Document:

Unassociated Document

    FIRST
SUPPLEMENTAL INDENTURE

     

    FIRST
SUPPLEMENTAL INDENTURE, dated as of April 15, 2009, among Atlantic Express
Transportation Corp., a New York corporation (the “Company”), the
Guarantors named herein, as guarantors, and The Bank of New York Mellon, as
Trustee and Collateral Agent (the “Trustee”).

     

    WHEREAS,
the Company has duly issued its Senior Secured Floating Rate Notes due 2012 (the
“Notes”), in
the aggregate principal amount of $185,000,000 pursuant to an Indenture dated as
of May 15, 2007, among the Company, the Guarantors named therein and the Trustee
(the “Indenture”), and
$185,000,000 aggregate principal amount of Notes are outstanding on the date
hereof; and

     

    WHEREAS,
Section 9.02 of the Indenture provides that the Company and the Trustee may
amend any provision of the Indenture (other than certain provisions enumerated
in Section 9.02 of the Indenture, none of which provisions are implicated
hereby) with the written consent of the Holders (as defined in the Indenture) of
at least a majority of the aggregate principal amount of the then outstanding
Notes and execute a supplemental indenture; and

     

    WHEREAS,
the Company solicited, and has received, consents upon the terms and subject to
the conditions set forth in the Consent Agreement dated April 15, 2009, from
Holders representing at least a majority in aggregate principal amount of its
outstanding Notes to certain amendments described therein to the Indenture;
and

     

    WHEREAS,
it is provided in Section 9.04 of the Indenture that a supplemental indenture
becomes effective in accordance with its terms and thereafter binds every
Holder;

     

    NOW,
THEREFORE, the parties hereto agree as follows:

     

    
      	
              I.  

            	
              DEFINITIONS.

            

    

     

    Capitalized
terms not defined herein shall have the meaning given to such terms in the
Indenture.

     

    
      	
              II.  

            	
              AMENDMENT
      TO THE INDENTURE.

            

    

     

    Amendment
of the “Reports to Holders” Covenant.

     

    Section
4.08 of the Indenture is hereby amended and restated in its entirety as
follows:

     

     “So
long as any Notes are outstanding (unless defeased in accordance with the
Indenture):

     

     (a)
the Company will prepare and have available:

     

    (1)           within
90 days after the end of each fiscal year: (i) audited consolidated financial
statements of the Company and its Subsidiaries prepared in accordance with GAAP,
containing required footnote disclosure and in substantial compliance with
Regulation S-X for annual financial statements, accompanied by an audit report
thereon by the Company’s certified independent accountants; and (ii) a separate
supplemental annual report containing the following additional information, each
in form and substance substantially consistent with what would have been
required to be contained in an Annual Report on Form 10-K if the Company were
otherwise required to file such a report with the Commission (with Item numbers
referring to the applicable Items of Form 10-K): (A) Item 1 - “Business”; (B)
Item 2 -  “Properties”; (C) Item 3 - “Legal Proceedings”; (D) Item 4 -
“Submission of Matters to a Vote of Security Holders”; (E) Item 7 -
“Management’s Discussion and Analysis of Financial Condition and Results of
Operations”; (F) Item 9 - “Changes in Disagreements with Accountants on
Accounting and Financial Disclosure”; (G) Item 13 - “Certain Relationships and
Related Transactions”; and (H) Item 15 - “Exhibits, Financial Statement
Schedules”;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (2)           within
45 days after the end of each of the first three fiscal quarters of each fiscal
year: (i) unaudited consolidated financial statements of the Company and its
Subsidiaries prepared in accordance with GAAP, containing required footnote
disclosure and in substantial compliance with Regulation S-X for interim
quarterly financial statements, subject to the absence of normal year end audit
adjustments and accruals, and provided that no SAS 100 or similar review shall
be required and (ii) a separate supplemental quarterly report containing the
following additional information, each in form and substance substantially
consistent with what would have been required to be contained in a Quarterly
Report on Form 10-Q if the Company were otherwise required to file such a report
with the Commission (with Part and Item numbers referring to the applicable
Parts and Items of Form 10-Q): (A) Part I, Item 2 - “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and (B) the following
Items from Part II: (i) Item 1 - “Legal Proceedings”; (ii) Item 2 -
“Unregistered Sales of Equity Securities and Use of Proceeds”; (iii) Item 3 -
“Defaults upon Senior Securities”; (iv) Item 4 – “Submission of Matters to a
Vote of Security Holders”; and (v) Item 6 – “Exhibits”; and

