Exhibit 10.8
FINANCING SERVICES AGREEMENT
THIS AGREEMENT, made this 13th day of March, 1997, by and between
Creditrust Corporation ("Creditrust"), 0000 Xxxxxxxx Xxxxxxxxx, Xxxxxxxxx,
Xxxxxxxx 00000, and Crystal Hill Advisors ("CHA"), whose principal address is
00000 Xxx Xxxxxxxx Xxxx, Xxxxx X-000, Xxxxxxxx, Xxxxxxxx 00000.
WHEREAS, Creditrust seeks assistance in placing the financing for the
purchase of credit card receivables; and
WHEREAS, Creditrust desires to retain CHA to provide such assistance; and
WHEREAS, CHA has previously introduced Creditrust to Heartland Bank; and
WHEREAS, Creditrust desires to renew negotiations with Heartland Bank; and
WHEREAS, CHA desires to provide such financial and negotiating assistance
to Creditrust.
NOW, THEREFORE, the following is agreed.
SCOPE OF SERVICES
1. CHA shall provide financial negotiation and services for the financing by
Creditrust of one or more pools of credit card receivables. The services
provided hereunder shall include:
(a) Reopening of negotiations with Heartland Bank and representing
Creditrust in negotiations with Heartland Bank.
(b) Development of other financing sources as deemed appropriate between
Creditrust and CHA.
2. CHA is to act only at the specific direction and request of Creditrust in
any negotiations or introductions of the firm.
TERM
This agreement shall be effective for a nine (9) month term with respect to
the representation of Creditrust for financing purposes.
COMPENSATION
CHA shall be compensated at the rate of $175 per hour for the services of
Xxxxxxxxx X. Xxxxxxxxx, $70 per hour for the services of accounting and
financial modeling staff, and $35 per hour for support staff for the services
set forth in the Scope of Services.
Additionally, CHA shall be compensated One Thousand Two Hundred Dollars
($1,200) per day for travel outside of the Baltimore Washington region, plus
travel expenses and other reimbursable expenses. CHA shall also be
reimbursed for all direct expenses
incurred in this assignment at the costs incurred. CHA shall invoice within
twenty (20) days of presentation.
In addition to the above compensation, CHA shall receive a success fee equal
to one percent (1%) of any funds which become available to Creditrust through
the efforts or introductions of CHA. Such fee shall be due and payable upon
advancement of the funds arranged.
IN WITNESS WHEREOF, the parties hereto have executed this agreement as of
the day and month first above written.
CREDITRUST CORPORATION
By: /s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
CRYSTAL HILL ADVISORS
By: /s/ Xxxxxxxxx X. Xxxxxxxxx
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Xxxxxxxxx X. Xxxxxxxxx
