Document:

Exhibit
      4.2

    

     

    [Face
      of
      Warrant]

    

    THE
      SECURITIES REPRESENTED HEREBY AND THE UNDERLYING COMMON STOCK ISSUABLE UPON
      THEIR EXERCISE (COLLECTIVELY, THE “SECURITIES”)
      HAVE
      NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”),
      OR
      UNDER THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD, PLEDGED
      OR OTHERWISE TRANSFERRED OR CONVEYED EXCEPT AS PERMITTED UNDER THE ACT AND
      APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
      THEREFROM. THE ISSUER (THE “COMPANY”)
      OF
      THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE
      SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE
      IS
      IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES
      LAWS.

    

    THE
      SECURITIES ARE SUBJECT TO COVENANTS IN THAT CERTAIN WARRANT AGREEMENT (THE
      “WARRANT
      AGREEMENT”)
      DATED
      AS OF APRIL 19, 2007 BY AND BETWEEN THE COMPANY, THE WARRANT AGENT AND THE
      CERTAIN INITIAL REGISTERED HOLDER NAMED THEREIN CONTAINING, AMONG OTHER THINGS,
      RESTRICTIONS ON THE SALE, TRANSFER OR OTHER DISPOSITION OF SUCH SECURITIES,
      AND
      TO THE TERMS OF THE ARTICLES OF INCORPORATION OF THE COMPANY, AS THE SAME MAY
      BE
      AMENDED OR MODIFIED, INCLUDING ANY AMENDMENT AND RESTATEMENT, FROM TIME TO
      TIME.
      THE COMPANY RESERVES THE RIGHT TO REFUSE THE TRANSFER OF THE SHARES REPRESENTED
      BY THIS CERTIFICATE UNLESS AND UNTIL ALL CONDITIONS TO TRANSFER SET FORTH IN
      THE
      WARRANT AGREEMENT OF INCORPORATION HAVE BEEN FULFILLED. A COPY OF THE WARRANT
      AGREEMENT AND THE ARTICLES OF INCORPORATION MAY BE OBTAINED FROM THE SECRETARY
      OF THE COMPANY WITHOUT CHARGE UPON WRITTEN REQUEST.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SYNUTRA
      INTERNATIONAL, INC.

    

    
      
        	
                No.
                  001

              	
                200,000
                  Warrants

              

      

    

    

    WARRANT
      CERTIFICATE

    

    This
      Warrant Certificate certifies that ABN AMRO Bank N.V., Hong Kong Branch (the
      “Initial
      Holder”),
      or
      its registered assigns, is the registered holder of Warrants (the “Warrants”)
      to
      purchase Common Stock, par value US$.0001 (the “Common
      Stock”),
      of
      Synutra International, Inc., a Delaware corporation (the “Company”).
      Each
      Warrant entitles the registered holder upon exercise at any time from 9:00
      a.m.
      on the date hereof set forth below until 5:00 p.m. Singapore time on the third
      anniversary of the completion of the Qualified Public Offering (as defined
      in
      the Warrant Agreement) (the “Expiration
      Date”),
      to
      receive from the Company one (1) fully paid and nonassessable share of Common
      Stock (the “Warrant
      Shares”)
      at an
      initial exercise price of (a) at any time prior to a Qualified Public Offering,
      the US Dollar amount equal to 75% of the volume weighted average of the closing
      prices per share of the Common Stock on the OTC Bulletin Board or the NASDAQ
      General Market, as applicable, for the 30 trading days immediately preceding
      and
      including the Closing Date (as defined in the Warrant Agreement) and (b) on
      the
      date of the Qualified Public Offering and at any time thereafter, the lower
      of
      (i) the exercise price calculated in accordance with clause (a), as adjusted
      and
      in effect on the day immediately prior to the date of the Qualified Public
      Offering and (ii) the US dollar amount equal to 75% of the Qualified Public
      Offering Price (the “Exercise
      Price”)
      per
      share payable upon surrender of this Warrant Certificate at the office or agency
      of the Company, subject to the conditions set forth herein and in the Warrant
      Agreement referred to on the reverse hereof; provided that the Exercise Price
      shall be adjusted from time to time in accordance with the provisions of the
      Warrant Agreement. The Exercise Price and number of Warrant Shares issuable
      upon
      exercise of the Warrants are subject to adjustment upon the occurrence of
      certain events set forth in the Warrant Agreement.

    

    Reference
      is hereby made to the further provisions of this Warrant Certificate set forth
      on the reverse hereof and such further provisions shall for all purposes have
      the same effect as though fully set forth at this place.

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Warrant Certificate to be signed below manually or
      by
      facsimile by its duly authorized officer.

     

    
      	 	
              SYNUTRA
                INTERNATIONAL, INC.

               

               

              By:
                ____________________________________

              Name:

              Title:

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    Countersigned
      pursuant to Section 3.03 of the Warrant Agreement:

     

    
      	
              Dated:
                April 19, 2007

               

              THE
                BANK OF NEW YORK

              as
                Warrant Agent

               

               

              By:
                ____________________________________

              Authorized
                Signatory

            	 

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SYNUTRA
      INTERNATIONAL, INC.

    

    
      	
              1.

            	
              Warrant
                Agreement.

            

    

    

    The
      Warrants evidenced by this Warrant Certificate are part of a duly authorized
      issue of Warrants issued or to be issued pursuant to a Warrant Agreement dated
      as of April 19, 2007 (the “Warrant
      Agreement”),
      between the Company, the Initial Holder and The Bank of New York, as warrant
      agent (the “Warrant
      Agent”),
      which
      Warrant Agreement is hereby incorporated by reference in and made a part of
      this
      instrument and is hereby referred to for a description of the rights, limitation
      of rights, obligations, duties and immunities thereunder of the Warrant Agent,
      the Company, Initial Holder and the holders (the words “holders”
or
      “holder”
meaning
      the registered holders or registered holder) of the Warrants. To the extent
      permitted by law, in the event of an inconsistency or conflict between the
      terms
      of this Warrant and the Warrant Agreement, the terms of the Warrant Agreement
      will prevail.

    

    
      	
              2.

            	
              Exercise.

            

    

    

    Warrants
      may be exercised at any time on or after the date hereof and on or before 5:00
      p.m. Singapore time on the Expiration Date; provided that holders shall be
      able
      to exercise their Warrants only if the exercise of such Warrants is then exempt
      from, or being effected in compliance with, the registration requirements of
      the
      United States Securities Act of 1933, as amended (the “Securities
      Act”),
      and
      such securities are qualified for sale or exempt from qualification under the
      applicable securities laws of the states in which the various holders of the
      Warrants or other persons to whom it is proposed that the Warrant Shares be
      issued on exercise of the Warrants reside. In order to exercise all or any
      of
      the Warrants represented by this Warrant Certificate, the holder must deliver
      to
      the Warrant Agent at its Corporate Trust Office set forth in the Warrant
      Agreement this Warrant Certificate and the form of election to purchase on
      the
      reverse hereof duly completed and payment to the Company of the Exercise Price
      in the manner set forth in the Warrant Agreement for the number of Warrant
      Shares in respect of which such Warrants are then exercised.