     

    (3)           within
the applicable time period after the occurrence of each event that would have
triggered an obligation to file a Current Report on Form 8-K if the Company were
otherwise required to file such a report with the Commission, (i) current
reports containing information in form and substance substantially consistent
with what would have been required to be contained in a Current Report on Form
8-K (other then Item 7.01 of Form 8-K) if the Company were otherwise required to
file such a report with the Commission; provided, however, that no
such current report will be required to be furnished if the Company determines
in its good faith judgment that such event is not material to Holders or the
business, assets, operations, financial positions or prospects of the Company
and (ii) the Company will deliver a notice to the Trustee stating (a) the
applicable section of the Indenture pursuant to which such reports are required
to be delivered and (b) that such current reports are available from the Company
on request as provided in the Indenture and (c) that the Trustee shall promptly
send or cause to be sent to each Holder and beneficial owner of Notes a copy of
such notice.

     

    (b)           The
Company will distribute the annual, quarterly and current information required
by this Section 4.08 electronically or via overnight mail delivery promptly (A)
upon written request to the Company to the attention of its Chief Financial
Officer to any Person who certifies in such written request, to the Company’s
reasonable satisfaction, that such Person is (i) a Holder of Notes, (ii) a
beneficial owner of Notes, or (iii) a prospective investor in the Notes, provided however, that
prospective investors in the Notes must (1) represent to the Company that they
are a bona fide prospective investor in the Notes, and (2) agree to treat such
information as confidential, that such information will be used solely for the
purpose of evaluating an investment in the Notes and that such information will
not be disclosed  to any person or entity other than the prospective
investor’s employees, accountants, representatives and counsel solely for the
purposes of evaluating such investment and (B) to the Trustee, provided however, that the
Trustee agrees to treat such information as confidential and shall not be
required or permitted to furnish such information to any other Persons,
including Persons entitled to request such information directly from the
Company, except as required by law and except that for the avoidance of doubt,
the Trustee shall provide Holders with the notice contemplated by Section
4.08(a)(3)(c).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)           At
the Company’s sole option, the Company may elect to fulfill the requirement to
distribute the annual, quarterly and current information required by this
Section 4.08 by posting it on a reputable password protected online data system,
such as Intralinks; if the Company makes such election, it shall promptly notify
the Trustee providing such details as shall be reasonably necessary to enable
Persons entitled to request such financial statements with the ability to access
them.

     

    (d)           Notwithstanding
the foregoing (i) the Company will not be required to comply with the
Sarbanes-Oxley Act of 2002, including Sections 302, 404 or 906 thereof, or
related Items 307 and 308 of Regulation S-K; (ii) the Company will not be
required to comply with Regulation G under the Securities Exchange Act of 1934
or related Item 10(e) of Regulation S-K; and (iii) the Company may include such
additional information, if any, as it may determine in its sole discretion in
the annual, quarterly and current information required by this Section
4.08.

     

    (e)           In
addition, in the event that any of the Notes become restricted securities under
the Securities Act, the Company will furnish to the Holders upon their written
request, the information required to be delivered pursuant to Rule 144(A)(d)(4)
under the Securities Act.”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              III.  

            	
              EFFECTIVE
      DATE.

            

    

     

    This
First Supplemental Indenture shall become effective on the date
hereof.

     

    
      	
              IV.  

            	
              MISCELLANEOUS.

            

    

     

    Governing
Law.

