Document:

December
      __, 2007

     

    Asia
      Special Situation Acquisition Corp.

    P.O.
      Box
      309GT, Ugland House 

    South
      Church Street

    George
      Town, Grand Cayman

    Cayman
      Islands

    

    Maxim
      Group LLC

    405
      Lexington Avenue, 2nd
      Floor

    New
      York,
      New York 10174

    

    
      	
               

            	
              Re:

            	
              Initial
                Public Offering

            

    

    

    Gentlemen:

    

    The
      undersigned, an officer, director or shareholder of Asia Special Situation
      Acquisition Corp. (the “Company”),
      in
      consideration of Maxim Group LLC (“Maxim”)
      entering into a letter of intent (“Letter
      of Intent”)
      to
      underwrite an initial public offering of the securities of the Company
      (“IPO”)
      and
      embarking on the IPO process, hereby agrees that, subject only to consummation
      of the IPO, the undersigned shall comply with each of the following covenants
      and agreements. As used herein, certain capitalized terms not otherwise defined
      herein or in the Registration Statement, shall have the meanings that are
      defined in Section 14 hereof):

    

    1. If
      the
      Company solicits approval of its shareholders of a Business Combination, the
      undersigned will vote all Insider Shares owned by the undersigned in accordance
      with the majority of the votes cast by the holders of the IPO Shares. In the
      event that the undersigned acquires ordinary shares in connection with the
      IPO
      or in the secondary trading market after the IPO, the undersigned will vote
      all
      such shares “FOR” the approval of a Business Combination.

    

    2 In
      the
      event that the Company fails to consummate a Business Combination within 18
      months from the effective date (“Effective
      Date”)
      of the
      registration statement relating to the IPO, or 24 months from the Effective
      Date
      provided a definitive agreement or letter of intent has been executed by the
      Company and a target business prior to the expiration of the 18 month period
      referred to herein (subject to any extension of such 18 or 24 month periods
      in
      accordance with the approval of 95% or more of the Company’s outstanding
      ordinary shares), the undersigned will (i) cause the Trust Account to be
      liquidated and distributed to the holders of IPO Shares and (ii) take all
      reasonable actions within its power to cause the Company to liquidate as soon
      as
      reasonably practicable. The undersigned hereby waives any and all right, title,
      interest or claim of any kind in or to any distribution of the Trust Account
      and
      any remaining net assets of the Company as a result of such liquidation with
      respect to its Insider Shares (“Claim”)
      and
      hereby waives any Claim the undersigned may have in the future as a result
      of,
      or arising out of, any contracts or agreements with the Company and will not
      seek recourse against the Trust Account for any reason whatsoever. In the event
      of the liquidation of the Trust Fund, the undersigned acknowledges that Ho
      Capital Management, LLC, the Company’s sponsor (the “Sponsor”),
      Noble
      Investment Fund Limited and Allius Ltd. have jointly and severally agreed to
      indemnify and hold harmless the Company against any and all loss, liability,
      claims, damage and expense whatsoever (including, but not limited to, any and
      all legal or other expenses reasonably incurred in investigating, preparing
      or
      defending against any litigation, whether pending or threatened, or any claim
      whatsoever) which the Company may become subject as a result of any claim by
      any
      vendor or other person who is owed money by the Company for services rendered
      or
      products sold or contracted for, or by any target business, but only to the
      extent necessary to ensure that such loss, liability, claim, damage or expense
      does not reduce the amount in the Trust Account. In addition, the undersigned
      acknowledges that the disinterested directors of the Company will cause the
      Company to bring one or more claims and/or commence a lawsuit or other
      proceeding (i) against Ho Capital Management LLC, Noble Investment Fund Limited
      and Allius Ltd., joint and severally, for specific performance to enforce such
      indemnification obligations, and (ii) against the undersigned for breach of
      this
      letter agreement for specific performance or damages incurred by the Company
      in
      connection with any such breach. Moreover, the undersigned acknowledges that
      each of Angela Ho and Noble Investment Fund Limited (the members of the Sponsor)
      and Dr. Gary T. Hirst and Noble Investment Fund Limited (the members of Allius
      Ltd.), have agreed that, prior to the consummation of a Business Combination,
      they will not withdraw as members of the Sponsor and Allius Ltd.,
      respectively.

    
      
         

      

      
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    3. In
      order
      to minimize potential conflicts which may arise from multiple affiliations,
      the
      undersigned agrees that until the earliest to occur of (a) the consummation
      by
      the Company of a Business Combination, (b) the liquidation of the Company,
      or
      (c) the undersigned ceasing to be a shareholder, officer or director of the
      Company, the undersigned will present to the board of directors of the Company
      for their consideration, and give the Company a right of first refusal to effect
      a Business Combination with (i) any corporate or business opportunity located
      in
      or principally doing business or investing in Asia that the undersigned has
      access to, whether individually or through a company the undersigned is or
      may
      become affiliated with, and (ii) which could reasonably be valued at 80% or
      more
      of the total dollar amount placed in the Company’s Trust Account upon
      consummation of the IPO (excluding deferred underwriting fees) (each a
“Relevant
      Business Opportunity”).
      In
      addition, the undersigned hereby confirms that he/she does not, and will not,
      have any pre-existing
      relationships or contractual obligations which would have priority over the
      Company with respect to the presentation of a business opportunity that meets
      the Company’s investment criteria of a fair market value of 80% or more of the
      total amount placed in the Company’s trust account upon completion of the IPO
      (excluding deferred underwriting fees) and which is located in or primarily
      doing business in or investing in Asia. Annexed hereto as Exhibit
      A
      is a
      list of all entities in which the undersigned is an officer, director or an
      affiliate (the “Affiliated
      Entities”);
      each
      of which Affiliated Entities shall have confirmed to the Company that the
      undersigned does not have any pre-existing fiduciary and contractual obligations
      with such Affiliated Entity that would conflict with the provisions of this
      Section 3.

    

    4. Prior
      to
      the earliest to occur of (a) the consummation by the Company of a Business
      Combination, (b) the liquidation of the Company, or (c) the undersigned ceasing
      to be a shareholder, officer or director of the Company, the undersigned will
      not become an officer, director or Affiliate of any other entity, including
      other blank check companies, with a primary focus on completing an acquisition
      in Asia. 

    

    5. The
      undersigned acknowledges and agrees that the Company will not consummate any
      Business Combination with any entity in which the undersigned or its Affiliates,
      or any other Insider or its Affiliates, is a direct or indirect Affiliate (as
      hereinafter defined).

     

    6. Neither
      the undersigned, any member of the family of the undersigned, nor any Affiliate
      of the undersigned will be entitled to receive and will not accept any
      compensation for services rendered to the Company prior to or in connection
      with
      the consummation of the Business Combination; provided that the Sponsor shall
      be
      entitled to reimbursement from the Company for its out-of-pocket expenses
      incurred in connection with seeking and consummating a Business Combination
      only
      (i) from funds held outside of the Trust Account, or (ii) upon the consummation
      of a Business Combination.  

     

    7. Neither
      the undersigned, any “Family Member” (defined as a parent, spouse, child or
      sibling), nor any Affiliate of the undersigned will be entitled to receive
      or
      accept a finder’s fee or any other compensation from the Company or from the
      prospective target entity in the Business Combination in the event the
      undersigned, any Family Member or any Affiliate of the undersigned originates
      a
      Business Combination. In addition, the undersigned and its Affiliates (acting
      in
      their capacity as an officer, director or shareholder of the Company) will
      not
      condition any prospective Business Combination upon their receipt of or
      retaining any position in the Company or its successor following such Business
      Combination, whether through any employment or consulting agreement, directors
      fees or other similar arrangement.

