Document:

exv10w17

 

Exhibit 10.17

EXECUTION COPY

DEPOSIT ACCOUNT AGREEMENT

          This Deposit Account Agreement (this “Agreement”) is entered into as of March 2, 2007, among
Great Lakes Gaming of Michigan, LLC, a Minnesota limited liability company (the “Company”) and Bank
of America, N.A. (the “Bank”) in its capacity as Paying Agent under the Paying Agency Agreement
referred to herein.

PRELIMINARY STATEMENTS:

          A. Company and Bank, as Paying Agent, are parties to a Paying Agency and Servicing Agreement
dated on or about the date hereof (as the same may from time to time hereafter to amended, the
“Paying Agency Agreement”). All capitalized terms used herein without definition shall have the
meanings assigned to such terms in the Paying Agency Agreement or, if not specifically defined
therein, in the Master Participation Agreements referred to therein.

          B. Pursuant to the Master Participation Agreements, Company has agreed (i) to appoint an agent
for purposes of servicing and administering the Loans, which appointment has been effected by the
Paying Agency Agreement, and (ii) to direct such agent to create and maintain a lockbox or similar
arrangement, which Company intends to effect by this Agreement.

          C. In its capacity as Paying Agent under the Paying Agency Agreement, Bank has established for
Company deposit account number 8666127567 (the “Account”).

          D. Company and Bank are entering into this Agreement to provide for the maintenance of the
Account and the disposition according to the provisions of the Paying Agency Agreement of funds
deposited in the Account.

          Accordingly, Company and Bank agree as follows:

1. (a) The Account is subject to the terms and conditions of this Agreement.

     (b) Bank in its capacity as Paying Agent under the Paying Agency Agreement shall make
withdrawals from the Account only in accordance with the Paying Agency Agreement.

     (c) Company represents and warrants that it has not assigned or granted a security interest in
the Account or any funds deposited in the Account.

     (d) Company will not permit the Account to become subject to any pledge, assignment, lien,
charge or encumbrance of any kind.

2. Bank agrees it shall not offset, charge, deduct or (except as contemplated by Section 1)
otherwise withdraw funds from the Account. Bank agrees that its compensation for performing the

 

 

services contemplated by this Agreement is included in the fee payable pursuant to the Paying
Agency Agreement.

3. Bank will send information regarding deposits to the Account to the address specified below for
Company or as otherwise specified in writing by Company to Bank.

4. (a) Bank will not be liable to Company for any expense, claim, loss, damage or cost (“Damages”)
arising out of or relating to its performance under this Agreement other than those Damages which
result directly from its acts or omissions constituting gross negligence or intentional misconduct.

     (b) In no event will Bank be liable for any special, indirect, exemplary or consequential
damages, including but not limited to lost profits.

     (c) Bank will be excused from failing to act or delaying in acting, and no such failure or
delay shall constitute a breach of this Agreement or otherwise give rise to any liability of Bank,
if (i) such failure or delay is caused by circumstances beyond Bank’s reasonable control, including
but not limited to legal constraint, emergency conditions, action or inaction of governmental,
civil or military authority, fire, strike, lockout or other labor dispute, war, riot, theft, flood,
earthquake or other natural disaster, breakdown of public or private or common carrier
communications or transmission facilities, equipment failure, or negligence or default of Company
or Participants or (ii) such failure or delay resulted from Bank’s reasonable belief that the
action would have violated any guideline, rule or regulation of any governmental authority.

     (d) Bank shall have no duty to inquire or determine whether Company’s obligations to
Participants are in default. Bank may rely on notices and communications it believes in good faith
to be genuine and given by the appropriate party.

     (e) Notwithstanding any of the other provisions in this Agreement, in the event of the
commencement of a case pursuant to Title 11, United States Code, filed by or against Company, or in
the event of the commencement of any similar case under then applicable federal or state law
providing for the relief of debtors or the protection of creditors by or against Company, Bank may
act as Bank deems necessary to comply with all applicable provisions of governing statutes and
shall not be in violation of this Agreement as a result.

     (f) Bank shall be permitted to comply with any writ, levy order or other similar judicial or
regulatory order or process concerning the Account or any Proceeds and shall not be in violation of
this Agreement for so doing.

5. Company shall indemnify Bank against, and hold it harmless from, any and all liabilities,
claims, costs, expenses and damages of any nature (including but not limited to reasonable
attorney’s fees) in any way arising out of or relating to disputes or legal actions concerning
Bank’s provision of the services described in this Agreement. This section does not apply to any
cost or damage attributable to the gross negligence or intentional misconduct of Bank. Company’s
obligations under this section shall survive termination of this Agreement.

