Document:

exhibit4_2.htm

    Exhibit
4.2

     

    MORTGAGE
CERTIFICATE PURCHASE AGREEMENT

     

    THIS
MORTGAGE CERTIFICATE PURCHASE AGREEMENT (the “Agreement”) is dated
March 30, 2009, between Banc of America Securities LLC, a Delaware limited
liability company (the “Seller”), and Banc of
America Funding Corporation, a Delaware corporation (the “Depositor”).

     

    W
I T N E S S E T H

     

    WHEREAS,
the Depositor desires to purchase from the Seller and the Seller desires to sell
to the Depositor an approximate 7.60% Percentage Interest of Banc of America
Mortgage 2006-B Trust, Class 4-A-1 Certificates (the “Mortgage
Certificates”) set forth on Schedule A hereto,
which was previously issued by the Banc of America Mortgage 2006-B Trust;
and

     

    WHEREAS,
the Depositor intends to convey such Mortgage Certificates to Wells Fargo Bank,
N.A., as trustee (the “Trustee”), under that
certain Trust Agreement, dated March 30, 2009 (the “Trust Agreement”), by
and between the Depositor and the Trustee, for the benefit of the holders of the
Banc of America Funding 2009-R3 Trust, Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5 and Class A-R Certificates (the “Certificates”) issued
thereunder.

     

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

     

    1. Purchase and Sale of the
Mortgage Certificates.

     

    (a) The
Seller agrees to sell to the Depositor, and the Depositor agrees to purchase
from the Seller, the Mortgage Certificates and all amounts payable thereon on or
after the date hereof.

     

    (b) On the
Closing Date, as full consideration for the Seller’s sale of the Mortgage
Certificates to the Depositor, the Depositor will deliver the Certificates to
the Seller.

     

    (c) Delivery,
transfer and/or assignment of the Mortgage Certificates by the Seller to the
Depositor and simultaneous delivery, transfer and/or assignment of the
Certificates to the Seller, shall be made on the Closing Date.

     

          
(d) It is the
intention of the Seller that the transfer and assignment of the Mortgage
Certificates shall constitute a sale from the Seller to the Depositor and that
such Mortgage Certificates not be a part of the Depositor’s property or estate
for any purpose under state or federal law, including without limitation in the
event of the insolvency of the Seller.  In the event the transfer and
assignment of the Mortgage Certificates contemplated by this Agreement is deemed
to be other than a sale notwithstanding the intent of the parties hereto, this
Agreement shall be deemed to be and in such event hereby is the grant of a
security interest from the Seller to the Depositor, and the Depositor shall have
all the rights, powers and privileges of a secured party under the Uniform
Commercial Code in effect in the applicable jurisdiction.  In such
event,the
Seller agrees to take such action and execute such documents as shall be
necessary in order to 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    fully
realize the benefits of such secured party status, including, without
limitation, powers of attorney, financing statements, notices of lien or other
instruments or documents.

     

    2. Conditions.

     

    The
obligations of the parties under this Agreement are subject to the following
conditions:

     

    (a) The
representations and warranties contained herein shall be accurate as of the
Closing Date; and

     

    (b) On the
Closing Date, counsel for the Depositor shall have been furnished with all such
documents, certificates and opinions as they may reasonably request in order to
evidence the accuracy and completeness of any of the representations, warranties
or statements of the Seller, the performance of any of the obligations of the
Seller hereunder or the fulfillment of any of the conditions herein
contained.

     

    3. Representations and
Warranties.

     

    (a) Each
party hereby represents and warrants to the other party that (i) it is duly
incorporated or organized, as the case may be, and validly existing as an entity
under the laws of the jurisdiction in which it is chartered or organized, (ii)
it has the requisite corporate power and authority to enter into and perform
this Agreement, and (iii) this Agreement has been duly authorized by all
necessary corporate action, has been duly executed by one or more duly
authorized officers and, when executed by each of the parties hereto,
constitutes the legal, valid and binding agreement of such party enforceable
against such party in accordance with its terms, except as limited by
bankruptcy, fraudulent conveyance, fraudulent transfer, insolvency,
reorganization, liquidation, receivership, moratorium or other similar laws now
or hereafter in effect relating to creditors’ rights generally and by general
equitable principles, regardless of whether considered in a proceeding in equity
or at law.

