Document:

EXHIBIT 10.1

 

SIXTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS SIXTH
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this  “Amendment”) is made and entered into as
of the 30th day of April, 2003 and is by and among Standard Parking Corporation
(formerly known as APCOA/Standard Parking, Inc.), a Delaware corporation (the
“Company”) LaSalle Bank National Association, a national banking association
(“LaSalle”), Bank One, NA, a national banking association (“Bank One”), and
LaSalle as agent (in such capacity, the “Agent”) for the “Lenders” under the
Credit Agreement referred to below.

 

W I T N E S S E T H:

 

WHEREAS, LaSalle,
Bank One and the Company are all of the parties to that certain Amended and
Restated Credit Agreement dated as of January 11, 2002, as amended (as such
agreement has been or may be further amended, restated, modified or
supplemented and in effect from time to time, the “Credit Agreement”), and
LaSalle and Bank One are all of the “Lenders” thereunder;  and

 

WHEREAS, LaSalle, Bank
One and the Company desire to amend the Credit Agreement in certain respects,
as hereinafter described in this Amendment;

 

NOW THEREFORE, in
consideration of the mutual conditions and agreements set forth in the Credit
Agreement and this Amendment, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

 

1.             Definitions.  Capitalized terms used in this Amendment,
unless otherwise defined herein, shall have the meaning ascribed to such terms
in the Credit Agreement.  In addition,
the following term shall have the meaning indicated:

 

“Sixth Amendment Effective Date” means the date upon which this
Amendment is executed by the Company, LaSalle, and Bank One, and the Guarantor
Consent and Reaffirmation hereto is executed by each Guarantor, and each other
condition to effectiveness set forth in Section 3 hereof has been fulfilled to
the reasonable satisfaction of LaSalle and Bank One.

 

2.             Amendment of Credit Agreement.  Effective on the Sixth Amendment Effective
Date, the Credit Agreement shall be amended as follows:

 

(A)          Section 3.1(a) of the Credit Agreement
shall be amended and restated in its entirety as follows:

 

(a)           Unless earlier
payment is permitted or required under this Agreement, the Company shall pay to
the Agent, for the benefit of the Lenders, (i) on the Revolving Credit
Termination Date, the entire outstanding principal amount of the Revolving
Credit Advances, (ii) on or before June 30, 2003, $5,000,000 of the outstanding
principal balance of the Term Loan, and (iii) on the

 

 

Term Loan
Termination Date, the entire outstanding principal amount of the Term
Loan.  If the Revolving Credit Advances
at any time exceed the amount allowed pursuant to Section 2.1(c), the Company
shall prepay the Revolving Credit Advances by an amount equal to or, at its
option, greater than such excess.

 

(B)           Section 3.2(c) of the Credit
Agreement shall be amended and restated in its entirety as follows:

 

(c)           With respect to the
Term Loan, interest shall accrue and be payable as follows, except as otherwise
set forth below:

 

(i)            for the period from
the Closing Date to but excluding March 1, 2003, (x) at the rate of 91⁄2% per
annum, payable in arrears on each Interest Payment Date, plus (y) 31⁄2% per
annum, which shall not be compounded and which shall be payable only on the
Term Loan Termination Date or earlier maturity, whether pursuant to permitted
prepayment, acceleration or otherwise; and

 

(ii)           for the period
including and after March 1, 2003 to but excluding May 1, 2003, (x) at the rate
of 111⁄2% per annum, payable in arrears on each Interest Payment Date, plus (y)
31⁄2% per annum, which shall not be compounded and which shall be payable only on
the Term Loan Termination Date or earlier maturity, whether pursuant to
permitted prepayment, acceleration or otherwise; and

 

(iii)          for the period
including and after May 1, 2003, (x) at the rate of 131⁄2% per annum, payable in
arrears on each Interest Payment Date, plus (y) 31⁄2% per annum, which shall not
be compounded and which shall be payable only on the Term Loan Termination Date
or earlier maturity, whether pursuant to permitted prepayment, acceleration or
otherwise.