    

    
      	
              3.

            	
              Adjustments.

            

    

    

    The
      Warrant Agreement provides that, upon the occurrence of certain events, the
      Exercise Price set forth on the face hereof may, subject to certain conditions,
      be adjusted. The Warrant Agreement also provides that the number of shares
      of
      Common Stock issuable upon the exercise of each Warrant shall be adjusted in
      certain events.

    

    
      	
              4.

            	
              No
                Fractional Shares.

            

    

    

    No
      fractions of a share of Common Stock will be issued upon the exercise of any
      Warrant, but the Company will pay the cash value thereof determined as provided
      in the Warrant Agreement. 

    

    
      	
              5.

            	
              Registered
                Form; Transfer and Exchange.

            

    

    

    The
      Warrants are in registered form. Warrant Certificates, when surrendered at
      the
      office of the Warrant Agent by the registered holder thereof in person or by
      legal representative or attorney duly authorized in writing, may be exchanged,
      in the manner and subject to the limitations provided in the Warrant Agreement,
      but without payment of any service charge (except as specified in the Warrant
      Agreement), for another Warrant Certificate or Warrant Certificates of like
      tenor evidencing in the aggregate a like number of Warrants. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    Upon
      due
      presentation for registration of transfer of this Warrant Certificate at the
      office of the Warrant Agent a new Warrant Certificate or Warrant Certificates
      of
      like tenor and evidencing in the aggregate a like number of Warrants shall
      be
      issued to the transferee(s) in exchange for this Warrant Certificate, subject
      to
      the limitations provided in the Warrant Agreement, without charge except for
      any
      tax or other governmental charge imposed in connection therewith. 

    

    The
      Company and the Warrant Agent may deem and treat the registered holder(s)
      thereof as the absolute owner(s) of this Warrant Certificate (notwithstanding
      any notation of ownership or other writing hereon made by anyone), for the
      purpose of any exercise hereof, of any distribution to the holder(s) hereof,
      and
      for all other purposes, and neither the Company nor the Warrant Agent shall
      be
      affected by any notice to the contrary. Neither the Warrants nor this Warrant
      Certificate entitles any holder hereof to any rights of a stockholder of the
      Company.

    

    
      	
              6.

            	
              Countersignature.

            

    

    

    This
      Warrant Certificate shall not be valid unless countersigned by the Warrant
      Agent.

    

    
      	
              7.

            	
              Governing
                Law.

            

    

    

    This
      Warrant shall be governed by, and construed in accordance with, the law of
      the
      State of New York applicable to agreements made and to be performed entirely
      within such state.

    

    
      	
              8.

            	
              Abbreviations.

            

    

    

    Customary
      abbreviations may be used in the name of a Holder or an assignee, such as:
      TEN
      COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (=
      joint tenants with right of survivorship and not as tenants in common), CUST
      (=
      Custodian) and U/G/M/A/ (= Uniform Gifts to Minors Act).

    

    A
      copy of
      the Warrant Agreement may be obtained by the holder hereof upon written request
      to the Company.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    FORM
      OF ELECTION TO PURCHASE

    

    (To
      Be
      Executed Upon Exercise Of Warrant)

    

    The
      undersigned hereby irrevocably elects to exercise [____] of the Warrants
      represented by this Warrant Certificate and purchase the whole number of Warrant
      Shares issuable upon exercise of such Warrants and herewith tenders payment
      for
      such Warrant Shares as follows:

    

    US$
      [____] in cash or by certified bank check; 

    

    OR

    

    The
      undersigned hereby irrevocably elects to convert [______] of the Warrants
      represented by this Warrant Certificate into ___________ shares of Common Stock
      (by giving effect to the cashless exercise provisions set forth in Section
      4.01(d)) and herewith agrees to make payment therefor through a cashless
      exercise, all on the terms and the conditions specified in the Warrant
      Certificate and the Warrant Agreement.

    

    The
      undersigned requests that a certificate for such shares be registered in the
      name of _______________, whose address is __________________ and that such
      shares be delivered to ___________, whose address is
      ____________________________. If said number of shares is less than all of
      the
      shares of Common Stock purchasable hereunder, the undersigned requests that
      a
      new Warrant Certificate representing the remaining balance of such shares be
      registered in the name of ______________________, whose address is
      ____________________, and that such Warrant Certificate be delivered to
      ___________ whose address is ____________________. Any cash payments to be
      paid
      in lieu of a fractional share should be made to ________________________ whose
      address is ________________________ and the check representing payment thereof
      should be delivered to ________________________ whose address
      is________________________.

     

    
      	 	
              [NAME
                OF HOLDER]

               

               

              By:
                ____________________________________

              Name:

              Title:

               

              Date:
                ___________________________________

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [FORM
      OF WARRANT TRANSFER NOTICE]

    

    FOR
      VALUE
      RECEIVED the undersigned registered holder hereby sell(s), assign(s)
      and

    

    transfer(s)
      unto _____________________________ (the “Assignee”)
      

    (Please
      type or print block letters)

     

     

      
        

      

    

    (Please
      print or typewrite name and address including zip code of assignee)

     

     

    
      
        

      

    

    the
      within Warrant and all rights thereunder, hereby irrevocably constituting and
      appointing

    

     

      
        

      

    

    attorney
      to transfer said Warrant on the books of the Company with full power of
      substitution in the premises.

    

    [THE
      FOLLOWING PROVISION TO BE INCLUDED ON ALL WARRANT CERTIFICATES BEARING A
      RESTRICTED LEGEND]

    

    In
      connection with any transfer of this Warrant occurring prior to the second
      anniversary of the date set forth on the face of this Warrant, the undersigned
      confirms that (x) such transfer is being made without utilizing any general
      solicitation or general advertising and by means of a transaction exempt from
      the registration and prospectus delivery requirements of the United States
      Securities Act of 1933, as amended and (y) the transferee has agreed to comply
      with the provisions set forth in the Restricted Legend in respect of any further
      transfers.

     

    
      	 	
              NAME
                OF COMPANY

               

               

              By:
                ______________________________________

              Name:

              Title:

               

              Date:
                _____________________________________

            

    

    

    NOTICE:
      The signature to this assignment must correspond with the name as written upon
      the face of the within mentioned instrument in every particular, without
      alteration or any change whatsoever.Exhibit
        4.3

    

     

    SYNUTRA
      INTERNATIONAL, INC.

