Document:

exv10w1

 

Exhibit 10.1

FORM OF ORIGINATION AND SERVICING AGREEMENT

 

 

Exhibit 10.1

ORIGINATION AND SERVICING AGREEMENT

     ORIGINATION AND SERVICING AGREEMENT, dated as of the                      day of                      , 200___ (the “Agreement”) by and
between LEAF EQUIPMENT FINANCE FUND 4, L.P. (“LEAF 4”), a Delaware limited partnership, 110 S.
Poplar Street, Suite 101, Wilmington, DE 19801, LEAF FINANCIAL CORPORATION (“LEAF Financial”), a
Delaware corporation, One Commerce Square, 2005 Market Street, Suite 1500, Philadelphia, PA 19103,
and LEAF FUNDING, INC. (“LEAF Funding”), a Delaware corporation, 110 S. Poplar Street, Suite 101,
Wilmington, DE 19801.

     WHEREAS, LEAF 4 is engaged in the business of acquiring a diversified portfolio of equipment
that it leases to third-parties (“Equipment Leases”), and to a limited extent financing the
acquisition of equipment by end users(“Secured Loans”);

     WHEREAS, LEAF 4 desires to retain LEAF Funding (the “Originator”) as the originator of the
Equipment Leases and the Secured Loans;

     WHEREAS, LEAF 4 desires to retain LEAF Financial (the “Servicer”) as the servicer of the
Equipment Leases and the Secured Loans; and

     WHEREAS, LEAF Funding and LEAF Financial are willing to originate and service all of the
Equipment Leases and Secured Loans;

     NOW THEREFORE, in consideration of the covenants set forth in this Agreement and other good
and valuable consideration, receipt and sufficiency of which are hereby acknowledged, the parties
to this Agreement agree as follows:

	1.	 	APPOINTMENT; STANDARD OF CARE; DUTIES OF THE ORIGINATOR AND THE SERVICER

A. The Originator and the Servicer are each hereby authorized to act as an agent for LEAF 4
and in that capacity shall originate, manage, service, administer and make collections on
the Equipment Leases and Secured Loans and perform any other reasonable actions that may be
required by LEAF 4 under this Agreement. The Servicer agrees that its servicing of the
Equipment Leases and Secured Loans shall be carried out in accordance with customary and
usual procedures of institutions which service equipment leases and Secured Loans, unless
there is a specific requirement dictated by LEAF 4.

(a) The Originator’s duties shall include, without limitation, the following:

1. Origination of Equipment Leases and Secured Loans

Originate Equipment Leases, Secured Loans and existing portfolios of Equipment Leases
and Secured Loans through direct and indirect origination strategies. Direct
originations will involve marketing to direct vendors and resellers, which will offer
leasing as a financing option as part of the vendors’ and resellers’ overall
equipment package. The indirect strategy will involve acquiring Equipment Leases
from other

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equipment lessors, including captives of manufacturers, banks and other financial
services companies.

(b) The Servicer’s duties shall include, without limitation, the following:

1. Underwriting

Development and ongoing updates of credit evaluation systems, including automatic
extraction of credit information from online databases; credit scoring and credit
analyst review.

2. Receivables Management

Monthly invoicing including detailed breakdown of Equipment Lease payments and misc.
items and collection of Equipment Lease revenues. The Servicer will have the
authority to manage the Equipment Lease receivables as well as write-off Equipment
Leases.

3. Syndicate Transactions

Syndicate Equipment Lease transactions and/or portions of Equipment Lease portfolios
to third-parties, or other additional related parties, where applicable to enhance
income and/or manage risk.

4. System Development and Integration

Develop and integrate systems to provide fully automated processing of Equipment
Leases, including:

	 	•	 	a management system establishing Equipment Leasing program relationships
with direct sales organizations;
	 
	 	•	 	sales and marketing database management systems that provide vendor sales
relationship development and tracking tools;
	 
	 	•	 	application management system;
	 
	 	•	 	credit scoring system that automates the task of evaluating high volumes
of small ticket Equipment Lease applications;
	 
	 	•	 	contract management system that provides electronic invoice generation,
payment posting technologies and collections and customer service screens;
	 
	 	•	 	accounting and financial management system that will provide financial
management of portfolio from securitization reporting to financial pro forma
generating tools and investor reporting.

