Document:

Prepared and filed by St Ives Financial

Exhibit 10.1

AMENDED AND RESTATED

SWAP TRANSACTION CONFIRMATION

 

 

  	
        Date:

      	
         

      	
        November
          27, 2006

      
	
        To:

      	
         

      	
        A.C.
          Moore Arts & Crafts, Inc., A.C. Moore Incorporated, Moorestown Finance,
          Inc., Blackwood Assets, Inc. and A.C. Moore Urban Renewal, LLC (jointly
          and severally “Counterparty”)

      
	
        Address:

      	
         

      	
        130
          AC Moore Drive

      
	
         

      	
         

      	
        Berlin,
          NJ

      
	
         

      	
         

      	
        08009
          USA

      
	
        Email:

      	
         

      	
        mkatz@acmoore.com

      
	
        Attention:

      	
         

      	
        Marc
          D. Katz

      
	
        From:

      	
         

      	
        Wachovia
          Bank, N.A. (“Wachovia”)

      
	
        Ref.
          No:

      	
         

      	
        1625580

      

Dear Marc D. Katz:

Reference is made to that certain Confirmation dated November 3, 2006 between the Counterparty and Wachovia regarding a Transaction with a Wachovia reference number of 1625580, a Trade Date of November 2, 2006, an Effective Date of November 1, 2006 and a Termination Date of September 3, 2019 (“Prior Confirmation”). This Confirmation amends and restates the Prior Confirmation.

This confirms the terms of the Transaction described below between Counterparty and Wachovia. The definitions and provisions contained in the 2000 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern. Fixed Amounts and Floating Amounts for each applicable Payment Date hereunder will be calculated in accordance with the ISDA Definitions, and if any Fixed Amount and Floating Amount are due for the same Payment Date hereunder, then those amounts shall not be payable and instead the Fixed Rate Payer shall pay the positive difference, if any, between the Fixed Amount and the Floating Amount, and the Floating Rate Payer shall pay the positive difference, if any, between the Floating Amount and
the Fixed Amount.

 

	

1.
 	

The terms of the particular Transaction to which the Confirmation relates are as follows:
 

 

  	
        Transaction
          Type:

      	
         

      	
        Interest
          Rate Swap

      
	
        Currency
          for Payments:

      	
         

      	
        U.S.
          Dollars

      
	
        Notional
          Amount:

      	
         

      	
        For
          a Calculation Period, the amount set forth opposite that Calculation
          Period on Attachment I hereto

      
	
        Term:

      	
         

      	
         

      
	
        Trade
          Date:

      	
         

      	
        November
          2, 2006

      
	
        Effective
          Date:

      	
         

      	
        November
          1, 2006

      
	
        Termination
          Date:

      	
         

      	
        September
          03, 2019, subject to adjustment in accordance with the Modified Following
          Business Day Convention.

      
	
         

      	
         

      	
         

      
	
        Fixed
          Amounts:

      	
         

      	
         

      
	
        Fixed
          Rate Payer:

      	
         

      	
        Counterparty

      
	
        Payment
          Dates:

      	
         

      	
        Monthly
          on the 1st of each month commencing December 01, 2006, through and including
          the Termination Date

      
	
        Business
          Day Convention:

      	
         

      	
        Modified
          Following

      
	
        Business
          Day:

      	
         

      	
        New
          York

      
	
        Fixed
          Rate:

      	
         

      	
        5.77%

      
	
        Fixed
          Rate Day Count Fraction:

      	
         

      	
        Actual/360

      
	
         

      	
         

      	
         

      
	
        Floating
          Amounts:

      	
         

      	
         

      
	
        Floating
          Rate Payer:

      	
         

      	
        Wachovia

      
	
        Payment
          Dates:

      	
         

      	
        Monthly
          on the 1st of each month commencing December 01, 2006, through and including
          the Termination Date 

      
	
        Business
          Day Convention:

      	
         

      	
        Modified
          Following 

      
	
        Business
          Day:

      	
         

      	
        New
          York

      
	
        Floating
          Rate for initial Calculation

      	
         

      	
        5.32%
          (excludes Spread)

      
	
        Period:

      	
         

      	
         

      

 

2

 

  	
        Floating
          Rate Option:

      	
         

      	
        USD-LIBOR-BBA

      
	
        Designated
          Maturity:

      	
         

      	
        1
          Month

      
	
        Spread:

      	
         

      	
        Plus
          0.65%

      
	
        Floating
          Rate Day Count Fraction:

      	
         

      	
        Actual/360

      
	
        Floating
          Rate determined:

      	
         

      	
        Two
          London Banking Days prior to each Reset Date.

