercise to the Company.

     

    
      
        
        

      

      
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    1.3  Delivery
      of Certificate and New Warrant.  Promptly after Holder exercises
      or converts this warrant, the Company shall deliver to Holder certificates
      for
      the Shares acquired and, if this warrant has not been fully exercised or
      converted and has not expired, a new warrant representing the Shares not so
      acquired.

     

    1.4  Replacement
      of Warrants.  On receipt of evidence reasonably satisfactory to
      the Company of the loss, theft, destruction or mutilation of this warrant and,
      in the case of loss, theft or destruction, on delivery of an indemnity agreement
      reasonably satisfactory in form and amount to the Company or, in the case of
      mutilation, on surrender and cancellation of this warrant, the Company at its
      expense shall execute and deliver, in lieu of this warrant, a new warrant of
      like tenor.

     

    1.5  Put
      Right.  In the event that the Company’s shares of common stock are
      not listed for quotation on a recognized national securities exchange, the
      Nasdaq National Market (or a similar national quotation system), the
      over-the-counter electronic bulletin board or the Pink Sheets (each, a “Public
      Market”), at Holder’s option, in lieu of exercising its rights as set forth in
Section 1.1 or Section 1.2, Holder shall have the right to require
      the Company to purchase this warrant, or the Shares issuable upon the exercise
      of this warrant (the “Put Right”), for an aggregate purchase price equal
      to the number of Shares issued and issuable upon exercise of this warrant
      multiplied by Equity Value (the “Put Price”).  The Company
      shall pay the purchase price to the Holder within seven (7) days after receipt
      of Holder’s written notice of Holder’s decision to exercise the Put Right;
provided, that in the event that Holder’s notice is provided less than
      seven (7) days prior to the closing of an Acquisition, the Company shall make
      the payment of the Put Price to the Holder on the day before the date of the
      closing of the Acquisition.    “Equity Value” per Share
      shall be determined by dividing (a) the excess of the Enterprise Value over
      Funded Debt, by (b) the aggregate number of issued and outstanding shares of
      Common Stock of the Company on a fully-diluted basis.  For purposes of
      this Section 1.3, the following terms shall have the following
      meanings:

     

    1.5.1           “Adjusted
      Net Income” shall mean net income of the Company for any period, excluding any
      non-recurring or extraordinary gains and losses occurring in such period, but
      normalized for historical uncollectible debt expenses.

     

    1.5.2           “EBITDA”
      shall mean Adjusted Net Income of the Company plus interest, tax, depreciation
      and amortization expenses for a twelve (12) month trailing period.

     

    1.5.3           “Enterprise
      Value” shall mean the Company’s EBITDA multiplied times seven (7).

     

    1.5.4           “Funded
      Debt” shall mean all indebtedness obligations of the Company except trade
      payables incurred by the Company in the ordinary course of
      business.

     

     
      1.6  Effect
      of Sale, Merger, or Consolidation of the Company.

     

    1.6.1  “Acquisition.”  For
      the purpose of this warrant, “Acquisition” means any sale, license, or other
      disposition of all or substantially all of the assets (including intellectual
      property) of the Company, or any reorganization, consolidation, or merger of
      the
      Company where the holders of the Company’s securities before the transaction
      beneficially own less than 50% of the outstanding voting securities of the
      surviving entity after the transaction.

     

    1.6.2  Assumption
      of Warrant.  If upon the closing of any Acquisition the successor
      entity assumes the obligations of this warrant, then this warrant shall be
      exercisable for the same securities, cash, and property as would be payable
      for
      the Shares issuable upon exercise of the unexercised portion of this warrant
      as
      if such Shares were outstanding on the record date for the Acquisition and
      subsequent closing.  The Warrant Price shall be adjusted
      accordingly.  The Company shall use reasonable efforts to cause the
      surviving corporation to assume the obligations of this warrant.

     

    1.6.3  Nonassumption.  If
      upon the closing of any Acquisition the successor entity does not assume the
      obligations of this warrant, and Holder has not otherwise exercised this warrant
      in full, then Holder shall have the right to deem this warrant to have been
      automatically converted pursuant to Section 1.2 and thereafter Holder
      shall participate in the Acquisition on the same terms as other holders of
      the
      same class of securities of the Company.

     

    
      
        
        

      

      
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    ARTICLE
      2.    ADJUSTMENTS
      TO THE SHARES.

     

    2.1  Reclassification,
      Exchange or Substitution.  Upon any reclassification, exchange,
      substitution, or other event that results in a change of the number and/or
      class
      of the securities issuable upon exercise or conversion of this warrant, Holder
      shall be entitled to receive, upon exercise or conversion of this warrant,
      the
      number and kind of securities and property that Holder would have received
      for
      the Shares if this warrant had been exercised immediately before such
      reclassification, exchange, substitution, or other event.  The Company
      or its successor shall promptly issue to Holder a new warrant for such new
      securities or other property.  The new warrant shall provide for
      adjustments which shall be as nearly equivalent as may be practicable to the
      adjustments provided for in this Article 2 including, without limitation,
      adjustments to the Warrant Price and to the number of securities or property
      issuable upon exercise of the new warrant.  The provisions of this
Section 2.1 shall similarly apply to successive reclassifications,
      exchanges, substitutions, or other events.

     

    2.2  Adjustments
      for Combinations, Etc.  If the outstanding Shares are combined or
      consolidated, by reclassification or otherwise, into a lesser number of shares,
      the Warrant Price shall be proportionately increased. If the outstanding Shares
      are combined or consolidated, by reclassification or otherwise, into a greater
      number of shares, the Warrant Price shall be proportionately
      decreased.

     

    2.3  Adjustments
      for Diluting Issuances.  The Warrant Price and the number of
      Shares issuable upon exercise of this warrant shall be subject to adjustment,
      from time to time, in the manner set forth on Exhibit A in the event of
      Diluting Issuances (as defined on Exhibit A).

