Exhibit 10.5 DAIWA FINANCE CORPORATION 32 Old Slip New York, NY 10005 December 27, 2000 Midland Credit Management, Inc. 4302 East Broadway Road Phoenix, AZ 85040 Gentlemen: Reference is made to the Supplement to Servicing Agreement, dated as of May 22, 2000 (the “Supplement”), by and among West Capital Financial Services Corp., West Capital Receivables Corporation I, Norwest Bank Minnesota, National Association, and Midland Credit Management, Inc., consented and agreed to be Daiwa Finance Corporation and SunAmerica Inc. Unless otherwise indicated herein, terms used herein have the meanings specified in the Supplement. The Servicer, as “Servicer,” Daiwa Finance 'Corporation, as “Parent,” and CCS Receivables Management LLC, as “Owner,” are parties to a Servicing Agreement, dated as of December 27, 2000 (the “Now Servicing Agreement”). To give effect to the New Servicing Agreement, pursuant to clause (i) of the second sentence of Section 4,1 of the Supplement. the Lender is hereby terminating the Servicer without cause, effective as of close of business on December 26, 2000. For good and valuable consideration, receipt of which is hereby acknowledged by the Servicer, the Servicer, by acknowledging this letter below, hereby waives the 270-day notice period provided in clause (i) of the second sentence of Section 4.1 of the Supplement. Notwithstanding such termination, the Servicer shall bc paid all fees and other amounts dig have accrued for services through December 26, 2000. DAIWA FINANCE CORPORATION By: __/s/ H. [illegible]_________________ Title: _Executive Vice President__ Acknowledged and agreed to by: MIDLAND CREDIT MANAGEMENT, INC. By: _/s/ Timothy W. Moser________ Title: ___EVP_______ ________ cc.: West Capital Receivables Corp. I West Capital Financial Services Corp. Norwest Bank Minnesota, National Association SunAmerica Inc.
Encore Capital (ECPG) 8-KFinancial statements and exhibits
Filed: 22 Aug 03, 12:00am