      
	
        Reset
          Dates:

      	
         

      	
        The
          first day of each Calculation Period.

      
	
        Compounding:

      	
         

      	
        Inapplicable

      
	
        Rounding
          convention:

      	
         

      	
        5
          decimal places per the ISDA Definitions.

      

	

2.
 	

The additional provisions of this Confirmation are as follows:
 

 

  	
        Calculation
          Agent:

      	
         

      	
        As
          per the Master Agreement

      
	
        Payment
          Instructions:

      	
         

      	
        Wachovia
          Wholesale Lockbox

          P.O. Box 60308

          Charlotte, NC 28260-0308

      
	
        Wachovia
          Contacts: 

      	
         

      	
        Settlement
          and/or Rate Resets:

          1-800-249-3865

          1-704-383-8429

        Documentation:

          Tel: (704) 383-4599

          Fax: (704) 383-9139
        

      
	 	 	Collateral:

        Tel: (704) 383-9529

        Please quote transaction reference number.

	
        Payments
          to Counterparty:

      	
         

      	
        Please
          provide written payment instructions.

          Wachovia will make no payments until

          written payment instructions are received.

          Phone: 1-800-249-3865 Fax: 1-704-383-8429

      

The following event shall constitute a “Termination Event” for this Transaction: before the opening of business on December 17, 2006, the Counterparty fails to execute and deliver to Wachovia an ISDA Master Agreement (including a Schedule thereto) in form and substance acceptable to Wachovia in its sole discretion.

3

If this Termination Event occurs, Wachovia may give written notice (including by facsimile transmission) to the Counterparty designating a New York Business Day not earlier than (nor more than 20 days after) the day such notice is given as the “Early Termination Date” for this Transaction. Upon that designation, all obligations under this Transaction will terminate and be replaced by an obligation of one party hereto to make a payment to the other party hereto as compensation for the termination of this Transaction (“Termination Payment”). The amount of, and the party obligated to make the Termination Payment shall be determined by Wachovia in accordance with the provisions of Section 6(e) of the 1992 ISDA Master Agreement (“ISDA Master”), which provisions, together with related definitions and ancillary provisions, are hereby incorporated by reference (mutatis
mutandis) from the Local Currency--Single Jurisdiction version of the ISDA Master Agreement. For purposes of the foregoing, (i) the “Second Method” and “Market Quotation” apply, (ii) this Transaction will be deemed a “Terminated Transaction”, and (iii) the Counterparty will be deemed the “Affected Party”, as such terms are used in the ISDA Master Agreement.

The Termination Payment will be due on the New York Business Day following the Early Termination Date, together with interest thereon (payable on demand and computed on a 360-day year basis for actual days elapsed) at a rate per annum equal to 2% plus the daily average Bank Prime Loan rate in effect for each day the Termination Payment remains unpaid as published in N.Y. Federal Reserve Statistical Release H.15(519) for each such day.

Documentation

If at any time there exists an executed ISDA Master Agreement between the parties governing this Transaction, this Confirmation supplements, forms part of and will be governed by that ISDA Master Agreement, and all provisions contained or incorporated by reference in that ISDA Master Agreement will govern this Confirmation except as expressly modified herein. In the absence of that ISDA Master Agreement, this Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the ISDA Master Agreement (Local Currency-Single Jurisdiction) published in 1992 by the International Swaps and Derivatives Association, Inc. as if the parties had executed an agreement in such form (the provisions of which are hereby incorporated by reference), but without any Schedule except for the election of New York law (without regard to conflicts of law principles) as the governing law.
References in this Confirmation to the “ISDA Master Agreement” shall be to whichever of the foregoing is applicable. Neither party is acting as the other party’s financial advisor for this Transaction nor is it relying on the other party for any evaluation of the present or future results, consequences, risks, and benefits of this transaction, whether financial, accounting, tax, legal, or otherwise.

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of this Confirmation and returning it to us.

 

	

 
 	

 
 	

Very truly yours,
 Wachovia Bank, N.A.
 
