Document:

EXHIBIT 10.2

                                                                  EXECUTION COPY

                   ASSET TRUST EXPENSE REIMBURSEMENT AGREEMENT

     THIS ASSET TRUST EXPENSE REIMBURSEMENT AGREEMENT (this "Agreement"), dated
as of December 10, 2004, is between XL Financial Assurance Ltd., a Bermuda
exempted company ("XLFA"), and Twin Reefs Asset Trust, a Delaware statutory
trust (the "Asset Trust"). Capitalized terms used but not defined in this
Agreement have the meaning ascribed to them in the Amended and Restated
Declaration of Trust (the "Asset Trust Declaration"), dated as of December 10,
2004, by and among UBS Securities LLC and Merrill Lynch, Pierce, Fenner & Smith
Incorporated, as Depositors, The Bank of New York (Delaware), as Trustee and
Delaware Trustee, GSS Holdings II, Inc., as Tax Matters Partner (the "Tax
Matters Partner") and XLFA, creating the Asset Trust, as such Asset Trust
Declaration may be amended and restated from time to time.

     WHEREAS, XLFA and the Asset Trust have entered into a Put Option Agreement
(the "Put Option Agreement"), dated as of December 10, 2004;

     WHEREAS, the Asset Trust is willing to enter into the Put Option Agreement
only if XLFA executes and delivers an Expense Reimbursement Agreement
substantially in the form hereof;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein, the Asset Trust and XLFA agree as follows:

                                   ARTICLE 1

     SECTION 1.01. Reimbursement. Subject to the terms and conditions set forth
herein, XLFA hereby irrevocably and unconditionally agrees to reimburse the
Asset Trust for the Expenses (as defined below) of the Asset Trust. Payment of
such reimbursement with regard to Expenses in any Distribution Period shall be
due not later than 12:00 P.M., New York City time, on the Collection Date
falling in such Distribution Period (other than any date on which the Asset
Trust is liquidated). XLFA shall not be obligated to reimburse the Asset Trust
for any cost, claim, expense, damage, liability or disbursement except as
expressly set forth in this Agreement or in the Put Option Agreement.

     As used herein, "Expenses" means a portion of any and all reasonable
expenses of the Asset Trust, including without limitation (x) the Trustee's
Ordinary Fees and Expenses payable by the Asset Trust pursuant to the Asset
Trust Declaration, (y) the Tax Matters Partner's fees and expenses payable by
the Asset Trust pursuant to the Tax Matters Partner Agreement and (z) all
expenses of the Pass-Through Trust, which are reimbursable by the Asset Trust
pursuant to the Pass-Through Trust Expense Reimbursement Agreement, determined
in each case by multiplying the full amount of such fees and expenses by a
fraction, the numerator of which is the aggregate liquidation preference of all
the Series B Preferred Shares outstanding as of such Collection Date, and the
denominator of which is the aggregate outstanding Face Amount of the Asset Trust
Securities on such Collection Date. The terms "Face Amount", "Asset Trust

<PAGE>

Securities" and "Collection Date" have the meanings assigned to them in the
Asset Trust Declaration.

     Notwithstanding the foregoing, in the event of a bankruptcy, insolvency,
liquidation, winding-up, receivership or conservation of XLFA, neither the
Trustee, the Tax Matters Partner, the Pass-Through Trust nor the Asset Trustee
shall have any claim against XLFA for any amounts due under this Agreement.

     SECTION 1.02. Term of Agreement. This Agreement shall terminate and be of
no further force and effect upon the later of (a) the date on which the Put
Option Agreement is terminated and the Asset Trust holds no Series B Preferred
Shares and (b) the date on which there are no amounts due and payable to the
Asset Trust in accordance with the terms of this Agreement. Except as provided
in the preceding sentence, this Agreement is continuing, irrevocable,
unconditional and absolute.

