Document:

EXHIBIT 10.27

     THIS  WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF
     THIS  WARRANT  HAVE  NOT  BEEN  REGISTERED UNDER THE SECURITIES ACT OF
     1933,  AS  AMENDED, OR ANY STATE SECURITIES LAWS. THIS WARRANT AND THE
     COMMON  STOCK  ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD,
     OFFERED  FOR  SALE,  PLEDGED  OR  HYPOTHECATED  IN  THE  ABSENCE OF AN
     EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT UNDER SAID ACT AND
     ANY  APPLICABLE  STATE  SECURITIES  LAWS  OR  AN  OPINION  OF  COUNSEL
     REASONABLY SATISFACTORY TO ELINEAR, INC. THAT SUCH REGISTRATION IS NOT
     REQUIRED.

               Right to Purchase 150,000 Shares of Common Stock of
                                  eLinear, Inc.
                   (subject to adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

No.  _________________                              Issue Date: October 26, 2004

     eLINEAR,  INC.,  a  corporation  organized  under  the laws of the State of
Delaware,  hereby  certifies that, for value received, LAURUS MASTER FUND, LTD.,
or assigns (the "Holder"), is entitled, subject to the terms set forth below, to
purchase  from  the Company (as defined herein) from and after the Issue Date of
this  Warrant  and  at  any time or from time to time before 5:00 p.m., New York
time, through the close of business October 26, 2011 (the "Expiration Date"), up
to  150,000  fully paid and nonassessable shares of Common Stock (as hereinafter
defined),  $___  par value per share, at the applicable Exercise Price per share
(as defined below).  The number and character of such shares of Common Stock and
the  applicable  Exercise  Price per share are subject to adjustment as provided
herein.

     As  used herein the following terms, unless the context otherwise requires,
have  the  following  respective  meanings:

     (a)     The  term "Company" shall include eLinear, Inc. and any corporation
which  shall  succeed,  or  assume  the obligations of, eLinear, Inc. hereunder.

     (b)     The  term  "Common  Stock" includes (i) the Company's Common Stock,
par  value  ___ per share; and (ii) any other securities into which or for which
any of the securities described in (a) may be converted or exchanged pursuant to
a plan of recapitalization, reorganization, merger, sale of assets or otherwise.

     (c)     The  term "Other Securities" refers to any stock (other than Common
Stock)  and  other  securities  of the Company or any other person (corporate or
otherwise)  which  the  holder  of  the Warrant at any time shall be entitled to
receive,  or  shall have received, on the exercise of the Warrant, in lieu of or
in  addition  to  Common  Stock,  or  which  at  any  time  shall be issuable or

<PAGE>
shall  have  been  issued  in  exchange for or in replacement of Common Stock or
Other  Securities  pursuant  to  Section  4  or  otherwise.

          (d)     The  "Exercise  Price"  applicable under this Warrant shall be
     $1.90 per share of Common Stock.

     1.   Exercise  of  Warrant.
          ---------------------

          1.1     Number  of  Shares Issuable upon Exercise.  From and after the
                  -----------------------------------------
date  hereof  through  and  including  the  Expiration Date, the Holder shall be
entitled  to  receive,  upon  exercise  of  this Warrant in whole or in part, by
delivery  of  an original or fax copy of an exercise notice in the form attached
hereto  as  Exhibit  A  (the  "Exercise  Notice"), shares of Common Stock of the
Company,  subject  to  adjustment  pursuant  to  Section  4.

          1.2     Fair  Market  Value.  For  purposes  hereof,  the "Fair Market
                  -------------------
Value"  of  a  share of Common Stock as of a particular date (the "Determination
Date")  shall  mean:

          (a)     If  the Company's Common Stock is traded on the American Stock
     Exchange  or  another  national  exchange  or  is quoted on the National or
     SmallCap  Market  of  The  Nasdaq  Stock  Market, Inc. ("Nasdaq"), then the
     closing  or  last  sale price, respectively, reported for the last business
     day  immediately  preceding  the  Determination  Date.

          (b)     If  the  Company's  Common Stock is not traded on the American
     Stock  Exchange or another national exchange or on the Nasdaq but is traded
     on the NASD OTC Bulletin Board, then the mean of the average of the closing
     bid  and  asked  prices  reported  for  the  last  business day immediately
     preceding  the  Determination  Date.

          (c)     Except  as  provided  in  clause  (d)  below, if the Company's
     Common  Stock  is  not  publicly traded, then as the Holder and the Company
     agree  or in the absence of agreement by arbitration in accordance with the
     rules  then  in  effect  of  the American Arbitration Association, before a
     single  arbitrator  to  be  chosen  from  a  panel  of persons qualified by
     education and training to pass on the matter to be decided.