5. Set Residuals and Manage Residual Realization

Establish and monitor residual value assessments of equipment subject to Equipment
Leases using information from any one or more of a number of sources, including
management’s prior experience, secondary market publications, interviews with
manufacturers and used equipment dealers, auction sales guides, historical sales
data, industry organizations and valuation companies.

Manage residual realization by: re-leasing equipment to existing lessees;
automatically extending Equipment Leases on a month to month basis; selling equipment
to lessees at the end of the Equipment Lease or at the end of any extension of the
Equipment Lease;

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and selling equipment that is returned at the end of the Equipment Lease either to
the original vendor or to used equipment dealers.

6. Ongoing Portfolio Integrity

Evaluate the Equipment Lease portfolio on an ongoing basis, including review for
completeness and accuracy of documentation; review and verify lessee and user payment
histories; evaluate underlying equipment or other collateral and verify values;
obtain credit reports and/or credit scores for a representative number of Equipment
Leases and perform UCC lien searches.

7. Development and Documentation of Marketing Materials

Develop marketing material specific to each program, including:

	 	•	 	a sales kit, which shall include a sales jacket along with lease
agreements, a rate card, and specific lease products of a vendor; and
	 
	 	•	 	a lease program and a benefit flyer to assist vendor sales forces in
presenting the lease option to customers.

8. Secured Loans

To the extent applicable, the Servicer’s duties described above in this Section
1.A.(b) shall include the Secured Loans.

	2.	 	TERM AND TERMINATION

	 	A.	 	This Agreement shall be deemed effective on execution by LEAF 4, LEAF Funding
and LEAF Financial. The term of this Agreement shall continue from that effective date
for three (3) years and shall automatically renew for additional one-year periods
unless earlier terminated by LEAF 4. LEAF 4 may terminate this Agreement at any time
by giving the other parties at least thirty (30) days written notice of termination.
At the termination date specified in LEAF 4’s notice, the obligations of the other
parties with respect to the origination and servicing of the Equipment Leases and
Secured Loans shall terminate to the extent they have not yet been performed or are not
required by this Agreement to have been performed before that termination date.

	3.	 	FEES AND EXPENSES

     In consideration of the above described services, the Originator and the Servicer shall
receive certain fees and be reimbursed for expenses as set forth in the Amended and Restated
Agreement of Limited Partnership of LEAF Equipment Finance Fund 4, L.P.

	4.	 	MISCELLANEOUS PROVISIONS

(a) Assignability. The rights and obligations of LEAF Funding and LEAF Financial
may only be assigned if the proposed assignee(s) meets LEAF 4’s requirements and receives
LEAF 4’s written approval prior to the assignment.

(b) Delegation of Duties. Notwithstanding anything to the contrary in this
Agreement, the Originator and/or the Servicer may, from time to time and in its sole
discretion, subcontract all or any part of its duties under this Agreement to any entity
chosen by it, including any entity affiliated with it, with respect to one or more of LEAF
4’s Equipment Leases or Secured Loans.

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The subcontract, however, shall not relieve the Originator or the Servicer, as the case may
be, of its responsibilities to LEAF 4 under this Agreement with respect to any Equipment
Lease or Secured Loan that is subject to the subcontract.

(c) Notices. Notices under this Agreement shall be deemed to have been given if
mailed, postage prepaid, by registered or certified mail, return receipt required, or
delivered by courier service to the other parties at each party’s address stated above or at
any other address as a party may have provided by written notice to the other parties.