 

The interest
in respect of the Term Loan applicable under clause (i)(x) or (ii)(x) or
(iii)(x) preceding (as applicable) is referred to herein as the “Payable
Interest Rate” and the interest in respect of the Term Loan applicable under
clause (i)(y) or (ii)(y) or (iii)(y) preceding (as applicable) is referred to
herein as the “Accruing Interest Rate”. 
Notwithstanding the foregoing provisions of this Section 3.2(c), if Bank
One is replaced in full as the holder of the Term Loan on or after May 1, 2003
and prior to July 1, 2003 and all Lender Indebtedness owing to Bank One by the
Borrower or any of its Subsidiaries under the Credit Agreement or any other
Loan Document is paid in full in cash by such date (other than contingent
reimbursement and indemnity obligations which by the terms of the Credit
Agreement or the other Loan Documents are stated to survive), then the interest
provisions applicable to interest on the Term Loan described in clause (iii)
shall not apply with respect to any period after Bank One has been replaced in
full as the holder of the Term Loan and its Lender Indebtedness has been paid
in full in cash as described above.

 

2

 

3.             Conditions to Amendment
Effective Date.  This Amendment
shall become effective and the Sixth Amendment Effective Date shall occur upon
completion of each of the following conditions to the reasonable satisfaction
of each of LaSalle and Bank One:

 

(A)          Execution and
Delivery of This Amendment.  This
Amendment shall have been duly executed and delivered by the parties hereto.

 

(B)           Third Restated
Term Note.  The Company shall have
executed and delivered to Bank One a Third Amended and Restated Term Note in
the form attached to this Amendment as Exhibit A.

 

(C)           Guarantor
Reaffirmations.  Each of the
Guarantors shall have executed and delivered to the Agent a reaffirmation of
such Guarantor’s obligations under the Guaranty in the form attached to this
Amendment as Exhibit B.

 

(D)          Secretary’s
Certificates; Resolutions; Incumbency. 
The Company shall have delivered to the Agent, for the Company and for
each Guarantor, a certificate of the Secretary or Assistant Secretary of the
Company or such Guarantor certifying:

 

(i)            the names, offices
and true signatures of the officers of the Company or such Guarantor authorized
to execute, deliver and perform, as applicable, this Amendment and/or any other
instruments, documents or agreements to be entered into by the Company or such
Guarantor in connection herewith; and

 

(ii)           true and correct
copies of resolutions of the board of directors of the Company or such Guarantor
approving and authorizing the execution, delivery and performance by the
Company or such Guarantor of this Amendment and/or any other instruments,
documents or agreements to be entered into by the Company or such Guarantor in
connection herewith.

 

(E)           Execution and
Delivery of Other Documents.  The
Company and the Guarantors shall execute and deliver any other document,
instrument, certificate or other agreement reasonably requested by the Agent in
connection with this Amendment.

 

(F)           Amendment Fee.  The Company shall have paid to the Agent for
distribution to Bank One an amendment fee in the amount of $40,000 in
consideration of Bank One’s agreement to amend the Term Loan as provided
herein.  Such fee shall be fully earned
and non-refundable upon the occurrence of the Sixth Amendment Effective Date.

 

4.             Reaffirmation and Confirmation
of Security Interest.  The Company
hereby confirms to LaSalle and Bank One that the Company has granted to the
Agent, for the benefit of the Lenders, a security interest in or lien upon
substantially all of its property in order to secure the obligations of the
Company to the Agent and the Lenders pursuant to the Credit Agreement.  The Company hereby reaffirms such grant of
such security interest and lien to the Agent, for the benefit of the Lenders,
for such purpose in all respects.

