EXHIBIT 10
[Letter of Bank of America]
August 26, 1996
Xxxxx X. Xxxx
Chairman and Chief Executive
USL Capital Corporation
000 Xxxxx Xxxxxx
Xxx Xxxxxxxxx, XX 00000
Re: Modification of Section 7.3 of the Asset Purchase Agreement
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Dear Xx. Xxxx:
This confirms our agreement to modify Sections 7.3(a) and 7.3(h) of the
Asset Purchase Agreement dated August 5, 1996 by and among USL Capital
Corporation and Ford Motor Credit Company ("Seller"), and BA Leasing & Capital
Corporation ("Buyer"). These sub-sections are modified only to the extent
reflected in this letter. Please be advised that the capitalized terms used in
this letter shall retain the meanings assigned to them in the Asset Purchase
Agreement.
Xxxxx and Seller have agreed that with respect to Section 7.3(a), the 20
day time period within which Buyer has to offer employment to Employees, and the
20 day time period within which Buyer has to deliver to Seller a list of
employment offers made by Buyer, shall each be extended by five days.
The parties additionally agree that with respect to Section 7.3(h), Xxxxx
will also reimburse Seller for the costs actually incurred by Seller under the
Severance Plans (as described in Section 7.3(h)) with respect to up to six
Employees terminated by Seller no later than December 31, 1996.
Xxxxx X. Xxxx
August 26, 1996
Page 2
Please acknowledge your agreement to the provisions in this letter by
signing below and returning one copy to me.
Sincerely,
/s/ Xxxxx X. Xxxxxxx
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Xxxxx Xxxxxxx, Xx. Vice President
BA Leasing and Capital Corporation
Agreed and Accepted:
USL Capital Corporation
By: /s/ [signature]
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Date: 8/26/96
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Ford Motor Credit Company
By: /s/ [signature]
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Date:
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