Document:

Untitled Document

ADMINISTRATIVE
  AGENT AGREEMENT

          This
  ADMINISTRATIVE SERVICES AGREEMENT, dated [_________________] (this “Agreement”),
  is by and between Incapital Holdings LLC, a Delaware limited liability company
  (“Administrative Agent”), and Bond Trust Products LLC, a Delaware
  limited liability company (“BTP”). The Administrative Agent and BTP
  individually are referred to as “Party” and collectively as
  the “Parties”. 

RECITALS

          WHEREAS,
  BTP has filed a registration statement with the Securities and Exchange Commission
  to offer and sell, from time to time, trust certificates (the “Certificates”)
  issued by trusts to be formed by BTP; 

          WHEREAS,
  each trust will be formed under a trust agreement to be entered into by and
  among BTP, as depositor, The Bank of New York Trust Company of Florida, N.A.,
  as trustee, The Bank of New York (Delaware), as Delaware trustee and the Administrative
  Agent in a form satisfactory to each party (the “Trust Agreements”);

          WHEREAS,
  BTP desires to engage Administrative Agent to perform certain of the administrative
  functions to be performed by BTP under the Trust Agreements and certain other
  agreements to which BTP is or may become a party in accordance with the Trust
  Agreements, as set forth herein; 

          NOW,
  THEREFORE, in consideration of the mutual obligations and undertakings set forth
  herein, it is agreed as follows: 

 ARTICLE
  I 

  DEFINITIONS; EFFECTIVE DATE; TERM; 

  APPOINTMENT OF ADMINISTRATIVE AGENT

          Section
  1.1 Definitions. Unless otherwise specified, capitalized terms used but
  not defined herein have the respective meaning assigned to such terms in the
  Trust Agreements. 

          Section
  1.2 Effective Date. This Agreement shall become effective, and the rights
  and obligations of Administrative Agent and BTP with respect to this Agreement
  shall commence, on the date first written above (the “Effective Date”).

          Section
  1.3 Term. 

          (a)
  This Agreement may be terminated by either Party at any time by giving 60 days’
  prior written notice to the other Party and on the payment by BTP to Administrative
  Agent of all outstanding amounts owed to Administrative Agent by BTP under this
  Agreement. 

          (b)
  Either Party may terminate this Agreement in accordance with the terms of Section
  6.2. 

          (c)
  Notwithstanding the provisions of this Section 1.3, the termination of this
  Agreement shall not in any manner change or excuse the obligations of Administrative
  Agent under this Agreement arising prior to such termination.

          Section
  1.4 Agent. BTP hereby appoints Administrative Agent to be and act as
  its agent to do and perform those obligations, and protect and exercise such
  rights, of BTP that are specified herein, and to take such other actions as
  may be necessary or convenient thereto. As agent for BTP, Administrative Agent
  is authorized to act for BTP in its own name or in the name of BTP, as deemed
  necessary or advisable by Administrative Agent. 

ARTICLE
  II

  SUPPORT
  OBLIGATIONS

          Section
  2.1 Administrative Services. Subject to the terms of this Agreement,
  Administrative Agent shall perform for BTP all administrative services necessary
  and advisable for BTP to perform its obligations and to exercise its rights
  under the following agreements: the Trust Agreements and all other contracts
  relating to the Trusts to which BTP is a party and of which Administrative Agent
  has been given prior notice. Without limiting the generality of the foregoing,
  Administrative Agent shall perform on behalf of BTP, for itself and for each
  individual Trust formed under the Trust Agreements, the following administrative
  services: accounting, auditing, financial reporting, budgeting and forecasting,
  tax, cash management, review of significant operating and financial matters,
  contract administrative services, invoicing, computer and information services,
  and such other administrative and regulatory filing services as directed by
  BTP. Without limiting the foregoing, Administrative Agent shall provide for
  the following administrative services: 

          (a)
  (i) maintain the books and records of BTP in accordance with BTP’s limited
  liability company operating agreement, and (ii) maintain separately the books
  and records of each individual Trust formed under the Trust Agreements, in accordance
  with good business practice, Internal Revenue Service regulations, applicable
  law, and generally accepted accounting principles and retain and oversee independent
  auditors to review such books and records of BTP on an annual basis;

          (b)
  provide services regarding the cash of BTP and of each individual Trust formed
  under the Trust Agreements, including (i) establishing bank accounts and (ii)
  investing and transferring funds and effecting payments in accordance with the
  contracts described in the first paragraph of this Section 2.1;

          (c)
  provide accounting services related to the development and implementation of
  financial controls and systems of BTP and of each individual Trust formed under
  the Trust Agreements and the administering of the financing proceeds of each;

      2
      

  

      
      
           (d)
  exercise all rights and administer all obligations of BTP under the Trust Agreements;
  

          (e)
  to the extent that amounts are available from BTP, pay all fees, debts and obligations
  (including taxes) incurred or payable by or on behalf of BTP in accordance with
  the Trust Agreements; 

          (f)
  provide tax-related services; 

          (g)
  make and prosecute, or cause to be made or prosecuted, such filings and reports,
  keep such records, and take or cause to be taken such other actions as may be
  necessary and lawful to maintain the existence and good standing of BTP and
  of each individual Trust formed under the Trust Agreements and to ensure the
  compliance by BTP, on behalf of itself and of each individual Trust formed under
  the Trust Agreements, with all applicable laws, regulations, authorizations,
  and orders of government agencies; 

          (h)
  do and perform such other acts as may be mutually agreed to by Administrative
  Agent and BTP from time to time and permitted by the Trust Agreements;

          Notwithstanding
anything to the contrary contained in this Section 2.1 or elsewhere in this
Agreement, Administrative Agent agrees that it will (a) not take, or fail to
take, any action that could reasonably be expected to cause BTP to violate any
negative covenant contained in the Trust Agreements and (b) submit for approval
to the appropriate managers of BTP all proposed actions of or on behalf of BTP
the approval of which by such managers is required by the limited liability
company operating agreement. 