    

    REGISTRATION
      RIGHTS AGREEMENT

    

    This
      Registration Rights Agreement (the “Agreement”)
      is
      made as of April 19, 2007, by and between SYNUTRA INTERNATIONAL, INC., a
      Delaware corporation (the “Company”)
      and
      ABN AMRO BANK N.V., HONG KONG BRANCH (the “Initial
      Holder”)
      in
      connection with the issuance of warrants to purchase shares of common stock,
      par
      value US$0.0001 per share (the “Common
      Stock”),
      of
      the Company (each individually, a “Warrant”,
      and
      collectively, the “Warrants”)
      pursuant to the Warrant Agreement dated as of the date hereof (the “Warrant
      Agreement”) among the Company, the Bank of New York, as warrant agent and the
      Initial Holder.

    

    WHEREAS,
      the Company proposes to issue Warrants to purchase shares of Common Stock in
      order to induce ABN AMRO Bank N.V., Hong Kong Branch to enter into the Loan
      Agreement to dated as of the date hereof among the Company, Liang Zhang, Xiuqing
      Meng and ABN AMRO Bank N.V., Hong Kong Branch as Lender and Collateral
      Agent.

    

    WHEREAS,
      the Company and the Initial Holder desire to document the terms under which
      the
      Initial Holder can participate in or demand the registration of the Common
      Stock
      issued pursuant to the exercise of Warrants.

    

    NOW,
      THEREFORE, in consideration of the mutual promises and covenants hereinafter
      set
      forth, all parties hereto agree as follows: 

    

    ARTICLE
      1

    CERTAIN
      DEFINITIONS

    

    As
      used
      in this Agreement, the following terms shall have the following respective
      meanings:

    

    “Commission”
shall
      mean the United States Securities and Exchange Commission or any other Federal
      agency at the time administering the Securities Act.

    

    “Exchange
      Act”
shall
      mean the United States Securities Exchange Act of 1934, as amended, or any
      similar Federal rule or statute and the rules and regulations of the Commission
      thereunder, all as the same shall be in effect from time to time. 

    

    “Holder”
means
      the Initial Holder, or any person holding Registrable Securities or Warrants
      to
      whom the rights under this Agreement have been transferred in accordance with
      Section 5.10 hereof. 

    

    “Initial
      Holder”
has
      the
      meaning assigned to such term in the Recitals.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    “Initiating
      Holders”
means
      any Holder or Holders who, in the aggregate hold not less than 30% of the
      Registrable Securities, assuming for the purpose of the calculation of this
      percentage at any relevant time of determination, the exercise of all
      Warrants.

    

    “Registrable
      Securities” means (i) the Warrant Shares and (ii) any Common Stock of the
      Company issued or issuable in respect of the foregoing upon any exercise, stock
      split, stock dividend, recapitalization, or similar event; provided, however,
      that securities shall only be treated as Registrable Securities if and so long
      as (i) they have not been registered or sold to or through a broker or dealer
      or
      underwriter in a public distribution or a public securities transaction and
      (ii)
      the registration rights with respect to such securities have not terminated
      pursuant to Section 5.11.

    

    The
      terms
“register,”
      “registered”
and
      “registration”
refer
      to a registration effected by preparing and filing a registration statement
      in
      compliance with the Securities Act, and the declaration or ordering of the
      effectiveness of such registration statement. 

    

    “Registration
      Expenses”
shall
      mean (i) all expenses, except as otherwise stated below, incurred by the Company
      in complying with Sections 5.01, 5.02 and 5.03 hereof, including without
      limitation, all registration, qualification and filing fees, printing expenses,
      escrow fees, fees and disbursements of counsel for the Company, blue sky fees
      and expenses, and accountants’ fees and expenses including the expense of any
      special audits incident to or required by any such registration (but excluding
      the compensation of regular employees of the Company which shall be paid in
      any
      event by the Company) and (ii) all reasonable fees and expenses incurred by
      one
      joint special counsel for the Holders (chosen by Holders of a majority of the
      Registrable Securities included in the relevant registration) exercising
      registration rights under Section 5.01, Section 5.02 or Section
      5.03.

    

    “Restricted
      Securities”
shall
      mean the securities of the Company required to bear the legends set forth in
      Article 3 hereof. 

    

    “Securities
      Act”
shall
      mean the United States Securities Act of 1933, as amended, or any similar
      Federal rule or statute and the rules and regulations of the Commission
      thereunder, all as the same shall be in effect from time to time. 

    

    “Selling
      Expenses”
shall
      mean all underwriting discounts, selling commissions and stock transfer taxes
      applicable to the securities registered by the Holders and, all fees and
      disbursements of counsel for any Holder (other than the fees and expenses of
      one
      special counsel as set forth above in the definition of “Registration
      Expenses”).

    

    “Warrant
      Shares”
shall
      mean the Common Stock issued or issuable on exercise of Warrants. 

    

    “Warrant”
and
      “Warrants”
have
      the respective meanings assigned to such terms in the Recitals.

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    ARTICLE
      2

    RESTRICTIONS
      ON TRANSFERABILITY

    

    The
      Warrant Shares and any other securities of the Company issued in respect of
      such
      shares upon any stock split, stock dividend, recapitalization, merger, or
      similar event, shall not be sold, assigned, transferred or pledged except upon
      the conditions specified in this Agreement, which conditions are intended to
      ensure compliance with the provisions of the Securities Act. Except to the
      extent contemplated by Article 4 below, each Holder or transferee will cause
      any
      proposed purchaser, assignee, transferee, or pledgee of any such shares or
      other
      securities held by the Holder or transferee to agree to take and hold such
      securities subject to the restrictions and upon the conditions specified in
      this
      Agreement, including without limitation the restrictions set forth in Article
      4.

    

    ARTICLE
      3

    RESTRICTIVE
      LEGEND

    

    Each
      certificate representing Warrant Shares or any other securities of the Company
      issued in respect of such shares upon any stock split, stock dividend,
      recapitalization, merger, or similar event, shall (unless otherwise permitted
      by
      the provisions of Article 4 below) be stamped or otherwise imprinted with a
      legend in substantially the following form (in addition to any legends required
      by applicable state securities laws): 

    

    “THE
      SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”),
      AND
      MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
      A
      REGISTRATION UNDER THE SECURITIES ACT UNLESS SUCH OFFER, SALE, PLEDGE OR
      TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS
      OF
      THE SECURITIES ACT.

    

    THIS
      RESTRICTED LEGEND SHALL CEASE TO BE IN EFFECT AND BE REMOVED WHEN THE SHARES
      REPRESENTED HEREBY HAVE BECOME UNRESTRICTED SECURITIES IN ACCORDANCE WITH THE
      PROVISIONS OF RULE 144 PROMULGATED UNDER THE SECURITIES ACT.”

