Document:

EXECUTION COPY

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT, dated July 1, 2005, between DLJ Mortgage Capital, Inc., a Delaware corporation (“Assignor”), and Credit Suisse First Boston Mortgage Securities Corp., a Delaware corporation (“Assignee”):

For and in consideration of the sum of TEN DOLLARS ($10.00) and other valuable consideration the receipt and sufficiency of which hereby are acknowledged, and of the mutual covenants herein contained, the parties hereto hereby agree as follows:

1.          The Assignor hereby grants, transfers and assigns to Assignee all of the right, title and interest of Assignor, as Purchaser, in, to and under (a) those certain Mortgage Loans listed on Exhibit A attached hereto (the “Mortgage Loans”) and (b) those certain agreements listed on Exhibit B attached hereto (the “Agreements”) with respect to the Mortgage Loans.

The Assignor specifically reserves and does not assign to the Assignee hereunder any and all right, title and interest in, to and under and all obligations of the Assignor with respect to any mortgage loans subject to the Agreements which are not the Mortgage Loans set forth on Exhibit A attached hereto and are not the subject of this Assignment and Assumption Agreement.

2.          The Assignor warrants and represents to, and covenants with, the Assignee that:

(a)        The Assignor is the lawful owner of the Mortgage Loans with the full right to transfer the Mortgage Loans free from any and all claims and encumbrances whatsoever;

(b)        The Assignor has not received notice or, and has no knowledge of, any offsets, counterclaims or other defenses with respect to the Agreements or the Mortgage Loans;

(c)        The Assignor has not waived or agreed to any waiver under, or agreed to any amendment or other modification of, the Agreements or the Mortgage Loans, including without limitation the transfer of the servicing obligations under the Agreements.  The Assignor has no knowledge of, and has not received notice of, any waivers under or amendments or other modifications of, or assignments of rights or obligations under or defaults under, the Agreements, or the Mortgage Loans; and

(d)        Neither the Assignor nor anyone acting on its behalf has offered, transferred, pledged, sold or otherwise disposed of the Mortgage Loans, any interest in the Mortgage Loans or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of the Mortgage Loans, any interest in the Mortgage Loans or any other similar security from, or otherwise approached or negotiated with respect to the Mortgage Loans, any interest in the Mortgage Loans or any other similar security with, any person in any manner, or made by general solicitation by means of general advertising or in any other manner, or taken any other action which would constitute a distribution of the Mortgage Loans under the Securities Act of 1933 (the “1933 Act”) or which would render the disposition of the Mortgage Loans a
violation of Section 5 of the 1933 Act or require registration pursuant thereto.

 

 

 

 

3.          The Assignee warrants and represents to, and covenants with, the Assignor that:

(a)        The Assignee is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, and has all requisite corporate power and authority to acquire, own and purchase the Mortgage Loans;

(b)        The Assignee has full corporate power and authority to execute, deliver and perform under this Assignment and Assumption Agreement, and to consummate the transactions set forth herein.  The execution, delivery and performance of the Assignee of this Assignment and Assumption Agreement, and the consummation by it of the transactions contemplated hereby, have been duly authorized by all necessary corporate action of the Assignee.  This Assignment and Assumption Agreement has been duly executed and delivered by the Assignee and constitutes the valid and legally binding obligation of the Assignee enforceable against the Assignee in accordance with its respective terms;

(c)        To the best of Assignee’s knowledge, no material consent, approval, order or authorization of, or declaration, filing or registration with, any governmental entity is required to be obtained or made by the Assignee in connection with the execution, delivery or performance by the Assignee of this Assignment and Assumption Agreement, or the consummation by it of the transactions contemplated hereby;

(d)        The Assignee agrees to be bound, as Purchaser, by all of the terms, covenants and conditions of the Agreements and the Mortgage Loans, and from and after the date hereof, the Assignee assumes for the benefit of the Assignor all of the Assignor’s obligations as Purchaser thereunder, with respect to the Mortgage Loans;

(e)        The Assignee understands that the Mortgage Loans have not been registered under the 1933 Act or the securities laws of any state;

