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Document Preview Securities Purchase Agreement |
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Title: |
Securities Purchase Agreement |
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Entities: |
ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap4 |
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Date: |
2006 |
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Size: |
Preview shows 12KB of 101KB total |
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Price: |
$61 |
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ID: |
#2608482 |
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SECURITIES PURCHASE AGREEMENT
-----------------------------
LAURUS MASTER FUND, LTD.
AND
GARWOOD PETROSEARCH, INC.
DATED: NOVEMBER 1, 2006
{PAGE}
{TABLE}
{CAPTION}
TABLE OF CONTENTS
-----------------
PAGE
----
{S} {C}
1. Agreement to Sell and Purchase . . . . . . . . . . . . . . . . . 1
2. Fees and Warrant . . . . . . . . . . . . . . . . . . . . . . . . 1
3. Closing, Delivery and Payment. . . . . . . . . . . . . . . . . . 2
3.1 Closing . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3.2 Delivery. . . . . . . . . . . . . . . . . . . . . . . . . . 2
4. Representations and Warranties of Garwood. . . . . . . . . . . . 2
4.1 Organization, Good Standing and Qualification . . . . . . . 2
4.2 Subsidiaries. . . . . . . . . . . . . . . . . . . . . . . . 3
4.3 Capitalization; Voting Rights . . . . . . . . . . . . . . . 3
4.4 Authorization; Binding Obligations. . . . . . . . . . . . . 4
4.5 Liabilities . . . . . . . . . . . . . . . . . . . . . . . . 4
4.6 Agreements; Action. . . . . . . . . . . . . . . . . . . . . 4
4.7 Obligations to Related Parties. . . . . . . . . . . . . . . 5
4.8 Changes . . . . . . . . . . . . . . . . . . . . . . . . . . 5
4.9 Title to Properties and Assets; Liens, Etc. . . . . . . . . 6
4.10 Intellectual Property . . . . . . . . . . . . . . . . . . . 7
4.11 Compliance with Other Instruments . . . . . . . . . . . . . 7
4.12 Litigation. . . . . . . . . . . . . . . . . . . . . . . . . 7
4.13 Tax Returns and Payments. . . . . . . . . . . . . . . . . . 8
4.14 Employees . . . . . . . . . . . . . . . . . . . . . . . . . 8
4.15 Voting Rights . . . . . . . . . . . . . . . . . . . . . . . 8
4.16 Compliance with Laws; Permits . . . . . . . . . . . . . . . 9
4.17 Environmental and Safety Laws . . . . . . . . . . . . . . . 9
4.18 Valid Offering. . . . . . . . . . . . . . . . . . . . . . . 9
4.19 Full Disclosure . . . . . . . . . . . . . . . . . . . . . . 9
4.20 Insurance . . . . . . . . . . . . . . . . . . . . . . . . . 9
4.21 Dilution. . . . . . . . . . . . . . . . . . . . . . . . . . 9
4.22 Patriot Act.. . . . . . . . . . . . . . . . . . . . . . . . 10
4.23 ERISA . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
5. Representations and Warranties of the Purchaser. . . . . . . . . 10
5.1 No Shorting . . . . . . . . . . . . . . . . . . . . . . . . 10
5.2 Requisite Power and Authority . . . . . . . . . . . . . . . 11
5.3 Investment Representations and Covenants. . . . . . . . . . 11
5.4 Legends . . . . . . . . . . . . . . . . . . . . . . . . . . 12
6. Covenants of Garwood . . . . . . . . . . . . . . . . . . . . . . 13
6.1 Reporting Requirements. . . . . . . . . . . . . . . . . . . 13
6.2 Use of Funds. . . . . . . . . . . . . . . . . . . . . . . . 14
{PAGE}
PAGE
----
6.3 Access to Facilities. . . . . . . . . . . . . . . . . . . . 14
6.4 Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
6.5 Insurance . . . . . . . . . . . . . . . . . . . . . . . . . 15
6.6 Intellectual Property . . . . . . . . . . . . . . . . . . . 16
6.7 Properties. . . . . . . . . . . . . . . . . . . . . . . . . 16
6.8 Confidentiality . . . . . . . . . . . . . . . . . . . . . . 16
6.9 Required Approvals. . . . . . . . . . . . . . . . . . . . . 16
6.10 Opinion . . . . . . . . . . . . . . . . . . . . . . . . . . 17
6.11 Margin Stock. . . . . . . . . . . . . . . . . . . . . . . . 17
6.12 Financing Right of First Refusal. . . . . . . . . . . . . . 17
6.13 Authorization and Reservation of Shares . . . . . . . . . . 18
6.14 Summaries; Reports. . . . . . . . . . . . . . . . . . . . . 18
6.15 Registration Rights . . . . . . . . . . . . . . . . . . . . 18
7. Covenants of the Purchaser . . . . . . . . . . . . . . . . . . . 19
7.1 Confidentiality . . . . . . . . . . . . . . . . . . . . . . 19
7.2 Limitation on Acquisition of Common Stock of Garwood. . . . 19
8. Covenants of Garwood and the Purchaser Regarding Indemnification 19
8.1 Garwood Indemnification . . . . . . . . . . . . . . . . . . 19
8.2 Purchaser's Indemnification.. . . . . . . . . . . . . . . . 20
9. Miscellaneous. . . . . . . . . . . . . . . . . . . . . . . . . . 20