     

    2.4  No
      Impairment.  The Company shall not, by amendment of its Articles
      of Incorporation or through a reorganization, transfer of assets, consolidation,
      merger, dissolution, issue, or sale of securities or any other voluntary action,
      avoid or seek to avoid the observance or performance of any of the terms to
      be
      observed or performed under this warrant by the Company, but shall at all times
      in good faith assist in carrying out all the provisions of this Article 2 and
      in
      taking all such action as may be necessary or appropriate to protect Holder’s
      rights under this Article against impairment.

     

    2.5  Certificate
      as to Adjustments.  Upon each adjustment of the Warrant Price, the
      Company at its expense shall promptly compute such adjustment, and furnish
      Holder with a certificate of its Chief Financial Officer setting forth such
      adjustment and the facts upon which such adjustment is based.  The
      Company shall, upon written request, furnish Holder a certificate setting forth
      the Warrant Price in effect upon the date thereof and the series of adjustments
      leading to such Warrant Price.

     

    ARTICLE
      3.    REPRESENTATIONS
      AND COVENANTS OF THE COMPANY.

     

    3.1  Representations
      and Warranties.  The Company hereby represents and warrants to the
      Holder as follows:

     

    (a)  All
      Shares which may be issued upon the exercise of the purchase right represented
      by this warrant, and all securities, if any, issuable upon conversion of the
      Shares, shall, upon issuance, be duly authorized, validly issued, fully paid
      and
      nonassessable, and free of any liens and encumbrances except for restrictions
      on
      transfer provided for herein or under applicable federal and state securities
      laws.

     

    3.2  Notice
      of Certain Events.  If the Company proposes at any time (a) to
      declare any dividend or distribution upon its common stock, whether in cash,
      property, stock, or other securities and whether or not a regular cash dividend;
      (b) to offer for subscription pro rata to the holders of any class or series
      of
      its stock any additional shares of stock of any class or series or other rights;
      (c) to effect any reclassification or recapitalization of common stock; or
      (d)
      to merge or consolidate with or into any other corporation, or sell, lease,
      license, or convey all or substantially all of its assets, or to liquidate,
      dissolve or wind up, then, in connection with each such event, the Company
      shall
      give Holder (1) at least 25 days prior written notice of the date on which
      a
      record will be taken for such dividend, distribution, or subscription rights
      (and specifying the date on which the holders of common stock will be entitled
      thereto) or for determining rights to vote, if any, in respect of the matters
      referred to in (a) and (b) above; and (2) in the case of the matters referred
      to
      in (c) and (d) above at least 25 days prior written notice of the date when
      the
      same will take place (and specifying the date on which the holders of common
      stock will be entitled to exchange their common stock for securities or other
      property deliverable upon the occurrence of such event).

     

    
      
        
        

      

      
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    3.3  Information
      Rights.  So long as the Holder holds this warrant and/or any of
      the Shares, the Company shall deliver to the Holder (a) promptly after mailing,
      copies of all communiques to the shareholders of the Company, (b) within one
      hundred and five (105) days after the end of each fiscal year of the Company,
      the annual audited financial statements of the Company certified by
independent public accountants of recognized standing, (c) within fifty
      (50) days after the end of each of the first three quarters of each fiscal
      year,
      the Company’s quarterly, unaudited financial statements, and (d) within thirty
      (30) days after the end of each quarter of each fiscal year, a capitalization
      table showing all issued and outstanding (i) capital stock of the Company,
      organized by class and series, and (b) all options, warrants and other purchase
      or acquisition rights with respect to any class or series of capital stock
      of
      the Company held by any person.

     

    3.4  Registration.

     

    (a)  Definitions.

     

    For
      purposes of this
Section 3.4 the following terms have the following
      definitions:

     

    “Registrable
      Stock” means (i) all Shares which are issuable pursuant to this
      warrant, whether or not the warrant has in fact been exercised and whether
      or
      not such Shares have in fact been issued, (ii) all Shares acquired by
      Holder pursuant to this warrant, and (iii) any shares of Common Stock,
      whether or not such shares of Common Stock have in fact been issued, and stock
      or other securities of the Company issued in a stock split or reclassifications
      of, or a stock dividend or other distribution on, or in substitution or exchange
      for, or otherwise in connection with, such Shares.

     

    “Commission”
      means the U.S. Securities and Exchange Commission.

     

    “participating
      holders” means holders of Registrable Stock included in a registration
      statement filed with the Commission pursuant to this Section
      3.4.

     

    “Securities
      Act” means the Securities Act of 1933, as amended.

     

    (b)  Incidental
      Registration.  Each time the Company shall determine to file a
      registration statement under the Securities Act (other than on Form S-8) in
      connection with the proposed offer and sale for money of any of its securities
      by it or by any of its security holders, the Company will give written notice
      of
      its determination to all holders of Registrable Stock at least ten (10) days
      prior to the filing of such registration statement.  Upon the written
      request of a holder of any Registrable Stock, within ten (10) days after receipt
      of the above-described notice from the Company, the Company will cause all
      such
      Registrable Stock, the holders of which have so requested registration thereof,
      to be included in such registration statement, all to the extent requisite
      to
      permit the sale or other disposition by the prospective seller or sellers of
      the
      Registrable Stock to be so registered in accordance with the terms of the
      proposed offering.  If the registration statement is to cover an
      underwritten distribution, the Company shall use its best efforts to cause
      the
      Registrable Stock requested for inclusion pursuant to this Section 3.4(b)
      to be included in the underwriting on the same terms and conditions as the
      securities otherwise being sold through the underwriters.  In the
      event of a firm commitment underwriting, if the managing underwriter of such
      offering shall advise holders in writing that, in its good faith opinion,
      distribution of a specified portion of the securities requested to be included
      in the registration statement would materially adversely affect the distribution
      of such securities by increasing the aggregate amount of the offering in excess
      of the maximum amount of securities which such managing underwriter believes
      can
      reasonably be sold in the contemplated distribution, then the securities to
      be
      included in the registration shall be included in the following
      order:  (1) first, the securities the Company proposes to include
      in the underwritten offering, (2) second, Registrable Stock requested to be
      included in such registration by holders of Registrable Stock, on a pro rata
      basis, and (3) third, all other shares of securities requested to be
      included by any other security holder of the Company.  The Company
      shall maintain the effectiveness of any such registration statement until the
      date which is the later to occur of (i) the expiration of any such public
      offering, and (ii) twelve (12) months from the date that any such registration
      statement is declared effective by the Commission.