     

    8. On
      the
      Effective Date, the undersigned will escrow its Insider Shares until three
      years
      after the Effective Date subject to the terms of a Stock Escrow Agreement which
      the Company will enter into with the undersigned and an escrow agent acceptable
      to the Company. Additionally, the undersigned agrees to deposit in an account
      at
      Maxim all of the Insider Warrants purchased by it until the completion of a
      Business Combination.

    
      
         

      

      
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    9. (a) If
      so
      designated in the Registration Statement, the undersigned agrees to serve as
      an
      officer and/or a director of the Company and to serve in the capacity set forth
      in such Registration Statement until the earlier of the consummation by the
      Company of a Business Combination or the liquidation of the Company, unless
      the
      undersigned resigns for good reason with the prior approval of Maxim, which
      approval shall not be unreasonably withheld. If the undersigned is an Insider
      of
      the Company, the undersigned’s biographical information furnished to the Company
      and Maxim set forth in the Registration Statement, and attached hereto as
Exhibit
      B,
      is true
      and accurate in all material respects, does not omit any material information
      with respect to the undersigned’s background and contains all of the information
      required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated
      under the Securities Act of 1933. If the undersigned is an Insider of the
      Company, the undersigned’s Questionnaire furnished to the Company and Maxim is
      true and accurate in all material respects. 

    

    (b) The
      undersigned represents and warrants that:

    

    (i)
       No
      petition under the Federal bankruptcy laws or any state insolvency law has
      been
      filed by or against, or a receiver, fiscal agent or similar officer was
      appointed by a court for the business or property of the undersigned, or any
      partnership in which the undersigned was or is a general partner at or within
      two years prior to the date hereof, or any corporation or business association
      of which the undersigned was an executive officer at or within two years prior
      to the date hereof; 

    

    (ii)
       The
      undersigned has not been convicted in any criminal proceeding nor is the
      undersigned currently a named subject of a pending criminal proceeding
      (excluding traffic violations and other minor offenses); 

    

    (iii)
       The
      undersigned has not been the subject of any order, judgment, or decree, not
      subsequently reversed, suspended or vacated, of any court of competent
      jurisdiction, permanently or temporarily enjoining the undersigned from, or
      otherwise limiting, the following activities: 

    

    (1)
       Acting
      as
      a futures commission merchant, introducing broker, commodity trading advisor,
      commodity pool operator, floor broker, leverage transaction merchant, any other
      person regulated by the Commodity Futures Trading Commission, or an associated
      person of any of the foregoing, or as an investment adviser, underwriter, broker
      or dealer in securities, or as an affiliated person, director or employee of
      any
      investment company, bank, savings and loan association or insurance company,
      or
      engaging in or continuing any conduct or practice in connection with such
      activity; 

    

    (2)
       Engaging
      in any type of business practice; or 

    

    (3)
       Engaging
      in any activity in connection with the purchase or sale of any security
      or commodity or in connection with any violation of Federal or State securities
      laws
      or
      Federal commodities laws;

    

    (c)  The
      undersigned has not been the subject of any order, judgment or decree, not
      subsequently reversed, suspended or vacated, of any Federal or State authority
      barring, suspending or otherwise limiting for more than sixty (60) days the
      right of the undersigned to engage in any activity described in paragraph
      (b)(iii) above, or to be associated with persons engaged in any such activity;
      

    

    (d)  The
      undersigned has not been found by a court of competent jurisdiction in a civil
      action or by the Securities and Exchange Commission to have violated any Federal
      or State securities law, and the judgment in such civil action or finding by
      the
      Securities and Exchange Commission has not been subsequently reversed,
      suspended, or vacated; and 

    
      
         

      

      
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    (e)  The
      undersigned has not been found by a court of competent jurisdiction in a civil
      action or by the Commodity Futures Trading Commission to have violated any
      Federal commodities law, and the judgment in such civil action or finding by
      the
      Commodity Futures Trading Commission has not been subsequently reversed,
      suspended or vacated.

    

    10. The
      undersigned has full right and power, without violating any agreement by which
      he or she is bound, to enter into this letter agreement and, if so designated
      in
      the Registration Statement declared effective by the SEC, to serve as an officer
      or director of the Company.

    

    11. The
      undersigned hereby waives its, his or her right to exercise redemption rights
      or
      appraisal rights with respect to any Ordinary Shares of the Company owned or
      to
      be owned by the undersigned, directly or indirectly, and agrees that it, he
      or
      she will not seek redemption or appraisal with respect to such shares in
      connection with any vote to approve a Business Combination.

    

    12. The
      undersigned authorizes any employer, financial institution, or consumer credit
      reporting agency to release to Maxim and its legal representatives or agents
      (including any investigative search firm retained by Maxim) any information
      they
      may have about the undersigned’s background and finances (“Information”).
      Neither Maxim nor its agents shall be violating the undersigned’s right of
      privacy in any manner in requesting and obtaining the Information and the
      undersigned hereby releases them from liability for any damage whatsoever in
      that connection.

    

    13. 
      This
      letter agreement shall be governed by and construed and enforced in accordance
      with the laws of the State of New York, without giving effect to conflicts
      of
      law principles that would result in the application of the substantive laws
      of
      another jurisdiction. The undersigned hereby (i) agrees that any action,
      proceeding or claim against his/her arising out of or relating in any way to
      this letter agreement (a “Proceeding”) shall be brought and enforced in the
      courts of the State of New York of the United States of America for the Southern
      District of New York, and irrevocably submits to such jurisdiction, which
      jurisdiction shall be exclusive, (ii) waives any objection to such exclusive
      jurisdiction and that such courts represent an inconvenient forum and (iii)
      irrevocably agrees to appoint Hodgson Russ as agent for the service of process
      in the State of New York to receive, for the undersigned and on his/her behalf,
      service of process in any Proceeding. If for any reason such agent is unable
      to
      act as such, the undersigned will promptly notify the Company and Maxim and
      appoint a substitute agent acceptable to each of the Company and Maxim within
      30
      days and nothing in this letter will affect the right of either party to serve
      process in any other manner permitted by law.  

     

    14. As
      used
      herein, the following capitalized terms shall have the meanings set forth
      below:

    

    (a) “Affiliate
      shall have the meaning that is defined in Rule 405 as promulgated
      under the Securities Act of 1933, as amended, 

    

    (b) “Asia”
      includes China as well as Japan, South Korea, Vietnam, Australia and New
      Zealand, but will not include North Korea;

    

    (c)
       a
      “Business Combination” shall mean the
      acquisition of all or a controlling interest in one or more target businesses
      through a capital stock exchange, asset acquisition, stock purchase, or other
      similar transaction, including or related contractual
      arrangements,
      of an
      operating business that is either
      located in Asia, provides products or services to customers located in Asia,
      or
      is investing in Asia; 

    

    (d) “Insiders”
shall
      mean all officers, directors and shareholders of the Company
      immediately prior to the IPO; 

    
      
         

      

      
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    (e) “Insider
      Shares” shall mean all of the shares of Common Stock of the Company acquired by
      an Insider prior to the IPO; 

    

    (f) “Insider
      Warrants” means the 5,725,000 warrants being sold privately by the Company to Ho
      Capital Management LLC; 

    

    (g) “IPO
      Shares” shall mean the Company’s ordinary shares issued in the Company’s
      IPO.

     

      (h) “Registration
      Statement” shall mean the registration statement on Form S-1 of the Company that
      is declared effective by the SEC in connection with the IPO.

    

    (i) “SEC”
      means the United States Securities and Exchange Commission.

    

    (j) “Trust
      Account” shall mean the trust account in which substantially all of the proceeds
      to the Company from the IPO and the private placement of the Insider Warrants
      will be deposited and held for the benefit of the holders of the IPO Shares,
      as
      described in greater detail in the prospectus relating to the IPO.