 

3

 

5.             Representation and Warranties.  To induce LaSalle and Bank One to enter into
this Amendment, the Company hereby represents and warrants to LaSalle and Bank
One that:

 

(A)          Since December 30,
2002, there has been no development or event, which has had or could reasonably
be expected to have a material adverse effect on the Company’s business or
financial condition.  No Event of
Default or Unmatured Event will occur after giving effect to this Amendment.

 

(B)           The Company has the
corporate power and authority, and the legal right, to make and deliver this
Amendment and each other instrument, document or agreement to be executed and
delivered by it pursuant hereto, and to perform all of its obligations
hereunder and thereunder, and under the Credit Agreement as amended by this
Amendment, and the Company has taken all necessary corporate action to
authorize the execution and delivery of this Amendment and each other
instrument, document or agreement to be executed and delivered by it pursuant
hereto.

 

(C)           When executed and
delivered, this Amendment and each other instrument, document or agreement to
be executed and delivered by the Company pursuant hereto, and the Credit
Agreement as amended by this Amendment, will constitute legal, valid and
binding obligations of the Company, enforceable in accordance with their
respective terms, except as enforceability may be affected by bankruptcy,
insolvency, reorganization, moratorium and other similar laws relating to or
affecting the enforcement of creditors’ rights generally, and by general
equitable principles.

 

(D)          No Unmatured Event or
Event of Default exists, taking into account the changes to the Credit Agreement
contemplated by this Amendment, and the representations and warranties made by
the Company and the Continuing Guarantors in the Loan Documents to which each
is a party are true and correct in all material respects on and as of the date
hereof, after giving effect to the effectiveness of this Amendment and each
other instrument, document or agreement to be executed and delivered by any of
them pursuant thereto, as if made on and as of this date, other than those that
relate to an earlier or specific date.

 

6.             Miscellaneous.

 

(A)          Captions.  Section captions and headings used in this
Amendment are for convenience only and are not part of and shall not affect the
construction of this Amendment.

 

(B)           Governing Law.  This Amendment shall be a contract made
under and governed by the laws of the State of Illinois, without regard to
conflict of laws principles.  Whenever
possible, each provision of this Amendment shall be interpreted in such a
manner as to be effective and valid under applicable law, but if any provision
of this Amendment shall be prohibited by or invalid under such law, such
provision shall be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining
provisions of this Amendment.

 

(C)           Severability.  Any provision of this Amendment held by a
court of competent jurisdiction to be invalid or unenforceable shall not impair
or invalidate the remainder of this

 

4

 

Amendment and the effect
thereof shall be confined to the provision so held to be invalid or
unenforceable.

 

(D)          Counterparts; Facsimile Signature.  This Amendment may be executed in one or
more counterparts, each of which shall be deemed to be an original, but all of
which shall together constitute but one and the same document.  This Amendment may be executed by facsimile
signature, and any such facsimile signature by any party hereto shall be deemed
to be an original signature and shall be binding on such party to the same
extent as if such facsimile signature were an original signature.

 

(E)           Successors and Assigns.  This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
permitted assigns.

 

(F)           References.  From and after the date of execution of this
Amendment, any reference to any of the Loan Documents contained in any notice,
request, certificate or other instrument, document or agreement executed
concurrently with or after the execution and delivery of this Amendment shall
be deemed to include this Amendment unless the context shall otherwise require.

 

(G)           Continued Effectiveness.  Notwithstanding anything contained herein,
the terms of this Amendment are not intended to and do not serve to effect a
novation as to the Credit Agreement, the Notes or any other Loan Document.  The parties hereto expressly do not intend
to extinguish the Credit Agreement or any other Loan Document.  Instead, it is the express intention of the
parties hereto to reaffirm the indebtedness created under the Credit Agreement,
as evidenced by the Notes (including the Third Amended And Restated Term Note
to be executed and delivered pursuant to this Amendment), and as secured by the
collateral described in the Security Documents.  The Loan Documents, except as modified hereby, remain in full
force and effect and are hereby reaffirmed in all respects.

