Document:

EXECUTION COPY

 

LOAN PURCHASE AGREEMENT

 

THIS LOAN PURCHASE AGREEMENT, dated August 5, 2005, is entered into by and among DLJ Mortgage Capital, Inc., a Delaware corporation (“Seller”), Credit Suisse First Boston Mortgage Acceptance Corp., a Delaware corporation (“Purchaser”), U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”) and Irwin Whole Loan Home Equity Trust 2005-C (the “Issuer”):

WITNESSETH:

WHEREAS, Seller, in the ordinary course of its business acquires and originates mortgage loans and acquired or originated all of the mortgage loans listed on the Loan Schedule attached as Exhibit A hereto (the “Loans”);

WHEREAS, the parties hereto desire that: (i) the Seller sell the Loans to the Purchaser on the Closing Date and thereafter all Additional Balances relating to the Loans created on or after the Cut-off Date pursuant to the terms of this Loan Purchase Agreement together with the Basic Documents and (ii) the Seller make certain representations and warranties on the Closing Date;

WHEREAS, pursuant to the Trust Agreement, the Purchaser will sell the Loans and transfer all of its rights under this Loan Purchase Agreement to the Issuer on the Closing Date;

NOW, THEREFORE, for and in consideration of the sale of the Loans from Seller to the Purchaser on the date hereof, the Purchaser shall pay to Seller on the date hereof by wire transfer of immediately available funds the net proceeds to the Purchaser of the sale of the Notes, together with the Certificates, the parties hereto hereby agree as follows:

Section 1.   Transfer of Loans.  (a) Seller hereby sells, transfers, assigns and otherwise conveys to Purchaser (A) the Loans and all Additional Balances thereafter arising, including the Mortgage Notes, the Mortgages, any related insurance policies and all other documents in the related Loan Files and including any Eligible Substitute Loans; (B) all pool insurance policies, hazard insurance policies, and bankruptcy bonds relating to the foregoing, and (C) all amounts payable after the Cut-off Date to the holders of the Loans in accordance with the terms thereof.  In addition, Seller has delivered to the Purchaser or the Custodian, as directed by the Purchaser, the Loan Schedule and the documents listed on Exhibit C; provided, however, that the Purchaser does not assume the obligation under each Loan Agreement
relating to a HELOC to fund Draws to the Mortgagor thereunder, and the Purchaser shall not be obligated or permitted to fund any such Draws, it being agreed that the Seller will retain the obligation to fund future Draws.  Such conveyance shall be deemed to be made: (1) with respect to the Cut-off Date Principal Balances, as of the Closing Date; and (2) with respect to the amount of each Additional Balance created on or after the Cut-off Date, as of the later of the Closing Date and the date that the corresponding Draw was made pursuant to the related Loan Agreement, subject to the receipt by the Servicer of consideration therefor as provided in Section 3.16 of the Servicing Agreement and 3.05 of the Indenture.

 

 

 

 

(b)        Based on the Initial Certification of the Custodian, the Indenture Trustee acknowledges receipt by the Custodian of the documents identified in the Initial Certification and declares that the Custodian holds such documents and the other documents delivered to the Custodian constituting the applicable Loan Files, in trust for the exclusive use and benefit of all present and future Noteholders. The Indenture Trustee acknowledges that it or the Custodian will maintain possession of the Loans and the Loan Files in the States of California or Utah, as directed by the Purchaser, unless otherwise permitted by the Rating Agencies.

(c)        The Indenture Trustee agrees to deliver on the Closing Date to the Purchaser and the Servicer an Initial Certification from the Custodian (to the extent received by the Indenture Trustee from the Custodian). Based on its review and examination, and only as to the documents identified in such Initial Certification, the Custodian, pursuant to the terms of the Custodial Agreement, will acknowledge that such documents appear regular on their face and relate to such Loan. Neither the Indenture Trustee nor the Custodian shall be under any duty or obligation to inspect, review or examine said documents, instruments, certificates or other papers to determine that the same are genuine, enforceable, recordable or appropriate for the represented purpose or that they have actually been recorded in the real estate records or that they are other than
what they purport to be on their face; provided, however, that neither the Indenture Trustee nor the Custodian shall make any determination as to whether (i) any endorsement is sufficient to transfer all right, title and interest of the party so endorsing, as noteholder or assignee thereof, in and to that Mortgage Note or (ii) any assignment is in recordable form or is sufficient to effect the assignment of and transfer to the assignee thereof under the mortgage to which the assignment relates.  Not later than 90 days after the Closing Date, upon receipt of a Final Certification from the Custodian provided for in the Custodial Agreement, the Indenture Trustee shall deliver to the Purchaser, the Seller and the Servicer such Final Certification, with any applicable exceptions noted thereon.

(d)        If, in the course of such review, the Indenture Trustee is notified by the Custodian that any document constituting a part of a Loan File does not meet the requirements of Exhibit C hereto, the Indenture Trustee shall cause the Custodian to list such as an exception in the Final Certification.  

(e)        The Seller shall promptly correct or cure such defect within 90 days from the date it is so notified of such defect and, if the Seller does not correct or cure such defect within such period, the Seller shall either (i) substitute for the related Loan an Eligible Substitute Loan, which substitution shall be accomplished in the manner and subject to the conditions set forth in Section 2(d), or (ii) purchase such Loan within 90 days from the date the Seller was notified of such defect in writing at the Repurchase Price of such Loan if such defect materially and adversely affects the value of the related Loan or interests of the Noteholders or the Certificateholders; provided, however, that if the cure, substitution or repurchase of a Loan pursuant to this provision is required by reason of a delay in delivery of any documents by the
appropriate recording office, then the Seller shall be given 270 days from the Closing Date to cure such defect or substitute for, or repurchase such Loan; and further provided, that the Seller shall have no liability for recording any Assignment of Mortgage in favor of the Indenture Trustee or for the Servicer’s failure to record such Assignment of Mortgage, and the Seller shall not be obligated to repurchase or cure any Loan as to which such Assignment of Mortgage is not recorded. The Indenture Trustee shall deliver written notice to each Rating Agency within 

 

	
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270 days from the Closing Date indicating each Mortgage (a) which has not been returned by the appropriate recording office or (b) as to which there is a dispute as to location or status of such Mortgage. Such notice shall be delivered every 90 days thereafter until the related Mortgage is returned to the Custodian. Any substitution shall not be effected prior to the additional delivery to the Indenture Trustee or the Custodian, of a Request for Release and the Loan File for any such Eligible Substitute Loan. The Repurchase Price for any such Loan shall be deposited by the Seller in the Payment Account on or prior to the Business Day immediately preceding such Payment Date in the month following the month of repurchase and, upon receipt of such deposit, the Custodian, pursuant to the terms of the Custodial Agreement, will release the related Loan File to the Seller and will execute and deliver at the
Seller’s request such instruments of transfer or assignment prepared by the Seller, in each case without recourse, representation and warranty or as shall be necessary to vest in the Seller, or its designee, the interest of the Purchaser, the Issuer, and the Indenture Trustee in any Loan released pursuant hereto.  It is understood and agreed that the obligation of the Seller to cure, substitute for or to repurchase any Loan which does not meet the requirements of this Section shall constitute the sole remedy respecting such defect available to the Indenture Trustee, the Purchaser and any Certificateholder against the Seller.

(f)         All of the Loan Files are being held pursuant to the Custodial Agreement. Notwithstanding anything to the contrary contained herein, the parties hereto acknowledge that the functions of the Indenture Trustee with respect to the custody, acceptance, inspection and release of the Loan Files pursuant to Sections 1 and 2 hereof shall be performed by the Custodian.  In connection with the assignment of any Loan registered on the MERS® System, the Indenture Trustee shall cause, at the Servicer’s expense, as soon as practicable after the Closing Date, the MERS® System to indicate that such Loans have been assigned by the Seller to the Indenture Trustee in accordance with this Loan Purchase Agreement, the Trust Agreement and the Indenture for the benefit of the Noteholders by including (or deleting, in the case of Loans which
are repurchased in accordance with this Agreement) in such computer files (a) the code “[IDENTIFY INDENTURE TRUSTEE SPECIFIC CODE]” in the field “[IDENTIFY THE FIELD NAME FOR INDENTURE TRUSTEE]” which identifies the Indenture Trustee and (b) the code “[IDENTIFY SERIES SPECIFIC CODE NUMBER]” in the field “Pool Field” which identifies the series of the Notes issued in connection with such Loans.  Indenture Trustee agrees that it will not alter the codes referenced in this paragraph with respect to any Loan during the term of this Loan Purchase Agreement unless and until such Loan is repurchased in accordance with the terms of this Loan Purchase Agreement.

	
            Section 2.
 	
