Amadeusz Juskowiak

First financial management ffmc revises pact

First Financial Management Corp said it revised the agreement under which it provides data processing services to First Union Corp of Georgia FUNC

The company said the revised agreement establishes specific minimum payments to be made by First Union and shortens the duration of the original pact by 16 months with the new agreement expiring on December 31 1989

Under terms of the amended contract First Financial said it received 198 mln dlrs in cash and is guaranteed an additional 503 mln dlrs in service revenues

The company said the agreement calls for minimum payments of 165 mln dlrs for the balance of 1987 18 mln dlrs in 1988 and 158 mln dlrs in 1989