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Exhibit 10.12
[NATIONSBANK LETTERHEAD]
NationsBank [LOGO]
June 25, 1999
Central Parking Corporation
0000 00xx Xxxxxx Xxxxx, Xxxxx 000
Xxxxxxxxx, Xxxxxxxxx 00000
Attn: Xxxxxxx X. Xxxxxxx
Chief Financial Officer
Re: Credit Agreement dated as of March 19, 1999 among Central Parking
Corporation, Central Parking System, Inc., Central Parking System
Realty, Inc., Central Parking System of Massachusetts, Inc., CPC
Finance of Tennessee, Inc., Xxxxxx System of Sudbury St., Inc., and
Allright Holdings, Inc. (the "Borrowers"), The Guarantors from time
to time party thereto, the Lenders from time to time party thereto
and NationsBank, N.A., as Agent (the "Credit Agreement")
Gentlemen:
Reference is made to the Credit Agreement described above, the defined terms of
which are incorporated herein by reference.
The Lenders and the Credit Parties agree that Section 7.13 of the Credit
Agreement is hereby amended in its entirety to read as follows:
7.13 INTEREST RATE PROTECTION AGREEMENT.
The Borrowers shall, on or before October 29, 1999, enter into
interest rate protection agreements protecting against fluctuations in
interest rates as to which the material terms are reasonably satisfactory
to the Agent, which agreements shall provide for coverage in a principal
amount of at least $100,000,000 for a duration of at least four years;
provided, however, that the Borrowers shall not have any obligation to keep
such interest rate protection agreements in place after repayment in full
of the Term Loans.
All references in the Credit Agreement and the other Credit Documents to the
"Credit Agreement" shall be deemed to refer to the Credit Agreement as amended
hereby.
Except as amended or otherwise modified hereby, all of the terms and provisions
of the Credit Agreement and the other Credit Documents shall remain in full
force and effect.
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This letter agreement shall be governed by and construed in accordance with the
laws of the State of North Carolina.
This letter agreement may be executed in one or more counterparts, each of
which constitute an original, and all of which taken together shall constitute
a single document.
Sincerely,
NATIONSBANK, N.A.,
as Agent
By: /s/ Xxxxxxx X. Xxxxx
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Name: Xxxxxxx X. Xxxxx
Title: Senior Vice President
ACCEPTED AND AGREED:
CENTRAL PARKING CORPORATION, for itself
and each of the other Borrowers and Guarantors
By:/s/ Xxxxxxx X. Xxxxxxx
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Title: CFO