            Representations and Warranties.
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 

(a)        Representations and Warranties as to Seller.  Seller represents and warrants to the Purchaser, the Indenture Trustee and the Issuer that as of the Closing Date:

(i)         Organization and Good Standing; Licensing.  Seller is a company duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation and has all licenses necessary to carry out its business as now being conducted, and is licensed and qualified to transact business in and is in good standing under the laws of its state of jurisdiction;

 

 

	
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(ii)         Power, Authority and Binding Obligations. Seller has the power and authority to make, execute, deliver and perform this Loan Purchase Agreement and all of the transactions contemplated under this Loan Purchase Agreement, and has taken all necessary action to authorize the execution, delivery and performance of this Loan Purchase Agreement.  When executed and delivered, this Loan Purchase Agreement will constitute the legal, valid and binding obligation of Seller enforceable in accordance with its terms, except as enforcement of such terms may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by the availability of equitable remedies;

(iii)        No Conflicts.  Neither the execution and delivery of this Loan Purchase Agreement, nor the consummation of the transactions herein contemplated hereby, nor compliance with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions of any law, governmental rule, regulation, judgment, decree or order binding on Seller or its properties or the certificate of incorporation or by-laws of Seller, except those conflicts, breaches or defaults which would not reasonably be expected to have a material adverse effect on Seller’s ability to enter into this Loan Purchase Agreement and to consummate the transactions contemplated hereby;

(iv)        No Consent.  The execution, delivery and performance by Seller of this Loan Purchase Agreement and the consummation of the transactions contemplated hereby do not require the consent or approval of, the giving of notice to, the registration with, or the taking of any other action in respect of, any state, federal or other governmental authority or agency, except those consents, approvals, notices, registrations or other actions as have already been obtained, given or made and conveyance of the Loans by Seller are not subject to bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction;

(v)        Enforceability.  This Loan Purchase Agreement has been duly executed and delivered by Seller and, assuming due authorization, execution and delivery by the Purchaser, the Indenture Trustee and the Issuer, constitutes a valid and binding obligation of Seller enforceable against it in accordance with its terms (subject to applicable bankruptcy and insolvency laws and other similar laws affecting the enforcement of the rights of creditors generally) and general principles of equity; 

(vi)        No Litigation.  There are no actions, litigation, suits or proceedings pending or threatened against Seller before or by any court, administrative agency, arbitrator or governmental body (i) with respect to any of the transactions contemplated by this Loan Purchase Agreement, (ii) on the sale of the Loans, or (iii) with respect to any other matter which in the judgment of Seller if determined adversely to Seller would reasonably be expected to materially and adversely affect Seller’s ability to perform its obligations under this Loan Purchase Agreement; and Seller is not in default with respect to any order of any court, administrative agency, arbitrator or governmental body so as to materially and adversely affect the transactions contemplated by this Loan Purchase Agreement; and

(vii)       Solvent.  Seller does not believe, nor does it have any cause or reason to believe, that it cannot perform each and every covenant contained in this Loan Purchase Agreement.  Seller is solvent and the sale of the Loans by it will not cause Seller to 

 

	
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become insolvent.  The sale of the Loans by Seller is not undertaken with the intent to hinder, delay or defraud any of Seller’s creditors.

(b)        Representations and Warranties as to Loans.  Seller hereby represents and warrants, as to each Loan, that the representations and warranties set forth on Exhibit B attached hereto are true and correct as of the Closing Date, except where otherwise indicated in Exhibit B.

(c)        Representations and Warranties as to Purchaser.  Purchaser warrants and represents to, and covenants with, Seller that:

(i)          Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, and has all requisite corporate power and authority to acquire, own and purchase the Loans;

(ii)          Purchaser has full corporate power and authority to execute, deliver and perform under this Loan Purchase Agreement, and to consummate the transactions set forth herein.  The execution, delivery and performance by Purchaser of this Loan Purchase Agreement, and the consummation by it of the transactions contemplated hereby, have been duly authorized by all necessary corporate action of Purchaser.  This Loan Purchase Agreement has been duly executed and delivered by Purchaser and constitutes the valid and legally binding obligation of Purchaser enforceable against Purchaser in accordance with its respective terms;

(iii)         To the best of Purchaser’s knowledge, no material consent, approval, order or authorization of, or declaration, filing or registration with, any governmental entity is required to be obtained or made by Purchaser in connection with the execution, delivery or performance by Purchaser of this Loan Purchase Agreement, or the consummation by it of the transactions contemplated hereby;

(iv)         Purchaser understands that the Loans have not been registered under the 1933 Act or the securities laws of any state:

(v)        Purchaser is acquiring the Loans for investment for its own account only and not for any other person;

(vi)         Purchaser considers itself a substantial, sophisticated institutional investor having such knowledge and financial and business matters that it is capable of evaluating the merits and the risks of investment in the Loans;

(vii)        Purchaser has been furnished with all information regarding the Loans that it has requested from Seller;

(viii)       Neither Purchaser nor anyone acting on its behalf has offered, transferred, pledged, sold or otherwise disposed of the Loans, an interest in the Loans or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of the Loans, any interest in the Loans or any other similar security from, or otherwise approached or negotiated with respect to the Loans, any interest in the Loans or any other similar security with, any person in any manner, or made any general solicitation by means of general advertising or in any other manner, or taken any other action which would constitute a 

 

	
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distribution of the Loans under the 1933 Act or which would render the disposition of the Loans a violation of Section 5 of the 1933 Act or require registration pursuant thereto, nor will it act, nor has it authorized or will it authorize any person to act, in such manner with respect to the Loans; and

(ix)         Either:  (A) Purchaser is not an employee benefit plan (“Plan”) within the meaning of section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or a plan (also “Plan”) within the meaning of section 4975(e)(1) of the Internal Revenue Code of 1986 as amended (“Code”), and Purchaser is not directly or indirectly purchasing the Loans on behalf of, investment manager of, as named fiduciary of, as trustee of, or with assets of, a Plan; or (B) Purchaser’s purchase of the Loans will not result in a prohibited transaction under section 406 of ERISA or section 4975 of the Code.

(d)        Upon discovery by Seller or upon notice from Purchaser, the Issuer, the Owner Trustee, the Indenture Trustee or any Custodian, as applicable, of a breach of any representation or warranty of the Seller set forth in Section 2(a) above which materially and adversely affects the interests of the Securityholders in any Loan, Seller shall, within 90 days of its discovery or its receipt of notice of such breach, either (i) cure such breach in all material respects or (ii) to the extent that such breach is with respect to a Loan or a Basic Document, either (A) repurchase such Loan from the Trust at the Repurchase Price, or (B) substitute one or more Eligible Substitute Loans for such loan, in each case in the manner and subject to the conditions and limitations set forth below.

Upon discovery by Seller or upon notice from Purchaser, the Issuer, the Servicer, the Owner Trustee, the Indenture Trustee or any Custodian, as applicable, of a breach of any representation or warranty set forth in Exhibit B attached hereto pursuant to Section 2(b) above with respect to any Loan that materially and adversely affects the interests of the Securityholders or of Purchaser in such Loan (notice of which shall be given to Purchaser by Seller, if it discovers the same), notwithstanding Seller’s lack of knowledge with respect to the substance of such representation and warranty, Seller shall, within 90 days after the earlier of its discovery or receipt of notice thereof; either cure such breach in all material respects or either (i) repurchase such Loan from the Trust at the Repurchase Price, or (ii) substitute one or more Eligible Substitute Loans for such Loan, in each case
in the manner and subject to the conditions set forth below.  The Repurchase Price for any such Loan repurchased by Seller shall be deposited or caused to be deposited by the Servicer in the Custodial Account maintained by it pursuant to Section 3.02 of the Servicing Agreement.

Seller shall also deliver to the Custodian on behalf of the Issuer, with respect to such Eligible Substitute Loan or Loans, the original Mortgage Note and all other documents and agreements as are required herein, with the Mortgage Note endorsed as required herein.  No substitution will be made in any calendar month after the Determination Date for such month.  Monthly Payments due with respect to Eligible Substitute Loans in the month of substitution shall not be property of the Issuer and if received by the Servicer will be retained by the Servicer and remitted by the Servicer to Seller on the next succeeding Payment Date, provided that a payment at least equal to the applicable Monthly Payment has been received by the Issuer, for such month in respect of the Deleted Loan.  For the month of substitution, distributions to the Custodial Account pursuant to the Servicing Agreement will
include the Monthly Payment due 

 

	
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on a Deleted Loan for such month and thereafter Seller shall be entitled to retain all amounts received in respect of such Deleted Loan.  The Indenture Trustee shall amend or cause to be amended the Loan Schedule to reflect the removal of such Deleted Loan and the substitution of the Eligible Substitute Loan or Loans.  Upon such substitution, the Eligible Substitute Loan or Loans shall be subject to the terms of this Loan Purchase Agreement in all respects, and Seller shall be deemed to have made the representations and warranties with respect to the Eligible Substitute Loan contained herein and set forth in paragraphs (b) through (p) of Exhibit B attached hereto as of the date of substitution, and Seller shall be obligated to repurchase or substitute for any Eligible Substitute Loan as to which a Repurchase Event has occurred as provided herein.  Seller shall deposit any related Substitution Amount (as
calculated by the Servicer pursuant to the Servicing Agreement) into the Custodial Account on the day of substitution, without any reimbursement therefor.

Upon receipt by the Indenture Trustee on behalf of the Issuer and the Custodian of written notification, signed by a Servicing Officer, of the deposit of such Repurchase Price or of such substitution of an Eligible Substitute Loan (together with the complete related Loan File) and deposit of any applicable Substitution Adjustment Amount as provided above, the Custodian, pursuant to the terms of the Custodial Agreement and on behalf of the Indenture Trustee, will release to Seller the related Loan File for the Loan being repurchased or substituted for and the Indenture Trustee shall execute and deliver such instruments of transfer or assignment prepared by the Servicer, in each case without recourse, representation or warranty as shall be necessary to vest in Seller or its designee such Loan released pursuant hereto and thereafter such Loan shall not be an asset of the Issuer.

It is understood and agreed that the obligation of Seller to cure any breach, or to repurchase or substitute for, any Loan as to which such a breach has occurred and is continuing shall constitute the sole remedy respecting such breach available to Purchaser, the Servicer, the Issuer, the Certificateholders (or the Owner Trustee on behalf of the Certificateholders) and the Noteholders (or the Indenture Trustee on behalf of the Noteholders) against Seller.

It is understood and agreed that (i) representations and warranties set forth in this Section 2 and (ii) the representations and warranties set forth on Exhibit B attached hereto, shall survive delivery of the respective Loan Files to the Indenture Trustee or the Custodian.

Section 2.   Definitions.  For all purposes of this Loan Purchase Agreement, except as otherwise expressly provided herein or unless the context otherwise requires, capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Definitions contained in Appendix A to the Indenture, dated August 5, 2005 (as it may be amended or modified, the “Indenture”), between the Issuer and the Indenture Trustee, as in effect on the date hereof.  All other capitalized terms used herein shall have the meanings specified herein.

Section 3.   GOVERNING LAW.  THIS LOAN PURCHASE AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

 

	
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Section 4.   Counterparts.  This Loan Purchase Agreement may be executed in counterparts, each of which, when so executed, shall be deemed to be an original and together shall constitute one and the same instrument.