 

[Balance of page intentionally left blank;
signature page follows.]

 

5

 

IN WITNESS WHEREOF,
the parties hereto have caused this Sixth Amendment to Amended and Restated
Credit Agreement to be duly executed under seal and delivered by their
respective duly authorized officers on the date first above written.

 

	
   

  	
  STANDARD PARKING CORPORATION

  (formerly known as APCOA/Standard Parking, Inc.)

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LASALLE BANK NATIONAL ASSOCIATION,

  as Agent and a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK ONE, NA, as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
									

 

6

 

EXHIBIT A

 

ALL INDEBTEDNESS EVIDENCED BY
THIS NOTE IS SUBORDINATED TO OTHER INDEBTEDNESS PURSUANT TO, AND TO THE EXTENT
PROVIDED IN, AND IS OTHERWISE SUBJECT TO THE TERMS OF, THE SUBORDINATION
AGREEMENT, DATED AS OF JANUARY 11, 2001 (THE “SUBORDINATION AGREEMENT”), AS THE
SAME MAY BE AMENDED, RESTATED, MODIFIED OR SUPPLEMENTED AND IN EFFECT FROM TIME
TO TIME, BY AND AMONG BANK ONE, NA, STANDARD PARKING CORPORATION (FORMERLY
KNOWN AS APCOA/STANDARD PARKING, INC.) AND LASALLE BANK NATIONAL ASSOCIATION.

 

THIRD AMENDED AND RESTATED TERM NOTE

 

	
  $15,000,000

  	
   

  	
  Originally executed January 11, 2002

  
	
   

  	
   

  	
  Amended and Restated on December 30, 2002

  
	
   

  	
   

  	
  Amended and Restated Further on February 26, 2003

  
	
   

  	
   

  	
  Amended and Restated Further on April 30, 2003

  

 

FOR VALUE RECEIVED,
the undersigned, STANDARD PARKING CORPORATION
(formerly known as APCOA/Standard Parking, Inc.), a Delaware
corporation (the “Borrower”), hereby promises to pay to the order of BANK ONE, NA, a national banking
association (the “Lender”):

 

(a)           the
principal amount of Fifteen Million Dollars ($15,000,000), payable in one
principal installment of $5,000,000 on June 30, 2003, with the remaining entire
outstanding principal amount due and payable on the Term Loan Termination Date,
as provided in that certain Amended and Restated Credit Agreement dated as of
January 11, 2001 (as amended, restated, modified or supplemented and in effect
from time to time, the “Credit Agreement”), among the Borrower, the Lender and
certain other lenders which are or may become parties to the Credit Agreement,
and LaSalle Bank National Association, a national banking association, as agent
for itself and the other lenders; and

 

(b)           interest
on the principal balance hereof from time to time outstanding from and after
the Closing Date under the Credit Agreement at the times and at the rates
provided in the Credit Agreement.

 

This Third Amended And Restated Term Note evidences borrowings under
and has been issued by the Borrower in accordance with the terms of the Credit
Agreement.  This Third Amended and
Restated Term Note amends and restates in its entirety the Term Note which was
previously executed and delivered by Borrower to Lender on January 11, 2002 as
amended and restated by that certain Amended And Restated Term Note dated
December 30, 2002 and that certain Second Amended and Restated Term Note dated
February 26, 2003 (the “Existing Restated Term Note”).  The amendment and restatement of such
Existing Restated Term Note evidenced hereby is pursuant to a change in the
scheduled date for payment of the first installment of principal of the
indebtedness evidenced hereby and thereby. 
It is the intent of the parties hereto that such Existing Restated Term
Note, as restated hereby, shall re-evidence the Term Loans under the Credit
Agreement and is in no way intended to constitute repayment or a

 

7

 

novation of any of the Lender
Indebtedness which is evidenced by the Credit Agreement or such Existing
Restated Term Note (or the original Term Note restated thereby) or any of the
other Loan Documents executed in connection therewith.  The Lender and any holder hereof is entitled
to the benefits of the Credit Agreement, the Security Documents and the other
Loan Documents, and may enforce the agreements of the Borrower contained
therein, and any holder hereof may exercise the respective remedies provided
for thereby or otherwise available in respect thereof, all in accordance with
the respective terms thereof.  All capitalized
terms used in this Third Amended And Restated Term Note and not otherwise
defined herein shall have the same meanings herein as in the Credit Agreement.