          (d)     If  the  Determination  Date  is  the  date  of a liquidation,
     dissolution  or  winding  up,  or  any  event  deemed  to be a liquidation,
     dissolution  or  winding  up  pursuant  to  the Company's charter, then all
     amounts  to be payable per share to holders of the Common Stock pursuant to
     the  charter  in  the event of such liquidation, dissolution or winding up,
     plus  all  other  amounts  to be payable per share in respect of the Common
     Stock  in  liquidation under the charter, assuming for the purposes of this
     clause  (d)  that  all  of  the  shares  of Common Stock then issuable upon
     exercise of the Warrant are outstanding at the Determination Date.

          1.3     Company  Acknowledgment.  The Company will, at the time of the
                  -----------------------
exercise  of  the  Warrant, upon the request of the holder hereof acknowledge in
writing  its  continuing obligation to afford to such holder any rights to which
such holder shall continue to be entitled after such exercise in accordance with
the  provisions  of  this  Warrant.  If  the  holder

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shall  fail  to  make  any  such  request,  such  failure  shall  not affect the
continuing obligation of the Company to afford to such holder any such rights.

          1.4     Trustee  for  Warrant  Holders.  In  the  event that a bank or
                  ------------------------------
trust  company  shall  have  been  appointed  as  trustee for the holders of the
Warrant  pursuant  to  Subsection 3.2, such bank or trust company shall have all
the  powers  and  duties of a warrant agent (as hereinafter described) and shall
accept,  in its own name for the account of the Company or such successor person
as may be entitled thereto, all amounts otherwise payable to the Company or such
successor,  as  the  case  may  be, on exercise of this Warrant pursuant to this
Section  1.

     2.   Procedure  for  Exercise.
          ------------------------

          2.1     Delivery  of  Stock  Certificates,  Etc.,  on  Exercise.  The
                  -------------------------------------------------------
Company  agrees  that the shares of Common Stock purchased upon exercise of this
Warrant  shall  be deemed to be issued to the Holder as the record owner of such
shares  as of the close of business on the date on which this Warrant shall have
been  surrendered  and  payment made for such shares in accordance herewith.  As
soon  as  practicable after the exercise of this Warrant in full or in part, and
in  any  event  within  three  (3)  business days thereafter, the Company at its
expense  (including  the payment by it of any applicable issue taxes) will cause
to be issued in the name of and delivered to the Holder, or as such Holder (upon
payment  by  such  Holder  of  any  applicable  transfer  taxes)  may  direct in
compliance  with  applicable  securities laws, a certificate or certificates for
the  number  of  duly and validly issued, fully paid and nonassessable shares of
Common  Stock  (or  Other  Securities) to which such Holder shall be entitled on
such  exercise, plus, in lieu of any fractional share to which such holder would
otherwise  be  entitled, cash equal to such fraction multiplied by the then Fair
Market  Value  of  one  full  share,  together  with  any  other  stock or other
securities  and property (including cash, where applicable) to which such Holder
is entitled upon such exercise pursuant to Section 1 or otherwise.

          2.2     Exercise.  Payment  may  be  made  either  (i)  in  cash or by
                  --------
certified  or  official  bank check payable to the order of the Company equal to
the  applicable  aggregate  Exercise  Price, (ii) by delivery of the Warrant, or
shares  of  Common  Stock  and/or  Common  Stock receivable upon exercise of the
Warrant  in  accordance with Section (b) below, or (iii) by a combination of any
of  the  foregoing  methods,  for  the number of Common Shares specified in such
Exercise  Notice  (as  such  exercise  number  shall  be adjusted to reflect any
adjustment  in the total number of shares of Common Stock issuable to the Holder
per  the  terms  of  this Warrant) and the Holder shall thereupon be entitled to
receive  the  number  of  duly  authorized,  validly  issued,  fully-paid  and
non-assessable  shares  of  Common  Stock  (or  Other  Securities) determined as
provided  herein.  Notwithstanding any provisions herein to the contrary, if the
Fair  Market  Value  of  one  share of Common Stock is greater than the Exercise
Price  (at  the  date  of calculation as set forth below), in lieu of exercising
this Warrant for cash, the Holder may elect to receive shares equal to the value
(as  determined  below) of this Warrant (or the portion thereof being exercised)
by  surrender  of  this  Warrant at the principal office of the Company together
with  the  properly  endorsed  Exercise  Notice in which event the Company shall
issue  to  the  Holder  a  number  of  shares of Common Stock computed using the
following  formula:

     X=Y            (A-B)
                    -----
                      A

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     Where X =      the number of shares of Common Stock to be issued to
                    the  Holder

     Y =            the  number  of shares of Common Stock purchasable under the
                    Warrant  or,  if  only  a  portion  of  the Warrant is being
                    exercised,  the  portion  of the Warrant being exercised (at
                    the  date  of  such  calculation)