Section 5.   Limitation of Liability of Owner Trustee.  It is expressly understood and agreed by the parties hereto that (a) this Loan Purchase Agreement is executed and delivered by Wilmington Trust Company, not individually or personally, but solely as Owner Trustee of the Irwin Whole Loan Home Equity Trust 2005-C, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company, but is made and intended for the purpose for binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant
either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Loan Purchase Agreement or any other related documents.

Section 6.   Successors and Assigns.  This Loan Purchase Agreement shall inure to the benefit of and be binding upon Seller, Purchaser, the Indenture Trustee and the Issuer and their respective successors and assigns.

Section 7.     Intention of the Parties.  (a) It is the express intent of the parties hereto that the conveyance by the Seller to the Purchaser pursuant to this Loan Purchase Agreement of the Loans (including any Additional Balances) be, and be construed as, an absolute sale and assignment by the Seller to the Purchaser.  Further, it is not intended that the conveyance be deemed to be the grant of a security interest in the Loans by the Seller to the Purchaser to secure a debt or other obligation.  However, in the event that the Loans are held to be property of the Seller, or if for any reason this Loan Purchase Agreement is held or deemed to create a security interest in the Loans, then (i) this Loan Purchase Agreement shall be a security agreement within the meaning of Article 9 of the New York Uniform Commercial Code and
the Uniform Commercial Code of any other applicable jurisdiction; (ii) the conveyances provided for in Section shall be a grant by the Seller to the Purchaser of, and the Seller does hereby grant to the Purchaser, a security interest in all of the Seller’s right, title and interest, whether now owned or hereafter acquired, in and to (A) the Loans, including the Mortgage Notes, the Mortgages, any related insurance policies and all other documents in the related Loan Files and including any Eligible Substitute Loans; (B) all pool insurance policies, hazard insurance policies and bankruptcy bonds relating to the foregoing, (C) all amounts payable after the Cut-off Date to the holders of the Loans in accordance with the terms thereof; (D) all income, payments, proceeds and products of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property; (E) all accounts, chattel paper, deposit accounts, documents, general
intangibles, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas, and other minerals, consisting of, arising from, or relating to, any of the foregoing; and (F) all proceeds of any of the foregoing; (iii) the possession or control by the Purchaser or any other agent of the Purchaser of any of the foregoing property 

 

	
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shall be deemed to be possession or control by the secured party, or possession or control by a purchaser, for purposes of perfecting the security interest pursuant to the Uniform Commercial Code (including, without limitation, Sections 9-104, 9-106, 9-313 or 9-314 thereof); and (iv) notifications to persons holding such property, and acknowledgments, receipts or confirmations from persons holding such property, shall be deemed notifications to, or acknowledgments, receipts or confirmations from, securities intermediaries, bailees or agents of, or persons holding for, the Purchaser, as applicable, for the purpose of perfecting such security interest under applicable law.

(b) The parties hereto, shall, to the extent consistent with this Loan Purchase Agreement, take such reasonable actions as may be necessary to ensure that, if this Loan Purchase Agreement were deemed to create a security interest in the Loans, such security interest would be a perfected security interest of first priority.  

Section 8.   Interest Reserve Fund.  The Indenture Trustee shall establish and maintain an Interest Reserve Fund titled “U.S. Bank National Association, as Indenture Trustee, for the benefit of the Group 2 Notes and the Certificate Paying Agent on behalf of the Class 2A-R Certificates pursuant to the Indenture, dated as of the Closing Date, between Irwin Whole Loan Home Equity Trust 2005-C and U.S. Bank National Association.”  The Interest Reserve Fund shall be an Eligible Account.  On each Payment Date, the Interest Reserve Payment Amount will be withdrawn by the Indenture Trustee from amounts on deposit in the Interest Reserve Fund and distributed by the Indenture Trustee as a part of the Group 2 Interest Remittance Amount in accordance with Section 3.05 of the Indenture.  

Funds in the Interest Reserve Fund may be invested in Permitted Investments by the Indenture Trustee at the direction of the Purchaser maturing on or prior to the next succeeding Payment Date.  The Indenture Trustee shall account for the Interest Reserve Fund as an outside reserve fund within the meaning of Treasury regulation 1.860G 2(h) and not an asset of any REMIC created pursuant to this Loan Purchase Agreement.  The Indenture Trustee shall treat amounts paid by the Interest Reserve Fund as payments made from outside the REMIC’s for all Federal tax purposes.  Any net investment earnings on such amounts shall be payable to the Purchaser.  The holder of the Class SB Notes will be the owner of the Interest Reserve Fund for federal tax purposes.  The Purchaser shall direct the Indenture Trustee in writing as to the investment of amounts therein.  In the absence of such written
direction, all funds in the Interest Reserve Fund such funds will remain uninvested.  The Indenture Trustee shall have no liability for losses on investments in Permitted Investments made pursuant to this Section 9 (other than as obligor on any such investments).  

Upon termination of the Trust Fund or on the Payment Date on which the aggregate Class Principal Balance of the Class 1A Notes, Class 2M Notes and Class 2B-1 Notes equals zero, any amounts on deposit in the Interest Reserve Fund in excess of the Interest Reserve Payment Amount for such Payment Date shall be distributed to the Purchaser.  In addition, amounts on deposit in the Interest Reserve Fund can be withdrawn and paid at any time to the Purchaser if each Rating Agency confirms that the then-current rating on the Group 2 Notes will not be withdrawn or downgraded as a result thereof.

 

 

	
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IN WITNESS WHEREOF, the parties have caused this Loan Purchase Agreement to be executed by their duly authorized officers as of the date first above written.

	
             
 	
            DLJ MORTGAGE CAPITAL, INC.,
 
	
             
 	
            as Seller
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:_____________________________________
 
	
             
 	
            Name:
 
	
             
 	
            Title:
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            CREDIT SUISSE FIRST BOSTON
 
	
             
 	
            MORTGAGE ACCEPTANCE CORP.,
 
	
             
 	
            as Purchaser
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:_____________________________________
 
	
             
 	
            Name:
 
	
             
 	
            Title:
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            U.S. BANK NATIONAL ASSOCIATION,
 
	
             
 	
            as Indenture Trustee
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:_____________________________________
 
	
             
 	
            Name:
 
	
             
 	
            Title:
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            IRWIN WHOLE LOAN HOME EQUITY
 
	
             
 	
            TRUST 2005-C, as Issuer
 
	
             
 	
             
 
	
             
 	
            By:        WILMINGTON TRUST COMPANY, not
 
	
             
 	
            in its individual capacity but solely as
 
	
             
 	
            Owner Trustee
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:______________________________
 
	
             
 	
            Name:
 
	
             
 	
            Title:
 
	
             
 	
             
 

 

 

 

 

EXHIBIT A-1

GROUP 1 LOAN SCHEDULE

 

[TO BE PROVIDED UPON REQUEST]

 

 

	
            A-1-1
 

 

 

 

EXHIBIT A-2

GROUP 2 LOAN SCHEDULE

 

[TO BE PROVIDED UPON REQUEST]

 

 

	
            A-2-1
 

 

 

 

EXHIBIT B

 

REPRESENTATIONS AND 

WARRANTIES WITH RESPECT TO LOANS

(a)        Sole Owner.  As of the Closing Date, immediately prior to the sale, transfer and assignment to Purchaser, Seller is the sole owner of record and holder of the Loan and the indebtedness evidenced by the Loan, the Loan was not subject to an assignment or pledge and Seller had good and marketable title to and was the sole owner thereof and had full right to transfer and sell the Loan to the Purchaser free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest and has the full right and authority subject to no interest or participation of, or agreement with, any other party, to sell and assign the Loan and following the sale of the Loan, the Purchaser will own such Loan free and clear of any encumbrance, equity, participation interest, lien, pledge, charge, claim or
security interest;

(b)        Compliance With Laws.  Any and all requirements of any federal, state or local law including, without limitation, anti-predatory or abusive lending, usury, truth-in-lending, real estate settlement procedures, consumer credit protection, equal credit opportunity or disclosure laws applicable to the Loan have been complied with in all material respects;

(c)        No Waivers.  Except for one Loan, which is subject to the Soldier and Sailor’s Civil Relief Act of 1940, the terms of each Loan have not been impaired, waived, altered or modified in any respect, except by written instruments which have been recorded to the extent any such recordation is required by law, or, necessary to protect the interest of the Purchaser.  No instrument of waiver, alteration or modification has been executed, and no Mortgagor has been released, in whole or in part, from the terms thereof except in connection with an assumption agreement, the terms of which are reflected in the Loan Schedule;

(d)        Underwriting Standards.  The Loan complies with all the terms, conditions and requirements of the Originator’s underwriting standards in effect at the time of origination of such Loan;

(e)        Loan Schedule.  The information set forth in the Loan Schedule is complete, true and correct in all material respects as of the Cut-off Date;

(f)         Valid Security Interest.  The Loan is a valid, subsisting, enforceable and perfected first, second or third lien on the Mortgaged Property (as described on the Loan Schedule), including all buildings and improvements on the Mortgaged Property, and such lien of is subject only to the following:

(i)         real estate taxes and special assessments not yet delinquent (provided, that property taxes may be delinquent up to one year);

(ii)         as to any Loan identified as a junior lien on the Loan Schedule, any senior liens secured by the Mortgaged Property related to such Loan;

 

 

	
            B-1
 

 

 

 

(iii)        covenants, conditions and restrictions, rights of way, easements and other matters of public record as of the date of recording that are acceptable to mortgage lending institutions generally; 

	
             
 	
            (iv)
 	
            liens verified as paid;
 	
             
 	
             
 
	
             
 	
             
 	
             
 	
             
 	
             
 

                (v)       liens and judgments of $5,000 or less, including (A) sewer or maintenance liens, mechanics' liens, (B) liens resulting from UCC filings that have been included in the first mortgage balance for the purpose of calculating the combined-loan-to-value ratio for any related Loan, and (C) liens relating to other matters to which like properties are commonly subject that do not materially interfere with the benefits of the security intended to be provided to, among others, the Originator by the related mortgage documents.

Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Loan establishes and creates a valid, subsisting, enforceable and perfected second lien and second priority security interest on the property described therein and Seller has full right to sell and assign the same to Purchaser, provided, however, that any representation as to the enforceability of any security interest or lien is subject to bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the rights of creditors generally and general principles of equity (whether considered in a proceeding at law or equity);

(g)        Mechanics’ Liens.  To the best of Seller’s knowledge there are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under law could give rise to such liens) affecting the related collateral which are or may be liens prior to or equal to the lien of the related Loan;

(h)        Unpaid Taxes.  To the best of Seller’s knowledge all taxes, governmental assessments, insurance premiums, water, sewer and municipal charges, leasehold payments or ground rents which previously became due and owing have been paid, or escrow funds have been established in an amount sufficient to pay for every such escrowed item which remains unpaid and which has been assessed but is not yet due and payable;

(i)         No Defenses.  The Loan is not subject to any right of rescission, set-off, counterclaim or defense, including, without limitation, the defense of usury, nor will the operation of any of the terms of the Loan, or the exercise of any right thereunder, render the Loan unenforceable, in whole or in part, or subject to any right of rescission, set-off, counterclaim or defense, including the defense of usury, and no such right of rescission, set-off, counterclaim or defense has been asserted with respect thereto;

(j)         No Damage. To the best of Seller’s knowledge the Mortgaged Property is not subject to any material damage by waste, fire, earthquake, windstorm, flood or other casualty.  At origination of the Loan there was, and there currently is, no proceeding pending for the total or partial condemnation of the Mortgaged Property;

(k)        Improvements. To the best of Seller’s knowledge all improvements subject to any Mortgage which were considered in determining the appraised value of the 

 

	
            B-2
 

 

 

Mortgaged Property lie wholly within the boundaries and building restriction lines of the Mortgaged Property (and wholly within the project with respect to a condominium unit) and no improvements on adjoining properties encroach upon the related Mortgaged Property except those which are insured against by a title insurance policy and all improvements on the property comply with all applicable zoning and subdivision laws and ordinances;

(l)         Recordation.  Seller has delivered or caused to be delivered to the Purchaser or the Custodian on behalf of the Purchaser the original Mortgage bearing evidence that such instruments have been recorded in the appropriate jurisdiction where the Mortgaged Property is located as determined by Seller (or, in lieu of the original of the Mortgage or the assignment thereof, a duplicate or conformed copy of the Mortgage or the instrument of assignment, if any, together with a certificate of receipt from Seller or the settlement agent who handled the closing of the Loan, certifying that such copy or copies represent true and correct copy(ies) of the originals and that such original(s) have been or are currently submitted to be recorded in the appropriate governmental recording office of the
jurisdiction where the Mortgaged Property is located) or a certification or receipt of the recording authority evidencing the same;

(m)       Delinquencies.  As of the Cut-off Date, (a) no more than 0.37% of the Group 1 Loans (by aggregate Cut-ff Date Principal Balances of the Group 1 Loans) and 0.08% of the Group 2 Loans (by aggregate Cut-ff Date Principal Balances of the Group 2 Loans) are more than 30 days delinquent and (b) none of the Loans are more than 60 days delinquent;

(n)        Original.  The Loan is original and genuine and is the legal, valid and binding obligation of the maker thereof, enforceable in all respects in accordance with its terms subject to bankruptcy, insolvency, moratorium, reorganization and other laws of general application affecting the rights of creditors and by general equitable principles;

(o)        Closed End.  Each of the Group 2 Loans constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of the Code and Treasury Regulation Section 1.860G-2(a)(1); 

(p)        REMIC Ineligible.  As of the Cut-off Date, not less than 65% of the Group 1 Loans (by aggregate Cut-off Date Principal Balances of the Group 1 Loans) are REMIC Ineligible Loans;

(q)        High Cost Loans.  Approximately 1.45% of the Loans underlying the Securities are covered by the Home Ownership and Equity Protection Act of 1994 (“HOEPA”).  None of these loans are in violation of HOEPA or any comparable state law.  With respect to these HOEPA-covered loans, the originator has procedures in place to ensure that they comply with the requirements of HOEPA or such state law and these loans were originated in compliance with such procedures and requirements.  None of the remaining Loan is a “High Cost Loan” or a “Covered Loan,” as applicable (as such terms are defined in the then current Standard & Poor’s LEVELS Glossary which is now Version 5.6b Revised, Appendix E); 

(r)         Georgia Loans.  No Loan was originated on or after October 1, 2002 and before March 7, 2003, which is secured by property located in the State of Georgia; and

 

 

	
            B-3
 

 

 

 

(s)         Group 2 REMIC.  Each Group 2 Loan at the time of its origination was secured by a mortgage or deed of trust with respect to real property that had at the time of the origination of such Group 2 Loan a value at least equal to 80% of the original principal balance of such Group 2 Loan, calculated by subtracting the principal balance of any loans that are secured by liens that are senior to the Group 2 Loan and a proportionate amount of any loans that are secured by a lien of equal priority as the Group 2 Loan from the Appraised Value of the property when the Group 2 Loan was originated and by treating the original principal balance of the Group 2 Loan as the maximum permitted principal balance for such Group 2 Loan.

 

	
            B-4
 

 

 

 

EXHIBIT C

 

CONTENTS OF EACH LOAN FILE

With respect to each Loan, the Loan File shall include each of the following items, which shall be delivered to the Purchaser or its designee pursuant to the terms of the Loan Purchase Agreement to which this Exhibit is attached:

Section 1.   The original Mortgage Note endorsed “Pay to the order of ___________________ without recourse,” and signed in the name of the last endorsee by an authorized officer, with all intervening endorsements showing a complete chain of title from the originator to the Seller.  If the Loan was acquired by the last endorsee in a merger, the endorsement must be by “[last endorsee], successor by merger to the [name of predecessor]”.  If the Loan was acquired or originated by the last endorsee while doing business under another name, the endorsement must be by “[last endorsee] formerly known as [previous name]”.  If the original note is unavailable, the Servicer or the Seller will provide an affidavit of lost note (in form acceptable to the Purchaser) stating that the original Mortgage Note was lost or destroyed, together with a copy of
such Mortgage Note and indemnifying the Purchaser against any and all claims arising as a result of any person or entity claiming they are the holder of the note or that the note has been paid off and returned.

Section 2.   Except as provided below and for each Loan that is not a Loan registered with MERS, the original Mortgage with evidence of recording thereon, or a copy thereof certified by the public recording office in which such mortgage has been recorded or, if the original Mortgage has not been returned from the applicable public recording office, a true certified copy, certified by the title insurer, of the original Mortgage together with a certificate of the Seller certifying that the original Mortgage has been delivered for recording in the appropriate public recording office of the jurisdiction in which the Mortgaged Property is located and in the case of each Loan registered with MERS, the original Mortgage, noting the presence of the MIN of the Loans and either language indicating that the Loan is a MOM Loan or if the Loan was not a MOM Loan at origination, the
original Mortgage and the assignment thereof to MERS, with evidence of recording indicated thereon, or a copy of the Mortgage certified by the public recording office in which such Mortgage has been recorded.

Section 3.   In the case of each Loan that is not Loan registered with MERS, the original Assignment of Mortgage, from the Servicer or the Seller in accordance with Purchaser’s instructions, which Assignment of Mortgage shall, but for any blanks requested by the Purchaser, be in form and substance acceptable for recording, or a copy certified by the Servicer or the Seller as a true and correct copy of the original Assignment of Mortgage which has been sent for recordation.  If the Loan was acquired or originated by the Servicer or the Seller while doing business under another name, the Assignment of Mortgage must be by “[last endorsee] formerly known as [previous name]”.

Section 4.   With respect to Loans that are not cooperative loans, any original policy of title insurance, if applicable, including riders and endorsements thereto, or if any such policy has not yet been issued, a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company.

 

 

	
            C-1
 

 

 

 

Section 5.   Originals of all recorded intervening Assignments, or copies thereof, certified by the public recording office in which such Assignments of Mortgage have been recorded showing a complete chain of title from the originator to the last endorsee, with evidence of recording thereon, or a copy thereof certified by the public recording office in which such Assignment has been recorded or, if the original Assignment of Mortgage has not been returned from the applicable public recording office, a true certified copy, certified by the title insurer of the original Assignment together with a certificate of the title insurer certifying that the original Assignment of Mortgage has been delivered for recording in the appropriate public recording office of the jurisdiction in which the Mortgaged Property is located.

Section 6.   Originals, or copies thereof certified by the public recording office in which such documents have been recorded, of each assumption, extension, modification, written assurance or substitution agreements, if applicable, or if the original of such document has not been returned from the applicable public recording office, a true certified copy, certified by the title insurer, of such original document together with certificate of the Seller or the Servicer or certifying the original of such document has been delivered for recording in the appropriate recording office of the jurisdiction in which the Mortgaged Property is located. 

Section 7.   If the Mortgage Note or Mortgage or any other material document or instrument relating to the Loan has been signed by a person on behalf of the Mortgagor, the original power of attorney or other instrument that authorized and empowered such person to sign bearing evidence that such instrument has been recorded, if so required in the appropriate jurisdiction where the Mortgaged Property is located (or, in lieu thereof, a duplicate or conformed copy of such instrument, together with a certificate of receipt from the recording office, certifying that such copy represents a true and complete copy of the original and that such original has been or is currently submitted to be recorded in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located), or if the original power of attorney or other such instrument has
been delivered for recording in the appropriate public recording office of the jurisdiction in which the Mortgaged Property is located.

Section 8.   The original of any guarantee executed in connection with the Mortgage Note.