(d) Choice of Law; Venue; Waiver of Trial by Jury. This Agreement shall be governed
by the internal laws (as opposed to the conflict of laws provisions) and decisions of the
Commonwealth of Pennsylvania. The parties to this Agreement consent to the jurisdiction of
any local, state, or federal court located within Pennsylvania, and waive any objection
relating to improper venue or forum non conveniens to the conduct of any proceeding in any
such court and further waive any right to have any claim or dispute arising from or related
to this Agreement by parties to this Agreement against one or more parties to this
Agreement, whether or not there are any additional third-parties to the action or
proceeding, heard by a jury.

     IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement by their duly
authorized officers as of the                       day of                                        , 200___.

	 	 	 	 	 	 	 
	 	 	LEAF Equipment Finance Fund 4, L.P.	 	 
	 	 	By: LEAF Asset Management, LLC,	 	 
	 	 	     its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Crit DeMent	 	 
	 

	 	Title:
	 	CEO	 	 
	 
	 	 	 	 	 	 
	 	 	LEAF Funding, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Miles Herman	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	LEAF Financial Corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Miles Herman	 	 
	 

	 	Title:
	 	President and COO	 	 

4Exhibit 10.1 

Executive Severance
Benefit under the
Alliant Energy Corporation  
Severance Plan
Summary Plan Description
 
Effective 3/19/2008  

Alliant Energy
Corporation 

Executive Severance
Benefit under the
Alliant Energy Corporation  
Executive Severance Plan
Summary Plan
Description  

Table Of Contents 

		Page
	Introduction	1 
	Eligibility	1 
	Condition For Receipt Of Benefits	1 
	Severance Payment	1 
	Eligibility for Other Benefits Upon Severance	2 
	Outplacement Services/Tuition Assistance Reimbursement	2 
	Employee Assistance Program	3 
	Alliant Energy Severance Plan	4 
	   Employer:	4 
	   Plan Identification:	4 
	   Plan Year:	4 
	   Contributions:	4 
	   Plan Administrator:	4 
	   Agent For Legal Process:	4 
	   No Additional Employment Rights:	4 
	   Plan Amendment And Termination:	4 
	Claims Procedure	5 
	Statement Of ERISA Rights	5 

Alliant Energy Severance
Plan 1 

Introduction 

Alliant Energy Corporation (the
“Company”) has established the Executive Severance Benefit under the Alliant
Energy Severance Plan that provides benefits for eligible General Managers, Directors,
Officers and Executive Officers who are notified of job elimination on or after March 19,
2008. This Severance Benefit supersedes all previous severance/separation policies. This
package includes a severance payment, tuition reimbursement program or outplacement
services, a provision for continuation of medical and dental benefits and an employee
assistance program. 

Please read this booklet carefully
and keep it for future reference. It summarizes your benefits, rights, and obligations
under the Executive Severance Benefit under the Alliant Energy Severance Plan. 

Eligibility 

This Severance Benefit is available
to General Managers, Directors, Officers and Executive Officers (“Employees”) of
Alliant Energy Corporation. Employees of Alliant Energy Resources or any of its
subsidiaries are not eligible for this Severance Benefit. 

Employees who have been notified in
writing that their position is being eliminated or significantly altered as a result of a
substantial diminishment of responsibility or salary or as a result of a structured job
elimination program implemented by Management are eligible for this Severance Benefit. 

Employees who are given a
reassignment (as defined below) will not be eligible for the Severance Benefit. (Note:
job reassignment will be at the discretion of Alliant Energy management and Human
Resources). If the employee declines reassignment or refuses to relocate, if so
required, the employee will not be eligible for the Severance Benefit. 

Employees who are terminated for any
reason other than described above, including for Cause (as defined below) or at will, are
not eligible for this Severance Benefit. 

Condition For Receipt Of
Benefits 

Eligibility for benefits under the
Severance Benefit, including the severance payment, outplacement/tuition assistance
services, payment of medical and dental benefits by the Company and the employee
assistance program, is conditioned upon the Employee signing a Severance Agreement and
Release form. This form relinquishes any claims arising out of the Employee’s
employment or termination from employment. 

