Document:

INVESTMENT
MANAGEMENT AGREEMENT

     

    INVESTMENT MANAGEMENT
AGREEMENT (this “Agreement”) entered into as of January ___, 2010 (the
“Effective
Date”), by and between STILLWATER CAPITAL PARTNERS,
INC., a corporation organized under the laws of the State of New York
(the “Investment
Manager”), having a place of business at 41 Madison Avenue, 29th Floor,
New York, New York 10010; GEROVA FINANCIAL GROUP, INC.
(formerly, Asia Special
Situation Acquisition Corp.), a Cayman Islands company (the “Company”) having its
registered office at c/o M&C Corporate Services Limited, P.O. Box 309GT,
Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands;
and the other parties signatory hereto (collectively, with the Investment
Manager and the Company, the “Parties.”

     

    WHEREAS, Stillwater Asset Backed Holdings LP
(formerly, Stillwater
Asset Backed Fund, LP),
an indirect subsidiary of the Company, and a party signatory
hereto, is the surviving entity in a merger transaction, and owns all of the
assets subject to all of the liabilities (which shall also include participating
interests owned by individual investors) of Stillwater Asset Backed Fund,
LP, a Delaware limited partnership (“Stillwater AB Fund Delaware
I.”); and Stillwater
Asset Backed Fund II, LP, a Delaware limited partnership (“Stillwater AB Fund Delaware
II” and together with Stillwater AB Fund Delaware I, the “Stillwater Delaware Lending
Funds”); and

     

    WHEREAS, Stillwater Asset Backed Holdings,
Ltd., one of the indirect subsidiaries of the Company and who is party
signatory hereto, has purchased certain assets from, among other parties, Stillwater Asset Backed Offshore
Fund, Ltd., a Cayman Islands exempted company (“Stillwater ABOF
Cayman”); Stillwater
Asset Backed Fund SPV, a Cayman Islands exempted company (“Stillwater ABF SPV”);
Stillwater Asset Backed Fund II
Onshore SPV, a Cayman Islands exempted company (“Stillwater ABF II SPV
and together with Stillwater ABOF Cayman and Stillwater ABF SPV, the “Stillwater Cayman Lending
Funds”);

     

    WHEREAS, Stillwater MN Holdings LP
(formerly, Stillwater Market Neutral Fund, LP), an indirect subsidiary
of the Company, and a
party signatory hereto, is the surviving entity in a merger transaction, and
owns all of the assets subject to all of the liabilities of Stillwater Market Neutral Fund
LP, a Delaware limited partnership (“Stillwater MNF I -
Delaware”); and Stillwater Market Neutral Fund II LP
, a Delaware limited partnership (“Stillwater MNF
II-Delaware”) and Stillwater Matrix Fund LP, a
Delaware limited partnership (“Stillwater Maxtrix
Delaware”, and with Stillwater MNF I-Delaware and Stillwater MNFII -
Delaware, the “Stillwater Delaware Fund of
Funds”);

     

    WHEREAS, Stillwater MN Holdings
Ltd., one of the indirect subsidiaries of the Company and who is party
signatory hereto, has purchased certain assets from Stillwater Market Neutral Fund
Ltd., a Cayman Islands exempted company (“Stillwater Cayman Fund of
Funds”);

     

    WHEREAS, a subsidiary of the
Company has acquired, through a merger transaction, all of the assets subject to
all of the liabilities (which shall also include participating interests owned
by individual investors) of Stillwater Real Estate Partners,
LP, a Delaware limited partnership (“Stillwater Real Estate
Partners”), and a party signatory hereto, and

     

    WHEREAS, the Company has
acquired, through a merger transaction, all of the assets subject to all of the
liabilities of Stillwater WBP
Venture Partners I, LP, a Delaware limited partnership (“Stillwater WPB I”), a
party signatory hereto, and Stillwater WPB Venture Partners II,
LP, a Delaware limited liability company (“Stillwater WPB II”
and together with Stillwater WPB I and Stillwater Real Estate Partners, LP,
collectively, the “Stillwater Delaware Real
Estate Funds”); and

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    WHEREAS, as a result of the
above-referenced asset purchases and mergers and pursuant to the terms and
conditions set forth in the various agreements and plans of merger and asset
purchase agreements with the Investment Manager and its Affiliates (the “Stillwater Purchase
Agreements”), the Company now has title and dominion over all of the
assets and properties (collectively, the “Stillwater Assets”)
owned or used by each of the Stillwater Cayman Lending Funds, Stillwater
Delaware Lending Funds, Stillwater Real Estate Funds, Stillwater Cayman Fund of
Funds and Stillwater Delaware Fund of Funds (collectively, the “Stillwater Funds”)
and all liabilities associated with such Stillwater Funds;

     

    WHEREAS, the Investment
Manager wishes to manage and invest the Stillwater Assets under the direction
and supervision of the Board of Directors of the Company all in accordance with
the terms and conditions set forth herein; and

     

    WHEREAS, the Investment
Manager and the Company desire to establish the duties and responsibilities of
the Investment Manager and the compensation to be paid to the Investment Manager
in connection with the management of the Stillwater Funds and Stillwater Assets
of the Company, all subject to and in accordance with the terms and conditions
contained herein.

     

    NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained herein and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows:

     

    1.           Definitions.  Unless
otherwise expressly defined in this Agreement, when used herein, all capitalized
terms shall have the same meaning as such terms are defined in the Stillwater
Purchase Agreements.

     

    2.           Appointment;
Term and Termination.

     

    (a)     
    Appointment.  The
Company hereby retains the Investment Manager to provide investment management
services with respect to the Investment Account Assets (as that term is defined
in Section 3(a)
below), all in accordance with and subject to the terms and conditions of this
Agreement.  Subject at all times to the terms and conditions of this
Agreement, the Company appoints the Investment Manager as the agent and
attorney-in-fact to invest and reinvest the Investment Account Assets in
accordance with the terms hereof (the “Appointment”).  The
Appointment of the Investment Manager is subject at all times to the provisions
of this Agreement, including the provisions of Section 2(c) and
Section 2(d) below.

     

    (b)  
       Performance of
Duties.  The Investment Manager hereby accepts such Appointment
and agrees to use its best efforts and all of the investment skills and
abilities of its shareholders, officers, directors and employees, throughout the
Term of this Agreement (as hereinafter defined) to provide such investment
management services to the Surviving Entities or Buyers of the Stillwater Funds,
all as provided for in this Agreement.  The Investment Manager and its
stockholders, officers, directors, employees and agents shall discharge their
duties and exercise their powers hereunder solely in the interest of the Company
(except to the extent that any conflicts of interest are disclosed and consented
to by the Company) and with the care, skill, prudence and diligence that, under
the circumstances then prevailing, a prudent person acting in a like capacity
and familiar with such matter would use.

     

    (c)          Term.  Subject
at all times to earlier termination as provided herein, the Appointment of the
Investment Manager under this Agreement shall be for a period that shall
commence on the Effective Date and shall terminate on March 31, 2013, unless
this Agreement is subject to automatic renewal and extension as provided in
Section 16, below.  Such period, and any renewal thereof, is
hereinafter referred to as the “Term” of this
Agreement.

    
      
         

      

      
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    (d)    
     Partial
Termination.  In the event that at the end one of the three (3)
fiscal years ending December 31, 2010, December 31, 2011 or December 31, 2012,
the Net Asset Value of any one or more of the Surviving Entities or Buyers of
any one or more former Stillwater Fund or Stillwater Funds that were included as
Constituent Entities or Stillwater Parties in each of the Stillwater Purchase
Agreements (each the “Acquisition Agreement
Fund(s)”) and for which Merger Consideration or Consideration was paid by
the Company, shall be less than
sixty-two and one-half percent (62.5%) of the aggregate Appraised NAV (as
defined below) of such Acquisition Agreement Fund(s) that were merged with or
whose assets were acquired by the relevant Surviving Entity or Buyer as at the
end of the fiscal year immediately preceding the fiscal year in question, then
and in such event, the Company may, upon ninety (90) days prior written notice
to the Investment Manager terminate its Appointment as Investment Manager of the
Surviving Entity or Buyer of such former Acquisition Agreement Fund(s), and the
Investment Manager shall no longer be entitled to receive the fees contemplated
by Section 8 below with respect to any such Surviving Entity or Buyer. For the
avoidance of doubt, the Net Asset Value change for purposes of this Section 2(d)
shall be measured on a group by group basis based on the performance of the
relevant group of Stillwater Funds merged with or acquired by the relevant
Surviving Entity or Buyer, as the case may be, as described in the recitals
above.

     

    (e)          Termination.  This
Agreement may be terminated by the Company (or modified as provided below) at
any time prior to the expiration of its Term for any of the reasons set forth
below.

     

    (i)           In
the event that:

     

    (A)           the
full-time employment of either Jack Doueck or Richard Rudy with the Investment
Manager shall terminate for any reason, including such Person’s resignation,
death or disability (to be defined as the inability to provide continuous
services to the Investment Manager for six months or more), the Company shall
have the right (but not the obligation) to appoint another Person satisfactory
to the Company to serve on the board of directors of the Investment Manager and
to assume the duties of either Doueck or Rudy, as applicable; or

     

    (B)           the
full-time employment of both Jack
Doueck or Richard Rudy with the Investment Manager shall terminate (as set forth
in clause (A) above), the Company shall have the right (but not the obligation)
to immediately, and without further notice, terminate this Agreement in its
entirety.

     

    (ii)          In
the event that any of the Investment Manager or its Affiliates
shall:

     

    (A)           be
the subject of a consent decree or injunction by the Securities and Exchange
Commission that imposes sanctions on the Investment Manager, which in the
reasonable judgment of the Company could result in the Investment Manager’s
inability to perform its obligations under this Agreement on behalf of any of
the Included Entities; or

     

    (B)           breach
any material term or condition of this Agreement which breach shall not be cured
by the Investment Manager or its Affiliates within thirty (30) days following of
written notice of such breach by the Company (specifying therein the nature of
such breach), or

     

    (C)           commit
any act of omission or commission constituting gross negligence, willful
malfeasance or breach of its or their fiduciary duty of due care and loyalty to
the Included Entities, the Investment Account Assets or the
Company;

     

    (D)           be
convicted or indicted for any felony, or

     

    (E)           breach
any of the covenants set forth in Section 9(c) of this Agreement, then, upon the
occurrence of any of the foregoing events (a “For Cause Termination Event”), in
addition to any other remedy available to it or its Subsidiaries at law or in
equity, the Company may, upon ten (10) Business Days notice, terminate this
Agreement and the Appointment of the Investment Manger hereunder;
or

    
      
         

      

      
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    (F)           any
accrued and unpaid management fees or incentive fees payable  to the
Investment Manager (collectively, the “Accrued Stillwater Fund
Fees”) by the Included Entities (as defined below) shall survive any full
or partial termination hereunder.  The Accrued Stillwater Fund Fees as
of the Effective Date are set forth in Exhibit C annexed hereto.

     

    3.           Investment
Account Assets; Allocation of Net Proceeds.

     

    (a)          As
used in this Agreement, the term “Investment Account
Assets” shall mean and include

     

    (i)           the
Stillwater Assets held by the Surviving Entities or Buyers of the Acquisition
Agreement Funds as the same shall exist on the Effective Date, together with all
additions thereto or substitutions thereof as the result of the reinvestment of
any Net Proceeds thereof in accordance with Section 3(c)(iii) below, and less
any withdrawals of Stillwater Assets by any one or more of the Surviving
Entities or Buyers pursuant to Sections 3(c)(i) and 3(c)(ii) below;
and

     

    (ii)          any
other cash, assets or investments that the Company, in the exercise of its sole
and absolute discretion, may elect to place under the supervision of the
Investment Manager from time to time during the Term of this
Agreement.

     

    The
Investment Account Assets shall include all assets owned or held by the Included
Entities (as defined below) (except any such entities within the scope of clause
(a)(ii) of this Section 3(a) which the Company has elected to have managed by
the Investment Manager (the “Optional
Funds”)).  Such Included Entities (other than the Optional
Funds) shall not hold or own any other assets which are not managed by the
Investment Manager pursuant to the terms of this Agreement. No withdrawal of
Investment Account Assets by the Included Entities (other than the Optional
Funds) shall be permitted except pursuant to clauses (i) and (ii) of Section
3(c) below.

     

    (b)          As
used herein, the term “Net Proceeds” shall
mean:

     

    (i)           the
amount received in cash by any one or more Surviving Entity or Buyer of an
Acquisition Agreement Fund or other direct or indirect Subsidiary of the Company
holding cash or investments that the Company has elected, in the exercise of its
sole discretion, to place under the supervision of the Investment Manager
(collectively, with all of the Surviving Entities or Buyers of the Acquisition
Agreement Funds, the “Included Entities”)
from either (A) the sale or liquidation of investments or the repayment of loans
of, or in connection with the ownership of, any or all of such Investment
Account Assets, or (B) capital contributed to any one or more of such Included
Entities by or through the Company, as contemplated by Section 10 of this
Agreement, or otherwise:
less

     

    (ii)          all
costs, expenses, commissions and fees (including the Management Fee) payable to
the Investment Manager or any third party in connection with any one or more
sale or liquidation of such Investment Account Assets or the raising of capital
by the Company that is contributed to such Included Entities, as contemplated by
Section 10 of this Agreement or otherwise.

     

    (c)          All
Net Proceeds received or to be received by any one or more of the Included
Entities, shall be applied as follows:

    
      
         

      

      
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    (i)           the
first eight percent (8%) of such Net Proceeds shall be distributed to the
Company or to any one or more of its Subsidiaries, as directed by the Board of
Directors of the Company, to be used as the Board of Directors of the Company
shall determine in the exercise of its sole discretion;

     

    (ii)          the
next forty-eight percent (48%) of such Net Proceeds shall be distributed, as
follows:

     

    (A)           forty-one
and two-thirds percent (41-2/3%) of such 48% of Net Proceeds shall be allocated
and distributed to the Investment Manager until such time as all accrued and
unpaid Accrued Stillwater Fund Fees shall have been paid in full;
and

     

    (B)           fifty-eight
and one-third percent (58-1/3%) balance of such 48% of Net Proceeds shall be
allocated and distributed to the Company or any existing or newly created
Subsidiary of the Company to be used to purchase other assets, make acquisitions
of assets or businesses and for working capital, all as shall be determined by
the Board of Directors of the Company, in the exercise of its sole discretion;
and

     

    (iii)         subject
at all times to the provisions of Section 3(g) below, the remaining balance of
such Net Proceeds shall be reinvested as shall be determined by the Investment
Manager and subject to the Investment Guidelines and the reasonable approval of
the Investment Committee.

     

    (d)          For
the avoidance of doubt, if there are $10,000,000 of Net Proceeds available for
distribution:

     

    (i)           the
first $800,000 shall be distributed to the Company as per Section 3(c)(i)
above;

     

    (ii)          the
next $4,800,000 shall be distributed (i) $2,000,000 to the Investment Manager to
reduce Accrued Stillwater Funds Incentive Fees, (ii) $2,800,000 to the Company
to be used for the purposes set forth in clause (B) of Section 3(c)(ii)
above, and

     

    (iii)         the
balance shall be distributed in accordance with Section 3(c)(iii)
above.

     

    (e)          At
such time as all Accrued Stillwater Incentive Fees shall have been paid in full,
Net Proceeds shall be allocated and distributed, as follows:

     

    (i)           the
first eight percent (8%) of such Net Proceeds shall be distributed to the
Company or to any one or more of its Subsidiaries, as directed by the Board of
Directors of the Company, to be used as the Board of Directors of the Company
shall determine in the exercise of its sole discretion;

     

    (ii)          the
next twenty percent (20%) of such Net Proceeds shall be allocated and
distributed to the Company or any existing or newly created Subsidiary of the
Company to be used to purchase other assets, make acquisitions of assets or
business and for working capital, all as shall be determined by the Board of
Directors of the Company, in the exercise of its sole discretion;
and

     

    (iii)         subject
at all times to the provisions of Section 3(g) below, the remaining seventy-two
percent (72%) of such Net Proceeds shall be reinvested as shall be determined by
the Investment Manager and subject to the Investment Guidelines and the
reasonable approval of the Investment Committee.

    
      
         

      

      
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    (f)           In
the event and to the extent that the Investment Manager or Investment Committee
recommends that Net Proceeds should not be distributed as provided in this
Section 3, but rather should be deployed to maintain or secure the value of
existing
assets or investments of the Included Entities (as opposed to additional or
follow-on assets or investments), if and to the extent that,
notwithstanding such recommendation, the Company elects to take the distribution
of its allocable portion of such Net Proceeds, then and in such event, any
measurable losses incurred by the Included Entities resulting therefrom shall
not be included in either (i) reducing the Incentive Fee payable pursuant to
Section 8(b) of
this Agreement, or (ii) determining the Cumulative IRR referred to in Section 16 of this
Agreement.  Notwithstanding the foregoing, nothing contained herein or
elsewhere in this Agreement shall preclude the Company from demanding and
receiving its proportionate share of all Net Proceeds available for distribution
from Included Entities.

     

    (g)          Notwithstanding
anything to the contrary, express or implied, contained in this Agreement,
without the prior written consent or approval of the Company (which approval or
consent may be given or withheld at the sole discretion of the Company), no Net
Proceeds shall be allocated to or invested by the Investment Manager in any one
or more Included Entities that own Investment Account Assets which invest in
hedge funds or were former Stillwater Cayman Fund of Funds or Stillwater
Delaware Fund of Funds. It is the express mutual intention of the Company and
the Investment Manager that all available Net Proceeds will be allocated to
Included Entities that make asset backed or secured loan investments of a nature
similar to the investment activities formerly conducted by the Stillwater
Delaware Lending Funds and the Stillwater Cayman Lending Funds, or other forms
of secured loans included in the Investment Guidelines set forth
below.

     

    4.           Investment
Guidelines and Objectives.  The Investment
Manager shall cause the Included Entities and the Investment Account Assets to
be invested in accordance with the investment objectives of the Surviving
Entities or Buyers of the Stillwater Funds as described on Exhibit
A annexed hereto and made a part hereof (the “Investment
Guidelines”); provided,
that such Investment Guidelines may be modified, amended or restated in
accordance with and based upon the policies and guidelines that may be adopted
from time to time by the Investment Committee and the Board of Directors of the
Company.

     

    5.           Custody
of Assets.

     

    (a)          The
Investment Account Assets consisting of (i) loan participations and similar
instruments, (ii) interests in private investment funds and (iii) direct or
indirect real estate and related assets shall be held by the Investment Manager,
who shall serve as the custodian of such Investment Account Assets, in an
account determined by the Investment Manager and approved by the
Company.  Other types of Investment Account Assets, at the discretion
of the Company, will be held by one or more custodians and/or sub-custodians
appointed by the Company (the “Custodian”), in one
or more accounts (the “Investment Account”).
Subject at all times to its right to terminate the Appointment of the Investment
Manager hereunder, in whole or in part, the Company shall cause the Custodian to
accept instructions from the Investment Manager to execute transactions for the
Investment Account and to provide the Investment Manager and a representative
designated by the Company with daily and monthly reports concerning the status
of the Investment Account and such other information relating to the Investment
Account or the Investment Account Assets as the Investment Manager or the
Company may from time to time request.

