Exhibit 10.1

 

FIRST AMENDMENT TO CREDIT AGREEMENT AND CONSENT

 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT AND CONSENT dated as of November 15,
2013 (this “Agreement”) is entered into among Standard Parking Corporation (the
“Company”), the Guarantors, the Lenders party hereto and Bank of America, N.A.,
as Administrative Agent, Swing Line Lender and an Issuing Lender.  All
capitalized terms used herein and not otherwise defined herein shall have the
meanings given to such terms in the Credit Agreement (as defined below).

 

RECITALS

 

WHEREAS, the Company, the Lenders, Bank of America, N.A., as Administrative
Agent, Swing Line Lender and an Issuing Lender, Wells Fargo Bank, N.A., as an
Issuing Lender and JPMorgan Chase Bank, N.A., as an Issuing Lender, have entered
into that certain Credit Agreement dated as of October 2, 2012 (as amended or
modified from time to time, the “Credit Agreement”);

 

WHEREAS, APCOA Bradley Parking Company, LLC has entered into that certain
Construction, Financing and Operating Special Facility Lease Agreement dated as
of March 2000 between the State of Connecticut Department of Transportation and
APCOA Bradley Parking Company, LLC (the “Bradley Agreement”);

 

WHEREAS, it has been determined that the Bradley Agreement should be accounted
for as a Capital Lease on the balance sheet of the Company; and

 

WHEREAS, the Company has requested that the Lenders amend the Credit Agreement
and provide the consent set forth below;

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

 

1.             Amendments.  The Credit Agreement is hereby amended, effective as
of October 2, 2012, as follows:

 

(a)           The following definition is hereby added to Section 1.1 of the
Credit Agreement in appropriate alphabetical order to read as follows:

 

“Bradley Agreement” means that certain Construction, Financing and Operating
Special Facility Lease Agreement dated as of March 2000 between the State of
Connecticut Department of Transportation and APCOA Bradley Parking Company, LLC,
as in effect on the Closing Date and as amended or otherwise modified from time
to time in a manner not materially adverse to the Lenders.

 

(b)           A new sentence is hereby added at the end of Section 15.4(a) of
the Credit Agreement to read as follows:

 

It is understood and agreed that, so long as the aggregate amount of Debt of the
Company and its Subsidiaries under the Bradley Agreement, calculated on a
consolidated basis in accordance with GAAP, does not exceed $40,000,000, (x) the
Bradley Agreement and all rights and obligations thereunder shall be classified
and accounted for on a basis consistent with that reflected in the Audited
Financial Statements (regardless of any amendment or restatement of the Audited
Financial Statements after the Closing Date)

 

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for all purposes of this Agreement and the other Loan Documents (other than for
purposes of the calculation set forth in the text preceding clause (x) of this
sentence), notwithstanding any determination that the Bradley Agreement should
be accounted for as a Capital Lease on the balance sheet of the Company in
accordance with GAAP and (y) notwithstanding any such determination, “in
accordance with GAAP” and “prepared in conformity with GAAP” as used in this
Agreement (other than in the text preceding clause (x) of this sentence) shall
permit the classification and accounting for of the Bradley Agreement on a basis
consistent with that reflected in the Audited Financial Statements (regardless
of any amendment or restatement of the Audited Financial Statements after the
Closing Date).

 

2.             Consent.  Notwithstanding the terms of Sections 10.1.2 and 10.1.3
of the Credit Agreement, the Administrative Agent and the Lenders hereby agree
that the Company shall have until November 30, 2013 (as such date may be
extended by up to fifteen (15) Business Days by the Administrative Agent in its
sole discretion) to deliver (a) unaudited financial statements for the Company
and its Subsidiaries for the Fiscal Quarter ending September 30, 2013 (as
required by Section 10.1.2 of the Credit Agreement) and (b) the Compliance
Certificate required by Section 10.1.3 of the Credit Agreement to accompany the
unaudited financial statements referenced in clause (a) above.  The above
consent shall not modify or affect the Company’s obligations to comply fully
with the terms of Sections 10.1.2 and 10.1.3 of the Credit Agreement or any
other duty, term, condition or covenant contained in the Credit Agreement or any
other Loan Document in the future.  The consent is limited solely to the
specific consent identified above and nothing contained in this Agreement shall
be deemed to constitute a waiver of any other rights or remedies the
Administrative Agent or any Lender may have under the Credit Agreement or any
other Loan Document or under applicable law.

