Document:

Unassociated Document

    

    NOBLE
      INVESTMENT FUND LIMITED

    World
      Trade Centre

    Via
      Lugano 11

    6982
      Lugano-Agno

    Switzerland

    tel:
      (011) 39 3488928042

    May
      1,
      2007

    Ms.
      Angela Ho

    386
      Columbus Avenue

    Apt.
      17A

    New
      York,
      New York 10024

    

    Re: Ho
      Capital Management LLC and Business Combination Company

     

    Dear
      Angela:

    

    This
      letter will serve to set forth our amended and restated basic agreement and
      understanding with respect to the ownership and capitalization of Ho Interactive
      LLC, a Delaware limited liability company, to be renamed Ho
      Capital Management LLC
      (the
“Sponsor”)
      and
      the formation and operation of Asia Special
      Situation Acquisition Corp.,
      a
      Cayman Island business combination company to be capitalized to acquire one
      or
      more businesses in Asia (the “SPAC”).

    

    The
      undersigned, Noble Investment Fund Limited (“Noble”),
      is a
      Gibraltar experienced investment fund. This Agreement has been executed by
      a
      duly authorized signatory of Pure Glow Finance, Arne van Roon, in its capacity
      as the investment advisor to Noble (the “Investment
      Advisor”).

    

    This
      will
      confirm that we have received (and are prepared to have the Sponsor accept)
      a
      revised proposal from Maxim Group LLC (“Maxim”)
      to
      underwrite an initial public offering of common stock and warrants for the
      SPAC
      to be registered with the U.S. Securities and Exchange Commission (the
“IPO”).
      As
      currently proposed, the SPAC will seek to raise $100,000,000 through the sale
      of
      10,000,000 units of securities to the public at $10.00 per unit; each unit
      to
      consist of one share of common stock and one warrant. Under the terms of the
      Maxim proposal:

    

    · The
      Sponsor or its affiliates or designees will be entitled to purchase, for
      $25,000, approximately 20% of the total number of ordinary shares of the SPAC
      to
      be issued and outstanding immediately after the IPO, which as presently
      structured by Maxim, would be a total of 2,500,000 ordinary shares of stock
      of
      the SPAC (the “Founders
      Shares”).

    

    · In
      order
      to insure that 100% of the gross proceeds of the offering are placed in trust
      pending consummation of a business acquisition by the SPAC, the Sponsor or
      its
      affiliates or designees and business associates must (immediately prior to
      completion of the IPO) purchase, for $5,725,000, four year warrants entitling
      the Holder to purchase 5,725,000 ordinary shares of the SPAC at an exercise
      price of $7.50 per ordinary shares (the “Private
      Placement Warrants”).
      The
      Private Placement Warrants will not be transferable until the SPAC completes
      a
      business combination and will be exercisable on the later to occur of completion
      of a business combination with a target company or one year from the date of
      the
      IPO. In the event that an approved business combination is not consummated
      within 24 months from completion of the IPO, the Private Placement Warrants
      will
      be worthless. 

    

    · The
      Sponsor or its affiliates must pay the pre-IPO costs and expenses for the SPAC
      offering, including professional fees, printing costs, filing fees and road
      show
      travel expenses (the “Pre-Offering
      Costs”);
      which
      are estimated at approximately $500,000 and are reimbursed at closing out of
      the
      proceeds of the IPO.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Based
      on
      the above, we hereby mutually agree as follows:

    

    1. Noble
      shall lend to the Sponsor, without recourse or interest, all funds necessary
      to
      pay the Pre-Offering Costs, and the Sponsor shall pay such Pre-Offering Costs
      from such loans and shall be responsible for the organization of the IPO and
      the
      financing as set forth. Upon completion of the IPO, such Pre-Offering Costs
      (estimated at approximately $500,000) shall be reimbursed to the Sponsor, which,
      in turn, will reimburse to Noble, without interest. The loan shall be evidenced
      by the Sponsor’s non-interest bearing note in the amount of $500,000, payable on
      the earlier to occur of December 31, 2007 or completion of the IPO. In such
      connection, it is expressly understood and agreed that neither Angela Ho nor
      any
      other equity owner of the Sponsor shall have any liability to repay such loan
      to
      Noble; it being anticipated that the only source of such repayment shall be
      the
      proceeds of the IPO; provided,
      however,
      that if
      the Sponsor and/or Angela Ho shall elect for any reason (other than as provided
      in Section
      7
      below or
      due to the inability of Maxim or any other managing underwriter to sell the
      securities contemplated by the IPO) not to proceed with the IPO, Angela Ho
      shall
      personally repay to Noble by December 31, 2007 the aggregate amount of funds
      loaned and advanced by Noble to the Sponsor, without interest thereon or
      deduction therefrom.