     

    (b) The
Seller further represents and warrants to the Depositor that (i) at the time of
transfer, the Seller will be the sole owner of the Mortgage Certificates, free
and clear of any pledge, lien, security interest, charge, claim, equity or
encumbrance of any kind created by the Seller, and upon the delivery, transfer
or assignment of the Mortgage Certificates to the Depositor as contemplated
herein, the Depositor will receive the Mortgage Certificates free and clear of
any pledge, lien, security interest, charge, claim, equity or encumbrance of any
kind created by the Seller, (ii) none of the execution, delivery or performance
by the Seller of this Agreement shall (a) conflict with, result in any breach of
or constitute a default (or an event which, with the giving of notice or passage
of time, or both, would constitute a default) under, any term or provision of
the organizational documents of the Seller, or any material indenture,
agreement, order, decree or other material instrument to which the Seller is a
party or by which the Seller is bound, which conflict, breach or default would
materially and adversely affect the Seller’ ability to perform its obligations
hereunder or (b) violate any provision of any law, rule or regulation applicable
to the Seller of any regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Seller or its
properties, (iii) no consent, license, approval or authorization from, or
registration or qualification with, any governmental

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    body,
agency or authority, nor any consent, approval, waiver or notification of any
creditor or lessor is required in connection with the execution, delivery and
performance by the Seller of this Agreement except such as have been obtained
and are in full force and effect and (iv) the purchase by the Depositor of the
Mortgage Certificates will not cause the Depositor to assume, and would not
subject the Depositor to, any obligations or liability (other than immaterial
non-payment obligations).

     

    (c) The
Seller further represents and warrants to the Depositor that the Mortgage
Certificates constitute a “qualified mortgage” within the meaning of Section
860G(a)(3) of the Code.  Within 90 days of its discovery or its
receipt of notice of a breach of this Section 3(c) or Section 3(b)(i), the
Seller shall cure such breach in all material respects or shall repurchase the
affected Mortgage Certificates from the Depositor at the Repurchase
Price.

     

    (d) The
Seller further represents and warrants to the Depositor that at the time of
transfer the Mortgage Certificates have a rating of at least “AAA” (or its
equivalent) from at least one of  Fitch Ratings, Moody’s Investors
Service, Inc., Standard & Poor’s Rating Services, a Division of The
McGraw-Hill Companies, Inc., or DBRS, Inc. and are not subject to any downgrade
watch in respect of such rating.

     

    4. Limited Recourse to the
Depositor and Non-Petition.

     

    Notwithstanding
anything in this Agreement to the contrary, all amounts payable or expressed to
be payable by the Seller on, under or in respect of its obligations and
liabilities under this Agreement shall be recoverable only from and to the
extent of the net proceeds from the sale of the Certificates and upon final
realization of such sums and proceeds, the Seller shall have no further
liability and all claims in respect of such sums due but still unpaid shall be
extinguished.  The Depositor agrees that its rights against the Seller
under this Agreement are limited to the extent that it will not take any action
or proceedings against the Seller to recover any amounts due and payable by the
Seller to it under this Agreement except as expressly permitted by the
provisions of this Agreement.  The Depositor further agrees that it
will not petition a court for, or take any other action or commence any
proceedings for, the liquidation or winding-up of the Seller or any other
bankruptcy or insolvency proceedings with respect to the Seller until one year
and one day (or such longer preference period) after the later to occur of
repayment of all the Certificates or other satisfaction or extinguishment of all
liability with respect thereto.  This provision shall survive the
termination of this Agreement.

     

    5. Representations and
Indemnities to Survive.

     

    The
respective agreements, representations, warranties, indemnities and other
statements of the Seller and the Depositor or their officers set forth in or
made pursuant to this Agreement will remain in full force and effect, regardless
of any investigation made by or on behalf of the Seller or the Depositor or any
of the their respective officers, directors or controlling persons, and will
survive delivery of and payment for the Mortgage Certificates.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    6. Amendments.

     

    This
Agreement may not be modified, amended, altered or supplemented, except upon the
execution and delivery of a written agreement by each of the parties
hereto.