	

  
 	

 
 	

By: 
 	

 /s/ Tracey Bissell
 
	

 
 	

 
 	

 
 	

 
	

 
 	

 
 	

 
 	

Name: Tracey Bissell
 
	

 
 	

 
 	

 
 	

Title:     Vice President
 

 

4

 

	

 
 	

 
 	

Ref. No. 1625580
 
	

Accepted and Confirmed as of date first
 written above:
 	

 
 	

 
 
	

A.C. Moore Arts & Crafts, Inc.,
 	

 
 	

 
 
	

By: 
 	

 /s/ Marc Katz
 	

 
 	

 
 	

  
 
	

 
 	

 	

 
 	

 
 	

 
 
	

 
 	

Name: Marc Katz
 	

 
 	

 
 	

 
 
	

 
 	

Title: EVP and CFO
 	

 
 	

 
 	

 
 
	

A.C. Moore Incorporated
 	

 
 	

 
 
	

By: 
 	

 /s/ Marc Katz
 	

 
 	

 
 	

  
 
	

 
 	

 	

 
 	

 
 	

 
 
	

 
 	

Name: Marc Katz
 	

 
 	

 
 	

 
 
	

 
 	

Title: EVP and CFO
 	

 
 	

 
 	

 
 
	

Moorestown Finance, Inc.
 	

 
 	

 
 
	

By: 
 	

 /s/ Marc Katz
 	

 
 	

 
 	

  
 
	

 
 	

 	

 
 	

 
 	

 
 
	

 
 	

Name: Marc Katz
 	

 
 	

 
 	

 
 
	

 
 	

Title: EVP and CFO
 	

 
 	

 
 	

 
 
	

Blackwood Assets, Inc.
 	

 
 	

 
 
	

By: 
 	

 /s/ Marc Katz
 	

 
 	

 
 	

  
 
	

 
 	

 	

 
 	

 
 	

 
 
	

 
 	

Name: Marc Katz
 	

 
 	

 
 	

 
 
	

 
 	

Title: EVP and CFO
 	

 
 	

 
 	

 
 
	

A.C. Moore Urban Renewal, LLC
 	

 
 	

 
 
	

By: 
 	

 /s/ Marc Katz
 	

 
 	

 
 	

  
 
	

 
 	

 	

 
 	

 
 	

 
 
	

 
 	

Name: Marc Katz
 	

 
 	

 
 	

 
 
	

 
 	

Title: Authorized Signatory
 	

 
 	

 
 	

 
 

 

5Prepared and filed by St Ives Financial

Exhibit 10.2

AMENDED AND RESTATED

SWAP TRANSACTION CONFIRMATION

 

 

	

Date:
 	

November 27, 2006
 
	

To:
 	

A.C. Moore Arts & Crafts, Inc., A.C. Moore Incorporated, Moorestown Finance, Inc., Blackwood Assets, Inc. and A.C. Moore Urban Renewal, LLC (jointly and severally “Counterparty”)
 
	

Address:
 	

130 AC Moore Drive
 Berlin NJ
 08009 USA
 
	

Email:
 	

mkatz@acmoore.com
 
	

Attention:
 	

Marc D. Katz
 
	

From:
 	

Wachovia Bank, N.A. (“Wachovia”)
 
	

Ref. No:
 	

1625581
 

Dear Marc D. Katz:

Reference is made to that certain Confirmation dated November 07, 2006 between the Counterparty and Wachovia regarding a Transaction with a Wachovia reference number of 1625581, a Trade Date of November 02, 2006, an Effective Date of November 01, 2006 and a Termination Date of September 01, 2011 (“Prior Confirmation”). This Confirmation amends and restates the Prior Confirmation.

This confirms the terms of the Transaction described below between Counterparty and Wachovia. The definitions and provisions contained in the 2000 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern. Fixed Amounts and Floating Amounts for each applicable Payment Date hereunder will be calculated in accordance with the ISDA Definitions, and if any Fixed Amount and Floating Amount are due for the same Payment Date hereunder, then those amounts shall not be payable and instead the Fixed Rate Payer shall pay the positive difference, if any, between the Fixed Amount and the Floating Amount, and the Floating Rate Payer shall pay the positive difference, if any, between the Floating Amount and
the Fixed Amount.

	

1.
 	