     SECTION 1.03. Waiver of Notice. XLFA hereby waives presentment, demand for
payment, protest, notice of nonpayment, notice of dishonor, notice of redemption
and all other notices and demands, except as expressly provided herein.

     SECTION 1.04. No Impairment. Except as provided in the last paragraph of
Section 1.01, the obligations, covenants, agreements and duties of XLFA under
this Agreement shall in no way be affected or impaired by reason of the
happening from time to time of any of the following:

          (a) the extension of time for the payment of all or any portion of the
     Expenses or for the performance of any other obligation under, arising out
     of, or in connection with, the Expenses; and

          (b) the voluntary or involuntary liquidation, dissolution, sale of any
     collateral, receivership, insolvency, bankruptcy, assignment for the
     benefit of creditors, reorganization, arrangement, composition or
     readjustment of debt of, or other similar proceedings affecting, the Asset
     Trust or any of the assets of the Asset Trust.

     SECTION 1.05. Subrogation. XLFA waives all rights of subrogation to any
rights of the Asset Trust in respect of any amounts paid to any person by XLFA
under this Agreement.

                                   ARTICLE 2

     SECTION 2.01. Binding Effect. This Agreement shall bind the successors,
assigns, receivers, trustees and representatives of XLFA and shall inure to the
benefit of those persons to whom Expenses are due and payable by the Asset
Trust.

     SECTION 2.02. Amendments. So long as there remain any Asset Trust
Securities outstanding, this Agreement shall not be modified or amended without
the consent of a Majority in Face Amount of Asset Trust Securities; provided,
however, that Section 2.05 may not be

                                       -2-
<PAGE>

amended without the consent of the Trustee and Section 2.06 may not be amended
without the consent of the Trustee, the Tax Matters Partner or the Pass-Through
Trust, as applicable.

     Notwithstanding the preceding paragraph of this Section 2.02, this
Agreement may be modified or amended without the consent of a Majority in Face
Amount of Asset Trust Securities

          (a) to cure any ambiguity; or

          (b) to correct or supplement any provision in this Agreement that may
     be defective or inconsistent with any other provision of this Agreement;

provided, however, that any such modification or amendment made pursuant to (a)
or (b) of this Section 2.02 shall be void if such modification or amendment
adversely affects any Holder.

     SECTION 2.03. Notices. Any notice, request or other communication required
or permitted to be given hereunder shall be given in writing by delivering the
same against receipt therefor by facsimile transmission (confirmed by mail),
telex or by registered or certified mail, addressed as follows (and if so given,
shall be deemed given when mailed).

                  If to the Asset Trust, to:

                  Twin Reefs Asset Trust
                  c/o The Bank of New York (Delaware)
                  White Clay Center Route 273
                  Newark, Delaware 19711
                  Attn: Corporate Trust Administration
                  Facsimile: (302) 283-8279

                  With a copy to:

                  The Bank of New York
                  101 Barclay Street - 8 East
                  New York, New York 10286
                  Attn:  Dealing and Trading Group
                  Facsimile: (212) 815-2830

                  If to XLFA, to:

                  XL Financial Assurance Ltd.
                  XL House
                  One Bermudiana Road
                  Hamilton HM11
                  Bermuda
                  Attn: Kirstin Romann Gould
                  Facsimile: 441-295-2840

