Document:

cptp-ex10aii_256.htm

 

Exhibit 10 (a) (ii)

 

LETTER AGREEMENT BETWEEN METROPARK, LTD AND ISSUER DATED JULY 31, 2020

 

 

 

July 31, 2020

 

Ms. Susan Johnson, Treasurer

Capital Properties, Inc.

5 Steeple Street, Unit 303

Providence, RI 02903

 

RE:    Covid-19 Parking Lot Revenue Sharing

 

VIA Email

 

Dear Susan:

 

The Covid-19 pandemic and Rhode Island’s stay-at-home orders have had a significant adverse impact on Metropark.  In mid-March, we closed our lots as there were few parking customers.  We expect our operations will slowly return to normal over the next several months as the State has lifted the stay-at-home order and is gradually permitting certain business to resume operations. Accordingly, we are proposing to adjust our rental obligations under that certain lease between Capital Properties, Inc. and Metropark, Ltd, dated January 1, 2017 (the “Lease”) as described herein. All other covenants, terms and conditions of the Lease remain in full force and effect without modification.

 

To date we have paid all the rent due for the parking lots through March and have paid $32,290.75 towards the April through July rent resulting in a balance due CPI of $146,654.72 on July 31, 2020. The $146,654.72 together with the difference between our contractual rental obligation under the Lease of $44,673 per month (the “Monthly Contractual Rent”) and the amounts actually paid by us during the period from April 1, 2020 to the date of  our return to payment of the Monthly Contractual Rent as required by this letter agreement is referred to as the “Cumulative Rental Arrearage”  We will not be in a position to pay the Contractual Monthly Rent until operations are at approximately 80% of pre-pandemic levels. 

 

Until that level of operations is achieved, I propose that our partial monthly rental payment to CPI be based on an allocation of the total monthly revenue collected using the percentages noted in the table below.  As discussed, Metropark will keep 100% of the first $20,000 of revenue collected and will split the amount in excess of the $20,000 in accordance with the percentages noted in the table below.  The full amount of rent will be due once the lots generate $70,000 per month.  

 

					
	
 
	
Revenue Split

	
Total 

Revenue
	
 
	
Metropark

Share
	
 
	
Capital

Share

	
 
	
 
	
 
	
 
	
 

	
$0 - $20,000
	
 
	
100%
	
 
	
0%

	
$20,001 - $29,999
	
 
	
50%
	
 
	
50%

	
$30,000 - $39,999
	
 
	
40%
	
 
	
60%

	
$40,000 - $69,999
	
 
	
30%
	
 
	
70%

	
Over $70,000
	
 
	
 
	
 
	
Full rent due

 

By way of example, if August’s revenue is assumed to be $38,000, Metropark would keep $28,200 and make a partial payment of $9,800 to CPI:  

 

							
	
 

Total 

Revenue
	
 
	
Assumed Revenue for August 

$38,000
	
 
	
 

Metropark

Share
	
 
	
 

CPI

Share

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
$0 - $20,000
	
 
	
$20,000
	
 
	
$20,000
	
 
	
$0

	
$20,001 - $29,999
	
 
	
10,000
	
 
	
5,000
	
 
	
5,000

	
$30,000 - $39,999
	
 
	
8,000
	
 
	
3,200
	
 
	
4,800

	
 
	
 
	
$38,000
	
 
	
$28,200
	
 
	
$9,800

 

 

 

 

My intention is to pay all of the past due rent once operations return to “normal”. Once we have returned to paying the Monthly Contractual Rent, the amount of the Cumulative Rental Arrearage will be paid beginning with first day of month next following return to full payment of Monthly Contractual Rent by sharing with you fifty (50) percent of the revenues of the lots in excess of $70,000 per month until the arrearage has been discharged. If prior to payment in full of the arrearage, one or more lots is removed from the lease for development by you, the amount of the then unpaid Cumulative Rental Arrearage in the ratio of the number of parking spaces on the removed lot to the total parking spaces on all the lots prior to such lot’s removal shall be deemed paid in full. When the Cumulative Rental Arrearage has been paid in full, we will then become subject to the rental provisions of the Lease.

 

If you are in agreement with the above proposal, please sign and return this letter to me. 

 

 

Sincerely,

 

/s/ Charles Meyers

 

Charles Meyers

President

 

 

AGREED AND ACCEPTED:

Capital Properties, Inc

 

By:                    /s/ Susan R. Johnson

Print Name:      Susan R. Johnson

Title:                 Treasurerck0000096271-ex101_28.htm

Exhibit 10.1

 

AMENDMENT NO. 4

TO

LOAN AND SERVICING AGREEMENT

 

This AMENDMENT NO. 4 TO LOAN AND SERVICING AGREEMENT (this “Amendment”) dated as of July 14, 2020 is by and among Tampa Electric Company, in its capacity as “Servicer” under the Loan Agreement (as defined below); TEC Receivables Corp., in its capacity as “Borrower”, MUFG Bank, Ltd., formerly known as The Bank of Tokyo-Mitsubishi UFJ, Ltd., in its capacities as “Program Agent”, a “Managing Agent” and a “Committed Lender”, and Royal Bank of Canada, in its capacities as a “Managing Agent” and a “Committed Lender.”  Capitalized terms used herein but not specifically defined herein shall have the meanings given to such terms in the Loan Agreement (as defined below). 