    

    2. The
      Sponsor shall purchase for $18,125, a total of 1,812,500 of the 2,500,000
      Founders Shares; of which Angela Ho shall own beneficially own 875,000 ordinary
      shares. 687,500 of the 2,500,000 Founders Shares shall be allocated to and
      purchased for $6,875 by the officers and other directors of the SPAC. The
      balance of the 1,812,500 Founders Shares to be purchased by the Sponsor, or
      937,500 Founders Shares, shall be allocated to Noble or other entities
      designated by it. We each agree that Noble shall transfer 500,000 of the 937,500
      Founders Shares allocated to it to Allius Ltd., an entity in which Noble has
      a
      50% beneficial interest and Dr. Gary Hirst has a 50% beneficial interest. The
      remaining 1,312,500 Founders Shares to be owned of record by the Sponsor shall
      be freely transferable by each of their respective beneficial owners; namely,
      Angela Ho as beneficial owner of 875,000 Founders Shares owned of record by
      the
      Sponsor, and Noble as beneficial owner of 437,500 Founders shares owned of
      record by the Sponsor. The allocation of the Founders Shares set forth in this
      Section
      2
      is
      subject to the provisions of Section
      7
      below.

    

    3. Twenty-five
      percent (25%) of the 2,500,000 Founders Shares, or 625,000 Founders Shares,
      shall be sold, for $0.01 per share, to the executive officers and directors
      of
      the SPAC in such amounts as Angela Ho and Noble mutually agree. 

    

    4. Noble
      shall, immediately prior to consummation of the IPO, lend the sum of
$5,725,000
      to the Sponsor to enable the Sponsor to purchase the 5,725,000 Private Placement
      Warrants. The $5,725,000 loan shall be evidenced by a Sponsor note that will
      bear interest at the rate of 5% per annum and will be payable, together with
      accrued interest, on a date which shall be the earlier to occur of (a) December
      31, 2012, or (b) the date of the Sponsor’s sale of all or any portion of the
      Private Placement Warrants or underlying ordinary shares issuable upon exercise
      of such Private Placement Warrants. It
      is
      expressly understood and agreed that neither Angela Ho nor any other equity
      owner of the Sponsor shall have any liability to repay such $5,725,000 loan
      to
      Noble; it being anticipated that the only source of such repayment shall be
      the
      proceeds from the sale of the Private Placement Warrants or the ordinary shares
      of the SPAC issuable upon exercise of the Private Placement Warrants (the
“Warrant
      Shares”).
      In
      consideration for such loan, the Sponsor agrees to grant to Noble a 50%
      beneficial interest in the 5,725,000 Private Placement Warrants issued to the
      Sponsor and Warrant Shares. 

     

    
      
         

      

      
        -
          2 -

        
          

        

      

      
         

      

    

     

    5. In
      the
      event and at such time as the Private Placement Warrants may be transferred
      by
      the Sponsor, such Private Placement Warrants and/or the 5,725,000 Warrant Shares
      shall
      be
      freely transferable by each of their respective beneficial owners; namely,
      Angela Ho as beneficial owner of 2,862,500 Private Placement Warrants and
      Warrant Shares owned of record by the Sponsor, and Noble as beneficial owner
      of
      2,862,500 Private Placement Warrants and Warrant Shares owned of record by
      the
      Sponsor.

    

    6. Angela
      Ho
      and Noble shall jointly designate and approve all of the initial members of
      the
      board of managers of the Sponsor and the initial board of directors and officers
      of the SPAC. However, except for Arne van Roon (who shall serve as a director
      of
      the SPAC), no employee, agent, consultant officer, director or other affiliate
      of Noble shall serve as a member of the board of directors of the SPAC or the
      board of managers of the Sponsor, nor shall any such person or persons serve
      as
      an officer or member of the management of the SPAC or the Sponsor or be engaged
      by either such entity in a consulting or similar capacity.

    

    7. On
      a date
      that shall be not later than fifteen (15) days from the date of a written
      request by the Sponsor and Maxim (the “Funding
      Request”)
      that
      Noble demonstrate the availability of the $5,725,000 of proceeds of the loan
      to
      be made to the Sponsor to enable it to purchase the Private Placement Warrants,
      Noble shall either deposit in escrow with a bank acceptable to the Sponsor
      and
      Maxim, or otherwise segregate funds in a manner acceptable to the Sponsor and
      Maxim, such $5,725,000. It is anticipated that such Funding Request shall be
      submitted to Noble prior to: (i) the SPAC filing an amendment to its Form F-1
      Registration Statement on the EDGAR reporting system of the Securities and
      Exchange Commission (“SEC”)
      and
      (ii) the printing of the “red herring” prospectus and commencement of the
      selling effort and related road show. In the event that, for any reason or
      no
      reason, Noble shall fail or refuse to make such escrow deposit on a timely
      basis, the Sponsor may then elect to either:

    

    (a) terminate
      the IPO, in which event neither the Sponsor nor Angela Ho shall have any
      obligation or liability to repay to Noble the loan referred to in Section
      1
      above;
      or

    

    (b) proceed
      with the IPO by arranging, directly or through third parties, to purchase the
      5,725,000 Private Placement Warrants in lieu of Noble. In such event, the
      Sponsor may then elect to reissue and reallocate all of the Founders Shares
      to
      such persons or entities as the Sponsor and Angela Ho shall determine in the
      exercise of their sole discretion.

