Magnetech Integrated Services Corp. August 24, 2005
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