                                       -3-
<PAGE>

     SECTION 2.04. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     SECTION 2.05. Jurisdiction. Each of the parties hereto irrevocably submits
to the non-exclusive jurisdiction of the courts of the State of New York in
respect of any action or proceeding arising out of or in connection with this
Agreement ("Proceedings"). Each of the parties hereto irrevocably waives, to the
fullest extent permitted by applicable law, any objection that it may now or
hereafter have to the laying of the venue of any such Proceedings in the courts
of the State of New York and any claim that any Proceeding brought in any such
court has been brought in an inconvenient forum. Each of the Asset Trust and
XLFA agrees that it shall at all times have an authorized agent in the State of
New York upon whom process may be served in connection with any Proceedings, and
each of the Asset Trust and XLFA hereby authorizes and appoints CT Corporation
System to accept service of all legal process arising out of or connected with
this Agreement in the State of New York and service on such person shall be
deemed to be service on the Asset Trust or XLFA, as the case may be. If for any
reason such person shall cease to act as agent for the service of process, each
of the Asset Trust and XLFA shall promptly appoint another such agent, and shall
forthwith notify the other of such appointment. The submission to jurisdiction
reflected in this paragraph shall not (and shall not be construed so as to)
limit the right of any person to take Proceedings in any court of competent
jurisdiction, nor shall the taking of Proceedings in any one or more
jurisdictions preclude the taking of Proceedings in any other jurisdiction
(whether concurrently or not) if and to the extent permitted by law.

     SECTION 2.06. Limitation of Liability. It is expressly understood that (i)
this Agreement is executed and delivered by The Bank of New York (Delaware), not
individually or personally but solely as Trustee, in the exercise of the powers
and authority conferred and vested in it under the Asset Trust Declaration, (ii)
each of the representations, undertakings and agreements herein made on the part
of the Asset Trust is made and intended not as personal representations,
undertakings and agreements by The Bank of New York (Delaware), but is made and
intended for the purpose of binding only the Asset Trust and (iii) under no
circumstances shall The Bank of New York (Delaware), be personally liable for
the breach or failure of any obligation, representation, warranty or covenant
made or undertaken by the Asset Trust under this Agreement or any other related
document.

     SECTION 2.07. Third-Party Beneficiary. Each of the Trustee, the Tax Matters
Partner and the Pass-Through Trust is a third-party beneficiary to this
Agreement and is entitled to the rights and benefits hereunder and may enforce
the provisions hereof as if it were a party hereto.

                    [Rest of page intentionally left blank.]

                                      -4-
<PAGE>

     This Agreement is executed as of the day and year first above written.

                             TWIN REEFS ASSET TRUST

                             By:   The Bank of New York (Delaware), not in
                                   its individual capacity but solely as Trustee

                             By:   /s/ Kristine K. Gullo
                                   ------------------------------
                                   Name: Kristine K. Gullo
                                   Title: Asst. Vice President

                             XL FINANCIAL ASSURANCE LTD.

                             By:  /s/ Michael E. Rego
                                  --------------------------------
                                  Name: Michael E. Rego
                                  Title: Deputy Chairman &
                                         Chief Operating OfficerTHIS  SECURITY  HAS  NOT  BEEN  REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS
AMENDED  (THE  "SECURITIES  ACT"),  OR  THE SECURITIES LAWS OF ANY STATE, AND IS
BEING  OFFERED  AND  SOLD  PURSUANT  TO  AN  EXEMPTION  FROM  THE  REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS.  THIS SECURITY MAY NOT BE SOLD
OR  TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES  ACT  OR  PURSUANT  TO  AN  AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT OR SUCH OTHER LAWS.

                                 PROMISSORY NOTE
                                 ---------------
                            (Walter H. Sullivan III)

$100,000.00                                               ORLANDO, FLORIDA
-----------                                               ----------------
                                                          NOVEMBER 19, 2004

FOR  VALUE  RECEIVED,  SEQUIAM CORPORATION, a California corporation ("Maker" or
the  "Company"),  hereby  promises to pay to the order of Walter H. Sullivan III
("Holder"),  at  such  location  as  Holder shall designate by written notice to
Maker,  the  principal  sum  of  One  Hundred  and  Thousand Dollars ($100,000),
evidenced  by  this note (the "Note") with interest from the date such principal
amount  was  received  by  Maker  until  the  date  paid.

     1.     Interest.  The  principal balance of this Note outstanding from time
            --------
to  time shall bear interest from the date such principal amount was received by
Maker  at  five  percent  (5%), compounded every thirty (30) days, until paid in
full.  Such  interest  shall  be  calculated  on  the  basis  of a three hundred
sixty-five  (365)  day  year,  actual  number  of  days  elapsed.