    

    By
      their
      execution of this Agreement, each of Noble, Allius Ltd., Gary T. Hirst, Arne
      van
      Roon and Michael Hlavsa do hereby consent to and agree with all of the
      provisions of this Section
      7,
      including, without limitation, Section
      7(b).

    

    8. Angela
      Ho
      shall be the managing member of the Sponsor. Prior to completion of the IPO
      of
      the SPAC, each of Angela Ho and Noble shall enter into an operating agreement
      for the Sponsor (the “Operating
      Agreement”)
      which
      shall incorporate the substance of the above agreements and
      understandings.

    

    [the
      balance of this page intentionally left blank - signature page
      follows]

     

    
      
         

      

      
        -
          3 -

        
          

        

      

      
         

      

    

     

    Please
      confirm your agreement with the above by executing a copy of this letter
      agreement in the space provided below. Needless to say, we are excited about
      this project and look forward to working closely with you and your
      associates.

     

    
      	 	Very
              truly yours,
              

              NOBLE
                INVESTMENT FUND LIMITED

              By:
                Pure Glow Finance Limited

              (investment
                advisor)

               

              

              By:
                /s/
                Arne van Roon_________________

              Arne
                van Roon, President

            

    

     

    

    ACCEPTED
      AND AGREED TO:

    this
      1st
      day of May 2007

    

    HO
      CAPITAL MANAGEMENT LLC

    

    

    By:
      /s/
      Angela Ho_______________________

    Angela
      Ho, Manager

    

    

    /s/
      Angela Ho__________________________

    ANGELA
      HO

    

    ALLIUS
      LTD.

    

    

    By
      /s/
      Dr. Gary T. Hirst___________________

    Dr.
      Gary
      T. Hirst, President

    

    

    /s/
      Dr. Gary T. Hirst______________________

    Dr.
      Gary T. Hirst

    

    

    /s/
      Arne van Roon_______________________

    Arne
      van Roon

    

    

    /s/
      Michael Hlavsa______________________

    Michael
      Hlvasa

     

    
      
         

      

      
        -
          4 -THIRD OMNIBUS AMENDMENT AND WAIVER

      This THIRD OMNIBUS AMENDMENT AND WAIVER (this "Third Amendment"), dated as
of July 31, 2007, is entered into by and between NATIONAL  INVESTMENT  MANAGERS,
INC., a Florida  corporation  (the  "Company"),  and LAURUS MASTER FUND, LTD., a
Cayman Islands company  ("Laurus"),  for the purpose of amending,  restating and
waiving certain terms of (a) that certain Secured  Convertible  Term Note, dated
as of March 9, 2005 (as amended, modified or supplemented from time to time, the
"March Note"); (b) that certain Securities Purchase Agreement, dated as of March
9, 2005 (as  amended,  modified or  supplemented  from time to time,  the "March
Purchase Agreement");  (c) the other Related Agreements, as such term is defined
in the March  Purchase  Agreement  (together  with the March  Note,  the  "March
Related  Agreements");  (d) that certain  Secured Term Note dated as of November
30, 2005 (as amended,  modified or supplemented from time to time, the "November
Note"); (e) that certain Securities Purchase Agreement, dated as of November 30,
2005 (as amended,  modified or  supplemented  from time to time,  the  "November
Purchase Agreement");  (f) the other Related Agreements, as such term is defined
in the  November  Purchase  Agreement  (together  with the  November  Note,  the
"November Related Agreements"),  (g) that certain Securities Purchase Agreement,
dated as of May 30, 2006 (as amended,  modified,  or  supplemented  from time to
time, the "May Purchase  Agreement");  (h) that certain Secured  Non-Convertible
Term Note dated as of May 30, 2006 (the "May Note");  and (i) the other  Related
Agreements, as such term is defined in the May Purchase Agreement (together with
the May Note,  the "May  Related  Agreements").  Capitalized  terms used  herein
without  definition  shall  have  the  meanings  ascribed  to such  terms in the
applicable March Purchase Agreement, March Related Agreements, November Purchase
Agreement,  November Related  Agreements,  May Purchase Agreement or May Related
Agreement (collectively, the "Transaction Documents").

      WHEREAS, the Company and Laurus have agreed to make certain changes to the
Transaction Documents as set forth herein.