    

    
      	 	
              ____________________________________

              Print
                Name 

               

               

              By:
                ___________________________

              Its:

            

    

     

    
      
         

      

      
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      Exhibit
        “A”

    

    

    Angela
      Ho

    

    Ho
      Capital Management LLC

    Dragonballz
      Trust

    Sponge
      Bob Trust

    

    Dr.
      Gary T. Hirst

    

    Allius
      Ltd.

    

    Michael
      Hlavsa

    

    Signature
      Gaming Management LLC

    

    Stuart
      Sundlun

    

    BMB
      Advisors Ltd.

    Triago
      SA

    South
      Oil
      Corporation

    Helios
      Petroleum Holdings, AG

    Dignity
      Fund LLC

    

    Peter
      Kjaer

    

    Jet
      Asia
      Ltd.

    Macau
      Business Aviation Center

    BioSante,
      Inc.

    Ho
      Gaming
      Ltd.

    

    Arie
      Jan van Roon

    

    TransTax
      LLP

    Pure
      Glow
      Finance Limited

    Noble
      Investment Fund Limited

     

    
      
         

      

      
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    Exhibit
      “B”

    

    Angela Ho
      has
      served as our Chief Executive Officer and Chairman of the Board of Directors
      since our inception in March 2007.  From 2002 to the present, Ms. Ho has
      managed real property portfolios, including for Dragonballz Trust and Sponge
      Bob
      Trust, which are each engaged in the business of real estate, for investors
      in
      Macau and the United States. From 1996 to 2006, Ms. Ho has
      also been active in managing various family businesses controlled by
      her father, Dr. Stanley Ho, including Jet Asia Ltd. and drho888.com, which
      are
      engaged in the business of aviation and Asian computer gaming operations,
      respectively.  From 1981 to the present, Ms. Ho has also been active in
      several aspects of the fine art business. From 1980 to 1987, she worked as
      a
      sculptress exhibiting in a number of major galleries and museums, and was
      employed at Sotheby’s Fine Arts Department, New York.  In 1980, she became
      a lead investor in the Tony Shafrazi Gallery.  From 1996 to 1999, she
      established and managed her own gallery when she founded the Ho Gallery, a
      gallery of contemporary art in New York.  The gallery was instrumental in
      pioneering the contemporary Chinese art market in New York and introducing
      contemporary Chinese artists to North America. In 1997, she founded the Center
      of Contemporary Art in Macau, a private museum dedicated to the dialogue between
      contemporary artists in Asia and the West.  From 1996 to 2003, Ms. Ho
      served as a member of the board of directors of BioSante, a pharmaceutical
      company listed on the American Stock Exchange. From 1996 to 2001, she managed
      Successway Holdings Limited, a technology venture capital fund on behalf of
      her
      father, Dr. Stanley Ho.  From 1999 to 2004, she served on the board of
      directors of the School of American Ballet. She was educated in private
      academies in Hong Kong, Switzerland and London and earned her Bachelor of Fine
      Arts degree from Boston University in 1979.  

    

    Dr.
      Gary T. Hirst
      was
      originally appointed as our Co-Chief Executive Officer on an interim basis,
      Dr.
      Hirst was appointed as our President in October 2007. He has been a director
      of
      our company since our inception. Dr. Hirst has been responsible for the
      development and investment management of both offshore and domestic hedge funds,
      including global macro funds, funds-of-funds, currency funds, and a number
      of
      structured investment products (synthetic investment instruments, typically
      created by combining securities, such as notes or common stock, with
      derivatives such as options, that are specially created to meet specific
      needs that cannot be met from the standard financial instruments available
      in
      the markets) including for principal protected notes issued by Zurich Capital
      Markets and Rabobank which invested in diversified global portfolios of hedge
      funds. From 1991 to 2006, Dr. Hirst was Chairman and Chief Investment Officer
      of
      Hirst Investment Management. In his roles with Hirst Investment Management,
      Dr.
      Hirst managed over $600 million in assets on behalf of multi-national banks,
      pension plans, insurance companies, foundations and endowments, public
      companies, family offices and high net worth investors. Under his leadership,
      the firm established itself as a developer of innovative financial products
      and
      services, with a focus on maximizing the risk-adjusted return on its clients'
      investments. From 1976 to 1991, Dr. Hirst was Investment Manager for the Hirst
      Family Office where he managed allocation and trading for all investment
      portfolios of the Hirst family and its associates. These investments included
      traditional asset portfolios, real estate, and a range of alternate investment
      strategies including hedge funds, private equity, futures trading and physical
      commodities. From 2003 to 2005, Dr. Hirst was a director of Alpine Select A.G.,
      a publicly traded (Swiss Exchange) investment company based in Zug,
      Switzerland.

    

    Michael
      Hlavsa
      has been
      our Chief Financial Officer and a director since our inception. Mr. Hlavsa
      is an
      experienced executive that has over 30 years of combined financial and
      operational experience. He is both a Certified Public Accountant and a Certified
      Internal Auditor. He has spent over 18 years working in the United States casino
      industry. From 2004 to the present, he has been the founder and principal owner
      of Signature Gaming Management LLC, a consulting firm specializing in advising
      emerging companies engaged in gaming operations. In 2005, he served as Chief
      Executive Officer for Titan Cruise Lines, a casino business which operated
      a
      2,000 passenger ship and high speed shuttles. From 2001 to 2004, Mr. Hlavsa
      was
      the Chief Executive Officer for SunCruz Casinos, the largest day cruise gaming
      company in the United States. From 1997 to 2000, Mr. Hlavsa was Managing Partner
      at Casino Princesa in Miami, Florida where he was responsible for the
      development and operation of a large mega-yacht gaming vessel. From 1993 to
      1997, he served as Chief Financial Officer and Vice President, Midwest region,
      for Lady Luck Gaming Corporation, a publicly traded company. While at Lady
      Luck,
      he participated in that company’s initial public offering of equity and a $185
      million debt financing. From 1991 to 1993, Mr. Hlavsa was the Vice President
      of
      Finance and Administration for the Sands Hotel and Casino in Las Vegas, Nevada.
      His first 12 years of gaming experience was in Atlantic City, New Jersey in
      various audit and finance positions with well-established gaming companies
      such
      as Caesars, Tropicana and Trump Plaza. He received a bachelor of science degree
      from Canisius College in Buffalo, New York in 1975.

    
      
         

      

      
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    Andrew
      Tse
      has
      served as our Vice President since our inception. From 1981 to 2006, Mr. Tse
      was
      associated with a number of businesses located in China (Hong Kong and Macau)
      that are owed or controlled by Dr. Stanley Ho, the father of our chairman and
      co-chief executive officer, Angela Ho, including Shun Tak Holdings Ltd., Heli
      Express Ltd. and Hong Kong Express Airways Ltd. which are engaged in the
      business of sea transport, helicopter transport and scheduled airline services,
      respectively. From 1981 to 2006, Mr. Tse was an executive director, and from
      1989 to 1996 served as the chief financial officer and a member of the board
      of
      directors of, Shun Tak Holdings Limited. Shun Tak Holdings Limited is a leading
      Hong Kong-based conglomerate established in 1972 and listed on the Hong Kong
      Stock Exchange since 1973 with core businesses in transportation, casino
      investment and operations and property investments. During his tenure with
      Shun
      Tak, Mr. Tse was instrumental in listing the company on the Hong Kong Stock
      Exchange and was instrumental in negotiating and financing many of Shun Tak’s
      acquisitions and business expansion initiatives. From 1989 to 2003, Mr. Tse
      served as executive director of Air Hong Kong Ltd., a dedicated cargo airline
      based in Hong Kong offering scheduled service to Europe and the United States.
      Mr. Tse was instrumental in the sale of Air Hong Kong to Cathay Pacific Airways
      in 2003. From 1997 to 2006, Mr. Tse also served as chief executive officer
      of
      Heli Express Limited, a helicopter airline operating between Hong Kong and
      Macau, with more than 50 daily flights. From 1997 to the present, Mr. Tse has
      served as the founder and chief executive officer of Hong Kong Express Airways
      Limited, a new regional airline that commenced operation in 2005 and provides
      scheduled Boeing 737 and Embraer E170 service between Hong Kong and secondary
      cities in Mainland China and Taiwan. A 1977 graduate of McMaster University
      in
      Canada, Mr. Tse also received an MBA from McMaster University in
      1978.