     

    
      
        
        

      

      
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    (c)  Expenses
      of Registration.  All expenses incident to the Company’s
      performance of or compliance with this warrant, including, without limitation,
      the following shall be borne by the Company, regardless of whether the
      registration statement becomes effective:

     

    (i)           All
      registration and filing fees (including those with respect to filings required
      to be made with the National Association of Securities Dealers,
      Inc.);

     

    (ii)           Fees
      and expenses of compliance with all securities or blue sky laws (including
      fees
      and disbursements of counsel for the underwriters or participating holders
      in
      connection with blue sky qualifications of the Registrable Stock and in
      determination of their eligibility for investment under the laws of such
      jurisdictions as the managing underwriters or participating holders of a
      majority of the Registrable Stock being sold may designate);

     

    
      	 	
              (iii)           Printing,
                messenger, telephone, facsimile and delivery
                expenses;

            

    

     

    (iv)           Fees
      and disbursements of counsel for the Company, and the underwriters;

     

    (v)           Fees
      and disbursements of all independent certified public accountants of the Company
      (including the expenses of any special audit and “comfort” letters required by
      or incident to such performance);

     

    (vi)           Fees
      and disbursements of underwriters (excluding discounts, commissions or fees
      of
      underwriters, selling brokers, dealer managers or similar securities industry
      professionals relating to the distribution of the Registrable Stock or legal
      expenses of any person other than the Company and the selling holders);
      and

     

    (vii)           Fees
      and expenses of other persons retained by the Company.

     

    The
      Company will, in any event, pay
      its internal expenses (including without limitation, all salaries and expenses
      of its officers and employees performing legal or accounting duties), the
      expense of any annual audit, the fees and expenses incurred in connection with
      the listing of the securities to be registered on each securities exchange
      on
      which similar securities issued by the Company are then listed, rating agency
      fees and the fees and expenses of any person, including special experts,
      retained by the Company.

     

    (d)  Indemnification.

     

    (i)           The
      Company hereby agrees to indemnify each of the participating holders of
      Registrable Stock included on any registration statement and their officers
      and
      directors and each person, if any, who controls any thereof within the meaning
      of Section 15 of the Securities Act and their respective successors
      against all claims, losses, damages and liabilities (or actions in respect
      thereof), joint or several, arising out of or based on any untrue statement
      (or
      alleged untrue statement) of a material fact contained in any registration
      statement, preliminary or final prospectus, or other document incident to any
      such registration, qualification or compliance (or in any related registration
      statement, notification or the like) or any omission (or alleged omission)
      to
      state therein a material fact required to be stated therein or necessary to
      make
      the statements therein not misleading, or any violation by the Company of any
      rule or regulation promulgated under the Securities Act applicable to the
      Company and relating to action or inaction required of the Company in connection
      with any such registration, qualification or compliance, and to reimburse the
      holders of Registrable Stock (including officers and directors of the same
      and
      controlling persons) for any legal and any other expenses reasonably incurred
      in
      connection with investigating or defending any such claim, loss, damage,
      liability or action, provided, however, that the Company will not be liable
      in
      any such case to the extent that any such claim, loss, damage or liability
      arises out of or is based on any untrue statement or omission based upon written
      information furnished to the Company by holders of Registrable Stock in an
      instrument duly executed by them and stated to be specifically for use
      therein.

     

    
      
        
        

      

      
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    (ii)           Participating
      holders of Registrable Stock whose shares are included in a registration
      statement, severally and not jointly, agree to indemnify the Company and its
      officers and directors and each person, if any, who controls any thereof within
      the meaning of Section 15 of the Securities Act and their respective
      successors against all claims, losses, damages and liabilities (or actions
      in
      respect thereof), joint or several, arising out of or based on any untrue
      statement of a material fact contained in any registration statement,
      preliminary or final prospectus or other document incident to any such
      registration, qualification or compliance relating to the Warrants or the
      securities purchased pursuant to the Warrants (or in any related registration
      statement, notification or the like) or any omission (or alleged omission)
      to
      state therein a material fact required to be stated therein or necessary to
      make
      the statements therein not misleading, and to reimburse the Company and each
      other person indemnified pursuant to this Section 3.4(d) for any legal
      and any other expenses reasonably incurred in connection with investigating
      or
      defending any such claim, loss, damage, liability or action; provided,
      however, that this Section 3.4(d) shall apply only if (and only to the
      extent that) such statement or omission was made in reliance upon information
      (including, without limitation, written negative responses to inquiries)
      furnished to the Company in writing in an instrument duly executed by
      participating holders of Registrable Stock and stated to be specifically for
      use
      in such prospectus, or other document (or related registration statement,
      notification or the like) or any amendment or supplement thereto;
provided further, that in no case shall any participating holder of
      Registrable Stock be responsible for any amount in excess of the amount of
      net
      proceeds received by such participating holders from the offering of the
      securities.

     

    (iii)           Promptly
      after receipt by an indemnified party of notice of the commencement of any
      action or proceeding involving a claim referred to in this
Section 3.4(d), such indemnified party shall, if a claim in respect
      thereof is to be made against an indemnifying party, give written notice to
      the
      latter of the commencement of such action; provided, however, that the
      failure of any indemnified party to give notice as provided herein shall not
      relieve the indemnifying party of its obligations under the preceding
      subdivisions of this Section 3.4(d), except to the extent that the
      indemnifying party is actually prejudiced by such failure to give
      notice.  In case any such action is brought against an indemnified
      party, unless in such indemnified party’s reasonable judgment a conflict of
      interest between such indemnified and indemnifying parties may exist in respect
      of such claim, the indemnifying party shall be entitled to participate in and
      to
      assume the defense thereof, jointly with any other indemnifying party similarly
      notified, to the extent that the indemnifying party may wish, with counsel
      reasonably satisfactory to such indemnified party, and after notice from the
      indemnifying party to such indemnified party of its election so to assume the
      defense thereof, the indemnifying party shall not be liable to such indemnified
      party for any legal or other expenses subsequently incurred by the latter in
      connection with the defense thereof other than reasonable costs of
      investigation.  If, in the indemnified party’s reasonable judgment a
      conflict of interest between such indemnified and indemnifying parties may
      exist
      in respect of such claim, the indemnified party may assume the defense of such
      claim, jointly with any other indemnified party that reasonably determines
      such
      conflict of interest to exist, and the indemnifying party shall be liable to
      such indemnified parties for the reasonable legal fees and expenses of one
      counsel for all such indemnified parties and for other expenses reasonably
      incurred in connection with the defense thereof incurred by the indemnified
      party.  No indemnifying party shall, without the consent of the
      indemnified party, consent to entry of any judgment or enter into any settlement
      of any such action which does not include as an unconditional term thereof
      the
      giving by the claimant or plaintiff to such indemnified party of a release
      from
      all liability, or a covenant not to sue, in respect of such claim or
      litigation.  No indemnified party shall consent to entry of any
      judgment or enter into any settlement of any such action the defense of which
      has been assumed by an indemnifying party without the consent of such
      indemnifying party.