    

    Each
      Holder consents to the Company making a notation on its records and giving
      instructions to any transfer agent of its capital stock in order to implement
      the restrictions on transfer established in this Agreement. Subject to
      compliance with Article 4, upon receipt of instructions from a Holder in
      connection with a transfer pursuant to Rule 144 under the Securities Act,
      Regulation S under the Securities Act or other exemption from registration
      under
      the Securities Act that results in such securities becoming unrestricted
      securities, the Company shall instruct the transfer agent to remove this
      legend.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

       

    

    ARTICLE
      4

    NOTICE
      OF PROPOSED TRANSFERS

    

    The
      Holder of each certificate representing Restricted Securities by acceptance
      thereof agrees to comply in all respects with the provisions of this Article
      4.
      No sale, assignment, transfer or pledge of Restricted Securities shall be made
      by any Holder thereof to any person unless such person shall agree in writing
      to
      be bound by the limitations of this Article 4; provided that this requirement
      shall only apply to the extent such Restricted Securities shall continue to
      be
      Restricted Securities after such sale, assignment, transfer or pledge. Prior
      to
      any such proposed sale, assignment, transfer or pledge of any Restricted
      Securities the Holder thereof shall give written notice to the Company of such
      Holder’s intention to effect such transfer, sale, assignment or pledge. Each
      such notice shall, describe the manner and circumstances of the proposed
      transfer, sale, assignment or pledge in sufficient detail, and, if reasonably
      requested by the Company, the Holder shall also provide, at such Holder’s
      expense, a written opinion addressed to the Company of legal counsel who shall
      be, and whose legal opinion shall be, reasonably satisfactory to the Company,
      to
      the effect that the proposed transfer of the Restricted Securities may be
      effected without registration under the Securities Act, whereupon the Holder
      of
      such Restricted Securities shall be entitled to transfer such Restricted
      Securities in accordance with the terms of the notice delivered by the Holder
      to
      the Company; provided, however, that the Company shall not request an opinion
      of
      counsel with respect to (i) a transfer not involving a change in beneficial
      ownership, (ii) a transaction involving the transfer or distribution without
      consideration of Restricted Securities by the Holder to its constituent partners
      (or former partners) or members (or former members) or stockholders, or
      affiliated partnerships or funds managed by it or any of its respective
      directors, officer or partners, or to its affiliates (including branches) or
      (iii) a transaction involving the transfer without consideration of Restricted
      Securities by an individual Holder during such Holder’s lifetime by way of bona
      fide gift or on death by will or intestacy. Each certificate evidencing the
      Restricted Securities transferred as above provided shall bear, except if such
      transfer is made pursuant to Rule 144 under the Securities Act, the appropriate
      restrictive legend set forth in Article 3 above, except that such certificate
      shall not bear such restrictive legend if upon the delivery to the Company
      of a
      written opinion of counsel for such Holder reasonably satisfactory to the
      Company and counsel for the Company such legend is not required in order to
      ensure compliance with any provision of the Securities Act.

    

    ARTICLE
      5

    REGISTRATION

    

    Section
      5.01. Piggyback.
      

    

    (a) Notice
      of Registration.
      If at
      any time or from time to time the Company shall determine to register any of
      its
      equity securities under the Securities Act for offering or sale, either for
      its
      own account or the account of a holder (other than pursuant to this Agreement)
      or other holders, other than (i) a registration relating solely to employee
      benefit plans, (ii) a registration relating solely to a Rule 145 transaction,
      (iii) a registration on Form S 4 relating to shares to be issued in a merger
      or
      similar transaction approved by the Board of Directors, or (iv) a registration
      in which the only equity security being registered is Common Stock issuable
      upon
      conversion of convertible debt securities which are also being registered,
      the
      Company will: 

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

       

    

    (i) promptly
      give to each Holder written notice thereof; and 

    

    (ii) include
      in such registration (and any related qualifications including compliance with
      state securities laws), and in any underwriting or placement involved therein,
      all the Registrable Securities specified in a written request or requests by
      any
      Holder made within fifteen (15) days after the date of such written notice
      described in clause (i) above is mailed or delivered by the
      Company.

    

    (b) Underwriting
      or Placement.
      If the
      registration of which the Company gives notice is for a registered public
      offering involving an underwriting or placement, the Company shall so advise
      the
      Holders as a part of the written notice given pursuant to Section 5.01(a)(i).
      In
      such event, the right of any Holder to registration pursuant to this Section
      5.01 shall be conditioned upon such Holder’s participation in such underwriting
      or placement and the inclusion of Registrable Securities in the underwriting
      or
      placement shall be limited to the extent provided herein. 

    

    All
      Holders proposing to distribute their securities through such underwriting
      or
      placement shall (together with the Company and the other holders distributing
      their securities through such underwriting or placement) enter into an
      underwriting agreement or placement agreement in customary form with the
      managing underwriter or placement agent selected by the Company for such
      underwriting or placement. 

    

    If
      any
      Holder disapproves of the terms of any such underwriting or placement, such
      person may elect to withdraw therefrom by written notice to the
      Company.

    

    (c) Right
      to Terminate Registration.
      The
      Company shall have the right to terminate or withdraw any registration initiated
      by it under this Section 5.01 prior to the effectiveness of such registration
      whether or not any Holder has elected to include securities in such
      registration.

    

    Section
      5.02. Requested
      Registration.
      

    

    (a) Request
      for Registration.
      In case
      the Company shall (x) receive from Initiating Holders a written request that
      the
      Company effect any registration with respect to Registrable Securities and
      (y)
      for so long as the Initial Holder holds at least 25% of Registrable Securities
      or Warrants originally issued pursuant to the Warrant Agreement, a written
      consent to such request from the Initial Holder, the Company will:

    

    (i) promptly
      give written notice of the proposed registration to all other Holders;
      and

    

    (ii) as
      soon
      as practicable, use its best efforts to effect such registration and maintain
      the effectiveness of such registration pursuant to Section 5.06(a) (including,
      without limitation, appropriate qualification under applicable state securities
      laws and appropriate compliance with applicable regulations issued under the
      Securities Act and any other governmental requirements or regulations), as
      requested by the Initiating Holders as part of:

    

    (A) a
      firm
      commitment underwritten public offering with underwriters selected by the
      Company and reasonably acceptable to the Initiating Holders;

    

    
      
         

      

      
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    (B) a
      best
      efforts placement with a placement agent selected by the Company and reasonably
      acceptable to the Initiating Holders; or

    

    (C) a
      direct
      placement by such Holders, 

    

    as
      would
      permit or facilitate the sale and distribution of all or such portion of such
      Registrable Securities as are specified in such request, together with all
      or
      such portion of the Registrable Securities of any Holder or Holders joining
      in
      such request by delivering a written notice to such effect to the Company within
      fifteen (15) days after the date of such written notice from the
      Company.