Employees will be given a period of
time to consider the Severance Agreement and Release prior to signing it. Additionally,
employees will be given a period of time during which they may revoke the Severance
Agreement and Release after signing. The length of the consideration and revocation
periods will be consistent with applicable federal and state law. Severance benefits will
be granted upon expiration of the revocation period. 

Severance Payment 

Eligible Employees meeting the
condition for receipt of benefits will receive a severance payment as set forth below. 

Alliant Energy Severance
Plan 2 

The severance payment equals one year
of base pay. 

Employees will receive a lump sum
severance payment representing one year of annual base pay by the next regular payday
following the end of the revocation period described above up to the lesser of $460,000
(or such higher amount equal to two times the applicable limit under Code Section
401(a)(17) for the year in which the Employee’s termination occurs) or two times the
Employee’s annualized compensation as defined in Treas. Reg. section
1.409A-1(b)(9)(iii)(A)(1), with any additional payment made on the first day of the 7th
month following the month in which the termination occurs, without any interest for the
delayed payment. 

Eligibility for Other
Benefits Upon Severance 

All stock options held by the
Employee, which are not vested at the time of termination, will be forfeited. Options that
are vested at the time of termination may be exercised up to three months after the
termination date, as provided in the agreement between the Employee and the Company
granting the options. 

All equity awards issued to Employee
pursuant to any long-term incentive compensation plan will be governed by the agreement
pursuant to which the awards were granted. 

Employees are eligible to continue
medical and dental coverage under the Consolidated Omnibus Budget Reconciliation Act
(COBRA) for up to 18 months. The company will pay the first 6 months of the COBRA premium
for eligible Employees meeting the condition for receipt of benefits under the Severance
Plan, with the remaining 12 months paid by the employee. 

Employees within 18 months of
becoming retirement eligible (age 55) may be eligible for retiree medical coverage. Please
refer to the applicable medical plan for more information. To be eligible for retiree
medical coverage, you must have at least 10 consecutive years of service to the Company. 

Outplacement
Services/Tuition Assistance Reimbursement 

A $10,000 maximum benefit is
available to spend on either outplacement services or tuition reimbursement. Outplacement
services must be used within 6 months after termination and tuition reimbursement benefits
must be used within 24 months after termination. The tuition assistance benefit may be
paid half in the first year and half in the second year, and no amount may be carried over
from one year to the next. An irrevocable election is required at the time the severance
agreement and release is executed whereby the Employee must select either the tuition
reimbursement or outplacement services. 

A tuition program to enhance training
and skills for re-employment is available to eligible employees who meet the condition for
receipt of benefits. Courses and classes that focus on the pursuit of re-employment
objectives and are not related to hobbies or leisure activities will be reimbursed.
Application for tuition reimbursement must be submitted and approved by the Human Resource
Department prior to enrollment in any course. 

Alliant Energy Severance
Plan 3 

If tuition reimbursement is chosen,
the program will pay up to a $10,000 maximum benefit ($5,000 per year for two years) for
tuition, books, and lab fees. Travel expenses will not be reimbursed. Approved
reimbursement will be paid, at the rate of 100%, subject to the yearly limit, upon
successful completion of the course (pass in a pass/fail course; “C minus” or
higher in a graded course), as demonstrated by the grade report or certificate. 

As long as the course starts during
the 24-month period from the date of termination and the course has been approved,
reimbursement will be in accordance with the program upon successful completion, even
though the completion date will be more than 24 months after the termination date. 

Courses taken at a recognized
educational institution* will be eligible for reimbursement. This includes course work
toward an undergraduate or graduate degree in any field and skill-development seminars
sponsored by a training organization. Courses necessary for registration or licensing in a
particular field such as real estate sales, securities brokerage, or accounting and
testing fees for professional designation or certification will also be eligible. 

* A recognized educational
institution is an accredited post high school institution of advanced learning, including
but not limited to, colleges, community colleges, universities, business and technical
schools and licensed and accredited correspondence schools. 