 

3.             Bradley Agreement.  The Company hereby represents and warrants to
the Administrative Agent and the Lenders that the Bradley Agreement has not been
amended, restated, supplemented, replaced or otherwise modified in any respect
since its initial date of execution in March 2000.

 

4.             Conditions Precedent.  This Agreement shall be effective upon
receipt by the Administrative Agent of counterparts of this Agreement duly
executed by the Company, the Guarantors, the Required Lenders and Bank of
America, N.A., as Administrative Agent.

 

5.             Miscellaneous.

 

(a)           The Credit Agreement and the other Loan Documents and the
obligations of the Company and the Guarantors thereunder, are hereby ratified
and confirmed and shall remain in full force and effect according to their
terms.  This Agreement shall constitute a Loan Document.

 

(b)           Each Guarantor (i) acknowledges and consents to all of the terms
and conditions of this Agreement, (ii) affirms all of its obligations under the
Loan Documents and (iii) agrees that this Agreement and all documents executed
in connection herewith do not operate to reduce or discharge its obligations
under the Credit Agreement or the Loan Documents.

 

(c)           The Company and the Guarantors hereby represent and warrant as
follows:

 

(i)            The Company and each Guarantor has taken all necessary action to
authorize the execution, delivery and performance of this Agreement.

 

(ii)           This Agreement has been duly executed and delivered by the
Company and each Guarantor and constitutes each such Person’s legal, valid and
binding

 

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obligations, enforceable in accordance with its terms, except as such
enforceability may be limited by Debtor Relief Laws and general principles of
equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law).

 

(iii)          No consent, approval, exemption, authorization or other action
by, or notice to, or filing with, any Governmental Authority or any other Person
is necessary or required in connection with the execution, delivery or
performance by the Company or any Guarantor of this Agreement.

 

(d)           The Company and each Guarantor represent and warrant to the
Lenders that after giving effect to this Agreement (i) the representations and
warranties of the Company and the Guarantors set forth in Article IX of the
Credit Agreement and in each other Loan Document are true and correct in all
material respects as of the date hereof with the same effect as if made on and
as of the date hereof, except to the extent such representations and warranties
expressly relate solely to an earlier date (in which case such representations
and warranties shall be true and correct in all material respects as of such
earlier date) and (ii) no event has occurred and is continuing which constitutes
an Unmatured Event of Default or an Event of Default.

 

(e)           This Agreement may be executed in any number of counterparts, each
of which when so executed and delivered shall be an original, but all of which
shall constitute one and the same instrument.  Delivery of an executed
counterpart of this Agreement by telecopy or electronic mail shall be effective
as an original and shall constitute a representation that an executed original
shall be delivered.

 

(f)            THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF ILLINOIS.

 

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Each of the parties hereto has caused a counterpart of this Agreement to be duly
executed and delivered as of the date first above written.

 

COMPANY:

STANDARD PARKING CORPORATION,

 

a Delaware corporation

 

 

 

 

 

By:

/s/ G Marc Baumann

 

Name:

G Marc Baumann

 

Title:

Chief Financial Officer, Treasurer and President of Urban Operations

 

 

GUARANTORS:

STANDARD AUTO PARK, INC., an Illinois corporation

 

STANDARD PARKING CORPORATION IL,

 

a Delaware corporation

 

APCOA LASALLE PARKING COMPANY, LLC,

 

a Louisiana limited liability company

 

APCOA BRADLEY PARKING COMPANY, LLC,

 

a Connecticut limited liability company

 

EXPERT PARKING, INC.,

 

a Pennsylvania corporation

 

