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EXHIBIT (99)iii.
INTEREST RATE EXCHANGE AGREEMENT
At September 30, 1995, the Company had an interest rate exchange
agreement outstanding in the notional amount of $17,000,000. Under the terms of
the agreement, the Company's obligation is determined by a fixed rate of
interest established at the time the agreement was consummated. The obligation
of the counterparty is based upon a floating interest rate (LIBOR). The
difference between the fixed and floating interest rate determines the
Company's interest income or expense from this agreement.
Notional Variable
Principal Effective Agreement Fixed Price Change LIBOR Rate as of
Amount Date Termination Rate Frequency Spread 9/30/95
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(In thousands)
$ 17,000 01/15/86 11/19/95 10.502% Quarterly -- 5.953%
At September 30, 1995, the fair value of the interest rate exchange
agreement was $(1.5) million including accrued interest payable of $1.4
million.