The terms of the particular Transaction to which the Confirmation relates are as follows:
 

 

	

Transaction Type:
 	

 
 	

Interest Rate Swap
 
	

Currency for Payments:
 	

 
 	

U.S. Dollars
 
	

Notional Amount:
 	

 
 	

For a Calculation Period, the amount set forth opposite that Calculation Period on Attachment I hereto
 
	

Term:
 	

 
 	

 
 
	

Trade Date:
 	

 
 	

November 02, 2006
 
	

Effective Date:
 	

 
 	

November 01, 2006
 
	

Termination Date:
 	

 
 	

September 01, 2011, subject to adjustment in accordance with the Modified Following Business Day Convention.
 
	

Fixed Amounts:
 	

 
 	

 
 
	

Fixed Rate Payer:
 	

 
 	

Counterparty
 
	

Payment Dates:
 	

 
 	

Monthly on the 1st of each month commencing December 01, 2006, through and including the Termination Date
 
	

Business Day Convention:
 	

 
 	

Modified Following
 
	

Business Day:
 	

 
 	

New York
 
	

Fixed Rate:
 	

 
 	

        5.72%

      
	

Fixed Rate Day Count Fraction:
 	

 
 	

Actual/360 
 
	

Floating Amounts:
 	

 
 	

 
 
	

Floating Rate Payer:
 	

 
 	

Wachovia
 
	

Payment Dates:
 	

 
 	

Monthly on the 1st of each month commencing December 01, 2006, through and including the Termination Date
 
	

Business Day Convention:
 	

 
 	

Modified Following
 
	

Business Day:
 	

 
 	

New York
 
	

Floating Rate for initial Calculation Period:
 	

 
 	

5.32% (excludes Spread)
 

2

 

	

Floating Rate Option:
 	

 
 	

USD-LIBOR-BBA
 
	

Designated Maturity:
 	

 
 	

1 Month
 
	

Spread:
 	

 
 	

Plus 0.65%
 
	

Floating Rate Day Count Fraction:
 	

 
 	

Actual/360
 
	

Floating Rate determined:
 	

 
 	

Two London Banking Days prior to each Reset Date.
 
	

Reset Dates:
 	

 
 	

The first day of each Calculation Period.
 
	

Compounding:
 	

 
 	

Inapplicable
 
	

Rounding convention:
 	

 
 	

5 decimal places per the ISDA Definitions.
 

	
        2.

      	

The additional provisions of this Confirmation are as follows:
 

 

	

Calculation Agent:
 	

 
 	

As per the Master Agreement
 
	

Payment Instructions:
 	

 
 	

Wachovia Wholesale Lockbox
 P.O. Box 60308
 Charlotte, NC 28260-0308
 
	

Wachovia Contacts:
 	

 
 	

Settlement and/or Rate Resets:
 1-800-249-3865
 1-704-383-8429
 
	

 
 	

 
 	

Documentation:
 Tel: (704) 383-4599
 Fax: (704) 383-9139
 
	

 
 	

 
 	

Collateral:
 Tel: (704) 383-9529
 
	

 
 	

 
 	

Please quote transaction reference number.
 
	

Payments to Counterparty:
 	

 
 	

Please provide written payment instructions. Wachovia will make no payments until written payment instructions are received. Phone: 1-800-249-3865 Fax: 1-704-383-8429
 

 

3

The following event shall constitute a “Termination Event” for this Transaction: before the opening of business on December 17, 2006, the Counterparty fails to execute and deliver to Wachovia an ISDA Master Agreement (including a Schedule thereto) in form and substance acceptable to Wachovia in its sole discretion.

If this Termination Event occurs, Wachovia may give written notice (including by facsimile transmission) to the Counterparty designating a New York Business Day not earlier than (nor more than 20 days after) the day such notice is given as the “Early Termination Date” for this Transaction. Upon that designation, all obligations under this Transaction will terminate and be replaced by an obligation of one party hereto to make a payment to the other party hereto as compensation for the termination of this Transaction (“Termination Payment”). The amount of, and the party obligated to make the Termination Payment shall be determined by Wachovia in accordance with the provisions of Section 6(e) of the 1992 ISDA Master Agreement (“ISDA Master”), which provisions, together with related definitions and ancillary provisions, are hereby incorporated by reference (mutatis
mutandis) from the Local Currency--Single Jurisdiction version of the ISDA Master Agreement. For purposes of the foregoing, (i) the “Second Method” and “Market Quotation” apply, (ii) this Transaction will be deemed a “Terminated Transaction”, and (iii) the Counterparty will be deemed the “Affected Party”, as such terms are used in the ISDA Master Agreement.