     

    7. Communications.

     

    Except as
may be otherwise agreed between the parties, all communications hereunder shall
be made in writing to the relevant party by personal delivery or by courier or
first-class registered mail, or the closest local equivalent thereto, or by
facsimile transmission confirmed by personal delivery or by courier or
first-class registered mail as follows:

     

    
      	
              to
      the Seller:

            	
              Banc
      of America Securities LLC

              214
      North Tryon Street

              Charlotte,
      North Carolina  28255

              Attention:  Scott
      Evans

              Facsimile
      Number:  (704) 386-3215

              Reference:  BAFC
      2009-R3

            
	 
      	 
      
	
                                                     
      to the Depositor:

            	
              Banc
      of America Funding Corporation

              214
      North Tryon Street

              Charlotte,
      North Carolina  28255

              Attention:  Scott
      Evans

              Facsimile
      Number:  (704) 386-3215

              Reference:  BAFC
      2009-R3

            

    

     

    or to
such other address, telephone number or facsimile number as either party may
notify to the other in accordance with the terms hereof from time to
time.  Any communications hereunder shall be effective upon
receipt.

     

    8. Governing
Law.

     

    (a) THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF
THAT WOULD REQUIRE THE APPLICATION OF A LAW OF A JURISDICTION OTHER THAN NEW
YORK.

     

    (b) Each of
the parties hereto irrevocably (i) agrees that any legal suit, action or
proceeding against the Depositor brought by the Seller or by any person who
controls the Seller arising out of or based upon this Agreement or the
transactions contemplated hereby may be instituted in any New York court, (ii)
waives, to the fullest extent it may effectively do so, any objection which it
may now or hereafter have to the laying of venue of any such proceeding and
(iii) submits to the exclusive jurisdiction of such courts in any such suit,
action or proceeding.

     

    (c) Each of
the parties hereto irrevocably and unconditionally waives, to the fullest extent
permitted by applicable law, any and all right to trial by jury in any legal
proceeding arising out of or relating to this Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    9. Counterparts.

     

    This
Agreement may be executed in any number of counterparts, each of which shall be
an original, but all of which together shall constitute one and the same
agreement.  Delivery of an executed counterpart of a signature page by
facsimile or other electronic transmission shall be effective as delivery of a
manually executed counterpart of this Agreement.

     

    10. Definitions.

     

    Capitalized
terms used herein but not defined herein shall have the meanings ascribed to
them in the Trust Agreement.

     

    11. No
Assignment.

     

    This
Agreement may not be assigned in whole or in part by any party hereto without
prior written consent of the other party hereto.

     

    12. Entire
Agreement.

     

    This
Agreement contains the entire agreement with respect to the rights and
obligations of the parties hereto relating to the purchase and sale of the
Certificates between the Seller and the Depositor.

     

    13. Severability of
Provisions.

     

    If any
one or more of the covenants, agreements, representations and warranties,
provisions or terms of this Agreement shall be for any reason whatsoever held
invalid in any jurisdiction, then, to the extent permitted by applicable law in
such jurisdiction, such covenants, agreements, representations and warranties,
provisions or terms shall be deemed severable from the remaining covenants,
agreements, representations and warranties, provisions or terms of this
Agreement and shall in no way affect the validity or enforceability of the other
provisions of this Agreement, the Certificates or the rights of the holder
thereof.

     

    14. Successors.

     

    This
Agreement will inure to the benefit of and be binding upon the parties hereto
and their respective successors and their respective officers and directors and
controlling persons and their successors and assigns, and no other person will
have any right or obligation hereunder.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, this Agreement has been entered into as of the date first
written above.

     

    BANC
OF AMERICA SECURITIES LLC

    

    

    By:          /s/
Scott
Evans                  
                                                                           

    Name:   Scott
Evans

    Title:     Principal

     

    
      	
               
      

            	
              BANC
      OF AMERICA FUNDING 

                 
      CORPORATION

            

    

    

    

    By:          /s/
Scott
Evans                   
                                                                            

    Name:   Scott
Evans

    Title:     Senior
Vice President

    

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
A

     

    Schedule
of Mortgage Certificates

     

    
      
        	
                Issuer/Issuing
      Entity

              	
                Class

              	
                Certificate
      Balance

              	
                Percentage

                Interest

              	
                Underlying
      Pooling Agreement

              	 
      
	
                Banc
      of America Mortgage 2006-B Trust

              	
                4-A-1

              	
                $8,668,933

              	
                7.60%

              	
                Pooling
      and Servicing Agreement, dated October 30, 2006, by and among Banc of
      America Mortgage Securities, Inc., Bank of America, National Association,
      and Wells Fargo Bank, N.A.

