Laurus Escrow Disbursement Letter among Magnetech Integrated Services Corp., Laurus Master Fund, Ltd., and Loeb & Loeb LLP
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This letter provides instructions for the disbursement of $7,000,000 held in escrow under a Funds Escrow Agreement among Magnetech Integrated Services Corp., Laurus Master Fund, Ltd., and Loeb & Loeb LLP as Escrow Agent. The funds are to be distributed to various parties, including Magnetech, MFB Financial (for loan payoff), Laurus Capital Management (for management and due diligence fees), and Loeb & Loeb LLP (for escrow agent fees), according to specified wire instructions. The agreement ensures all parties receive their designated payments as part of the escrow release process.
EX-10.7(B) 4 s1a_ex107b.htm LAURUS ESCROW DISBURSEMENT LETTER Laurus Escrow Disbursement Letter
Exhibit 10.7(b)
Magnetech Integrated Services Corp.
August 24, 2005
Scott J. Giordano
Loeb & Loeb LLP
345 Park Avenue
New York, New York 10154
Direct Dial: (212) 407-4104
Fax: (212) 407-4990
| RE: | Magnetech Integrated Services Corp. - Escrow Release Gross Escrow Deposit: $7,000,000 |
Dear Mr. Giordano:
These instructions are given to you pursuant to a Funds Escrow Agreement among Magnetech Integrated Services Corp. (the “Company”), Laurus Master Fund, Ltd. and Loeb & Loeb LLP as Escrow Agent. Subject to the terms set forth below, you are instructed to disburse $7,000,000 of the investor’s funds received by you to and on the Company’s behalf as follows:
1. $[omitted] - Magnetech Integrated Services Corp., pursuant to the following wire instructions:
| Bank: | MFB Financial 4100 Edison Lakes Parkway, Suite 300 P.O. Box 528 Mishawaka, Indiana 46546 | ||
| ABA# | 271274128 | ||
| Account #: | 588011082 | ||
| Account Name: | MISCOR General Account |
2. $[omitted] - MFB Financial, pursuant to the following wire instructions for payoff in full of obligations owed:
| Bank: | MFB Financial 4100 Edison Lakes Parkway, Suite 300 P.O. Box 528 Mishawaka, Indiana 46546 | ||
| ABA# | 271274128 | ||
| Account #: | 352114582-700022228 | ||
| Account Name: | Magnetech | ||
| Reference: | Loan pay off |
3. $[omitted] - Laurus Capital Management, L.L.C. (management fees), pursuant to the following wire instructions:
| Bank: | North Fork Bank New York, NY 10022 | ||
| ABA Number: | 021407912 | ||
| For Credit to: | Laurus Capital Management, L.L.C | ||
| Account Number: | 2774045278 |
4. $[omitted] - 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, L.L.C | ||
| Account Number: | 2774045278 |
5. $[omitted] - 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, | ||
| MAGNETECH INTEGRATED SERVICES CORP. | ||
| By: | /s/ John A. Martell | |
| Name: | John A. Martell | |
| Title: | President & Chief Executive Officer | |
| Accepted and Agreed: | ||
| Laurus Master Fund, Ltd. | ||
| By: | /s/ David Grin | |
| Name: | David Grin | |
| Title: | Director | |
Schedule 1
Magnetech Integrated Services Corp.
1125 S. Walnut Street
South Bend, Indiana 46619
Laurus Capital Management LLC
825 3rd Ave. 14th Floor
New York, NY 10022
Loeb & Loeb
345 Park Avenue
New York, NY 10154
MFB Financial
4100 Edison Lakes Parkway, Suite 300
P.O. Box 528
Mishawaka, Indiana 46546