    

    (iii) Notwithstanding
      Section 5.02(a)(ii), the Company shall not be obligated to take any action
      to
      effect or complete any such registration pursuant to this Section
      5.02:

    

    (A) Prior
      to
      thirty (30) days after the effective date of the Company’s first registered
      public offering of its Common Stock effected after the date of this
      Agreement;

    

    (B) If
      the
      resale of the Company’s securities to be covered by the required registration
      statement could be registered on Form S-3 and the Company is then eligible
      to
      use Form S-3 (in which case, the provisions of Section 5.03 would
      apply);

    

    (C) Unless
      the aggregate offering price of all Registrable Securities sought to be
      registered by all Holders, before the deduction of underwriting discounts and
      commissions, would exceed US$1,000,000;

    

    (D) If
      the
      Company delivers notice to the Holders, within fifteen (15) days of any request
      for registration, of its intent to file a registration statement for a public
      offering within sixty (60) days (in which case, the provisions of Section 5.01
      would apply); 

    

    (E) During
      the period starting with the date of filing of, and ending on the date thirty
      (30) days immediately following the effective date of, any registration
      statement pertaining to securities of the Company (other than a registration
      of
      securities in a Rule 145 transaction or with respect to an employee benefit
      plan); provided that the Company is actively employing in good faith all
      reasonable efforts to cause such registration statement to become effective
      and
      the Company complied with the relevant provisions of Section 5.01 hereof;

    

    (F) After
      the
      Company has effected two (2) registrations pursuant to this Section 5.02 or
      within six (6) months of a registration and offering completed pursuant to
      this
      Section 5.02; or

    

    (G) If
      the
      Company shall furnish to the Initiating Holders a certificate signed by an
      executive officer of the Company stating that in his or her good faith judgment
      it would be seriously detrimental to the Company for a registration statement
      to
      be filed in the near future, in which case, the Company’s obligation to use its
      best efforts to register, qualify or comply under this Section 5.02(a) shall
      be
      deferred for a period not to exceed ninety (90) days from the date of receipt
      of
      the written request from the Initiating Holders; provided that the Company
      may
      not exercise this deferral right more than three times in any twelve (12) month
      period or for more than a total of ninety (90) days.

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

       

    

    Subject
      to the foregoing clauses (A) through (G), the Company shall file a registration
      statement covering the Registrable Securities so requested to be registered
      as
      soon as reasonably practicable after receipt of the request or requests of
      the
      Initiating Holders. 

    

    (b) Underwriting
      or Placement.
      In the
      event of a registration pursuant to this Section 5.02 involving an underwriting
      or placement, the Company shall advise the Holders as part of the notice given
      pursuant to Section 5.02(a)(i) that the right of any Holder to registration
      pursuant to this Section 5.02 shall be conditioned upon such Holder’s
      participation in the underwriting or placement arrangements required by this
      Section 5.02, and the inclusion of such Holder’s Registrable Securities in the
      underwriting or placement to the extent requested shall be limited to the extent
      provided herein. 

    

    If
      a
      registration pursuant to this Section 5.02 involves an underwriting or
      placement, the Company shall, together with all Holders proposing to distribute
      their securities through such underwriting, enter into an underwriting agreement
      or placement agreement in customary form with the managing underwriter or
      placement agent selected by the Company and reasonably acceptable to a majority
      in interest of the Initiating Holders who made the request for registration
      under Section 5.02(a). If any Holder of Registrable Securities disapproves
      of
      the terms of the underwriting or placement, such Holder may elect to withdraw
      therefrom by written notice to the Company. 

    

    Section
      5.03. Shelf
      Registration On Form S-3.
      

    

    (a) Request
      for Shelf Registration.
      In case
      the Company shall receive from Holders a written request that the Company file
      a
      shelf registration statement on Form S 3 (or any successor form to Form S 3)
      for
      a public offering of Registrable Securities the aggregate price to the public
      of
      which, net of underwriting discounts and commissions, would exceed US$250,000,
      and the Company is a registrant entitled to use Form S 3 to register the
      Registrable Securities for such an offering, the Company shall use its best
      efforts to cause such Registrable Securities to be registered for the offering
      on such form and to cause such Registrable Securities to be qualified in such
      jurisdictions as such Holder or Holders may reasonably request; provided,
      however, that the Company shall not be required to effect a registration
      pursuant to this Section 5.03 if the Company has effected two (2) registrations
      pursuant to this Section 5.03 within the previous twelve (12) months. If such
      offer is to be an underwritten offer or placement, the underwriters or placement
      agent shall be reasonably acceptable to the Company and a majority in interest
      of the Holders. The Company shall inform the other Holders of the proposed
      registration and offer them upon at least fifteen (15) days written notice
      the
      opportunity to participate. In the event the registration is proposed to be
      part
      of a firm commitment underwritten public offering or best efforts placement,
      the
      substantive provisions of Section 5.01(b) shall be applicable to each such
      registration initiated under this Section 5.03. 

    

    (b) Notwithstanding
      the foregoing, the Company shall not be obligated to take any action pursuant
      to
      this Section 5.03:

    

    (i) During
      the period starting with the date of filing of, and ending on the date thirty
      (30) days immediately following the effective date of, any registration
      statement pertaining to securities of the Company (other than a registration
      of
      securities in a Rule 145 transaction or with respect to an employee benefit
      plan); provided
      that the
      Company is actively employing in good faith all reasonable efforts to cause
      such
      registration statement to become effective and the Company complied with the
      provisions of Section 5.01 hereof with respect to such
      registration.

    

    
      
         

      

      
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    (ii) If
      the
      Company shall furnish to the Holders requesting such registration a certificate
      signed by an executive officer of the Company stating that the Company intends
      to file a registration statement, or that, in his or her good faith judgment,
      it
      would be seriously detrimental to the Company for a registration statement
      to be
      filed in the near future, in which case the Company’s obligation to use its best
      efforts to file a registration statement shall be deferred for a period not
      to
      exceed ninety (90) days from the receipt of the request to file such
      registration by such Holders; provided,
      however,
      that
      the Company may not exercise this deferral right more than three times in any
      twelve month period or for more than a total of ninety (90) days.

    

    Section
      5.04. Subsequent
      Registration Rights.
      

    

    (a) Without
      the consent of any Holder of Registrable Securities hereunder, the Company
      may
      grant to any holder of securities of the Company registration rights with
      priority of inclusion rights inferior to those granted hereunder. 

    

    (b) The
      Company shall not enter into any agreement granting any holder or prospective
      holder of any securities of the Company registration rights with priority of
      inclusion rights superior to or pari passu with the rights granted the Holders
      hereunder without the written consent of the Holders of at least sixty percent
      (60%) of the Warrant Shares, assuming for the purpose of the calculation of
      this
      percentage at any relevant time of determination, the exercise of all
      Warrants.

