MANAGEMENT SERVICES AGREEMENT
THIS MANAGEMENT SERVICES AGREEMENT is made and entered into this 1 st day of January , 1997, by and between
Crescent Mortgage Services, Inc., a Georgia corporation (“CMS”), and Crescent Bank and Trust Company, a Georgia bank (the
WHEREAS, the Bank and CMS are wholly owned subsidiaries of Crescent Banking Company, a Georgia corporation
WHEREAS, each of CMS and the mortgage division of the Bank (the “Mortgage Division”) is engaged in the business of
acquiring and selling mortgage servicing rights and servicing mortgage loans on account of others; and
WHEREAS, Robert C. KenKnight serves as the President of CMS, Executive Vice President of the Bank, and President of
the Mortgage Division; and
WHEREAS, the parties desire that the Bank provide certain services to CMS as set forth herein;
NOW THEREFORE, in consideration of the agreements and covenants of the respective parties herein contained, and
other good and valuable consideration, each from the other flowing, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
Services . The Bank will perform the following services to CMS:
(a) Strategic Planning . The Bank will supervise the strategic planning process and will assist CMS in developing
and implementing a strategic plan that is consistent with the overall goals and objectives of CMS as established
by CMS’s Board of Directors.
(b) Mortgages Held For Sale and its Pricing Advice . The Bank will assist CMS with pricing its portfolio of mortgage
servicing rights and provide advice with respect to hedging activities and opportunities consistent with the
overall goals and objectives of CMS as established by CMS’s Board of Directors.
(c) Operations . The Bank will assist and support CMS in developing and implementing operational procedures.
Support will continue on an ongoing basis in the form of supervision wit