     

    (iv)           Indemnification
      and contribution similar to that specified in this Section 3.4(d)
      (with appropriate modifications) shall be given by the Company and each
      participating holder of Registrable Stock included in a registration statement
      with respect to any required registration or other qualification of Registrable
      Stock under any Federal or state law or regulation of any governmental
      authority, other than the Securities Act.

     

    (v)           The
      indemnification required by this Section 3.4(d) shall be made by
      periodic payments of the amount thereof during the course of the investigation
      or defense, as and when bills are received or expense, loss, damage or liability
      is incurred.

     

    (vi)           If
      the indemnification provided for in this Section 3.4(e) from the
      indemnifying party is unavailable to an indemnified party hereunder in respect
      of any losses, claims, damages, liabilities, or expenses referred to herein,
      then the indemnifying party, in lieu of indemnifying such indemnified party,
      shall contribute to the amount paid or payable by such indemnified party as
      a
      result of losses, claims, damages, liabilities, or expenses in such proportion
      as is appropriate to reflect the relative fault of the indemnifying party and
      indemnified party in connection with the actions which resulted in such losses,
      claims, damages, liabilities, or expenses, as well as any other relevant
      equitable considerations.  The relative fault of such indemnifying
      party and indemnified party shall be determined by reference to, among other
      things, whether any action in question, including any untrue or alleged untrue
      statement of a material fact or omission or alleged omission to state a material
      fact, has been made by, or relates to information supplied by, such indemnifying
      party or indemnified party, and the parties’ relative intent, knowledge, access
      to information, and opportunity to correct or prevent such
      action.  The amount paid or payable by a party as a result of the
      losses, claims, damages, liabilities, and expenses referred to above shall
      be
      deemed to include any legal or other fees or expenses reasonably incurred by
      such party in connection with any investigation or proceeding.  In no
      event shall the liability of any person or entity hereunder be greater in amount
      than the dollar amount of the proceeds received by such person or entity upon
      the sale of the Registrable Stock giving rise to such contribution
      obligation.  The parties hereto agree that it would not be just and
      equitable if contribution pursuant to this Section 3.4(d)(vi) were
      determined by pro rata allocation or by any other method of allocation which
      does not take into account the equitable considerations referred to in this
      Section 3.4(d)(vi).  No person guilty of fraudulent
      misrepresentation (within the meaning of Section 11(f) of the
      Securities Act) shall be entitled to contribution from any person or entity
      who
      was not guilty of such fraudulent misrepresentation.

     

    (e)           Assignment
      of Rights; Termination.  The rights granted under this
Section 3.4 may be assigned to the transferee of any of the Warrant
      or Registrable Stock.

     

    
      
        
        

      

      
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    ARTICLE
      4.    MISCELLANEOUS.

     

    4.1  Term.  Upon
      the quotation of the Company’s shares of common stock on a Public Market, this
      warrant is exercisable in whole or in part, at any time and from time to time
      on
      or after the Issue Date and on or before the Expiration Date set forth
      above.  If this warrant has not been exercised prior to the Expiration
      Date, this warrant shall be deemed to have been automatically exercised on
      the
      Expiration Date by “cashless” conversion pursuant to Section
      1.2.

     

    4.2  Legends.  This
      warrant and the Shares (and the securities issuable, directly or indirectly,
      upon conversion of the Shares, if any) shall be imprinted with a legend in
      substantially the following form:

     

    THIS
      SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
      AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
      REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF
      COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL THAT SUCH
      REGISTRATION IS NOT REQUIRED.

     

    4.3  Compliance
      with Securities Laws on Transfer.  This warrant and the Shares
      issuable upon exercise of this warrant (and the securities issuable, directly
      or
      indirectly, upon conversion of the Shares, if any) may not be transferred or
      assigned in whole or in part without compliance with applicable federal and
      state securities laws by the transferor and the transferee (including, without
      limitation, the delivery of investment representation letters and legal opinions
      reasonably satisfactory to the Company).  The Company shall not
      require Holder to provide an opinion of counsel if the transfer is to an
      affiliate of Holder that is an “accredited investor” within the meaning of Rule
      501 of the Securities Act, or if there is no material question as to the
      availability of current information as referenced in Rule 144(c), Holder
      represents that it has complied with Rule 144(d) and (e) in reasonable detail,
      the selling broker represents that it has complied with Rule 144(f), and the
      Company is provided with a copy of Holder’s notice of proposed
      sale.  With respect to any transfer by any Holder pursuant to Rule
      144, to the extent that a legal opinion is required to effect such transfer
      by
      Holder, the Company shall deliver an opinion of its counsel (at the Company’s
      expense), as required, to any broker or transfer agent to the effect that the
      proposed transfer by the Holder may be effected pursuant to Rule
      144.

