UNIVERSAL MONEY Letterhead
June 12, 1997
Xx. Xxxxx Xxxxxx
President
Universal Funding, Corp.
0000 Xxxxxx Xxxx
Xxxxxxx, Xxxxxx 00000
Dear Xx. Xxxxxx:
I am writing this Letter of Understanding between Universal Money Centers, Inc.
("UMC") and Universal Funding, Corp. ("UFC") to clarify the relationship between
the Parties as it pertains to the business in El Paso, Texas. Very simply, it is
the intention of this letter to establish that as of January 1, 1996, the
business in the El Paso market will be treated significantly similar to the
business in the Kansas City and St. Louis Markets, thus bringing the El Paso
market in line with the provisions and intentions of the Original Agreement
between the Parties dated August 15, 1989.
The Parties hereby agree that the prior "In good faith" understanding dated
5/8/95 shall be null and void effective January 1, 1996. From that date forward,
UFC shall not pay Management, Deluxe, Switch, or Employee fees.
UMC agrees to lease for the nominal amount of $10 each per month on a
month-to-month basis ("Rental Amounts") all ATMs owned by UMC and to which UFC
is providing vault cash services.
Although not originally provided for by Paragraph II.B. of the Agreement between
the Parties dated August 15th, 1989, UMC hereby agrees to allow UFC to deduct
these Rental Amounts as expenses against UMC's Compensation.
Sincerely, Agreed,
/s/ Xxxx Xxxxxxxxx 6/12/97 /s/ Xxxxx Xxxxxx
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Xxxx Xxxxxxxxx, President Xxxxx Xxxxxx, President
Universal Money Centers, Inc. Universal Funding Corp.
