CONTRACT OF JUNE 27, ▇▇▇▇
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▇▇▇▇▇▇ ▇▇▇▇▇▇ PROPERTIES, INC.
NATIONAL REAL ESTATE ACQUISITIONS
Commercial - Industrial - Investment Properties
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June 24, 1996
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CAPITAL CREDIT CORP
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Dear Andy:
Pursuant to your telephone conversation with ▇▇▇▇▇ ▇▇▇▇▇▇, we mutually agree to
the following arrangements between United States Properties, Inc. (USP) and
Capital Credit Corporation (CCC).
1. USP will contact CFOs of the Fortune 1000 companies to obtain their bad
debt portfolio.
2. CCC will help evaluate the banking, retail, utilities, telecommunications,
bad checks and sales finance portfolios and advise USP of the bidding
process to the best of their knowledge and ability.
3. CCC will handle the collection operations of the accounts acquired.
4. In most cases, CCC will receive 30% and USP will receive 70% of the funds
collected from these accounts. However, from time to time, there may be
certain portfolios that will warrant lower or higher contingency rates based
on the age of the portfolio and the complexity of receivables CCC attempts
to collect. Therefore, each prospect will be rated individually.
5. CCC will provide USP with joint marketing strategies when required and also
provide USP with corporate marketing information to assist in obtaining bad
debt portfolios from its prospective clients.
If the above represents our mutual understanding, kindly sign as indicated
below. We look forward to a long and mutually profitable relationship.
Very truly yours,
UNITED STATES PROPERTIES, INC.
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
President
JRP/ceb
ACCEPTED AND AGREED:
/s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇
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Capital Credit Corporation
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