EXPERT PARKING MANAGEMENT, INC.,

 

a Pennsylvania corporation

 

SP PLUS LOGISTICS, INC.,

 

a Delaware corporation

 

SP PLUS PROPERTY MANAGEMENT, INC.,

 

a Delaware corporation

 

SP PLUS SECURITY SERVICES, INC.,

 

a Delaware corporation

 

CENTRAL PARKING SYSTEM OF ALABAMA, INC.,

 

an Alabama corporation

 

CENTRAL PARKING SYSTEM OF ARKANSAS, INC.,

 

an Arkansas corporation

 

ALLRIGHT CORPORATION,

 

a Delaware corporation

 

CPC PROPCO, LLC,

 

a Delaware limited liability company

 

CPS FINANCE, INC.,

 

a Delaware corporation

 

KINNEY PARKING, LLC,

 

a Delaware limited liability company

 

KINNEY SYSTEM, INC.,

 

a Delaware corporation

 

 

 

By:

/s/ G Marc Baumann

 

Name:

G Marc Baumann

 

Title:

Chief Financial Officer, Treasurer and President of Urban Operations of each of
the foregoing

 

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PARKING SYSTEM, LLC,

 

a Tennessee limited liability company

 

CENTRAL PARKING SYSTEM OF INDIANA, INC.,

 

an Indiana corporation

 

CPS AIRPORT DEVELOPMENT, L.L.C.,

 

a Louisiana limited liability company

 

PARK ONE OF LOUISIANA, LLC,

 

a Louisiana limited liability company

 

11 EAST FRANKLIN STREET BUSINESS TRUST,

 

a trust organized under the laws of the State of Maryland

 

301 EAST SARATOGA STREET BUSINESS TRUST,

 

a trust organized under the laws of the State of Maryland

 

305 GUILFORD AVENUE BUSINESS TRUST,

 

a trust organized under the laws of the State of Maryland

 

NATIONAL GARAGES, INCORPORATED,

 

a Michigan corporation

 

ALLRIGHT CARPARK, INC.,

 

a Missouri corporation

 

CENTRAL PARKING SYSTEM OF NEBRASKA, INC.,

 

a Nebraska corporation

 

ALLRIGHT NEW YORK PARKING, INC.,

 

a New York corporation

 

BLACK ANGUS LLC,

 

a New York limited liability company

 

CENTRAL PARKING PURCHASING, LLC,

 

a Tennessee limited liability company

 

KINNEY—CIVIC CENTER, INC.,

 

a New York corporation

 

KINNEY WEST 83rd ST., INC.,

 

a New York corporation

 

SLATE PARKING CORP.,

 

a New York corporation

 

CENTRAL PARKING CORPORATION,

 

a Tennessee corporation

 

CENTRAL PARKING REMOTE MANAGEMENT, LLC,

 

a Tennessee limited liability company

 

CENTRAL PARKING SYSTEM, INC.,

 

a Tennessee corporation

 

CENTRAL PARKING SYSTEM—AIRPORT SERVICES, INC.,

 

a Tennessee corporation

 

CENTRAL PARKING SYSTEM OF CONNECTICUT, INC.,

 

a Tennessee corporation

 

 

 

By:

/s/ G Marc Baumann

 

Name:

G Marc Baumann

 

Title:

Chief Financial Officer, Treasurer and President of Urban Operations of each of
the foregoing

 

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CENTRAL PARKING SYSTEM OF FLORIDA, INC.,

 

a Tennessee corporation

 

CENTRAL PARKING SYSTEM OF GEORGIA, INC.,

 

a Tennessee corporation

 

CENTRAL PARKING SYSTEM OF KENTUCKY, LLC,

 

a Tennessee limited liability company

 

CENTRAL PARKING SYSTEM OF LOUISIANA, LLC,

 

a Tennessee limited liability company

 

CENTRAL PARKING SYSTEM OF MARYLAND, INC.,

 

a Tennessee corporation

 

CENTRAL PARKING SYSTEM OF MISSISSIPPI, LLC,

 

a Tennessee limited liability company

 