 

 

	
             
 	
            -2-WWW.EXFILE.COM, INC. -- 13794 -- PHOENIX INDIA ACQUISITION CORP. -- EXHIBIT 4.4 TO FORM S-1

    EXHIBIT
      4.4

    WARRANT
      AGREEMENT

     

    This
      Warrant Agreement (this “Agreement”) made as of _________ __, 2005, by and
      between Phoenix India Acquisition Corp., a Delaware corporation with offices
      at
      ________________ (“Company”), and American Stock Transfer & Trust Company, a
      New York corporation with offices at 59 Maiden Lane, New York, New York 10038
      (“Warrant Agent”).

     

    WHEREAS,
      the Company has outstanding 3,125,000 warrants (“Insider Warrants”);
      and

     

    WHEREAS,
      the Company is engaged in a public offering (“Public Offering”) of Units
      (“Units”) and, in connection therewith, has determined to issue and deliver up
      to 14,375,000 Warrants (“Public Warrants”) to the public investors, and (ii)
      875,000 Warrants to Rodman & Renshaw, LLC. (“Rodman”) or its designees
      (“Representative’s Warrants”), each of such Public Warrants evidencing the right
      of the holder thereof to purchase one share of common stock, par value $.0001
      per share, of the Company’s Common Stock (“Common Stock”) (the Insider Warrants,
      the Public Warrants and the Representative’s Warrants being referred to herein
      collectively as the “Warrants”); and

     

    WHEREAS,
      the Company has filed with the Securities and Exchange Commission (the “SEC”) a
      Registration Statement, No. 333-__________ on Form S-1 (“Registration
      Statement”) for the registration under the Securities Act of 1933, as amended
      (“Act”) of, among other securities, the Warrants and the Common Stock issuable
      upon exercise of the Warrants; and

     

    WHEREAS,
      the Company desires the Warrant Agent to act on behalf of the Company, and
      the
      Warrant Agent is willing to so act, in connection with the issuance,
      registration, transfer, exchange, redemption and exercise of the Warrants;
      and

     

    WHEREAS,
      the Company desires to provide for the form and provisions of the Warrants,
      the
      terms upon which they shall be issued and exercised, and the respective rights,
      limitation of rights, and immunities of the Company, the Warrant Agent, and
      the
      holders of the Warrants; and

     

    WHEREAS,
      all acts and things have been done and performed which are necessary to make
      the
      Warrants, when executed on behalf of the Company and countersigned by or on
      behalf of the Warrant Agent, as provided herein, the valid, binding and legal
      obligations of the Company, and to authorize the execution and delivery of
      this
      Agreement.

     

    NOW,
      THEREFORE, in consideration of the mutual agreements herein contained, the
      parties hereto agree as follows:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1.  Appointment
      of Warrant Agent.
      The
      Company hereby appoints the Warrant Agent to act as agent for the Company for
      the Warrants, and the Warrant Agent hereby accepts such appointment and agrees
      to perform the same in accordance with the terms and conditions set forth in
      this Agreement.

     

    2.  Warrants.

     

    2.1  Form
      of Warrant.
      Each
      Warrant shall be issued in registered form only, shall be in substantially
      the
      form of Exhibit A hereto, the provisions of which are incorporated herein,
      and
      shall be signed by, or bear the facsimile signature of, the Chairman of the
      Board, Vice Chairman or Chief Executive Officer and Treasurer, Secretary or
      Assistant Secretary of the Company and shall bear a facsimile of the Company’s
      seal. In the event the person whose facsimile signature has been placed upon
      any
      Warrant shall have ceased to serve in the capacity in which such person signed
      the Warrant before such Warrant is issued, it may be issued with the same effect
      as if he or she had not ceased to be such at the date of issuance.

     

    2.2  Effect
      of Countersignature.
      Unless
      and until countersigned by the Warrant Agent pursuant to this Agreement, a
      Warrant shall be invalid and of no effect and may not be exercised by the holder
      thereof.

     

    2.3  Registration.
      

     

    2.3.1  Warrant
      Register.
      The
      Warrant Agent shall maintain books (“Warrant Register”) for the registration of
      original issuance and the registration of transfer of the Warrants. Upon the
      initial issuance of the Warrants, the Warrant Agent shall issue and register
      the
      Warrants in the names of the respective holders thereof in such denominations
      and otherwise in accordance with instructions delivered to the Warrant Agent
      by
      the Company.

     

    2.3.2  Registered
      Holder.
      Prior
      to due presentment for registration of transfer of any Warrant, the Company
      and
      the Warrant Agent may deem and treat the person in whose name such Warrant
      shall
      be registered upon the Warrant Register (“registered holder”), as the absolute
      owner of such Warrant and of each Warrant represented thereby (notwithstanding
      any notation of ownership or other writing on the Warrant Certificate made
      by
      anyone other than the Company or the Warrant Agent), for the purpose of any
      exercise thereof, and for all other purposes, and neither the Company nor the
      Warrant Agent shall be affected by any notice to the contrary.

     

    2.4  Detachability
      of Warrants.
      The
      securities comprising the Units will not be separately transferable until 20
      trading days after the earlier to occur of the expiration of Rodman’s
      over-allotment option or its exercise in full unless Rodman informs the Company
      of its decision to allow earlier separate trading, but in no event will Rodman
      allow separate trading of the securities comprising the Units until the Company
      files a Current Report on Form 8-K, which includes an audited balance sheet
      reflecting the receipt by the Company of the gross proceeds of the Public
      Offering including the proceeds received by the Company from the exercise of
      the
      underwriters’ over-allotment option, if the over-allotment option is exercised
      prior to the filing of the Form 8-K.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    2.5 Public
      Warrants, Insider Warrants and Representative’s Warrants.
      The
      Representative’s Warrants shall have the same terms and be in the same form as
      the Public Warrants and the Insider Warrants.

     

    3.  Terms
      and Exercise of Warrants

     

    3.1  Warrant
      Price.
      Each
      Public Warrant, or Insider Warrant and Representative Warrant shall, when
      countersigned by the Warrant Agent, entitle the registered holder thereof,
      subject to the provisions of such Public Warrant Insider Warrant or
      Representative Warrant, as applicable, and of this Warrant Agreement, to
      purchase from the Company the number of shares of Common Stock stated therein,
      at the price of $6.00 per whole share, subject to the adjustments provided
      in
      Section 4 hereof and in the last sentence of this Section 3.1. Each
      Representative’s Warrant shall, when countersigned by the Warrant Agent, entitle
      the registered holder thereof subject to the provisions of such Representative’s
      Warrant and of this Warrant Agreement, to purchase from the Company the number
      of shares of Common Stock stated therein on the same terms and conditions as
      the
      public Warrants. The term “Warrant Price” as used in this Warrant Agreement
      refers to the price per share at which Common Stock may be purchased at the
      time
      a Warrant is exercised. The Company in its sole discretion may lower the Warrant
      Price at any time prior to the Expiration Date.

     

    3.2  Duration
      of Warrants.
      A
      Warrant may be exercised only during the period (“Exercise Period”) commencing
      on the later of the consummation by the Company of a merger, capital stock
      exchange, asset acquisition or other similar business combination (as described
      more fully in the Registration Statement, “Business Combination”) or __________,
      2006 and terminating at 5:00 p.m., New York City time on the earlier to occur
      of
      (i)__________, 2010 or (ii) the date fixed for redemption of the Warrants as
      provided in Section 6 of this Agreement (“Expiration Date”). Except with respect
      to the right to receive the Redemption Price (as set forth in Section 6
      hereunder), each Warrant not exercised on or before the Expiration Date shall
      become void, and all rights thereunder and all rights in respect thereof under
      this Agreement shall cease at the close of business on the Expiration Date.
      The
      Company in its sole discretion may extend the duration of the Warrants by
      delaying the Expiration Date. 

     

    3.3  Exercise
      of Warrants.

     

    3.3.1  Payment.
      Subject
      to the provisions of the Warrant and this Warrant Agreement, a Warrant, when
      countersigned by the Warrant Agent, may be exercised by the registered holder
      thereof by surrendering it, at the office of the Warrant Agent, or at the office
      of its successor as Warrant Agent, in the Borough of Manhattan, City and State
      of New York, with the subscription form, as set forth in the Warrant, duly
      executed, and (i) by paying in full, in lawful money of the United States,
      in
      cash, good certified check or good bank draft payable to the order of the
      Company, the Warrant Price for each full share of Common Stock as to which
      the
      Warrant is exercised and any and all applicable taxes due in connection with
      the
      exercise of the Warrant, the exchange of the Warrant for the Common Stock,
      and
      the issuance of the Common Stock or (ii) by surrendering his or her Warrant
      for
      that number of shares of Common Stock equal to the quotient obtained by dividing
      (x) the product of the number of shares of Common Stock underlying the Warrant,
      multiplied by the difference between the Warrant Price and the “Fair Market
      Value” (defined below) by (y) the Fair Market Value. The “Fair Market

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Value”
      shall mean the average reported last sale price of the Common Stock of the
      Company on the third business day prior to the date on which any notice of
      redemption is sent to holders of the Warrant pursuant to Section 6
      hereof.

     

    3.3.2  Issuance
      of Certificates.
      As soon
      as practicable after the exercise of any Warrant and the clearance of the funds
      in payment of the Warrant Price, the Company shall issue to the registered
      holder of such Warrant a certificate or certificates for the number of full
      shares of Common Stock to which he, she or it is entitled, registered in such
      name or names as may be directed by him, her or it, and if such Warrant shall
      not have been exercised in full, a new countersigned Warrant for the number
      of
      shares as to which such Warrant shall not have been exercised. Notwithstanding
      the foregoing, the Company shall not be obligated to deliver any securities
      pursuant to the exercise of a Warrant unless (i) a registration statement under
      the Act with respect to the Common Stock issuable upon such exercise is
      effective, or (ii) in the opinion of counsel to the Company, the exercise of
      the
      Warrants is exempt from the registration requirements of the Act and such
      securities are qualified for sale or exempt from qualification under applicable
      securities laws of the states or other jurisdictions in which the registered
      holders reside. Warrants may not be exercised by, or securities issued to,
      any
      registered holder in any state in which such exercise or issuance would be
      unlawful. 