     

    THIS
FIRST SUPPLEMENTAL INDENTURE SHALL BE CONSTRUED, INTERPRETED AND THE RIGHTS OF
THE PARTIES DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS
APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW.  THE COMPANY AND EACH
GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE
COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL
COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF
ANY SUIT, ACTION OR PROCEEDING ARISING OF OR RELATING TO THIS AGREEMENT, AND
IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS.  THE COMPANY
AND EACH GUARANTOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY
DO SO UNDER APPLICABLE LAW, TRIAL BY JURY AND ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM.  THE COMPANY AND EACH GUARANTOR IRREVOCABLY CONSENTS, TO THE
FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TO THE SERVICE OF
PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY
THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID,
TO THE COMPANY AT ITS ADDRESS SET FORTH IN THE INDENTURE, SUCH SERVICE TO BECOME
EFFECTIVE 30 DAYS AFTER SUCH MAILING.  NOTHING HEREIN SHALL AFFECT THE
RIGHT OF ANY HOLDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO
COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY OR ANY
GUARANTOR IN ANY OTHER JURISDICTION.

     

    Continuing
Agreement.

     

    Except as
herein amended, all terms, provisions and conditions of the Indenture, all
Exhibits thereto and all documents executed in connection therewith shall
continue in full force and effect and shall remain enforceable and binding in
accordance with their terms.

     

    Waiver.

     

    The
execution, delivery and effectiveness of this First Supplemental Indenture shall
not operate or be construed as a waiver or forbearance with respect to Defaults
or Events of Default under the Indenture or the Notes, if any, which may now or
hereafter exist or the waiver of any right, power or remedy which the Holders or
the Trustee may have with respect thereto under the Indenture, the Notes or
applicable law.  Any and all rights which may now or hereafter exist
in favor of Holders or the Trustee under the Indenture, the Notes or applicable
law are reserved for the Holders and the Trustee, respectively.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Conflicts.

     

    In the
event of a conflict between the terms and conditions of the Indenture and the
terms and conditions of this First Supplemental Indenture, then the terms and
conditions of this First Supplemental Indenture shall prevail.

     

    Counterpart
Originals.

     

    The
parties may sign any number of copies of this First Supplemental
Indenture.  Each signed copy shall be an original, but all of them
together represent the same agreement.

     

    Headings,
Etc.

     

    The
headings of the Sections of this First Supplemental Indenture have been inserted
for convenience of reference only, are not to be considered a part hereof and
shall in no way modify or restrict any of the terms or provisions
hereof.

     

    Trustee’s
Disclaimer.

     

    The
recitals contained herein shall be taken as the statements of the Company and
the Guarantors and the Trustee assumes no responsibility for their
correctness.  The Trustee makes no representation as to the validity
or sufficiency of this First Supplemental Indenture.

     

    [Signatures
on following pages]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SIGNATURES

     

    IN
WITNESS WHEREOF, the parties hereto have executed and delivered this First
Supplemental Indenture as of the date first written above.

    
      
        	 	 	 
	 	 	 
	 	ATLANTIC
      EXPRESS TRANSPORTATION CORP.	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Domenic
      Gatto	 
	 	Name: 	Domenic
      Gatto	 
	 	Title:    	Chief
      Executive Officer	 
	 	 	 	 

      

    

                 

    Attest:

     

    /s/ Nathan
Schlenker                                                      

    Name: Nathan
Schlenker

    Title: Chief
Financial Officer

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              GUARANTORS:

            	 
      
	
              180
      Jamaica Corp.

            	
              Fiore
      Bus Service, Inc.

            
	
              Amboy
      Bus Co., Inc.

            	
              Groom
      Transportation, Inc.

            
	
              Atlantic
      Escorts Inc.

            	
              G.V.D.
      Leasing Co., Inc.

            
	
              Atlantic
      Express Coachways, Inc.

            	
              James
      McCarty Limo Service, Inc.

            
	
              Atlantic
      Express New England, Inc.

            	
              Jersey
      Business Land Co., Inc.