     2.     Payment.  The  outstanding  principal balance, together with any and
            -------
all accrued unpaid interest and any other amounts due and owing under this Note,
shall  be  due and payable on the date (the "Maturity Date") that is ninety days
from  the  date of this Note. All payments hereunder shall be due and payable in
lawful  money  of  the United States of America and without setoff, deduction or
counterclaim  of  any  kind  whatsoever.  Unless otherwise specifically provided
herein,  all  payments  hereon  shall  be  applied first to interest and then to
principal.

     3.     Warrants.  Upon  receipt of the principal amount of this Note, Maker
            --------
shall  issue  to  Holder  a  warrant (the "Warrant") to purchase Two Hundred and
Sixty  Thousand (260,000) shares of common stock of Maker at a purchase price of
$0.66  per  share,  at any time during the "Exercise Period" (defined below). As
used  herein,  the "Exercise Period" shall mean the period beginning on November
19,  2004  and  expiring  on  November  19,  2009.

     4.     Prepayment.  Maker  may at any time prepay this Note, in whole or in
            ----------
part,  without  fee, charge, premium or penalty.  Holder shall apply payments to
the  outstanding  principal,  interest  and  other  amounts due hereunder in any
manner  determined,  in  Holder's  sole  and  absolute  discretion.

<PAGE>
     5.     Disbursements.  Loan  proceeds  of  $100,000  will  be  disbursed on
            --------------
November  19,  2004  (the  "Execution  Date").

     6.     Use  of  Proceeds.  Loan  proceeds from the principal amount of this
            ------------------
Note  will  not  be used to pay accrued officers' salaries or shareholder loans.

     7.     Representations  Regarding  Private  Placement.  Holder  hereby
            ---------------------------------------------------------------
represents  and  warrants  to  Maker,  with  the intent that the Maker will rely
--------------------------------------------------------------------------------
thereon  in making and delivering this Note and the Warrant, that as of the date
--------------------------------------------------------------------------------
of  this  Note  and  as  of  each  date  the Warrant, or any portion thereof, is
--------------------------------------------------------------------------------
exercised:
----------

     (a)  Accredited  Investor.  The  Holder,  and each of the beneficiaries for
          --------------------
whom  the Holder is purchasing the Note and the Warrant and the shares of Common
Stock  to  be  issued  upon  the  conversion  of  the Warrant (collectively, the
"Securities"), is an "accredited investor" as that term is defined in Regulation
D  promulgated  under  the  Securities  Act  by  virtue  of  being  (initial all
applicable  responses):

<TABLE>
<CAPTION>
<S>     <C>

______  A small business investment company licensed by the U.S. Small Business
        Administration under the Small Business Investment Company Act of 1958,

______  A business development company as defined in the Investment Company Act of
        1940,

______  A national or state-chartered commercial bank, whether acting in an
        individual or fiduciary capacity,

______  An insurance company as defined in Section 2(13) of the Securities Act,

______  An investment company registered under the Investment Company Act of 1940,

______  An employee benefit plan within the meaning of Title I of the Employee Retirement
        Income Security Act of 1974, where the investment decision is made by a plan
        fiduciary, as defined in Section 3(21) of such Act, which is either a bank, insurance
        company, or registered investment advisor, or an employee benefit plan which has
        total assets in excess of $5,000,000,

______  A private business development company as defined in Section 202(a)(22) of the
        Investment Advisors Act of 1940,

______  An organization described in Section 501(c)(3) of the Internal Revenue Code, a
        corporation or a partnership with total assets in excess of $5,000,000,

______  A natural person (as opposed to a corporation, partnership, trust or other legal
        entity) whose net worth, or joint net worth together with his/her spouse, exceeds
        1,000,000,