     

    (b)          The
Company shall pay its share of all fees and expenses of the Custodian relating
to the Investment Account Assets.  All transactions will be
consummated by payment to or delivery by, the Custodian, of all cash or
securities due to or from the Investment Account.  The Investment
Manager shall at no time have custody or physical control of any of the
Investment Account Assets.  The Investment Manager shall instruct all
brokers or dealers executing orders on behalf of the Investment Account to
forward to the Custodian and the Company copies of all brokerage confirmations
promptly after execution of transactions.  Upon giving instructions to
the Custodian, the Investment Manager shall have no responsibility or liability
with respect to custodial arrangements or the acts, omissions or other conduct
of the Custodian.

    
      
         

      

      
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    6.           Authority
of the Investment Manager; Certain Limitations and Major
Decisions.

     

    (a)          Authority of Investment
Manager.  Subject at all times to the provisions of this
Agreement, the Investment Manager shall have sole, complete and full power and
authority to invest and reinvest all of the Investment Account Assets in such
securities or other instruments as the Investment Manager, in its sole and
absolute discretion, shall consider to be in the best interest of the Company,
provided such investments are consistent with the Investment Guidelines, as the
same may be amended, modified or restated as provided herein.  In
connection therewith, the Investment Manager shall have sole, complete and full
power and authority to: (i) issue orders for the Investment Account to a
broker-dealer or loan servicer; (ii) instruct the Custodian to exercise or
abstain from exercising any option, privilege or right held in the Investment
Account; (iii) monitor the correct collection of income on the Investment
Account by the Custodian; and (iv) take any other action with respect to
securities or other property in the Investment Account as needed to serve the
best interest of the Company and to adhere to the Investment
Guidelines.  The Investment Manager shall be free to sell securities
or other instruments in the Investment Account regardless of the length of time
they have been held.  The Investment Manager shall further be free to
make investment changes regardless of the resulting rate of portfolio turnover,
when it, in its sole discretion, shall determine that such changes will promote
the investment objective of the Investment Account.  The Investment
Manager shall be authorized to represent the Included Entities in all dealings
with loan servicers and originators in connection with loan investments and
related activities, as described in the Investment Guidelines.

     

    (b)          Investment
Committee.  From and after the Closing Date and for a period
through and including March 31, 2013, the Investment Manager shall establish a
three (3) Person investment committee, which shall provide general advice and
guidance to the Investment Manager in making investment decisions on behalf of
the Included Entities (the “Investment
Committee”).  Richard Rudy and Jack Doueck shall be two of the
members of the Investment Committee, and a Person designated by the Company
shall be the third member.  In the event of the death or other inability of
either Rudy or Doueck to serve on the Investment Committee, the Investment
Manager shall have the right to designate the replacement for such departing
member, provided that such replacement shall be approved by the Company, which
approval shall not be unreasonably withheld or delayed.

     

    (c)          Major
Decisions.  Notwithstanding anything to the contrary, express
or implied, any of the following actions or transaction (each a “Major Decision”)
shall not be consummated by the Investment Manager or any general partner of any
Included Entity which is Affiliated with the Investment Manager, by or on behalf
of any such Included Entity or any Investment Account Assets of such Included
Entity, unless and until the Investment Manager or such general partner receives
the affirmative vote or consent of either the Company or the Company’s designee
on the Investment Committee of the Investment Manager:

     

    (i)           any
change in control of the Investment Manager such that Richard Rudy and Jack
Doueck together, with their respective trusts, no longer control the Investment
Manager, except that changes made for estate planning purposes shall not violate
this provision;

     

    (ii)          any
material and unilateral amendment or modification to, or restatement of, this
Management Agreement or the Organizational Documents of the Included
Entities;

     

    (iii)         the
sale or issuance of any additional equity of in any of the Included Entities; it
being understood that, except as provided in Section 9(c) below, nothing shall
prevent the Investment Manager from raising assets for new or other Stillwater
products, projects, investment funds or ventures;

    
      
         

      

      
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    (iv)         the
incurrence of outstanding indebtedness by any one or more Included Entity in an
amount exceeding 50% of the Net Asset Value of such Included Entity at the time
of the inception of such leverage;

     

    (v)          the
acquisition by any Included Entity of the securities or assets of any other
Person outside of the ordinary course of business (excluding any acquisitions of
assets or securities permitted under the Investment Guidelines);

     

    (vi)         the
taking of any steps to wind-up, dissolve or terminate the existence of any of
the Included Entities still in existence, or the commencement of any voluntary
Insolvency Event in relation to any of such Included Entities or the Investment
Manager;

     

    (vii)        the
amalgamation, merger, reorganization or consolidation of any Included Entity or
the sale, lease, assignment, lending, giving, licensing, transfer or otherwise
disposing of all or substantially all of the assets of any Included Entity or
any Subsidiary thereof;

     

    (viii)       engaging
or terminating the services of the independent accountants engaged to prepare
financial statements for the Included Entities or audit the financial statements
of any of the Included Entities;

     

    (ix)          entering
into a transaction with a related party or a Subsidiary which results in a
personal benefit to the Investment Manager or any of its Affiliates and which is
not in the ordinary course of business of the Included Entity or specified in
this Agreement; or

     

    (x)           any
material increase (not in accordance with the terms herein) in the aggregate
compensation or other remuneration payable by any Included Entity to the
Investment Manager or any of its Affiliates, including any general partner of an
Included Entity.

     

    (d)          Work-Out
Advisor.  In the event that any asset backed loan shall in the
view of the Company representative on the Investment Committee of the Investment
Manager, have materially deteriorated in value or a material default by the
borrower which is not likely to be cured has occurred or is imminent (any such
loan, an “Impaired
Asset”), the Company shall have the right, but not the obligation, to
engage the services of a work-out specialist or advisor on behalf of the
relevant Included Entity; the costs and expenses of which Person(s) shall be
borne by the relevant Included Entity.  The engagement of such
work-out specialist or advisor shall be subject to the approval of the
Investment Manager; which approval shall not be unreasonably withheld or
delayed.  For so long as any such asset backed loan shall be
classified as an Impaired Asset, any loss or gain in respect of such loan shall
not be included in the Net Asset Value calculations for purposes of determining
the Incentive Fee payable to the Investment Manager under Section 8(b) below or
for purposes of determining the Cumulative IRR under Section 16
below.

     

    7.           Valuation
of Investment Account Assets.  The Investment Account Assets
and the Net Asset Values of the Included Entities shall be valued quarterly by a
recognized valuation professional or valuation firm (the “Asset Appraiser”),
and shall be valued on a quarterly basis as at the end of each calendar quarter
ending March 31st, June
30th,
September 30th, and
December 31st, or (if
the Company’s fiscal year end is other than December 31st) such
other fiscal quarter of the Company as shall be determined by the Board of
Directors of the Company (each, a “Fiscal Quarter”) in
accordance with the criteria set forth in Exhibit B hereto.  Such
valuations shall be used to deterrmine the Management Fee and Incentive Fee
payable to the Investment Manager pursuant to Section 8 hereof.  The
Cost of the Asset Appraiser shall be borne by the Company.

    
      
         

      

      
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    8.           Fees
Payable to Investment Manager.

     

    (a)          Management
Fee.  During the Term of this Agreement, the Company will cause
the Included Entities to pay the Investment Manager an annual fixed fee (the
“Management
Fee”) equal to one percent (1.0%) of the aggregate Net Asset Value of all
of the Included Entities, as shall be determined at the beginning of each Fiscal
Quarter by the Appraiser in accordance with the criteria set forth on Schedule B
annexed hereto or such other criteria as shall be acceptable to the Company (the
“Appraised
NAV”).  Such Management Fee shall be non-refundable and payable
quarterly not later than the beginning of the following  Fiscal
Quarter, at the rate of one quarter of one percent (0.25%) of the Appraised NAV
of the Included Entities for the immediately preceding Fiscal
Quarter.  The Investment Manager may, in its sole and absolute
discretion, waive or reduce its Management Fee.

     

    (b)          Incentive
Fee.

     

    (i)           Subject
to recovery of the Loss Carryforward amount pursuant to Section 8(b)(ii) below,
in consideration for its services the Investment Manager shall also receive an
incentive fee (the “Incentive Fee”) at
the close of each fiscal quarter equal to 20% of each Included Entity’s
quarterly New Appreciation (as defined below) as of the close of such quarter.
“Appreciation”
is the increase in the Net Asset Value of each Included Entity from the prior
quarter end.  For purposes of calculating the Incentive Fee,
Appreciation is reduced by all fees and expenses, including the Management Fee,
but not by the Incentive Fee. “New Appreciation” is
the amount of cumulative Appreciation in excess of the high water mark or Loss
Carryforward provision (as described in Section Section 8(b)(ii)
below).  All Incentive Fees paid to the Investment Manager are
non-refundable, notwithstanding any losses incurred in subsequent
periods.  The quarterly or other period of time over which Incentive
Fees are charged is referred to as the “Incentive Fee
Period.”  The Investment Manager shall waive any Incentive Fee
for the fiscal year ending December 31, 2010, and, accordingly, the first
Incentive Fee hereunder shall be payable to the Investment Manager as of March
31, 2011 with respect to any New Appreciation for the prior quarter ending on
such date.

     

    (ii)          In
any Incentive Fee Period in which an Included Entity has a decrease in Net Asset
Value, the Incentive Fee in the succeeding Incentive Fee Period(s) shall be
calculated on the net increase in Net Asset Value for such Included Entity for
each such succeeding Incentive Fee Period(s) reduced by an amount equal to the
decrease in Net Asset Value in the preceding Incentive Fee Period(s) for such
Included Entity (“Loss
Carryforward”) until the aggregate reductions equal the Loss Carryforward
amount.  In the event, however, that an Included Entity withdraws
Investment Account Assets at a time in which such Included Entity has a Loss
Carryforward, the amount of such Loss Carryforward at such withdrawal date
applicable to such Included Entity shall be reduced by a percentage equal to one
hundred percent (100%) multiplied by a fraction, the numerator of which is the
amount to be withdrawn by the Included Entity, and the denominator of which is
the Net Asset Value of such Included Entity immediately prior to the
withdrawal.  No Loss Carryforward amount shall accrue with respect to
the fiscal year ending December 31, 2010.

     

    (iii)         Notwithstanding
the foregoing structure for payment of Incentive Fees, upon request of the
Investment Manager, the Company and the Included Entities shall use their best
efforts to replicate the foregoing performance based compensation provisions in
any domestic Included Entity organized as a limited partnership or limited
liability company in the form of a net profit allocation to the Investment
Manager or its affiliate allocable by such fund in order to benefit from any
favorable tax treatment which may be afforded to the Investment Manager or its
affiliate as a result of such structure.  In the event of any such
replication, such performance based compensation shall be payable under the
relevant Included Entity governing documents and no Incentive Fee shall be
payable hereunder with respect to such Included Entity.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    9.           Other
Activities; Co-Investment Rights.

     

    (a)          Other Investment Management
Services.  Subject at all times to the provisions of Section
9(b) below and the performance of its duties and obligations under this
Agreement as well as the fiduciary obligations of the Investment Manager and its
Affiliates to the Company (in their capacities as Investment Manager and a
member of the Board of Directors of the Company), the Investment Manager and its
stockholders, officers, directors, affiliates, employees and agents may
originate or sponsor other investment funds (both domestic or foreign) or
investment accounts for others, provide advisory services to or manage such
investment funds or investment accounts and, except as set forth in Section 9(b)
below, nothing in this Agreement shall in any way be deemed to restrict the
right of the Investment Manager or such other persons to perform investment
management or other services for any other person or entity.  Except
as set forth in Section 9(b) below, nothing in this Agreement shall limit or
restrict the Investment Manager or its stockholders, officers, directors,
affiliates, employees or agents (or their family members) from buying, selling
or trading in any securities for its or their own account or the account of
others.

     

    (b)          Right to
Co-Invest.  Notwithstanding the provisions of Section 9(a)
above but subject to the Company’s compliance with its capital raising
undertaking set forth in Section 10 below, each of the Investment Manager and
its Affiliates who are party signatories to this Agreement do hereby covenant
and agree that, in the event and to the extent that either the Investment
Manager, or any of its Affiliates, including, Jack Doueck or Richard Rudy or any
of their Affiliates, shall establish, manage or operate any entity, fund,
investment program or other investment strategy (whether domestic or foreign)
that is engaged in (i) making asset backed loans of any type or description,
(ii) investing in or development of real estate or real estate assets, (iii)
investing in other hedge funds, or (iv) making any other investments expressly
included in the Investment Guidelines attached hereto (individually, a “Similar Entity” and
collectively, “Similar
Entities”), the Company shall have a right (the “Co-Investment Right”)
to invest in and own (directly or through any Affiliate) up to fifty-one percent
(51%) of the share capital or partnership interests in any such Similar Entity,
which investment(s) shall be on terms and conditions no less favorable to the
Company than the terms offered to any other Person investing in such Similar
Entity.  The Co-Investment Right shall be exercisable by the Company
on each date on which the Similar Entity is closing on the acceptance of new
subscriptions (in a minimum aggregate amount of $5 million or
more).  The Investment Manager shall notify the Company of such
investment opportunity (with appropriate detail) and the availability of the
Co-Investment Right, and the Company shall be obligated to decide whether or not
it shall exercise such Co-Investment Right (in whole or in part) within 30 days
after receiving such notice from the Investment Manager.  Assets
raised and invested pursuant to Section 10 may not be used by the Company in its
exercise of its Co-Investment Rights  under this Section
9(b).

     

    (c)          The
parties hereto acknowledge and agree that a violation of the covenant and
agreement would cause irreparable harm to the Company and its Subsidiaries,
including the Included Entities.  Accordingly, to the extent that any
such violation does not result from compliance with any legal or regulatory
requirements applicable to such Similar Entity, each of the parties hereto do
hereby agree that, in addition to any remedies available to them at law, the
Company or the affected Included Entity(s) may seek and obtain injunctive or
other equitable relief from any court of competent jurisdiction to prevent or
enjoin any actual or alleged violation of the covenants and agreement contained
in this Section 9(c).

     

    (d)          Notwithstanding
the foregoing, the parties agree that the Company’s right of co-investment set
forth in Section 9(b) above, shall not be
available to the Company if and at such time as the Company is unable to
directly or indirectly provide additional ABL Fund financing in the amounts and
at the time(s) contemplated by Section 10
below.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    10.         Additional
ABL Fund Financing.

     

    (a)          The
Company covenants and agrees that promptly following the closing of the
transactions contemplated by the Stillwater Purchase Agreements, pursuant to the
methods outlined in the Stillwater Agreement, the Company will undertake to
raise not less than $200.0 million over a period to two years (at the rate of
approximately $25.0 million per calendar quarter, commencing with the quarter
ending June 30, 2010) for investment in (i) Included Entities that make asset
backed or secured loan investments, (ii)  additional domestic or
offshore asset backed loan funds (“ABL Funds”) or (iii)
other investments to be managed by the Investment Manager as Included Entities
pursuant to the terms and conditions of this Agreement.  Unless the
Investment Manager directs otherwise, there will be at least a three-year lock
up period on the Company’s capital in such additional ABL Funds.

     

    (b)          Any
such additional entities deemed to be Included Entities pursuant to this Section
10 shall automatically be deemed to be parties to this Agreement and shall
execute such documentation as may be reasonably requested by the Investment
Manager.  In addition, any private investment funds referred to in the
letter agreement between the Investment Manager and the Company dated December
18, 2009 that were not included as Stillwater Funds in the Stillwater Purchase
Agreements and whose assets are subsequently acquired by the Company or its
Subsidiaries after the date hereof, shall also automatically be deemed to be
Included Entities and parties to this Agreement and shall execute such
documentation as may be reasonably requested by the Investment
Manager

     

    11.         Costs and
Expenses.

     

    (a)          In
consideration for the Management Fee and the Incentive Fee, the Investment
Manager shall be responsible for the payment of all of its own operating and
overhead type expenses which it incurs in connection with the provision of the
services described herein.  These expenses include all expenses
incurred by the Investment Manager in providing for its normal operating
overhead, including, but not limited to, the cost of providing relevant support
and administrative services (e.g., employee compensation and benefits, rent,
office equipment, insurance, utilities, telephone, secretarial and bookkeeping
services, etc.), but not including any Company operating expenses.

     

    (b)          The
Included Entities shall bear all costs and expenses incurred in connection with
effecting transactions involving Investment Account Assets.  In
particular, the Company and the Included Entities shall pay or reimburse the
Investment Manager for (i) all operating expenses of the Included Entities such
as Management Fees, tax preparation fees, governmental fees and taxes,
insurance, all fees and expenses associated with the Asset Appraiser, market
data services and communications systems, and ongoing custodial, legal,
accounting, auditing, bookkeeping, consulting and other professional fees and
expenses; (ii) research, due diligence and investment costs and expenses (e.g.,
expenses associated with making or maintaining any loan assets or with any
interests in real estate or other investment funds, as well as any expenses
related to brokerage commissions, short sales, and clearing and settlement
charges); (iii) all fees to protect or preserve any investment held by the
Included Entity or to enforce its rights under any loan or other asset, as
determined in good faith by the Investment Manager; and (iv) all fees and other
expenses incurred in connection with any litigation involving the Included
Entity and the amount of any judgments or settlements paid in connection
therewith.

     

    12.         Proxies.  The Investment
Manager shall not be required to take any action or render any advice with
respect to the voting of proxies solicited by or with respect to the issuers of
securities in which the Investment Account Assets may be invested from time to
time.  In the event that the Investment Manager receives any such
proxies, it shall promptly forward them to the Company for voting
purposes.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    13.         Company
Representations.  The Company
represents and warrants to the Investment Manager that (i) the Company has the
authority to appoint the Investment Manager to manage the Included Entities held
in the Investment Account, and (ii) the Company and the Included Entities have
received a copy of Part II of the Investment Manager’s Form ADV or another
document containing at least the information required by Part II of the
Adviser’s Form ADV at least forty-eight (48) hours prior to entering into this
Agreement or at the time this Agreement was executed.  If the Company
and the Included Entities have not received a copy of Part II of the Investment
Manager’s Form ADV at least forty eight (48) hours prior to executing this
Agreement, the Company and the Included Entities shall have five (5) days from
the time of executing this Agreement to terminate this Agreement without
penalty.

