CAP TRANSACTION CONFIRMATION
Exhibit 10.1
To: Standard Parking Corporation ("Counterparty")
Attention: X. Xxxx Xxxxxxx
Telephone: (000) 000-0000
Email: xxxxxxxx@xxxxxxxxxxxxxxx.xxx
From: Xxxxx Fargo Bank, N.A. ("Xxxxx Fargo")
Telephone: (000) 000-0000
Fax: (000) 000-0000
Email: XxxxxxxxxxXxxXxxxx@xxxxxxxxxx.xxx
Ref. No: 367408
Date: March 1, 2010
Dear X. Xxxx Xxxxxxx:
The purpose of this letter agreement (the “Confirmation”) is to confirm the terms and conditions of the transaction ("Transaction") entered into between Xxxxx Fargo Bank, N.A. ("Xxxxx Fargo") and Standard Parking Corporation, a Delaware corporation ("Counterparty"). This Transaction is effective at, and as of 12:01 a.m., California
time, on the Trade Date specified below.
1. The parties agree that the Transaction to which this Confirmation relates shall be governed by an ISDA Master Agreement (without a Schedule), in the pre-printed form of the 1992 ISDA Master Agreement (Multicurrency-Cross Border) as published by the International Swaps and Derivatives Association,
Inc. (the "Master Agreement"), which is incorporated by reference herein and deemed to be a single agreement between the parties governing this Transaction and deemed to have been entered into by the parties on or prior to the date of this Transaction. All provisions contained or incorporated by reference in the Master Agreement shall govern this Confirmation except as expressly modified herein or unless later superseded by a master agreement that incorporates a negotiated Schedule thereto between
the parties that covers this Transaction (which shall then become the Master Agreement referenced herein).
The Master Agreement, as supplemented by the terms of this Confirmation, the Definitions incorporated by reference herein (including all documents incorporated by reference therein) shall constitute a single agreement between the parties and shall survive termination of this Transaction. For purposes of such Master Agreement, Second Method
and Market Quotation shall apply in respect to this Transaction.
The definitions and provisions contained in the 2000 ISDA Definitions (as published by the International Swaps and Derivatives Association, Inc.), including the Annex to the 2000 Definitions (collectively the "Definitions"), are incorporated into this Confirmation. In the event of any inconsistency between this Confirmation and
the Definitions or the Master Agreement, this Confirmation will govern. This Confirmation and the Master Agreement will evidence a complete binding agreement between you and us as to the terms and conditions of the Transaction to which this Confirmation relates.
2. For purposes of this Confirmation:
(a) The provisions of Section 5(a) of the Master Agreement will not apply to Counterparty following satisfaction of its obligations to make payment of the Fixed Amount described below;
(b) The third line of Section 5(a)(i) of the Master Agreement will be amended by replacing the word ‘third' with the word 'first';
(c) The "Cross-Default" provisions of Section 5(a)(vi) of the Master Agreement will not apply.
March 1, 2010
Page 2
(d) Credit Event Upon Merger as described in the Master Agreement will not apply;
(e) The Automatic Early Termination provision of Section 6(a) of the Master Agreement will not apply;
(f) For the purposes of Section 6(e) of the Master Agreement, Set-off will not apply;
(g) This Confirmation will be governed by and construed in accordance with the laws of the State of New York, other than any principles therein of conflicts of laws (other than Sections 5-1401 and 5-1402 of the General Obligations Law of New York which shall apply hereto and thereto).
3. The terms of the particular Transaction to which this Confirmation relates are as follows:
Notional Amount: USD 25,000,000.00
Trade Date: February 22, 2010
Effective Date: March 31, 2010
Termination Date: |
June 29, 2013, subject to adjustment in accordance with the Modified Following Business Day Convention. |
Fixed Amounts
Fixed Payer: See table below
Fixed Amount Payer
Payment Dates: See table below
Fixed Amounts: See table below
Fixed Amount Payer |
Fixed Amount Payer Payment Date |
Fixed Amount |
Counterparty |
02/24/2010 |
USD 403,000.00 |
Floating Amounts
Floating Rate Payer: Xxxxx Fargo
Cap Rate: 3.25%
Floating Rate Payer
|
Payment Dates: |
The last day of each March, June, September, and December, beginning with June 30, 2010, continuing up to and including the Termination Date, subject to adjustment in accordance with the designated Business Day Convention. |
Floating Rate Option: USD-LIBOR-BBA
Designated Maturity: 3 Month
Spread: None
Floating Rate Day
Count Fraction: Actual/360
Floating Rate for
Initial Calculation
Period: To be determined.
|
Reset Dates: |
The first day of each Floating Rate Payer Calculation Period or Compounding Periods if applicable. |
Rate Cut-off Date: |
Not Applicable. |
March 1, 2010
Page 3
Method of Averaging: |
Not Applicable. |
Compounding: Not Applicable
Business Day
Convention: Modified Following
Business Days: London and New York City
Credit Support Document: Not Applicable.