______  Any trust, with total assets in excess of $5,000,000, not formed for the specific
        purpose of acquiring the securities offered, whose purchase is directed by a
        sophisticated person as described in Section 506(b)(2)(ii) of Regulation D,

______  A natural person (as opposed to a corporation, partnership, trust or other legal
        entity) whose individual income was in excess of $200,000 in each of the two most
        recent years (or whose joint income with such person's spouse was at least $300,000
        during such years) and who reasonably expects an income in excess of such
        amount in the current year, or

______  A corporation, partnership, trust or other legal entity (as opposed to a natural
        person) and all of such entity's equity owners fall into one or more of the categories
        enumerated above;
</TABLE>

                                        2
<PAGE>
     (b)     Experience.  The  Holder  is  sufficiently experienced in financial
             ----------
and  business  matters  to  be capable of evaluating the merits and risks of its
investments,  and  to make an informed decision relating thereto, and to protect
its  own interests and that of its beneficiaries in connection with the purchase
of  the  Securities;

     (c)     Own  Account.  The Holder is purchasing the Securities as principal
             ------------
for its own account and that of its beneficiaries.  The Holder is purchasing the
Securities  for  investment purposes only and not with an intent or view towards
furthering  sale  or  distribution (as such term is used in Section 2(11) of the
Securities  Act)  thereof,  and  has  not  pre-arranged  any sale with any other
purchaser;

     (d)     Exemption.  The  Holder  understands that the offer and sale of the
             ---------
Securities  is  not  being  registered  under  the  Securities  Act based on the
exemption  from registration provided by Rule 506 promulgated under Section 4(2)
of  the  Securities  Act  and  that  the  Company  is relying on such exemption;

     (e)     Importance  of  Representations.  The  Holder  understands that the
             -------------------------------
Securities are being offered and sold to it in reliance on an exemption from the
registration requirements of the Securities Act, and that the Company is relying
upon  the  truth  and  accuracy  of the representations, warranties, agreements,
acknowledgments  and  understandings  of the Holder set forth herein in order to
determine  the  applicability  of  such  safe  harbor and the suitability of the
Holder  to  acquire  the  Securities;

     (f)     No Registration.  The Securities have not been registered under the
             ---------------
Securities  Act  and  may  not  be  transferred, sold, assigned, hypothecated or
otherwise  disposed  of unless such transaction is the subject of a registration
statement  filed  with  and  declared  effective  by the Securities and Exchange
Commission (the "SEC") or unless an exemption from the registration requirements
under the Securities Act, such as Rule 144, is available.  The Holder represents
and warrants and hereby agrees that all offers and sales of the Securities shall
be  made  only  pursuant  to  such  registration  or  to  such  exemption  from
registration;

     (g)     Risk.  The  Holder acknowledges that the purchase of the Securities
             ----
involves  a  high degree of risk, is aware of the risks and further acknowledges
that  it  can bear the economic risk of the Securities, including the total loss
of  its  investment;

     (h)     Current  Information.  The  Holder  has  been furnished with or has
             --------------------
acquired copies of all requested information concerning the Company, including a
copy  of  the  most  recent  audited  financial  statements  of  the  Company;

     (i)     Independent  Investigation.  The  Holder, in making the decision to
             --------------------------
purchase  the  Securities, has relied upon independent investigations made by it
and  its  purchaser  representatives,  if  any,  and  the  Holder  and  such
representatives, if any, have prior to any sale to it, been given access and the
opportunity  to  examine  all  material contracts and documents relating to this
offering  and  an  opportunity to ask questions of, and to receive answers from,
the  Company  or  any  person  acting  on  its  behalf  concerning the terms and
conditions  of  this  offering.  The  Holder and its advisors, if any, have been
furnished  with  access  to all materials relating to the business, finances and
operation  of  the  Company  and materials relating to the offer and sale of the
Securities which have been requested.  The Holder and its advisors, if any, have
received  complete  and  satisfactory  answers  to  any  such  inquiries;