 

PRELIMINARY STATEMENTS:

	
(1)
	
The Servicer, the Borrower, the Committed Lenders, the Managing Agents, the Program Agent and certain Conduit Lenders are parties to that certain Loan and Servicing Agreement dated as of March 24, 2015, (as amended prior to the date hereof, the “Loan Agreement”).

 

	
(2)
	
The parties hereto wish to amend the Loan Agreement, in accordance with Section 10.01(b) thereof, upon the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, the parties hereto agree as follows:

Section 1.Amendments to the Loan Agreement.  Effective as of the date hereof and subject to the satisfaction of the condition precedent set forth in Section 2 hereof, Section 7.01(g) of the Loan Agreement is hereby amended to restate clauses (ii) and (iii) in their entirety as follows:

(ii)(A) if such Monthly Period is October 2020 through March 2021, the average of the Delinquency Ratios for any three (3) consecutive Monthly Periods shall exceed 3.25%, (B) if such Monthly Period is April 2020 through August 2020 (excluding June 2020 through August 2020), the average of the Delinquency Ratios for any three (3) consecutive Monthly Periods shall exceed 3.00%, or (C) if such Monthly Period is June 2020 through September 2020, the average of the Delinquency Ratios for any three (3) consecutive Monthly Periods shall exceed 7.00%;

(iii)(A) if such Monthly Period is not June 2020 through September 2020, the average of the Default Ratios for any three (3) consecutive Monthly Periods shall exceed 2.00%, or (B) if such Monthly Period is June 2020 through September 2020, the average of the Default Ratios for any three (3) consecutive Monthly Periods shall exceed 6.00%; or

Section 2.Conditions of Effectiveness.  This Amendment shall become effective as of the date hereof upon the receipt by the Program Agent of this Amendment duly executed by all of the parties hereto.

Signature Page to Amendment No. 4 to
Loan and Servicing Agreement

ACTIVE 257611218v.3

 

Section 3.Representations and Warranties.

A.Upon the effectiveness of this Amendment, each of the Borrower and the Servicer hereby reaffirms all covenants, representations and warranties made by it in the Loan Agreement and agrees that all such covenants, representations and warranties shall be deemed to have been re-made as of the effective date of this Amendment, unless such representations and warranties by their terms refer to an earlier date than the Effective Date, in which case they shall be correct on and as of such earlier date.

B.Each of the Borrower and the Servicer hereby represents and warrants as to itself (i) that this Amendment constitutes the legal, valid and binding obligation of such party enforceable against such party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general principles of equity which may limit the availability of equitable remedies and (ii) upon the effectiveness of this Amendment, that no event shall have occurred and be continuing which constitutes an Event of Termination or an Incipient Event of Termination.

Section 4.Reference to and Effect on the Loan Agreement.

A.On and after the effective date of this Amendment, each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Loan Agreement and each reference to the Loan Agreement in any certificate delivered in connection therewith, shall mean and be a reference to the Loan Agreement as amended hereby.

B.Each of the parties hereto hereby agrees that, except as specifically amended above, the Loan Agreement is hereby ratified and confirmed and shall continue to be in full force and effect and enforceable, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and general equitable principles.

C.The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender, any Managing Agent or the Program Agent under the Loan Agreement or any of the other Facility Documents, nor constitute a waiver of any provision contained therein.

Section 5.Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart of a signature page by facsimile or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment.

Section 6.Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Signature Page to Amendment No. 4 to
Loan and Servicing Agreement

 

ACTIVE 257611218v.3

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and year first above written.

TAMPA ELECTRIC COMPANY,
as Servicer

 

 

By: _/s/ Gregory W. Blunden_____________
Name: Gregory W. Blunden 
Title:  Senior Vice President, Finance and

          Accounting and Treasurer

 

 

 

 

TEC RECEIVABLES CORP., as Borrower

 

 

By: _/s/ Gregory W. Blunden__________

Name:  Gregory W. Blunden 

Title:  Treasurer

 

Signature Page to Amendment No. 4 to
Loan and Servicing Agreement

 

ACTIVE 257611218v.3

 

MUFG BANK, LTD., FORMERLY KNOWN AS THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Program Agent, as a Managing Agent and as a Committed Lender

 

 

By: /s/ Eric Williams

Name: Eric Williams

Title: Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to Amendment No. 4 to
Loan and Servicing Agreement

 

ACTIVE 257611218v.3

 

ROYAL BANK OF CANADA, as a Managing Agent and as a Committed Lender 

 

 

By: /s/ Veronica L. Gallagher

Name:  Veronica L. Gallagher

Title: Authorized Signatory

 

 

 

Signature Page to Amendment No. 4 to
Loan and Servicing Agreement

 

ACTIVE 257611218v.3

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