Document:

<PAGE>
                                                                    EXHIBIT 10.3

                       FIRST AMENDMENT TO CREDIT AGREEMENT

         THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment"), dated as
of August __, 2003, is entered into by and among CENTRAL PARKING CORPORATION, a
Tennessee corporation ("CPC" or the "Parent"), CENTRAL PARKING SYSTEM, INC., a
Tennessee corporation ("CPS"), ALLRIGHT CORPORATION, a Delaware corporation
("Allright"), KINNEY SYSTEM, INC., a Delaware corporation ("Kinney"), CPS
FINANCE, INC., a Delaware corporation ("CPSF"), CENTRAL PARKING SYSTEM OF
TENNESSEE, INC., a Tennessee corporation ("CPST"), (CPC, CPS, Allright, Kinney,
CPSF and CPST are hereinafter referred to individually as a "Borrower" and
collectively as the "Borrowers"), the Subsidiary Guarantors, the Lenders, and
BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C
Issuer (each, as defined herein), FLEET NATIONAL BANK, as Syndication Agent,
JPMORGAN CHASE BANK and SUNTRUST BANK, as Co-Documentation Agents.

                              W I T N E S S E T H

         WHEREAS, the Borrowers, the Subsidiary Guarantors, the Lenders party
thereto, the Administrative Agent, the Syndication Agent and the
Co-Documentation Agents entered into that certain Credit Agreement, dated as of
February 28, 2003 (as amended, modified, extended, renewed, restated, replaced
or increased from time to time, the "Existing Credit Agreement");

         WHEREAS, the Parent has requested, and the Required Lenders (on behalf
of the Lenders) have agreed, to amend the Existing Credit Agreement as provided
herein;

         NOW, THEREFORE, in consideration of the agreements hereinafter set
forth, and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties hereto agree as follows:

                                     PART I
                                   DEFINITIONS

         SUBPART 1.1 Certain Definitions. Unless otherwise defined herein or the
context otherwise requires, the following terms used in this Amendment,
including its preamble and recitals, have the following meanings:

                  "Amended Credit Agreement" means the Existing Credit
         Agreement as amended hereby.

                  "Amendment No. 1 Effective Date" is defined in Subpart 3.1.

         SUBPART 1.2 Other Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Amendment, including its preamble
and recitals, have the meanings provided in the Existing Credit Agreement.

<PAGE>

                                     PART II
                     AMENDMENTS TO EXISTING CREDIT AGREEMENT

         Effective on (and subject to the occurrence of) the Amendment No. 1
Effective Date, the Existing Credit Agreement is hereby amended in accordance
with this Part II.

         SUBPART 2.1 Amendments to Section 1.01. Section 1.01 of the Existing
Credit Agreement is hereby amended in the following respects:

         (a)      The definition of "Applicable Rate" is hereby amended in its
entirety to read as follows:

                  "Applicable Rate" means each of the following percentages per
         annum, as applicable, based upon the Consolidated Leverage Ratio as
         set forth in the most recent Compliance Certificate received by the
         Administrative Agent pursuant to Section 7.02(b):
<TABLE>
<CAPTION>
                                                                         APPLICABLE RATES*

                                                             TRANCHE B        TRANCHE B
                                  REVOLVING    REVOLVING     TERM LOAN        TERM LOAN
 PRICING       CONSOLIDATED      EURODOLLAR    BASE RATE     EURODOLLAR       BASE RATE        LETTER OF
  LEVEL       LEVERAGE RATIO     RATE LOANS      LOANS       RATE LOANS         LOANS         CREDIT FEES    COMMITMENT FEE
=============================================================================================================================
<S>           <C>               <C>            <C>          <C>               <C>             <C>            <C>
     1         < 2.25 to 1.0        1.75%        0.25%          3.25%           1.75%            1.75%           0.375%
               -
-----------------------------------------------------------------------------------------------------------------------------
     2         > 2.25 to 1.0        2.00%        0.50%          3.25%           1.75%            2.00%            0.50%
               but < 2.75 to
                   -
                    1.0
-----------------------------------------------------------------------------------------------------------------------------
     3         > 2.75 to 1.0        2.25%        0.75%          3.25%           1.75%            2.25%            0.50%
               but < 3.25 to
                   -
                    1.0
-----------------------------------------------------------------------------------------------------------------------------
     4         > 3.25 to 1.0        2.75%        1.25%          3.25%           1.75%            2.75%            0.50%
               but < 3.50 to
                   -
                    1.0
-----------------------------------------------------------------------------------------------------------------------------
     5         > 3.50 to 1.0        3.00%        1.50%          3.50%           2.00%            3.00%            0.50%
=============================================================================================================================
</Table>