     (j)     No  Recommendation  or Endorsement.  The Holder understands that no
             ----------------------------------
federal,  state or provincial agency has passed on or made any recommendation or
endorsement  of  the  Securities;

                                        3
<PAGE>
     (k)     The  Holder.  If the Holder is a partnership, corporation or trust,
             -----------
the person executing this Note on its behalf represents and warrants that

          (i)     he  or  she has made due inquiry to determine the truthfulness
of the representations and warranties made pursuant to this Note, and

          (ii)     he  or  she  is  duly authorized (and if the undersigned is a
trust,  by  the  trust  agreement) to make this investment and to enter into and
execute  this  Note  on  behalf  of  such  entity;  and

     (l)     Non-Affiliate  Status.  The  Holder  is  not  an  affiliate  of the
             ---------------------
Company  nor  is  any  affiliate  of  the Holder, including any beneficiaries of
Holder,  an  affiliate  of  the  Company.

     8.     No Waiver.  No delay or omission on the part of Holder in exercising
            ---------
any  right  or remedy under this Note shall operate as a waiver of that right or
remedy  on  any  future  occasion  or  of  any  other  rights  under  this Note.

     9.     Attorneys  Fees.  If Holder institutes any collection effort, of any
            ---------------
nature whatsoever, for any amount due and payable hereunder following and during
the  occurrence  of  a default, then Maker shall pay to Holder forthwith any and
all  reasonable  costs  and  expenses of collection actually incurred by Holder,
including  without limitation, reasonable attorneys fees, whether or not suit or
other  action  or  proceeding  is  instituted.

     10.     Usury.  Notwithstanding any provision of this Note to the contrary,
             -----
the  total liability for payments in the nature of interest shall not exceed the
limits  imposed  by  the  applicable usury laws of the State of California.  If,
from any circumstances whatsoever, fulfillment of any provision hereof or of any
other  agreement,  evidencing  or  securing the debt, at the time performance of
such provisions shall be due, shall involve the payment of interest in excess of
that authorized by law, and if from any circumstances, Holder shall ever receive
as  interest  an amount which would exceed the highest lawful rate applicable to
the Maker, such amount which would be excessive interest shall be applied to the
reduction  of  the principal balance of the debt evidenced hereby and not to the
payment  of  interest.

     11.     Severability.  The provisions of this Note are intended by Maker to
             ------------
be severable and divisible and the invalidity or unenforceability of a provision
or  term  herein  shall  not invalidate or render unenforceable the remainder of
this  Note  or  any  part  thereof.

     12.     Amendments.  The  obligations  of  Maker and rights of Holder under
             ----------
this  Note  may be waived, altered, amended, modified, or cancelled, in whole or
in part, only by the express written consent of both parties to this Note.

     13.     Transferability.  This  Note  is  not  transferable  prior  to  the
             ---------------
Maturity Date and thereafter without Maker's prior written consent.

     14.     Governing  Law.  This  Note  shall be governed by and construed and
             --------------
interpreted  in  accordance  with  the internal laws of the State of California,
without  giving effect to any principle or doctrine regarding conflicts of laws.

IN  WITNESS  WHEREOF,  each  of Maker and Holder has executed and delivered this
Note  as  of  the  date  first  written  above.

                                        4
<PAGE>
SEQUIAM  CORPORATION,
a  California  corporation

By:_____________________________________________
   Mark  Mroczkowski,  Senior  Vice  President

MAKER'S  ADDRESS  FOR  NOTICE:
Sequiam  Corporation
300  Sunport  Lane
Orlando,  Florida  32809
Tel:  407-541-0773
Attn:  Chief  Financial  Officer

________________________________________________
Walter  H.  Sullivan,  III

HOLDER'S  ADDRESS  FOR  NOTICE:
650  California  Street
24th  Floor
San  Francisco,  CA  94108

                                        5
<PAGE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00075-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00075-of-00352.parquet"}]]