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EXHIBIT 10.13
BANK OF AMERICA
Bank of America
Financial Strategies Group
000 Xxxxx Xxxxxx
Xxxxxxxxx, XX 00000-0000
October 29, 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 Bank of
America, N.A. (formerly known as NationsBank, N.A.), as Agent,
as amended (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 enter into interest rate protection
agreements protecting against fluctuations in interest rates, which the
material terms are reasonably satisfactory to the Agent, each for a
duration of at least four years (except for the $25,000,000 interest
rate protection agreement entered into by the Borrowers on October 27,
1999, which is for a term of four years, but is cancelable after two
years), in an aggregate principal amount of at least (a) $50,000,000
prior to Xxxxx 00, 0000, (x) $75,000,000 prior to June 30, 2000 and (c)
$100,000,000 prior to September 30, 2000; 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.
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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.
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,
BANK OF AMERICA, N.A.
(FORMERLY KNOWN AS 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: Chief Financial Officer
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