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Document Preview Management Services and Allocation of Expenses Agreement [Amended and Restated No. 2] |
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Title: |
Management Services and Allocation of Expenses Agreement [Amended and Restated No. 2] |
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Entities: |
Middleton Doll Co.; InvestorsBank; Bando McGlocklin Small Business Lending Corporation; Lee Middleton Original Dolls, Inc. |
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Date: |
2004 |
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Size: |
Preview shows 5KB of 18KB total |
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Price: |
$39 |
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ID: |
#260965 |
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THIS SECOND AMENDED AND RESTATED MANAGEMENT SERVICES AND ALLOCATION OF EXPENSES AGREEMENT, made as of this 1st day of January, 2004, by and between InvestorsBank, a Wisconsin banking organization (Bank), on the one hand, and The Middleton Doll Company, Bando McGlocklin Small Business Lending Corporation (such corporations collectively referred to herein as Bando), and Lee Middleton Original Dolls, Inc. (hereinafter called LMOD) (all three corporations being Wisconsin corporations), on the other hand.
WHEREAS, the Bank and Bando have hereunto established a contractual relationship under an Amended and Restated Management Services and Allocation of Expenses Agreement, dated as of May 9, 2001 between such parties, in order to permit employees of the Bank to manage the loans (i) made by Bando that are either on Bandos balance sheet or sold by Bando but for which Bando retains servicing obligations; and (ii) originated by the Bank or other financial institutions which are purchased by Bando (in whole or in part) (collectively, the Bando Loans), to permit Bank employees to provide accounting services to Bando, to provide leased property services to Bando and to share certain overhead expenses as between the Bank and Bando, all in accordance with the terms and conditions of such agreement; and
WHEREAS, Bando and the Bank each possess similar loan assets requiring loan administration services and expertise; and
WHEREAS, the Bank employs persons with the necessary qualifications and expertise to manage and provide loan administration services to the Bando Loans, to provide accounting services to Bando and to provide leased property services; and
WHEREAS, it is in the best interest of the Bank and Bando to share certain overhead expenses in order to maximize the savings to the Bank and Bando; and
WHEREAS, the Bank and Bando wish to provide for additional services to be provided by the Bank to Bando, such additional services to consist of services in connection with loan defaults and workouts, loan monitoring services, credit analysis of current and prospective borrowers, lease defaults and workouts, lease monitoring services and credit analysis of current lessees and prospective lessees; and
WHEREAS, Bando wishes to insure that such additional services will be performed by George R. Schonath, or under his supervision; and
WHEREAS, Bando wishes to obtain the consent of the Bank that George R. Schonath shall continue as President and Chief Executive Officer of Bando; and
WHEREAS, LMOD wishes to (i) obtain the services of George R. Schonath to perform certain management services described herein, (ii) ensure that such management services will be provided by George R. Schonath, or under his supervision, and (iii) and obtain the consent of the Bank that George R. Schonath shall continue as its Chairman and Chief Executive Officer;
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