     

    4.4  Transfer
      Procedure.  Subject to the provisions of Section 4.3,
      Holder may transfer all or part of this warrant or the Shares issuable upon
      exercise of this warrant (or the securities issuable, directly or indirectly,
      upon conversion of the Shares, if any) by giving the Company notice of the
      portion of the warrant being transferred setting forth the name, address and
      taxpayer identification number of the transferee and surrendering this warrant
      to the Company for reissuance to the transferee(s) (and Holder, if applicable);
      provided, however, that Holder may transfer all or part of this warrant
      to its affiliates at any time without notice to the Company, and such affiliate
      shall then be entitled to all the rights of Holder under this warrant and any
      related agreements, and the Company shall cooperate fully in ensuring that
      any
      stock issued upon exercise of this warrant is issued in the name of the
      affiliate that exercises this warrant.  The term “affiliate” as used
      herein shall mean, with respect to Holder, any person or entity which directly
      or indirectly controls, is controlled by, or is under common control with,
      Holder.  The term “control” as used herein, shall mean the possession,
      directly or indirectly, of the power to direct or cause the direction of the
      management and policies of a person or entity, whether through ownership of
      voting securities, by contract, acting as an officer, director or manager or
      otherwise.  The terms and conditions of this warrant shall inure to
      the benefit of, and be binding upon, the Company and the holders hereof and
      their respective permitted successors and assigns. Unless the Company is filing
      financial information with the SEC pursuant to the Securities Exchange Act
      of
      1934, the Company shall have the right to refuse to transfer any portion of
      this
      warrant to any person who directly competes with the Company.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    4.5  Notices.  All
      notices and other communications to a party hereto shall be in
      writing.  All such notices and communications shall be deemed to have
      been duly given, when delivered by hand, if personally delivered; when delivered
      by courier, if delivered by commercial overnight courier service; if mailed,
      five (5) business days after being deposited in the mail, postage prepaid;
      and,
      if faxed, when transmission is confirmed.  All notices shall be
      addressed as follows:

     

    To
      Holder:                             Law
      Offices of Michael H. Hoffman, P.A.

    926
      Michigan Avenue, Unit
      8

    Miami
      Beach, Florida  33139

    Attn.:                      Michael
      H. Hoffman

    Fax:           (786)
      276-6848

    

    To
      Company:                        Sadhana
      Equity Investment, Inc.

    854
      NE 78th
      Street

    Boca
      Raton,
      Florida  33487

    Attn.:                      Ellen
      J. Talles

    Fax:           (831)
      603-6539

    

    4.6  Amendments.  This
      warrant and any term hereof may be changed, waived, discharged or terminated
      only by an instrument in writing signed by the party against which enforcement
      of such change, waiver, discharge or termination is sought.

     

    4.7  Attorneys’
      Fees.  In the event of any dispute between the parties concerning
      the terms and provisions of this warrant, the party prevailing in such dispute
      shall be entitled to collect from the other party all costs incurred in such
      dispute, including reasonable attorneys’ fees.

     

    4.8  Governing
      Law.  This warrant shall be governed by and construed in
      accordance with the laws of the State of Florida, without giving effect to
      its
      principles regarding conflicts of law.

    
      	 	SADHANA
              EQUITY
              INVESTMENT, INC.	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ Ellen
              J. Talles	 
	 	 	Ellen
              J. Talles	 
	 	 	President	 
	 	 	 	 

    

     

    
      	 	 	 
	ACCEPTED
              AND AGREED TO
              BY:	 	 	 
	
               

            	
              By:
                

            	/s/ Michael
              H.
              Hoffman	 
	LAW
              OFFICES OF MICHAEL H.
              HOFFMAN, P.A.	 	Michael
              H. Hoffman	 
	 	 	President	 
	 	 	 	 

    

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    APPENDIX
      1

     

    NOTICE
      OF EXERCISE

     

    1.           The
      undersigned hereby elects to purchase ______________ shares of the common stock,
      no par value, of Sadhana Equity Investment, Inc., a Florida corporation,
      pursuant to the terms of the attached warrant, and tenders herewith payment
      of
      the purchase price of such shares in full.

     

    1.           The
      undersigned hereby elects to convert the attached warrant into shares of common
      stock, no par value, of Sadhana Equity Investment, Inc., in the manner specified
      in the warrant.  This conversion is exercised with respect to
      ______________ of the shares covered by the warrant.

     

    [Strike
      paragraph that does not apply.]

     

    2.           Please
      issue a certificate or certificates representing said shares in the name of
      the
      undersigned or in such other name as is specified below:

     

    Law
      Offices of Michael H. Hoffman, P.A.

    
    

    
      

    

     

    
      
 

      

    

     

    

    

    3.           The
      undersigned represents it is acquiring the shares solely for its own account
      and
      not as a nominee for any other party and not with a view toward the resale
      or
      distribution thereof except in compliance with applicable securities
      laws.

     

    LAW
      OFFICES OF MICHAEL H. HOFFMAN, P.A.

     

     

    
    

              

    
      

    

    (Signature)

     

     

    
      
(Date)

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    ANTI-DILUTION
      AGREEMENT

     

    This
      Anti-Dilution Agreement is entered
      into as of the 14th day of
      August,
      2007, by and between Law Offices of Michael H. Hoffman, P.A. (“Purchaser”) and
      Sadhana Equity Investment, Inc. (“the Company”).

     

    RECITALS

     

    A.           Concurrently
      with the execution of this Anti-Dilution Agreement, the Purchaser is purchasing
      from the Company a Warrant to Purchase Stock (the “Warrant”) pursuant to which
      Purchaser has the right to acquire from the Company the Shares (as defined
      in
      the Warrant).

     

    B.           By
      this Anti-Dilution Agreement, the Purchaser and the Company desire to set forth
      the adjustment in the number of Shares issuable upon exercise of the Warrant
      as
      a result of a Diluting Issuance (as defined below).

     

    C.           Capitalized
      terms used herein shall have the same meaning as set forth in the
      Warrant.

     

    NOW,
      THEREFORE, in consideration of the
      mutual promises, covenants and conditions hereinafter set forth, the parties
      hereto mutually agree as follows:

     

    1.           Definitions.
      As used in this Anti-Dilution Agreement, the following terms have the following
      respective meanings:

     

    (a)           “Option”
      means any right, option or warrant to subscribe for, purchase or otherwise
      acquire common stock or Convertible Securities.

