Magnatech Industrial Services of Alabama, Inc. 1125 South Walnut Street South Bend, Indiana 46619 ###-###-#### Fax ###-###-####
EX-10.9 14 mis_8k0606109.htm FUNDS ESCROW DISBURSEMENT LETTER/JOINT INSTRUCTIONS Funds Escrow Disbursement Letter/Joint Instructions
Exhibit 10.9
Magnatech Industrial Services of Alabama, Inc.
1125 South Walnut Street
South Bend, Indiana 46619
(574) 234-5966
Fax ###-###-####
May 31, 2006
Scott J. Giordano
Loeb & Loeb LLP
345 Park Avenue
New York, New York 10154
Direct Dial: (212) 407-4104
Fax: (212) 407-4990
| RE: | Magnatech Industrial Services of Alabama, Inc. - Escrow Release Gross Escrow Deposit: $3,377,000 |
Dear Mr. Giordano:
These instructions are given to you pursuant to a Funds Escrow Agreement among Magnatech (the “Company”) and Loeb & Loeb LLP, as Escrow Agent. Subject to the terms set forth below, you are instructed to disburse $3,377,000 of the investor’s funds received by you to and on the Company’s behalf as follows:
Disbursements to the Title Insurance Company
| 1. | $1,600,000 - The Guarantee Title Company, LLC., pursuant to the following wire instructions: |
| Bank: | Amsouth Bank of Alabama | |
| 31 N. Royal Street Mobile, AL 36602 | ||
| Escrow Account # Routing #: | 07686951 062000019 | |
| Account Name: | Impart,Inc./ Impart Media Group,Inc. |
Disbursements to the Seller
| 2. | $1,626,800 - Smith Services (payoff of Term Loan and Revolving Loan ) pursuant to the following wire instructions: |
| Bank: | The Huntington National Bank | |
| One Huntington Square P O Box 633 Charleston, WV 25322 | ||
| Account # Routing #: | 01221108065 051903761 | |
| SSI Account: | Smith Services, Inc. |
Disbursements to the Laurus Capital Management, LLC
| 3. | $15,000 - Laurus Capital Management, L.L.C. (for payment in full of all due diligence and documentation fees owed by the Company), pursuant to the following wire instructions: |
| Bank: | North Fork Bank | |
| New York, NY 10022 | ||
| ABA Number: | 021407912 | |
| For Credit to: | Laurus Capital Management, LL.C. | |
| Account Number: | 2774045278 |
| 4. | $133,200 - Laurus Capital Management, L.L.C. (management fee), pursuant to the following wire instructions: |
| Bank: | North Fork Bank | |
| New York, NY 10022 | ||
| ABA Number: | 021407912 | |
| For Credit to: | Laurus Capital Management, LL.C. | |
| Account Number: | 2774045278 |
Disbursements to the Escrow Agent
| 5. | $2,000 - Loeb & Loeb LLP (for escrow agent fee), pursuant to the following wire instructions: |
| Bank: | Citibank, N.A. | |
| ABA No: | 021000089 | |
| Acct. No.: | 02674308 | |
| Reference: | Laurus Escrow Arrangement |
| Very truly yours, | |||
| Magnatech Industrial Services of Alabama, Inc. | |||
| By: | /s/ Richard J. Mullin | ||
| Name: | Richard J. Mullin | ||
| Title: | Vice President and CFO | ||
Schedule 1
Magnetech Industrial Services of Alabama, Inc.
1125 South Walnut Street
South Bend, Indiana 46619
The Guarantee Title Company, LLC
759 Downtowner Loop West
Mobile, AL 36609
AmSouth Bank of Alabama
31 N. Royal Street
Mobile, AL 36602
Smith Services, Inc.
#4 Turnpike Industrial Park
Princeton, WV 24740
The Huntington National Bank
One Huntington Square
P O Box 633
Charleston, WV 25322
Laurus Capital Management, LLC
825 3rd Ave. 14th Floor
New York, NY 10022
North Fork Bank
404 5th Ave
New York, NY 10018
Loeb & Loeb
345 Park Avenue
New York, NY 10154
Citibank, N.A.
153 East 53rd Street
New York, NY 10022