              

      

    

    

     

    
      
         

      

      
        Schedule
A-1ex10_1.htm

    
      

    

    Exhibit
10.1

    

    EXCHANGE
AND AMENDMENT AGREEMENT

    

    THIS
EXCHANGE AND AMENDMENT AGREEMENT (this “Agreement”) is made and entered into
this as of the ___th day of March, 2009, by and among Sino Clean Energy, Inc., a
Nevada corporation (the “Company”), and the undersigned Purchasers. Capitalized
terms used but not defined herein shall have the meanings set forth in that
certain Securities Purchase Agreement, the Debentures and/or the Warrants
(defined in the Recitals below).

    

    RECITALS:

     

    WHEREAS, reference is made to that
certain Securities Purchase Agreement dated as of September 16, 2008 and
September 19, 2008 (collectively the “Securities Purchase Agreement”), by and
among the Company and the undersigned Purchasers, and the 18% Secured
Convertible Debentures (the “Debentures”) and the Warrants (the “Warrants”)
issued to such Purchasers pursuant thereto (collectively the “Transaction
Documents”);

    

    WHEREAS, the Conversion Price of the
Debentures and the Exercise Price of the Warrants are subject to certain
adjustments, as set forth in Sections 3(c) of the Debentures and in Section 10
of the Warrants;

    

    WHEREAS, the Company has proposed that
the adjustments to the Conversion Price and the Exercise Price be amended on the
terms set forth below (the “Proposal”), which Proposal is acceptable to the
Purchasers;

    

    WHEREAS, certain amendments to the
Transaction Documents are necessary to effectuate the Proposal; and

    

    WHEREAS, the Company and the Purchasers
signatory hereto are executing and delivering this Agreement in reliance upon
the exemption from securities registration for offers and sales of securities
afforded, inter
alia, by
Section 3(a)(9) of the Securities Act of 1933, as amended (the “1933 Act”), Rule
506 under Regulation D as promulgated under the 1933 Act, Section 4(2) of the
1933 Act, and/or Rule 903 under Regulation S as promulgated under the 1933
Act;

    

    NOW, THEREFORE, in consideration of the
foregoing recitals and the mutual agreements herein contained and for other good
and valuable consideration, the parties hereto agree as follows:

    

    A.           EXCHANGE
OF THE DEBENTURES AND WARRANTS. The Company and each Purchaser signatory
to this Agreement hereby agree to exchange (a) such Purchaser’s outstanding
Debenture for a new Debenture having the terms specified below in the principal
amount of such outstanding Debenture and (b) such Purchaser’s outstanding
Warrant for a new Warrant having the terms specified below for the purchase of
the same number of Common Shares as provided in the outstanding Warrant. The
Purchaser is not providing any other consideration for such exchange and no fees
are payable to any broker in connection with such exchange.  The
exchange is being made under Section 3(a)(9) of the 1933 Act.

    

    (1)           Each
new Debenture shall have the same terms as the outstanding Debenture, except
follows:

    

    (a)           The
new Debenture shall contain a Section 1(a)(ix), which shall read in its entirety
as follows:

    

    “At any
time while this Debenture is outstanding, the Obligor shall issue shares of
Common Stock or Common Stock Equivalents, other than Non-qualifying Issuances
(as such term is defined in the Purchase Agreement), entitling any Person to
acquire shares of Common, at a price per share of less than $0.05.”

    

    (b)           Section
3(c)(vii) of the new Debenture shall read in its entirety as
follows:

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

    “Except
as adjusted pursuant to Section 3(c)(ii), in no event shall the Conversion
Price, as adjusted pursuant to any other provisions of this Section 3, be less
than $0.05. In the event of any such adjustment that would result in the
Conversion Price to be less than $0.05, the Conversion Price as adjusted shall
be $0.05. All calculations under this Section 3 shall be rounded up
to the nearest $0.01 or whole share.”

    

    (c)           The
new Debenture shall contain a Section 17, which shall read in its entirety as
follows:

    

    “Escrow of Principal and
Accrued Interest. The Company covenants and agrees that no later than 30
calendar days from the Maturity Date, the Company shall establish an escrow
account with a law firm in the People’s Republic of China and shall deposit an
amount of money equal to the outstanding principal balance of this Debenture and
accrued interest thereof (the “Escrowed Fund”) into such escrow account as
follows: fifty percent (50%) concurrently with the establishment of the escrow
account, and fifty percent (50%) no later than 15 calendar days from the
Maturity Date. On the Maturity Date, provided that this Debenture has not been
converted into shares of Common Stock pursuant to Section
3 hereof, the Escrowed Fund shall be paid from the escrow account to the
holder of this Debenture upon its surrender and cancellation to the Company. Any
money in the escrow account not paid in accordance herewith shall be released
back to the Company.”

