January 20, 1998 Mego Mortgage Corporation 1000 Parkwood Circle, 5th Floor Atlanta, GA 30339 Attention: James L. Belter, Executive Vice President Re: Services and Consulting Agreement (the "Agreement") dated as of September 1, 1996 between Mego...
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EXHIBIT 10.73
[PREFERRED EQUITIES CORPORATION LETTERHEAD]
January 20, 1998
Mego Mortgage Corporation
0000 Xxxxxxxx Xxxxxx, 0xx Xxxxx
Xxxxxxx, XX 00000
Attention: Xxxxx X. Xxxxxx, Executive Vice President
Re: Services and Consulting Agreement (the "Agreement") dated as of September
1, 1996 between Mego Mortgage Corporation ("MMC") and Preferred Equities
Corporation ("PEC")
Gentlemen:
This letter serves to confirm our agreement that commencing January 1, 1998 the
remuneration to be paid by MMC to PEC under the Agreement shall be at the annual
rate of $528,000.00 as more particularly itemized on Exhibit A attached hereto
and made a part hereof. Such sum will be payable at the rate of $44,000.00 per
month due and payable on the first business day of each month. Except as
modified hereby, all other terms and conditions of the Agreement shall remain in
full force and effect.
Please sign a copy of this letter in the space indicated below to indicate your
acceptance and approval of the foregoing
Very truly yours,
PREFERRED EQUITIES CORPORATION
By: /s/ XXXXXXXXX X. XXXXX
----------------------------------------------
Xxxxxxxxx X. Xxxxx, Executive Vice President
Accepted and approved as of this 20th day of January, 1998.
MEGO MORTGAGE CORPORATION
By: /s/ XXXXX X. XXXXXX
-------------------------------------------
Xxxx X. Xxxxxx, Executive Vice President
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EXHIBIT A
MMC MANAGEMENT SERVICES' AGREEMENT
------------------------------
(Est.) (Rounded)
FY 1997 FY 1998 FY 1998
------------------------------
STRATEGIC PLANNING, MANAGEMENT AND TAX
X. Xxxxx 163,800 --
Executive Office 155,400 4,314
SVP, Finance 100,800 81,589
------------------------------
420,000 85,903 86,000
------------------------------
ACCOUNTING AND FINANCE
Treasurer 4,175 4,584
Payroll 32,675 --
Accounting/Reporting 185,150 135,066
------------------------------
222,000 139,650 140,000
------------------------------
LEGAL 163,000 206,909 207,000
------------------------------
INFORMATION SYSTEMS 123,000 80,495 80,000
------------------------------
INSURANCE MANAGEMENT 16,000 12,830 13,000
------------------------------
HUMAN RESOURCES 19,000 -- --
------------------------------
OTHER
Purchasing 1,000 --
Advertising 3,000 --
------------------------------
4,000 -- --
------------------------------
------------------------------
TOTAL 967,000 525,787 528,000
------------------------------
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MMC Allocation %'s
------------------
FY 97 % FY 98 %
------------------
(as of 1/1/98)
STRATEGIC PLANNING, ETC.
------------------------
Executive Office
D. Bottwin 20 10
SVP, Finance
X. Xxxxxx 30 25
ACCOUNTING AND FINANCE
----------------------
Treasurer
X. Xxxxxxxxx 2 2
CAO -- Accounting / Reporting
X. Xxxxxxxxxxx 5 10
X. Xxxxxxxx 0 5
X. Xxxxxxxx 40 50
X. Xxxxxx 0 50
X. Xxxxxxxxx 20 50
X. Xxxxxxxx 20 50
LEGAL
-----
X. Xxxxxxxx 50 75
X. Xxxxxxxxxx 25 50
INFORMATION SYSTEMS
X. X'Xxxxx 40 10
X. X'Xxxxx 0 15
X. Xxxxxxx 0 100
INSURANCE MANAGEMENT
--------------------
X. Xxxxxxxxx 7.5 7.5