     A =            the Fair Market Value of one share of the Company's Common
                    Stock  (at  the  date  of  such  calculation)

     B =            Exercise  Price  (as  adjusted  to  the  date  of  such
                    calculation)

     3.   Effect  of  Reorganization,  Etc.;  Adjustment  of  Exercise  Price.
          -------------------------------------------------------------------

          3.1     Reorganization,  Consolidation,  Merger,  Etc.  In case at any
                  ---------------------------------------------
time  or  from  time to time, the Company shall (a) effect a reorganization, (b)
consolidate  with  or  merge  into  any  other  person,  or  (c) transfer all or
substantially all of its properties or assets to any other person under any plan
or  arrangement contemplating the dissolution of the Company, then, in each such
case,  as  a  condition  to  the  consummation of such a transaction, proper and
adequate  provision  shall  be  made  by  the Company whereby the Holder of this
Warrant,  on  the exercise hereof as provided in Section 1 at any time after the
consummation  of  such  reorganization, consolidation or merger or the effective
date  of  such  dissolution,  as  the case may be, shall receive, in lieu of the
Common  Stock  (or  Other  Securities)  issuable  on such exercise prior to such
consummation or such effective date, the stock and other securities and property
(including  cash)  to  which  such  Holder  would  have  been entitled upon such
consummation or in connection with such dissolution, as the case may be, if such
Holder  had so exercised this Warrant, immediately prior thereto, all subject to
further  adjustment  thereafter  as  provided  in  Section  4.

          3.2     Dissolution.  In  the  event of any dissolution of the Company
                  -----------
following  the transfer of all or substantially all of its properties or assets,
the  Company,  concurrently with any distributions made to holders of its Common
Stock,  shall  at its expense deliver or cause to be delivered to the Holder the
stock  and  other  securities  and  property  (including cash, where applicable)
receivable  by  the  Holder  of  the Warrant pursuant to Section 3.1, or, if the
Holder  shall  so  instruct the Company, to a bank or trust company specified by
the  Holder  and  having its principal office in New York, NY as trustee for the
Holder  of  the  Warrant.

          3.3     Continuation  of  Terms.  Upon  any  reorganization,
                  -----------------------
consolidation,  merger  or transfer (and any dissolution following any transfer)
referred  to  in  this  Section 3, this Warrant shall continue in full force and
effect and the terms hereof shall be applicable to the shares of stock and other
securities  and  property  receivable  on the exercise of this Warrant after the
consummation  of  such  reorganization, consolidation or merger or the effective
date  of  dissolution following any such transfer, as the case may be, and shall
be  binding upon the issuer of any such stock or other securities, including, in
the  case of any such transfer, the person acquiring all or substantially all of
the  properties  or assets of the Company, whether or not such person shall have
expressly  assumed  the  terms of this Warrant as provided in Section 4.  In the
event  this  Warrant  does  not  continue  in  full  force  and effect after the
consummation of the transactions described in this Section 3, then the Company's
securities  and  property  (including

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<PAGE>
cash,  where  applicable)  receivable  by  the  Holders  of  the Warrant will be
delivered to Holder or the Trustee as contemplated by Section 3.2.

     4.     Extraordinary  Events Regarding Common Stock.  In the event that the
            --------------------------------------------
Company  shall  (a) issue additional shares of the Common Stock as a dividend or
other  distribution  on  outstanding Common Stock, (b) subdivide its outstanding
shares  of  Common  Stock,  or  (c) combine its outstanding shares of the Common
Stock  into  a  smaller number of shares of the Common Stock, then, in each such
event,  the  Exercise  Price  shall,  simultaneously  with the happening of such
event,  be  adjusted  by  multiplying the then Exercise Price by a fraction, the
numerator  of  which  shall  be the number of shares of Common Stock outstanding
immediately prior to such event and the denominator of which shall be the number
of  shares  of  Common  Stock  outstanding immediately after such event, and the
product  so  obtained shall thereafter be the Exercise Price then in effect. The
Exercise  Price, as so adjusted, shall be readjusted in the same manner upon the
happening  of any successive event or events described herein in this Section 4.
The  number  of  shares  of  Common  Stock that the holder of this Warrant shall
thereafter,  on  the  exercise  hereof  as provided in Section 1, be entitled to
receive  shall  be increased to a number determined by multiplying the number of
shares  of  Common  Stock  that  would otherwise (but for the provisions of this
Section 4) be issuable on such exercise by a fraction of which (a) the numerator
is  the  Exercise  Price  that  would  otherwise (but for the provisions of this
Section 4) be in effect, and (b) the denominator is the Exercise Price in effect
on  the  date  of  such  exercise.