 

If any one or
more Events of Default shall occur and be continuing, the entire unpaid
principal amount of this Third Amended And Restated Term Note and all of the
unpaid interest accrued thereon may become or be declared due and payable in
the manner and with the effect provided in the Credit Agreement.

 

No delay or
omission on the part of the Lender or any holder hereof in exercising any right
hereunder shall operate as a waiver of such right or of any other rights of the
Lender or such holder, nor shall any delay, omission or waiver on any one
occasion be deemed a bar or waiver of the same or any other right on any
further occasion.

 

The Borrower
and every endorser and guarantor of this Third Amended And Restated Term Note
or the obligation represented hereby waives presentment, demand, notice,
protest and all other demands and notices in connection with the delivery,
acceptance, performance, default or enforcement of this Third Amended And
Restated Term Note, and assents to any extension or postponement of the time of
payment or any other indulgence, to any substitution, exchange or release of collateral
and to the addition or release of any other party or persons primarily or
secondarily liable.

 

THIS THIRD
AMENDED AND RESTATED TERM NOTE AND THE OBLIGATIONS OF THE BORROWER HEREUNDER
SHALL FOR ALL PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW
OF THE STATE OF ILLINOIS (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE
OF LAW).  THE BORROWER AGREES THAT ANY
SUIT FOR THE ENFORCEMENT OF THIS THIRD AMENDED AND RESTATED TERM NOTE MAY BE
BROUGHT IN THE COURTS OF THE STATE OF ILLINOIS OR ANY FEDERAL COURT SITTING
THEREIN AND THE CONSENT TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE
SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE
ADDRESS SPECIFIED IN SECTION 8.2 OF THE CREDIT AGREEMENT.  THE BORROWER HEREBY WAIVES ANY OBJECTION
THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH
COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT COURT.

 

[Balance of page intentionally left blank; signature page follows.]

 

8

 

IN WITNESS WHEREOF,
the undersigned has caused this Third Amended And Restated Term Note to be
signed in its corporate name by its duly authorized officer as of the day and
year first above written.

 

	
   

  	
  STANDARD PARKING CORPORATION

  (formerly known as APCOA/Standard Parking, Inc.)

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  

 

9

 

EXHIBIT B

 

REAFFIRMATION AGREEMENT

 

This
Reaffirmation Agreement (this “Agreement”) is dated as of April 30, 2003, and
is made jointly and severally by the entities which are signatories hereto (the
“Guarantors”) in favor of LaSalle Bank National Association, a national banking
association, as agent (the “Agent”) under the Credit Agreement referred to
below, for the benefit of Agent and the “Lenders” under such Credit Agreement.

W I T N E S S E T H:

 

WHEREAS,
Standard Parking Corporation (formerly known as APCOA/Standard Parking, Inc.),
a Delaware corporation (the “Borrower”) is indebted to the “Lenders” under that
certain Amended and Restated Credit Agreement dated as of January 11, 2002, as
amended (as further amended, restated, modified or supplemented and in effect
on the date hereof, the “Credit Agreement”) and the “Notes” referred to
therein; and

 

WHEREAS, in
connection and concurrently with Borrower’s execution of the Credit Agreement
and the Notes, the Guarantors entered into that certain Amended and Restated
Guaranty in favor of the Agent, for the benefit of the Agent and the Lenders
(the same, as it may be amended, restated, modified or supplemented and in
effect from time to time being herein referred to as the “Guaranty”) providing
for the guaranty by the Guarantors of Borrower’s obligations under the Credit
Agreement, the Notes, and the other “Loan Documents” (as such term is defined
in the Credit Agreement); and