ARTICLE
  III

  OBLIGATIONS
  UNDER THE TRUST AGREEMENTS

          Section
  3.1 The Administrative Agent undertakes to perform its duties under the Trust
  Agreements including, but not limited to, the obligations of the Administrative
  Agent set forth in Sections 3.08(b), 3.09(b) and 3.10 of the Trust Agreements,
  and no implied covenants or obligations shall be read into the Trust Agreements
  against the Administrative Agent. Any permissive right of the Administrative
  Agent enumerated in the Trust Agreements shall not be construed as a duty.

          Section
  3.2 Neither the Administrative Agent nor any of its directors, officers, employees
  or agents shall be liable, for any losses, costs or damages or otherwise, to
  the Trustee or the Certificateholders under any circumstances for any act or
  omission except for its willful misconduct, bad faith or gross negligence in
  the performance of duties specifically set forth in this Agreement and the Trust
  Agreements; it being understood that: 

          (a)
  the duties and obligations of the Administrative Agent shall be determined solely
  by the express terms of this Agreement and the Trust Agreements and, in the
  absence of gross negligence, bad faith or willful misconduct on the part of
  the 

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Administrative Agent, the Administrative Agent may conclusively rely upon
      any certificates or opinions furnished to the Administrative Agent as to the
      truth and correctness of any statements contained therein; 

          (b)
  the Administrative Agent shall not be personally liable for any action taken,
  suffered or omitted by a Responsible Officer or Responsible Officers of the
  Administrative Agent in good faith and reasonably believed by such Responsible
  Officer or Responsible Officers to be authorized or within the discretion or
  rights or powers conferred upon it by this Agreement and the Trust Agreements;
  and 

          (c)
  except with respect to actions or duties required to be taken or performed,
  as applicable, by the Administrative Agent under the express terms of this Agreement
  or the Trust Agreements, the Administrative Agent shall not be required to expend
  or risk its own funds or otherwise incur financial liability in the performance
  of any of its duties or in the exercise of any of its rights or powers under
  this Agreement and the Trust Agreements. 

          Section
  3.3 Except as otherwise provided in Section 3.12(b) of the Trust Agreements:

          (a)
  the Administrative Agent may request and rely upon and shall be protected in
  acting or refraining from acting upon any resolution, Officers’ Certificate,
  certificate of auditors or any other certificate, statement, instrument, opinion,
  report, notice, request, consent, order, appraisal, bond or other paper or document
  reasonably believed by it to be genuine and to have signed by the proper party
  or parties; 

          (b)
  the Administrative Agent may consult with counsel and any advice or Opinion
  of Counsel shall be full and complete authorization and protection in respect
  of any action taken or suffered or omitted by it under the Trust Agreements
  in good faith and in accordance with such advice or Opinion of Counsel;

          (c)
  the Administrative Agent shall be under no obligation to institute, conduct
  or defend any Proceeding hereunder or in relation thereto, at the request, order
  or direction of any of the Certificateholders or otherwise; 

          (d)
  the Administrative Agent shall not be bound to make any investigation into the
  facts of matters stated in any resolution, certificate, statement, instrument,
  opinion, report, notice, request, consent, order, appraisal, approval, bond
  or other paper or document believed by it to be genuine; and 

          (e)
  the Administrative Agent may execute any of the powers or perform any duties
  under this Agreement and the Trust Agreements either directly or by or through
  Affiliates. 

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ARTICLE
  IV

  ASSIGNMENT

          Section
  4.1 Successor to Obligations. Any corporation or other entity into which
  the Administrative Agent may be merged or converted or with which it may be
  consolidated, or any corporation or other entity resulting from any merger,
  conversion or consolidation to which the Administrative Agent shall be a party,
  or any corporation or other entity succeeding to the business of the Administrative
  Agent, shall be the successor of the Administrative Agent under this Agreement
  or the Trust Agreements without the execution or filing of any paper or any
  further act on the part of any of the parties to this Agreement or the Trust
  Agreements, anything in this Agreement or the Trust Agreements to the contrary
  notwithstanding. 

          Section
  4.2 Consent to Third Party Service Provider. BTP hereby acknowledges,
  consents and agrees that Administrative Agent may at any time on or after the
  Effective Date subcontract to an agent to perform any or all of the administrative
  functions, duties and obligations that Administrative Agent is required to perform
  under this Agreement and the Trust Agreements; provided, however, that Administrative
  Agent shall remain responsible for the performance of its obligations hereunder.

ARTICLE
  V 

  FEES

          Section
  5.1 Payment of Fees, Expenses, Debts and other Obligations. On or before
  the [____________] day of each calendar month during the term of this Agreement,
  Administrative Agent shall deliver to BTP (and the Trustee in accordance with
  the Trust Agreement) one or more invoices for all previously accrued and unpaid
  administrative expenses incurred by Administrative Agent in performing its obligations
  under this Agreement and the Trust Agreements (other than internal and overhead
  costs of Administrative Agent, which are covered by the Fee). Each invoice shall
  contain a statement explaining in reasonable detail how the expenses on the
  invoice were calculated and the persons or entities to which payments are to
  be made. 

ARTICLE
  VI

  REPRESENTATIONS
  AND WARRANTIES

          Section
  6.1 Organization; Powers. Each Party represents and warrants to the other
  Party that it is a duly formed and validly existing limited liability company
  under the laws of the State of Delaware and has the requisite power and authority
  to carry on its business as now being conducted and currently proposed to be
  conducted, to own its properties and to execute, deliver and perform its obligations
  under this Agreement. 