            
	
              Atlantic
      Express of California, Inc.

            	
              K.
      Corr, Inc.

            
	
              Atlantic
      Express of Illinois, Inc.

            	
              Merit
      Transportation Corp.

            
	
              Atlantic
      Express of L.A. Inc.

            	
              Metro
      Affiliates, Inc.

            
	
              Atlantic
      Express of Missouri Inc.

            	
              Metropolitan
      Escort Service, Inc.

            
	
              Atlantic
      Express of New Jersey, Inc.

            	
              Midway
      Leasing Inc.

            
	
              Atlantic
      Express of Pennsylvania, Inc.

            	
              R.
      Fiore Bus Service, Inc.

            
	
              Atlantic
      Express of Upstate New York, Inc.

            	
              Raybern
      Bus Service, Inc.

            
	
              Atlantic
      Paratrans of NYC, Inc.

            	
              Raybern
      Capital Corp.

            
	
              Atlantic
      Paratrans, Inc.

            	
              Raybern
      Equity Corp.

            
	
              Atlantic
      Queens Bus Corp.

            	
              Robert
      L. McCarthy & Son, Inc.

            
	
              Atlantic
      Transit, Corp.

            	
              Staten
      Island Bus, Inc.

            
	
              Atlantic-Hudson,
      Inc.

            	
              Temporary
      Transit Service, Inc.

            
	
              Block
      7932, Inc.

            	
              Transcomm,
      Inc.

            
	
              Brookfield
      Transit Inc.

            	
              Winsale,
      Inc.

            
	
              Courtesy
      Bus Co., Inc.

            	 
      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      
        
          
            	 	 	 
	 	 	 
	 	 	 
	 	 	 	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/ Domenic
      Gatto	 
	 	Name: 	Domenic
      Gatto	 
	 	Title:    	Chief
      Executive Officer	 
	 	 	 	 

          

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
              

    

    
      
        
          	 	 	 
	 	 	 
	 	
                  THE
      BANK OF NEW YORK MELLON, as

                   

                    Trustee
      and Collateral Agent

                	 
	 	 	 	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Sherma
      Thomas	 
	 	Name: 	Sherma
      Thomas	 
	 	Title:    	Assistant
      TreasurerUnassociated Document

    SETTLEMENT
AGREEMENT AND GENERAL RELEASE

    

    THIS SETTLEMENT AGREEMENT AND GENERAL
RELEASE  (this “Agreement”) is made and
entered into as of February 25, 2009,  by and among The Blackhawk
Fund, a Nevada corporation (“BHWF”) and Angel Acquisition
Corp. (f/k/a Palomar Enterprises, Inc.), a Nevada corporation (“Angel”).  BHWF and
Angel are collectively referred to as the “Parties”.

    

    RECITALS

    

    A.  Conflict.   A
series of disputes has arisen between BWHF and Angel regarding that certain real
estate located at 7227 Willet Circle, Carlsbad, California 92009 (the “Property”) and the rights and
obligations of the Parties under that certain Subordinated Secured Promissory
Note dated April 24, 2008 in the aggregate principal amount of $841,828 made by
BHWF in favor of Angel (the “Note”) which Note was secured
that certain Deed of Trust and Assignment of Rents among BHWF, Angel and Philip
E. Koehnke, as trustee (the “Deed of Trust”).

     

    B.  Purpose.   In
order to avoid the possible costs, burdens or distractions of litigation, the
Parties now desire, and through the execution of this Agreement, intend to
dispose of and resolve fully and completely any and all disputes, claims, issues
and differences between them, including, but not limited to,
any and all actual or implied claims, demands or causes of action asserted by
the Parties or which could have been asserted by or against the Parties in any
action or proceeding in any legal, administrative or other forum
whatsoever.

     

    AGREEMENT

     

    NOW, THEREFORE, in
consideration of the foregoing, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto
agree as follows:

     

    Section 1.  Quitclaim
Deed. Concurrently with the
execution of this Agreement, BHWF shall transfer the property to Angel pursuant
to a Quitclaim Deed (the “Quitclaim Deed”), a copy of
which is attached hereto as Exhibit A.