    

    Stuart
      A. Sundlun has
      served as a director since our inception in March 2007. Originally
      appointed as our President on an interim basis, Mr. Sundlun resigned such office
      in October 2007.  From September 2007 to the present , Mr. Sundlun has been
      Managing Director of BMB Advisors Ltd, a company providing financial advisory
      services to the BMB Group SPC, an alternative asset management firm investing
      in privately-owned hedge funds, real estate funds, private equity funds and
      direct investments.   From 1998 to September 2007, Mr. Sundlun was a
      managing director of Global Emerging Markets, a New York City based investment
      fund that acquires and invests in both public and privately owned
      businesses.  From 1998 to the present, Mr. Sundlun has been actively
      involved in structuring and negotiating equity investments in emerging growth
      companies including Digital River, Inc., Star Scientific, Inc and
      Intercontinental Fuels, LLC.  From 2001 to the present, Mr. Sundlun has
      been an advisor to Triago SA, a Paris based leading placement agent for private
      equity funds.  From 1994 to the present, Mr. Sundlun has structured a
      variety of private equity investments in Russia including South Oil Corporation,
      which is developing an oil field in Astrakhan, Russia and Helios Petroleum
      Holdings, AG, which intends to own and operate many oil refineries in Russia
      and
      elsewhere. Mr. Sundlun serves on the board of South Oil Corporation. From 2005
      to the present, Mr. Sundlun has also served on the Board and investment
      committee of the Dignity Fund LLC, which makes loans to microfinance
      institutions.  From 1986 to 1994, Mr. Sundlun was a Managing Director of
      Grosvenor Equities, Inc. and participated in the raising of equity for a variety
      of private companies including early stage venture capital, growth stage and
      leveraged management buyouts.  From 1982 to 1985, he was an associate in
      the Corporate Finance department of Lehman Brothers and advised a variety of
      medium and large corporations on financial strategies and financing.  
Mr. Sundlun received his BA degree cum laude 1975 (government) from Harvard
      University, and his MBA (finance) from Columbia University Graduate School
      of
      Business in 1982.

    

    Peter
      Kjaer
      has
      served as a director since our inception. From 1995 to the present, Mr. Kjaer
      has been associated with a variety of businesses controlled or financed by
      Dr.
      Stanley Ho, including Jet Asia and Macau Business Aviation Center, which are
      engaged in the business of providing corporate air charter and fixed based
      operation services, respectively. In 1992, he co-founded, with Angela Ho, the
      Ho
      Gallery, one of the leading contemporary art galleries in Asia. In 1996, in
      partnership with STDM, an affiliate of Stanley Ho, Mr. Kjaer founded Jet Asia
      Ltd., a business aviation charter company located in Hong Kong and served as
      its
      president and chief executive officer until 2003. From 1999 to the present,
      Mr.
      Kjaer has been a member of the board of directors and a member of the audit
      and
      finance committee of BioSante Inc., a pharmaceutical company listed on the
      American Stock Exchange and from 2004 to the present, has served as the founder
      and chief executive officer of Ho Gaming Ltd., a software company that has
      developed webcasting software, including applications for online entertainment
      focused on the Asian gaming market. A student of Sinology for four years at
      the
      University of Copenhagen, Mr. Kjaer speaks, reads and writes Chinese and studied
      modern economic reform in Shanghai in 1985.

    
      
         

      

      
        -
          8 -

        
          

        

      

      
         

      

    

     

    Arie
      Jan van Roon
      has
      served as a director since our inception. From January 2000 to the present,
      he
      has served as the managing partner of TransTax LLP, a Swiss-based private wealth
      management firm. The firm provides financial advisory services to high net
      worth
      investors and family offices principally within the European Union. In January
      2007, he established Pure Glow Finance Limited of which he is the Managing
      Director as well as the sole shareholder, with the same activities as TransTax
      LLP and also the beneficial owner and investment advisor of Noble Investment
      Fund Limited, one of our principal shareholders.  Prior to founding this
      firm,  from 1984 to 2000, Mr. van Roon established van Roon Partners, Ltd.,
      a private equity and advisory firm with an emphasis on investment in distressed,
      turn around and special situations with a geographic focus on Europe and across
      a wide range of industries.  In addition to investment management
      experience, during this period he also developed operational experience in
      his
      capacity as acting interim CEO for investee companies in the consumer goods,
      airline and service industries including Girmi spa, an Italian industrial firm,
       Intair GMBH, an airline handling company based in Germany, and Aerolloyd,
      a German airline.  In 1990, Mr. van Roon entered into a joint venture
      arrangement with US-based Quantum Development Corporation, a boutique venture
      capital firm specializing in early stage high tech and pharmaceutical companies.
      In connection with this activity, from January 2000 to May 2000 he acted as
      interim CEO of Alyn Corporation, a NASDAQ listed innovative materials
      firm.  Mr. van Roon has never been employed by any of the above companies
      and has always acted as a consultant or owner.  Mr. van Roon is a Dutch
      citizen who lives in Lugano, Switzerland and in Milan, Italy. He obtained a
      doctoral degree (Drs) from Erasmus Rotterdam University in 1971, where his
      thesis centered on Bayesian Statistics.

    
      
         

      

      
        -
          9 -FORM
      OF INVESTMENT MANAGEMENT TRUST AGREEMENT

     

    This
      Agreement is made as of _____, 2007 by and between Asia Special Situation
      Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust
      Company (“Trustee”).

     

    WHEREAS,
      the Company’s Registration Statement on Form S-1, File No. 333-145163
      (“Registration Statement”), for its initial public offering of securities
      (“IPO”) has been declared effective on [_____], 2007 by the Securities and
      Exchange Commission (“Effective Date”); and

     

    WHEREAS,
      the Company has issued securities in a private placement (the “Placement”);
      and

     

    WHEREAS,
      Maxim Group LLC (“Maxim”) is acting as the representative of the underwriters
      (the “Underwriters”); and

     

    WHEREAS,
      as described in the Company’s Registration Statement, (i) in accordance with the
      Company’s Amended and Restated Certificate of Incorporation, $100,000,000 of the
      net proceeds of the IPO ($115,000,000 if the Underwriters’ over-allotment option
      is exercised in full), (ii) in accordance with the Subscription Agreement,
      dated
      as of [______], 2007, among the Company and certain purchasers, $5,725,000
      of
      the gross proceeds of the Placement (together with the IPO proceeds, the “Base
      Deposit”), and (iii) in accordance with the Underwriting Agreement, dated
      [____], 2007, between the Company and Maxim, as representative of the
      Underwriters, an additional $3,000,000 ($3,450,000 if the Underwriters’
over-allotment option is exercised in full), representing a portion of the
      Underwriters’ discount (the “Deferred Discount”), $100,000,000 will be delivered
      to the Trustee as of [_____], 2007 to be deposited and held in a trust account
      for the benefit of the Company, the public holders of the Ordinary Shares,
      par
      value $.0001 per share, of the Company (“Ordinary Shares”) included in the units
      of the Company’s securities issued in the IPO (the “Units”) and Maxim and the
      Underwriters. The amount to be delivered to the Trustee will be referred to
      herein as the “Property,” the stockholders for whose benefit the Trustee shall
      hold the Property will be referred to as the “Public Stockholders,” and the
      Public Stockholders, the Company and Maxim and the Underwriters will be referred
      to together as the “Beneficiaries”; and

     

    WHEREAS,
      the Company and the Trustee desire to enter into this Agreement to set forth
      the
      terms and conditions pursuant to which the Trustee shall hold the
      Property;

     

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

     

    1.
 