    

    Section
      5.05. Registration
      Expenses.
      The
      Company shall bear all Registration Expenses and all other registration expenses
      (other than Selling Expenses) of registrations under Sections 5.01, 5.02 and
      5.03. All Selling Expenses relating to securities registered on behalf of the
      Holders shall be borne by the Holders of such securities pro
      rata
      on the
      basis of the number of shares so registered or, if the registration is closed
      or
      withdrawn, those shares proposed to be registered (after taking into account
      any
      exclusion pursuant to Section 5.01(b) or Section 5.02(b)). 

    

    Section
      5.06. Registration
      Procedures.
      In the
      case of each registration effected by the Company pursuant to this Agreement,
      the Company will keep each Holder advised in writing as to the initiation of
      such registration and as to the completion thereof. The Company shall, as
      expeditiously as reasonably possible: 

    

    (a) Prepare
      and file with the Commission a registration statement and such amendments and
      supplements as may be necessary and use its best efforts to cause such
      registration statement to become and remain effective until the distribution
      described in the registration statement has been completed;

    

    (b) Furnish
      or make available to the Holders participating in such registration and, if
      an
      underwritten offering or placement, to the underwriters or placement agent
      of
      the securities being registered, such reasonable number of copies of the
      registration statement, preliminary prospectus, final prospectus and such other
      documents as such Holders and underwriters or placement agent may reasonably
      request in order to facilitate the public offering of such securities.

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

       

    

    (c) Use
      its
      best efforts to register and qualify the securities covered by such registration
      statement under such other securities or state securities laws of such
      jurisdictions in the United States as shall be reasonably requested by the
      Holders; provided that the Company shall not be required in connection therewith
      or as a condition thereto to qualify to do business or to file a general consent
      to service of process in any relevant state or jurisdiction.

    

    (d) Notify
      each Holder of Registrable Securities covered by such registration statement
      at
      any time when a preliminary prospectus, “time of sale” prospectus or final
      prospectus relating thereto is required to be delivered or make available under
      the Securities Act of the happening of any event as a result of which the
      prospectus (together with a “free writing prospectus”) included in or relating
      to such registration statement, as then in effect, includes an untrue statement
      of a material fact or omits to state a material fact required to be stated
      therein or necessary to make the statements therein not misleading in the light
      of the circumstances then existing.

    

    (e) Use
      its
      best efforts to furnish, on the date that such Registrable Securities are
      delivered to the underwriters or placement agent for sale, if such securities
      are being sold through underwriters or a placement agent, (i) an opinion, dated
      as of such date, of the counsel representing the Company for the purposes of
      such registration, in form and substance as is customarily given to underwriters
      or a placement agent in an underwritten public offering or placement, addressed
      to the underwriters or placement agent, if any, and (ii) one or more comfort
      letters dated as of such date, from the independent certified public accountants
      of the Company (or acquired entities), in form and substance as is customarily
      given by independent certified public accountants to underwriters in an
      underwritten public offering addressed to the underwriters or to placement
      agents in a placement addressed to the placement agent.

    

    (f) Provide
      a
      transfer agent and registrar for all Registrable Securities registered pursuant
      hereunder and a CUSIP number for all such Registrable Securities, in each case
      not later than the effective date of such registration.

    

    (g) Cause
      all
      such Registrable Securities registered pursuant hereunder to be listed on each
      securities exchange on which Common Stock issued by the Company is then
      listed.

    

    Section
      5.07. Indemnification.
      

    

    (a) The
      Company will indemnify each Holder, each of its officers, directors, partners
      and former partners, members and former members and each person controlling
      such
      Holder within the meaning of Section 15 of the Securities Act and any
      underwriter or placement agent for such Holder, with respect to which
      registration has been effected pursuant to this Agreement, against all expenses,
      claims, losses, damages or liabilities (or actions in respect thereof),
      including any of the foregoing incurred in settlement of any litigation,
      commenced or threatened, arising out of or based on any untrue statement (or
      alleged untrue statement) of a material fact contained in any registration
      statement, prospectus, “free writing” prospectus, preliminary prospectus, “time
      of sale” prospectus, final prospectus or other document, or any amendment or
      supplement thereto, incident to any such registration, or based on any omission
      (or alleged omission) to state therein a material fact required to be stated
      therein or necessary to make the statements therein, in light of the
      circumstances in which they were made, not misleading, or any violation by
      the
      Company of the Securities Act, the Exchange Act, state securities laws or any
      rule or regulation promulgated under such laws applicable to the Company in
      connection with any such registration, and the Company will reimburse each
      such
      Holder, each of its officers, directors, partners and former partners, members
      and former members, each person controlling such Holder within the meaning
      of
      Section 15 of the Securities Act, and any underwriter for such Holder for any
      legal and any other expenses reasonably incurred, as such expenses are incurred,
      in connection with investigating, preparing, defending or settling any such
      claim, loss, damage, liability or action; provided that the Company will not
      be
      liable in any such case to the extent that any such claim, loss, damage,
      liability or expense arises out of or is based on any untrue statement or
      omission or alleged untrue statement or omission, made in such registration
      statement, prospectus, “free writing” prospectus, preliminary prospectus, “time
      of sale” prospectus, final prospectus or other document in reliance upon and in
      conformity with written information furnished to the Company by an instrument
      duly executed by such Holder or controlling person, and stated to be
      specifically for use therein. 

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

       

    

    (b) A
      Holder
      seeking indemnification shall give notice to the Company promptly after such
      Holder has actual knowledge of any claim as to which indemnity may be sought,
      and shall permit the Company to assume the defense of any such claim or any
      litigation resulting therefrom; provided
      that
      counsel for the Company, who shall conduct the defense of such claim or
      litigation, shall be approved by the Holders seeking indemnification (whose
      approval shall not unreasonably be withheld or delayed), and the Holder may
      participate in such defense at its expense; provided
      further
      that the
      failure of any Holder to give notice as provided herein shall not relieve the
      Company of its obligations under this Agreement except to the extent the failure
      to give such notice is materially prejudicial to the Company’s ability to defend
      such action; and provided
      further,
      that
      the Company shall not assume the defense for matters as to which there is a
      conflict of interest or there are separate and different defenses. The Company,
      in the defense of any such claim or litigation, shall, except with the consent
      of each Holder seeking indemnification (whose consent shall not be unreasonably
      withheld or delayed), consent to entry of any judgment or enter into any
      settlement which does not include as an unconditional term thereof the giving
      by
      the claimant or plaintiff to such Holder of a release from all liability in
      respect to such claim or litigation.