     

    (b)           “Convertible
      Securities” means any evidences of indebtedness, shares of stock or other
      securities directly or indirectly convertible into or exchangeable for common
      stock.

     

    (c)           “Issue”
      means to grant, issue, sell, assume or fix a record date for determining persons
      entitled to receive any security (including Options), whichever of the foregoing
      is the first to occur.

     

    (d)           “Additional
      Common Shares” means all common stock (including reissued shares) Issued (or
      deemed to be issued pursuant to Section 2) after the date of the
      Warrant.

     

    2.           Deemed
      Issuance of Additional Common Shares.  The shares of common stock
      of the Company ultimately Issuable upon exercise of an Option (including the
      shares of common stock ultimately Issuable upon conversion or exercise of a
      Convertible Security Issuable pursuant to an Option) are deemed to be Issued
      when the Option is Issued. The shares of common stock of the Company ultimately
      Issuable upon conversion or exercise of a Convertible Security (other than
      a
      Convertible Security Issued pursuant to an Option) shall be deemed Issued upon
      Issuance of the Convertible Security. The maximum amount of common stock of
      the
      Company Issuable is determined without regard to any future adjustments
      permitted under the instrument creating the Options or Convertible
      Securities.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    3.           Anti-Dilution
      of Warrants and Warrant Shares for Diluting Issuances.

     

    3.1           Full
      Ratchet Adjustment.  If the Company issues Additional Common
      Shares after the date of the warrant (a “Diluting Issuance”), then the number of
      shares of common stock purchasable under this warrant shall be increased to
      that
      number of shares of Common Stock equal the relative percentage of the Company’s
      Shares issued and outstanding in effect immediately before such
      Issue.  (For example, the percentage of shares of common stock
      purchasable under this warrant on the Issue Date is equal to 4.9935%
      (262,800/5,262,800 = 4.9935%).  In the event that the Company issues
      1,000,000 Additional Common Shares, the number of shares of common stock
      purchasable under this warrant shall be increased to 312,733 (4.9935% x
      6,262,800 = 312,733).)  These full ratchet adjustment rights will
      continue in effect until two years from the date that all shares of the
      Company’s common stock purchasable under this warrant are registered under the
      Securities Act of 1933, as amended.  These full ratchet adjustment
      rights will not attach to any shares sold in open market transactions on a
      recognized national securities exchange, the Nasdaq National Market (or a
      similar national quotation system), the over-the-counter electronic bulletin
      board or the Pink Sheets.

     

    3.2           Securities
      Deemed Outstanding. For the purpose of this Section 3, all securities
      Issuable upon exercise of any outstanding Convertible Securities, Options or
      other rights to acquire securities of the Company shall be deemed to be
      outstanding.

     

    4.           General.

     

    4.1           Governing
      Law. This Anti-Dilution Agreement shall be governed in all respects by the
      laws of the State of Florida as such laws are applied to agreements between
      Florida residents entered into and to be performed entirely within the State
      of
      Florida.

     

    4.2           Successors
      and Assigns. Except as otherwise expressly provided herein, the provisions
      hereof shall inure to the benefit of, and be binding upon, the successors,
      assigns, heirs, executors and administrators of the parties hereto.

     

    4.3           Entire
      Agreement. Except as set forth below, this Anti-dilution Agreement and the
      other documents delivered pursuant hereto constitute the full and entire
      understanding and agreement between the parties with regard to the subjects
      hereof and thereof.

     

    4.4           Notices,
      etc. All notices and other communications required or permitted hereunder
      shall be in writing and shall be mailed by first class mail, postage prepaid,
      certified or registered mail, return receipt requested, addressed (a) if to
      Purchaser at Purchaser’s address as set forth below, or at such other address as
      Purchaser shall have furnished to the Company in writing, or (b) if to the
      Company, at the Company's address set forth below, or at such other address
      as
      the Company shall have furnished to the Purchaser in writing.

     

    4.5           Severability.
      In case any provision of this Anti-Dilution Agreement shall be invalid, illegal
      or unenforceable, the validity, legality and enforceability of the remaining
      provisions of this Anti-dilution Agreement shall not in any way be affected
      or
      impaired thereby.

     

    4.6           Titles
      and Subtitles. The titles of the sections and subsections of this Agreement
      are for convenience of reference only and are not to be considered in construing
      this Anti-Dilution Agreement.

     

    4.7           Counterparts.
      This Anti-Dilution Agreement may be executed in any number of counterparts,
      each
      of which shall be an original, but all of which together shall constitute one
      instrument.

     

    
      	PURCHASER:    	 	 	ISSUER:	 
	 	 	 	 	 
	LAW
              OFFICES OF MICHAEL H. HOFFMAN, P.A. 	 	 	SADHANA
              EQUITY INVESTMENT, INC.	 
	
              /s/Michael
                H.
                Hoffman

            	 	 	
              /s/Ellen
                J.
                Talles 

            	 
	
              Michael
                H.
                Hoffman,
                President

            	 	 	
              Ellen
                J.
                Talles,
                President

            	 
	
              926
                Michigan
                Avenue, Unit 8

              Miami
                Beach,
                Florida  33139

            	 	 	
              854
                NE
                78th
                Street

              Boca
                Raton,
                Florida  33487

            	 

    

                                                                           

                

                                                                                                 

    
      
        
        

      

      
        -11-Exhibit 10.2

     

    
      

    

     

    EXHIBIT
      10.2

    
 

    FIRST
      AMENDMENT TO CREDIT AGREEMENT

    

    

    THIS
      FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”)
      is
      entered into as of November 3, 2006 among PNM RESOURCES, INC., a New Mexico
      corporation (the “Company”),
      FIRST
      CHOICE POWER, L.P., a Texas limited partnership (“FCP”),
      TEXAS-NEW
      MEXICO POWER COMPANY,
      a Texas
      corporation (“TNMP”,
      collectively with the Company and FCP, the “Borrowers”),
      the
      Lenders party hereto, and BANK OF AMERICA, N.A., as Administrative Agent for
      the
      Lenders (in such capacity, the “Administrative
      Agent”).
      Capitalized terms used herein and not otherwise defined shall have the meanings
      ascribed thereto in the Credit Agreement (as defined below).