CENTRAL PARKING SYSTEM OF MISSOURI, LLC,

 

a Tennessee limited liability company

 

CENTRAL PARKING SYSTEM OF NEW JERSEY, LLC,

 

a Tennessee limited liability company

 

CENTRAL PARKING SYSTEM OF NEW YORK, INC.,

 

a Tennessee corporation

 

CENTRAL PARKING SYSTEM OF NORTH CAROLINA, INC.,

 

a Tennessee corporation

 

CENTRAL PARKING SYSTEM OF OHIO, INC.,

 

a Tennessee corporation

 

CENTRAL PARKING SYSTEM OF OKLAHOMA, LLC,

 

a Tennessee limited liability company

 

CENTRAL PARKING SYSTEM OF PENNSYLVANIA, INC.,

 

a Tennessee corporation

 

CENTRAL PARKING SYSTEM OF PUERTO RICO,

 

a Tennessee corporation

 

CENTRAL PARKING SYSTEM OF RHODE ISLAND, LLC,

 

a Tennessee limited liability company

 

CENTRAL PARKING SYSTEM OF TENNESSEE, LLC,

 

a Tennessee limited liability company

 

CENTRAL PARKING SYSTEM OF WASHINGTON, INC.,

 

a Tennessee corporation

 

CENTRAL PARKING SYSTEM OF WISCONSIN, LLC,

 

a Tennessee limited liability company

 

CENTRAL PARKING SYSTEM REALTY OF NEW YORK, INC.,

 

a Tennessee corporation

 

CPS OF THE NORTHEAST, INC.,

 

a Tennessee corporation

 

KINNEY – 9th STREET, LLC,

 

a Tennessee limited liability company

 

KINNEY PARKING SYSTEM, LLC,

 

a Tennessee limited liability company

 

 

 

By:

/s/ G Marc Baumann

 

Name:

G Marc Baumann

 

Title:

Chief Financial Officer, Treasurer and President of Urban Operations of each of
the foregoing

 

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PARKING FACILITY SYSTEM, INC.,

 

a Tennessee corporation

 

STOP-PARK GARAGE, LLC,

 

a Tennessee limited liability company

 

TRANSPORTATION SERVICES USA, INC.,

 

a Tennessee corporation

 

USA PARKING SYSTEM, INC.,

 

a Tennessee corporation

 

CENTRAL PARKING SYSTEM OF TEXAS, INC.,

 

a Texas corporation

 

CENTRAL PARKING SYSTEM OF VIRGINIA, INC.,

 

a Washington District of Columbia corporation

 

CPC MB, LLC,

 

a Delaware limited liability company

 

CPC REALTY, LLC,

 

a Delaware limited liability company

 

CPC NY 138 EAST 50th REALTY, LLC,

 

a Delaware limited liability company

 

CPC NY 332 WEST 44th REALTY, LLC,

 

a Delaware limited liability company

 

CPC NY 429 WEST 36th REALTY, LLC,

 

a Delaware limited liability company

 

CPC NY 12 WEST 48th REALTY, LLC,

 

a Delaware limited liability company

 

CPC NY 155 WEST 48th REALTY, LLC,

 

a Delaware limited liability company

 

CPC NY 135 EAST 47th REALTY, LLC,

 

a Delaware limited liability company

 

CPC NY 138 EAST 50th MB, INC.,

 

a Delaware corporation

 

CPC NY 332 WEST 44th MB, INC.,

 

a Delaware corporation

 

CPC NY 429 WEST 36th MB, INC.,

 

a Delaware corporation

 

CPC NY 12 WEST 48th MB, INC.,

 

a Delaware corporation

 

CPC NY 155 WEST 48th MB, INC.,

 

a Delaware corporation

 

CPC NY 135 EAST 47th MB, INC.,

 

a Delaware corporation

 

CPC NY 125 WEST 58th MB, INC.,

 

a Delaware corporation

 

CPC NY 445 EAST 63rd MB, INC.,

 

a Delaware corporation

 