      Agreements
      and Covenants of Trustee.
      The
      Trustee hereby agrees and covenants to:

     

    (a)
         Hold the Property in trust for the Beneficiaries in accordance with
      the terms of this Agreement, in segregated trust accounts (“Trust Account”)
      established by the Trustee with Wachovia Securities LLC;

      

    (b)
         Manage, supervise and administer the Trust Account subject to the
      terms and conditions set forth herein;

     

    (c)
         In
      a
      timely manner, upon the written instruction of the Company, to invest and
      reinvest the Property in any “Government Security” or in money market funds
      selected by the Company meeting the conditions specified in Rule 2a-7
      promulgated under the Investment Company Act of 1940, as amended, as determined
      by the Company. As used herein, “Government Security” means any Treasury Bill
      issued by the United States, having a maturity of one hundred and eighty days
      or
      less;

     

    (d)
         Collect and receive, when due, all principal and income arising
      from the Property, which shall become part of the “Property,” as such term is
      used herein;

     

    (e)   
      Promptly notify the Company and Maxim of all communications received by it
      with
      respect to any Property requiring action by the Company;

     

    (f)
         Supply any necessary information or documents as may be requested
      by the Company in connection with the Company’s preparation of the tax returns
      for the Trust Account or the Company;

     

    (g)
         Participate in any plan or proceeding for protecting or enforcing
      any right or interest arising from the Property if, as and when instructed
      by
      the Company and/or Maxim to do so;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (h)
         Render to the Company and to Maxim, and to such other person as the
      Company may instruct, monthly written statements of the activities of and
      amounts in the Trust Account reflecting all receipts and disbursements of the
      Trust Account;

     

    (i)
         Commence liquidation of the Trust Account upon receipt of the
      Officers Certificate signed by the Chief Executive Officer and Chief Financial
      Officer in accordance with the terms of a letter (“Termination Letter”), in a
      form substantially similar to that attached hereto as Exhibit
      A
      or
Exhibit
      B
      , signed
      on behalf of the Company by its Chief Executive Officer and Chief Financial
      Officer, and complete the liquidation of the Trust Account and distribute the
      Property in the Trust Account only as directed in the Termination Letter and
      the
      other documents referred to therein, as part of the Company’s automatic plan of
      dissolution and liquidation. The Trustee understands and agrees that, except
      as
      provided in Section 3(j) and Section 2 hereof, disbursements from the Trust
      Account shall be made only pursuant to a duly executed Termination Letter,
      together with the other documents referenced herein, including, without
      limitation, an independently certified oath and report of inspector of election
      in respect of the stockholder vote in favor of the Business Combination (as
      hereinafter defined). In all cases, the Trustee shall provide Maxim with a
      copy
      of any Termination Letters, Officers Certificates and/or any other
      correspondence that it receives with respect to any proposed withdrawal from
      the
      Trust Account promptly after it receives same. As used in this Agreement, the
      term “Business Combination” means the acquisition by the Company, through
      capital stock exchange, control
      through contractual arrangements,
      asset or
      stock acquisition of, or similar business combination with, one or more
      entities located in Asia as more fully described in the prospectus forming
      a
      part of the Registration Statement; and

    

    (j)
      Commence liquidation of the Trust Account only upon receipt of and only in
      accordance with the terms of a letter (the “Termination Letter”), in a form
      substantially similar to that attached hereto as either
      Exhibit A
      or
Exhibit
      B,
      signed
      on behalf of the Company by its President or Chairman of the Board and
      Secretary, and complete the liquidation of the Trust Account and distribute
      the
      Property in the Trust Account only as directed in the Termination Letter and
      the
      other documents referred to therein.

    

    2.
 
      Limited
      Distributions of Income on Property.

     

    (a)
         If there is any income tax obligation relating to the income from
      the Property in the Trust Account, then, at the written instruction of the
      Company, the Trustee shall disburse to the Company or the Internal Revenue
      Service by wire transfer or check (as directed by the Company in its instruction
      letter), out of the Property in the Trust Account, the amount indicated by
      the
      Company as required to pay income taxes.

     

    (b)
         Upon written request from the Company containing certification that
      such distribution pursuant to this Section 2(b) shall only be used to fund
      the
      working capital requirements of the Company and the costs related to
      identifying, researching and acquiring a prospective target business, in each
      case as described in the prospectus that forms a part of the Registration
      Statement, the Trustee shall distribute to the Company an amount equal to
      $2,000,000 of the income earned on the Base Deposit through the last day of
      the
      month immediately preceding the date of receipt of the Company’s written
      request, provided; however, that in the event the over-allotment option is
      exercised in full, the Company shall be prohibited from receiving distributions
      of income earned on the Base Deposit until after the first $600,000 of income
      is
      earned on the Base Deposit (net of taxes payable), which amount shall be added
      to the Base Deposit resulting in amount of $10.00 for each share represented
      by
      certificates held by Public Stockholders.

     

    (c)    
      Upon receipt by the Trustee of a written instruction from the Company for
      distributions from the Trust Account in connection with a plan of dissolution
      and distribution, accompanied by an Officers Certificate signed by the Chief
      Executive Officer and Chief Financial Officer of the Company certifying as
      true,
      accurate and complete (i) a statement of the amount of actual expenses incurred
      or, where known with reasonable certainty, imminently to be incurred by the
      Company in connection with its dissolution and distribution, (ii) any amounts
      due to pay creditors or required to reserve for payment to creditors, and (iii)
      the sum of (i) and (ii), the Trustee shall distribute to the Company an amount,
      as directed by the Company in the instruction letter, up to the sum of (i)
      and
      (ii) as indicated in the instruction letter.

    

    (d)   Except
      as provided in this Section 2, no other distributions from the Trust Account
      shall be permitted except in accordance with Sections 1(i) and 3(j)
      hereof.

     

    3.
 
      Agreements
      and Covenants of the Company.
      The
      Company hereby agrees and covenants:

     

    (a)
         To provide all instructions to the Trustee hereunder in writing,
      signed by the Company’s Chief Executive Officer and Chief Financial Officer. In
      addition, except with respect to its duties under paragraph 1(i) and 3(j),
      the
      Trustee shall be entitled to rely on, and shall be protected in relying on,
      any
      verbal or telephonic advice or instruction which it in good faith believes
      to be
      given by any one of the persons authorized above to give written instructions,
      provided that the Company and/or Maxim shall promptly confirm such instructions
      in writing;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)
         To hold the Trustee harmless and indemnify the Trustee from and
      against any and all expenses, including reasonable counsel fees and
      disbursements, or loss suffered by the Trustee in connection with any action,
      suit or other proceeding brought against the Trustee involving any claim, or
      in
      connection with any claim or demand which in any way arises out of or relates
      to
      this Agreement, the services of the Trustee hereunder, or the Property or any
      income earned from investment of the Property, except for expenses and losses
      resulting from the Trustee’s gross negligence or willful misconduct. Promptly
      after the receipt by the Trustee of notice of demand or claim or the
      commencement of any action, suit or proceeding, pursuant to which the Trustee
      intends to seek indemnification under this paragraph, it shall notify the
      Company in writing of such claim (hereinafter referred to as the “Indemnified
      Claim”). The Company shall have the right to conduct and manage the defense
      against such Indemnified Claim, provided that the Company shall obtain the
      consent of the Trustee with respect to the selection of counsel, which
      consent shall not be unreasonably withheld. The Company may not agree to
      settle any Indemnified Claim without the prior written consent of the Trustee.
      The Trustee may participate in such action with its own counsel at its own
      expense;

     