 

WHEREAS, in
connection and concurrently with Borrower’s execution of the Credit Agreement
and the Notes, and from time to time thereafter, the Guarantors have entered
into certain “Security Documents” (as such term is defined in the Credit
Agreement) granting a Lien on substantially all of the Guarantors’ assets to
secure Borrower’s obligations under the Credit Agreement, the Notes and the
other Loan Documents; and

 

WHEREAS,
Borrower has requested that Agent and the Lenders amend the Credit Agreement in
certain respects, all as set forth in that certain Sixth Amendment to Amended
and Restated Credit Agreement dated as of April 30, 2003 by and among the
Borrower, the Lenders and the Agent (the “Sixth Amendment”) and the Third
Amended And Restated Term Note referred to in the Sixth Amendment (the “Third
Restated Term Note”); and

 

WHEREAS, the
Lenders and the Agent are agreeable to such requests, subject to certain terms
and conditions and provided, among other things, that the Guarantors
concurrently execute and deliver this Reaffirmation Agreement; and

 

WHEREAS, the
Guarantors desires to induce the Lenders and the Agent to take such actions and
are therefore willing to execute and deliver this Reaffirmation Agreement in
favor of the Agent for the benefit of the Lenders and the Agent;

 

NOW,
THEREFORE, the Guarantors hereby jointly and severally agree as follows:

 

10

 

1.             Reaffirmation of Guaranty and
Security Documents.  The Guaranty
and each Security Document is hereby reaffirmed as of the date hereof in all
respects jointly and severally by each of the Guarantors, and shall continue
from and after the date hereof and shall remain in full force and effect from
and after the date hereof, and the obligations guaranteed under the Guaranty
and secured pursuant to the Security Documents shall include the Borrower’s
obligations under the Credit Agreement as amended by the Sixth Amendment and
under the Third Restated Term Note.

 

2.             Reaffirmation and Confirmation
of Security Interest.  Each
Guarantor hereby confirms to LaSalle and Bank One that such Guarantor has
granted to the Agent, for the benefit of the Agent and the Lenders, a security
interest in or lien upon substantially all of its property in order to secure
the obligations of the Borrower to the Agent and the Lenders pursuant to the
Credit Agreement.  Each Guarantor hereby
reaffirms such grant of such security interest and lien to the Agent, for the
benefit of the Agent and the Lenders, for such purpose in all respects.

 

3.             Representations and Warranties.  To induce LaSalle and Bank One to enter into
the Sixth Amendment, the Guarantors hereby jointly and severally represent and
warrant to the Agent, for the benefit of the Agent and the Lenders, that:

 

(a)           Since December 30,
2002, there has been no development or event, which has had or could reasonably
be expected to have a material adverse effect on any Guarantor’s or the
Borrower’s business or financial condition. 
No Event of Default or Unmatured Event will occur after giving effect to
the Sixth Amendment and the Third Restated Term Note.

 

(b)           Each Guarantor has
the corporate or limited liability company power and authority, and the legal
right, to make and deliver this Agreement and has taken all necessary corporate
or limited liability company action to authorize the execution and delivery of
this Agreement.

 

(c)           This Agreement and
the Guaranty each constitute legal, valid and binding obligations of the Guarantors,
enforceable in accordance with their respective terms, except as enforceability
may be affected by bankruptcy, insolvency, reorganization, moratorium and other
similar laws relating to or affecting the enforcement of creditors’ rights
generally, and by general equitable principles.

 

(d)           No Unmatured Event
or Event of Default exists and the representations and warranties made by the
Borrower and the Guarantors in the Loan Documents to which each is a party are
true and correct in all material respects on and as of the date hereof, after
giving effect to the effectiveness of the Sixth Amendment and each other
instrument, document or agreement to be executed and delivered by any of them
pursuant thereto, as if made on and as of this date, other than those that
relate to an earlier or specific date.

