Amendments No. 3 and No. 4 to Investment Services Agreement between MBIA Insurance Corporation and MBIA Capital Management Corp.
MBIA Insurance Corporation and MBIA Capital Management Corp. have amended their existing Investment Services Agreement. These amendments update the fee schedule (Exhibit C), specifying that management fees are calculated as a percentage of assets under management and paid monthly in arrears. The amendments do not change any other terms of the original agreement. The most recent amendment, effective January 1, 2003, sets the management fee at 11 basis points per annum on all assets under management. Both parties have signed to confirm these changes.
Exhibit 10.07
AMENDMENT NO. 3
TO
INVESTMENT SERVICES AGREEMENT
WHEREAS, MBIA Insurance Corporation and MBIA Capital Management Corp. (formerly known as MBIA Securities Corp.) have entered into an Investment Services Agreement (the “Agreement”); and
WHEREAS the parties adopted Amendment No. 1 to said Agreement on December 29, 1995; and
WHEREAS the parties adopted Amendment No. 2 to said Agreement on January 14, 1997; and
NOW THEREFORE, the Agreement is hereby amended as follows effective as of the date set forth below:
| 1. | Exhibit C of the Agreement is replaced in its entirety by the substitute Exhibit C attached hereto. |
| 2. | All other provisions of the Agreement shall remain unchanged. |
IN WITNESS WHEREOF, the parties have caused the signatures of their duly authorized officers to be hereto affixed this 10th day of September, 2001.
| MBIA INSURANCE CORPORATION | MBIA CAPITAL MANAGEMENT CORP. | |||||
| By: | /s/ Neil G. Budnick | By: | /s/ illegible | |||
| Title: Chief Financial Officer | Title: President | |||||
EXHIBIT C
Schedule of Fees
| Assets Under Management at Market Value ($ millions) | Management Fees Per Annum in Basis Points Times Assets under Management | |
| All Assets | 10.0 bp |
Management fees shall be paid monthly, in arrears, based upon the average market value of the assets under management during such quarter.
“Market Value” shall be determined in accordance with Section 9 of this Agreement.
AMENDMENT NO. 4
TO
INVESTMENT SERVICES AGREEMENT
WHEREAS, MBIA Insurance Corporation and MBIA Capital Management Corp. have entered into an Investment Services Agreement (the “Agreement”), dated April 28, 1995, and
WHEREAS, the parties have agreed to amend said Agreement;
NOW, THEREFORE, the Agreement is hereby amended as follows, effective January 1, 2003:
| 1. | Exhibit C of the Agreement is replaced in its entirety by the substitute Exhibit C attached hereto. |
| 2. | All other provisions of the Agreement shall remain the same. |
IN WITNESS WHEREOF, the parties have caused the signatures of their duly authorized officers to be hereto affixed this 2nd day of January, 2003.
| MBIA INSURANCE CORPORATION | MBIA CAPITAL MANAGEMENT CORP. | |||||
| By: | /s/ Gary C. Dunton | By: | /s/ Clifford D. Corso | |||
| Name: Gary C. Dunton Title: President and Chief Operating Officer | Name: Clifford D. Corso Title: President | |||||
EXHIBIT C
Schedule of Fees
| Assets Under Management at Market Value ($ millions) | Management Fees Per Annum in Basis Points Times Assets under Management | |
| All Assets | 11.0 bp |
Management fees shall be paid monthly, in arrears, based upon the average market value of the assets under management during such quarter.
“Market Value” shall be determined in accordance with Section 9 of this Agreement.