Employee Assistance
Program 

Eligible employees who meet the
condition for receipt of benefits will receive benefits under the Employee Assistance
Program as follows: 

	 	•	Eligible
to use Employee and Family Resources for two months from termination. Call 1-800-327-4692
to set up an appointment. 

	 	•	Alliant
Energy will pay for up to six sessions per issue of personal, family, or financial
counseling within the two-month eligibility period. 

Definitions 

Cause.           The Company shall
be considered to have terminated the Employee’s           employment for “Cause” if
such termination is a result of (A) the           Employee engaging in intentional
conduct not taken in good faith that has caused           demonstrable and serious
financial injury to the Company, as evidenced by a           determination in a binding
and final judgment, order or decree of a court or           administrative agency of
competent jurisdiction, in effect after exhaustion or           lapse of all rights of
appeal, in an action, suit or proceeding, whether civil,           criminal,
administrative or investigative; (B) the Employee being convicted of a           felony
(as evidenced by a binding and final judgment, order or decree of a court           of
competent jurisdiction, in effect after exhaustion or lapse of all rights of
          appeal), which substantially impairs the Employee’s ability to perform his
          or her duties or responsibilities, as determined by the Committee or the Board
          of Directors of the Company (the “Board”) in its sole discretion; or
          (C) continuing willful and unreasonable refusal by the Employee to perform the
          Employee’s duties or responsibilities, as determined by the CEO, or in the
          case of the CEO or an Executive Officer, the Compensation and Personnel
          Committee of the Board of Directors of the Company, in their sole discretion.  

Reassignment.           An Employee
shall be considered to have been given a “Reassignment” if           the
Company offers the Employee a job with the Company or any one of its
          subsidiaries at any location with job responsibilities that are not materially
          diminished and a salary that is not materially reduced, as determined in the
          Company’s discretion. A reassignment also includes an offer of employment
          at a new employing entity due to a joint venture or diversification of the
          Company (e.g., NMC, ITC or ATC).  

Alliant Energy Severance
Plan 4 

Alliant Energy Severance
Plan 

Employer: 

Alliant Energy Corporation
4902 N.
Biltmore Lane  
P.O.           Box 77007 
Madison, WI 53707-1007  
39-1380265  

Plan Identification:  

For Federal Government purposes, the
Plan is classified as a welfare benefit plan. The Plan Identification Number is
39-1380265, Plan Number 511. 

Plan Year:  

The Plan Year is the 12-month period
beginning on January 1 and ending on December 31. 

Contributions:  

The Plan is unfunded, with all
benefits being paid by the Company out of its general assets. 

Plan Administrator:  

Alliant Energy
Corporation
4902 N. Biltmore Lane  
P.O.           Box 77007 
Madison, WI 53707-1007  
(608)
458-3311
39-1380265  

Agent For Legal Process:  

Corporate
Secretary
Alliant Energy Corporation
4902 N. Biltmore Lane  
P.O.           Box 77007

Madison, WI 53707-1007  

No Additional Employment
Rights:  

Participation in the Plan does not
constitute an employment contract and does not expand employment rights with the Company. 

Plan Amendment And
Termination:  

The Company reserves the right to
modify, amend, suspend or terminate the Plan in whole or in part at any time by the use of
a written amendment. 

Alliant Energy Severance
Plan 5 

Claims Procedure 

We do not anticipate disagreements on
these benefits, but it is good to know that this Plan has specific procedures for handling
disputes if they do arise. The procedure for handling a problem is to file a Claim for
Benefits. A Claim for Benefits is used to clarify the amount of your severance benefit or
to resolve a question, problem, or situation relating to the Plan. You must submit a Claim
for Benefits to the Plan Administrator listed on page 4. You may not seek review of a
denial of benefits, or bring action in court to enforce a Claim for Benefits, prior to
filing a claim and exhausting your rights to review under the Plan. 