    

    

    R
      E C
      I T A L S

    

    WHEREAS,
      the Borrowers, the Lenders party thereto and the Administrative Agent are
      parties to that certain Amended and Restated Credit Agreement, dated as of
      August  15, 2005 (as amended or modified from time to time, the
“Credit
      Agreement”);

    

    WHEREAS,
      the Borrowers have requested that the Lenders agree to certain changes to the
      Credit Agreement; and

    

    WHEREAS,
      the Lenders are willing to agree to certain changes to the Credit Agreement
      as
      more fully set forth below.

    

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants contained
      herein, and for other good and valuable consideration, the receipt and
      sufficiency of which is hereby acknowledged, the parties hereto agree as
      follows:

    

    A
      G R
      E E M E N T

    

    1. Amendments.
      Section
      7.1.
      Sections 7.1(a) and 7.1(b) of the Credit Agreement are hereby amended and
      restated in their entireties to read as follows:

    

    (a) Annual
      Financial Statements.
      As soon
      as available, and in any event within 120 days after the close of each Fiscal
      Year of such Borrower, a consolidated balance sheet and income statement of
      such
      Borrower and its Subsidiaries, as of the end of such Fiscal Year, together
      with
      the related consolidated statements of income and of cash flows for such Fiscal
      Year, setting forth in comparative form figures for the preceding Fiscal Year,
      all such financial information described above to be in reasonable form and
      detail and (i) in the case of each of FCP and First Choice (to the extent such
      Person is a Borrower), accompanied by a certificate of a Financial Officer
      of
      such Borrower to the effect that such annual financial statements fairly present
      in all material respects the financial condition of such Borrower and have
      been
      prepared in accordance with GAAP and (ii) in all other cases, audited by
      independent certified public accountants of recognized national standing
      reasonably acceptable to the Required Lenders and whose opinion shall be
      furnished to the Lenders, and shall be to the effect that such financial
      statements have been prepared in accordance with GAAP (except for changes with
      which such accountants concur) and shall not be limited as to the scope of
      the
      audit or qualified in any respect. Notwithstanding the forgoing, such financial
      statements of each Borrower (other than the Company) shall not be required
      to
      contain comparative form figures for any portion of the preceding Fiscal Year,
      if any, that the applicable Borrower has not been owned by the
      Company.

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b) Quarterly
      Financial Statements.
      As soon
      as available, and in any event within 60 days after the close of each Fiscal
      Quarter of such Borrower (other than the fourth Fiscal Quarter), a consolidated
      balance sheet and income statement of such Borrower and its Subsidiaries as
      of
      the end of such Fiscal Quarter, together with the related consolidated statement
      of income for such Fiscal Quarter and a year to date statement of cash flows,
      in
      each case setting forth in comparative form figures for the corresponding period
      of the preceding Fiscal Year, all such financial information described above
      to
      be in reasonable form and detail and reasonably acceptable to the Required
      Lenders, and, in each case, accompanied by a certificate of a Financial Officer
      of such Borrower to the effect that such quarterly financial statements fairly
      present in all material respects the financial condition of such Person and
      have
      been prepared in accordance with GAAP, subject to changes resulting from audit
      and normal year-end audit adjustments and except that the quarterly financial
      statements have fewer footnotes than annual statements. Notwithstanding the
      forgoing, such financial statements of each Borrower (other than the Company)
      shall not be required to contain comparative form figures for any portion of
      the
      preceding Fiscal Year, if any, that the applicable Borrower has not been owned
      by the Company.

    

    2. Conditions
      Precedent.
      This
      Amendment shall be effective upon receipt by the Administrative Agent of copies
      of this Amendment duly executed by each Borrower and the Required
      Lenders.

    

    3. Ratification
      of Credit Agreement.
      The
      term “Credit Agreement” as used in each of the Credit Documents shall hereafter
      mean the Credit Agreement as amended by this Amendment. Except as herein
      specifically agreed, the Credit Agreement is hereby ratified and confirmed
      and
      shall remain in full force and effect according to its terms.

    

    4. Authority/Enforceability.
      Each
      Borrower represents and warrants as follows:

    

    (a) It
      has
      taken all necessary action to authorize the execution, delivery and performance
      of this Amendment.

    

    (b) This
      Amendment has been duly executed and delivered by such Person and constitutes
      such Person’s legal, valid and binding obligations, enforceable in accordance
      with its terms, except as such enforceability may be subject to (i) bankruptcy,
      insolvency, reorganization, fraudulent conveyance or transfer, moratorium or
      similar laws affecting creditors’ rights generally and (ii) general principles
      of equity (regardless of whether such enforceability is considered in a
      proceeding at law or in equity).

    

    (c) No
      consent, approval, authorization or order of, or filing, registration or
      qualification with, any court or governmental authority or third party is
      required in connection with the execution, delivery or performance by such
      Person of this Amendment.

    

    5. Representations
      and Warranties.
      Each
      Borrower represents and warrants to the Lenders that (a) the
      representations and warranties of such Borrower set forth in Section 6 of
      the Credit Agreement are true and correct as of the date hereof, unless they
      specifically refer to an earlier date, (b) no
      event has occurred and is continuing which constitutes a Default or an Event
      of
      Default, and (c) it
      has no claims, counterclaims, offsets, credits or defenses to its obligations
      under the Credit Documents or to the extent it has any they are hereby released
      in consideration of the Lenders entering into this Amendment.

    
 

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    6. No
      Conflicts.
      Neither
      the execution and delivery of this Amendment, nor the consummation of the
      transactions contemplated herein, nor performance of and compliance with the
      terms and provisions hereof by any Borrower will (a) violate,
      contravene or conflict with any provision of its respective articles or
      certificate of incorporation, bylaws or other organizational or governing
      document, (b) violate,
      contravene or conflict with any law, rule, regulation, order, writ, judgment,
      injunction, decree or permit applicable to a Borrower, (c) violate,
      contravene or conflict with contractual provisions of, or cause an event of
      default under, any indenture, loan agreement, mortgage, deed of trust, contract
      or other agreement or instrument to which a Borrower is a party or by which
      it
      or its properties may be bound or (d) result
      in or require the creation of any Lien upon or with respect to a Borrower’s
      properties.