(f)         The purchase price being paid by the Assignee for the Mortgage Loans is in excess of $250,000 and will be paid by cash remittance of the full purchase price within sixty (60) days of the sale;

(g)        The Assignee is acquiring the Mortgage Loans for investment for its own account only and not for any other person;

(h)        The Assignee considers itself a substantial, sophisticated institutional investor having such knowledge and financial and business matters that it is capable of evaluating the merits and the risks of investment in the Mortgage Loans;

(i)         The Assignee has been furnished with all information regarding the Mortgage Loans that it has requested from the Assignor;

(j)         Neither the Assignee nor anyone acting on its behalf has offered, transferred, pledged, sold or otherwise disposed of the Mortgage Loans, an interest in the Mortgage Loans or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of the Mortgage Loans, any interest in the Mortgage Loans or any other similar security from, or otherwise approached or negotiated with respect to the Mortgage 

 

	
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Loans, any interest in the Mortgage Loans or any other similar security with, any person in any manner, or made any general solicitation by means of general advertising or in any other manner, or taken any other action which would constitute a distribution of the Mortgage Loans under the 1933 Act or which would render the disposition of the Mortgage Loans a violation of Section 5 of the 1933 Act or require registration pursuant thereto, nor will it act, nor has it authorized or will it authorize any person to act, in such manner with respect to the Mortgage Loans; and

(k)        Either: (1) the Assignee is not an employee benefit plan (“Plan”) within the meaning of section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or a plan (also “Plan”) within the meaning of Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (“Code”), and the Assignee is not directly or indirectly purchasing the Mortgage Loans on behalf of, investment manager of, as named fiduciary of, as Trustee of, or with assets of, a Plan; or (2) the Assignee’s purchase of the Mortgage Loans will not result in a prohibited transaction under section 406 of ERISA or Section 4975 of the Code.

 

[SIGNATURES BEGIN ON FOLLOWING PAGE]

 

 

	
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IN WITNESS WHEREOF, the parties have caused this Assignment and Assumption to be executed by their duly authorized officers as of the date first above written.

	
            DLJ MORTGAGE CAPITAL, INC.,

as Assignor

 

By:                                                                                          
                        

Name: 

Title:  
 	
            CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,

as Assignee

By:                                                                                          
                         

Name: 

Title:  
 
	
             
 	
             
 
	
            Taxpayer Identification Number: 13-3460798
 	
            Taxpayer Identification Number: 13-3320910
 

 

 

 

 

EXHIBIT A

Mortgage Loan Schedule

 

[Attached as Schedule I to the Pooling and Servicing Agreement]

 

	
            A-1
 

 

 

 

EXHIBIT B

List of Agreements

 

[On file with Orrick, Herrington & Sutcliffe LLP]

 

 

 

	
            B-1LICENSE AGREEMENT

         This  Agreement  is  entered  into  by  and  between  Albert  Mardikian
("Licensor")  and  Medina  International  Holdings,  Inc.  and its  subsidiaries
("Licensee")  this 23rd day of February  2005,  with  reference to the following
facts:

     A.  Licensor  is the owner of the Design 22 ft Vortex  boat  United  States
Patent Exhibit A, attached hereto,  and  incorporated  herein by this reference,
for a special boat design.

     B.  Licensee  wishes to license such design on an  exclusive  basis for the
manufacture  and sale of the boats  ("MODENA  SPORT VORTEX) world wide, and on a
non-exclusive basis for other watercrafts or boats.

     C.  Licensor  wishes to license to Licensee the right to use the Design for
the use set forth in paragraph B, immediately above.

NOW THEREFORE, the parties hereto agree as follows:

1.   Grant of License. Licensor grants to Licensee an exclusive right to use and
     enjoy the  benefits  of the Design in  manufacturing  Modena  Sport  Vortex
     Boats, and a non-exclusive right for other boats which will be specified in
     exhibit A.

