Exhibit 10.7
AMENDMENT TO
ADMINISTRATIVE AGREEMENT
This Amendment to Administrative Agreement (the "Amendment") is made and
entered into as of the 1st day of July, 2003, by and between EMT Corp., an
Indiana corporation ("EMT") and EFS Inc., an Indiana corporation ("EFS").
WHEREAS, EMT and EFS entered into an Administrative Agreement dated May
15, 1998 (the "Administrative Agreement"), pursuant to which EFS agreed to
provide certain administrative services to EMT in consideration of a monthly
administrative services fee equal to the fair value of such services but not to
exceed $85,000 per month;
WHEREAS, in December 2001, EMT and EFS modified the administrative
services fee payable under the Administrative Agreement; and
WHEREAS, EMT and EFS wish to execute this agreement setting forth such
modification.
NOW, THEREFORE, the parties agree as follows:
1. Paragraph 6 of the Administrative Agreement is hereby amended to
read it its entirety as follows:
6. COMPENSATION OF ADMINISTRATOR.
In compensation for the personnel and administrative services and
office facilities provided by Administrator hereunder, Issuer
shall pay to Administrator a monthly administrative services fee
equal to 0.0083% of the outstanding principal balance of EMT's
student loans as of each month end. Fees not paid by the Issuer
within ten (10) days of receipt of the invoice shall be subject
to a late fee of 1.5% per month of the amount past due.
In Witness Whereof, the parties have executed this Amendment as of the
date first written above.
EMT CORP.
By: /s/ Xxx Xxxxxx
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Name: Xxx Xxxxxx
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Title: Vice President
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EFS SERVICES, INC.
By: /s/ Xxxx Xxxxxx
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Name: Xxxx Xxxxxx
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Title: Chief Executive Officer
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