Amendment to Investment Management Agreement between Oriental Financial Group, Oriental Bank & Trust, Oriental International Bank, and Bear Stearns Asset Management

Contract Categories: Business Finance › Investment Agreements
Summary

This amendment to the Investment Management Agreement, originally dated January 17, 2007, is between Oriental Financial Group Inc., Oriental Bank & Trust, Oriental International Bank Inc. (collectively, the Client), and Bear Stearns Asset Management Inc. (the Manager). The amendment requires that the Manager must obtain the Client's prior written consent before selling any security at a loss from the Available for Sale or Held to Maturity Portfolios. All parties have agreed to this change by signing the amendment.

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EX-10.22 3 g06037exv10w22.htm EX-10.22 TECHNOLOGY TRANSFER AGREEMENT EX-10.22 TECHNOLOGY TRANSFER AGREEMENT  

Exhibit 10.22
           
    BANCA
INVERSIONES
HIPOTECAS 		  Oficinas Ejecutivas
PO Box 195115
San Juan PR 00919-5115
          Tel ###-###-####
Fax ###-###-####
March 5, 2007
Oriental International Bank Inc.
Oriental Center
Professional Offices Park
997 San Roberto Street
10th Floor
San Juan, Puerto Rico 00926
     Re: Investment Management Agreement
Dear Sirs:
     This letter will amend the Investment Management Agreement dated January 17, 2007 (the “Agreement”) between Oriental Financial Group Inc., Oriental Bank & Trust, and Oriental International Bank Inc. (“Client”) and Bear Stearns Asset Management Inc. (the “Manager”). The Investment Management Agreement shall be amended to include the following provision:
     The Investment Manager shall not sell any security held in the Available for Sale or Held to Maturity Portfolios for a loss without the prior written consent of “Client”.
     Please indicate your agreement to this amendment by signing the enclosed copies of this letter in the space indicated and returning a fully signed copy to us.
         
  Very truly yours,
ORIENTAL FINANCIAL GROUP INC.
 		  
  By:   /s/ José R. Fernández   
    Name:   José R. Fernández   
    Title : President & CEO   
 
         
  ORIENTAL BANK & TRUST
 		  
  By:   /s/ José R. Fernández   
    Name:   José R. Fernández   
    Title : President & CEO   

 

 

         
         
  ORIENTAL INTERNATIONAL BANK INC.
 		  
  By:   /s/ José R. Fernández   
    Name:   José R. Fernández   
    Title: President & CEO   
 
Acknowledged and agreed:
         
  BEAR STEARNS ASSET MANAGEMENT INC.
 		  
  By:   /s/ Andrew Headley    
    Name:   Andrew Headley  
    Title: Managing Director