2.   Term and Payment, Minimum Amounts.

         2.1. Term and Payment,  Licensee agrees to pay as a royalty for the use
and enjoyment of the Design, an amount equal to 2% of the GROSS sale, less sales
returns,  for a period of Five (5) calendar  years  commencing on the date first
above  mentioned.  Royalties shall be determined on a quarterly  basis,  for the
periods  ending each July 31,  October 31, January 31 and April 30 of every year
and  shall  be paid  on the  fifteenth  of the  month  following  the end of the
determination  period,  except that upon the  expiration  of this  Agreement the
determination  period shall end and Licensee shall  determine the royalty amount
and pay  such  amount  fifteen  (15)  days  after  the  expiration  date of this
Agreement.

<PAGE>

            2.2      Minimum Amounts.

     2.2.1 Minimum Amount.  Notwithstanding paragraph 2.1, above, Licensor shall
pay a minimum of two hundred dollars ($200.00) a calendar quarter, pro-rated for
any period less than a calendar quarter,  and in the same manner as provided for
in  paragraph  2.1,  above.  This  minimum  payment is not in  addition  to that
provided for in paragraph 2.1, but a minimum payment that is provided for in the
event that a payment  under  paragraph  2.1 would be less than the  minimum  set
forth in this paragraph 2.2.2. Minimum amount will be renegotiated after January
31, 2006 but no later than February 10, 2006,  otherwise  the license  agreement
will be automatically terminated.

3.   Certain Restrictions.  The license granted herein is subject to and limited
     by the following restrictions:

     3.1 Restrictive Terms. Licensee may use and enjoy the Design only under the
terms of this Agreement,  however, Licensor may not offer or impose any terms on
the use of the Design  that alter or restrict  the terms of this  License or the
Licensee's exercise of the rights granted, hereunder;

     3.2 Sub-License. Licensee may not sub-license the Design.

4.   Representation and Warranties. Licensor represents and warrants as follows:

     4.1 Rights.  Licensor  has secured  all rights in the Design  necessary  to
grant the license rights here to Licensee and permit the lawful  exercise of the
rights granted hereunder, to Licensee;

     4.2  Infringements.  The use of the  Licensor's  Design do not infringe the
copyright,  trademark, publicity rights, common law rights or any other right of
any third party or constitute defamation,  invasion of privacy or other tortuous
injury to any third party.

     4.3 Sole  Property.  The Design is the sole property of the Licensor and no
lien,  mortgage,  security  interest  or other  encumbrance  against  the Design
exists.

     4.4  Assignment.  No share,  interest,  assignment,  or other  right to the
Patent has been transferred, assigned or granted to any other party.

<PAGE>

     4.5 Good  Title.  Licensor  will at all times have good title to the Design
and will at all times keep the Design free and clear of all liens,  encumbrances
security  interests  and rights  and claims of others  except for the rights and
claims arising under this Agreement.

     4.6  Without  Warranties.  Except as  expressly  stated in this  license or
otherwise  agreed in  writing,  or  required by  applicable  law,  the Design is
licensed on an "as is" basis,  without warranties of any kind, either express or
implied including,  without limitation,  any warranties regarding the use of the
Design to produce profit.

5.   Events of Default. Any one of the following occurrences shall constitute an
     event of default under this Agreement:

     5.1.1 Failure to make Payment.  The failure of Licensee to make any royalty
payment by its due date thereof;

     5.1.2 Bankruptcy.  The filing of a voluntary or involuntary  petition under
any provision of a state or federal bankruptcy law by either party hereto.

     5.1.3  Other  Default.  The  occurrence  of any other  default  under  this
Agreement.

         If an event of default occurs under paragraph  5.1.1,  above,  Licensor
may,  in its sole  discretion  (i)  declare  all  accrued  but unpaid  royalties
immediately  due and  payable,  without  notice,  unless  otherwise  required by
applicable statute; (ii) declare this agreement canceled and of no further force
and  effect and  Licensor  shall  have and may  exercise  any and all rights and
remedies  available at law or in equity. In the event of any other default under
this  Agreement the  non-defaulting  party shall deliver  written notice of such
default to the defaulting party and the defaulting party shall have fifteen (15)
days after  receipt of such  written  notice of default to cure the same.  After
such fifteen (15) day period,  provided the  defaulting  party has not cured the
default(s),  the  non-defaulting  party shall have and may  exercise any and all
rights and remedies available at law or in equity.