     

    14.         Exculpation
and Indemnification.

     

    (a)          Except
as otherwise provided in this Agreement, the Investment Manager shall not be
liable to the Company, any Included Entities or their shareholders for any
action or inaction in connection with the business of the Company or the
Included Entities unless such action or inaction is adjudged to constitute gross
negligence, willful malfeasance, willful misconduct or otherwise in violation of
the covenants and agreements of the Investment Manager and its Affiliates
contained herein.  It shall be conclusively presumed and established
that the Investment Manager acted in good faith and in accordance with this
Agreement if any action is taken, or not taken, by it on the advice of legal
counsel or other independent outside consultants or
agents.  Notwithstanding any other provision of this Agreement to the
contrary, the Company will indemnify and hold harmless the Investment Manager
and its stockholders, officers, directors, employees, agents and their
respective affiliates (collectively, “Indemnified Persons”) from and
against any loss or expense suffered or sustained by an Indemnified Person
resulting from the performance or non-performance of the Investment Manager’s
duties under this Agreement, including without limitation any judgment,
settlement, reasonable attorneys’ fees and other costs or expenses incurred in
connection with the defense of any actual or threatened action or proceeding,
provided that such indemnity will not extend to conduct by an Indemnified Person
that is adjudged to constitute gross negligence, willful malfeasance, willful
misconduct, or otherwise violate the covenants and agreements of the Investment
Manager and its Affiliates contained herein.

     

    (b)          The
Investment Manager shall be entitled to receive, upon application therefor,
advances from the Included Entities to cover the costs of defending any pending,
threatened or completed claim, action, suit or proceeding against it for Claims
in connection with which it would be entitled to indemnification under this
Section 14, provided, that such advances shall be repaid to the Included
Entities (with interest thereon at an annual rate equal to the Money Market Rate
(as defined below)) if the Investment Manager is found to be guilty of gross
negligence willful malfeasance, willful misconduct, or otherwise in violation of
the covenants and agreements of the Investment Manager and its Affiliates
contained herein, which precludes indemnification hereunder.  For the
purposes of this Section 14, “Money Market Rate”
shall mean a money market rate of interest as determined in good faith by the
Investment Manager from time to time by referencing recognized financial
publications like the Wall Street Journal or financial service providers like
Bloomberg or Reuters

     

    15.         Confidentiality.  The
Investment Manager and its stockholders, officers, directors, employees and
agents shall regard as confidential all information concerning the affairs of
the Company and the Included Entities, but shall be permitted to disclose to
third parties the fact that the Investment Manager is performing investment
management activities on behalf of the Included Entities.

     

    16.         Renewal
of Term.  On the date of each expiration of the Agreement,
commencing January 1, 2013, the Cumulative IRR shall be calculated as
follows:  The Cumulative IRR shall be the internal annual rate of
return calculated from December 31, 2009 to the date of expiration of this
Agreement, for all the Included Entities, based on the change in Appraised NAV
as at December 31, 2009, using such Appraised NAV as at December 31, 2009 as the
starting value, and the Audited Net Asset Value as at the relevant expiration
date as the ending value.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    This
Agreement shall be automatically renewed:

     

    (a)          for
a subsequent one-year period if the Cumulative IRR at the relevant expiration
date is equal to or greater than 7%;

     

    (b)          for
a subsequent two-year period if the Cumulative IRR at the relevant expiration
date is equal to or greater than 8%; and

     

    (c)          for
a subsequent three-year period if the Cumulative IRR at the relevant expiration
date is equal to or greater than 9%.

     

    17.         Termination
of Prior Agreements.  Stillwater acknowledges and agrees that,
as of the Effective Date, the terms and conditions of any and all prior
management, services or other similar agreements between Stillwater or any of
its affiliates, on the one hand, and any of the Stillwater Funds, on the other
hand (the “Prior
Management Agreements”), are hereby terminated and shall be of no further
force or effect.

     

    18.         Non-Assignment.  Except as
provided herein, neither the Investment Manager nor the Company shall assign
this Agreement or any of its rights or obligations hereunder without the prior
written consent of the other.  An assignment includes any direct or
indirect transfer or hypothecation of this Agreement by either the Investment
Manager or the Company; provided, that the Company shall have the absolute right
to assign this Agreement to any successor in interest to the Company or any
Included Entity, whether as a result of the sale of all or a majority of the
securities or assets of such Person or the merger, consolidation, tender offer,
or similar transaction involving the Company or such Included
Entity(s).

     

    19.         Entire
Agreement.  This Agreement
constitutes the entire agreement between the parties concerning the subject
matter hereof and supersedes all prior agreements and understandings, oral or
written, between them regarding such subject matter, including the Prior
Management Agreements.

     

    20.         Amendments
and Waivers.  This Agreement
may only be amended by a writing signed by both the Investment Manager and the
Company.  The Investment Manager and the Company may by written
consent waive, either prospectively or retrospectively, and either for a
specified period or indefinitely, the operation or effect of any provision of
this Agreement.  No waiver of any right by any party hereto shall be
construed as a waiver of the same or any other right at any other
time.

     

    21.         Notices. Except as otherwise
expressly provided in this Agreement, whenever any notice is required or
permitted to be given under any provision of this Agreement, such notice shall
be in writing, shall be signed by or on behalf of the party giving the notice
and shall be mailed by first class mail or sent by a professional recognized
courier service to the other party at the address set forth above or to such
other address as a party may from time to time specify to the other party by
such notice hereunder.  Any such notice shall be deemed duly given
when delivered at such address.

     

    22.         Governing
Law.  THE DOMESTIC LAW, WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES, OF THE STATE OF NEW YORK WILL GOVERN ALL QUESTIONS CONCERNING THE
CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS AGREEMENT AND THE PERFORMANCE
OF THE OBLIGATIONS IMPOSED BY THIS AGREEMENT.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    23.         Jurisdiction.  Each
of the parties submits to the exclusive jurisdiction of any state or federal
court sitting in New York, New York, in any action or proceeding arising out of
or relating to this Agreement and agrees that all claims in respect of the
action or proceeding may be heard and determined in any such court. Each party
also agrees not to bring any action or proceeding arising out of or relating to
this Agreement in any other court.  Each of the parties waives any
defense of inconvenient forum to the maintenance of any action or proceeding so
brought and waives any bond, surety or other security that might be required of
any other party with respect to any such action or proceeding.  The
parties agree that any of them may file a copy of this paragraph with any court
as written evidence of the knowing, voluntary and bargained agreement between
the parties irrevocably to waive any objections to venue or to convenience of
forum.  Nothing in this Section 22 will affect the right of any party
to serve legal process in any other manner permitted by law or in
equity.

     

    24.         Waiver of
Jury Trial.  EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES, AND THEREFORE IT IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT.  EACH PARTY CERTIFIES AND ACKNOWLEDGES
THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (III) IT MAKES SUCH WAIVER
VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION
23.

     

    25.         Construction.  The
parties and their respective counsel have participated jointly in the
negotiation and drafting of this Agreement.  In addition, each of the
parties acknowledges that it is sophisticated and has been advised by
experienced counsel and, to the extent it deemed necessary, other advisors in
connection with the negotiation and drafting of this Agreement.  In
the event an ambiguity or question of intent or interpretation arises, this
Agreement will be construed as if drafted jointly by the parties and no
presumption or burden of proof will arise favoring or disfavoring any party by
virtue of the authorship of any of the provisions of this
Agreement.  The parties intend that each representation, warranty and
agreement contained in this Agreement will have independent
significance.  If any party has breached any representation, warranty
or agreement in any respect, the fact that there exists another representation,
warranty or agreement relating to the same subject matter (regardless of the
relative levels of specificity) that the party has not breached will not detract
from or mitigate the fact that the party is in breach of the first
representation, warranty or agreement.  Any reference to any Law will
be deemed to refer to all rules and regulations promulgated thereunder, unless
the context requires otherwise.  The headings preceding the text of
articles and sections included in this Agreement and the headings to the
schedules and exhibits are for convenience only and are not be deemed part of
this Agreement or given effect in interpreting this
Agreement.  References to sections, articles, schedules or exhibits
are to the sections, articles, schedules and exhibits contained in, referred to
or attached to this Agreement, unless otherwise specified.  The word
“including” means “including without limitation.”  A statement that an
action has not occurred in the past means that it is also not presently
occurring. When any party may take any permissive action, including the granting
of a consent, the waiver of any provision of this Agreement or otherwise,
whether to take such action is in its sole and absolute
discretion.  The use of the masculine, feminine or neuter gender or
the singular or plural form of words will not limit any provisions of this
Agreement.  A statement that an item is listed, disclosed or described
means that it is correctly listed, disclosed or described, and a statement that
a copy of an item has been delivered means a true and correct copy of the item
has been delivered.

     

    26.         Counterparts.  This Agreement
may be executed in any number of counterparts which together shall constitute
one and the same instrument.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, each of
the parties has caused this Agreement to be executed on its behalf by its duly
authorized representative, as of the date first above written.

    

    
      
        
          
            
              
                
                  
                    	
                            GEROVA
      FINANCIAL GROUP, INC.

                          	 
      	
                            STILLWATER
      CAPITAL PARTNERS, INC.

                          
	 
      	 
      	 
      
	
                            By: 

                          	 
      	 
      	
                            By: 

                          	 
      
	 	
                            Name:    Marshall
      Manley,

                          	 
      	
                            Name:    Jack
      Doueck

                          
	 	
                            Title:      Chief
      Executive Officer

                          	 
      	
                            Title:      Principal

                          

                  

                

              

            

          

        

      

    

    

    
      
        
          
            
              
                
                  
                    	
                            STILLWATER
      ASSET BACKED HOLDINGS LP

                          	 
      	
                            STILLWATER
      ASSET BACKED

                          
	
                            Hirst
      Management LLC, General Partner

                          	 
      	
                            HOLDINGS,
      LTD.

                          
	 
      	 
      	 
      
	
                            By: 

                          	 
      	 
      	
                            By: 

                          	 
      
	
                            Gary
      T. Hirst Manager

                          	 
      	
                            Gary
      T. Hirst, President

                          
	 
      	 
      	 
      
	
                            STILLWATER
      MN HOLDINGS LP

                          	 
      	
                            STILLWATER
      MN HOLDINGS LTD

                          
	
                            Hirst
      Management LLC, General Partner

                          	 
      	 
      
	 
      	 
      	 
      
	
                            By:

                          	 
      	 
      	
                            By:

                          	 
      
	
                            Gary
      T. Hirst Manager

                          	 
      	
                            Gary
      T. Hirst, President

                          
	 
      	 
      	 
      
	
                            STILLWATER
      REAL ESTATE PARTNERS, LP

                          	 
      	
                            STILLWATER
      WBP VENTURE

                          
	 
      	 
      	
                            PARTNERS
      I, LP

                          
	
                            Hirst
      Management LLC, General Partner

                          	 
      	
                            Hirst
      Management LLC, General Partner

                          
	 
      	 
      	 
      
	
                            By:

                          	 
      	 
      	
                            By:

                          	 
      
	
                            Gary
      T. Hirst, Manager

                          	 
      	
                            Gary
      T. Hirst,
Manager

                          

                  

                

              

            

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    INVESTMENT
GUIDELINES

    

    Investment
Objective and Strategy

     

    The investment objective of the
Included Entities is to achieve advantageous and consistent rates of return by
investing in and funding a portfolio of mostly illiquid and privately offered
short and medium-term loans and other asset backed obligations (collectively,
“Loans”) for various types of borrowers (“Borrowers”), including but not limited
to:

     

    
      
        	
                 
      

              	
                l

              	
                loans
      secured by residential and commercial
  properties;

              

      

       

      
        	
                 
      

              	
                l

              	
                legal
      claims;

              

      

       

      
        	
                 
      

              	
                l

              	
                medical
      receivables;

              

      

       

      
        	
                 
      

              	
                l

              	
                commercial
      accounts receivable;

              

      

       

      
        	
                 
      

              	
                l

              	
                general
      commercial and corporate loans;

              

      

       

      
        	
                 
      

              	
                l

              	
                mezzanine
      corporate or real estate loans;

              

      

       

      
        	
                 
      

              	
                l

              	
                ownership
      of participations in loans and loan
portfolios;

              

      

       

      
        	
                 
      

              	
                l

              	
                non-performing
      debt;

              

      

       

      
        	
                 
      

              	
                l

              	
                energy
      receivables;

              

      

       

      
        	
                 
      

              	
                l

              	
                international
      trade receivables;

              

      

       

      
        	
                 
      

              	
                l

              	
                life
      insurance policies; and

              

      

       

      
        	
                 
      

              	
                l

              	
                other
      miscellaneous assets.

              

      

    

     

    The Investment Manager shall
determine what portion of an Included Entity’s investments shall be allocated to
each type of transaction.  The Loans will normally have maturities of
between ninety (90) and seven hundred and twenty (720) days on average (although
some Loans may be outside such range), and the majority of the instruments will
be collateralized by certain assets of Borrowers (“Collateral”).  The
size of an individual Loan generally ranges from $50,000 to $15,000,000 per Loan
(although some Loans may be outside such range).  In connection with
each Loan, the Included Entities will sometimes receive periodic interest
payments normally ranging from 8% to 18% per annum (although some Loans may be
outside such range).  Very often, interest income will be via accrual
rather than cash-pay.  The loans or participations may be purchased
using leverage (i.e., borrowed funds) available to the Included Entities, thus
increasing both net returns as well as risk.

     

    In addition to such Loans, the
Included Entities may invest in senior life insurance policies, or pools
thereof, to include policies acquired via loan foreclosure or
otherwise.

     

    There is no guaranty that any
Included Entity will achieve its objective, and investment results may vary
substantially over time and from period to period.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Sales of Loan
Participations

     

    With the consent of the Company, an
Included Entity may sell participation rights in the Loans to other entities,
including other Included Entities or other offshore investment funds managed or
advised by the Investment Manager and other affiliated entities.  Each
Included Entity intends to retain at least a 20% interest in all Loans it
originates (i.e., the Included Entity intends to limit its sales of
participation rights to no more than 80% of its interest in such
Loans).  Moreover, an Included Entity may charge a fee to purchasers
of Loan participations for the participations.

     

    In connection with any sales of Loan
participations to affiliates or other entities, an Included Entity may retain
responsibility for servicing and administration of the underlying
Loans.

     

    Use
of Loan Originators and Servicers

     

    In carrying out the Included
Entities’ investment strategy, the Investment Manager may seek out and utilize
third-party firms (“Servicers”) that specialize in Loan origination and
servicing.  The Investment Manager performs due diligence on each
Servicer in order to evaluate the firm’s experience and expertise in making
Loans that satisfy the investment criteria herein.  Generally, this
due diligence process will include, among other things, visiting the office and
interviewing key personnel, reviewing the origination process, evaluating the
firm’s appraisal process, evaluating past loans and performance, and reviewing
the back office functionality and documentation process.  Upon
completion and review of the due diligence process, those firms that meet the
Investment Manager’s criteria will be eligible to enter into Loan origination
and servicing agreements with the Included Entities.  Moreover, in
addition to or in lieu of using third party servicers, the Investment Manager
intends to seek out and hire in-house experts that specialize in Loan
origination and servicing.

     

    Agreements
with Servicers

     

    With the consent of the Company, the
Included Entities may, but are not required to, enter into Loan origination and
servicing agreements with Servicers.  If a Servicer is an affiliate of
the Investment Manager, with the consent of the Company, then the Investment
Manager and/or such affiliate may earn compensation for providing services to
the Included Entities.

     

    Other
Features of the Included Entities’ Investment Program

     

    Set forth below is certain additional
information on some other features of the Included Entities’ investment
program:

     

    Other
Investments.  The Investment Manager may also invest some of an
Included Entity’s assets in mutual funds, short-term United States Government
obligations, certificates of deposit, commercial paper and other money market
instruments, to enable the Included Entity to make investments quickly, for
liquidity purposes and/or to serve as collateral with respect to certain of its
investments.  From time to time, in the discretion of the Investment
Manager, the Included Entity’s cash balances may be placed in a money market
fund.

     

    Borrowing.  As
recited in the Investment Management Agreement, to the extent that leverage
exceeds the parameters outlined therein, with the consent of the Company, the
Included Entities may obtain a credit facility from a bank or other financial
institution in order to finance investments, for liquidity purposes or to pay
expenses in connection with the Investment Account Assets.  Each
Included Entity may secure the credit facility by pledging its
assets.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    EXHIBIT
B

    

    Valuation
of Included Entities and Investment Account Assets

    

    An Included Entity’s net asset value
(“Net Asset
Value”) is generally equal to the amount by which the value of the assets
of the Included Entity exceeds the amount of its liabilities.  Net Asset
Value determinations are made by the Asset Appraiser in accordance with U.S.
generally accepted accounting principles and in accordance with the following
criteria: 

    

    (a)       No
value will be assigned to goodwill;

    

    (b)      All
accrued debts and liabilities will be treated as liabilities, including but not
limited to, estimated expenses for accounting, legal, administrative and other
operating expenses (including the Management Fee and the Incentive Fee payable
to the Investment Manager) and such reserves for contingent liabilities of the
Included Entity, including estimated expenses, if any, in connection therewith,
as the Asset Appraiser shall determine;

    

    (c)      
Loans, loan participations and other similar assets owned by an Included Entity
will generally be carried at the high range of fair market value as determined
by the Asset Appraiser, and will be subject to an independent valuation review
as frequently as determined by the Asset Appraiser.  These independent
valuation reviews will provide the Included Entity with opinions on whether
specific pieces of collateral are in need of re-valuation.  The Asset
Appraiser, on the basis of this information, will determine whether a specific
loan or other asset needs to be re-priced;

    

    (d)     
In the case of investments in private investment funds or other vehicles which
are not readily marketable, in the absence of an independent fair market value
appraisal or audit, the net asset value calculation provided by the
administrators or managers of those underlying funds or vehicles will be used in
determining an Included Entity’s Net Asset Value.

