THE JORDAN COMPANY, L.P.MANAGEMENT CONSULTING AGREEMENTConsulting Services Agreement |
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Jordan Company GP, LLC | Jordan Company, LP | TAL INTERNATIONAL GROUP, INC. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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EXHIBIT 10.10 THE JORDAN COMPANY, L.P. MANAGEMENT CONSULTING AGREEMENT THIS MANAGEMENT CONSULTING AGREEMENT ("Agreement"), is executed as of November 3, 2004 by and among The Jordan Company, L.P. (the "Consultant"), TAL International Group, Inc., a Delaware corporation (the "Company"), and its direct or indirect subsidiaries, including those party hereto (each are referred to as a "Subsidiary" and collectively as the "Subsidiaries"). W I T N E S S E T H: - - - - - - - - - - WHEREAS, the Consultant has and/or has access to personnel who are highly skilled in the field of rendering advice to businesses such as the Company; WHEREAS, the Board of Directors of the Company has been made fully aware of the relationships of certain members of the Company's Board of Directors to the Consultant; WHEREAS, the Company's Board of Directors has reviewed in detail and discussed the terms and provisions of this Agreement and the fairness of this Agreement and whether more favorable agreements for the Company could be obtained from unaffiliated third parties; and WHEREAS, on the basis of its review of this Agreement, the Board of Directors of the Company deemed it advisable and in the best interests of the Company and necessary to the conduct, promotion, and attainment of the business objectives of the Company that the Company retain Consultant to provide business and financial advice to the Company. NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein set forth, the parties hereto do hereby agree as follows: 1. The Company hereby retains the Consultant, through the Consultant's own personnel or through personnel available to the Consultant, to render consulting services from time to time to the Company and its direct and indirect Subsidiaries (whether now existing or hereafter acquired) in connection with their acquisitions, divestitures and investments, their financial and business affairs, their relationships with their lenders, stockholders and other third-party associates or affiliates, and the expansion of their businesses. Consultant shall render such services to the Company and/or its direct and indirect Subsidiaries in good faith and in accordance with professional standards and applicable law. The term of this Agreement shall commence the date hereof and continue until December 31, 2009, unless extended, or sooner terminated, as provided in Section 5 below. The Consultant's personnel shall be reasonably available to the Company's managers, auditors and other personnel for consultation and advice pursuant to this Agreement, subject to Consultant's reasonable convenience and scheduling. Services may be rendered at the Consultant's offices or at such other locations selected by the Consultant as the Company and the Consultant shall from time to time agree. 2. (a) In recognition of the services rendered through the date hereof by the Consultant in connection with the evaluation, negotiation, financing and closing of the Stock Purchase Agreement, dated July 10, 2004, between TA Leasing Holding Co., Inc. and Klesch & Company Limited, as amended, and related financing, the Company shall pay Consultant a fee of $14,000,000. (b) In addition to the foregoing, in recognition of the services rendered through the date hereof by the Consultant for the evaluation, negotiation, financing and closing of the Stock Purchase Agreement, dated July 10, 2004, between TA Leasing Holding Co., Inc. and Klesch & Company Limited, as amended (the "SPA"), and related financing, the Company shall pay all reasonable and documented out-of-pocket costs and expenses incurred by Consultant for services provided by the entities listed on Exhibit I in connection with such evaluation, negotiation, financing and closing, promptly after submission of the appropriate invoices. In addition, the Company shall reimburse Consultant for any private aircraft, travel, meals and lodging expenses incurred by Consultant in connection with such evaluation, negotiation, financing and closing and thereafter in connection with the SPA and related financing, up to $850,000 in the aggregate, promptly after submission of the appropriate invoices. 3. (a) Subject to Section 4, for services to be rendered, the Company shall pay quarterly to the Advisor a consulting services fee equal to (i) 60% of the first $1,250,000 of the Base Amount (as defined below) plus (ii) the Advisor's Pro Rata Portion (as defined below) of any Base Amount in excess of $1,250,000. Such fee will be paid quarterly in arrears on each Payment Date (as defined in the Credit Agreement dated as of November 3, 2004, among Transamerica Leasing, Inc., Trans Ocean Ltd., Trans Ocean Container Corporation, the Lenders party thereto and Fortis Bank (Nederland) N.V. (the "Senior Credit Agreement"), starting with a payment in respect of the quarter ended March 31, 2005. (b) For purposes of this Agreement the following terms shall have the corresponding meanings: (i) "Base Amount" shall mean an amount equal to 2.5% of EBITDA (as defined in that certain Senior Subordinated Credit Agreement, dated as of November 3, 2004, by and among the Company and the lenders named therein) for the most recently completed and reported fiscal quarter of the Company and its Subsidiaries on a consolidated basis. (ii) "Common Stock" shall mean the Common Stock, par value $.001 per share of the Company. (iii) "Pro Rata Portion" shall mean the fraction obtained by dividing (x) the number of shares of Common Stock owned by the Resolute Investors on the date of payment of the consulting fee under this Section 3 by (y) the number of shares of Common Stock owned by the Resolute Investors plus the number of shares of Common Stock owned by the Seacon Investors on the date of payment of the consulting fee under this Section 3. -2- (iv) "Resolute Investors" shall mean The Resolute Fund, L.P., The Resolute Fund Singapore PV, L.P., The Resolute Fund Netherlands PV I, L.P., The Resolute Fund Netherlands PV II, L.P., The Resolute Fund NQP, L.P., JZ Equity Partners PLC, Fairholme Partners, L.P., Fairholme Ventures II, LLC, Fairholme Holdings, Ltd., Edgewater Private Equity Fund III, L.P., Edgewater Private Equity IV, L.P., and their respective affiliates. (v) "Seacon Investors" shall mean Seacon Holdings Limited and its affiliates. 4. Notwithstanding the foregoing, the Company shall not be required to pay the fees under Sections 2 or 3, (a) if and to the extent expressly prohibited by the provisions of any credit, stock, financing or other agreements or instruments binding upon the Company, its Subsidiaries or properties including, without limitation, the Senior Credit Agreement, (b) if the Company or any of its subsidiaries has not paid cash interest on any interest payment date or has postponed or not made any principal payments with respect to any of their indebtedness on any scheduled payment dates and such payments have not been made within applicable cure periods, or has not paid or accrued cash dividends on any dividend payment date as set forth in its certificate of incorporation or as declared by its Board of Directors, or has postponed or not made any redemptions on any redemption date as set forth in its certificate of incorporation with respect to its preference shares, if any or (c) if for any other reason payment of the monitoring fee set forth in Section 1 of the Transaction Fee Agreement dated as of the date hereof, by and between Seacon Holdings Limited and the Company and its subsidiaries is prohibited un