     

    3.3.3  Valid
      Issuance.
      All
      shares of Common Stock issued upon the proper exercise of a Warrant in
      conformity with this Agreement shall be validly issued, fully paid and
      nonassessable.

     

    3.3.4  Date
      of Issuance.
      Each
      person in whose name any such certificate for shares of Common Stock is issued
      shall for all purposes be deemed to have become the holder of record of such
      shares on the date on which the Warrant was surrendered and payment of the
      Warrant Price was made, irrespective of the date of delivery of such
      certificate, except that, if the date of such surrender and payment is a date
      when the stock transfer books of the Company are closed, such person shall
      be
      deemed to have become the holder of such shares at the close of business on
      the
      next succeeding date on which the stock transfer books are open.

     

    3.3.5  Warrant
      Solicitation and Warrant Solicitation Fee.

     

    (a)
      The
      Company has engaged Rodman, on a non-exclusive basis, as its agent for the
      solicitation of the exercise of the Warrants. The Company, at its cost, will
      (i)
      assist Rodman with respect to such solicitation, if requested by Rodman, and
      (ii) provide Rodman, and direct the Company’s transfer agent and the Warrant
      Agent to deliver to Rodman, lists of the record and, to the extent known,
      beneficial owners of the Company’s Warrants. The Company hereby instructs the
      Warrant Agent to fully cooperate with Rodman in every respect in connection
      with
      Rodman’s solicitation activities, including, but not limited to, providing to
      Rodman, at the Company’s cost, a list of record and beneficial holders of the
      Warrants and circulating a prospectus or offering circular disclosing the
      compensation arrangements referenced in Section 3.3.5(b) below to holders of
      the
      Warrants at the time of exercise of the Warrants. In addition to the conditions
      set forth in Section 3.3.5(b), Rodman shall accept payment of the warrant
      solicitation fee provided in Section 3.3.5(b) only if it has provided bona
      fide
      services to the Company in connection with the exercise of the Warrants and
      only
      to the extent that an investor 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    who
      exercises his Warrants specifically designates, in writing, that Rodman
      solicited his, her or its exercise. In addition to soliciting, either orally
      or
      in writing, the exercise of Warrants by a Warrant holder, such services may
      also
      include disseminating information, either orally or in writing, to Warrant
      holders about the Company or the market for the Company’s securities, or
      assisting in the processing of the exercise of Warrants.

     

    (b)
      In
      each instance in which a Warrant is exercised, the Warrant Agent shall promptly
      give written notice of such exercise to the Company and Rodman (“Warrant Agent’s
      Exercise Notice”). If, upon the exercise of any Warrant more than one year from
      the effective date of the Registration Statement, (i) the market price of the
      Company’s Common Stock is greater than the Warrant Price, (ii) disclosure of
      compensation arrangements between the Company and Rodman with respect to the
      solicitation of the exercise of the Warrants was made both at the time of the
      Public Offering and at the time of exercise (by delivery of the Prospectus
      or as
      otherwise required by applicable law, rule or regulation), (iii) the holder
      of
      the Warrant confirms in writing that the exercise of the Warrant was solicited
      by Rodman, (iv) the Warrant was not held in a discretionary account, and (v)
      the
      solicitation of the exercise of the Warrant was not in violation of Regulation
      M
      (as such rule or any successor rule may be in effect as of such time of
      exercise) promulgated under the Securities Exchange Act of 1934, as amended,
      then the Warrant Agent, simultaneously with the distribution of the Common
      Stock
      underlying the Warrants so exercised in accordance with the instructions from
      the Company following receipt of the proceeds to the Company received upon
      exercise of such Warrant(s), shall, on behalf of the Company, pay in the case
      of
      a cash exercise of the Warrant, a fee of 5% of the Warrant Price to Rodman;
      provided that Rodman delivers to the Warrant Agent within ten (10) business
      days
      from the date on which Rodman has received the Warrant Agent’s Exercise Notice,
      a certificate that the conditions set forth in the preceding clauses (iii),
      (iv)
      and (v) have been satisfied. Notwithstanding the foregoing, no fee will be
      paid
      to Rodman with respect to the exercise by the Underwriters or their affiliates
      or the Company’s officers or directors of Warrants purchased by it or them and
      still held by them for its or their own account. Rodman and the Company may
      at
      any time during business hours, examine the records of the Warrant Agent,
      including its ledger of original Warrant certificates returned to the Warrant
      Agent upon exercise of Warrants.

     

    (c)
      The
      provisions of this Section 3.3.5. may not be modified, amended or deleted
      without the prior written consent of Rodman.

     

    4.  Adjustments.

     

    4.1  Stock
      Dividends Split Ups.
      If
      after the date hereof, and subject to the provisions of Section 4.6 below,
      the
      number of outstanding shares of Common Stock is increased by a stock dividend
      payable in shares of Common Stock, or by a split up of shares of Common Stock,
      or other similar event, then, on the effective date of such stock dividend,
      split up or similar event, the number of shares of Common Stock issuable on
      exercise of each Warrant shall be increased in proportion to such increase
      in
      outstanding shares of Common Stock.

     

    4.2  Aggregation
      of Shares.
      If
      after the date hereof, and subject to the provisions of Section 4.6, the number
      of outstanding shares of Common Stock is decreased by a consolidation,
      combination, reverse stock split or reclassification of shares of Common Stock
      or other similar event, then, on the effective date of such consolidation,
      combination, reverse stock split, 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    reclassification
      or similar event, the number of shares of Common Stock issuable on exercise
      of
      each Warrant shall be decreased in proportion to such decrease in outstanding
      shares of Common Stock.

     

    4.3  Adjustments
      in Exercise Price.
      Whenever the number of shares of Common Stock purchasable upon the exercise
      of
      the Warrants is adjusted, as provided in Section 4.1 and 4.2 above, the Warrant
      Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price
      immediately prior to such adjustment by a fraction (x) the numerator of which
      shall be the number of shares of Common Stock purchasable upon the exercise
      of
      the Warrants immediately prior to such adjustment, and (y) the denominator
      of
      which shall be the number of shares of Common Stock so purchasable immediately
      thereafter.

     

    4.4  Replacement
      of Securities upon Reorganization, etc.
      In case
      of any reclassification or reorganization of the outstanding shares of Common
      Stock (other than a change covered by Section 4.1 or 4.2 hereof or that solely
      affects the par value of such shares of Common Stock), or in the case of any
      merger or consolidation of the Company with or into another corporation (other
      than a consolidation or merger in which the Company is the continuing
      corporation and that does not result in any reclassification or reorganization
      of the outstanding shares of Common Stock), or in the case of any sale or
      conveyance to another corporation or entity of the assets or other property
      of
      the Company as an entirety or substantially as an entirety in connection with
      which the Company is dissolved, the Warrant holders shall thereafter have the
      right to purchase and receive, upon the basis and upon the terms and conditions
      specified in the Warrants and in lieu of the shares of Common Stock of the
      Company immediately theretofore purchasable and receivable upon the exercise
      of
      the rights represented thereby, the kind and amount of shares of stock or other
      securities or property (including cash) receivable upon such reclassification,
      reorganization, merger or consolidation, or upon a dissolution following any
      such sale or transfer, that the Warrant holder would have received if such
      Warrant holder had exercised his, her or its Warrant(s) immediately prior to
      such event; and if any reclassification also results in a change in shares
      of
      Common Stock covered by Section 4.1 or 4.2, then such adjustment shall be made
      pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of
      this
      Section 4.4 shall similarly apply to successive reclassifications,
      reorganizations, mergers or consolidations, sales or other
      transfers.

     

    4.5  Notices
      of Changes in Warrant.
      Upon
      every adjustment of the Warrant Price or the number of shares issuable on
      exercise of a Warrant, the Company shall give written notice thereof to the
      Warrant Agent, which notice shall state the Warrant Price resulting from such
      adjustment and the increase or decrease, if any, in the number of shares
      purchasable at such price upon the exercise of a Warrant, setting forth in
      reasonable detail the method of calculation and the facts upon which such
      calculation is based. Upon the occurrence of any event specified in Sections
      4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give written
      notice to the Warrant holder, at the last address set forth for such holder
      in
      the Warrant Register, of the record date or the effective date of the event.
      Failure to give such notice, or any defect therein, shall not affect the
      legality or validity of such event.

     

    4.6  No
      Fractional Shares.
      Notwithstanding any provision contained in this Warrant Agreement to the
      contrary, the Company shall not issue fractional shares upon exercise of
      Warrants. If, by reason of any adjustment made pursuant to this Section 4,
      the
      holder of any 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    Warrant
      would be entitled, upon the exercise of such Warrant, to receive a fractional
      interest in a share, the Company shall, upon such exercise, round up to the
      nearest whole number the number of the shares of Common Stock to be issued
      to
      the Warrant holder.

     

    4.7  Form
      of Warrant.
      The
      form of Warrant need not be changed because of any adjustment pursuant to this
      Section 4, and Warrants issued after such adjustment may state the same Warrant
      Price and the same number of shares as is stated in the Warrants initially
      issued pursuant to this Agreement. However, the Company may at any time in
      its
      sole discretion make any change in the form of Warrant that the Company may
      deem
      appropriate and that does not affect the substance thereof, and any Warrant
      thereafter issued or countersigned, whether in exchange or substitution for
      an
      outstanding Warrant or otherwise, may be in the form as so changed.