    

    7. Counterparts/Telecopy.
      This
      Amendment may be executed in any number of counterparts, each of which when
      so
      executed and delivered shall be an original, but all of which shall constitute
      one and the same instrument. Delivery of executed counterparts by telecopy
      shall
      be effective as an original and shall constitute a representation that an
      original will be delivered if requested.

    

    8. GOVERNING
      LAW.
      THIS
      AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
      GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE
      STATE OF NEW YORK.

    

    

    

    [remainder
      of page intentionally left blank]

    

    

    

    

    
      
        
           

        

         

      

      
        3

        
          

        

      

      
         

        
        

      

    

    Each
      of
      the parties hereto has caused a counterpart of this Amendment to be duly
      executed and delivered as of the date first above written.

    

    

    BORROWERS:

    

    PNM
      RESOURCES, INC.,

    a
      New
      Mexico corporation

    

    

    By: /s/
      Wendy A. Carlson   

    Name: Wendy
      A. Carlson   

    Title: Vice
      President and Treasurer  

    

    

    FIRST
      CHOICE POWER, L.P.,

    a
      Texas
      limited partnership

    

    

    By: /s/
      Wendy A. Carlson   

    Name: Wendy A.
      Carlson   

    Title: 
      Vice
      President and Treasurer  

    

    TEXAS-NEW
      MEXICO POWER COMPANY,

    a
      Texas
      corporation

    

    

    By: /s/
      Tom Sategna    

    Name: Thomas
      G. Sategna   

    Title: Vice
      President, Controller and Treasurer 

    

    
      
         

         

         

      

      
        4

        
          

        

      

      
         

      

    

    

      
        	
                LENDERS:

              	
                BANK
                  OF AMERICA, N.A.,

                as
                  a Lender and L/C
                  Issuer

              

      

       

    

    

    By: /s/
      Kevin Bertelsen   

    Name: Kevin
      Bertelsen    

    Title: Senior
      Vice President   

    

    

    WACHOVIA
      BANK, NATIONAL ASSOCIATION,

    as
      a
      Lender and L/C Issuer

    

    

    By: /s/
      Frederick W. Price   

    Name: Frederick
      W. Price   

    Title: Managing
      Director   

    

    

    

    UNION
      BANK OF CALIFORNIA, N.A.

    

    

    By: /s/
      Efrain Soto    

    Name: Efrain
      Soto    

    Title: Vice
      President    

    

    

    JPMORGAN
      CHASE BANK, N.A.

    

    

    By: /s/
      Michael DeForge   

    Name: Michael
      DeForge   

    Title: Vice
      President    

    

    

    CITIBANK,
      N.A.

    

    

    By: /s/
      J.
      Nicholas McKee   

    Name: Nicholas
      McKee   

    Title: Managing
      Director   

    

    

    WELLS
      FARGO BANK, N.A.

    

    

    By: /s/
      Daniel A. Conklin   

    Name: Daniel
      Conklin    

    Title: Vice
      President    

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    MERRILL
      LYNCH BANK USA

    

    

    By: /s/
      Louis
      Alder    

    Name: Louis
      Alder    

    Title: Director    

    

    

    MORGAN
      STANLEY BANK

    

    

    By:      

    Name:     

    Title:      

    

    

    UBS
      LOAN FINANCE LLC

    

    

    By: /s/
      Irja R. Otsa -- /s/Richard L. Tavros 

    Name: Irja
      R. Otsa -- Richard L. Tavros 

    Title: Associate
      Director Director  

      Banking
      Products Services, US  

    

    

    LEHMAN
      BROTHERS BANK, FSB

    

    

    By: /s/
      Janine M Shugan   

    Name: Janine
      M. Shugan   

    Title: Authorized
      Signatory   

    

    

    WILLIAM
      STREET COMMITMENT CORPORATION

    (Recourse
      only to assets of William Street Commitment

    Corporation)

    

    By: /s/
      Mark Walton    

    Name: Mark
      Walton    

    Title: Assistant
      Vice President   

    

    

    CREDIT
      SUISSE, CAYMAN ISLANDS BRANCH

    

    

    By: /s/
      Sarah Wu    

    Name: Sarah
      Wu    

    Title: Director    

    
 

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    By: /s/Laurence
      Lapeyre   

    Name: Laurence
      Lapeyre   

    Title: Associate    

    

    U
      S BANK NATIONAL ASSOCIATION

    

    

    By: /s/
      James W. Henken   

    Name: James
      W. Henken   

    Title: Vice
      President    

    

    

    HSBC
      BANK USA, NATIONAL ASSOCIATION

    

    

    By: /s/
      Jennifer Diedzic #75329  

    Name: Jennifer
      Diedzic    

    Title: Assistant
      Vice President   

    

    

    MELLON
      BANK, N.A.

    

    

    By: /s/
      Mark W. Rogers   

    Name: Mark
      W. Rogers   

    Title: Vice
      President    

    

    

    ROYAL
      BANK OF CANADA

    

    

    By: /s/
      David A. McCluskey   

    Name: David
      A. McCluskey   

    Title: Authorized
      Signatory   

    

    

    COMPASS
      BANK

    

    

    By:      

    Name:      

    Title:      

    

    

    SOUTHWEST
      SECURITIES BANK

    

    

    By: /s/
      Lonnie Warren   

    Name: Lonnie
      Warren    

    Title: President,
      North Arlington Banking Center

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    BANK
      OF ALBUQUERQUE, N.A.

    

    

    By: /s/
      Myka C. Gentry   

    Name: Myka
      C. Gentry    

    Title: Vice
      President    

    

    BANK
      HAPOALIM BM

    

    By: /s/
      Helen H. Gateson /s/ Charles McLaughlin

    Name: Helen
      H. Gateson Charles McLaughlin 

    Title: Vice
      President Senior Vice President 

    

    ADMINSTRATIVE
      AGENT: BANK
      OF AMERICA, N.A.

    

    By: /s/
      Maria A. McClain   

    Title: Vice
      President 

     

    8

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