         *        If, and for so long as, the ratings established by either
                  Moody's or S&P with respect to the Indebtedness under this
                  Agreement shall be less than Ba3 or BB-, respectively, each
                  Applicable Rate set forth above (other than the Commitment
                  Fee) shall be increased by one-fourth of one percentage point
                  (0.25%).

         Any increase or decrease in the Applicable Rates resulting from a
         change in the Consolidated Leverage Ratio shall become effective as of
         the first Business Day immediately following the date a Compliance
         Certificate is delivered pursuant to Section 7.02(b); provided,
         however, that if a Compliance Certificate is not delivered when due in
         accordance with such Section, then Pricing Level 5 shall apply as of
         the first Business Day after the date on which such Compliance
         Certificate was required to have been delivered until the first
         Business Day after the date on which such Compliance Certificate is
         delivered.

         (b)      The definition of "Consolidated EBITDA" is hereby amended in
its entirety to read as follows:

                  "Consolidated EBITDA" means for the quarterly periods ending
         September 30, 2002, December 31, 2002 and March 31, 2003 the amounts
         listed on Schedule 1.1(a), and

<PAGE>

         for each quarterly period thereafter, for the Consolidated Parties on
         a consolidated basis, the sum of (a) Consolidated Net Income, plus (b)
         an amount which, in the determination of Consolidated Net Income, has
         been deducted for the following (without duplication): (i)
         Consolidated Interest Expense, (ii) Consolidated Cash Taxes, (iii)
         depreciation and amortization expense and (iv) dividends paid on the
         Preferred Stock on the dates and at the rate set forth in the
         description of the Preferred Stock contained in Schedule 1.02 (but
         with respect to the Preferred Stock, without duplication to the extent
         a comparable amount is taken by the Parent as interest expense on the
         related subordinated debt), all as determined in accordance with GAAP.

         (c)      The definition of "Consolidated Net Income" is hereby amended
in its entirety to read as follows:

                  "Consolidated Net Income" means for any period, the net income
         of the Consolidated Parties on a consolidated basis as determined in
         accordance with GAAP applied on a consistent basis, but excluding for
         purposes of determining the Consolidated Leverage Ratio, Consolidated
         Senior Leverage Ratio, the Consolidated Fixed Charge Coverage Ratio
         and, for purposes of Section 8.11(e), Minimum Consolidated EBITDA, (i)
         minority interests, (ii) extraordinary gains or losses, (iii)
         non-recurring gains and losses resulting from Dispositions, (iv)
         non-recurring, non-cash charges resulting from lease impairments and
         contract right impairments in an amount not to exceed $17,000,000
         during any four quarter period, (v) additional non-recurring, non-cash
         charges relating to the impairment of goodwill in an amount not to
         exceed $52,000,000 in the aggregate and (vi) for the quarterly period
         ending June 30, 2003, additional charges resulting from severance costs
         not to exceed $6,000,000.

         (d)      The definition of "Excess Cash Flow" is hereby amended in its
entirety to read as follows:

                  "Excess Cash Flow" means, with respect to any fiscal year of
         the Consolidated Parties on a consolidated basis, an amount equal to
         (a) Consolidated EBITDA minus (b) Consolidated Capital Expenditures
         minus (c) Consolidated Interest Expense minus (d) Consolidated Cash
         Taxes minus (e) Consolidated Scheduled Funded Debt Payments minus (f)
         the aggregate amount of Restricted Payments permitted by Section
         8.06(c) and (d).

         (e)      The following new definition is hereby added to the Existing
Credit Agreement in its appropriate alphabetical order:

                  "Sale Properties" means the properties listed on Schedule
         1.1(b).

         SUBPART 2.2 Amendment to Section 2.05(b). Subclause (iii) and (vi) of
Section 2.05(b) of the Existing Credit Agreement are hereby amended and
restated in their entireties as follows:

                  (b)      Mandatory Prepayments of Loans.