    

    (e)       Securities
or commodities (which for valuation purposes hereunder may include weather
derivatives and other financial instruments trading on or off, as the case may
be, commodities exchanges) that are listed on a national securities or
commodities exchange, as the case may be, shall be valued at their last sales
prices on the date of determination on the largest securities or commodities
exchange (by trading volume in such security or commodity) on which such
securities or commodities shall have traded on such date, or if trading in such
securities or commodities on the largest securities or commodities exchange (by
trading volume in such security or commodity) on which such securities or
commodities shall have traded on such date was reported on the consolidated
tape, their last sales price on the consolidated tape (or, in the event that the
date of determination is not a date upon which a securities or commodities
exchange was open for trading, on the last prior date on which such securities
or commodities exchange was so open not more than 10 days prior to the date of
determination). If no such sales of such securities or commodities occurred on
either of the foregoing dates, such securities or commodities shall be valued at
the “bid” price for long positions and “asked” price for short positions on the
largest securities or commodities exchange (by trading volume in such security)
on which such securities or commodities are traded, on the date of
determination, or, if the “bid” price for long positions and “asked” price for
short positions in such securities or commodities on the largest securities or
commodities exchange (by trading volume in such security or commodity) on which
such securities or commodities shall have traded on such date were reported on
the consolidated tape, the “bid” price for long positions and “asked” price for
short positions on the consolidated tape (or, if the date of determination is
not a date upon which such securities or commodities exchange was open for
trading, on the last prior date on which such a securities or commodities
exchange was so open not more than 10 days prior to the date of
determination);

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    (f)      
Securities and commodities that are not listed on an exchange but are traded
over-the-counter shall be valued at representative “bid” quotations if held long
and representative “asked” quotations if held short;

    

    (g)     
For securities and commodities not listed on a securities or commodities
exchange or quoted on an over-the-counter market, but for which there are
available quotations, such valuation will be based upon quotations obtained from
market makers, dealers or pricing services;

    

    (h)   
  Options that are listed on a securities or commodities exchange shall be
valued at their last sales prices on the date of determination on the largest
securities or commodities exchange (by trading volume) on which such options
shall have traded on such date; provided, that, if the last sales prices of such
options do not fall between the last “bid” and “asked” prices for such options
on such date, then the Asset Appraiser shall value such options at the mean
between the last “bid” and “asked” prices for such options on such
date;

    

    (i)     
  Illiquid assets (including direct and indirect interests in real estate
and related assets) will be valued at the high range of fair market value (which
in most cases may be at cost if that is a fair approximation of value), as
determined by the Asset Appraiser (with appropriate input from the Investment
Manager);

    

    (j)      
 Preferred shares, preferred stock or other senior equity securities shall
be valued at 100% of their per share stated or liquidation value, with such
discounts from such stated or liquidation value as the Investment Manager or the
Company shall, in good faith determined from time to time;

    

    (k)     
 All other assets shall be valued at such value as the Asset Appraiser may
reasonably determine (with appropriate input from the Investment Manager);
and

    

    (l)      
 Securities and commodities not denominated in U.S. dollars shall be
translated into U.S. dollars at prevailing exchange rates as the Asset Appraiser
may reasonably determine.

    

    If the Asset Appraiser determines, in
its sole discretion, that the valuation of any asset, security or other
instrument pursuant to the foregoing does not fairly represent its market value,
the Asset Appraiser (with appropriate input from the Investment Manager and the
Company) shall value such security or other instrument as it reasonably
determines and shall set forth the basis of such valuation in writing to the
Investment Manager and the Company.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    EXHIBIT
C

    

    ACCRUED
STILLWATER FUND FEES

    

    The
following Stillwater Funds (to the extent they are or become Included Entities
under the Agreement) are estimated owe the following Accrued Stillwater Fund
Fees to the Investment Manager:

    

    
      
        
          
            	
                    The
      Stillwater Asset Backed Fund LP =

                  	 	$	250,000	 
	
                    The
      Stillwater Asset Backed Fund II, LP =

                  	 	 	425,000	 
	
                    The
      Stillwater Asset Backed Offshore Fund Ltd =

                  	 	 	16,000,000	 
	
                    Stillwater
      Market Neutral Fund LP =

                  	 	 	20,000	 
	
                    Stillwater
      Market Neutral Fund Ltd =

                  	 	 	1,400,000	 
	
                    Stillwater
      Market Neutral Fund III SPC =

                  	 	 	3,800,000	 
	
                    Stillwater
      Real Estate Partners =

                  	 	 	1,950,000	 
	
                    TOTAL

                  	 	$	23,845,000	 

          

        

      

    

     

    The
actual Accrued Stillwater Fund Fees shall be determined by reference to the
books and records of the relevant Included Entity.Unassociated Document

    ASSET
PURCHASE AGREEMENT

     

    THIS ASSET PURCHASE AGREEMENT
(“Agreement”)
is made and entered into as of the 31st day of
December 2009, by and among Asia Special Situation Acquisition
Corp., a Cayman Islands corporation (“ASSAC”); Amalphis Group Inc., a British
Virgin Islands corporation (“Amalphis”); Allied Provident Insurance Company
Ltd., a Barbados exempted insurance company (“Allied Provident”); WFM Holdings Ltd., a Cayman
Island exempted company (the “Buyer”); Weston Capital Asset Management
LLC, a Delaware limited liability company (“Weston” or the “Portfolio Manager”);
and Wimbledon Financing Master
Fund Ltd., a Cayman Island exempted company (“Wimbledon” or the
“Fund”).
Amalphis, Allied Provident and the Buyer are hereinafter sometimes collectively
referred to as the “Amalphis Parties.”
The Fund and Weston are hereinafter sometimes collectively referred to as the
“Wimbledon
Parties”.  ASSAC, the Amalphis Parties and the Wimbledon
Parties are hereinafter sometimes collectively referred to individually as a
“Party” and
collectively as the “Parties”).

     

    RECITALS

     

    WHEREAS, Amalphis owns 100% of
the issued and outstanding share capital of Allied Provident; and

     

    WHEREAS, the Buyer is a 100%
owned Subsidiary of Allied Provident that has been formed for the sole purpose
of acquiring the Acquired Assets and Liabilities of the Fund pursuant to this
Agreement; and

     

    WHEREAS, Weston is the
Portfolio Manager of the Fund; and

     

    WHEREAS, Weston and the board
of directors of the Fund desire to sell, transfer, convey and assign
(collectively “Transfer”) all of the
Acquired Assets (as hereinafter defined) of the Fund, subject to the Buyer’s
assumption of all of the Liabilities (as hereinafter defined) of the Fund,
solely in exchange for 106,000 Amalphis Series A Preferred Shares (the “Subject Shares”),
and

     

    WHEREAS, Amalphis desires that
the Buyer acquire all of the Acquired Assets of the Fund, subject to their
Liabilities, all upon the terms and subject to the conditions set forth in this
Agreement; and

     

    WHEREAS, prior to the Closing
of the transactions contemplated by this Agreement, the Fund desires to enter
into the Amalphis Exchange Agreement pursuant to which, on the Exchange
Agreement Closing Date, the Fund shall exchange all of the Subject Shares issued
to it pursuant to this Agreement for a like number of ASSAC Series A Preferred
Shares, and ASSAC desires to acquire all, and not less than all, of the Subject
Shares from the Fund; and

     

    WHEREAS, the Board of
Directors of each of ASSAC, the Buyer, Amalphis, Allied Provident  and
the Portfolio Manager, in its capacity as Portfolio Manager of the Fund, and the
board of directors of the Fund each believe that this Agreement, the Amalphis
Exchange Agreement and related transactions contemplated hereby and thereby are
in the best interests of the respective Parties and the Fund Shareholders, and
have each approved and adopted the form, terms and provisions of this Agreement;
and

     

    WHEREAS, ASSAC and its
Subsidiaries are consolidating certain insurance company and hedge funds assets,
as a result of which ASSAC shall acquire certain securities and assets of the
Stillwater Funds, the Acquired Assets (subject to assumption of the Liabilities)
of Wimbledon and the securities of other Persons, all in accordance with the
this Agreement, the Share Exchange Agreement and the Additional Acquisition
Agreements, as a result of which ASSAC and its consolidated direct and indirect
Subsidiaries shall own an aggregate of approximately $500.0 million or more of
“Net Asset Value” (as that term is defined in this Agreement and in the
Additional Acquisition Agreements).

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    NOW, THEREFORE, in
consideration of the mutual representations, warranties and agreements contained
in this Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties agree as
follows:

     

    ARTICLE I.  DEFINITIONS

     

    “Acquired
Assets”  means the Acquired Percentage of (i) all of the
securities and other investments of the Fund, (ii) all participating interests
(if any) in such securities or investments, and (iii) all other assets and
properties, real and personal, both tangible and intangible, of every kind and
description, that is owned, leased or otherwise used by the Fund, as the same
shall exist as at the Closing Date; a general description of which Acquired
Assets are set forth on Exhibit
C-1 annexed hereto and made a part hereof (the “Asset
Schedule”), but in no event shall it include
the name “Wimbledon". For the avoidance of doubt, if the Acquired Percentage is
less than 100%, then Acquired Assets shall mean the Acquired Percentage of
each investment and other asset owned by the Fund.

     

    "Acquired Percentage"
means 100%; provided, however, if any
investor in any of the feeder funds investing in the Fund objects to the
transactions contemplated by this Agreement prior to January 19, 2010 and such
investor's investment balance in one or both of such feeder funds aggregates an
amount that exceeds 10% of the total shareholder's equity of the Fund (each
such investor an "Objecting Investor"
and each Objecting Investor's indirect percentage ownership interest in the
shareholder's equity of the Fund, the "Objecting Investor's
Percentage"), then the term "Acquired Percentage" shall mean (i)
100%  less  (b) the sum of the
Objecting Investor's Percentage of each Objecting Investor.

    

    “Additional Acquisition
Agreements” means the various agreements and plan of merger, asset
purchase agreement and other agreements and instruments, all in form and content
satisfactory to Stillwater, ASSAC and the other Persons who are parties thereto,
pursuant to which, inter
alia, ASSAC or a Subsidiary of ASSAC shall acquire, in addition to its
acquisition of the Fund pursuant to this Agreement, any or all of: (a) the
Amalphis Exchange Shares pursuant to the Amalphis Exchange Agreement, (b) all or
substantially all of the equity and assets (subject to assumption of
liabilities) of all or certain of the Stillwater Funds pursuant to the
Stillwater Acquisition Agreements, (c) all or substantially all of the assets
(subject to assumption of liabilities) of the Wimbledon Real Estate Fund
pursuant to the Wimbledon Real Estate Fund Acquisition Agreement, and (d) all or
substantially all of the equity of Northstar pursuant to the Northstar Merger
Agreement.

     

    “Adjusted Purchase
Value” means 100% of the Appraised NAV of the Fund; provided, however, in
no event shall the Adjusted Purchase Value be less than
$85,000,000.

     

    “Affiliate” means any
one or more Person controlling, controlled by or under common control with any
other Person.

    

    “Agreement” has the
meaning set forth in the first paragraph of this Agreement.

     

    “Allied Provident”
shall mean Allied Provident Insurance Company, Ltd., a Barbados exempted
insurance company, and a wholly-owned subsidiary of Amalphis.

     

    “Amalphis” shall mean
Amalphis Group, Inc., a British Virgin Islands corporation.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    “Amalphis Exchange
Agreement” means the share exchange agreement, dated as December 31, 2009
among Amalphis, Rineon Group, Inc., a Nevada corporation (“Rineon”), NatProv
Holdings, Inc., a British Virgin Islands corporation (“NatProv”), ASSAC,
Wimbledon and the other parties signatory thereto, pursuant to which, inter
alia, in exchange for additional ASSAC Series A Preferred Shares, ASSAC
shall acquire, through its receipt of the Amalphis Exchange Shares, a
controlling interest in Amalphis and its consolidated Subsidiaries, including
without limitation, Allied Provident and the Buyer.

     

    “Amalphis Exchange
Shares” shall mean the collective reference to all of the issued and
outstanding shares of Amalphis Series A preferred stock that are issued pursuant
to (a) this Agreement, and (b) the Amalphis Exchange Agreement.

     

     “Ancillary Agreements”
means the Amalphis Series A Preferred Share Certificate of Designations, the
ASSAC Series A Preferred Share Certificate of Designations, the ASSAC Restated
Articles, the Asset Schedule, the Asset Transfer Instruments, the Liabilities
Schedule, the Liabilities Assumption Instruments, the Management Agreement and
the Registration Rights Agreement.

     

    “Appraised NAV” means
the Net Asset Value of the Fund as at December 31, 2009, as appraised pursuant
to the NAV Appraisal or such other evaluation method as shall be reasonably
satisfactory to the Fund and ASSAC.

     

     “ASSAC Articles” means
the Memorandum and Articles of Association of ASSAC, as at the date of this
Agreement.

     

    “ASSAC Executive
Shares” shall mean the 10,746,667 restricted ASSAC Ordinary Shares issued
to Marshall Manley (“Manley”) and his
Affiliates or associates (collectively, the “Manley Group”) in
consideration for the services performed for ASSAC prior to the Closing Date and
to be performed for the ASSAC Group following the Closing Date.

     

    “ASSAC Ordinary
Shares” means the collective reference to (a) the 50,000,000 ordinary
shares of ASSAC, $0.0001 par value, authorized for issuance pursuant to the
ASSAC Articles, and (b) the 250,000,000 ordinary shares of ASSAC, $0.0001 par
value, to be authorized for issuance pursuant to the ASSAC Restated
Articles.

     

    “ASSAC Preferred
Shares” means the collective reference to (a) the 1,000,000 preferred
shares of ASSAC, $0.0001 par value, authorized for issuance pursuant to the
ASSAC Articles, and (b) the 10,000,000 preferred shares of ASSAC, $0.0001 par
value, to be authorized for issuance pursuant to the ASSAC Restated
Articles.

     

    “ASSAC Proxy
Statement” means the proxy statement that is prepared by the Parties and
mailed to the holders of ASSAC Ordinary Shares prior to the date of the ASSAC
Shareholders Meeting.

     

    “ASSAC Restated
Articles” means the Amended and Restated Memorandum and Articles of
Association of ASSAC in the form of Exhibit
A annexed hereto and made a part hereof.

     

    “ASSAC Series A Preferred
Shares” means up to a maximum of 1,000,000 ASSAC Preferred Shares, to be
designated as ASSAC Series A Preferred Shares pursuant to the ASSAC Series A
Preferred Certificate of Designations and issued to the respective holders
pursuant to this Agreement and the Additional Acquisition Agreements; which
ASSAC Series A Preferred Shares shall, among other things:

     

    (a)           have
a par value of $0.0001 per share;

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (b)           have
a liquidation value and stated value of $1,000.00 per share;

     

    (c)           commencing
on the Conversion Date pay per share dividend, semi-annually at the rate of 5%
per annum, accruing from the issuance date thereof, on the Adjusted Purchase
Value, in the form of additional Conversion Shares;

     

    (d)           vote
on an “as converted” basis, together with the ASSAC Ordinary Shares, on all
matters requiring the approval or ratification of shareholders of ASSAC; provided
that, until converted into Conversion Shares, such ASSAC Series A
Preferred Shares shall, at each ordinary and extraordinary meeting of
shareholders of ASSAC held prior to such conversion of ASSAC Series A Preferred
Shares, or with respect to any transaction requiring approval of ASSAC
shareholders prior to such conversion of ASSAC Series A Preferred Shares, be
deemed to vote in favor of or be deemed to have consented to, all proposals that
are recommended for approval and adoption by shareholders of ASSAC by a majority
of the members of the board of directors of ASSAC;

     

    (e)           on
the Conversion Date, automatically
(and without any action on the part of the holder or ASSAC) commence to convert
into Conversion Shares at the Conversion Price then in effect, at the rate
(rounded off to the nearest full Conversion Shares) of one-sixth (or 16.66%) of
the total number of ASSAC Series A Preferred Shares held by each holder on the
last day of each month commencing July 31, 2010 so that all of the ASSAC Series
A Preferred Shares issued pursuant to the terms of this Agreement and the
Additional Acquisition Agreements will be fully converted into Conversion Shares
on December 31, 2010;

     

    (f)           provide
that each ASSAC Preferred Share issuable to the Fund Shareholders shall be
convertible at the Conversion Ratio applicable to such Fund; and

     

    (g)           contain
such other terms and conditions as shall be set forth in the ASSAC Series A
Preferred Certificate of Designations.

     

                “ASSAC Series A Preferred
Certificate of Designations” means the certificate of designation for the
issuance of the ASSAC Series A Preferred Shares, in the form of Exhibit
B annexed hereto and made a part hereof, or, if not permitted under
applicable law, the terms of which shall be included in the ASSAC Restated
Articles used for the same purpose.

     

    “ASSAC Shareholder
Approval” means the required affirmative consent, vote and ratification
at the ASSAC Shareholders Meeting by the holders of ASSAC Ordinary Shares (the
“ASSAC
Shareholders”) of (i) this Agreement, the Ancillary Agreements and the
transactions contemplated hereby and thereby, (ii) the increase in the
authorized share capital of ASSAC, (iii) adoption of the ASSAC Restated Articles
(iv) the consummation of ASSAC’s acquisition of Amalphis Exchange Shares and the
Stillwater Funds, all pursuant to terms and conditions of the Additional
Acquisition Agreements, (v) if applicable, the consummation of ASSAC’s
acquisition of Northstar, (vi) the change of the corporate name of ASSAC to
Gerova Financial Group,
Ltd., or such other name as shall be acceptable to ASSAC and the
Wimbledon Parties, and (viii) the other proposals set forth in the ASSAC Proxy
Statement.

     

    “ASSAC Shareholders
Meeting” means the meeting of the ASSAC Shareholders held on or before
January 19, 2010 in accordance with the ASSAC Proxy Statement.

     

     “Buyer” shall mean
WFM Fund Ltd., a Cayman
Island exempted company.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    “Consent” means any
authorization, consent, approval, filing, waiver, exemption or other action by
or notice to any Person.

     

    “Contract” means a
contract, agreement, lease, commitment or binding understanding, whether oral or
written, that is in effect as of the date of this Agreement or any time after
the date of this Agreement.

     

    “Consideration” means
the aggregate of  106,000 Amalphis Exchange
Shares that are to be issued to the Fund pursuant to this Agreement, and
exchanged on the Closing Date for 106,000 ASSAC Series A Preferred Shares
pursuant to the Amalphis Exchange Agreement.

     

     “Conversion Date”
shall mean July 31, 2010.

     

     “Conversion Price”
shall mean $7.50, as the same may from time to time be adjusted prior to the
Conversion Date pursuant to the ASSAC Series A Preferred Certificate of
Designations.

     

    “Conversion Ratio”
shall mean, as to the Fund, that ratio (expressed as “___:1”) of that number of
Conversion Shares into which one (1) full Series A ASSAC Preferred Share issued
to the Fund or the Fund Shareholders shall be converted; all as determined in
accordance with Section 2.7 of this Agreement.

     

     “Conversion Shares”
shall mean that number of Ordinary Shares of ASSAC issuable upon conversion of
the Series A Preferred Shares, as shall be calculated by dividing (i) the
Adjusted Purchase Value of the Fund, by (ii) the Conversion Price then in
effect.

     

     “Estimated NAV” means
the unaudited $106.0
million Net Asset Value of the Fund as at December 31, 2009, as estimated
in good faith by the Portfolio Manager, all in accordance with this
Agreement.

     

    “Encumbrance” means
any charge, claim, community property interest, easement, covenant, condition,
equitable interest, lien, option, pledge, security interest, right of first
refusal or restriction of any kind, including any restriction on use, voting,
transfer, receipt of income or exercise of any other attribute of
ownership.

     

    “Fund Shareholders”
shall mean each of the holders of record of the share capital of the
Fund.