     

    Section 2.  Termination
of Note and Deed of Trust.  The Parties agree that all of the
provisions contained in the Note [and Deed of Trust] shall be terminated and of
no further force and effect.  In addition, each Party hereby waives
any and all right to any claims or damages previously incurred under the Note or
Deed of Trust.  Further, Angel agrees that concurrently with the
execution of this Agreement that is shall deliver the original executed copy of
the Note to BHWF.

     

    Section 3.  Release,
Termination, and Waiver.

     

    3.1 BHWF, on behalf of itself
and each of its agents, attorneys, insurers, heirs, assigns, beneficiaries,
executors, trustees, conservators, representatives, predecessors-in-interest,
successors-in-interest, and whomsoever may claim by, under or through them, and
all persons acting by, through, under or in concert with any of them (the “BHWF Releasing Parties”),
hereby irrevocably and unconditionally forever release, remise, acquit and
discharge Angel and all of her present, former or future agents,
representatives, employees, independent contractors, directors, shareholders,
officers, attorneys, insurers, subsidiaries, divisions, parents, assigns,
affiliates, predecessors and successors from and against any and all debts,
obligations, losses, costs, promises, covenants, agreements, contracts,
endorsements, bonds, controversies, suits, actions, causes of action,
misrepresentations, defamatory statements, tortious conduct, acts or omissions,
rights, obligations, liabilities, judgments, damages, expenses, claims,
counterclaims, cross-claims, or demands, in law or equity, asserted or
unasserted, express or implied, foreseen or unforeseen, real or imaginary,
alleged or actual, suspected or unsuspected, known or unknown, liquidated or
non-liquidated, of any kind or nature or description whatsoever, arising from
the beginning of the world through the date of this Agreement which each of the
BHWF Releasing Parties ever had, presently have, may have, or claim or assert to
have, or hereafter have, may have, or claim or assert to have, against Angel
(the “BHWF Released
Claims”).

     

    
      
        
        

      

      
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    3.2 Angel, on behalf of
herself and each of her agents, attorneys, insurers, heirs, assigns,
beneficiaries, executors, trustees, conservators, representatives,
predecessors-in-interest, successors-in-interest, and whomsoever may claim by,
under or through her, and all persons acting by, through, under or in concert
with any of them (the “Angel
Releasing Parties”), hereby irrevocably and unconditionally forever
release, remise, acquit and discharge BHWF and all of its present, former, or
future agents, representatives, employees, independent contractors, directors,
shareholders, officers, attorneys, insurers, subsidiaries, divisions, parents,
assigns, affiliates, predecessors and successors, from and against any and all
debts, obligations, losses, costs, promises, covenants, agreements, contracts,
endorsements, bonds, controversies, suits, actions, causes of action,
misrepresentations, defamatory statements, tortious conduct, acts or omissions,
rights, obligations, liabilities, judgments, damages, expenses, claims,
counterclaims, cross-claims, or demands, in law or equity, asserted or
unasserted, express or implied, foreseen or unforeseen, real or imaginary,
alleged or actual, suspected or unsuspected, known or unknown, liquidated or
non-liquidated, of any kind or nature or description whatsoever, arising from
the beginning of the world through the date of this Agreement which the Angel
Releasing Parties ever had, presently have, may have, or claim or assert to
have, or hereafter have, may have, or claim or assert to have, against BHWF,
including without limitation any claims under the Note or Deed of Trust (the
“Angel Released
Claims”).

    

    3.3 The Parties acknowledge
and understand that hereafter they may discover or appreciate claims, facts,
issues or concerns in addition to or different from those that they now know or
believe to exist with respect to the subject matter of this Agreement that, if
known or suspected at the time of execution of this Agreement, might have
materially affected the settlement embodied herein.  The Parties
nevertheless agree that the general releases and waivers described in Paragraphs
3.1 and 3.2 above apply to any such additional or different claims, facts,
issues or concerns.  The Parties acknowledge that this release is
intended to be very broad and is a critical element of the Parties’
settlement.