     5.     Certificate  as  to  Adjustments.  In each case of any adjustment or
            --------------------------------
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise  of  the  Warrant,  the  Company at its expense will promptly cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or  readjustment  in  accordance  with  the  terms  of the Warrant and prepare a
certificate  setting forth such adjustment or readjustment and showing in detail
the  facts  upon  which  such  adjustment  or readjustment is based, including a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to  have been issued or sold, (b) the number of shares of Common Stock (or Other
Securities)  outstanding or deemed to be outstanding, and (c) the Exercise Price
and  the  number  of shares of Common Stock to be received upon exercise of this
Warrant,  in  effect immediately prior to such adjustment or readjustment and as
adjusted  or readjusted as provided in this Warrant.  The Company will forthwith
mail  a  copy  of  each  such  certificate  to the holder of the Warrant and any
Warrant agent of the Company (appointed pursuant to Section 11 hereof).

     6.     Reservation  of  Stock,  Etc., Issuable on Exercise of Warrant.  The
            --------------------------------------------------------------
Company  will  at  all times reserve and keep available, solely for issuance and
delivery  on  the  exercise  of  the  Warrant,  shares of Common Stock (or Other
Securities) from time to time issuable on the exercise of the Warrant.

     7.     Assignment;  Exchange  of  Warrant.  Subject  to  compliance  with
            ----------------------------------
applicable  securities  laws, this Warrant, and the rights evidenced hereby, may
be  transferred  by any registered holder hereof (a "Transferor") in whole or in
part.  On  the  surrender  for  exchange  of this Warrant, with the Transferor's
endorsement  in  the  form  of  Exhibit  B  attached  hereto  (the  "Transferor
Endorsement  Form")  and  together  with evidence reasonably satisfactory to the

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Company  demonstrating  compliance  with applicable securities laws, which shall
include,  without limitation, a legal opinion from the Transferor's counsel that
such  transfer  is  exempt  from  the  registration  requirements  of applicable
securities  laws,  the Company at its expense but with payment by the Transferor
of  any  applicable  transfer taxes will issue and deliver to or on the order of
the  Transferor  thereof  a  new  Warrant  of  like  tenor,  in  the name of the
Transferor  and/or  the  transferee(s)  specified in such Transferor Endorsement
Form  (each  a  "Transferee"),  calling  in  the  aggregate on the face or faces
thereof for the number of shares of Common Stock called for on the face or faces
of  the  Warrant  so  surrendered  by  the  Transferor.

     8.     Replacement  of  Warrant.  On  receipt  of  evidence  reasonably
            ------------------------
satisfactory  to  the  Company  of the loss, theft, destruction or mutilation of
this  Warrant  and,  in  the case of any such loss, theft or destruction of this
Warrant,  on  delivery  of  an  indemnity  agreement  or  security  reasonably
satisfactory  in  form  and  amount  to  the Company or, in the case of any such
mutilation,  on  surrender  and cancellation of this Warrant, the Company at its
expense  will execute and deliver, in lieu thereof, a new Warrant of like tenor.

     9.     Registration  Rights.  The  Holder  of this Warrant has been granted
            --------------------
certain  registration  rights by the Company.  These registration rights are set
forth  in  a  Registration  Rights  Agreement  entered  into  by the Company and
Purchaser  dated  as  of  even  date  of  this  Warrant.

     10.     Maximum  Exercise.  The  Holder  shall  not be entitled to exercise
             -----------------
this  Warrant  on  an exercise date, in connection with that number of shares of
Common  Stock which would be in excess of the sum of (i) the number of shares of
Common  Stock beneficially owned by the Holder and its affiliates on an exercise
date,  and  (ii) the number of shares of Common Stock issuable upon the exercise
of this Warrant with respect to which the determination of this proviso is being
made  on  an  exercise  date,  which would result in beneficial ownership by the
Holder and its affiliates of more than 4.99% of the outstanding shares of Common
Stock  of  the  Company  on  such  date.  For the purposes of the proviso to the
immediately  preceding  sentence,  beneficial  ownership  shall be determined in
accordance  with  Section  13(d)  of  the  Securities  Exchange  Act of 1934, as
amended,  and  Regulation  13d-3 thereunder.  Notwithstanding the foregoing, the
restriction described in this paragraph may be revoked upon 75 days prior notice
from  the Holder to the Company and is automatically null and void upon an Event
of  Default  under  the  Note.

     11.     Warrant  Agent.  The  Company  may,  by  written notice to the each
             --------------
Holder  of the Warrant, appoint an agent for the purpose of issuing Common Stock
(or  Other  Securities)  on  the exercise of this Warrant pursuant to Section 1,
exchanging  this  Warrant  pursuant  to  Section  7,  and replacing this Warrant
pursuant  to  Section  8,  or  any  of  the  foregoing,  and thereafter any such
issuance,  exchange  or  replacement,  as the case may be, shall be made at such
office  by  such  agent.