          Section
  6.2 Authorization; Enforceability. Each Party represents and warrants
  to the other Party that it has taken all action necessary to authorize it to
  execute, deliver and perform its obligations under this Agreement and that this
  Agreement, when executed and delivered, will constitute a legal, valid and binding
  obligation of it, enforceable in accordance with its terms, subject to bankruptcy,
reorganization, 

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moratorium or other similar laws affecting the enforcement of
    the rights of creditors generally and to general principles of equity.

          Section
  6.3 No Conflict. Each Party represents and warrants to the other Party
  that the execution, delivery and performance of this Agreement does not and
  will not (a) violate any law, statute, code, act, ordinance, order, judgment,
  decree, injunction, rule, regulation, permit, license, authorization, direction
  or requirement of any federal, state, local or foreign governmental department,
  commission, board, bureau, authority, agency, court, instrumentality or judicial
  or regulatory body or entity applicable to it (collectively, “Legal
  Requirements”) or the violation of which could reasonably be expected
  to result in a material adverse effect on its business, assets or financial
  condition or (b) conflict with, result in a breach of or constitute a default
  under any of its organizational, formative or governing documents or any instrument
  or agreement, including, without limitation, the Trust Agreements, to which
  it is a party. 

          Section
  6.4 Compliance. Each Party represents and warrants to the other Party
  that it is in compliance with all Legal Requirements and governmental approvals
  applicable to it and this Agreement, except to the extent that non-compliance
  could not reasonably be expected to result in a material adverse effect on its
  business, assets for financial conditions or on its ability to perform under
  this Agreement. 

          Section
  6.5 Litigation. Each Party represents and warrants to the other Party
  that there are no actions, suits or proceedings pending or, to the best of its
  knowledge, threatened in writing against it in any court or before or by any
  federal, state, local or foreign governmental department, commission, board,
  bureau, authority, agency, court, instrumentality or judicial or regulatory
  body or entity, wherein an unfavorable ruling or finding could reasonably be
  expected to result in a material adverse effect on its business, assets or financial
  condition or on its ability to perform its obligations under this Agreement.

          Section
  6.6 Governmental Approvals. Each Party represents and warrants to the
  other Party that all governmental and third-party approvals necessary for it
  to enter into and perform its obligations under this Agreement and the Trust
  Agreements have been obtained, are in full force and effect and are final and
  non-appealable. 

ARTICLE
  VII

  MISCELLANEOUS
  PROVISIONS

          Section
  7.1 Amendments. This Agreement may be amended only by a written instrument
  duly executed by each of BTP and Administrative Agent; provided, however, that
  so long as the Certificates remain outstanding, this Agreement may not be amended
  in a manner which violates the terms of the Trust Agreements and without receiving
  prior written consent from the Trustee, which consent will not be unreasonably
  withheld. 

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          Section
  7.2 Binding Effect. This Agreement and any extension shall inure to the
  benefit of and be binding upon the Parties and their respective permitted successors
  and assigns. 

          Section
  7.3 Specific Performance. Each party hereby acknowledges that money damages
  would not be a sufficient remedy for any breach of this Agreement and that irreparable
  harm would result if this Agreement were not specifically enforced. Therefore,
  notwithstanding any other provision hereof, the rights and obligations of the
  Parties under this Agreement shall be enforceable by a decree of specific performance
  issued by any court of competent jurisdiction and appropriate injunctive relief
  may be applied for and granted in connection therewith. The right of a Party
  to specific performance hereunder shall be in addition to all other legal or
  equitable remedies available to such Party. 

          Section
  7.4 Counterparts. This Agreement may be executed in one or more counterparts,
  each of which shall be deemed an original but together shall constitute one
  and the same instrument. 

          Section
  7.5 Notices. Any notice, request, demand or statement to be given by
  a Party hereunder shall be in writing and shall be deemed to have been duly
  given to the addressee when mailed by certified mail, return receipt requested,
  or delivered against receipt by messenger or overnight courier addressed as
  follows: 

          To
  Administrative Agent: 

          Incapital
  Holdings LLC 

            One
  North LaSalle Street, Suite 3500 

            Chicago,
  IL 60602 

            Attention:
  Joseph Novak 

            Phone:
  312-379-3700 

            Fax:
  312-379-3731 

          To
  Bond Trust Products: 

          c/o
Incapital Holdings LLC 

          One
North La Salle Street, Suite 3500 

          Chicago,
IL 60602 

          Attention:
Steven J. Hartman 

          Phone:
312-379-3700 

          Fax:
312-379-3701 

          and,
  each such notice delivered to the Administrative Agent or BTP shall be delivered
  to Trustee as follows: 

          To
  Trustee: 

          The
  Bank of New York Trust Company of Florida, N.A. 

      7
      

  

      
          10161
  Centurion Parkway 

            Jacksonville,
  Florida 32256 

            Attention:
  _________________ 

 or to such other address
  as may be designated by the addressee by notice to the other Party. 

          Section
  7.6 Entire Agreement. The Agreement constitutes the entire agreement
  between the Parties with respect to the matters contained herein and all prior
  agreements with respect thereto are superseded hereby. Each Party confirms that
  it is not relying on any oral representation or warranty of the other Party.

          Section
  7.7 Governing Law. This Agreement shall be interpreted, construed, governed
  by, performed and enforced in accordance with the laws of the State of New York
  without giving effect to the principles thereof relating to conflicts of law
  except Section 5-1401 of the New York General Obligations Law.

          Section
  7.8 Headings. The subject headings of the Articles and Sections of this
  Agreement are inserted solely for the purpose of convenient reference and are
  not intended to, nor shall they, affect the meaning of any provision of this
  Agreement. 