    

    (d)           The
new Debenture shall contain a Section 18, which shall read in its entirety as
follows:

    

    “Option to Extend Maturity
Date. For so long as this Debenture remains outstanding, the Holder shall
have the option, but not the obligation, to extend the Maturity Date by up to
one year. To exercise such option, the Holder shall notify the Company at least
30 calendar days prior to the Maturity Date or immediately after the Company’s
filing of its quarterly report on Form 10-Q for the quarter ended September 30,
2009, whichever is later, in accordance with Section 5 hereof, and after
receipt of such notice, the Company and the Holder shall exchange this Debenture
for a new Debenture of substantially the same terms but reflecting the Maturity
Date as extended hereby. Irrespective of the Holder’s exercise of such option,
on the original Maturity Date, the Company shall pay to the Holder from the
Escrowed Fund the accrued interest outstanding as of the original Maturity Date.
Exercise of such option shall be deemed a waiver by the Holder of the provisions
of Section 1(a)(i) hereof with respect to this Debenture.”

    

    (e)           References
to “Section 5” in Sections 1(a)(ii) and 1(a)(vi) of the new Debenture shall be
stricken and replaced with “Section 6”.

    

    The new
Debenture will be deemed represented by the original Debenture as amended by
this Agreement.

    

    (2)           Each
new Warrant shall have the same terms as the outstanding Warrant, except that
Section 10(g) of the new Warrant shall read in its entirety as
follows:

    

    
      	
               
      

            	
              “Except
      as adjusted pursuant to Section 10(a) or 10(b), in no event shall the
      Exercise Price, as adjusted pursuant to any other provisions of this
      Section 10, be less than $0.05. In the event of any such adjustment that
      would result in the Exercise Price to be less than $0.05, the Exercise
      Price as adjusted shall be $0.05. Additionally, no adjustment of the
      Exercise Price shall be required if such adjustment is less than $0.01;
      provided,
      however, that any adjustments which by reason of this Section 10(g)
      are not required to be made shall be carried forward and taken into
      account for purposes of any subsequent
  adjustment.”

            

    

     

    

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

    
      The new Warrant will be deemed represented by
the original Warrant as amended by this Agreement.

       

      (3)           Except
as expressly set forth herein, this Agreement shall not be deemed to be a
waiver, amendment or modification of any provisions of the Transaction
Documents, or of any right, power or remedy of the Purchasers, or
constitute a waiver, amendment or modification of any provision of the
Transaction Documents (except to the extent herein set forth), or any other
document, instrument and/or agreement executed or delivered in connection
therewith, in each case whether arising before or after the date hereof or as a
result of performance hereunder or thereunder, all of which (except as specified
herein) remain in full force and effect.  Except as set forth
herein, the Purchasers reserve all rights, remedies, powers, or
privileges.

    

    

    B.           CONFLICTS.  Except
as expressly set forth in this Agreement, the terms and provisions of each of
the Transaction Documents shall continue unmodified and in full force and
effect.  In the event of any conflict between this Agreement and any
one of the Transaction Documents, this Agreement shall control.

    

    C.           GOVERNING
LAW.  This Agreement shall be governed and construed under the
laws of the State of New York, and shall be binding on and shall inure to the
benefit of the parties and their respective successors and permitted
assigns.

    

    D.           COUNTERPARTS.  This
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. A
facsimile or other electronic transmission of this signed
Agreement  shall be legal and binding on all parties
hereto.

    

    [Signature
Page Follows]

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first set forth above.

     

    

    COMPANY:

    

    Sino
Clean Energy, Inc.

    

    By:             
_____________________________

    

    Name:         Baowen
Ren

    

    Title:           Chief
Executive Officer

    

    

    

     

    PURCHASER:

    

    

    __________________________________

    
      	
              

                [PURCHASER
      NAME]   

              

            	
               

            

    

    

    

    By:           _____________________________

    

    Name:      _____________________________

    

    Title:        _____________________________

    

    

    

     

    
 

     

     

     

     

     

     

    -4-

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