Credit Support Provider for
Party B: Not
Applicable.
Account Details:
Payments due to
|
Party A: |
Counterparty will wire payment(s) to the following account: |
Bank Name: Xxxxx Fargo Bank, N.A.
ABA Number: 000000000
Account Name: Xxxxx Fargo Bank, N.A.
Account Number: 4375691755
Reference: 367408
Payments due to
|
Party B: |
Xxxxx Fargo will wire payment(s) to the following account: |
Bank Name: Xxxxx Fargo Bank, N.A.
ABA Number: 000000000
Account Name: Standard Parking Corporation
Account Number: 4945062693
Calculation Agent: Xxxxx Fargo
4. Special Provisions: Not Applicable.
5. Relationship Between Parties:
Each party represents to the other party that:
(a) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into this Transaction and as to whether this Transaction is appropriate or proper for it based upon its own
judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into this Transaction; it being understood that information and explanations related to the terms and conditions of this Transaction shall not be considered investment advice or a recommendation to enter into this Transaction. It has not received from the other party any assurance or guarantee as to the expected
results of this Transaction.
(b) Evaluation and Understanding. It is capable of evaluating and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of this Transaction.
It is also capable of assuming, and assumes, the financial and other risks of this Transaction.
(c) Status of Parties. The other party is not acting as a fiduciary or an advisor for it in respect of this Transaction.
(d) Risk Management. It has entered into this Transaction for the purpose of (i) managing its borrowings or investments, (ii) hedging its underlying assets or liabilities or (iii) in connection with its line of business.
March 1, 2010
Page 4
(e) Agreement to Deliver Documents. Concurrently with execution and delivery of this Confirmation, Counterparty agrees to provide Xxxxx Fargo any form, document or certificate providing names and signatures of authorized
parties on behalf of Counterparty authorized to enter into and deliver the Confirmation.
(f) Addresses for Notices. For the purpose of Section 12(a) of the Master Agreement, address for notices or communication to Xxxxx Fargo and Counterparty shall be as follows:
Xxxxx Fargo:
Xxxxx Fargo Bank, National Association - Financial
Products
000 Xxxxxxxxxx Xxxxxx, 00xx Floor
MAC A0112-121
San Francisco, California 94104
Telecopy No.: (000) 000-0000
Attention: Documentation
Group
Counterparty:
Standard Parking Corporation
000 Xxxxx Xxxxxxxx Xxxxxx, Xxxxx 0000
Chicago, IL 60611
Attention: Xxxx
X. Xxxxxxx
Telephone: (000) 000-0000
(g) Multibranch Party. For the purpose of Section 10(c) of the Master Agreement:
Xxxxx Fargo is not a Multibranch Party.
Counterparty is not a Multibranch Party.
(h) Severability. Any provision of this Confirmation which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions of the Confirmation or affecting the validity or enforceability of such provision in any other jurisdiction. The parties hereto shall endeavor in good faith negotiations to replace the prohibited or unenforceable provision with a valid provision, the economic effect of which comes as close as possible to that of the prohibited or unenforceable provision.
(i) WAIVER OF JURY TRIAL. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY TRIAL OR LITIGATION ARISING OUT OF OR IN CONNECTION WITH ANY TRANSACTION OR THE MASTER AGREEMENT.
6. Please confirm that the foregoing correctly sets forth the terms of our agreement by having an authorized officer sign one copy of this telecopy Confirmation and returning it to us by telecopier to:
Xxxxx Fargo Bank, N.A.
Attention: Documentation Group
Fax: (000) 000-0000
Yours sincerely,
March 1, 2010
Page 5
Xxxxx Fargo Bank, N.A.
By: /s/ Xxxx Xxxxxx
Name: Xxxx Xxxxxx
Its: Authorized Signatory
Accepted and confirmed as of the Trade Date:
STANDARD PARKING CORPORATION,
a Delaware corporation
By: /s/ X. Xxxx Xxxxxxx
Name: X. Xxxx Xxxxxxx
Its: Chief Financial Officer