Exhibit 10.10
[letterhead of Xxxxxxx Xxxxx]
March 6, 1998
Xx. Xxxxx X. Xxxxxxx
Associated Investments, Inc.
000 Xxxxxxx Xxxxxx
Xxxxxxxxxx, XX 00000
Dear Xxxxx:
As per your request, the following are certain terms that we have agreed to
regarding certain borrowings by Associated Investments, Inc., subject in all
events to the terms of our standard margin agreement.
o Tele-Communications Inc. Series A (29 7/16), Tele-Communications Ventures
Series A (16 1/8) and Liberty Media Group Series A (28 1/8) will be
acceptable collateral to secure margin loans. Potentially, Series B shares
can be used as collateral.
o The account may borrow up to $200,000,000.
o A house call will result if the equity in the account falls below 35%,
o A rate of Fed Funds +70 bps will initially be charged on the debit balance.
We will use our best efforts to give you adequate notice of any proposed
rate changes.
o Fed Funds for each day will be calculated as the sum of the following:
50% of the 09:00 AM Fed Funds Rate
25% of the 10:30 AM Fed Funds Rate
25% of the 12:00 PM Fed Funds Rate
Please call me if you have any questions.
Sincerely,
/s/ Xxxxx
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Xxxxxx X. Xxxxxxx