     12.     Transfer on the Company's Books.  Until this Warrant is transferred
             -------------------------------
on  the books of the Company, the Company may treat the registered holder hereof
as the absolute owner hereof for all purposes, notwithstanding any notice to the
contrary.

     13.     Notices,  Etc.  All  notices  and  other  communications  from  the
             -------------
Company  to the Holder of this Warrant shall be mailed by first class registered
or  certified  mail, postage prepaid,

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<PAGE>
at  such  address  as  may have been furnished to the Company in writing by such
Holder  or,  until any such Holder furnishes to the Company an address, then to,
and  at  the address of, the last Holder of this Warrant who has so furnished an
address  to  the  Company.

     14.     No Shorting.  The Purchaser or any of its affiliates and investment
             -----------
partners  will  not  and  will  not  cause  any  person  or  entity, directly or
indirectly,  to  engage  in  "short  sales" of the Company's Common Stock or any
other  hedging  strategies.

     15.     Miscellaneous.  This  Warrant  and  any term hereof may be changed,
             -------------
waived,  discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is  sought.  This  Warrant shall be governed by and construed in accordance with
the laws of State of New York without regard to principles of conflicts of laws.
Any  action  brought  concerning  the  transactions contemplated by this Warrant
shall  be  brought only in the state courts of New York or in the federal courts
located  in the state of New York; provided, however, that the Holder may choose
to  waive this provision and bring an action outside the state of New York.  The
individuals  executing  this Warrant on behalf of the Company agree to submit to
the  jurisdiction  of such courts and waive trial by jury.  The prevailing party
shall be entitled to recover from the other party its reasonable attorney's fees
and  costs.  In  the  event  that  any  provision  of this Warrant is invalid or
unenforceable  under  any applicable statute or rule of law, then such provision
shall  be  deemed  inoperative  to the extent that it may conflict therewith and
shall  be deemed modified to conform with such statute or rule of law.  Any such
provision  which  may  prove  invalid  or  unenforceable under any law shall not
affect  the  validity  or enforceability of any other provision of this Warrant.
The  headings  in this Warrant are for purposes of reference only, and shall not
limit  or  otherwise  affect  any  of  the  terms  hereof.  The  invalidity  or
unenforceability  of any provision hereof shall in no way affect the validity or
enforceability  of  any  other  provision.  The  Company acknowledges that legal
counsel  participated  in  the  preparation  of  this  Warrant  and,  therefore,
stipulates  that  the  rule  of construction that ambiguities are to be resolved
against  the  drafting  party shall not be applied in the interpretation of this
Warrant  to  favor  any  party  against  the  other  party.

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK;
                            SIGNATURE PAGE FOLLOWS.]

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     IN  WITNESS  WHEREOF,  the Company has executed this Warrant as of the date
first  written  above.

                                          eLINEAR, INC.

                                          By:
                                             ----------------------------
                                          Name:
                                               --------------------------
                                          Title:
                                                -------------------------
WITNESS:

---------------------------

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<PAGE>
                                    EXHIBIT A

                              FORM OF SUBSCRIPTION
                   (To Be Signed Only On Exercise Of Warrant)

TO:  eLinear, Inc.

     Attention:   Chief Financial Officer

     The  undersigned,  pursuant  to  the  provisions  set forth in the attached
Warrant (No.____), hereby irrevocably elects to purchase (check applicable box):

_____     ________  shares  of  the  Common  Stock  covered  by such Warrant; or

_____     the  maximum  number of shares of Common Stock covered by such Warrant
          pursuant  to  the  cashless exercise procedure set forth in Section 2.

The  undersigned  herewith  makes  payment  of  the full Exercise Price for such
shares  at  the  price  per  share  provided  for  in  such  Warrant,  which  is
$___________. Such payment takes the form of (check applicable box or boxes):

_____     $__________  in  lawful  money  of  the  United  States;  and/or

_____     the  cancellation  of  such  portion  of  the  attached  Warrant as is
          exercisable  for  a  total  of _______ shares of Common Stock (using a
          Fair  Market  Value  of  $_______  per  share  for  purposes  of  this
          calculation);  and/or

_____     the  cancellation  of  such  number  of  shares  of Common Stock as is
          necessary, in accordance with the formula set forth in Section 2.2, to
          exercise  this Warrant with respect to the maximum number of shares of
          Common  Stock  purchasable pursuant to the cashless exercise procedure
          set  forth  in  Section  2.

     The undersigned requests that the certificates for such shares be issued in
the  name  of,  and  delivered to ______________________________________________
whose  address  is ____________________________________________________________.