 

4.             Governing Law.  This Agreement shall be governed and
construed in accordance with the internal laws and decisions of the state of
Illinois, without regard to the conflict of laws provisions thereof.  Whenever possible, each provision of this
Agreement shall be interpreted in

 

11

 

such a manner as to be
effective and valid under applicable law, but if any provision of this
Agreement shall be prohibited by or invalid under such law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of
this Agreement.

 

5.             Captions.  Section captions and headings used in this
Agreement are for convenience only and are not part of and shall not affect the
construction of this Agreement.

 

6.             Counterparts; Facsimile
Signature.  This Agreement may be
executed in one or more counterparts, each of which shall be deemed to be an
original, but all of which shall together constitute but one and the same
document.  This Agreement may be
executed by facsimile signature, and any such facsimile signature by any party
hereto shall be deemed to be an original signature and shall be binding on such
party to the same extent as if such facsimile signature were an original
signature.

 

7.             Successors and Assigns.  This Agreement shall be binding upon the
parties hereto and their respective successors and assigns, and shall inure to
the benefit of such parties and their respective successors and assigns.

 

[Balance of page intentionally left blank; signature page follows.]

 

12

 

IN WITNESS
WHEREOF, the undersigned have each executed this Reaffirmation Agreement as of
the date first above written.

 

	
  AP Holdings, Inc.

  	
  Tower Parking, Inc.

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  
	
  APCOA Bradley Parking Company, LLC

  	
  Virginia Parking Service, Inc.

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  
	
  APCOA LaSalle Parking Company, LLC

  	
  Hawaii Parking Maintenance, Inc.

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  
	
  Standard Auto Park, Inc.

  	
  Standard Parking Corporation IL

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
													

 

13Exhibit 4.6.7

 

AGREEMENT

FOR INITIAL INVESTMENT IN COSMOTELCO

 

This agreement (the “Initial
Investment Agreement”) is made on 7 February, 2003

 

BETWEEN

 

(1)                                MATÁV
RT. (HUNGARIAN TELECOMMUNICATIONS COMPANY LIMITED)

H-1013
Budapest, Krisztina krt. 55., Budapest, Hungary (“MATÁV”) and

 

(2)                                 COSMOTELCO
ADDED VALUE SERVICES S.A.

47 Ag.
Konstantinou Str., Maroussi, Attica, Greece; (“COSMOTELCO”).

 

WHEREAS:

 

(A)                              Pursuant
to the provisions of the Subscription and Shareholders’ Deed (the “Deed”)
relating to Stonebridge Communications AD Skopje (“Stonebridge”) [dated 14
December 2000 as amended by the First Supplemental Deed dated 10 January 2001,
the Second Supplemental Deed dated 8 February 2001 and the Third Supplemental
Deed dated 10 May, 2001, now between Stonebridge, Telemacedonia AD Skopje,
MATÁV, Cosmotelco and SEEF Holdings Limited (“SEEF”)], Matáv, Cosmotelco and
SEEF are the co-holders of all shares in Stonebridge (“Stonebridge Shares”), and
Cosmotelco owns 5,078,557 pieces of Stonebridge Shares representing, in
aggregate, 7.4464% of the total share capital of Stonebridge;

 

(B)                                In
addition, pursuant to Clause 15.5 of the Deed and to the provisions of certain
agreement (“First Extension Agreement”) between Matáv and Cosmotelco dated
7 February 2002, Cosmotelco is the holder of a call option granted by Matáv in
respect of Stonebridge Shares representing 10% of the total issued share
capital of Stonebridge. Under the terms agreed in the First Extension
Agreement, the Option would expire on 8 February 2003.