    (c)
         Pay the Trustee an initial acceptance fee, an annual fee and a
      transaction processing fee for each disbursement made pursuant to Sections
      2(a)
      and 2(b) as set forth on Schedule A hereto, which fees shall be subject to
      modification by the parties from time to time. It is expressly understood that
      the Property shall not be used to pay such fees and further agreed that said
      transaction processing fees shall be deducted by the Trustee from the
      disbursements made to the Company pursuant to Section 2(b). The Company shall
      pay the Trustee the initial acceptance fee and first year’s fee at the
      consummation of the IPO and thereafter on the anniversary of the Effective
      Date.
      The Trustee shall refund to the Company the annual fee (on a pro rata basis)
      with respect to any period after the liquidation of the Trust Fund. The Company
      shall not be responsible for any other fees or charges of the Trustee except
      as
      set forth in this Section 3(c) and as may be provided in Section 3(b) hereof
      (it
      being expressly understood that the Property shall not be used to make any
      payments to the Trustee under such Sections);

     

    (d)
         That, in the event that the Company consummates a Business
      Combination and the Trust Account is liquidated in accordance with Section
      1(i)
      hereof, the Trustee or another independent party designated by Maxim shall
      act
      as the inspector of election to certify the results of the stockholder
      vote;

     

    (e)
         That the Officers Certificate referenced in Sections 1(i) and 3(j)
      hereof shall require the Company’s Chief Executive Officer and Chief Financial
      Officer to each certify the following (wherever applicable): (1) prior to the
      LOI Termination Date (as defined herein), the Company has entered into a bona
      fide Letter of Intent (as defined herein) with a target business; and/or (2)
      prior to the LOI Termination Date, the Company has entered into a Business
      Combination with a target business, the terms of which are consistent with
      the
      requirements set forth in the Registration Statement; and/or (3) prior to the
      Second Termination Date (as defined herein), the Company has entered into a
      Business Combination with a target business, the terms of which are consistent
      with the requirements set forth in the Registration Statement; and (4) the
      Board
      of Directors (the “Board”) pursuant to the unanimous written consent of the
      Board has approved (where applicable): (i) the Letter of Intent; and/or (ii)
      the
      Business Combination. A copy of such consent and the Letter of Intent and/or
      the
      definitive agreement relating to the Business Combination so approved shall
      be
      attached as an exhibit to the Officers Certificate;

     

    (f) In
      connection with any vote of the Company’s stockholders regarding a Business
      Combination, to provide to the Trustee an affidavit or certificate of a firm
      regularly engaged in the business of soliciting proxies and tabulating
      stockholder votes (which firm may be the Trustee) verifying the vote of the
      Company’s stockholders regarding such Business Combination;

     

    (g)
       Intentionally
      left blank.

     

    (h)
       Within
      five business days after the Underwriters’ over-allotment option (or any
      unexercised portion thereof) expires or is exercised in full, to provide the
      Trustee notice in writing (with a copy to the Underwriters) of the total amount
      of the Deferred Fee and Deferred Discount, which shall in no event be less
      than
      $_______; and

     

    (i)
       Intentionally
      left blank.

    

     
      (j)  (
      i
      )    Subject to the limitations and conditions set forth in
      paragraph (ii)
      of this
      section 3(j) or subject to an affirmative vote or consent of the holders of
      at
      least 95% of the Company’s outstanding ordinary shares to amend the Company’s
      Amended and Restated Memorandum and Articles of Association, as soon as
      practicable after the date 18 months from the date of this Agreement (the “LOI
      Termination Date”) (or 24 months from the date hereof in the event the Company
      has executed a Letter of Intent (defined below) prior to the LOI Termination
      Date but failed to consummate a Business Combination (“Second Termination
      Date”)), instruct the Trustee to commence liquidation of the Trust Account as
      part of the Company’s automatic plan of dissolution and liquidation in
      accordance with the Company’s Amended and Restated Memorandum and Articles of
      Association. The Trustee, upon receiving written instruction from the Company
      and Maxim, shall deliver a notice to Public Stockholders of record as of the
      LOI
      Termination Date or Second Termination Date, whichever the case may be, by
      U.S.
      mail or via the Depository Trust Company (“DTC”), within five days of receiving
      instructions from the Company to do so, notifying the Public Stockholders of
      such event. The Trustee shall deliver to each Public Stockholder its ratable
      share of the Property against satisfactory evidence of delivery of the stock
      certificates by the Public Stockholders to the Company through DTC, its Deposit
      Withdraw Agent Commission (“DWAC”) system or as otherwise presented to the
      Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (ii)  
      Paragraph (i)
      of this
      Section 3(j) shall be subject to the following conditions and
      limitations:

    

    (x)    
      If the Company has entered into a bona fide, executed letter of intent,
      agreement in principle or engagement letter (a “Letter of Intent”) for a
      Business Combination prior to the LOI Termination Date, then the Company shall
      not be required to send an instruction letter to the Trustee relating to the
      liquidation of the Trust Account until the earlier of a Business Combination
      or
      the Second Termination Date.

     

    (y)    On
      the date on which the Trustee is to begin delivery to each Public Stockholder
      of
      its ratable share of the Property, the Company shall provide written
      instructions to the Trustee to deliver the Property according to the following
      schedule: First,
      to each
      Public Stockholder an amount equal to $10.00 for each share represented by
      certificates delivered by such Public Stockholder to the Company or the Trustee
      as prescribed in Paragraph (i)
      of
      Section 3(j) of this Agreement, and Second,
      to
      deliver to each Public Stockholder the remainder, if any, of its ratable share
      of the Property.

    

    4.
 
      Limitations
      of Liability.
      The
      Trustee shall have no responsibility or liability to:

     

    (a)
         Take any action with respect to the Property, other than as
      directed in Sections 1 and 2 hereof and the Trustee shall have no liability
      to
      any party except for liability arising out of its own gross negligence or
      willful misconduct;

     

    (b)
         Institute any proceeding for the collection of any principal and
      income arising from, or institute, appear in or defend any proceeding of any
      kind with respect to, any of the Property unless and until it shall have
      received written instructions from the Company given as provided herein to
      do so
      and the Company shall have advanced or guaranteed to it funds sufficient to
      pay
      any expenses incident thereto;

     

    (c)
         Change the investment of any Property, other than in compliance
      with Section 1(c);

     

    (d)
         Refund any depreciation in principal of any Property;

     

    (e)
         Assume that the authority of any person designated by the Company
      to give instructions hereunder shall not be continuing unless provided otherwise
      in such designation, or unless the Company shall have delivered a written
      revocation of such authority to the Trustee;

     

    (f)
         The other parties hereto or to anyone else for any action taken or
      omitted by it, or any action suffered by it to be taken or omitted, in good
      faith and in the exercise of its own best judgment, except for its gross
      negligence or willful misconduct. The Trustee may rely conclusively and shall
      be
      protected in acting upon any order, notice, demand, certificate, opinion or
      advice of counsel (including counsel chosen by the Trustee), statement,
      instrument, report or other paper or document (not only as to its due execution
      and the validity and effectiveness of its provisions, but also as to the truth
      and acceptability of any information therein contained) which is believed by
      the
      Trustee, in good faith, to be genuine and to be signed or presented by the
      proper person or persons. The Trustee shall not be bound by any notice or
      demand, or any waiver, modification, termination or rescission of this agreement
      or any of the terms hereof, unless evidenced by a written instrument delivered
      to the Trustee signed by the proper party or parties and, if the duties or
      rights of the Trustee are affected, unless it shall give its prior written
      consent thereto;

      

    (g)
         Verify the correctness of the information set forth in the
      Registration Statement or to confirm or assure that any acquisition made by
      the
      Company or any other action taken by it is as contemplated by the Registration
      Statement; and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (h)
         Pay any taxes on behalf of the Trust Account (it being expressly
      understood that the Trustee’s sole obligation with respect to taxes shall be to
      issue the checks with respect thereto provided for by Section 2(a)
      hereof).