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

AMENDMENTS

      1.  Laurus and the  Company  hereby  agree that the  Company  shall not be
required  to pay the  principal  portion  of any  Monthly  Principal  Amount (as
defined in the March Note) due on the first business day of May 2007, June 2007,
July 2007,  August 2007 and  September  2007) on such dates  (collectively,  the
"March  Postponed  Principal");  provided  that,  the aggregate  amount of March
Postponed  Principal  shall be paid in full on October  1, 2007 (the  "Postponed
Principal  Due Date"),  together  with all other amounts due and payable on such
date  under the March  Purchase  Agreement  and the  March  Related  Agreements.
Monthly  Principal  Amount  payments  shall resume  pursuant to the terms of the
March Note on October 1, 2007.

      2.  Laurus and the  Company  hereby  agree that the  Company  shall not be
required  to pay the  principal  portion  of any  Monthly  Principal  Amount (as
defined in the November  Note) due on the first  business day of May 2007,  June
2007, July 2007,  August 2007 and September  2007) on such dates  (collectively,
the "November  Postponed  Principal");  provided that,  the aggregate  amount of
November  Postponed  Principal shall be paid in full on the Postponed  Principal
Due Date, together with all other amounts due and payable on such date under the
November  Purchase  Agreement  and  the  November  Related  Agreements.  Monthly
Principal  Amount  payments  shall resume  pursuant to the terms of the November
Note on October 1, 2007.

<PAGE>

      3.  Laurus and the  Company  hereby  agree that the  Company  shall not be
required  to pay the  principal  portion  of any  Monthly  Principal  Amount (as
defined in the May Note) due on the first  business day of May 2007,  June 2007,
July 2007, August 2007 and September 2007) on such dates (collectively, the "May
Postponed  Principal");  provided  that,  the aggregate  amount of May Postponed
Principal  shall be paid in full on the Postponed  Principal Due Date,  together
with all other  amounts  due and  payable  on such date  under the May  Purchase
Agreement and the May Related  Agreements.  Monthly  Principal  Amount  payments
shall resume pursuant to the terms of the May Note on October 1, 2007.

      4. As  consideration  for the additional  agreements set forth in Sections
1-3 of this Third Amendment,  the Company shall make a cash payment to Laurus on
August 1, 2007 of $86,608.93.

MISCELLANEOUS

      5. Laurus  understands  that the Company has an affirmative  obligation to
make prompt public disclosure of material  agreements and material amendments to
such agreements. The Company hereby covenants to report the terms and provisions
of this  Amendment on a current report on Form 8-K within five (5) business days
of the date hereof.

      6. Each amendment and waiver set forth herein shall be effective as of the
date first above written (the "Amendment  Effective Date") on the date when each
of the  Company  and  Laurus  shall have  executed  and the  Company  shall have
delivered to Laurus its respective counterpart to this Amendment.

      7. Except as specifically set forth in this Amendment,  there are no other
amendments,  modifications or waivers to the Transaction  Documents,  and all of
the other forms,  terms and provisions of the  Transaction  Documents  remain in
full force and effect.  To the extent that the terms of this Amendment  conflict
with the terms of any of the Transaction  Documents or any previous  Amendments,
the terms of this Amendment shall govern.

      8. The Company hereby  represents and warrants to Laurus that after giving
effect  to  this  Amendment:  (i)  on  the  date  hereof,  all  representations,
warranties and covenants made by the Company in connection  with the Transaction
Documents are true,  correct and complete;  and (ii) on the date hereof,  all of
the  Company's  and its  Subsidiaries'  covenant  requirements  set forth in the
Transaction Documents have been met.

      9. From and after the  Amendment  Effective  Date,  any  references to any
Transaction  Document  shall be  deemed  to be  references  to such  Transaction
Document as modified hereby.

      10. This  Amendment  shall be binding  upon the  parties  hereto and their
respective  successors  and permitted  assigns and shall inure to the benefit of
and be enforceable by each of the parties hereto and their respective successors
and  permitted  assigns.  THIS  AMENDMENT  SHALL BE  CONSTRUED  AND  ENFORCED IN
ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. This Amendment
may be  executed  in any  number  of  counterparts,  each of  which  shall be an
original, but all of which shall constitute one instrument.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                       2
<PAGE>

      IN WITNESS  WHEREOF,  each of the  Company  and  Laurus  has  caused  this
Amendment to be signed in its name effective as of this 31st day of July 2007.

                                   NATIONAL INVESTMENT MANAGERS INC.

                                   By:/s/Steve Ross
                                      -------------
                                   Name:  Steve Ross
                                   Title: CEO

                                   LAURUS MASTER FUND, LTD.

                                   By:/e/Eugene Grin
                                      --------------
                                   Name:  Eugene Grin
                                   Title: Managing Director

                                       3

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