          Section
  7.9 Severability. If any term or provision of this Agreement or the application
  thereof to any person, entity or circumstance shall to any extent be invalid
  or unenforceable, the remainder of this Agreement, and the application of such
  term or provision to persons, entities or circumstances other than those as
  to which it is invalid or unenforceable, shall not be affected thereby, and
  each term and provision of this Agreement shall be valid and enforceable to
  the fullest extent permitted by law. 

          Section
  7.10 Indemnification. The Administrative Agent and any director, officer,
  employee or agent of the Administrative Agent shall be indemnified by BTP and
  held harmless against any loss, liability or expense incurred in connection
  with any Proceeding relating to this Agreement, the Trust Agreements or the
  Certificates or the performance of any of the Administrative Agent’s duties
  under this Agreement or the Trust Agreements (each such loss, liability or expense
  indemnified hereunder shall be considered a Trust Expense), other than any loss,
  liability or expense (i) that constitutes a specific liability of the Administrative
  Agent under this Agreement or the Trust Agreements or (ii) incurred by reason
  of willful misconduct, bad faith or negligence in the performance of the Administrative
  Agent’s duties hereunder or thereunder or as a result of a breach or reckless
  disregard of the Administrative Agent’s obligations and duties hereunder
  or under the Trust Agreements; provided, however, that with respect to any such
  Proceeding, (1) the Administrative Agent shall have given BTP notice thereof
  promptly after the Administrative Agent shall have knowledge thereof, (2) while
  maintaining control over its own defense in any such Proceeding, the Administrative
  Agent shall consult with BTP in preparing such defense, (3) if any Person ever
  alleges such willful misconduct, bad faith or negligence by the Administrative
  Agent, the indemnification provided for in this Section 8.10 shall nonetheless
  be paid upon demand, subject to later adjustment or reimbursement, until such
time as a court of competent

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 jurisdiction enters a final judgment as to the
    extent and effect of the alleged willful misconduct, bad faith or negligence.
    In the event the Administrative Agent is not indemnified by BTP in accordance
    with this Section 8.10, the Administrative Agent shall nevertheless remain obligated
    to perform its duties under this Agreement and the Trust Agreements.

          Section
  7.11 Limitation of Recourse. Anything herein to the contrary notwithstanding,
  the obligations of BTP under this Agreement are special obligations of the BTP
  and do not constitute an obligation of (and no recourse shall be had with respect
  thereto to) any parent company, officer, agent, employee, manager, or Affiliate
  of BTP, or any shareholder, member, partner, officer, agent, employee, or director
  of any parent company or Affiliate of BTP as such, and no judgment for any personal
  liability or deficiency upon or with respect to, or otherwise in connection
  with, the obligations under this Agreement shall be obtainable by the Administrative
  Agent or any Affiliate of the Administrative Agent (or any Person claiming by,
  through, or under such Persons) against any parent company, officer, agent,
  employee, manager, or Affiliate of BTP, or any shareholder, member, partner,
  officer, agent, employee, or director of any thereof absent fraud, misrepresentation,
  or willful misconduct on the part of such Person. 

          Section
  7.12 Third Party Beneficiaries. The Parties hereby agree and acknowledge
  that so long as the Certificates remain outstanding, each of the Certificateholders
  and the Trustee shall be deemed to be third party beneficiaries of this Agreement.

      9
      

  

      

          IN
  WITNESS WHEREOF, the Parties have duly executed this Administrative Agent Agreement
  as of the date first above written. 

	 	BOND
      TRUST PRODUCTS LLC
	 	 	 
	 	 	 
	 	By: 	 
	 	 	

    
	 	 	Name:
      Steven J. Hartman

      Title: Managing Member 
	 	 	 
	 	 	 
	 	INCAPITAL
      HOLDINGS LLC
	 	 	 
	 	 	 
	 	By: 	 
	 	 	

    
	 	 	Name:
      

      Title:Exhibit 4.4

THE SECURITIES  REPRESENTED BY THIS WARRANT HAVE NOT BEEN  REGISTERED  UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE  "SECURITIES  ACT"), OR APPLICABLE STATE
SECURITIES  LAWS  (THE  "STATE  ACTS"),  AND  SHALL  NOT BE  SOLD  OR  OTHERWISE
TRANSFERRED  BY THE HOLDER  EXCEPT BY  REGISTRATION  OR PURSUANT TO AN EXEMPTION
FROM  REGISTRATION  UPON THE ISSUANCE TO THE COMPANY OF AN OPINION OF COUNSEL OR
OTHER  EVIDENCE  REASONABLY  SATISFACTORY  TO THE COMPANY TO THE EFFECT THAT ANY
SUCH  TRANSFER  SHALL NOT BE IN  VIOLATION OF THE  SECURITIES  ACT AND THE STATE
ACTS.

                                     WARRANT

                                       TO

                              PURCHASE COMMON STOCK

                                       OF

                           ELITE PHARMACEUTICALS, INC.

         This  certifies  that,  for  good  and  valuable  consideration,  Elite
Pharmaceuticals,   Inc,  a  Delaware  corporation  (the  "COMPANY"),  grants  to
_________  or  its  registered  assigns  (the  "WARRANTHOLDER"),  the  right  to
subscribe for and purchase from the Company 7,500 shares (the "WARRANT  SHARES")
of common stock,  par value $0.01 per share, of the Company  ("COMMON STOCK") at
the exercise price of $2.00 per share (subject to adjustment as provided herein,
the "EXERCISE  PRICE").  This Warrant shall be  exercisable  from and after 9:00
A.M.,  Eastern  Standard  Time on December 3, 2003 but no later than December 2,
2008 to and including 5:00 P.M. (the "EXPIRATION  DATE"). The Exercise Price and
the number of  Warrant  Shares are  subject to  adjustment  from time to time as
provided in Section 6.