6.   Option to Renew.  Licensor  hereby grants  Licensee an option to renew this
     Agreement to be effective at the  expiration of the term, or any subsequent
     term of this Agreement, for an additional Five (5) year period. In order to
     exercise this option (i) Licensee must provide Licensor with written notice
     of its election to exercise the renewal option  hereunder  ninety (90) days
     prior to the  expiration  of the term of this  Agreement  and (ii) Licensee
     must not be in default under this Agreement.

<PAGE>

7.   Attorneys'  Fees and Costs.  If any action at law or in equity is necessary
     to enforce or interpret the terms of this Agreement,  the prevailing  party
     shall be  entitled  to  reasonable  attorney's  fees,  costs and  necessary
     disbursements  in addition  to any other  relief to which that party may be
     entitled.

8.   Entire  Agreement.  This Agreement  supercedes any and all other agreements
     oral or in writing,  between the parties hereto with respect to the matters
     set forth herein,  and contains all of the covenants and agreements between
     the parties with respect to the Design.  This Agreement applies only to the
     Design as set forth herein and to no other Patents or design  rights.  Each
     party to this agreement  acknowledges that no representation,  inducements,
     promises or agreements,  orally or otherwise,  have been made by any party,
     or anyone acting on behalf of any party, which are not embodied herein, and
     that no  other  agreement,  statement  or  promise  not  contained  in this
     agreement  shall be valid or binding on either party.  Any  modification of
     this  Agreement  shall be effective  only if it is in writing and signed by
     the parties hereto.

9.   Successors and Assigns.  This Agreement  shall be binding upon and inure to
     the benefit of the parties and their successors and assigns.

10.  Headings. The headings herein are for convenience only, do not constitute a
     part of this  Agreement  and shall not be deemed to limit or affect  any of
     the provisions hereof

11.  Amendment,  Waiver. No provision of this Agreement may be waived or amended
     except in a written instrument signed, in the case of an amendment,  by the
     Licensor and the Licensee or, in the case of a waiver, by the party against
     whom  enforcement  of any such  waiver is sought.  No waiver of any default
     with respect to any  provision,  condition or requirement of this Agreement
     shall be deemed to be a continuing  waiver in the future or a waiver of any
     other provision,  condition or requirement  hereof,  nor shall any delay or
     omission of either  party to  exercise  any right  hereunder  in any manner
     impair the exercise of any such right accruing to it thereafter.

12.  Notices. Any notice, demand, request,  consent or other communication which
     either party  desires or is required to give to any other party shall be in
     writing and shall be deemed to have been given when either:  (a)  delivered
     in person or by facsimile  transfer,  or (b) sent by  overnight  courier or
     first-class registered or certified mail, postage pre-paid,  return receipt
     requested,  addressed to such party at the address set forth above.  Either
     party may  designate  another  address for itself at any time upon  written
     notice to the other party

<PAGE>

13.  Interpretation.  Each party hereto has been  represented  by counsel of its
     choice,  and this  Agreement is not to be interpreted as if it was prepared
     by either party.

14.  Authority.  Each  party  signing  on  behalf  of a party to this  Agreement
     represents  and  warrants  that he has all  authority to bind that party to
     this Agreement.

15.  Provision  Unenforceable.  If any  provision  of this License is invalid or
     unenforceable  under  applicable  law, it shall not affect the  validity or
     enforceability  of the remainder of the terms of this License,  and without
     further action by the parties to this  agreement,  such provision  shall be
     reformed to the minimum extent  necessary to make such provision  valid and
     enforceable.

16.  Governing  Law.  This  Agreement  shall be governed  by, and  construed  in
     accordance with, the law of the State of California.

         IN WITNESS WHEREOF,  the parties have executed this Agreement effective
on the date first set forth above.

"Licensor"                                  "Licensee"
/s/Albert Mardikian                         /s/Madhava Rao Mankal
----------------------------                ----------------------------
Albert Mardikian                                     Madhava Rao Mankal

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