     The  undersigned  represents  and warrants that all offers and sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933,  as  amended  (the  "Securities  Act")  or  pursuant  to an exemption from
registration  under  the  Securities  Act.

Dated:
      ---------------------------          -------------------------------------
                                           (Signature must conform  to  name  of
                                           holder as specified on  the  face  of
                                           the  Warrant)

                                           Address:
                                                   -----------------------------
                                           -------------------------------------

                                      A-1
<PAGE>
                                    EXHIBIT B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To Be Signed Only On Transfer Of Warrant)

     For  value  received,  the undersigned hereby sells, assigns, and transfers
unto  the  person(s)  named  below  under  the  heading  "Transferees" the right
represented  by  the  within  Warrant  to  purchase the percentage and number of
shares  of  Common  Stock of eLinear, Inc. into which the within Warrant relates
specified  under the headings "Percentage Transferred" and "Number Transferred,"
respectively,  opposite  the  name(s)  of  such person(s) and appoints each such
person  Attorney  to transfer its respective right on the books of eLinear, Inc.
with  full  power  of  substitution  in  the  premises.

Transferees         Address                  Percentage             Number
                                             Transferred          Transferred

---------------     -----------------     -----------------     ----------------

---------------     -----------------     -----------------     ----------------

---------------     -----------------     -----------------     ----------------

---------------     -----------------     -----------------     ----------------

Dated:
      ---------------------------          -------------------------------------
                                           (Signature must conform  to  name  of
                                           holder as specified on  the  face  of
                                           the  Warrant)

                                           Address:
                                                   -----------------------------
                                           -------------------------------------

                                           SIGNED IN THE PRESENCE OF:

                                           -------------------------------------
                                                          (Name)

ACCEPTED AND AGREED:
[TRANSFEREE]

----------------------------
          (Name)

                                      B-1

<PAGE><PAGE>

                                                                   Exhibit 4(tt)

                              JANUS INVESTMENT FUND

                          INVESTMENT ADVISORY AGREEMENT

                               JANUS BALANCED FUND

      THIS INVESTMENT ADVISORY AGREEMENT (the "Agreement") is made this 1st day
of July, 2004, between JANUS INVESTMENT FUND, a Massachusetts business trust
(the "Trust"), and JANUS CAPITAL MANAGEMENT LLC, a Delaware limited liability
company ("JCM").

                              W I T N E S S E T H:

      WHEREAS, the Trust is registered as an open-end management investment
company under the Investment Company Act of 1940, as amended (the "1940 Act"),
and has registered its shares for public offering under the Securities Act of
1933, as amended (the "1933 Act"); and

      WHEREAS, the Trust is authorized to create separate funds, each with its
own separate investment portfolio of which the beneficial interests are
represented by a separate series of shares; one of such funds created by the
Trust being designated as the Janus Balanced Fund (the "Fund"); and

      WHEREAS, the Trust and JCM deem it mutually advantageous that JCM should
assist the Trustees and officers of the Trust in the management of the
securities portfolio of the Fund.

      NOW, THEREFORE, the parties agree as follows:

      1.    Appointment. The Trust hereby appoints JCM as investment adviser and
manager with respect to the Fund for the period and on the terms set forth in
this Agreement. JCM hereby accepts such appointment and agrees to render the
services herein set forth, for the compensation herein provided.

      2.    Investment Advisory Services. JCM shall furnish continuous advice
and recommendations to the Fund as to the acquisition, holding, or disposition
of any or all of the securities or other assets which the Fund may own or
contemplate acquiring from time to time. JCM shall give due consideration to the
investment policies and restrictions and the other statements concerning the
Fund in the Trust Instrument, bylaws, and registration statements under the 1940
Act and the 1933 Act, and to the provisions of the Internal Revenue Code, as
amended from time to time, applicable to the Fund as a regulated investment
company. In addition, JCM shall cause its officers to attend meetings and
furnish oral or written reports, as the Trust may reasonably require, in order
to keep the Trustees and appropriate officers of the Trust fully informed as to
the condition of the investment portfolio of the Fund, the investment
recommendations of JCM, and the investment considerations which have given rise
to those recommendations. JCM shall supervise the purchase and sale of
securities as directed by the appropriate officers of the Trust.