SECTION 1.    EXERCISE OF WARRANT;  LIMITATION  ON  EXERCISE;  TAXES;  TRANSFER;
              DIVISIBILITY.

         1.1. EXERCISE OF WARRANT.  This Warrant is immediately  exercisable and
may be exercised, in whole or in part, at any time on or prior to the Expiration
Date.  The  rights   represented  by  this  Warrant  may  be  exercised  by  the
Warrantholder  of  record,  in  whole  or in part,  from  time to  time,  by (a)
surrender of this Warrant,  accompanied by the Exercise Form annexed hereto (the
"EXERCISE FORM") duly executed by the Warrantholder of record and specifying the
number of Warrant  Shares to be  purchased  to the Company at its offices at 165
Ludlow  Avenue,  Northvale,  New Jersey 07647 (or such other office or agency of
the Company as it may designate by notice to the Warrantholder at the address of
such Warrantholder appearing on the books of the Company) during normal business
hours on any day (a  "BUSINESS  DAY") other than a Saturday,  Sunday or a day on
which the American Stock Exchange is authorized to close or on which the Company
is otherwise  closed for business but not later than 5:00 P.M. on the Expiration
Date;  (b) payment of the Exercise  Price by (i) delivery to the Company in cash
or by certified or official bank check in New York Clearing  House

<PAGE>

Funds, of an amount equal to the Exercise Price for the number of Warrant Shares
specified in the Exercise Form or (ii) notice that the  Warrantholder  elects to
effect a cashless  exercise as  contemplated  by  subsection  1.5,  and (c) such
documentation  as to the identity  and  authority  of the  Warrantholder  as the
Company may  reasonably  request.  Such  Warrant  Shares  shall be deemed by the
Company to be issued to the  Warrantholder  as the record holder of such Warrant
Shares as of the close of business on the date on which this Warrant  shall have
been  surrendered  and  payment  made  for  the  Warrant  Shares  as  aforesaid.
Certificates  for the Warrant  Shares  specified in the  Exercise  Form shall be
delivered  to  the   Warrantholder   as  promptly  as  practicable.   The  stock
certificates so delivered shall be in  denominations  as may be specified by the
Warrantholder  and  shall be  issued  in the name of the  Warrantholder  or,  if
permitted by subsection 1.4 and in accordance with the provisions thereof,  such
other name as shall be  designated  in the Exercise  Form. If this Warrant shall
have been exercised only in part, the Company shall,  at the time of delivery of
the  certificates  for the Warrant  Shares,  deliver to the  Warrantholder a new
Warrant  evidencing the rights to purchase the remaining  Warrant Shares,  which
new Warrant shall in all other respects be identical with this Warrant.

         1.2. LIMITATION ON EXERCISE.  If this Warrant is not exercised prior to
5:00 P.M. on the  Expiration  Date,  this  Warrant,  or any new  Warrant  issued
pursuant to subsection 1.1, shall cease to be exercisable and shall become void,
and all rights of the Warrantholder hereunder shall cease.

         1.3.  PAYMENT OF TAXES. The issuance of certificates for Warrant Shares
shall be made  without  charge to the  Warrantholder  for any stock  transfer or
other issuance tax in respect thereto; PROVIDED, HOWEVER, that the Warrantholder
shall be  required  to pay any and all taxes  which may be payable in respect to
any  transfer  involved in the issuance  and  delivery of any  certificates  for
Warrant Shares in a name other than that of the then  Warrantholder as reflected
upon the books of the Company.

         1.4.  RESTRICTIONS  ON  TRANSFER.  Neither  this Warrant nor any of the
Warrant Shares may be transferred or sold except in compliance  with  applicable
United States federal and state securities laws. Subject to the foregoing,  this
Warrant and all rights hereunder are  transferable,  in whole or in part, by the
Warrantholder  and any such transfer is registrable at the office of the Company
by the  holder  hereof  in  person  or by its  duly  authorized  attorney,  upon
surrender of this Warrant in accordance with Section 3 hereof.

         1.5.  CASHLESS  EXERCISE.  At  the  option  of the  Warrantholder,  the
Warrantholder may exercise this Warrant,  without a cash payment of the Exercise
Price,  through a reduction in the number of Warrant  Shares  issuable  upon the
exercise of the Warrant.  Such reduction may be effected by designating that the
number of the shares of Common  Stock  issuable to the  Warrantholder  upon such
exercise  shall be  reduced  by the number of shares  having an  aggregate  Fair
Market  Value as of the date of  exercise  equal to the amount of the  aggregate
Exercise  Price for such exercise as to the number of shares to be issued to the
Warrant  holder upon such  exercise.  For  purposes of this  Warrant,  the "FAIR
MARKET  VALUE" of any Common Stock on any date in question  shall be the closing
sale price of the Common Stock on the principal  stock  exchange or stock market
on which the Common Stock is traded on the Business  Day  immediately  preceding
such  date (or if there  is not  trading  on such  date,  on the next  preceding

<PAGE>

Business Day on which there was trading in the Common  Stock),  as quoted in THE
WALL STREET JOURNAL.  If the Common Stock is not listed or qualified for trading
on a stock  exchange or stock  market at such time,  then the Fair Market  Value
shall be determined  in good faith by the Board of Directors of the Company.  In
connection with any cashless  exercise,  no cash or other  consideration will be
paid by the  Warrantholder  in  connection  with such  exercise  other  than the
surrender of the Warrant itself, and no commission or other remuneration will be
paid or given by the  Warrantholder  or the  Company  in  connection  with  such
exercise.

SECTION 2.    RESERVATION AND LISTING OF SHARES.