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6. Company may terminate this Agreement by written notice to Bank in connection with the
resignation or removal of Bank as Paying Agent under the Paying Agency Agreement. Bank may
terminate this Agreement by written notice to Company in connection with its resignation or removal
as Paying Agent under the Paying Agency Agreement. Otherwise, this Agreement shall terminate upon
the termination of the Paying Agency Agreement.

7. Each party represents and warrants to the other that (i) this Agreement constitutes its duly
authorized, legal, valid, binding and enforceable obligation; (ii) the performance of its
obligations under this Agreement and the consummation of the transactions contemplated hereunder
will not (A) constitute or result in a breach of its certificate or articles of incorporation,
by-laws or partnership agreement, as applicable, or the provisions of any material contract to
which it is a party or by which it is bound or (B) result in the violation of any law, regulation,
judgment, decree or governmental order applicable to it; and (iii) all approvals and authorizations
required to permit the execution, delivery, performance and consummation of this Agreement and the
transactions contemplated hereunder have been obtained.

8. (a) This Agreement may be amended only by a writing signed by Company and Bank.

     (b) This Agreement may be executed in counterparts; all such counterparts shall constitute but
one and the same agreement.

     (c) This Agreement controls in the event of any conflict between this Agreement and any other
document or written or oral statement. This Agreement supersedes all prior understandings,
writings, proposals, representations and communications, oral or written, of any party relating to
the subject matter hereof.

     (d) This Agreement shall be interpreted in accordance with New York law without reference to
that state’s principles of conflicts of law.

9. Any written notice or other written communication to be given under this Agreement shall be
addressed to each party at its address set forth on the signature page of this Agreement or to such
other address as a party may specify in writing. Except as otherwise expressly provided herein,
any such notice shall be effective upon receipt.

10. Nothing contained in the Agreement shall create any agency, fiduciary, joint venture or
partnership relationship between Bank and Company, other than actions taken hereunder by the Bank
in its capacity as Paying Agent pursuant to the Paying Agency Agreement. No provision of this
Agreement shall create any third party beneficiary rights in any person.

[Signature Page Follows]

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In Witness Whereof, the parties hereto have executed this Agreement by their duly authorized
officers as of the day and year first above written.

	 	 	 	 	 
	Great Lakes Gaming of Michigan, LLC 
(“Company”)
	 
	 	 	 	 
	By: /S/ Timothy J. Cope	 	Address for notices:
	Name:

	 	Timothy J. Cope	 	 
	Title:

	 	President	 	 

Signature Page to Deposit Account Agreement

 

 

	 	 	 	 	 
	Bank of America, N.A. 
(“Bank”)
	 
	 	 	 	 
	By:  /S/ Donna F. Kimbrough	 	Address for notices:
	Name:

	 	Donna F. Kimbrough	 	 
	Title:

	 	Assistant Vice President	 	 

Signature Page to Deposit Account Agreementexv10w1

 

Exhibit 10.1

CONSULTING AGREEMENT

     This Consulting Agreement (the “Agreement”) is made and entered into this 2nd day of March,
2007 by and between Mercantile Bancorp, Inc., a Delaware corporation, (“Company”) and Dan S. Dugan
(“Consultant”). WITNESSETH:

RECITALS

     A.     Consultant possesses certain knowledge and expertise in the businesses of bank holding
companies and banks which Company wishes to utilize on a consulting basis and for representation on
Company’s board and boards of certain banks and bank holding companies in which Company owns all or
a significant percentage of the issued and outstanding stock; and

     B.     Company desires Consultant to act as a consultant to the Company upon the terms and
conditions hereinafter set forth.

     C.     Consultant is willing to act as a consultant for Company upon the terms and conditions
hereinafter set forth.

     In consideration of the matters described above, and of the mutual benefits, covenants and
obligations set forth in this Agreement, Company and Consultant agree as follows:

     1.     Consulting Services. Company agrees to retain Consultant and Consultant agrees to
serve as an advisor and consultant to Company. Without limiting the generality of the foregoing,
the consulting services provided by Consultant shall be in the area of management, operations and
customer relations of bank holding companies and banks. In addition, Consultant shall serve on
Company’s board, if elected by the stockholders of Company, and as Company’s representative on the
boards of up to six (6) banks or bank holding companies in which Company owns all or a significant
percentage of the issued and outstanding stock. The board of directors of Company shall designate
such banks or bank holding companies from time to time but the number at any one time shall not
exceed six (6).

     2.     Term. This Agreement shall commence on the date hereof and shall continue until
February 29, 2008 or Consultant’s earlier death or disability rendering him unable to provide the
consulting services, or until earlier terminated by Company for cause.