 

 

By:

/s/ G Marc Baumann

 

Name:

G Marc Baumann

 

Title:

Chief Financial Officer, Treasurer and President of Urban Operations of each of
the foregoing

 

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CPC NY 301 EAST 69th MB, INC.,

 

a Delaware corporation

 

CPC NY 222 RIVERSIDE MB, INC.,

 

a Delaware corporation

 

CPC NY 58 MORTIMER MB, INC.,

 

a Delaware corporation

 

CPC NY 61 EAST AVENUE MB, INC.,

 

a Delaware corporation

 

UNIVERSAL PARKING, INC.,

 

an Arizona corporation

 

CENTRAL PARKING SYSTEM MIDWEST, LLC,

 

a Tennessee limited liability company

 

KCPC HOLDINGS, INC.,

 

a Delaware corporation

 

KCPC INTERMEDIATE HOLDINGS, INC.,

 

a Delaware corporation

 

 

 

By:

/s/ G Marc Baumann

 

Name:

G Marc Baumann

 

Title:

Chief Financial Officer, Treasurer and President of Urban Operations of each of
the foregoing

 

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ADMINISTRATIVE AGENT:

BANK OF AMERICA, N.A.,

 

as Administrative Agent

 

 

 

By:

/s/ Linda Lov

 

Name:

Linda Lov

 

Title:

AVP

 

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LENDERS:

BANK OF AMERICA, N.A.,

 

as a Lender

 

 

 

By:

/s/ Jason E. Guerra

 

Name: Jason E. Guerra

 

Title: Vice President

 

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WELLS FARGO BANK, N.A.,

 

as a Lender

 

 

 

By:

/s/ Peg Laughlin

 

Name: Peg Laughlin

 

Title: SVP

 

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JPMORGAN CHASE BANK, N.A.,

 

as a Lender

 

 

 

By:

/s/ Jared Zuniga

 

Name: Jared Zuniga

 

Title: Officer

 

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U.S. BANK NATIONAL ASSOCIATION,

 

as Lender

 

 

 

By:

/s/ Mark A. Utlaut

 

Name:

Mark A. Utlaut

 

Title:

Vice President

 

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FIRST HAWAIIAN BANK,

 

as Lender

 

 

 

By:

/s/ Derek Chang

 

Name:

Derek Chang

 

Title:

Vice President

 

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GENERAL ELECTRIC CAPITAL CORPORATION,

 

as Lender

 

 

 

By:

/s/ Paul A. Traynor

 

Name:

Paul A. Traynor

 

Title:

Duly Authorized Signatory

 

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GE CAPITAL BANK,

 

as Lender

 

 

 

By:

/s/ Paul Sleet

 

Name:

Paul Sleet

 

Title:

Duly Authorized Signatory

 

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BMO HARRIS BANK N.A.,

 

as Lender

 

 

 

By:

/s/ Bruce S. Linger

 

Name:

Bruce S. Linger

 

Title:

Managing Director

 

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KEYBANK NATIONAL ASSOCIATION,

 

as Lender

 

 

 

By:

/s/ James A. Gelle

 

Name:

James A. Gelle

 

Title:

Vice President

 

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THE PRIVATEBANK AND TRUST COMPANY,

 

as Lender

 

 

 

By:

/s/ Chris O’Hara

 

Name:

Chris O’Hara

 

Title:

Managing Director

 

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PNC BANK, NATIONAL ASSOCIATION,

 

as Lender

 

 

 

By:

/s/ Patrick Flaherty

 

Name:

Patrick Flaherty

 

Title:

Vice President

 

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ASSOCIATED BANK, NATIONAL ASSOCIATION,

 

as Lender

 

 

 

By:

/s/ Craig Thessin

 

Name:

Craig Thessin

 

Title:

SVP

 

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THE NORTHERN TRUST COMPANY,

 

as Lender

 

 

 

By:

/s/ Phillip McCaulay

 

Name:

Phillip McCaulay

 

Title:

Vice President

 

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