9.1 Governing Law, Jurisdiction and Waiver of Jury Trial. . . . 20
9.2 Severability. . . . . . . . . . . . . . . . . . . . . . . . 21
9.3 Survival. . . . . . . . . . . . . . . . . . . . . . . . . . 21
9.4 Successors. . . . . . . . . . . . . . . . . . . . . . . . . 21
9.5 Entire Agreement; Maximum Interest. . . . . . . . . . . . . 22
9.6 Amendment and Waiver. . . . . . . . . . . . . . . . . . . . 22
9.7 Delays or Omissions . . . . . . . . . . . . . . . . . . . . 22
9.8 Notices . . . . . . . . . . . . . . . . . . . . . . . . . . 22
9.9 Attorneys' Fees . . . . . . . . . . . . . . . . . . . . . . 23
9.10 Titles and Subtitles. . . . . . . . . . . . . . . . . . . . 24
9.11 Facsimile Signatures; Counterparts. . . . . . . . . . . . . 24
9.12 Broker's Fees . . . . . . . . . . . . . . . . . . . . . . . 24
9.13 Construction. . . . . . . . . . . . . . . . . . . . . . . . 24
{/TABLE}
{PAGE}
{TABLE}
{CAPTION}
LIST OF EXHIBITS
{S} {C}
Form of Term Note . . . . . . Exhibit A
Form of Warrant . . . . . . . Exhibit B
Form Form of Opinion. . . . . Exhibit C
Form of Escrow Agreement. . . Exhibit D
{/TABLE}
{TABLE}
{CAPTION}
LIST OF SCHEDULES
{S} {C}
Schedule 4.3 Capitalization
Schedule 4.5 Liabilities
Schedule 4.6 Agreements
Schedule 4.7 Obligations to Related Parties Schedule 4.8(b) Resignations
Schedule 4.9 Title to Properties and Assets, Liens, Etc.
Schedule 4.11 Compliance with Other Instruments
Schedule 4.12 Litigation
Schedule 4.13 Tax Returns and Payments
Schedule 4.14 Employees
Schedule 4.15 Voting Rights
Schedule 4.17 Environmental
Schedule 6.9 Required Approvals
Schedule 9.12 Brokers
{/TABLE}
{PAGE}
SECURITIES PURCHASE AGREEMENT
THIS SECURITIES PURCHASE AGREEMENT (this "Agreement") is made and entered
into as of November 1, 2006, by and between GARWOOD PETROSEARCH, INC., a Texas
corporation ("Garwood") and LAURUS MASTER FUND, LTD., a Cayman Islands company
(the "Purchaser").
RECITALS
WHEREAS, Garwood has authorized the sale to the Purchaser of a Secured Term
Note in the aggregate principal amount of Eight Million Three Hundred Thousand
Dollars ($8,300,000) in the form of Exhibit A hereto (as amended, modified
---------
and/or supplemented from time to time, the "Note");
WHEREAS, Garwood wishes to issue to the Purchaser a warrant in the form of
Exhibit B hereto (as amended, modified and/or supplemented from time to time,
----------
the "Warrant") to purchase up to 4,500 shares of Garwood's common stock, $0.001
par value per share (the "Garwood Common Stock");
WHEREAS, the Purchaser desires to purchase the Note and the Warrant on the
terms and conditions set forth herein; and
WHEREAS, Garwood desires to issue and sell the Note and to issue and sell
the Warrant to the Purchaser on the terms and conditions set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
promises, representations, warranties and covenants hereinafter set forth and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:
1. Agreement to Sell and Purchase. Pursuant to the terms and conditions
------------------------------
set forth in this Agreement, on the Closing Date (as defined in Section 3),
Garwood shall sell to the Purchaser, and the Purchaser shall purchase from
Garwood, the Note. The sale of the Note on the Closing Date shall be known as
the "Offering." The Note will mature on the Maturity Date (as defined in the
Note). Collectively, the Note, the Warrant, and the Garwood Common Stock
issuable upon exercise of the Warrant are referred to as the "Securities."
2. Fees and Warrant. On the Closing Date:
------------------
(a) Garwood will issue and deliver to the Purchaser the Warrant to
purchase up to 4,500 shares of Garwood Common Stock (subject to
adjustment as set forth therein) in connection with the Offering, pursuant
to Section 1 hereof. All the representations, covenants, warranties,
undertakings, and indemnification, and other rights made or granted to or
for the benefit of the Purchaser by Garwood are hereby also made and
1
{PAGE}
granted for the benefit of the holder of the Warrant and shares of
Garwood Common Stock issuable upon exercise of the Warrant (the "Warrant
Shares").
(b) Subject to the terms of Section 2(c) below, Garwood shall pay
to Laurus Capital Management, LLC, the manager of the Purchaser, a
closing payment of $290,500.00. The foregoing fee is referred to herein as
the "Closing Payment."
(c) Garwood shall reimburse the Purchaser for its reasonable
expenses (including legal fees and expenses) incurred in connection
with the preparation and negotiation of this Agreement and the Related
Agreements (as hereinafter defined), and expenses incurred in connection
with the Purchaser's due diligence review of Garwood and all related
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