    

    (c) If
      the
      indemnification provided for in this Section 5.07 is held by a court of
      competent jurisdiction to be unavailable to a Holder (other than pursuant to
      its
      terms) with respect to any loss, liability, claim, damage, or expense referred
      to therein, then the Company, in lieu of indemnifying such Holder hereunder,
      shall contribute to the amount paid or payable by such Holder as a result of
      such loss, liability, claim, damage, or expense in such proportion as is
      appropriate to reflect the relative fault of the Company on the one hand and
      of
      such Holder on the other in connection with the statements or omissions that
      resulted in such loss, liability, claim, damage, or expense as well as any
      other
      relevant equitable considerations; provided,
      however,
      that
      the total amount paid or payable by a Holder pursuant to this Section 5.07(c)
      shall be limited to an amount equal to the amount by which the aggregate
      proceeds from the offering received by such Holder exceeds the amount paid
      (including underwriters discounts and commission, if any) by such Holder in
      connection with such registration. The relative fault of the Company and of
      the
      Holder shall be determined by reference to, among other things, whether the
      untrue or alleged untrue statement of a material fact or the omission or alleged
      omission to state a material fact relates to information supplied by the Company
      or by the Holder and the parties’ relative intent, knowledge, access to
      information, and opportunity to correct or prevent such statement or
      omission.

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

       

    

    (d) Notwithstanding
      the foregoing, to the extent that the provisions on indemnification and
      contribution contained in the underwriting agreement or placement agreement
      entered into in connection with the underwritten public offering or placement
      are in conflict with the foregoing provisions relating to indemnification of
      an
      underwriter or placement agent, the provisions in the underwriting agreement
      or
      placement agreement shall control.

    

    (e) The
      obligations of the Company and Holders under this Section 5.07 shall survive
      the
      completion of any offering of Registrable Securities in a registration statement
      and the termination of this Agreement.

    

    Section
      5.08. Information
      By Holder.
      The
      Holders of Registrable Securities included in any registration shall furnish
      to
      the Company such information regarding such Holders, the Registrable Securities
      held by them and the distribution proposed by such Holders as the Company may
      request in writing and as shall be required by applicable law in connection
      with
      any registration referred to in this Agreement. 

    

    Section
      5.09. Rule
      144 Reporting.
      With a
      view to making available the benefits of certain rules and regulations of the
      Commission which may at any time permit the sale of the Restricted Securities
      to
      the public without registration, the Company agrees to use its best efforts
      to:

    

    (a) At
      all
      times make and keep public information available, as those terms are understood
      and defined in Rule 144 under the Securities Act;

    

    (b) File
      with
      the Commission all reports and other documents required of the Company under
      the
      Securities Act and the Exchange Act; and

    

    (c) So
      long
      as a Holder owns any Restricted Securities, to furnish to the Holder forthwith
      upon request a written statement by the Company as to its compliance with the
      reporting requirements of said Rule 144 (at any time after 90 days after the
      effective date of the first registration statement filed by the Company for
      an
      offering of its securities to the general public), a copy of the most recent
      annual or quarterly report of the Company, and such other reports and documents
      of the Company and other information in the possession of or reasonably
      obtainable by the Company as the Holder may reasonably request in availing
      itself of any rule or regulation of the Commission allowing the Holder to sell
      any such securities without registration. 

    

    Section
      5.10. Transfer
      of Registration Rights.
      The
      rights granted Holders under this Article 5 may be assigned to a transferee
      or
      assignee in connection with any transfer or assignment of Registrable Securities
      or Warrants by the Holder; provided that: (i) such transfer is otherwise
      effected in accordance with applicable securities laws and the terms of this
      Agreement, (ii) such assignee or transferee acquires at least 50,000 shares
      of
      Registrable Securities or Warrants (as adjusted for stock splits, stock
      dividends, stock combinations and the like) from the transferor, (iii) written
      notice is promptly given to the Company and (iv) such assignee or transferee
      agrees to be bound by the provisions of this Agreement. Notwithstanding the
      foregoing, the rights to cause the Company to register securities may be
      assigned without compliance with item (ii) above to any branch or affiliate
      (as
      such term is defined in Rule 405 of the Securities Act) of a Holder, provided
      such transferee agrees as contemplated by clause (iv) above.

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

       

    

    Section
      5.11. Termination
      Of Article 5 Registration Rights.
      The
      rights granted pursuant to Sections 5.02, 5.01 and 5.02 of this Agreement shall
      terminate as to any Holder whenever such Holder is eligible to sell all of
      such
      Holder’s Registrable Securities in any single ninety (90) day period under Rule
      144 under the Securities Act.

    

    ARTICLE
      6

    FINANCIAL
      INFORMATION RIGHTS

    

    (a) If
      the
      Company ceases to be a reporting company under the Exchange Act, the Company
      will provide the following reports to each Holder: 

    

    (i) As
      soon
      as practicable after the end of the fiscal year ended March 31, 2007 and each
      fiscal year thereafter, financial statements of the Company, audited by an
      internationally recognized public accounting firm and prepared in accordance
      with United States generally accepted accounting principles (“US
      GAAP”)
      and

    

    (ii) As
      soon
      as practicable after the end of each fiscal quarter, quarterly financial
      statements of the Company, reviewed by an internationally recognized public
      accounting firm and prepared in accordance with US GAAP.

    

    (b) The
      Company will keep true records and books of account in which full, true and
      correct entries will be made of all dealings or transactions in relation to
      its
      business and affairs and such records and books shall be kept in accordance
      with
      US GAAP applied on a consistent basis.

    

    (c) The
      Company shall permit each Holder, at such Holder’s expense, to visit and inspect
      the Company’s properties, to examine its books of account and record and to
      discuss the Company’s affairs, finances and accounts with its officers, all at
      such reasonable times as may be requested by such Holder.

    

    ARTICLE
      7

    AGGREGATION
      OF SHARES

    

    All
      shares of the Company’s Common Stock held by affiliated entities or persons
      (including branches, stockholders, partners, former partners, members and former
      members of an entity) shall be aggregated together for purposes of determining
      the availability of any rights under this Agreement, provided,
      that
      upon request, the person asserting such affiliation will provide reasonable
      evidence to the Company of such affiliation.

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

       

    

    ARTICLE
      8

    AMENDMENT

    

    Except
      as
      otherwise provided above, additional parties may be added to this Agreement,
      any
      provision of this Agreement may be amended or the observance thereof may be
      waived (either generally or in a particular instance and either retroactively
      or
      prospectively), only with (x) the written consent of the Company and the Initial
      Holder and (y) the written consent of the Holders of a majority of the
      Registrable Securities, assuming for the purpose of this calculation at any
      relevant time of determination, the exercise of all Warrants. Any amendment,
      consent or waiver effected in accordance with Section 5.04 or Article 8, as
      applicable, shall be binding upon each Holder of Registrable Securities at
      the
      time outstanding, each future holder of any of such securities, and the Company.
      