When you properly file a Claim for
Benefits, the following procedures will be followed: 

	 	1.	The
Plan Administrator will notify you of the approval or denial of your claim           for
benefits within 90 days after receiving your claim, unless special
          circumstances require an extension of time for processing the claim (of no more
          than an additional 90 days). If an extension is needed in a special situation,
          you will be notified in writing of the delay before the end of the initial 90
          days. 

	 	2.	If
your claim is denied, the Plan Administrator will provide you with a written
          notice stating the reason for the denial, refer you to the applicable
provisions           of the Plan or other relevant records on which the denial is based,
and provide           information about how to seek review of the denial. 

	 	3.	You
have the right to request the Plan Administrator to review the denial. You           must
file a written request for review with the Plan Administrator within 60           days
from when you received notice of the denial. 

	 	4.	You
or your authorized representative may review pertinent documents and submit
          issues and comments in writing to the Plan Administrator. 

	 	5.	The
Plan Administrator will give you a written report of its decision on review,
          usually within 60 days after your request for reconsideration is received by
the           Plan Administrator. If an extension of time (of no more than an additional
60           days) is required because of unusual circumstances, you will be notified in
          writing of the delay within the initial 60-day period. 

	 	6.	The
written decision on review will explain the basis for the decision and
          references to relevant Plan provisions. A decision on review is final and
          binding. 

	 	7.	If
you fail to file a request for review in accordance with the above           procedures,
you will have no rights to review or to bring a court action. 

Statement Of ERISA Rights 

As a participant of the Alliant
Energy Severance Plan, you are entitled to certain rights and protections under the
Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Plan
participants shall be entitled to: 

	 	•	Examine,
without charge, at the Plan Administrator’s office and at other specified worksites,
all Plan documents, including copies of all documents filed by the Plan with the United
States Department of Labor, such as annual reports and Plan descriptions. 

	 	•	Obtain
copies of all Plan documents and other Plan information upon written request to the Plan
Administrator, who may make a reasonable charge for the copies. 

	 	•	Receive
a summary of the Plan’s annual financial report. The Plan Administrator is required
by law to furnish each participant with a copy of the summary annual report. 

Alliant Energy Severance
Plan 6 

In addition to creating rights for
Plan participants, ERISA imposes duties upon the people who are responsible for the
operation of the Employee Benefit Plan. The people who operate your plan, called
“fiduciaries” of the Plan, have a duty to do so prudently and in the interest of
you and other Plan participants. 

No one, including your employer, may
fire you or otherwise discriminate against you in any way to prevent you from obtaining a
covered benefit or exercising your rights under ERISA. 

If your claim for a covered benefit
is denied in whole or in part, you must receive a written explanation of the reason for a
denial. You have the right to have the Plan review and reconsider your claim. 

Under ERISA, there are steps you can
take to enforce the above rights. For instance, if you request materials from the Plan
Administrator and do not receive them within 30 days, a federal court may require the Plan
Administrator to provide the materials and pay you up to $100 a day until you receive the
document, unless the document was not sent because of matters reasonably beyond the
control of the Plan Administrator. 

If you do have a claim for benefits
that are denied or ignored, in whole or in part, you may file suit in a state or federal
court. If it should happen that Plan Fiduciaries misuse the Plan’s money, or if you
are discriminated against for asserting your rights, you may seek assistance from the
United States Department of Labor, or you may file suit in a federal court. The court will
decide who should pay court costs and legal fees. If you are successful, the court may
order the person you have sued to pay these costs and fees. If you lose, the court may
order you to pay these costs and fees, for example, if it finds your claim is frivolous. 

If you have any questions about your
plan, you should contact the plan administrator. If you have any questions about this
statement or about your rights under ERISA, or if you need assistance in obtaining
documents from the plan administrator, you should contact the nearest office of the
Employee Benefits Security Administration, U.S. Department of Labor, listed in your
telephone directory or the Division of Technical Assistance and Inquiries, Employee
Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W.,
Washington, D.C. 20210. You may also obtain certain publications about your rights and
responsibilities under ERISA by calling the publications hotline of the Employee Benefits
Security Administration.

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