 

(C)                                In
addition, pursuant to Clause 15.5 of the Deed and to the provisions of certain
agreement (“Second Extension Agreement”) between Matáv and CosmoTelco
dated 7 February 2003, CosmoTelco is the holder of a call option granted by
Matáv in respect of Stonebridge Shares 

 

1

 

representing
10% of the total issued share capital of Stonebridge. Under the terms agreed in
the Second Extension Agreement, the Option would expire on 30 September 2003
(the “Extended Exercise Date”). For the avoidance of doubts, the Parties to the
Second Extension Agreement modified only the term of the Option, all other
terms and conditions of the option arrangement remaining as agreed in the Deed
and the First Extension Agreement.

 

IT IS AGREED AS FOLLOWS:

 

1.                                       Matáv and CosmoTelco
shall use their best efforts to finalise by the 8th of April 2003
the Business Case (BC) for determining the initial investment needs to bring
CosmoTelco in a position to be strong alternative fix line operator in Greece.

 

2.                                       In case  a mutually accepted “BC” is concluded by the 8th
of April 2003, Parties will develop the transaction structure and prepare a
separate detailed agreement (“Transaction Structure Agreement”) -
including MakTel as an initial investor and minority owner in Cosmotelco
subject to Macedonian legislation - which shall be signed no later than 7 June
2003., based on the provisions of this “Initial Investment Agreement” and
the result of the evaluation what is described in Chapter 3 of this Agreement.  The “Transaction Structure Agreement”
shall provide among others the investment that could be realised through MakTel
to Cosmotelco under the current Macedonian legislation. The “Transaction
Structure Agreement” shall also  contain the future shareholding structure
of CosmoTelco with Matáv’s controlling stake directly or through MakTel after
the implementation of initial investment in CosmoTelco with an additional call
option of Matáv for CosmoTelco to be exercised until 31 December 2003.

 

3.                                       It is agreed that within
five (5) working days from the finalisation of BC, each Party shall proceed to
the evaluation of Cosmotelco on a going concern basis. In case the valuation as
determined by the Parties shall not be in conformity with each other then the parties
shall be immediately engaged in good faith negotiations in order to reach a
mutually agreed valuation. Each party shall bear the costs of its own
evaluation.

 

4.                                       Parties also agree they
will utilise international legal advisers for the preparation of the “Transaction
Structure Agreement”. The cost of these legal advisers will be born
by the Parties proportionally (according to the final share participation of
each party), in case the 

 

2

 

investment in Cosmotelco is realised. In case
the investment in Cosmotelco shall not be realised then the cost shall be born
by the Parties equally.

 

5.                                       CosmoTelco will exercise
its call option not later than 30 September 2003 according to the “Second
Extension Agreement”.

 

IN WITNESS WHEREOF, the parties
hereto have caused this Initial Investment Agreement to be duly
executed as a deed on the date written above.

 

	
  EXECUTED as
  a DEED

  
	
  by MATÁV RT.
  (HUNGARIAN TELECOMMUNICATIONS COMPANY LIMITED)

  
	
   

  
	
   

  
	
  /s/ Elek
  STRAUB

  	
   

  
	
  Elek STRAUB

  
	
  the Chairman
  of the Board of Directors, CEO

  
	
   

  
	
  /s/ Horst
  HERMANN

  	
   

  
	
  Horst
  HERMANN

  
	
  Chief
  Strategic and International Officer

  
	
   

  
	
   

  
	
  EXECUTED as
  a DEED

  
	
  by COSMOTELCO
  ADDED VALUE SERVICES S.A.

  
	
   

  
	
   

  
	
  /s/ Nikos
  STAVRIDIS

  	
   

  
	
  Nikos
  STAVRIDIS

  
	
  The Chairman
  of the Board of Directors

  
	
   

  
	
  /s/ Mihail
  KEFALOYANNIS

  	
   

  
	
  Mihail
  KEFALOYANNIS

  
	
  Member of
  the Board of Directors

  

 

3

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