    

      4.8     
        Notice
        of Certain Transactions.
        In the
        event that the Company shall propose to (a) offer the holders of its Common
        Stock rights to subscribe for or to purchase any securities convertible into
        shares of Common Stock or any other securities, rights or options, (b) issue
        any
        rights, options or warrants entitling the holders of Common Stock to subscribe
        for shares of Common Stock or (c) make a tender offer or exchange offer with
        respect to the Common Stock, the Company shall send to the Holders a notice
        of
        such proposed action or offer. Such notice shall be mailed to the registered
        holders at their addresses as they appear in the warrant Register, which
        shall
        specify the record date for the purposes of such dividend, distribution or
        rights, or the date such issuance or event is to take place and the date
        of
        participation therein by the holders of Common Stock, if any such date is
        to be
        fixed, and shall briefly indicate the effect of such action on the Common
        Stock
        and on the number and kind of any other shares of stock and on other property,
        if any, issuable upon exercise of each Warrant and the Warrant Price after
        giving effect to any adjustment pursuant to Article 4 which would be required
        as
        a result of such action. Such notice shall be given as promptly as practicable
        after the Board has determined to take any such action and (x) in the case
        of
        any action covered by clause (a) or (b) above, if practicable, at least 10
        days
        prior to the record date for determining the holders of the Common Stock
        for
        purposes of such action or (y) in the case of any other such action, if
        practicable, at least 20 days prior to the date of the taking of such proposed
        action or the date of participation therein by the holders of Common Stock,
        whichever shall be the earlier.

    

     

    5.  Transfer
      and Exchange of Warrants.

     

    5.1  Registration
      of Transfer.
      The
      Warrant Agent shall register the transfer, from time to time, of any outstanding
      Warrant upon the Warrant Register, upon surrender of such Warrant for transfer,
      properly endorsed with signatures properly guaranteed and accompanied by
      appropriate instructions for transfer. Upon any such transfer, a new Warrant
      representing an equal aggregate number of Warrants shall be issued and the
      old
      Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled
      shall
      be delivered by the Warrant Agent to the Company from time to time upon
      request.

     

    5.2  Procedure
      for Surrender of Warrants.
      Warrants may be surrendered to the Warrant Agent, together with a written
      request for exchange or transfer, and thereupon the Warrant Agent shall issue
      in
      exchange therefor one or more new Warrants as requested by the registered holder
      of the Warrants so surrendered, representing an equal aggregate number of
      Warrants; provided, however, that in the event that a Warrant surrendered for
      transfer bears a restrictive legend, the Warrant Agent shall not cancel such
      Warrant and issue new Warrants in exchange therefor until the Warrant Agent
      has
      received an opinion of counsel for the Company stating that such transfer may
      be
      made and indicating whether the new Warrants must also bear a restrictive
      legend.

     

    5.3  Fractional
      Warrants.
      The
      Warrant Agent shall not be required to effect any registration of transfer
      or
      exchange which will result in the issuance of a warrant certificate for a
      fraction of a warrant.

     

    5.4  Service
      Charges.
      No
      service charge shall be made for any exchange or registration of transfer of
      Warrants.

     

    5.5  Warrant
      Execution and Countersignature.
      The
      Warrant Agent is hereby authorized to countersign and to deliver, in accordance
      with the terms of this Agreement, the Warrants required to be issued pursuant
      to
      the provisions of this Section 5, and the Company, whenever required by the
      Warrant Agent, will supply the Warrant Agent with Warrants duly executed on
      behalf of the Company for such purpose. 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    6.  Redemption.

     

    6.1  Redemption.
      Subject
      to Section 6.4 hereof, not less than all of the outstanding Warrants may be
      redeemed, at the option of the Company, at any time after they become
      exercisable and prior to their expiration, at the office of the Warrant Agent,
      upon the notice referred to in Section 6.2, at the price of $.01 per Warrant
      (“Redemption Price”), provided that the last sales price of the Common Stock has
      been equal to or greater than $11.50 per share, on each of twenty (20) trading
      days within any thirty (30) trading day period ending on the third business
      day
      prior to the date on which notice of redemption is given. The provisions of
      this
      Section 6.1 may not be modified, amended or deleted without the prior written
      consent of Rodman.

     

    6.2  Date
      Fixed for, and Notice of, Redemption.
      In the
      event the Company shall elect to redeem all of the Warrants, the Company shall
      fix a date for the redemption. Notice of redemption shall be mailed by first
      class mail, postage prepaid, by the Company not less than 30 days prior to
      the
      date fixed for redemption to the registered holders of the Warrants to be
      redeemed at their last addresses as they shall appear on the Warrant Register.
      Any notice mailed in the manner herein provided shall be conclusively presumed
      to have been duly given whether or not the registered holder received such
      notice.

     

    6.3  Exercise
      After Notice of Redemption.
      The
      Warrants may be exercised in accordance with Section 3 of this Warrant Agreement
      at any time after notice of redemption shall have been given by the Company
      pursuant to Section 6.2 hereof and prior to the time and date fixed for
      redemption. On and after the redemption date, the record holder of the Warrants
      shall have no further rights except to receive, upon surrender of the Warrants,
      the Redemption Price.

     

    6.4  Outstanding
      Warrants Only.
      The
      Company understands that the redemption rights provided for by this Section
      6
      apply only to outstanding Warrants. To the extent a person holds rights to
      purchase Warrants, such purchase rights shall not be extinguished by redemption.
      However, once such purchase rights are exercised, the Company may redeem the
      Warrants issued upon such exercise provided that the criteria for redemption
      is
      met, including the opportunity of the Warrant holder to exercise prior to
      redemption pursuant to Section 6.3. The provisions of this Section 6.4 may
      not
      be modified, amended or deleted without the prior written consent of
      Rodman.

     

    7.  Other
      Provisions Relating to Rights of Holders of Warrants.

     

    7.1  No
      Rights as Stockholder.
      A
      Warrant does not entitle the registered holder thereof to any of the rights
      of a
      stockholder of the Company, including, without limitation, the right to receive
      dividends, or other distributions, exercise any preemptive rights to vote or
      to
      consent or to receive notice as stockholders in respect of the meetings of
      stockholders or the election of directors of the Company or any other
      matter.

     

    7.2  Lost,
      Stolen, Mutilated, or Destroyed Warrants.
      If any
      Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
      Agent may on such terms as to indemnity or otherwise as they may in their
      discretion impose (which shall, in the case of a mutilated 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Warrant,
      include the surrender thereof), issue a new Warrant of like denomination, tenor,
      and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such
      new
      Warrant shall constitute a substitute contractual obligation of the Company,
      whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant
      shall
      be at any time enforceable by anyone.

     

    7.3  Reservation
      of Common Stock.
      The
      Company shall at all times reserve and keep available a number of its authorized
      but unissued shares of Common Stock that will be sufficient to permit the
      exercise in full of all outstanding Warrants issued pursuant to this Warrant
      Agreement.

     

    7.4  Registration
      of Common Stock.
      The
      Company agrees that prior to the commencement of the Exercise Period, it shall
      file with the SEC a post-effective amendment to the Registration Statement,
      or a
      new registration statement, for the registration, under the Act, of, and it
      shall take such action as is necessary to qualify for sale, in those states
      in
      which the Warrants were initially offered by the Company, the Common Stock
      issuable upon exercise of the Warrants. In either case, the Company will use
      its
      best efforts to cause the same to become effective on or prior to the
      commencement of the Exercise Period and to maintain the effectiveness of such
      registration statement until the expiration of the Warrants in accordance with
      the provisions of this Warrant Agreement. The provisions of this Section 7.4
      may
      not be modified, amended or deleted without the prior written consent of
      Rodman.

     

    8.  Concerning
      the Warrant Agent and Other Matters.

     

    8.1  Payment
      of Taxes.
      The
      Company will from time to time promptly pay all taxes and charges that may
      be
      imposed upon the Company or the Warrant Agent in respect of the issuance or
      delivery of shares of Common Stock upon the exercise of Warrants, but the
      Company shall not be obligated to pay any transfer taxes in respect of the
      Warrants or such shares.

     

    8.2  Resignation,
      Consolidation, or Merger of Warrant Agent.

     

    8.2.1  Appointment
      of Successor Warrant Agent.
      The
      Warrant Agent, or any successor to it hereafter appointed, may resign its duties
      and be discharged from all further duties and liabilities hereunder after giving
      sixty (60) days’ notice in writing to the Company. If the office of the Warrant
      Agent becomes vacant by resignation or incapacity to act or otherwise, the
      Company shall appoint in writing a successor Warrant Agent in place of the
      Warrant Agent. If the Company shall fail to make such appointment within a
      period of 30 days after it has been notified in writing of such resignation
      or
      incapacity by the Warrant Agent or by the holder of the Warrant (who shall,
      with
      such notice, submit his Warrant for inspection by the Company), then the holder
      of any Warrant may apply to the Supreme Court of the State of New York for
      the
      County of New York for the appointment of a successor Warrant Agent. Any
      successor Warrant Agent, whether appointed by the Company or by such court,
      shall be a corporation organized and existing under the laws of the State of
      New
      York, in good standing and having its principal office in the Borough of
      Manhattan, City and State of New York, and authorized under such laws to
      exercise corporate trust powers and subject to supervision or examination by
      federal or state authority. After appointment, any successor Warrant Agent
      shall
      be vested with all the authority, powers, rights, immunities, duties, and
      obligations of its predecessor Warrant Agent with like 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    effect
      as
      if originally named as Warrant Agent hereunder, without any further act or
      deed;
      but if for any reason it becomes necessary or appropriate, the predecessor
      Warrant Agent shall execute and deliver, at the expense of the Company, an
      instrument transferring to such successor Warrant Agent all the authority,
      powers, and rights of such predecessor Warrant Agent hereunder; and upon request
      of any successor Warrant Agent the Company shall make, execute, acknowledge,
      and
      deliver any and all instruments in writing for more fully and effectually
      vesting in and confirming to such successor Warrant Agent all such authority,
      powers, rights, immunities, duties, and obligations.

     

    8.2.2  Notice
      of Successor Warrant Agent.
      In the
      event a successor Warrant Agent shall be appointed, the Company shall give
      notice thereof to the predecessor Warrant Agent and the transfer agent for
      the
      Common Stock not later than the effective date of any such
      appointment.

     

    8.2.3  Merger
      or Consolidation of Warrant Agent.
      Any
      corporation into which the Warrant Agent may be merged or with which it may
      be
      consolidated or any corporation resulting from any merger or consolidation
      to
      which the Warrant Agent shall be a party shall be the successor Warrant Agent
      under this Warrant Agreement without any further act.