    

    (i) Verify
      calculations, qualify or otherwise approve Company requests for distributions
      pursuant to Section 1(i), 2(a) or 2(b) above.

     

    5.
 
      Certain
      Rights Of Trustee.

     

    (a)
         Before the Trustee acts or refrains from acting, it may require an
      Officers Certificate or opinion of counsel or both. The Trustee shall not be
      liable for any action it takes or omits to take in good faith in reliance on
      such Officers Certificate or opinion of counsel. The Trustee may consult with
      counsel and the advice of such counsel or any opinion of counsel shall be full
      and complete authorization and protection from liability in respect of any
      action taken, suffered or omitted by it hereunder in good faith and in reliance
      thereon.

     

    (b)
         The Trustee may act through its attorneys and agents and shall not
      be responsible for the misconduct or negligence of any agent appointed with
      due
      care.

     

    (c)
         The Trustee shall not be liable for any action it takes or omits to
      take in good faith that it believes to be authorized or within the rights or
      powers conferred upon it by this Agreement.   

     

    (d)
         The Trustee shall not be responsible for and makes no
      representation as to the validity or adequacy of this Agreement; it shall not
      be
      accountable for the Company’s use of the proceeds from the Trust Account.
      Notwithstanding the effective date of this Agreement or anything to the contrary
      contained in this Agreement, the Trustee shall have no liability or
      responsibility for any act or event relating to this Agreement or the
      transactions related thereto which occurs prior to the date of this Agreement,
      and shall have no contractual obligations to the Beneficiaries until the date
      of
      this Agreement.

     

    6.
        No
      Right of Set-Off.
      The
      Trustee waives any right of set-off or any right, title, interest or claim
      of
      any kind that the Trustee may have against the Property held in the Trust
      Account. In the event that the Trustee has a claim against the Company under
      this Agreement, including, without limitation, under Section 3(b), the Trustee
      will pursue such claim solely against the Company and not against the Property
      held in the Trust Account.

    

    7.
      Termination.
      This
      Agreement shall terminate as follows:

     

    (a)
         If the Trustee gives written notice to the Company that it desires
      to resign under this Agreement, the Company shall use its reasonable efforts
      to
      locate a successor trustee during which time the Trustee shall continue to
      act
      in accordance with the terms of this Agreement. At such time that the Company
      notifies the Trustee that a successor trustee has been appointed by the Company
      and has agreed to become subject to the terms of this Agreement, the Trustee
      shall transfer the management of the Trust Account to the successor trustee,
      including, but not limited to, the transfer of copies of the reports and
      statements relating to the Trust Account, whereupon this Agreement shall
      terminate; provided, however, that, in the event that the Company does not
      locate a successor trustee within ninety days of receipt of the resignation
      notice from the Trustee, the Trustee may, but shall not be obligated to, submit
      an application to have the Property deposited with the United States District
      Court for the Southern District of New York and upon such deposit, the Trustee
      shall be immune from any liability whatsoever that arises due to any actions
      or
      omissions to act by any party after such deposit;

      

    (b)
         At such time that the Trustee has completed the liquidation of the
      Trust Account in accordance with the provisions of Section 1(i) hereof, and
      distributed the Property in accordance with the provisions of the Termination
      Letter, this Agreement shall terminate except with respect to Section 3(b);
      or

     

    (c)
         At such time that the Trustee has completed the liquidation of the
      Trust Account and distributed the Property in accordance with Sections 1(i)
      and
      3(j) hereof, this Agreement shall terminate except with respect to Section
      3(b).

     

    8.
 
      Miscellaneous.

     

    (a)
         The Company and the Trustee each acknowledge that the Trustee will
      follow the security procedures set forth below with respect to funds transferred
      from the Trust Account. Upon receipt of written instructions, the Trustee will
      confirm such instructions with an Authorized Individual at an Authorized
      Telephone Number listed on the attached Exhibit
      C.
      The
      Company and the Trustee will each restrict access to confidential information
      relating to such security procedures to authorized persons. Each party must
      notify the other party immediately if it has reason to believe unauthorized
      persons may have obtained access to such information, or of any change in its
      authorized personnel. In executing funds transfers, the Trustee will rely upon
      account numbers or other identifying numbers of a beneficiary, beneficiary’s
      bank or intermediary bank, rather than names. The Trustee shall not be liable
      for any loss, liability or expense resulting from any error in an account number
      or other identifying number, provided it has accurately transmitted the numbers
      provided.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)
         This Agreement shall be governed by and construed and enforced in
      accordance with the laws of the Cayman Islands, without giving effect to
      conflict of laws. It may be executed in several counterparts, each one of which
      shall constitute an original, and together shall constitute but one instrument.
      Facsimile signatures shall constitute original signatures for all purposes
      of
      this Agreement.

     

    (c)
         This Agreement contains the entire agreement and understanding of
      the parties hereto with respect to the subject matter hereof. This Agreement
      or
      any provision hereof may only be changed, amended or modified by a writing
      signed by each of the parties hereto; provided, however, that no such change,
      amendment or modification may be made without the prior written consent of
      Maxim, who, along with each other Underwriter, the parties specifically
      agree, is and shall be a third party beneficiary for purposes of this
      Agreement; and provided further, any amendment to Section 3(j) shall require
      the
      consent of 95% of the Public Stockholders. As to any claim, cross-claim or
      counterclaim in any way relating to this Agreement, each party waives the right
      to trial by jury.   

    

    (d)
         The parties hereto consent to the jurisdiction and venue of any
      state or federal court located in the State and County of New York for purposes
      of resolving any disputes hereunder. The parties hereto irrevocably submit
      to
      such jurisdiction, which jurisdiction shall be exclusive, and hereby waive
      any
      objection to such exclusive jurisdiction and accept such venue, and waive any
      objection that such courts represent an inconvenient forum.

     

    (e)
         Any notice, consent or request to be given in connection with any
      of the terms or provisions of this Agreement shall be in writing and shall
      be
      sent by express mail or similar private courier service, by certified mail
      (return receipt requested), by hand delivery or by facsimile
      transmission:

     

    if
      to the
      Trustee, to:

    

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      ________________

    Fax
      No.:
      (___) ____-_____

     

    if
      to the
      Company, to:

     

    Asia
      Special Situation Acquisition Corp. 

    P.O.
      Box
      309GT, Ugland House

    South
      Church Street

    George
      Town, Grand Cayman

    Cayman
      Islands

    Attn:
      Angela Ho

    Fax
      No.:

     

    in
      either
      case with a copy to:

     

    Maxim
      Group LLC

    405
      Lexington Avenue

    New
      York,
      New York 10174

    Attn:
      Clifford A. Teller

    Fax
      No.:
      (212) 895-3783

    

    and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Richardson
      & Patel LLP

    405
      Lexington Avenue, 26th
      Floor

    New
      York,
      New York 10174

    Attn:
      Jody R. Samuels, Esq.

    Fax
      No.:
      (212) 907-6687

     

    (f)
         This Agreement may not be assigned by the Trustee without the prior
      written consent of the Company and Maxim.

     

    (g)
         Each of the Trustee and the Company hereby represents that it has
      the full right and power and has been duly authorized to enter into this
      Agreement and to perform its respective obligations as contemplated hereunder.
      The Trustee acknowledges and agrees that it shall not make any claims or proceed
      against the Trust Account, including by way of set-off, and shall not be
      entitled to any funds in the Trust Account under any circumstance.

    

    IN
      WITNESS WHEREOF, the parties have duly executed this Investment Management
      Trust
      Agreement as of the date first written above.

     

    CONTINENTAL
      STOCK TRANSFER & TRUST COMPANY, as Trustee

     

    By:
      

    
      
        

      

    

    Name:
       

    Title:
         

     

    ASIA
      SPECIAL SITUATION ACQUISITION CORP. 