     

    “Governmental
Authorization” means any approval, consent, license, permit, waiver,
registration or other authorization issued, granted, given, made available or
otherwise required by any Governmental Entity or pursuant to Law.

     

    “Governmental Entity”
means any federal, state, local, foreign, international or multinational entity
or authority exercising executive, legislative, judicial, regulatory,
administrative or taxing functions of or pertaining to government.

     

    “Governmental Order”
means any judgment, injunction, writ, order, ruling, award or decree by any
Governmental Entity or arbitrator.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    “Insolvency Event”
shall mean as to any of the Party or Parties, (a) such Party or Parties shall
make an assignment for the benefit of creditors; (b) if a receiver, liquidator
or trustee shall be appointed for such Party or Parties, (c) such Party or
Parties shall be adjudicated a bankrupt or insolvent, or if any petition for
bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or
any similar federal or state law, shall be filed by or against, consented to, or
acquiesced in by, such Party or Parties, or (d) if any proceeding for the
dissolution or liquidation of such Party or Parties shall be instituted;
provided, however, if such appointment, adjudication, petition or proceeding was
involuntary and not consented to by such Party or Parties, upon the same not
being discharged, stayed or dismissed within sixty (60) days.

     

    “Knowledge” means, (i)
with respect to the Wimbledon Parties, any fact or circumstance actually known
to any of Albert Hallac or Keith Wellner, (ii), with respect to the Amalphis
Parties, any fact or circumstance actually known to any member of the Board of
Directors of Amalphis or the executive officers or management of Amalphis or
which any of such Persons should have known after reasonable inquiry and (iii)
with respect to ASSAC, any fact or circumstance actually known to Gary T. Hirst,
the  President or Michael Hlavsa, the Chief Financial Officer,
respectively, of ASSAC.

     

    “Law” means any
constitution, law, ordinance, principle of common law, regulation, statute or
treaty of any Governmental Entity.

     

    “Liabilities” shall
mean and include all accounts payable, notes payable, Redemption Claims, accrued
expenses and other liabilities and obligations of the Fund and of the feeder
funds that invest in the Fund that in each case would be required to be set
forth on a balance sheet of a Person prepared in accordance with generally
accepted accounting principles (“GAAP”) or
International Financial Reporting Standards (“IFRS”), as
applicable, including any causes of action and contingencies, whether know or
unknown, as the same shall exist as at the Closing Date; a general description
of which Liabilities are set forth on Exhibit
C-2 annexed hereto and made a part hereof (the “Liabilities
Schedule”).

     

    “Litigation” means any
claim, action, arbitration, mediation, audit, hearing, investigation,
proceeding, litigation or suit (whether civil, criminal, administrative,
investigative or informal) commenced, brought, conducted or heard by or before,
or otherwise involving, any Governmental Entity or arbitrator or
mediator.

     

    “Management Agreement”
shall mean the management agreement between Weston, as Portfolio Manager, and
the Buyer, in the form of Exhibit
D annexed hereto and made a part hereof.

     

    “Material Adverse
Effect” shall mean (a) with respect to any of the Wimbledon Parties, any
event or condition that could reasonably be expected to have a material adverse
effect on the business, assets, results of operations, financial condition or
prospects of any of such Wimbledon Parties, and (b) with respect to any of the
Amalphis Parties or ASSAC, any event or condition that could reasonably be
expected to prevent or cause any of the Amalphis Parties or ASSAC to be unable
to consummate the transactions contemplated hereby or by the Amalphis Exchange
Agreement , pay the Consideration or otherwise perform its obligations under
this Agreement or the Amalphis Exchange Agreement.

     

    “NAV Appraisal” shall
mean the appraisal of the Net Asset Value of the Fund, to be prepared by
Houlihan Smith Inc. or other business appraisal firm (the “Asset Appraiser”) as
shall be reasonably acceptable to the Portfolio Manager and ASSAC in accordance
with recognized methods of valuing such assets and liabilities that are
reasonably acceptable to such Parties.

     

    “NAV Valuation
Methods” means the methods used in valuing the net asset value of the
Fund that are set forth on Schedule
A annexed hereto and made a part hereof, or such other valuation methods
as shall be reasonably satisfactory to ASSAC and the Fund.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    “Net Asset Value” or
“NAV” means, as
at December 31, 2009 (a) the value of all of the assets and investments of the
Fund as determined in accordance with the NAV Valuation
Methods,  less (b)
all liabilities and obligations of the Fund applicable to such assets and
investments, including without limitation, all accounts payable, accrued
expenses, notes payable and the aggregate amount of all outstanding Redemption
Claims.

     

    “Northstar” means
Northstar Group Holdings, Inc., a Bermuda corporation.

     

    “Northstar Merger
Agreement” means one of the Additional Acquisition Agreements pursuant to
which, inter alia, ASSAC shall acquire 100% of the share capital and capital
stock of Northstar.

     

    “Organizational
Documents” means (i) the memorandum and articles of association of a
company, (ii) the partnership agreement and any statement of partnership of a
general partnership, (iii) the limited partnership agreement and the certificate
of limited partnership of a limited partnership, (iv) the limited liability
company agreement and articles or certificate of formation of a limited
liability company, (v) any charter or similar document adopted or filed in
connection with the creation, formation or organization of a Person and (vi) any
amendment to any of the foregoing.

     

    “Person” means any
individual, corporation (including any non-profit corporation), general or
limited partnership, limited liability company, joint venture, estate, trust,
association, organization, labor union, Governmental Entity or other
entity.

     

    “Process Agent” has
the meaning set forth in Section 9.8.

     

    “Purchase Value” means
the 100% of the Estimated NAV of the Fund.

     

    “Redemption Claims”
means the outstanding amounts (whether payable in cash or in other property)
owed to the Fund Shareholders who have notified Wimbledon in writing, or may
prior to the Conversion Date notify Wimbledon in writing, in each case during a
period when redemptions from the Fund have not been suspended by the board of
directors of the Fund, that such Persons either (a) seek to withdraw their
capital from the Fund, or (b) are owed money in connection with the redemption
of their shares from the Fund.

     

    “Registration Rights
Agreement” means the agreement of ASSAC to register all of the Conversion
Shares issuable under the Amalphis Exchange Agreement and the Additional
Acquisition Agreements for resale under the Securities Act of 1933, as amended
(the “Securities
Act”), all in accordance with the terms and conditions set forth in Exhibit
E annexed hereto and made a part hereof.

     

    “Remedies Exception,”
when used with respect to any Person, means except to the extent enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other laws affecting the enforcement of creditors’ rights generally and by
general equitable principles.

     

    “Required Consents”
means all Consents required to consummate the transactions contemplated by this
Agreement, including without limitation, the ASSAC Shareholder
Approval.

     

    “Stillwater” means
Stillwater Capital Partners, Inc., a Delaware corporation.

     

    “Stillwater Acquisition
Agreements” means the two separate asset purchase agreements and four
separate agreements and plans of merger all dated as of December 31, 2009, among
the various Stillwater Funds, ASSAC, acquisition subsidiaries of ASSAC and
Stillwater or its Affiliate, pursuant to which, inter alia, it is contemplated
that on or before January 23, 2010, ASSAC or its Subsidiaries will acquire all
of the net assets, subject to all of the liabilities of such Stillwater Funds;
in each case in exchange for ASSAC Series A Preferred Shares, valued at the
Estimated NAV of each of the Stillwater Funds and subject to post-closing
adjustments based on the Adjusted NAV set forth in each such
agreement.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    “Stillwater Agreement”
means the letter agreement, dated December 14, 2009, between Stillwater, ASSAC
and certain other Persons and the attached Memorandum, in the form of Exhibit
F annexed hereto and made a part hereof.

     

    “Stillwater Funds”
shall mean those Delaware and Cayman Island limited partnerships and Cayman
Island companies, consisting of asset backed lending funds, real estate funds,
hedge funds and fund of funds that are managed by Stillwater or an Affiliate
thereof and listed in paragraphs (b), (c), (d) and (e) of Section 1.1 of the
Stillwater Agreement.

     

    “Subsidiary” means any
Person in which any ownership interest is owned, directly or indirectly, by
another Person.

     

    “Taxes” means all
taxes, charges, fees, levies or other assessments, including all net income,
gross income, gross receipts, sales, use, ad valorem, transfer, franchise,
profits, license, withholding, payroll, employment, social security,
unemployment, excise, estimated, severance, stamp, occupation, property or other
taxes, customs duties, fees, assessments or charges of any kind whatsoever,
including all interest and penalties thereon, and additions to tax or additional
amounts imposed by any Governmental Entity.

     

    “Wimbledon” or  the
“Fund” shall mean Wimbledon Financing Master Fund
Ltd., a Cayman Islands exempted company.

     

    “Wimbledon Real Estate
Fund” shall mean Wimbledon Real Estate Financing
Master Fund Ltd., a Cayman Islands exempted company.

     

    “Wimbledon Real Estate Fund
Acquisition Agreement” shall mean the agreement, dated as of the date
hereof, by and among ASSAC, Amalphis, Allied Provident, the Buyer, Weston and
the Wimbledon Real Estate Fund.

     

    “Wimbledon Funds”
shall mean the collective reference to the Fund and the Wimbledon Real Estate
Fund.

     

    Certain
terms not defined above are defined in the sections below.

     

    ARTICLE
II.

     

    ARTICLE
I.  PURCHASE AND SALE OF THE ASSETS; ASSUMPTION OF
LIABILITIES

     

    SECTION
2.1.           The Acquired
Assets.

     

    (a)           Upon
the terms and subject to the conditions set forth in this Agreement, on the
Closing Date, the Fund shall sell, transfer, convey and assign (collectively,
“Transfer”) to
the Buyer good and marketable title in and to all, and not less than all, of the
Acquired Assets of the Fund, as the same shall exist as at the Closing
Date.

     

    (b)           On
the Closing Date, the Fund shall execute and deliver to the Buyer one or more
bills of sale, assignments, stock powers and other documents and instruments as
shall be legally required, necessary or advisable to effect the Transfer of all
of the Acquired Assets (collectively, the “Acquired Assets Transfer
Instruments”).

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    SECTION
2.2.           Registration of Acquired
Assets. Subject to the provisions of this Agreement, as soon as
practicable on or after the Closing Date, the Parties shall cause to be filed
with any Governmental Authority in any jurisdiction, all necessary Transfer
instruments and other documents as shall be legally required, necessary or
advisable to register good and marketable title in and to the Acquired Assets to
and in the name of the Buyer.

     

    SECTION
2.3.           Assumption of
Liabilities.

     

    (a)           Upon
the terms and subject to the conditions set forth in this Agreement, on the
Closing Date, the Buyer shall assume all, and not less than all, of the
Liabilities of the Fund, as the same shall exist as at the Closing
Date.

     

    (b)           On
the Closing Date, the Buyer shall, and Allied Provident shall cause the Buyer
to, execute and deliver to the Fund one or more assumption agreements or other
undertakings, documents and instruments as shall be legally required, necessary
or advisable to effect the Transfer of all of the Liabilities to, and the
assumption of all of the Liabilities by, the Buyer (collectively, the “Liability Assumption
Instruments”).

     

    SECTION
2.4.           Management
Agreement.

     

    On the
Closing Date, the Buyer shall execute and deliver the Management Agreement to
the Portfolio Manager.

     

    SECTION
2.5.           Consideration; Escrow of
Closing Documents

     

    (a)           In
consideration for the Transfer of the Acquired Assets, and in addition to the
assumption of the Liabilities by the Buyer, on the Closing Date, Amalphis shall
deliver to the Fund, an aggregate of 106,000 Amalphis Exchange Shares,
representing 100% of $106,000,000  Purchase Value attributable to the
Fund as at December 31, 2009.

     

    (b)           The
Asset Transfer Instruments, the Liability Assumption Instruments, the
Consideration set forth in Section 2.5(a) above, and all of the other documents
and instruments to be delivered by the Wimbledon Parties, the Amalphis Parties
and ASSAC hereunder (collectively, the “Closing Documents”),
shall all be held in escrow by legal counsel to the Portfolio Manager and the
Fund (the “Escrow
Agent”) pending the Closing of the transactions contemplated by the
Amalphis Exchange Agreement (the “Exchange Agreement Closing
Date”), pursuant to which, inter
alia, in exchange for the aforesaid 106,000 Amalphis Exchange
Shares, the Fund shall receive, in exchange for such Amalphis Exchange Shares,
an aggregate of 106,000
ASSAC Series A Preferred Shares.  In the event and to the extent that,
for any reason or no reason, the transactions contemplated by the Amalphis
Exchange Agreement are not consummated by 5:00 p.m. (Eastern Standard Time) on
January 23, 2010 (the “Outside Closing
Date”), then and in such event, this Agreement and all of the
transactions contemplated hereby shall be rescinded and rendered null and void,
ab
initio, and all of the Closing Documents shall be returned to the
respective Party or Parties who delivered the same to such Escrow
Agent.  The escrow agreement among the Parties and the Escrow Agent
shall be prepared by and in form and content reasonably satisfactory to the
Escrow Agent.

     

    (c)           On
the Exchange Agreement Closing Date, in exchange for the delivery to the Buyer
and the Amalphis Parties of the Asset Transfer Instruments and other Closing
Documents deliverable to the Buyer and the Amalphis Parties, ASSAC shall deliver
to the Fund all, and not less than all, of the 106,000 ASSAC Series A Preferred
Shares.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    SECTION
2.6.           Adjusted Purchase Value; NAV
Appraisals.

     

    (a)           The
Wimbledon Parties hereby covenant and agree to use their commercially reasonable
efforts to cause the Asset Appraiser to deliver the NAV Appraisal on or before
June 30, 2010.  The calculations of the NAV Appraisal by the Asset
Appraiser shall be final and binding upon all Parties hereto.

     

    (b)           Upon
delivery of the NAV Appraisal, the Adjusted Purchase Value of the Fund shall be
determined.  As provided in the ASSAC Series A Preferred Certificate
of Designations, there shall be a post-Closing adjustment to the Conversion
Shares and the Conversion Ratio, as provided in Section 2.7 below.

     

    SECTION
2.7.           Conversion of ASSAC Series A
Preferred Shares.

     

               Upon
delivery of the NAV Appraisal, the number of Conversion Shares and the
Conversion Ratio shall be recalculated, as follows:

     

    (a)           the
aggregate
number of Conversion Shares that are issuable to the Fund or the Fund
Shareholders, as the case may be, upon automatic conversion of all ASSAC Series
A Preferred Shares previously issued to the Fund or the Fund Shareholders,
respectively, shall be automatically and without any further action adjusted and
determined by dividing (i) the Adjusted Purchase Value of the Fund, by (ii) the
Conversion Price then in effect;

     

    (b)           the
Conversion Ratio applicable to the Fund or the Fund Shareholders shall,
automatically and without any further action, be adjusted and determined by
dividing the (i) aggregate number of Conversion Shares applicable to the Fund,
as determined in accordance with Section 2.7(a) above, by (ii) the number of
ASSAC Series A Preferred Shares issued at Closing to the Fund or Fund
Shareholders; and

     

    (c)           the
number of Conversion Shares issuable to the Fund and if applicable, to each
individual Shareholder of the Fund, respectively, upon automatic conversion of
all ASSAC Series A Preferred Shares issued to the Fund or Fund Shareholder,
shall be shall be automatically and without any further action determined by
multiplying (i) the aggregate number of Series A Preferred Shares issued to the
Fund or Fund Shareholder, by (ii) the Conversion Ratio, as determined pursuant
to Section 2.7(b) above.

     

    For the
avoidance of doubt, if for example:

     

    (A)          The
Estimated NAV of the Fund at December 31, 2009 is $106.0 million, then 100% the
Purchase Value of the Fund payable to the Fund is $106.0 million.

    

    (B)           The
Fund shall receive at Closing 106,000 ASSAC Series A Preferred Shares, having a
total stated or liquidation value of $1,000 per share.

    

    (C)           Based
on the initial $7.50 per shares Conversion Price, the assumed number of
Conversion Shares at the Closing Date would be 14,133,333 ASSAC Ordinary Shares
($106.0 million divided by $7.50) and the assumed Conversion Ratio would be
133.333 ASSAC Ordinary Shares for each of the 106,000 ASSAC Preferred Shares, or
133.333:1.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (D)           If
the Appraised NAV based on the NAV Appraisal of the Fund reflects that the
Adjusted Purchase Value of the Fund as at December 31, 2009 was, in fact, only
$80.0 Million, then the Consideration that should have been payable to the Fund
or the Fund Shareholders at the Closing is only $85,000,000 and not
$106,000,000.

    

    (E)           The
actual number of Conversion Shares issuable to the Fund or the Fund Shareholders
is then automatically adjusted downwards to 11,333,333 ASSAC Ordinary Shares
($85.0 million divided by $7.50), and the adjusted Conversion Ratio applicable
to each full ASSAC Series A Preferred Share would be 106.918 ASSAC Ordinary
Shares for each of the 106,000 ASSAC Preferred Shares, or 106.918:1 (11,333,333
Conversion Shares divided by 106,000 ASSAC Series A Preferred
Shares).

    

               The
number of ASSAC Series A Preferred Shares always remains fixed but the
Conversion Shares and Conversion Ratio change based upon the Adjusted Purchase
Value of the Fund.  In addition, the 5% dividend on the ASSAC Series A
Preferred Shares will also be payable in additional ASSAC Ordinary Shares at the
Conversion Date and will reflect the Adjusted Purchase Values based upon the NAV
Appraisals. To avoid the issuance of fractional Ordinary Shares, all Conversion
Shares issuable pursuant to this Agreement shall be rounded up or down to the
nearest whole Ordinary Share.

    

    SECTION
2.8.           Delivery of Consideration
Certificates.

     

    (a)           On
the Closing Date, ASSAC shall deliver to the Fund, one (1) or more share
certificates evidencing the aggregate number of ASSAC Series A Preferred Shares
issuable to the Fund, registered in the name of “Wimbledon Financing Master Fund
Ltd.”. The Fund may, following the Closing, at its option, either cause ASSAC to
issue and thereafter distribute Series A Preferred Share certificates to the
individual Fund Shareholders, or hold such share certificates for the benefit of
the Fund Shareholders pending the automatic conversion of such ASSAC Series A
Preferred Shares into Conversion Shares as contemplated pursuant to this Article
II.

     

    (b)           Following
the Conversion Date, ASSAC shall either deliver physical stock certificates
evidencing the Conversion Shares registered in the name of the Fund or at the
request of the Fund, registered in the names of the Fund Shareholders or other
Persons or deliver such certificates in electronic format by DTC or other
method, all as requested by the Fund.

