EFTA02591901.pdf

From: jeffrey E. <[email protected]> Sent: Thursday, October 9, 2014 1:19 PM To: Ada Clapp Subject: Re: Getting Funds to Ben option 1 On Thu, Oct 9, 2014 at 9:13 AM, Ada Clapp <mailtc » wrote: Good morning Jeffrey, I understand that one of the trusts is to make a loa= to Ben in the amount of $1.5 million (I assume this will be a 9-year loan=at the AFR-1.85% for October 2014). We can approach it two ways:<=u> Option 1: The APO1 Trust makes the loan=to Ben and Ben pays the APO1 Trust annual interest. This involves: * =C2* Trustee Resolution by APO1 Trustees (signed by =arry, John and Richard); and =C2* Promissory Note (signed by Ben).<=p> OR Option 2: We could do something similar=to what we did in July when Ben received his $10 million distributio=. That is: (i) have the APO1 Trust pay down another $1.5 =A0million of the Note it gave to the BEB 2011 Trust in June interest at 1.91%) when it purchase= interests in the LDB 2011 LLC from the BEB 2011 Trust, and (ii) have the =EB 2011 Trust lend the $1.5 million to Ben. This involves:</=> =C2* Trustee Resolution by BEB 2011Trust Non-Admini=trative Trustees (signed by Debra, John and Barry); =C2* Promissory Note (signed by Ben); and<=u> * =C2* Letter of Direction to US Trust as Administrati=e Trustee to enter the Promissory Note on the Trust's books and re=ords (signed by Debra, Barry and John). Under this approach, Ben pays interest (at 1.85%) on the $1.5 million directly to the BEB 2011 Trust =94interest paid by APO1 Trust (at 1.91%) to BEB 2011 Trust is reduced due =he $1.5 million principal payment. Because the BEB EFTA_R1_01774570 EFTA02591901 2011 Trust requires tha= the net income of the trust be distributed to Ben—he will have his interest payment repaid to him.<=u> What do you think? Ada Clapp Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022 Direct Dial: Fax: Email: This communication and any attachment is for the =ntended recipient(s) only and may contain information that is privileged, =onfidential and/or proprietary. If you are not the intended reci=ient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. =AO Please delete all copies of this communication and its attachments and =otify me immediately that you have received them in error. Thank you= =C2 please note The information co=tained in this communication is confidential, may be attorney-client pr=vileged, may constitute inside information, and is intended only for JEE Unauthorized use= disclosure or copying of this communication or any part thereof is str=ctly prohibited and may be unlawful. If you have received this commu=ication in error, please notify us immediately by return e-mail or by e=mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereo=, including all attachments. copyright -all rights reserved 2 EFTA_R1_01774571 EFTA02591902 EFTA_R1_01774572 EFTA02591903