     

    By:
      

    
      

    

    Name:
      

    Title:
      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    Continental
      Stock Transfer

    &
      Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    

     Attn:
      Herb Lemmer, Vice President

     

    Re:
        Trust
      Account No. [     ] Termination Letter

     

    Gentlemen:

     

    Pursuant
      to Section 1(i) of the Investment Management Trust Agreement between Asia
      Special Situation Acquisition Corp. (“Company”) and Continental Stock Transfer
& Trust Company (“Trustee”), dated as of __________, 2007 (“Trust
      Agreement”), this is to advise you that the Company has entered into an
      agreement (“Business Agreement”) with __________________ (“Target Business”) to
      consummate a business combination with a Target Business (“Business
      Combination”) on or about [_______]. The Company shall notify you at least 48
      hours in advance of the actual date of the consummation of the Business
      Combination (“Consummation Date”). Capitalized terms used herein and not
      otherwise defined shall have the meanings ascribed to them in the Trust
      Agreement.

     

    In
      accordance with paragraph [___] of the Amended and Restated Memorandum and
      Articles of Association, the Business Combination has been approved by the
      stockholders of the Company and by the Public Stockholders holding a majority
      of
      the IPO Shares cast at the meeting relating to the Business Combination, and
      Public Stockholders holding less than 35% of the IPO Shares have voted against
      the Business Combination and given notice of exercise of their redemption rights
      described in paragraph [___] of the Amended and Restated Memorandum and Articles
      of Association of the Company. Pursuant to Section 2(c) of the Trust Agreement,
      we are providing you with [an affidavit] [a certificate] of __________, which
      verifies the vote of the Company’s stockholders in connection with the Business
      Combination. In accordance with the terms of the Trust Agreement, we hereby
      authorize you to commence liquidation of the Trust Account to the effect that,
      on the Consummation Date, all of funds held in the Trust Account will be
      immediately available for transfer to the account or accounts that the Company
      shall direct in writing on the Consummation Date.

     

    On
      the
      Consummation Date (i) counsel for the Company shall deliver to you written
      notification that the Business Combination has been consummated or will,
      concurrently with your transfer of funds to the accounts as directed by the
      Company, be consummated, and (ii) the Company shall deliver to you written
      instructions with respect to the transfer of the funds held in the Trust Account
      (“Instruction Letter”). You are hereby directed and authorized to transfer the
      funds held in the Trust Account immediately upon your receipt of the counsel’s
      letter and the Instruction Letter in accordance with the terms of the
      Instruction Letter. In the event that certain deposits held in the Trust Account
      may not be liquidated by the Consummation Date without penalty, you will notify
      the Company of the same and the Company shall direct you as to whether such
      funds should remain in the Trust Account and be distributed after the
      Consummation Date to the Company or be distributed immediately and the penalty
      incurred. Upon the distribution of all the funds in the Trust Account pursuant
      to the terms hereof, the Trust Agreement shall be terminated.

     

    In
      the
      event that the Business Combination is not consummated on the Consummation
      Date
      described in the notice thereof and we have not notified you on or before the
      original Consummation Date of a new Consummation Date, then the funds held
      in
      the Trust Account shall be reinvested as provided in the Trust Agreement on
      the
      business day immediately following the Consummation Date as set forth in the
      notice.

    
      	 	 	 
	 
 	
              Very
                truly yours, 

              
                ASIA
                  SPECIAL SITUATION ACQUISITION CORP. 

                 

              

            
	
            	By:  	
            
	 	
              

            

    

    Cc:
      Maxim
      Group LLC           

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    Continental
      Stock Transfer

    &
      Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    

     Attn:
      Herb Lemmer, Vice President

     

    Re:
        Trust
      Account No. [   ] Termination Letter

     

    Gentlemen:

     

    Pursuant
      to paragraphs 1(i) and 2(e) of the Investment Management Trust Agreement between
      Asia Special Situation Acquisition Corp. (“Company”) and Continental Stock
      Transfer & Trust Company (“Trustee”), dated as of _____________, 2007
      (“Trust Agreement”), this is to advise you that the Company has been unable to
      effect a Business Combination with a Target Company within the time frame
      specified in the Company’s Memorandum and Articles of Association, as described
      in the Company’s prospectus relating to its IPO.

     

    In
      accordance with the terms of the Trust Agreement, we hereby authorize you to
      commence liquidation of the Trust Account as part of the Company’s plan of
      dissolution and liquidation. In connection with this liquidation, you are hereby
      authorized to establish a record date for the purposes of determining the
      stockholders of record entitled to receive their per share portion of the Trust
      Account. The record date shall be within ten (10) days of the liquidation date,
      or as soon thereafter as is practicable. You will notify the Company in
      writing as to when all of the funds in the Trust Account will be available
      for
      immediate transfer (“Transfer Date”) in accordance with the terms of the Trust
      Agreement and Amended and Restated Memorandum and Articles of Association of
      the
      Company. You shall commence distribution of such funds in accordance with the
      terms of the Trust Agreement and the Amended and Restated Memorandum and
      Articles of Association of the Company and you shall oversee the distribution
      of
      such funds. Upon the payment of all the funds in the Trust Account, the Trust
      Agreement shall be terminated.

    
      	 	 	 
	 
 	
              Very
                truly yours, 

               

              
                ASIA
                  SPECIAL SITUATION ACQUISITION CORP. 

                 

              

            
	
            	By:  	
            
	 	
              

            

    

    cc:
      Maxim
      Group LLC

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C

    

    
      	
              AUTHORIZED
                INDIVIDUAL(S)

              FOR
                TELEPHONE CALL BACK

            	
               

            	
              AUTHORIZED

              TELEPHONE
                NUMBER(S)

            
	
               

            	
               

            	
               

            
	
              Company:

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
              Asia
                Special Situation Acquisition Corp. 

              P.O
                Box 309GT, Ugland House

              South
                Church Street

              George
                Town, Grand Cayman

              Cayman
                Islands

              Attn:
                Angela Ho

            	
               

            	
               

               

              (407)
                805-0879

            
	
               

            	
               

            	
               

            
	
              Maxim

              405
                Lexington Avenue

              New
                York, New York 10174

              Attn:
                Clifford A. Teller 

            	
               

            	
               (212)
                895-3500

            
	
               

            	
               

            	
               

            
	
              Trustee:

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
              Continental
                Stock Transfer

              &
                Trust Company

              17
                Battery Place

              New
                York, New York 10004

              Attn:
                ______________

            	
               

            	
               (718)
                921-8209

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      A

    

    Schedule
      of fees pursuant to Section 3(c) of Investment Management Trust
      Agreement

    between
      Asia Special Situation Acquisition Corp. and 

    Continental
      Stock Transfer & Trust Company

    

    
      	
              Fee
                Item

            	 	
              Time
                and method of payment 

            	 	
              Amount

            
	
              Initial
                acceptance fee

            	 	
              Initial
                closing of IPO by wire transfer 

            	 	
              $

            
	 	 	 	 	 
	
              Annual
                fee

            	 	
              First
                year, initial closing of IPO by wire transfer; thereafter on the
                anniversary of the effective date of the IPO by wire transfer or
                check

            	 	
              $

            
	 	 	 	 	 
	
              Transaction
                processing fee for disbursements to Company under Sections 2(a) and
                2(b)

            	 	
              Deduction
                by Trustee from disbursement made to Company under Section
                2(b)

            	 	
              $

            

    

     

    
      	 	 	 
	
              Dated:
                [___], 2007

            	
              Agreed:

               

              
                Asia
                  Special Situation Acquisition Corp. 

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

            

       

      
        	 	 	 
	 	
                Continental
                  Stock Transfer & Trust Co.

              
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                

                Authorized
                  Officer

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