     

    ARTICLE
III.  CLOSING AND CLOSING
DATE

     

    SECTION
3.1.          Closing
Date.  The transactions contemplated by this Agreement shall be
consummated in escrow on or before January 19, 2010, following the
satisfaction or waiver of the conditions set forth in Article VII
hereof.  The closing of the transactions contemplated by this
Agreement (the “Closing”) will take place at the offices of Hodgson Russ LLP,
1540 Broadway, 24th floor, New York, New York, at 9:00 a.m. on January 23, 2010 (the “Closing
Date”) or at such other place and on such other date as may be mutually
agreed by the parties hereto, in which case Closing Date means the date so
agreed.  The Closing will be effective as of the close of business on
the Closing Date.  The Parties hereto acknowledge and
agree that time is of the essence.

     

    SECTION
3.2.           Deliveries.   Subject
to the conditions set forth in this Agreement, on the Closing Date:

     

    (a)           The
Amalphis Parties and ASSAC will deliver to the Wimbledon Parties:

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    (i)           evidence
of payment of the Consideration, consisting of the Amalphis Series A Preferred
Shares issued to the Fund;

     

    (ii)          a
duly executed copy of the Amalphis Exchange Agreement;

     

    (iii)         a
certificate of each of ASSAC and the Amalphis Parties dated the Closing Date
stating that the conditions set forth in SECTION 7.1 have been
satisfied;

     

    (iv)         the
text of the resolutions adopted by the boards of directors of the Amalphis
Parties and ASSAC authorizing the execution, delivery and performance of this
Agreement and the Ancillary Agreements, certified by an appropriate officer of
the Amalphis Parties and ASSAC;

     

    (v)         each
Ancillary Agreement to which the Amalphis Parties and/or ASSAC is a party, duly
executed by the Amalphis Parties or ASSAC, as applicable;

     

    (vi)        except
for the ASSAC Shareholder Approvals, all Required Consents, duly executed by all
appropriate parties;

     

    (vii)       all
Liability Assumption Instruments under and pursuant to Section 2.2(b) of this
Agreement;

     

    (viii)      confirmation
from legal counsel that the Restated ASSAC Articles has been filed with the
Registrar of Companies in the Cayman Islands; and

     

    (ix)         such
other certificates, documents and instruments that the Wimbledon Parties
reasonably request for the purpose of (A) evidencing the accuracy of the
Amalphis Parties’ and ASSAC’s representations and warranties, (B) evidencing the
performance and compliance by the Amalphis Parties and ASSAC with the agreements
contained in this Agreement, (C) evidencing the satisfaction of any condition
referred to in SECTION 7.1 or (D) otherwise facilitating the consummation of the
transactions contemplated by this Agreement.

     

    All
actions to be taken by the Amalphis Parties and ASSAC in connection with
consummation of the transactions contemplated by this Agreement and all
certificates, opinions, instruments and other documents required to effect the
transactions contemplated by this Agreement will be in form and substance
reasonably satisfactory to the Wimbledon Parties and their counsel.

     

    (b)           The
Wimbledon Parties will deliver to ASSAC:

     

    (i)           a
certificate of the Wimbledon Parties dated the Closing Date stating that the
conditions set forth in SECTION 7.2 have been satisfied;

     

    (ii)          the
text of the resolutions adopted by the board of directors of the Fund and by the
Portfolio Manager authorizing the execution, delivery and performance of this
Agreement and the Ancillary Agreements to which the Fund or the Portfolio
Manager is a party, as applicable, certified by an appropriate officer of the
Fund and the Investment Manger;

     

    (iii)         each
Ancillary Agreement to which any Wimbledon Party is a party, duly executed by
such Wimbledon Party;

     

    (iv)        all
Required Consents, duly executed by all appropriate parties;

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    (v)         all
Asset Transfer Instruments under and pursuant to Section 2.1(b) of this
Agreement; and

     

    (vi)        such
other certificates, documents and instruments that the Amalphis Parties
reasonably request for the purpose of (1) evidencing the accuracy of the
Wimbledon Parties’ representations and warranties, (2) evidencing the
performance and compliance by the Wimbledon Parties with the agreements
contained in this Agreement, (3) evidencing the satisfaction of any condition
referred to in SECTION 7.2 or (4) otherwise facilitating the consummation of the
transactions contemplated by this Agreement.

     

    All
actions to be taken by each of the Wimbledon Parties in connection with
consummation of the transactions contemplated by this Agreement and all
certificates, opinions, instruments and other documents required to effect the
transactions contemplated by this Agreement will be in form and substance
reasonably satisfactory to the Amalphis Parties, ASSAC and their
counsel.

     

    (c)           Simultaneous
Deliveries.        All items delivered
by the Parties at the Closing will be deemed to have been delivered
simultaneously, and no items will be deemed delivered or waived until all have
been delivered.

     

    ARTICLE
IV.

     

    ARTICLE
II.  REPRESENTATIONS AND WARRANTIES OF
THE AMALPHIS PARTIES
AND ASSAC

     

    Each of
the Amalphis Parties, jointly and severally, represent and warrant to the
Wimbledon Parties on behalf of themselves and Rineon Group, Inc., a Nevada
corporation (“Rineon”); and ASSAC
severally (not jointly and severally) represents to the Wimbledon Parties, that
as of the date of this Agreement and as of the Closing Date (as though made then
and as though the Closing Date were substituted for the date of this
Agreement).  For purposes of this Article IV, the term “Amalphis
Parties” shall include each of Rineon, Amalphis, Allied Provident and the
Buyer:

     

    SECTION
4.1.         Incorporation; Power and
Authority.  Each of the Amalphis Parties and ASSAC is duly
incorporated, validly existing and in good standing under the laws of their
respective jurisdictions.  Each of the Amalphis Parties and ASSAC has
all necessary power and authority to execute, deliver and perform this Agreement
and the Ancillary Agreements to which it will become a party.

     

    SECTION
4.2.          Valid and Binding
Agreements; Corporate Structure.

     

    (a)           The
execution, delivery and performance by each of the Amalphis Parties and ASSAC of
this Agreement and the Ancillary Agreements to which it will become a party have
been duly and validly authorized by all necessary corporate or equivalent
action.  This Agreement has been duly executed and delivered by each
of the Amalphis Parties and ASSAC and constitutes the valid and binding
obligation of the Amalphis Parties and ASSAC, enforceable against it in
accordance with its terms, subject to the Remedies Exception.  Each
Ancillary Agreement to which an Amalphis Party or ASSAC will become a party,
when executed and delivered by or on behalf of such Party, will constitute the
valid and binding obligation of such Amalphis Parties or ASSAC, as applicable,
enforceable against such Party in accordance with its terms, subject to the
Remedies Exception.

     

    (b)           The
Buyer is a wholly-owned Subsidiary of Allied Provident that has been formed
solely for the purpose of entering into this Agreement and consummating the
transactions contemplated by this Agreement.  Except for the
foregoing, the Buyer has no assets or liabilities and has conducted no business
and will conduct no business prior to the Closing Date.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    (c)           Allied
Provident is a wholly-owned Subsidiary of Amalphis.

     

    (d)           Amalphis
is a holding company formed solely for the purpose of owning 100% of the share
capital of Allied Provident.  Except for the foregoing, Amalphis has
no assets or liabilities and has conducted no business and will conduct no
business prior to the Closing Date.

     

    (e)           Amalphis
is classified as a special purpose entity and is consolidated with Rineon for
financial reporting purposes.  Rineon currently owns 36,000 Amalphis
Series A Preferred Shares, constituting 100% of the issued and outstanding
Amalphis Preferred Shares. 100% of the Amalphis Ordinary Shares are owned of
record by NatProv Holdings,
Inc. (“NatProv”).

     

    SECTION
4.3.           SEC
Filings.

     

    (a)           ASSAC
is a “foreign private issuer” (as such term is defined in Rule 3b-4 promulgated
under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)).  Rineon also files periodic reports under the Exchange
Act.   Each of ASSAC and Rineon and has timely filed and is
current in its filing of all periodic and other reports, schedules, statements
and other documents (collectively, the “SEC Reports”) it is
required to file with the Exchange Commission (“SEC”) under the
Securities Act and the Exchange Act.   None of the SEC Reports
filed by ASSAC or Rineon are currently being reviewed by the SEC and neither
ASSAC nor Rineon has received any letter of comments from the SEC that it has
not, as yet, fully responded to.

     

    (b)           Each
of the SEC Reports was prepared and complied in all material respects with the
applicable requirements of the Securities Act, the Exchange Act, the
Sarbanes-Oxley Act of 2002, as amended, and any other Law applicable to the SEC
Reports as in effect at the time it was filed or furnished (or, in the case of
any registration statement or proxy statement, on the date of effectiveness or
the date of mailing, respectively, and in the case of any SEC Report amended or
superseded by a filing prior to the date of this Agreement, then on the date of
such amending or superseding filings).  As of their respective dated
of filing, effectiveness or mailing, as applicable (or, if amended or
supplemented, as of the dates of such amendments or supplements) the SEC Reports
did not contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
made therein, in light of the circumstances in which they were made, not
misleading.

     

    (c)           Each
of ASSAC and Rineon has been and is in compliance with the applicable listing,
corporate governance and other applicable rules and regulations of the American
Stock Exchange, Inc.

     

    (d)           Each
of ASSAC and Rineon has established and maintains disclosure controls and
procedures required by Exchange Act Rules 13a-14 and 15d-14.  Such
disclosure controls and procedures are adequate and effective to ensure that
information required to be disclosed by ASSAC and Rineon is recorded and
reported on a timely basis to its chief executive officer and chief financial
officer by others within those entities.

     

    (e)           Each
of the consolidated financial statements of ASSAC and Rineon contained in the
SEC Reports (the “Financial
Statements”), together with the related schedules and notes thereto,
complied as to form in all material respects, as of the date of filing with the
SEC, with applicable accounting requirements and the published rules and
regulations of the SEC with respect thereto, and fairly presents, in all
material respects, the financial position of ASSAC or Rineon, as applicable, as
of the dates indicated and the statement of operations and stockholders’ equity
and cash flows of ASSAC or Rineon for the periods then ended.  The
Financial Statements have been prepared in accordance with GAAP, applied on a
consistent basis throughout the periods involved (except, in the case of
unaudited quarterly financial statements, subject to normal year-end adjustments
consistent with GAAP).

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    (f)           The
ASSAC Ordinary Shares are registered pursuant to Section 12(g) of the Exchange
Act and no action has been taken or, to the Knowledge of the ASSAC Parties, is
contemplated, and no proceeding is pending or has been threatened that would
result in the suspension, cancellation or termination of such
registration.

     

    SECTION
4.4.          No Breach;
Consents.  The execution, delivery and performance by the
Amalphis Parties and ASSAC of this Agreement and the Ancillary Agreements to
which either or both of the Amalphis Parties will become a party will not (a)
contravene any provision of the Organizational Documents, if any, of ASSAC or
the Amalphis Parties or the ASSAC Registration Statement on Form S-1
(Registration No. 333-145163) declared effective by the SEC on January 16, 2008
(the “Registration
Statement”) or the definitive prospectus included therein; (b) violate or
conflict with any Law, Governmental Order, Governmental Authorization or the
rules and regulations of the American Stock Exchange; (c) conflict with, result
in any breach of any of the provisions of, constitute a default (or any event
that would, with the passage of time or the giving of notice or both, constitute
a default) under, result in a violation of, increase the burdens under, result
in the termination, amendment, suspension, modification, abandonment or
acceleration of payment (or any right to terminate) under any agreement etc.
[language dropped] require a Consent, including any Consent under any Contract
or Governmental Authorization that is either binding upon or enforceable against
the Amalphis Parties or ASSAC or any Governmental Authorization that is held by
the Amalphis Parties or ASSAC; (d) require any Governmental Authorization; (e)
give any Governmental Entity or other Person the right to challenge any of the
contemplated transactions or to exercise any remedy or obtain any relief under
any Law, Governmental Order or Governmental Authorization; (f) cause the
Wimbledon Parties to become subject to, or to become liable for the payment of,
any Tax; or (g) result on the creation or imposition of any
Encumbrance.

     

    SECTION
4.5.          ASSAC Shareholder
Approvals.   The Amalphis Parties and ASSAC shall use
commercially reasonable efforts to obtain all Required Consents and the ASSAC
Shareholder Approval required pursuant to this Agreement.

     

    SECTION
4.6.          Brokerage.  Except
as set forth on Schedule 4.6 hereto,
none of the Amalphis Parties or ASSAC is required to pay any finders fee or
other brokerage commissions in connection with the transactions contemplated by
this Agreement and the Ancillary Agreements.

     

    SECTION
4.7           Capitalization.  ASSAC
is duly authorized to issue the ASSAC Ordinary Shares and the ASSAC Preferred
Shares pursuant to its Organizational Documents.  As at September 30,
2009, (a) an aggregate of 14,000,000 Ordinary Shares were issued and
outstanding, (b) no Preferred Shares were issued and outstanding, and (c)
warrants to issue an aggregate of 18,000,000 Ordinary Shares, at exercise prices
of $7.50 per share (of which warrants to issue 5,725,000 Ordinary Shares have
“cashless exercise” provisions) were issued and
outstanding.   Since September 30, 2009, ASSAC sold and issued
the ASSAC Executive Shares.

     

    SECTION
4.8            Boards of Directors
Authorization.

     

    (a)           The
board of directors of ASSAC has duly authorized the issuance of the 106,000 ASSAC Series A
Preferred Shares and Conversion Shares pursuant to the Amalphis Exchange
Agreement, subject at all times to ASSAC obtaining the ASSAC Shareholder
Approval required thereby.

     

    
      
         

      

      
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    (b)           The
board of directors of Amalphis has duly authorized the issuance of the Amalphis
Series A Preferred Shares constituting the 106,000 Amalphis Exchange
Shares to be issued to the Fund pursuant to this Agreement

     

    SECTION
4.7.           No Material Adverse
Changes.  Since September 30, 2009 there has not
been:

     

    (a)           any
material adverse change in the financial position of ASSAC or the Amalphis
Parties, except changes arising in the ordinary course of business, which
changes will in no event materially and adversely affect the financial position
of ASSAC or the Amalphis Parties;

     

    (b)           any
damage, destruction or loss materially affecting the assets, prospective
business, operations or condition (financial or otherwise) of ASSAC or the
Amalphis Parties whether or not covered by insurance;

     

    (c)           any
declaration, setting aside or payment of any dividend or distribution with
respect to any redemption or repurchase of the capital stock of ASSAC or the
Amalphis Parties;

     

    (d)           any
sale of an asset (other than in the ordinary course of business) or any mortgage
or pledge by ASSAC or the Amalphis Parties of any of its properties or assets;
or

     

    (e)           any
adoption by ASSAC or the Amalphis Parties of a pension, profit sharing,
retirement, stock bonus, stock option or similar plan or
arrangement.

     

    SECTION
4.8.          Taxes.  Each
of the Amalphis Parties and ASSAC timely filed, or has caused to be timely filed
on its behalf, all applicable tax returns required to be filed by it, and all
such tax returns are true, complete and accurate, except to the extent any
failure to file or any inaccuracies in any filed tax returns, individually or in
the aggregate, have not had and would not reasonably be expected to have a
Material Adverse Effect on the Amalphis Parties or ASSAC.  All Taxes
shown to be due on such tax returns, or otherwise owed, has been timely paid,
except to the extent that any failure to pay, individually or in the aggregate,
has not had and would not reasonably be expected to have a Material Adverse
Effect on  the Amalphis Parties or ASSAC.

     

    SECTION
4.9.          Compliance with
Laws.  Each of the Amalphis Parties and ASSAC has complied with
all requirements of Law applicable to it or its business which, if not complied
with, would have a Material Adverse Effect on it or them.

     

    SECTION
4.10.         No
Breach.  The execution, delivery and performance of this
Agreement and the Ancillary Agreements and the consummation of the transactions
contemplated hereby and thereby will not:

     

    (a)           violate
any provision of the Organizational Documents of the Amalphis Parties or
ASSAC;

     

    (b)           violate,
conflict with or result in the breach of any of the terms of, result in a
material modification of, otherwise give any other contracting party the right
to terminate, or constitute (or with notice or lapse of time, or both
constitute) a default under any Contract to which the Amalphis Parties or ASSAC
is a party or by or to which it or any of its assets or properties may be bound
or subject or result in the creation of any Encumbrance (other than Permitted
Encumbrances [Not Defined]) on the assets or properties of the Amalphis Parties
or ASSAC; or

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    (c)           violate
any requirements of Law against, or binding upon, the Amalphis Parties or ASSAC
or upon the properties or business of  the Amalphis Parties or ASSAC or
applicable to the transactions contemplated herein.

     

    SECTION
4.11.         Actions and
Proceedings.   Except as set forth in the SEC Reports, the
Amalphis Parties or ASSAC is not a party to any pending litigation or, to its
Knowledge, any governmental investigation or proceeding not reflected in the
Amalphis Parties or ASSAC Financial Statements, and to the Knowledge of the
Amalphis Parties or ASSAC, no material litigation, claims, assessments or
non-governmental proceedings is threatened against it.

     

    SECTION
4.12.         Material
Contracts.          This
Agreement, the Additional Acquisition Agreements, the Ancillary Agreements, the
exhibits filed with the Registration Statement (the original filing and all
amendments thereto) and with the SEC Reports include all material contracts to
which ASSAC is currently a party (collectively, the “ASSAC
Contracts”).  Each such ASSAC Contract: (a) is a valid and
binding agreement, (b) is in full force and effect, and (c) neither ASSAC nor,
to the Knowledge of ASSAC, any other party thereto is in breach or default
(whether with or without the passage of time or the giving of notice or both)
under the terms of any such Contract would have a Material Adverse Effect on
ASSAC or its assets and properties. ASSAC has not assigned, delegated, or
otherwise transferred any of their rights or obligations with respect to any
such ASSAC Contracts, or granted any power of attorney with respect thereto.
ASSAC has given or otherwise made available to the Wimbledon Parties a true and
correct fully executed copy of each material ASSAC Contract.

     

    SECTION
4.13.        Affiliated
Transactions.         Except
as set forth in the ASSAC Contracts or disclosed in the Registration Statement
or SEC Reports, there does not exist any transaction between ASSAC or any
officer, director, shareholder or other Affiliate of ASSAC.

     

    SECTION
4.14.         Trust
Account.      ASSAC currently maintains the
sum of $115.0 Million in the Trust Account.

     

    ARTICLE
V.

     

    ARTICLE
III.  REPRESENTATIONS AND WARRANTIES OF
THE WIMBLEDON PARTIES

     

    Each
Wimbledon Party, severally with respect to itself only, represents and warrants
to the Amalphis Parties and ASSAC that as of the date of this Agreement and as
of the Closing Date (as though made then and as though the Closing Date were
substituted for the date of this Agreement):

     

    SECTION
5.1.           Incorporation; Power and
Authority.

     

    (a)           Wimbledon
is a company duly incorporated, validly existing and in good standing under the
Laws of the Cayman Islands, with all necessary power and authority to execute,
deliver and perform this Agreement and the Ancillary Agreements to which it will
become a party.