         All Warrant  Shares issued upon the exercise of the rights  represented
by this Warrant  shall,  upon issuance and payment of the Exercise Price in cash
or pursuant to subsection 1.5, be validly issued,  fully paid and  nonassessable
and  free  from  all  taxes,  liens,  security  interests,   charges  and  other
encumbrances with respect to the issuance thereof other than taxes in respect of
any transfer occurring  contemporaneously with such issuance.  During the period
within which this Warrant may be exercised,  the Company shall at all times have
authorized and reserved,  and keep available and free from preemptive or similar
rights,  a  sufficient  number  of shares of  Common  Stock to  provide  for the
exercise of this Warrant.

SECTION 3.    EXCHANGE, LOSS OR DESTRUCTION OF WARRANT.

         If permitted by subsection  1.4, upon  surrender of this Warrant to the
Company with a duly executed  instrument of assignment  and funds  sufficient to
pay any transfer tax, the Company shall,  without charge,  execute and deliver a
new Warrant of like tenor in the name of the assignee  named in such  instrument
of assignment and this Warrant shall  promptly be canceled.  Upon receipt by the
Company  of  evidence  reasonably   satisfactory  to  it  of  the  loss,  theft,
destruction  or mutilation of this Warrant and, if requested by the Company,  an
agreement to indemnify the Company for any loss resulting from the Warrant to be
replaced, the Company will execute and deliver a new Warrant of like tenor.

SECTION 4.    OWNERSHIP OF WARRANT.

         The  Company may deem and treat the person or entity in whose name this
Warrant  is  registered  as the  holder and owner  hereof  (notwithstanding  any
notations of ownership or writing  hereon made by anyone other than the Company)
for all purposes and shall not be affected by any notice to the contrary,  until
presentation  of this  Warrant  for  registration  of  transfer  as  provided in
subsection 1.1 or in Section 3.

SECTION 5.    CERTAIN ADJUSTMENTS.

         The Exercise Price at which Warrant  Shares may be purchased  hereunder
and the  number of  Warrant  Shares to be  purchased  upon  exercise  hereof are
subject to change or adjustment as follows:

         5.1. NOTICE OF ADJUSTMENT. Whenever the number of Warrant Shares or the
Exercise  Price of such Warrant  Shares is  adjusted,  as herein  provided,  the
Company  shall

<PAGE>

promptly send by first class mail, postage prepaid, to the Warrantholder, notice
of such adjustment.

         5.2.  PRESERVATION  OF PURCHASE RIGHTS UPON MERGER,  CONSOLIDATION.  In
case of any  consolidation  of the Company  with or merger of the  Company  into
another  entity or in case of any sale,  transfer or lease to another  entity of
all or  substantially  all the assets,  the  Warrantholder  shall have the right
thereafter  upon payment of the Exercise  Price in effect  immediately  prior to
such  action to receive  upon  exercise  of this  Warrant the kind and amount of
shares and other securities and property which a holder of a number of shares of
Common Stock equal to the number as to which this Warrant is exercised  would be
entitled to receive after the  happening of such  consolidation,  merger,  sale,
transfer or lease had this  Warrant  been  exercised  immediately  prior to such
action,  subject to future  adjustments,  which shall be as nearly equivalent as
practicable to the adjustments provided for in this Section 5. The provisions of
this subsection 5.2 shall apply similarly to successive consolidations, mergers,
sales, transfers or leases.

         5.3. ADJUSTMENTS.

              (a)    STOCK  DIVIDENDS,  DISTRIBUTIONS  OR  SUBDIVISIONS.  In the
                     event the Company shall issue  additional  shares of Common
                     Stock  pursuant to a stock  dividend,  stock  distribution,
                     subdivision, share split or reclassification,  concurrently
                     with the effectiveness of such event, the Exercise Price in
                     effect   immediately   prior   to  such   event   shall  be
                     proportionately decreased with the number of Warrant Shares
                     purchasable upon exercise of this Warrant immediately prior
                     to such  event  and the  number of  shares  underlying  the
                     Warrant shall be proportionately increased.

              (b)    COMBINATIONS   OR   CONSOLIDATIONS.   In  the   event   the
                     outstanding  shares of Common  Stock  shall be  combined or
                     consolidated,   by   reclassification,   reverse  split  or
                     otherwise,  into a lesser number of shares of Common Stock,
                     concurrently  with the  effectiveness  of such  event,  the
                     Exercise  Price in effect  immediately  prior to such event
                     shall  be  proportionately  increased  and  the  number  of
                     Warrant  Shares  purchasable  upon exercise of this Warrant
                     immediately  prior to such event  shall be  proportionately
                     decreased.

SECTION 6.    REGISTRATION RIGHTS.

         6.1. PIGGYBACK  REGISTRATION.  If at any time or from time to time, the
Company shall  register the sale of any of its Common Stock under the Securities
Act of 1933 (the "SECURITIES  ACT") for its own account or the account of any of
its security  holders,  other than a registration on Form S-8 relating solely to
an employee  benefit plan or a  registration  on Form S-4  relating  solely to a
transaction under Rule 145 of the Securities Act, the Company will:

<PAGE>

         (i)      give to the  initial  Warrantholder  and each other  person or
                  entity  who holds all or any  portion  of this  Warrant or the
                  Warrant Shares  (collectively with the initial  Warrantholder,
                  the  "HOLDERS")  written notice thereof as soon as practicable
                  prior  to  filing  the  registration   statement  or  offering
                  statement,  but in any event not later  than 10 days  prior to
                  such filing; and