     

    8.3  Fees
      and Expenses of Warrant Agent.

     

    8.3.1  Remuneration.
      The
      Company agrees to pay the Warrant Agent reasonable remuneration for its services
      as such Warrant Agent hereunder as set forth on Exhibit A hereto, and
      will
      reimburse the Warrant Agent upon demand for all expenditures that the Warrant
      Agent may reasonably incur in the execution of its duties
      hereunder.

     

    8.3.2  Further
      Assurances.
      The
      Company agrees to perform, execute, acknowledge, and deliver or cause to be
      performed, executed, acknowledged, and delivered all such further and other
      acts, instruments, and assurances as may reasonably be required by the Warrant
      Agent for the carrying out or performing of the provisions of this Warrant
      Agreement.

     

    8.4  Liability
      of Warrant Agent.

     

    8.4.1  Reliance
      on Company Statement.
      Whenever in the performance of its duties under this Warrant Agreement, the
      Warrant Agent shall deem it necessary or desirable that any fact or matter
      be
      proved or established by the Company prior to taking or suffering any action
      hereunder, such fact or matter (unless other evidence in respect thereof be
      herein specifically prescribed) may be deemed to be conclusively proved and
      established by a statement signed by the Co-Chief Executive Officer, Chairman
      of
      the Board or Vice Chairman of the Company and delivered to the Warrant Agent.
      The Warrant Agent may rely upon such statement for any action taken or suffered
      in good faith by it pursuant to the provisions of this Warrant
      Agreement.

     

    8.4.2  Indemnity.
      The
      Warrant Agent shall be liable hereunder only for its own negligence, willful
      misconduct or bad faith. The Company agrees to indemnify the Warrant Agent
      and
      save it harmless against any and all liabilities, including judgments, costs
      and
      reasonable counsel fees, for anything done or omitted by the Warrant Agent
      in
      the execution of 

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    this
      Warrant Agreement except as a result of the Warrant Agent’s negligence, willful
      misconduct, or bad faith.

     

    8.4.3  Exclusions.
      The
      Warrant Agent shall have no responsibility with respect to the validity of
      this
      Warrant Agreement or with respect to the validity or execution of any Warrant
      (except its countersignature thereof); nor shall it be responsible for any
      breach by the Company of any covenant or condition contained in this Warrant
      Agreement or in any Warrant; nor shall it be responsible to make any adjustments
      required under the provisions of Section 4 hereof or responsible for the manner,
      method, or amount of any such adjustment or the ascertaining of the existence
      of
      facts that would require any such adjustment; nor shall it by any act hereunder
      be deemed to make any representation or warranty as to the authorization or
      reservation of any shares of Common Stock to be issued pursuant to this Warrant
      Agreement or any Warrant or as to whether any shares of Common Stock will when
      issued be valid and fully paid and nonassessable. 

     

    8.5  Acceptance
      of Agency.
      The
      Warrant Agent hereby accepts the agency established by this Warrant Agreement
      and agrees to perform the same upon the terms and conditions herein set forth
      and among other things, shall account promptly to the Company with respect
      to
      Warrants exercised and concurrently account for, and pay to the Company, all
      moneys received by the Warrant Agent for the purchase of shares of the Company’s
      Common Stock through the exercise of Warrants.

     

    9.  Miscellaneous
      Provisions.

     

    9.1  Successors.
      All the
      covenants and provisions of this Warrant Agreement by or for the benefit of
      the
      Company or the Warrant Agent shall bind and inure to the benefit of their
      respective successors and assigns.

     

    9.2  Notices.
      Any
      notice or other communication required or which may be given hereunder shall
      be
      in writing and either be delivered personally or by private national courier
      service, or be mailed, certified or registered mail, return receipt requested,
      postage prepaid, and shall be deemed given when so delivered personally or,
      if
      sent by private national courier service, on the next business day after
      delivery to the courier, or, if mailed, two business days after the date of
      mailing, as follows:

     

    Phoenix
      India Acquisition Corp.

    711
      Fifth
      Avenue, Suite 401

    New
      York,
      NY 10022

    Attn: Ramesh Akella,
      President and Chief Strategy Officer 

     

    Any
      notice, statement or demand authorized by this Warrant Agreement to be given
      or
      made by the holder of any Warrant or by the Company to or on the Warrant Agent
      shall be sufficiently given when so delivered if by hand or overnight delivery
      or if sent by certified mail or private courier service five days after deposit
      of such notice, postage prepaid, addressed (until another address is filed
      in
      writing by the Warrant Agent with the Company), as follows:

     

    American
      Stock Transfer & Trust Company

    59
      Maiden
      Lane

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    New
      York,
      New York 10038

    Attn: Compliance
      Department

     

    with
      a
      copy in each case to:

     

    Loeb
      & Loeb LLP

    345
      Park
      Avenue

    New
      York,
      New York 10154

    Attn: Mitchell
      Nussbaum, Esq.

     

    and

     

    Rodman
      & Renshaw, LLC

    330
      Madison Avenue

    New
      York,
      New York 10017

    Attn: Thomas
      Pinou, CFO

     

    and

     

    Gersten 
      Savage LLP

    600
      Lexington Avenue, 9th
      Floor

    New
      York,
      New York 10022

    Attn:
      Arthur S. Marcus, Esq.

     

    9.3  Applicable
      law.
      The
      validity, interpretation, and performance of this Warrant Agreement and of
      the
      Warrants shall be governed in all respects by the laws of the State of New
      York,
      without giving effect to conflict of laws. The Company hereby agrees that any
      action, proceeding or claim against it arising out of or relating in any way
      to
      this Warrant Agreement shall be brought and enforced in the courts of the State
      of New York or the United States District Court for the Southern District of
      New
      York, and irrevocably submits to such jurisdiction, which jurisdiction shall
      be
      exclusive. The Company hereby waives any objection to such exclusive
      jurisdiction and that such courts represent an inconvenient forum. Any such
      process or summons to be served upon the Company may be served by transmitting
      a
      copy thereof by registered or certified mail, return receipt requested, postage
      prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such
      mailing shall be deemed personal service and shall be legal and binding upon
      the
      Company in any action, proceeding or claim.

     

    9.4  Persons
      Having Rights under this Warrant Agreement.
      Nothing
      in this Warrant Agreement expressed and nothing that may be implied from any
      of
      the provisions hereof is intended, or shall be construed, to confer upon, or
      give to, any person or corporation other than the parties hereto and the
      registered holders of the Warrants and, for the purposes of Sections 3.3.5,
      6.1,
      6.4, 7.4, 9.2 and 9.8 hereof, Rodman, any right, remedy, or claim under or
      by
      reason of this Warrant Agreement or of any covenant, condition, stipulation,
      promise, or agreement hereof. Rodman shall be deemed to be a third-party
      beneficiary of this Warrant Agreement with respect to Sections 3.3.5, 6.1,
      6.4,
      7.4, 9.2 and 9.8 hereof. All covenants, conditions, stipulations, promises,
      and
      agreements contained in this Warrant Agreement shall be for the sole and
      exclusive benefit of the parties hereto (and Rodman with respect to the Sections
      3.3.5, 6.1, 6.4, 

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    7.4,
      9.2
      and 9.8 hereof) and their successors and assigns and of the registered holders
      of the Warrants.

     

    9.5  Examination
      of the Warrant Agreement.
      A copy
      of this Warrant Agreement shall be available at all reasonable times at the
      office of the Warrant Agent in the Borough of Manhattan, City and State of
      New
      York, for inspection by the registered holder of any Warrant. The Warrant Agent
      may require any such holder to submit his Warrant for inspection by
      it.

     

    9.6  Counterparts.
      This
      Warrant Agreement may be executed in any number of counterparts and each of
      such
      counterparts shall for all purposes be deemed to be an original, and all such
      counterparts shall together constitute but one and the same
      instrument.

     

    9.7  Effect
      of Headings.
      The
      Section headings herein are for convenience only and are not part of this
      Warrant Agreement and shall not affect the interpretation thereof.

     

    9.8  Amendments.
      This
      Warrant Agreement may be amended by the parties hereto without the consent
      of
      any registered holder for the purpose of curing any ambiguity, or of curing,
      correcting or supplementing any defective provision contained herein or adding
      or changing any other provisions with respect to matters or questions arising
      under this Warrant Agreement as the parties may deem necessary or desirable
      and
      that the parties deem shall not adversely affect the interest of the registered
      holders. All other modifications or amendments, including any amendment to
      increase the Warrant Price or shorten the Exercise Period, shall require the
      written consent of each of Rodman and the registered holders of a majority
      of
      the then outstanding Warrants. Notwithstanding the foregoing, the Company may
      lower the Warrant Price or extend the duration of the Exercise Period in
      accordance with Sections 3.1 and 3.2, respectively, without such
      consent.

     

    9.9  Severability.
      This
      Warrant Agreement shall be deemed severable, and the invalidity or
      unenforceability of any term or provision hereof shall not affect the validity
      or enforceability of this Warrant Agreement or of any other term or provision
      hereof. Furthermore, in lieu of any such invalid or unenforceable term or
      provision, the parties hereto intend that there shall be added as a part of
      this
      Warrant Agreement a provision as similar in terms to such invalid or
      unenforceable provision as may be possible and be valid and
      enforceable.

     

    – 
      Signature page immediately follows  –

     

    

     

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    

     

    

     

    

     

    

     

    IN
      WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties
      hereto as of the day and year first above written.

    
      	
               

              Attest:

               

               

              
                

              

            	
               

              PHOENIX
                INDIA ACQUISITION CORP.

               

               

              By:____________________________________

              Name:

              Title:

               

            
	
               

              Attest:
                

               

               

              
                

              

               

               

               

               

            	
               

              AMERICAN
                STOCK TRANSFER & TRUST COMPANY

               

               

              By:____________________________________

              Name:

              Title:

               

            

    

    
 

     

     

     

     

     

     

    
      
        
        

      

      
        14

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