     

    (b)           The
Portfolio Manager is a limited liability company duly organized, validly
existing and in good standing under the Laws of the State of Delaware, with all
necessary power and authority to execute, deliver and perform this Agreement and
the Ancillary Agreements to which it will become a party.

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    SECTION
5.2.           Valid and Binding
Agreement.

     

    (a)           The
execution, delivery and performance by such Wimbledon Party of this Agreement
and the Ancillary Agreements to which it will become a party have been duly and
validly authorized by all necessary corporate or company action, as applicable,
of such Wimbledon Party.

     

    (b)           This
Agreement has been duly executed and delivered by such Wimbledon Party and
constitutes the valid and binding obligation of such Wimbledon Party,
enforceable against it in accordance with its terms, subject to the Remedies
Exception.  Each Ancillary Agreement to which any such Wimbledon Party
will become a party, when executed and delivered by such party, will constitute
the valid and binding obligation of such party, enforceable against it in
accordance with its terms, subject to the Remedies Exception.

     

    SECTION
5.3.           No Breach;
Consents.  The execution, delivery and performance by such
Wimbledon Party of this Agreement and of the Ancillary Agreements to which such
Wimbledon Party will become a party will not (a) to the extent applicable,
contravene any provision of the Organizational Documents of such Wimbledon
Party; (b) violate or conflict with any Law, Governmental Order or Governmental
Authority; (c) except with respect to the Fund’s indebtedness of approximately
$5.0 million owed to Fortis Prime Fund Solutions Bank (Ireland) Ltd. or its
Affiliates (collectively, “Fortis”) or with
respect to consents of the hedge fund issuers of shares or interests that
constitute Acquired Assets being acquired hereby, all as set forth on Schedule 5.3,
conflict with, result in any breach of any of the provisions of, constitute a
default (or any event that would, with the passage of time or the giving of
notice or both, constitute a default) under, result in a violation of, increase
the burdens under, result in the termination, amendment, suspension,
modification, abandonment or acceleration of payment (or any right to terminate)
under any material contract or other agreement to which such Wimbledon Party is
a party or by or to which it or any of its assets or properties may be bound;
(d) as set forth on Schedule 5.3, require
a Consent, including any Consent under any Contract or Governmental
Authorization that is either binding upon or enforceable against such Wimbledon
Party; or (e) require any Governmental Authorization.

     

    SECTION
5.4.           Financial Statements, Books
and Records.

     

    (a)           Schedule 5.4 consists
of (i) the audited financial statements (balance sheet, income statement,
statements of cash flows and owners equity and notes thereto) of the Fund as of
December 31, 2006 and December 31, 2007 and for the fiscal year then ended (the
“2006 and 2007
Financial Statements”), (ii) the unaudited financial statements (balance
sheet, income statement, statements of cash flows and owners equity and notes
thereto) of the Fund as of December 31, 2008 and for the fiscal year then ended
(the “2008 Financial
Statements”), and (iii) the unaudited combined balance sheet and
statement of income of the Fund for the comparative fiscal quarters ended
September 30, 2009 and September 30, 2008 (the “Interim Financial
Statements” and with the 2006 and 2007 Financial Statements and the 2008
Financial Statements, collectively, the “Financial
Statements”); in each case as reviewed (but not audited) by an accounting
firm (the “Wimbledon
Accountants”) that is certified by the Public Company Accounting
Oversight Board (“PCAOB”).

     

    (b)           The
Wimbledon Parties have delivered to ASSAC the audit of the 2008 Financial
Statements accompanied by the audit opinion of the Wimbledon
Accountants.

     

    (c)           On
or before March 31, 2010, the Wimbledon Parties will have delivered to ASSAC a
letter from the Wimbledon Accountants (the “Accountants Letter”),
to the effect that the audited financial statements (balance sheet, income
statement, statements of cash flows and owners equity and notes thereto) of the
Fund as of December 31, 2009 and the fiscal year then ended (the “2009 Financial
Statements”) can be audited by such Wimbledon Accountants.  In addition, the
Wimbledon Parties have issued to the Wimbledon Accountants a direction to
complete the audit of the aforesaid 2009 Financial Statements.

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    (d)           The
Financial Statements fairly represent the financial position of the Fund as at
such dates and the results of their operations for the periods then
ended.  The Financial Statements were prepared in accordance with GAAP
or IFRS applied on a consistent basis with prior periods except as otherwise
stated therein and, in the case of the Interim Financial Statements, subject to
normal year-end adjustments.

     

    (e)           All
accounts, books and ledgers of the Fund have been properly and accurately kept
and completed in all material respects on a basis consistent with those of
preceding accounting periods, and there are no material inaccuracies or
discrepancies of any kind contained or reflected therein.  The books
and records fairly and correctly set out and disclose, in all material respects,
the current financial position and condition of the Fund. All financial
transactions involving the Fund have been accurately recorded in the books and
records and all such transactions represent actual, bona fide
transactions.

     

    (f)           
As at September 30, 2009, the Estimated NAV of the Fund is $106,000,000. To the
Knowledge of the Portfolio Manager and the Fund as at December 31, 2009, the
Estimated NAV of the Fund is expected to be approximately $
106,000,000.

     

    SECTION
5.5.           The Acquired Assets;
Subsidiaries.

     

    (a)           The
Acquired Assets being Transferred to the Buyer by the Fund represent all, and
not less than all, of the Acquired Assets owned, leased or otherwise such by the
Fund.

     

    (b)           The
Wimbledon Parties do not have any Subsidiaries [to be confirmed] and, except for
the Acquired Assets, do not own of record or beneficially, directly or
indirectly, (i) any shares of capital stock or securities convertible into
capital stock of any other corporation or (ii) any participating interest in any
partnership, joint venture, limited liability company or other non-corporate
business enterprise and does not control, directly or indirectly, any other
Person.

     

    SECTION
5.6.           No Material Adverse
Changes.  Except as otherwise described on Schedule 5.5 hereto,
since the date of the most recent Financial Statements, there has not
been:

     

    (i)        any
material adverse change in the financial position of the Fund, except changes
arising in the ordinary course of business, which changes will in no event
materially and adversely affect the financial position of the Wimbledon
Parties;

     

    (ii)       any
damage, destruction or loss materially affecting the assets, prospective
business, operations or condition (financial or otherwise) of the Fund whether
or not covered by insurance;

     

    (iii)     any
declaration, setting aside or payment of any dividend or distribution with
respect to any redemption or repurchase of the capital stock or membership
interests of the Fund;

     

    (iv)     any
sale of an asset (other than in the ordinary course of business) or any mortgage
or pledge by the Fund of any of their properties or assets; or

     

    (v)      any
adoption by the Fund of a pension, profit sharing, retirement, stock bonus,
stock option or similar plan or arrangement.

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

     

    SECTION
5.7.           Taxes.  The
Fund has timely filed, or has caused to be timely filed on its behalf, all
applicable Tax Returns required to be filed by it, and all such Tax Returns are
true, complete and accurate, except to the extent any failure to file or any
inaccuracies in any filed Tax Returns, individually or in the aggregate, have
not had and would not reasonably be expected to have a Material Adverse Effect
on the Fund.  All Taxes shown to be due on such Tax Returns, or
otherwise owed, has been timely paid, except to the extent that any failure to
pay, individually or in the aggregate, has not had and would not reasonably be
expected to have a Material Adverse Effect on the Fund.

     

    SECTION
5.8.           Compliance with
Laws.  Such Wimbledon Party has complied with all requirements
of Law applicable to it or its business which, if not complied with, would have
a Material Adverse Effect on such Wimbledon Party.

     

    SECTION
5.9.           [Intentionally
omitted]

     

    SECTION
5.10.         Actions and
Proceedings.   Such Wimbledon Party is not a party to any
material pending litigation or, to its knowledge, any governmental investigation
or proceeding not reflected in the Financial Statements, and to the Knowledge of
such Wimbledon Party, no material litigation, claims, assessments or
non-governmental proceedings is threatened against either of the Fund or the
Portfolio Manager.

     

    SECTION
5.11.         Agreements.  Schedule 5.11 sets
forth each material contract or arrangement to which the Fund, or Weston with
respect to its activities on behalf of the Fund, is a party or by or to
which it or its assets, properties or business are bound or subject. Each such
contract or arrangement: (a) is a valid and binding agreement, (b) is in full
force and effect, and (c) such Wimbledon Party and, to the Knowledge of such
Wimbledon Party, any other party thereto is not in breach or default (whether
with or without the passage of time or the giving of notice or both) under the
terms of any such contract or arrangement.  Such Wimbledon Party has
not assigned, delegated, or otherwise transferred any of its rights or
obligations with respect to any such contracts or arrangements, or granted any
power of attorney with respect thereto. Such Wimbledon Party has given a true
and correct fully executed copy of each material contract or arrangement to
ASSAC.

     

    SECTION
5.12.         Redemption
Claims.   Except as set forth on Schedule 5.12 hereto,
to the Knowledge of the Wimbledon Parties, there are no Redemption Claims
outstanding.

     

    SECTION
5.13.         Intellectual
Property.  Such Wimbledon Party has or has rights to use, all
patents, patent applications, trademarks, trademark applications, service marks,
trade names, copyrights, licenses and other similar rights (the “Intellectual
Property Rights”) that are necessary or material for use in connection with its
businesses and which the failure to so have could, individually or in the
aggregate, have or reasonably be expected to result in a Material Adverse Effect
on such Wimbledon Party.  Such Wimbledon Party has not received a
written notice that such Intellectual Property Rights used by it violates or
infringes upon the rights of any person. To the knowledge of such Wimbledon
Party, all such Intellectual Property Rights are enforceable and there is no
existing infringement by another person of any of such Intellectual Property
Rights.

     

    SECTION
5.14.         Tangible Acquired
Assets.  The Fund has full title and interest in all machinery,
equipment, furniture, leasehold improvements, fixtures, projects, owned or
leased by the Fund, any related capitalized items or other tangible property
material to the business of the Fund (the “Tangible Acquired
Assets”).   The Fund holds all right, title and interest
in all the Tangible Acquired Assets owned by it as set forth on the Financial
Statements or acquired by it after the date of the Financial Statements free and
clear of all Encumbrances.  All of the Tangible Acquired Assets are in
good operating condition and repair and are usable in the ordinary course of
business of the Fund.

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

     

    SECTION
5.15.         Liabilities.  The
Fund does not have any material Liabilities which are not fully, fairly and
adequately reflected on the Financial Statements.

     

    SECTION
5.16.         Operations of  the
Fund.  From September 30, 2009 through the Closing Date, except
as disclosed on Schedule 5.16 or the
Financial Statements, the Fund has not nor will have:

     

    (a)           except
for Redemption Claims, declared or paid any dividend or declared or made any
distribution of any kind to any shareholder, or made any direct or indirect
redemption, retirement, purchase or other acquisition of any shares of the
Fund;

     

    (b)           except
in the ordinary course of business, incurred or assumed any indebtedness or
liability (whether or not currently due and payable);

     

    (c)           disposed
of any assets except in the ordinary course of business;

     

    (d)           increased
the annual level of compensation of any executive employee; or

     

    (e)           issued
any equity securities or rights to acquire such equity securities.

     

    SECTION
5.17.        Permits.  The
Fund has all material permits, licenses, authorizations, orders and approvals
of, and has made all filings, applications and registrations with, all
Governmental Authorities that are required in order to permit it to own or lease
its properties and to conduct its business as presently conducted (the “Permits”); all such
Permits are in full force and effect and, to the Knowledge of the Wimbledon
Parties, no suspension or cancellation of any such Permit is threatened or will
result from the consummation of the transactions contemplated by this Agreement
and the other Ancillary Agreements or the transactions contemplated hereby and
thereby.

     

    SECTION
5.18.         Brokers or
Finders.  No broker’s or finder’s fee will be payable by such
Wimbledon Party in connection with the transactions contemplated by this
Agreement.

     

    SECTION
5.19.         Securities Law
Matters.  The ASSAC Series A Preferred Shares and any
Conversion Shares (collectively, the “ASSAC Securities”) to
be acquired by any of the Wimbledon Parties, or by the Fund Shareholders, are
being issued pursuant to an exemption from the registration requirements of the
Securities Act and are being acquired for the account of such Persons with no
intention of distributing or reselling such securities or any part thereof in
any transaction that would be in violation of the registration requirements of
the Securities Act and applicable state securities laws.  Until
registered for resale under the Securities Act, if any recipient of the ASSAC
Securities should in the future decide to dispose of any of such ASSAC
Securities, such Person may do so only in compliance with the registration
requirements of the Securities Act and applicable state securities laws, as then
in effect.  Each of the Wimbledon Parties agrees that all certificates
evidencing ASSAC Securities to be issued in connection with this Agreement and
other transactions contemplated hereby shall contain the imprinting, so long as
required by law, of a legend on certificates representing such ASSAC Securities
to the following effect:

     

    “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY
STATE.  THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF SUCH ACT AND SUCH LAWS.”

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    ARTICLE
VI.  POST-CLOSING
COVENANTS

     

    SECTION
6.1.           Registration of Conversion
Shares.

     

    (a)           Following
the Closing Date, ASSAC shall use its best efforts to cause the Registration
Statement (as that term is defined in the Registration Rights Agreement) to be
declared effective by the Securities and Exchange Commission by July
31, 2010
and shall otherwise comply with all of its covenants and agreements contained in
the Registration Rights Agreement.

     

    (b)           The
failure of the Registration Statement to be declared effective by the Securities
and Exchange Commission by July 31, 2010 shall give rise to a penalty as set
forth in the Registration Rights Agreement.

     

    ARTICLE
VII.  CONDITIONS TO
CLOSING

     

    SECTION
7.1.           Conditions to Wimbledon
Parties’ Obligations.  The obligation of the Wimbledon Parties
to take the actions required to be taken by them at the Closing is subject to
the satisfaction or waiver, in whole or in part, in their sole discretion, of
each of the following conditions at or prior to the Closing:

     

    (a)           The
representations and warranties of the Amalphis Parties and ASSAC set forth in
Article IV will be true and correct as of the Closing Date as though then made
and as though the Closing Date had been substituted for the date of this
Agreement in such representations and warranties (without taking into account
any supplemental disclosures after the date of this Agreement by the Amalphis
Parties or ASSAC or the discovery of information by the Wimbledon;

     

    (b)           Each
of the Amalphis Parties and ASSAC will have performed and complied with each of
their agreements contained in this Agreement;

     

    (c)           Each
Required Consent required to be obtained by ASSAC and the Amalphis Parties will
have been obtained and be in full force and effect and such actions as the
Wimbledon Parties’ counsel may reasonably require will have been taken in
connection therewith;

     

    (d)           All
of the requisite ASSAC Shareholder Approvals shall have been obtained at the
ASSAC Shareholders Meeting;

     

    (e)           Holders
of greater than 34.99% of the outstanding ASSAC publicly traded Ordinary Shares
have not voted against the Transfer and other transactions contemplated by this
Agreement and advised ASSAC of their desire to redeem their
investment;

     

    (f)           ASSAC
shall have consummated the acquisition of either or both of the Amalphis
Exchange Shares and/or all of the equity of Northstar pursuant to the terms and
conditions of either or both of the Amalphis Purchase Agreement and/or the
Northstar Merger Agreement, respectively.

     

    (g)           The
Wimbledon Parties will have received evidence satisfactory to them that no
Litigation is pending or threatened (i) challenging or seeking to prevent or
delay consummation of any of the transactions contemplated by this Agreement or
the Amalphis Exchange Agreement, or (ii) asserting the illegality of or seeking
to render unenforceable any material provision of this Agreement, any of the
Ancillary Agreements or any Additional Acquisition Agreements;

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

     

    (h)           ASSAC
and the Amalphis Parties shall have executed and delivered all of the Ancillary
Agreements to which it is a Party; and

     

    (i) 
          No Law or
Governmental Order will have been enacted, entered, enforced, promulgated,
issued or deemed applicable to the transactions contemplated by this Agreement
by any Governmental Entity that would reasonably be expected to result, directly
or indirectly, in any Material Adverse Effect.

     

    SECTION
7.2.           Conditions to Amalphis
Parties’ Obligations.  The obligation of the Amalphis Parties
to take the actions required to be taken by them at the Closing is subject to
the satisfaction or waiver, in whole or in part, in the sole discretion of the
Amalphis Parties, of each of the following conditions at or prior to the
Closing:

     

    (a)           The
representations and warranties of the Wimbledon Parties set forth in Article V
will be true and correct in all material respects as of the Closing Date as
though then made and as though the Closing Date had been substituted for the
date of this Agreement in such representations and warranties;

     

    (b)           Each
of the Wimbledon Parties will have performed and complied with each of their
agreements contained in this Agreement;

     

    (c)           Each
Required Consent required to be obtained by the Wimbledon Parties, including
from hedge fund issuers of shares or interests that constitute Acquired Assets,
will have been obtained and be in full force and effect and such actions as the
Amalphis Parties’ counsel may reasonably require will have been taken in
connection therewith;

     

    (d)           All
of the requisite ASSAC Shareholder Approvals shall have been obtained a the
ASSAC Shareholders Meeting;

     

    (e)           Holders
of greater than 34.99% of the outstanding ASSAC publicly traded Ordinary Shares
have not voted against the Transfer and the other transactions contemplated by
this Agreement and advised ASSAC of their desire to redeem their
investment;

     

    (f)           ASSAC
shall have consummated the acquisition of either or both of the Amalphis
Exchange Shares and/or all of the equity of Northstar pursuant to the terms and
conditions of either or both of the Amalphis Purchase Agreement and/or the
Northstar Merger Agreement, respectively;

     

    (g)           The
Acquired Percentage shall be not less than 51%;

     

    (h)           ASSAC
will have received evidence satisfactory to them that no Litigation is pending
or threatened (i) challenging or seeking to prevent or delay consummation of any
of the transactions contemplated by this Agreement, or (ii) asserting the
illegality of or seeking to render unenforceable any material provision of this
Agreement, any of the Ancillary Agreements or any Additional Acquisition
Agreements;

     

    (i)         
  The applicable Wimbledon Parties shall have executed and delivered
all of the Ancillary Agreements to which it or they are a Party;
and

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

     

    (j)          No
Law or Governmental Order will have been enacted, entered, enforced,
promulgated, issued or deemed applicable to the transactions contemplated by
this Agreement by any Governmental Entity that would reasonably be expected to
result, directly or indirectly, in any Material Adverse Effect.