     3.     Consideration for Consulting Services. As consideration for the services to be
performed by Consultant pursuant to paragraph 1, Consultant shall be entitled to a fee of
Seventy-five Thousand and 00/100 Dollars ($75,000.00) which shall be payable in twelve (12) monthly
installments on the fifteenth day of each month during the term of this Agreement. Consultant
shall not be paid a director fee for serving as a director on Company’s board and those banks or
bank holding companies upon which Consultant will be the Company’s representative. In addition, to
assist Consultant with customer relations, the Company shall pay for or reimburse to Consultant the
dues for a social membership at the Quincy Country Club, Quincy, Illinois.

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     4.     Time Devoted to Work. The services and hours Consultant is to work on any given
day in rendering consulting and advisory services hereunder will be determined by Consultant after
consultation with the Company and by the dates and times of the board meetings for those boards on
which Consultant will be a director. Company will rely upon Consultant to work such hours as are
reasonably necessary to fulfill the spirit and purpose of this Agreement.

     5.     Confidentiality; Services for Others. During the term of this Agreement and at all
times thereafter, Consultant shall not divulge or appropriate for his own use or for the use of
others any trade secret or confidential information of Company or any of its subsidiaries, relating
to the products, customers, prospective customers or related data of Company or its subsidiaries
obtained by Consultant during his engagement by Company.

     6.     Independent Contractor Status. It is specifically understood and agreed upon by
the parties that Consultant is not an employee of Company but rather an independent contractor for
all purposes in that he is engaged in the performance of services hereunder not as an employee of
Company but as an independent contractor. Notwithstanding any determination by a court,
administrative agency or other party, such independent contractor status shall apply for purposes
of worker’s compensation, unemployment compensation, Federal Insurance Contribution Act (FICA),
income tax withholding and all other purposes. Consultant agrees to pay all such taxes and
contributions. Consultant shall not be entitled to participate in any employee benefit programs or
plans established by Company. Consultant agrees to indemnify and hold harmless Company and its
employees and officers from and against any loss, expense or cost resulting from a determination
that Consultant is other than an independent contractor or from any claim Consultant may make as a
purported employee.

     7.     Expenses. Company shall provide to Consultant a cell phone and shall pay for the
expense thereof. Company shall reimburse Consultant for all reasonable expenses incurred in
carrying out his duties and responsibilities pursuant to this Agreement, including travel and
lodging expenses. Consultant shall submit to Company, periodically, requests for expense
reimbursement with an itemization of the expenses incurred. All reimbursement for reasonable and
customary travel and out-of-pocket expenses will be based upon their actual cost. Any
entertainment expenses Consultant intends to incur must be pre-approved by Company, at Consultant’s
request.

     8.     Consultation Concerning Acquisitions. If Company requests that Consultant advise
the Company with regard to specific targeted acquisitions of the Company, Company and Consultant
shall in advance agree to the scope of such services and a reasonable fee to be paid to Consultant
for the rendering of such consulting services regarding acquisitions.

     9.     Assignment. This Agreement shall be binding upon and inure to the benefit of the
Company, its successors and assigns. This Agreement is a personal services contract as to
Consultant and shall not be assignable by Consultant, but all obligations and agreements of
Consultant hereunder shall be binding upon and enforceable against Consultant and his personal
representatives and heirs.

     10.     Entire Agreement. This Agreement constitutes the entire agreement between the
parties and any amendments hereto must be in writing and be duly executed by each of the parties
hereto.

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     11.     Construction. Titles and headings to various subdivisions of this Agreement are
for convenience of reference only and are not intended to be a part of or to affect the meaning or
interpretation of this Agreement.

     12.     Severability. If any provision of this Agreement is determined to be invalid or
unenforceable under any court or governmental agency or competent jurisdiction, or under any
statute, the remaining provisions shall not thereby be invalidated but shall remain in full force
and effect, unless to do so would clearly violate the present legal and valid intention of the
parties hereto.

     13.     Notices. All notices given hereunder shall be in writing and shall be deemed
delivered when served personally or when deposited in the United States mail, postage prepaid,
addressed at the address following the parties’ signatures, or at such other address as may be
designated by written notice given in accordance with the provisions of this paragraph.

     14.     Applicable Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Illinois.

     IN WITNESS WHEREOF, Company and Consultant have executed this Agreement on the day and year
first above written.

	 	 	 	 	 
	 	COMPANY:

Mercantile Bancorp, Inc.

 	 
	 	By:  	/s/ Ted T. Awerkamp
 	 
	 	 	Ted T. Awerkamp, its President
 	 
	 	Address:	    440 Maine

    P.O. Box 371

    Quincy, IL 62301 	 
	 

	 	 	 	 	 
	 	 	 
	 	  	/s/
Dan S. Dugan
 	 
	 	 	Dan S. Dugan
 	 
	 	Address:	    1025 Evangeline Road East

    Quincy, IL 62301 	 

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