<PAGE>

      3.    Other Services. JCM is hereby authorized (to the extent the Trust
has not otherwise contracted) but not obligated (to the extent it so notifies
the Trustees at least 60 days in advance), to perform (or arrange for the
performance by affiliates of) the management and administrative services
necessary for the operation of the Fund. JCM is specifically authorized, on
behalf of the Trust, to conduct relations with custodians, depositories,
transfer and pricing agents, accountants, attorneys, underwriters, brokers and
dealers, corporate fiduciaries, insurance company separate accounts, insurers,
banks and such other persons in any such other capacity deemed by JCM to be
necessary or desirable. JCM shall generally monitor and report to the Fund's
officers the Fund's compliance with investment policies and restrictions as set
forth in the currently effective prospectus and statement of additional
information relating to the shares of the Fund under the 1933 Act. JCM shall
make reports to the Trustees of its performance of services hereunder upon
request therefor and furnish advice and recommendations with respect to such
other aspects of the business and affairs of the Fund as it shall determine to
be desirable. JCM is also authorized, subject to review by the Trustees, to
furnish such other services as JCM shall from time to time determine to be
necessary or useful to perform the services contemplated by this Agreement.

      4.    Obligations of Trust. The Trust shall have the following obligations
under this Agreement:

            (a)   to keep JCM continuously and fully informed as to the
                  composition of its investment portfolio and the nature of all
                  of its assets and liabilities from time to time;

            (b)   to furnish JCM with a certified copy of any financial
                  statement or report prepared for it by certified or
                  independent public accountants and with copies of any
                  financial statements or reports made to its shareholders or to
                  any governmental body or securities exchange;

            (c)   to furnish JCM with any further materials or information which
                  JCM may reasonably request to enable it to perform its
                  function under this Agreement; and

            (d)   to compensate JCM for its services and reimburse JCM for its
                  expenses incurred hereunder in accordance with the provisions
                  hereof.

      5.    Compensation. The Trust shall pay to JCM for its investment advisory
services a fee, calculated and payable for each day that this Agreement is in
effect, of 1/365 of 0.55% of the daily closing net asset value of the Fund
(1/366 of 0.55% of the daily closing net asset value of the Fund in a leap
year). The fee shall be paid monthly.

      6.    Expenses Borne by JCM. In addition to the expenses which JCM may
incur in the performance of its investment advisory functions under this
Agreement, and the expenses which it may expressly undertake to incur and pay
under other agreements with the Trust or

<PAGE>

otherwise, JCM shall incur and pay the following expenses relating to the Fund's
operations without reimbursement from the Fund:

            (a)   Reasonable compensation, fees and related expenses of the
                  Trust's officers and its Trustees, except for such Trustees
                  who are not "interested persons," as defined in the 1940 Act,
                  of JCM; and

            (b)   Rental of offices of the Trust.

      7.    Expenses Borne by the Trust. The Trust assumes and shall pay all
expenses incidental to its organization, operations and business not
specifically assumed or agreed to be paid by JCM pursuant to Sections 3 and 6
hereof, including, but not limited to, investment adviser fees; any
compensation, fees, or reimbursements which the Trust pays to its Trustees who
are not "interested persons," as defined in the 1940 Act, of JCM; compensation
of the Fund's custodian, transfer agent, registrar and dividend disbursing
agent; legal, accounting, audit and printing expenses; administrative, clerical,
recordkeeping and bookkeeping expenses; brokerage commissions and all other
expenses in connection with execution of portfolio transactions (including any
appropriate commissions paid to JCM or its affiliates for effecting exchange
listed, over-the-counter or other securities transactions); interest; all
federal, state and local taxes (including stamp, excise, income and franchise
taxes); costs of stock certificates and expenses of delivering such certificates
to purchasers thereof; expenses of local representation in Massachusetts;
expenses of shareholders' meetings and of preparing, printing and distributing
proxy statements, notices, and reports to shareholders; expenses of preparing
and filing reports and tax returns with federal and state regulatory
authorities; all expenses incurred in complying with all federal and state laws
and the laws of any foreign country applicable to the issue, offer, or sale of
shares of the Fund, including, but not limited to, all costs involved in the
registration or qualification of shares of the Fund for sale in any
jurisdiction, the costs of portfolio pricing services and compliance systems,
and all costs involved in preparing, printing and mailing prospectuses and
statements of additional information to Fund shareholders; and all fees, dues
and other expenses incurred by the Trust in connection with the membership of
the Trust in any trade association or other investment company organization.

      8.    Treatment of Investment Advice. The Trust shall treat the investment
advice and recommendations of JCM as being advisory only, and shall retain full
control over its own investment policies. However, the Trustees may delegate to
the appropriate officers of the Trust, or to a committee of the Trustees, the
power to authorize purchases, sales or other actions affecting the portfolio of
the Fund in the interim between meetings of the Trustees.