The Termination Payment will be due on the New York Business Day following the Early Termination Date, together with interest thereon (payable on demand and computed on a 360-day year basis for actual days elapsed) at a rate per annum equal to 2% plus the daily average Bank Prime Loan rate in effect for each day the Termination Payment remains unpaid as published in N.Y. Federal Reserve Statistical Release H. 15(519) for each such day.

Documentation

If at any time there exists an executed ISDA Master Agreement between the parties governing this Transaction, this Confirmation supplements, forms part of and will be governed by that ISDA Master Agreement, and all provisions contained or incorporated by reference in that ISDA Master Agreement will govern this Confirmation except as expressly modified herein. In the absence of that ISDA Master Agreement, this Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the ISDA Master Agreement (Local Currency-Single Jurisdiction) published in 1992 by the International Swaps and Derivatives Association, Inc. as if the parties had executed an agreement in such form (the provisions of which are hereby incorporated by reference), but without any Schedule except for the election of New York law (without regard to conflicts of law principles) as the governing law.
References in this Confirmation to the “ISDA Master Agreement” shall be to whichever of the foregoing is applicable. Neither party is acting as the other party’s financial advisor for this Transaction nor is it relying on the other party for any evaluation of the present or future results, consequences, risks, and benefits of this transaction, whether financial, accounting, tax, legal, or otherwise.

4

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of this Confirmation and returning it to us.

 

	

 
 	

 
 	

Very truly yours,
 
	

 
 	

 
 	

Wachovia Bank, N.A.
 
	

  
 	

 
 	

By: 
 	

 /s/ Tracey Bissell
 
	

 
 	

 
 	

 
 	

 
	

 
 	

 
 	

 
 	
        Name:
          

      	

Tracey Bissell
 
	

 
 	

 
 	

 
 	

Title: 
 	

Vice President
 
	

 
 	

 
 	

 
 	

Ref. No. 1625581
 

 

  	

Accepted and Confirmed as of date first written above:
 	

 
 	

 
 
	

A.C. Moore Arts & Crafts, Inc.,
 	

 
 	

 
 
	

By: 
 	

 /s/ Marc Katz
 	

 
 	

 
 	

  
 
	

 
 	

 	

 
 	

 
 	

 
 
	

 
 	
        Name: 
 	

Marc Katz
 	

 
 	

 
 	

 
 
	

 
 	
        Title: 
 	

EVP and CFO
 	

 
 	

 
 	

 
 

 

  	

A.C. Moore Incorporated
 	

 
 	

 
 
	

By: 
 	

 /s/ Marc Katz
 	

 
 	

 
 	

  
 
	

 
 	

 	

 
 	

 
 	

 
 
	

 
 	
        Name: 
 	

Marc Katz
 	

 
 	

 
 	

 
 
	

 
 	
        Title: 
 	

EVP and CFO
 	

 
 	

 
 	

 
 

 

  	

Moorestown Finance, Inc.
 	

 
 	

 
 
	

By: 
 	

 /s/ Marc Katz
 	

 
 	

 
 	

  
 
	

 
 	

 	

 
 	

 
 	

 
 
	

 
 	
        Name: 
 	

Marc Katz
 	

 
 	

 
 	

 
 
	

 
 	
        Title: 
 	

EVP and CFO
 	

 
 	

 
 	

 
 

 

  	

Blackwood Assets, Inc.
 	

 
 	

 
 
	

By: 
 	

 /s/ Marc Katz
 	

 
 	

 
 	

  
 
	

 
 	

 	

 
 	

 
 	

 
 
	

 
 	
        Name: 
 	

Marc Katz
 	

 
 	

 
 	

 
 
	

 
 	
        Title: 
 	

EVP and CFO
 	

 
 	

 
 	

 
 

 

  	

A.C. Moore Urban Renewal, LLC
 	

 
 	

 
 
	

By: 
 	

 /s/ Marc Katz
 	

 
 	

 
 	

  
 
	

 
 	

 	

 
 	

 
 	

 
 
	

 
 	
        Name: 
 	

Marc Katz
 	

 
 	

 
 	

 
 
	

 
 	
        Title: 
 	

Authorized Signatory
 	

 
 	

 
 	

 
 

 

5

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