         (ii)     on  behalf  of  all  entities  requesting  inclusion  in  such
                  offering,  include the  Registrable  Securities (as defined in
                  Section 6.2) in the offering and may  condition  such offer on
                  their   acceptance   of  any   other   reasonable   conditions
                  (including,   without   limitation,   if  such   offering   is
                  underwritten, that such requesting holders agree in writing to
                  enter into an underwriting agreement with customary terms). If
                  the  representative of the underwriter  advises the Company in
                  writing that  marketing  factors  require a limitation  on the
                  number of shares to be underwritten,  the numbers of shares to
                  be  included  in the  underwriting  or  registration  shall be
                  allocated  first  to the  Company,  second,  to the  Company's
                  Security holders that triggered the instant  registration (the
                  "TRIGGERING  HOLDERS") and thereafter shall be allocated among
                  the Holders and other security holders requesting inclusion in
                  the  offering  pro rata on the  basis of the  number of shares
                  each  requesting  Holder and other security holder requests to
                  be  included  bears  to the  total  number  of  shares  of all
                  requesting  holders that have been requested to be included in
                  such  offering  (to the extent  not  included  as a  Tiggering
                  Holder).  If a  person  who has  requested  inclusion  in such
                  offering as provided  above does not agree to the terms of any
                  such underwriting,  such person shall be excluded therefrom by
                  written  notice  from  the  Company  or the  underwriter.  The
                  securities   so  excluded   shall  also  be   withdrawn   from
                  registration, if applicable.

         6.2.  REGISTRABLE  SECURITIES.  For the purposes of this Section 6, the
term  "REGISTRABLE  SECURITIES" shall mean any Warrant Shares issued or issuable
to a Holder upon exercise of its Warrant, any shares of Common Stock issued to a
Holder as a dividend on its Warrant Shares, and any other shares of Common Stock
distributable on, with respect to, or in replacement of or substitution for such
Registrable Securities,  including those that have been transferred as permitted
under this Warrant, except for those that have been sold or transferred pursuant
to an effective  registration statement or as may be resold pursuant to Rule 144
under the Securities Act.

         6.3. OBLIGATIONS OF A HOLDER AND OTHERS IN A REGISTRATION.  Each Holder
agrees  to  timely  furnish  such  information  regarding  such  person  and the
securities  sought to be registered and to take such other action as the Company
may  reasonably  request,  including  the entering  into of  agreements  and the
providing of documents,  in connection with the registration or qualification of
such securities  and/or the compliance of such  registration  statement with all
applicable  laws.  Such Holders  severally  agree that, in  connection  with any
offering undertaken pursuant to subsection 6.1, the Company shall have the right
to,  if it  deems an  underwriter  or  underwriters  necessary  or  appropriate,
designate such underwriter(s). If the registration involves an underwriter, each
participating  Holder agrees, upon the request of such underwriter,  not to sell
any  unregistered  securities of the Company for a period of 120 days  following
the effective date of the registration  statement for such offering and to enter
into an underwriting agreement with such underwriters containing customary terms
and provisions.

<PAGE>

         6.4.     INDEMNIFICATION.

         (a) Subject to applicable  law, the Company will indemnify each Holder,
each underwriter and each person controlling such Holder or underwriter  against
all claims, losses, damages and liabilities,  including legal and other expenses
reasonably incurred,  arising out of any untrue or allegedly untrue statement of
a material  fact  contained in the  registration  statement,  or any omission or
alleged  omission  to  state  a  material  fact  required  to be  stated  in the
registration   statement  or  necessary  to  make  any  statements  therein  not
misleading,  or arising out of any  violation  by the Company of the  Securities
Act,  any  state  securities  or  "blue  sky"  laws  or any  applicable  rule or
regulation,  except with respect to an untrue statement or omission contained in
any information or affidavit furnished in writing by the Holder for inclusion in
such registration statement.

         (b) Subject to applicable law, each Holder,  severally and not jointly,
will indemnify the Company, and each person controlling the Company, against all
claims,  losses,  damages and  liabilities,  including  legal and other expenses
reasonably incurred,  arising out of any untrue or allegedly untrue statement of
a material  fact  contained  in the  registration  statement,  or required to be
stated  in the  registration  statement  or  necessary  to make  the  statements
contained therein not misleading,  to the extent,  but only to the extent,  that
such untrue  statement or omission is contained in any  information or affidavit
furnished in writing by such Holder to the Company specifically for inclusion in
such registration statement.

         6.5.  TRANSFER OF REGISTRATION  RIGHTS.  The  registration  rights of a
Holder  under  Section  6  hereof  shall  automatically  be  transferred  to any
transferee  of this  Warrant,  or any  portion  thereof,  or of any  Registrable
Securities,  without any notice or other  action by the  transferring  Holder of
such transferee.  Any such transferee will be deemed to be a Holder for purposes
of this Section 6, and as a condition precedent to such transferee's exercise of
its rights  hereunder,  such  transferee  must agree to be bound by the terms of
this Section 6.

         6.6. EXPENSES OF REGISTRATION. The expenses incurred in connection with
registrations  pursuant to this Section 6, namely all registration fees, federal
and  state  filing  and  qualification   fees,   printing  expenses,   fees  and
disbursements  of counsel for the Company and expenses of any special  audits of
the  Company's   financial   statements   incidental  to  or  required  by  such
registration,  shall be borne by the Company,  except that the Company shall not
be  required  to pay the fees and  disbursements  of  counsel  for the Holder or
Holders or  underwriters'  discounts  or  commissions  relating  to  Registrable
Securities being sold by any Holders.

SECTION 7.    MISCELLANEOUS.

         7.1. ENTIRE  AGREEMENT.  This Warrant  constitutes the entire agreement
between the Company and the  Warrantholder  with respect to this Warrant and the
Warrant Shares.

         7.2. BINDING EFFECTS; BENEFITS. This Warrant shall inure to the benefit
of and  shall be  binding  upon the  Company  and the  Warrantholder  and  their
respective heirs, legal representatives, successors and assigns. Nothing in this
Warrant,  expressed or implied,  is

<PAGE>

intended to or shall confer on any person or entity other than the Company,  the
Warrantholder and their respective heirs, legal  representatives,  successors or
assigns, any rights, remedies,  obligations or liabilities under or by reason of
this Warrant.