    

    ARTICLE
      9

    GOVERNING
      LAW

    

    Section
      9.01. Governing
      Law.
      

    

    (a) THIS
      AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
      THE
      STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY
      WITHIN SUCH STATE.

    

    (b) ANY
      LEGAL
      ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS
      OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, NEW YORK CITY
      OR
      OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION
      AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND
      IN
      RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS.
      EACH
      PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY
      OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON
      CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION
      OR
      PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER
      DOCUMENT RELATED THERETO. EACH PARTY TO THIS AGREEMENT WAIVES PERSONAL SERVICE
      OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER
      MEANS
      PERMITTED BY THE LAW OF SUCH STATE. THE COMPANY AGREES THAT A FINAL JUDGMENT
      IN
      ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT SHALL BE CONCLUSIVE
      AND BINDING UPON IT AND WILL BE GIVEN EFFECT IN ANY OTHER JURISDICTION TO THE
      FULLEST EXTENT PERMITTED BY APPLICABLE LAW AND MAY BE ENFORCED IN ANY COURT
      TO
      THE JURISDICTION OF WHICH THE COMPANY IS OR MAY BE SUBJECT BY A SUIT UPON SUCH
      JUDGMENT; PROVIDED THAT SERVICE OF PROCESS IS EFFECTED UPON IT IN ONE OF THE
      MANNERS SPECIFIED HEREIN OR AS OTHERWISE PERMITTED BY LAW.

    

    
      
         

      

      
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    Section
      9.02. Waiver
      of Right to Trial by Jury.
      EACH
      PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY
      OF
      ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT
      OR
      IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE
      PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE
      TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
      ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY
      HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF
      ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO
      THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH
      ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE
      WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

    

    Section
      9.03. New
      York Process Agent.
      Without
      prejudice to any other mode of service allowed under any relevant laws, the
      Company:

    

    (a) irrevocably
      appoints CT Corporation System, located at 111 Eighth Avenue, New York, NY
      10011, as its agent for service of process in relation to any proceedings before
      the courts of the State of New York sitting in the Borough of Manhattan, New
      York City or of the United States for the Southern District of such State in
      connection with this Agreement; and

    

    (b) agrees
      that failure by a process agent to notify the Company of the process will not
      invalidate the proceedings concerned.

    

    ARTICLE
      10

    ENTIRE
      AGREEMENT, ETC.

    

    This
      Agreement constitutes the full and entire understanding and Agreement among
      the
      parties regarding the matters set forth herein. Any prior agreements,
      understandings or representations with respect to the subject matter hereof
      are
      superseded by this Agreement and shall have no further force or effect. Except
      as otherwise expressly provided herein, the provisions hereof shall inure to
      the
      benefit of, and be binding upon the successors, assigns, heirs, executors and
      administrators of the parties hereto (including with respect to a successor
      to
      the Company that result from a recapitalization or a change of
      domicile).

    

    ARTICLE
      11

    DELAYS
      OR OMISSIONS

    

    No
      delay
      or omission to exercise any right, power or remedy accruing to any Holder upon
      any breach or default of the Company under this Agreement shall impair any
      such
      right, power or remedy of such Holder, nor shall it be construed to be a waiver
      of any such breach or default or an acquiescence therein, or of or in any
      similar breach or default thereafter occurring; nor shall any waiver of any
      single breach or default be deemed a waiver of any other breach or default
      theretofore or thereafter occurring. Any waiver, permit, consent or approval
      of
      any kind or character on the part of any Holder of any breach or default under
      this Agreement, or any waiver on the part of any Holder of any provisions or
      conditions of this Agreement, must be made in writing and shall be effective
      only to the extent specifically set forth in such writing. All remedies, either
      under this Agreement or by law or otherwise afforded to any Holder, shall be
      cumulative and not alternative.

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

       

    

    ARTICLE
      12

    NOTICES,
      TERMINATION, ETC.

    

    Section
      12.01. Notices.
      All
      notices and other communications required or permitted hereunder shall be in
      writing and shall be mailed by registered or certified mail, postage prepaid,
      or
      otherwise delivered by facsimile transmission, by hand or by messenger,
      addressed: 

    

    
      	
            	(a)	
              if
                to the Company, to: 

            

    

     

    
      	
              Synutra
                International, Inc.

              2275
                Research Blvd., Suite 500

              Rockville,
                Maryland 20850

              United
                States

              Attn:
                Weiguo Zhang

              Facsimile:
                +1-301-987-2346

            

    

    

    
      	
            	(b)	
              if
                to the Initial Holder, to: 

            

    

     

    
      	
              ABN
                AMRO Bank N.V., Hong Kong Branch

              38/F,
                Cheung Kong Center

              2
                Queen’s Road Central

              Hong
                Kong

              Attn: Shirley
                Yiu / Helen Fei / Carlos Wong / Clarice Tsang / Jessamine
                Lam

              Facsimile: +85-2-2700-3202
                / +85-2-2700-3836 / +85-2-2700-3300

            

    

    

    Each
      such
      notice or other communication shall for all purposes of this Agreement be
      treated as effective or having been given when delivered if delivered
      personally, if sent by facsimile, the first business day after the date of
      confirmation that the facsimile has been successfully transmitted to the
      facsimile number for the party notified, or, if sent by mail, at the earlier
      of
      its receipt or 72 hours after the same has been deposited in a regularly
      maintained receptacle for the deposit of the United States mail, addressed
      and
      mailed as aforesaid. 

    

    Section
      12.02. Severability.
      In the
      event one or more of the provisions of this Agreement should, for any reason,
      be
      held to be invalid, illegal or unenforceable in any respect, such invalidity,
      illegality, or unenforceability shall not affect any other provisions of this
      Agreement, and this Agreement shall be construed as if such invalid, illegal
      or
      unenforceable provision had never been contained herein.

    

    Section
      12.03. Termination.
      This
      Agreement shall terminate on the fifth anniversary hereof.

    

    
      
         

      

      
        15

        
          

        

      

      
         

      

       

    

    ARTICLE
      13

    COUNTERPARTS

    

    This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      an original, but all of which together shall constitute one
      instrument.

    

    

    

    [Remainder
      of Page Intentionally Left Blank]

    

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
      executed by their respective authorized officers as of the day and year first
      above written. 

     

    
      	 	
              SYNUTRA
                INTERNATIONAL, INC.

            
	 	 
	 	 
	 	
              By:
                __________________________________

              Name:

              Title:

            
	 	 
	 	 
	 	
              ABN
                AMRO BANK N.V., HONG-KONG-BRANCH

            
	 	 
	 	 
	 	
              By:
                __________________________________

              Name:

              Title:

            
	 	 
	 	 
	 	
              By:
                __________________________________

              Name:

              Title:

            

    

    

    
      
         

      

      
        17

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