     

    ARTICLE
VIII.  TERMINATION

     

    SECTION
8.1.           Termination.  This
Agreement may be terminated prior to the Closing:

     

    (a)         by
the mutual written consent of ASSAC and Wimbledon on behalf of all
Parties;

     

    (b)         by
ASSAC, on behalf of itself and all Amalphis Parties, if:

     

    (1)       any
of the Wimbledon Parties has or will have breached any representation, warranty
or agreement contained in this Agreement in any material respect;

     

    (2)       the
transactions contemplated by this Agreement will not have been consummated on or
before January 23, 2010 (the “Outside Date”);
or

     

    (3)       any
of the conditions set forth in SECTION 7.2 will have become impossible to
satisfy;

     

    (c)         by
Wimbledon, on behalf of all Wimbledon Parties, if:

     

    (i)        any
of the Amalphis Parties or ASSAC has or will have breached any representation,
warranty or agreement contained in this Agreement in any material
respect;

     

    (ii)       the
transactions contemplated by this Agreement will not have been consummated on or
before the Outside Date; or

     

    (iii)      any
of the conditions set forth in SECTION 7.1 will have become impossible to
satisfy; or

     

    (iv)     the five (5) largest investors
in the feeder funds that invest in the Fund have not granted their approval to
consummate the transactions contemplated by this Agreement on or before the
Outside Date.

     

    SECTION
8.2.           Effect of
Termination.  The right of termination under Section 8.1 is in
addition to any other rights the parties may have under this Agreement or
otherwise, and the exercise of a right of termination will not be an election of
remedies and will not preclude an action for breach of this
Agreement.  If this Agreement is terminated, all continuing
obligations of the Parties under this Agreement will terminate except that
Section 8.3 and Article IX will survive indefinitely unless sooner terminated or
modified by all of the parties in writing.

     

    SECTION
8.3.           Trust
Fund.  Notwithstanding anything to the contrary express or
implied contained in this Article VIII or elsewhere in this Agreement, none of
the Wimbledon Parties nor any of their respective Affiliates shall have any
lien, security interest, claim against or any other right to (a) any of the
maximum $115.0 million principal amount of the proceeds held in that certain
trust administered and maintained by Continental Stock Transfer & Trust
Company, as trustee (and any successor trust or substitute arrangement) for the
benefit of the public shareholders of ASSAC (the “Trust”), or (b) any
interest earned on such maximum $115.0 million principal amount of proceeds held
in the Trust.  Each of the Wimbledon Parties and their Affiliates, do
hereby expressly waive and relinquish any claim or other rights to the Trust,
its corpus or any interest earned thereon.

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

     

    ARTICLE IX.  GENERAL

     

    SECTION
9.1.          Expenses.  Each
Party shall pay all expenses incurred by such party in connection with the
transactions contemplated by this Agreement, including legal, accounting,
investment banking and consulting fees and expenses incurred in negotiating,
executing and delivering this Agreement and the other agreements, exhibits,
documents and instruments contemplated by this Agreement (whether the
transactions contemplated by this Agreement are consummated or not)
collectively, “Transaction Costs”);
provided,
however, that (i) upon consummation of the transactions contemplated by
this Agreement, ASSAC shall pay all Transactions Costs incurred by the Wimbledon
Parties hereunder, or reimburse the Wimbledon Parties (as the case may be) for
any such expenses previously paid, up to a maximum amount that, when added to
the amounts, if any, paid or reimbursed by ASSAC under Section 9.1 of the
Wimbledon Real Estate Acquisition Agreement, does not exceed $150,000; and (ii)
if for any reason or no reason, the transactions contemplated by the Amalphis
Exchange Agreement are not consummated by 5:00 p.m. (Eastern Standard Time) on
the Outside Closing Date for any reason other than
(A) the failure of the Wimbledon Parties to perform their respective covenants
and agreements contained herein, or (B) the reason set forth in Section
8.1(c)(iv) above, then ASSAC shall pay all Transactions Costs incurred by the
Wimbledon Parties hereunder, or reimburse the Wimbledon Parties (as the case may
be) for any such Transactions Costs previously paid, up to a maximum amount
that, when added to the amounts, if any, paid or reimbursed by ASSAC under
Section 9.1 of the Wimbledon Real Estate Acquisition Agreement, does not exceed
$100,000.

     

    SECTION
9.2.           Amendment and
Waiver.  This Agreement may not be amended, a provision of this
Agreement or any default, misrepresentation or breach of warranty or agreement
under this Agreement may not be waived, and a consent may not be rendered,
except in a writing executed by the party against which such action is sought to
be enforced.  Neither the failure nor any delay by any Person in
exercising any right, power or privilege under this Agreement will operate as a
waiver of such right, power or privilege, and no single or partial exercise of
any such right, power or privilege will preclude any other or further exercise
of such right, power or privilege or the exercise of any other right, power or
privilege.  In addition, no course of dealing between or among any
Persons having any interest in this Agreement will be deemed effective to modify
or amend any part of this Agreement or any rights or obligations of any Person
under or by reason of this Agreement.  The rights and remedies of the
parties to this Agreement are cumulative and not alternative.

     

    SECTION
9.3.           Notices.  All
notices, demands and other communications to be given or delivered under or by
reason of the provisions of this Agreement will be in writing and will be deemed
to have been given (i) when delivered if personally delivered by hand (with
written confirmation of receipt), (ii) when received if sent by a nationally
recognized overnight courier service (receipt requested), (iii) five business
days after being mailed, if sent by first class mail, return receipt requested,
or (iv) when receipt is acknowledged by an affirmative act of the party
receiving notice, if sent by facsimile, telecopy or other electronic
transmission device (provided that such an acknowledgement does not include an
acknowledgment generated automatically by a facsimile or telecopy machine or
other electronic transmission device).  Notices, demands and
communications to the parties will, unless another address is specified in
writing, be sent to the address indicated below:

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

     

    If to
Wimbledon Parties:

     

    Keith D.
Wellner

    Chief
Operating Officer

    Weston
Capital Management LLC

    264
Riverside Ave

    Westport,
Connecticut 06880

    Keith.Wellner@westoncapital.com

    Tel          203.227.5533

    Fax          203.227.8714

    

    With a
copy to:

     

    Katten
Muchin Rosenman LLP

    575
Madison Avenue

    New York,
New York 10022

    Attention:
Fred Santo, Esq. and Robert Weiss, Esq.

    fred.santo@kattenlaw.com

    robert.weiss@kattenlaw.com

    Tel          212.940-8800

    Fax          212.
894-5584

    

    If to the
Amalphis Parties:

     

    Amalphis
Group, Inc.

    _______________________

    _______________________

    Attn:  President

    

    With a
copy to:

    

    Eric
Stein, Esq.

    Anslow
& Jaclin LLP

    195 Route
9 South

    2nd
Floor

    Manalapan,
NJ 07726

    estein@anslowlaw.com

    

    If to
ASSAC:

     

    Asia
Special Situation Acquisition Corp.

    c/o
M&C Corporate Services Limited

    P.O. Box
309GT, Ugland House

    South
Church Street

    George
Town, Grand Cayman

    Attn:
Gary T. Hirst, President

    Email:  Gary@axiat.com

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

    With a
copy to:

     

    Hodgson
Russ LLP

    1540
Broadway,

    24th
floor

    New York,
New York 10036

    Attn:  Stephen
A. Weiss, Esq.

    Facsimile
No. (212) 751-0928

    Email:  sweiss@hodgsonruss.com

     

    SECTION
9.4.           Assignment.  Neither
this Agreement nor any of the rights, interests or obligations under this
Agreement may be assigned by any party to this Agreement without the prior
written consent of all of the other parties to this
Agreement.  Subject to the foregoing, this Agreement and all of the
provisions of this Agreement will be binding upon and inure to the benefit of
the parties to this Agreement and their respective successors and permitted
assigns.

     

    SECTION
9.5.           Complete
Agreement.  This Agreement and, when executed and delivered,
the Ancillary Agreements contain the complete agreement among the parties and
supersede any prior understandings, agreements or representations by or among
the parties, written or oral.

     

    SECTION
9.6.           Signatures;
Counterparts.  This Agreement may be executed in one or more
counterparts, any one of which need not contain the signatures of more than one
party, but all such counterparts taken together will constitute one and the same
instrument.  A facsimile signature will be considered an original
signature.

     

    SECTION
9.7.           Governing
Law.  THE
DOMESTIC LAW, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, OF THE STATE OF
NEW YORK, UNITED STATES OF AMERICA, WILL GOVERN ALL QUESTIONS CONCERNING THE
CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS AGREEMENT AND THE PERFORMANCE
OF THE OBLIGATIONS IMPOSED BY THIS AGREEMENT.

     

    SECTION
9.8.           Jurisdiction.  Each
of the parties submits to the exclusive jurisdiction of any federal or state
court sitting in the State and
County of New York in any action or proceeding arising out of or relating
to this Agreement and agrees that all claims in respect of the action or
proceeding may be heard and determined in any such court.  Each party
also agrees not to bring any action or proceeding arising out of or relating to
this Agreement in any other court.  Each of the parties waives any
defense of inconvenient forum to the maintenance of any action or proceeding so
brought and waives any bond, surety or other security that might be required of
any other party with respect to any such action or proceeding.  Each
party appoints CT Corporation System (the “Process Agent”) as
its agent to receive on its behalf service of copies of the summons and
complaint and any other process that might be served in the action or
proceeding.  Any party may make service on any other party by sending
or delivering a copy of the process (i) to the party to be served or (ii) to the
party to be served in care of the Process Agent at such address as shall be
provided by such Process Agent.  The parties agree that any of them
may file a copy of this paragraph with any court as written evidence of the
knowing, voluntary and bargained agreement between the parties irrevocably to
waive any objections to venue or to convenience of forum.  Nothing in
this Agreement will affect the right of any party to serve legal process in any
other manner permitted by law or in equity.

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    SECTION
9.9.           Waiver of Jury Trial.
EACH PARTY ACKNOWLEDGES AND
AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.  EACH
PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER,
(III) IT MAKES SUCH WAIVER VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER
INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS
IN THIS SECTION 9.9.

     

    SECTION
9.10.        Construction.  The
parties and their respective counsel have participated jointly in the
negotiation and drafting of this Agreement.  In addition, each of the
parties acknowledges that it is sophisticated and has been advised by
experienced counsel and, to the extent it deemed necessary, other advisors in
connection with the negotiation and drafting of this Agreement.  In
the event an ambiguity or question of intent or interpretation arises, this
Agreement will be construed as if drafted jointly by the parties and no
presumption or burden of proof will arise favoring or disfavoring any party by
virtue of the authorship of any of the provisions of this
Agreement.  The parties intend that each representation, warranty and
agreement contained in this Agreement will have independent
significance.  If any party has breached any representation, warranty
or agreement in any respect, the fact that there exists another representation,
warranty or agreement relating to the same subject matter (regardless of the
relative levels of specificity) that the party has not breached will not detract
from or mitigate the fact that the party is in breach of the first
representation, warranty or agreement.  Any reference to any Law will
be deemed to refer to all rules and regulations promulgated thereunder, unless
the context requires otherwise.  The headings preceding the text of
articles and sections included in this Agreement and the headings to the
schedules and exhibits are for convenience only and are not be deemed part of
this Agreement or given effect in interpreting this
Agreement.  References to sections, articles, schedules or exhibits
are to the sections, articles, schedules and exhibits contained in, referred to
or attached to this Agreement, unless otherwise specified.  The word
“including” means “including without limitation.”  A statement that an
action has not occurred in the past means that it is also not presently
occurring.  When any party may take any permissive action, including
the granting of a consent, the waiver of any provision of this Agreement or
otherwise, whether to take such action is in its sole and absolute
discretion.  The use of the masculine, feminine or neuter gender or
the singular or plural form of words will not limit any provisions of this
Agreement.  A statement that an item is listed, disclosed or described
means that it is correctly listed, disclosed or described, and a statement that
a copy of an item has been delivered means a true and correct copy of the item
has been delivered.

     

    SECTION
9.11.         Time of
Essence.  With regard to all dates and time periods set forth
or referred to in this Agreement, time is of the essence.

     

    [The
balance of this page intentionally left blank – signature page
follows]

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the
parties hereto have executed this Asset Purchase Agreement as of the date first
above written.

    

    
      
        
          
            	
                    ASIA
      SPECIAL SITUATION

                  	 
      	
                    WIMBLEDON
      MASTER FINANCING

                  
	
                    ACQUISITION
      CORP.

                  	 
      	
                    FUND
      LTD.

                  
	 
      	 
      	
                    (a
      Cayman Islands exempted company)

                  
	 
      	 
      	 
      
	
                    By:

                  	
                       

                  	 
      	 
      
	Name:
      Gary T. Hirst	 
      	 
      
	Title:    President	 
      	
                    By:

                  	
                       

                  
	 
      	 
      	
                    Name:

                  	
                       

                  
	
                    AMALPHIS
      GROUP, INC.

                  	 
      	
                    Title:

                  	
                       

                  
	
                    (a
      British Virgin Islands company)

                  	 
      	 
      
	 
      	 
      	
                    WESTON
      CAPITAL

                  
	 
      	 
      	
                    ASSET
      MANAGEMENT LLC

                  
	
                    By:

                  	
                       

                  	 
      	 
      
	
                    Name:

                  	
                       

                  	 
      	 
      
	
                    Title:

                  	
                    Authorized
      Signatory

                  	 
      	 
      
	 
      	 
      	
                    By:

                  	
                       

                  
	
                    ALLIED
      PROVIDENT

                  	 
      	
                    Albert
      Hallac, Managing Member

                  
	
                    INSURANCE
      COMPANY

                  	 
      	 
      
	
                    (a
      Barbados company)

                  	 
      	 
      
	 
      	 
      	 
      
	
                    By:

                  	
                       

                  	 
      	 
      
	
                    Name:

                  	
                       

                  	 
      	 
      
	
                    Title:

                  	
                    Authorized
      Signatory

                  	 
      	 
      
	 
      	 
      	 
      
	
                    WMF
      HOLDINGS LTD.

                  	 
      	 
      
	 
      	 
      	 
      
	
                    By:

                  	
                       

                  	 
      	 
      
	
                    Name:

                  	
                    Gary
      T. Hirst,

                  	 
      	 
      
	
                    Title:

                  	
                    Authorized
      Signatory

                  	
                      

                  	 
      

          

        

      

    

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

    SCHEDULE
A

    NAV
Valuation Methods

     

    Net Asset
Value is generally equal to the amount by which the value of the assets of the
applicable Person exceeds the amount of its liabilities.  Net Asset
Value determinations are made by the Asset Appraiser in accordance with U.S.
generally accepted accounting principles and in accordance with the following
criteria:

    

                            (a)       No
value will be assigned to goodwill;

    

                            (b)       All
accrued debts and liabilities will be treated as liabilities, including but not
limited to, estimated expenses for accounting, legal, administrative and other
operating expenses (including all fees payable under the Portfolio Management
Agreement between the Fund and Weston) and such reserves for contingent
liabilities of the applicable Person, including estimated expenses, if any, in
connection therewith, as the Asset Appraiser shall determine;

    

                            (c)       Loans,
loan participations and other similar assets owned by an applicable Person will
generally be carried at the high range of fair market value as determined by the
Asset Appraiser, and will be subject to an independent valuation review as
frequently as determined by the Asset Appraiser.  These independent
valuation reviews will provide the applicable Person with opinions on whether
specific pieces of collateral are in need of re-valuation.  The Asset
Appraiser, on the basis of this information, will determine whether a specific
loan or other asset needs to be re-priced;

     

                            (d)      In
the case of investments in private investment funds or other vehicles which are
not readily marketable, in the absence of an independent fair market value
appraisal or audit, the net asset value calculation provided by the
administrators or managers of those underlying funds or vehicles will be used in
determining an applicable Person’s Net Asset Value.

     

    (e)      Securities
or commodities (which for valuation purposes hereunder may include weather
derivatives and other financial instruments trading on or off, as the case may
be, commodities exchanges) that are listed on a national securities or
commodities exchange, as the case may be, shall be valued at their last sales
prices on the date of determination on the largest securities or commodities
exchange (by trading volume in such security or commodity) on which such
securities or commodities shall have traded on such date, or if trading in such
securities or commodities on the largest securities or commodities exchange (by
trading volume in such security or commodity) on which such securities or
commodities shall have traded on such date was reported on the consolidated
tape, their last sales price on the consolidated tape (or, in the event that the
date of determination is not a date upon which a securities or commodities
exchange was open for trading, on the last prior date on which such securities
or commodities exchange was so open not more than 10 days prior to the date of
determination). If no such sales of such securities or commodities occurred on
either of the foregoing dates, such securities or commodities shall be valued at
the “bid” price for long positions and “asked” price for short positions on the
largest securities or commodities exchange (by trading volume in such security)
on which such securities or commodities are traded, on the date of
determination, or, if the “bid” price for long positions and “asked” price for
short positions in such securities or commodities on the largest securities or
commodities exchange (by trading volume in such security or commodity) on which
such securities or commodities shall have traded on such date were reported on
the consolidated tape, the “bid” price for long positions and “asked” price for
short positions on the consolidated tape (or, if the date of determination is
not a date upon which such securities or commodities exchange was open for
trading, on the last prior date on which such a securities or commodities
exchange was so open not more than 10 days prior to the date of
determination);

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

    

    (f)       Securities
and commodities that are not listed on an exchange but are traded
over-the-counter shall be valued at representative “bid” quotations if held long
and representative “asked” quotations if held short;

    

    (g)      For
securities and commodities not listed on a securities or commodities exchange or
quoted on an over-the-counter market, but for which there are available
quotations, such valuation will be based upon quotations obtained from market
makers, dealers or pricing services;

    

    (h)   
  Options that are listed on a securities or commodities exchange
shall be valued at their last sales prices on the date of determination on the
largest securities or commodities exchange (by trading volume) on which such
options shall have traded on such date; provided, that, if the last sales prices
of such options do not fall between the last “bid” and “asked” prices for such
options on such date, then the Asset Appraiser shall value such options at the
mean between the last “bid” and “asked” prices for such options on such
date;

    

    (i)       Illiquid
assets will be valued at their high range of the fair market value (which in
most cases may be at cost if that is a fair approximation of value), as
determined by the Asset Appraiser (with appropriate input from Weston under the
Portfolio Management Agreement between the Fund and Weston);

    

    (j)       Preferred
shares, preferred stock or other senior equity securities shall be valued at
100% of their per share stated or liquidation value, with such discounts from
such stated or liquidation value as Weston and ASSAC shall, in good faith
determine from time to time;

    

    (k)      All
other assets shall be valued at such value as the Asset Appraiser may reasonably
determine (with appropriate input from Weston); and

    

    (l)       Securities
and commodities not denominated in U.S. dollars shall be translated into U.S.
dollars at prevailing exchange rates as the Asset Appraiser may reasonably
determine.

    

                If
the Asset Appraiser determines, in its sole discretion, that the valuation of
any asset, security or other instrument pursuant to the foregoing does not
fairly represent its market value, the Asset Appraiser (with appropriate input
from the Weston and ASSAC) shall value such security or other instrument as it
reasonably determines and shall set forth the basis of such valuation in writing
to Weston and to ASSAC.

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