      9.    Termination. This Agreement may be terminated at any time, without
penalty, by the Trustees of the Trust, or by the shareholders of the Fund acting
by vote of at least a majority of its outstanding voting securities, provided in
either case that sixty (60) days advance written notice of termination be given
to JCM at its principal place of business. This Agreement may be terminated by
JCM at any time, without penalty, by giving sixty (60) days advance written
notice of termination to the Trust, addressed to its principal place of
business. The Trust agrees that, consistent with the terms of the Trust
Instrument, the Trust shall cease to use the name "Janus" in connection with the
Fund as soon as reasonably practicable following any termination of this

<PAGE>

Agreement if JCM does not continue to provide investment advice to the Fund
after such termination.

      10.   Assignment. This Agreement shall terminate automatically in the
event of any assignment of this Agreement.

      11.   Term. This Agreement shall continue in effect until July 1, 2005,
unless sooner terminated in accordance with its terms, and shall continue in
effect from year to year thereafter only so long as such continuance is
specifically approved at least annually by (a) the vote of a majority of the
Trustees of the Trust who are not parties hereto or interested persons of any
such party, cast in person at a meeting called for the purpose of voting on the
approval of the terms of such renewal, and (b) either the Trustees of the Trust
or the affirmative vote of a majority of the outstanding voting securities of
the Fund. The annual approvals provided for herein shall be effective to
continue this Agreement from year to year if given within a period beginning not
more than ninety (90) days prior to July 1 of each applicable year,
notwithstanding the fact that more than three hundred sixty-five (365) days may
have elapsed since the date on which such approval was last given.

      12.   Amendments. This Agreement may be amended by the parties only if
such amendment is specifically approved (i) by a majority of the Trustees,
including a majority of the Trustees who are not interested persons (as that
phrase is defined in Section 2(a)(19) of the 1940 Act) of any party to this
Agreement and, if required by applicable law, (ii) by the affirmative vote of a
majority of the outstanding voting securities of the Fund (as that phrase is
defined in Section 2(a)(42) of the 1940 Act).

      13.   Other Series. The Trustees shall determine the basis for making an
appropriate allocation of the Trust's expenses (other than those directly
attributable to the Fund) between the Fund and the other series of the Trust.

      14.   Limitation of Personal Liability. All the parties hereto acknowledge
and agree that all liabilities of the Trust arising, directly or indirectly,
under this Agreement, of any and every nature whatsoever, shall be satisfied
solely out of the assets of the Fund and that no Trustee, officer or holder of
shares of beneficial interest of the Trust shall be personally liable for any of
the foregoing liabilities. The Trust Instrument describes in detail the
respective responsibilities and limitations on liability of the Trustees,
officers and holders of shares of beneficial interest of the Trust.

      15.   Limitation of Liability of JCM. JCM shall not be liable for any
error of judgment or mistake of law or for any loss arising out of any
investment or for any act or omission taken with respect to the Trust, except
for willful misfeasance, bad faith or gross negligence in the performance of its
duties, or by reason of reckless disregard of its obligations and duties
hereunder and except to the extent otherwise provided by law. As used in this
Section 15, "JCM" shall include any affiliate of JCM performing services for the
Trust contemplated hereunder and directors, officers and employees of JCM and
such affiliates.

<PAGE>

      16.   Activities of JCM. The services of JCM to the Trust hereunder are
not to be deemed to be exclusive, and JCM and its affiliates are free to render
services to other parties. It is understood that trustees, officers and
shareholders of the Trust are or may become interested in JCM as directors,
officers and shareholders of JCM, that directors, officers, employees and
shareholders of JCM are or may become similarly interested in the Trust, and
that JCM may become interested in the Trust as a shareholder or otherwise.

      17.   Certain Definitions. The terms "vote of a majority of the
outstanding voting securities," "assignment" and "interested persons" when used
herein, shall have the respective meanings specified in the 1940 Act, as now in
effect or hereafter amended, and the rules and regulations thereunder, subject
to such orders, exemptions and interpretations as may be issued by the
Securities and Exchange Commission under said Act and as may be then in effect.

      18.   Governing Law. This Agreement shall be construed in accordance with
the laws of the State of Colorado (without giving effect to the conflicts of
laws principles thereof) and the 1940 Act. To the extent that the applicable
laws of the State of Colorado conflict with the applicable provisions of the
1940 Act, the latter shall control.

      This Agreement shall supercede all prior investment advisory agreements
entered into between JCM and the Trust, on behalf of the Fund.

      IN WITNESS WHEREOF, the parties have caused their duly authorized officers
to execute this Investment Advisory Agreement as of the date and year first
above written.

                            JANUS CAPITAL MANAGEMENT LLC

                            By: /s/ Loren M. Starr
                                ------------------------------------------------
                                Loren M. Starr, Chief Financial Officer and
                                Senior Vice President

                            JANUS INVESTMENT FUND

                            By: /s/ Girard C. Miller
                                ------------------------------------------------
                                Girard C. Miller, President and Chief Executive
                                Officer

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