    

    3.4 It is the intention of the
Parties that the foregoing general releases shall be effective for use as a
protective bar to all BHWF Released Claims and Angel Released
Claims.  In furtherance, and not in limitation of such intention, the
general release provided for herein shall be, and shall remain in effect, as a
full and complete release, notwithstanding the later discovery or existence of
any additional or different facts or claims, without limitation.

     

    
      
        
        

      

      
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    3.5 The Parties expressly
acknowledge that they have been advised by their respective attorneys and are
familiar with and understand the provisions of California Civil Code Section
1542, which provides as follows:

    

    A
general release does not extend to claims which the creditor does not know or
suspect to exist in his favor at the time of executing the release, which if
known by him must have materially affected his settlement with the
debtor.

    

    Party
Initials:

    

    BHWF:
_______                                                      Angel:
_______

    

    3.6   The
Parties hereby voluntarily and expressly waive and relinquish each and every
right or benefit which they may have under California Civil Code Section 1542 to
the full extent that they may lawfully waive such rights.  The Parties
acknowledge that they may hereafter discover facts in addition to or different
from those which they presently know or believe to be true regarding the subject
matter of the dispute and the other matters herein released, but agree that they
have taken that possibility into account and that it is their intention hereby
to fully, finally and forever settle and release the matters, disputes and
differences, now known or unknown, suspected or unsuspected, arising out of or
in any way relating to the matters released pursuant to this
Agreement.

    

    3.7 The Parties hereto
acknowledge that they expressly understand that this Agreement and the
settlement it represents (a) is entered into solely for the purpose of avoiding
any possible future expenses, burdens or distractions of litigation and (b) in
no way constitutes an admission by any party hereto of any liability of any kind
to any other party or of any wrongdoing on the part of either
Party.  In this connection, the Parties specifically deny any
liability in connection with any claims which have been made or could have been
made, or which are the subject matter of, or arise from, or are connected
directly or indirectly with or related in any way to the rights, duties and
obligations by, between, and among the parties, including, but not limited to,
any violation of any federal or state law (whether statutory or common law),
rule or regulation, and the Parties deny that a violation of any such law, rule
or regulation has ever occurred.

    

    Section 4.  Miscellaneous.

    

    4.1 Representations
and Warranties.  Each Party represents and warrants that each
is the sole owner of all claims, rights, demands, and causes of action that each
is relinquishing by executing this Agreement and that no other persons or
entities have any interest in such claims, rights, demands or causes of
action.

     

    
      
        
        

      

      
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    4.2 Representation
by Counsel.  The Parties acknowledge that they are executing
and delivering this Agreement with full knowledge of any and all rights which
they may have with respect to the claims and causes of action herein settled and
released. The Parties acknowledge that they are represented by and have
consulted with attorneys of their own choosing to the extent desired before
executing and delivering this Agreement in order to review this document and the
claims and causes of action being settled and released hereby and thereby, and
that they have had a reasonable and sufficient opportunity to do
so.

    

    4.3 Binding
Effect of Agreement.  This Agreement shall inure to the benefit
of the Parties and shall be binding upon the Parties, and their respective
heirs, administrators, executors, representatives, attorneys, agents,
predecessors in interest (if any), successors, affiliates, assigns and
beneficiaries.

    

    4.4 Expenses
and Fees.  Each Party shall bear its own attorneys’ fees, costs
and expenses, and consultants, advisors and experts’ fees, costs and expenses,
arising or relating to the negotiation, execution, and delivery of this
Agreement.  The Parties expressly agree to waive all statutory,
contractual, and/or common law rights to recover any attorney’s fees, costs and
expenses, and consultants, advisors and experts’ fees, costs and expenses,
arising or relating to the negotiation, execution, and delivery of this
Agreement.