         7.3. AMENDMENTS.  This Warrant may not be modified or amended except by
a written instrument signed by the Company and the Warrantholder.

         7.4.  SECTION  AND OTHER  HEADINGS.  The  section  and  other  headings
contained  in this  Warrant  are for  reference  purposes  only and shall not be
deemed to be a part of this  Warrant or to affect the meaning or  interpretation
of this Warrant.

         7.5.  FURTHER  ASSURANCES.  Each of the Company  and the  Warrantholder
shall do and  perform all such  further  acts and things and execute and deliver
all such other  certificates,  instruments  and/or documents as any party hereto
may reasonably  request in connection  with the performance of the provisions of
this Warrant.

         7.6. NOTICES. All demands,  requests,  notices and other communications
required or permitted to be given under this Warrant  shall be writing and shall
be deemed to have been duly given if  delivered  personally,  sent by  confirmed
facsimile or sent by United  States  certified or  registered  first class mail,
postage  prepaid,  to the parties  hereto at the following  addresses or at such
other address as any party hereto shall hereafter specify by notice to the other
party hereto:

         (a)  if to the Company, addressed to:

                        Elite Pharmaceuticals, Inc.
                        165 Ludlow Avenue
                        Northvale, New Jersey 07647
                        Attention:  Chief Executive Officer

         (b)  If to the  Warrantholder,  addressed  to the  address  of such
              person appearing on the books of the Company.

         Except  as  otherwise  provided  herein,  all such  demands,  requests,
notices and other  communications  shall be deemed to have been  received on the
date of personal delivery thereof, the sending of confirmed facsimile thereof or
on the third Business Day after the mailing thereof.

         7.7.  SEPARABILITY.  Any term or  provision  of this  Warrant  which is
invalid  or  unenforceable  in any  jurisdiction  shall be  ineffective  in such
jurisdiction  to the  extent  of such  invalidity  or  unenforceability  without
rendering  invalid or unenforceable  any other term or provision of this Warrant
or affecting the validity or enforceability of any of the terms or provisions of
this Warrant in any other jurisdiction.

         7.8.  FRACTIONAL  SHARES.  No fractional  shares or scrip  representing
fractional  shares  shall be issued  upon the  exercise  of this  Warrant.  With
respect to any  fraction of a share  called for upon any  exercise  hereof,  the
Company shall pay to the  Warrantholder an amount in cash equal to such fraction
multiplied by the Fair Market Value of a share of Common Stock as of the date of
such exercise.

<PAGE>

         7.9.  GOVERNING LAW. This Warrant shall be  interpreted  and the rights
and liabilities of the parties hereto  determined in accordance with the laws of
the United States  applicable  thereto and the internal laws of the State of New
York (other than its choice of law rules). The Company and Warrantholder consent
that all  service of process  may be made by  registered  mail  directed to such
party at its address set forth in subsection 7.6 above.

         7.10.  COUNTERPARTS.   This  Warrant  may  be  separately  executed  in
counterparts and by the different parties hereto in separate counterparts,  each
of  which  when so  executed  shall be  deemed  to  constitute  one and the same
Warrant.

<PAGE>

         IN WITNESS  WHEREOF,  the Company and the  initial  Warrantholder  have
         caused this Warrant to be signed by their duly  authorized  officers as
         of the _____ day of December, 2003.

                                       ELITE PHARMACEUTICALS, INC.

                                       By: _____________________________________
                                           Bernard Berk, Chief Executive Officer

                                       By: _____________________________________
                                           Name:
                                           Title:

<PAGE>

                                                                     Exhibit 4.4

                           ELITE PHARMACEUTICALS, INC.

                              WARRANT EXERCISE FORM

                     (To be executed upon exercise Warrant)

         The undersigned,  the record holder of this Warrant, hereby irrevocably
elects to exercise the right, represented by this Warrant, to purchase _________
of the Warrant  Shares and herewith pays the Exercise  Price in accordance  with
the terms of this Warrant by (check one):

         [ ]  tendering  payment for such  Warrant  Shares to the order of ELITE
PHARMACEUTICALS, INC. in the amount of $______________.

         [ ]  surrendering  the  undersigned's  purchase  rights with respect to
______ Warrant  Shares,  having an aggregate Fair Market Value as of the date of
this  exercise  of  $________________,  which  equals or exceeds  the  aggregate
Exercise Price of the Warrant Shares being purchased, as permitted by subsection
1.6 of the Warrant.  (The Company shall refund to the  Warrantholder in cash any
such excess value,  not to exceed 99.9% of the Fair Market Value of one share of
Common Stock).

         The  undersigned  requests  that a certificate  for the Warrant  Shares
being  purchased be  registered  in the name of  ________________  and that such
certificate be delivered to _____________.

Date _____________                            Signature ________________________

<PAGE>

                                                                     Exhibit 4.4

                               FORM OF ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
all of the rights of the undersigned  under the within Warrant,  with respect to
the number of shares of Common Stock covered thereby set forth below, to:

           Name of Assignee         Address             No. of Shares
           ----------------------------------------------------------

and hereby irrevocable  constitutes and appoints  ________________  as agent and
attorney-in-fact to transfer said Warrant on the books of Elite Pharmaceuticals,
Inc., with full power of substitution in the premises.

Dated ____________________

In the presence of

__________________________

                               Name: ___________________________________

                               Signature: ______________________________
                               Title of Signing Offer or Agent (if any):

                               Address: ________________________________

                                        ________________________________

                               Note: The above signature should correspond with
                                     the name on the face of the within Warrant.

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