    

    4.5 Governing
Law.  The Parties agree that the validity, effect and
construction of this Agreement as well as any rights, duties and obligations
thereunder, and any disputes concerning any of the provisions of this Agreement
or over the negotiation or execution thereof, shall be interpreted under,
governed by and construed in accordance with the laws of the State of California
without regard to conflict of law provisions.

    

    4.6 Dispute
Resolution.  Any dispute between any of the Parties concerning
any of the provisions of this Agreement or the rights, duties and obligations
hereunder shall be exclusively resolved in an action or proceeding brought
against in the state or federal courts of the State of California, County of
Orange and each of the parties hereby consents to the exclusive jurisdiction of
such courts (and of the appropriate appellate courts) in any such action or
proceeding and waives any objection to venue laid therein.  The
parties hereto each waive any claim that such jurisdiction is not a convenient
forum for any such action; provided, however, that each party reserves the right
to seek to remove the action or proceeding from the state court to the federal
court in such jurisdiction or vice
versa.  The prevailing party in any proceeding instituted to
resolve any dispute between any of the Parties arising out of or relating to
this Agreement shall be entitled, in addition to any award rendered, to all
reasonable attorneys’ fees, costs and expenses incurred in connection with any
such proceeding.

    

    4.7 Additional
Documents.  The Parties and their counsel agree to execute all
further and additional documents and to take such other acts necessary under the
circumstances to accomplish the purposes set forth in this
Agreement.

    

    4.8 Entire
Agreement; Amendments.  This Agreement and the exhibits hereto
and thereto and the documents referenced herein and therein, respectively,
constitute the entire understanding and agreement of the Parties with respect to
the subject matter hereof and thereof and supersede all prior and
contemporaneous agreements or understandings, inducements or conditions, express
or implied, written or oral, between the parties with respect hereto and
thereto.  This Agreement may be amended, altered, modified or waived,
in whole or in part, only in a writing executed by all the Parties to this
Agreement.  This Agreement may not be amended, altered, modified or
waived, in whole or in part, orally.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    4.9 Severability.  In
the event that any one or more of the provisions contained in this Agreement
shall, for any reason, be declared in a legal forum to be invalid, illegal,
ineffective or unenforceable in any respect, such invalidity, illegality,
ineffectiveness or unenforceability shall not affect any other provision of this
Agreement, which Agreement shall remain in full force and effect, valid and
binding upon the Parties, and each of the provisions of this Agreement shall be
enforceable independently of any other provision of this Agreement and
independently of any other claim or cause of action.

    

    4.10 Execution
in Counterparts.  This Agreement may be executed in several
counterparts, each of which shall be considered to be an original or total copy
of the Agreement. The Agreement shall become effective only upon its execution
by all Parties hereto.  A facsimile copy of said signatures of all of
the Parties will be sufficient to make this Agreement binding on all
Parties.

    

    4.11 Non-Waiver.  The
failure of any Party to insist upon strict adherence to any term of this
Agreement on any occasion shall not be considered a waiver thereof or deprive
that Party of the right thereafter to insist upon strict adherence to that term
or any other term of this Agreement.

    

    4.12 Titles.  The
titles of the Sections of this Agreement are inserted for convenience only and
shall not affect the meaning or construction of any of the terms of this
Agreement.

    

    4.13 Acknowledgment.  The
Parties acknowledge that they have read this Agreement and that they fully know,
understand, and appreciate its contents and that they have executed the same and
make the settlement and release provided for herein voluntarily and of their own
free will.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    IN WITNESS WHEREOF, the
Parties hereto, intending to be legally bound, have each executed this Agreement
as of the date first set forth above.

     

    
      
        	BHWF:         	THE BLACKHAWK
    FUND	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	Name:
      Frank Marshik	 
	 	Title:
      President	 
	 	 	 	 

      

    

     

    
      
        
          	Angel:             	ANGEL ACQUISITION
      CORP.	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	Name:
      	 
	 	Title:
      	 
	 	 	 	 

        

      

       

      
        
          
          

        

        
          6

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