                                     *****
<PAGE>

                  (iii)    Dispositions and Involuntary Dispositions. The
         Borrowers shall prepay the Loans and Cash Collateralize the L/C
         Obligations as hereafter provided in an aggregate amount equal to

                  (A) if the Consolidated Senior Leverage Ratio as of the end
         of the fiscal quarter immediately preceding a particular Disposition
         or Involuntary Disposition is greater than or equal to 3.00 to 1.0,
         100% of the Net Cash Proceeds of such Disposition or Involuntary
         Disposition, to be applied as set forth in clause (vi) below;
         provided, however, that 50% of the Net Cash Proceeds of all
         Dispositions and 100% of the Net Cash Proceeds of all Involuntary
         Dispositions may be reinvested by the Borrower to the extent (I) such
         Net Cash Proceeds are reinvested in Property useful in the Businesses
         within 180 days of the date of such Disposition or Involuntary
         Disposition and (II) the aggregate amount of Net Cash Proceeds of
         Dispositions reinvested in accordance with the foregoing clause (I)
         shall not exceed $10,000,000 in the aggregate and (B) if the
         Consolidated Senior Leverage Ratio as of the end of the fiscal quarter
         immediately preceding a particular Disposition or Involuntary
         Disposition is less than 3.00 to 1.0, 100% of the Net Cash Proceeds of
         such Disposition or Involuntary Disposition in excess of $2,500,000 in
         any fiscal year to the extent such Net Cash Proceeds are not
         reinvested in Property useful in the Businesses within 180 days of the
         date of such Disposition or Involuntary Disposition.

                  With respect to prepayments pursuant to the proviso set forth
         above, such prepayment shall be due immediately upon the expiration of
         the 180 day period (to the extent such prepayment exceeds the
         applicable threshold) and shall be applied as set forth in clause (vi)
         below).

                  (iv)     *****

                  (v)      *****

                  (vi)     Application of Mandatory Prepayments. All amounts
         required to be paid pursuant to this Section 2.05(b) shall be applied
         as follows:

                           (A)      with respect to all amounts prepaid
                  pursuant to Section 2.05(b)(i), to Revolving Loans and Swing
                  Line Loans and (after all Revolving Loans and all Swing Line
                  Loans have been repaid) to Cash Collateralize L/C
                  Obligations; and

                           (B)      with respect to all amounts prepaid
                  pursuant to Section 2.05(b)(ii), (iii), (iv) and (v), pro
                  rata to the Tranche B Term Loan (to the remaining principal
                  amortization payments in inverse order of maturity) and to
                  the Revolving Loans and Swing Line Loans (with no
                  corresponding reduction in the Aggregate Revolving
                  Commitments; provided, however, that if the Aggregate
                  Revolving Commitments are greater than $150,000,000 at the
                  time of such prepayment, amounts prepaid pursuant to Section
                  2.05(b)(ii), (iii), (iv) and (v), shall reduce the Aggregate
                  Revolving Commitments to the extent of such excess) and then
                  (after all Tranche B Term Loans, Revolving Loans and all
                  Swing Line Loans have been repaid) to Cash Collateralize L/C
                  Obligations (but without any reduction in the Aggregate
                  Revolving Commitments).
<PAGE>

                           Within the parameters of the applications set forth
                  above, prepayments shall be applied first to Base Rate Loans
                  and then to Eurodollar Rate Loans in direct order of Interest
                  Period maturities. All prepayments under this Section 2.05(b)
                  shall be subject to Section 3.05, but otherwise without
                  premium or penalty, and shall be accompanied by interest on
                  the principal amount prepaid through the date of prepayment.

         SUBPART 2.3 Amendment to Section 2.08(a). Clause (a) of Section 2.08
of the Existing Credit Agreement is hereby amended and restated in its entirely
as follows:

         2.08     INTEREST.

                  (a)      Subject to the provisions of subsection (b) below,
         (i) each Revolving Eurodollar Rate Loan shall bear interest on the
         outstanding principal amount thereof for each Interest Period at a
         rate per annum equal to the sum of (A) the Eurodollar Rate for such
         Interest Period plus (B) the Applicable Rate; (ii) each Revolving Base
         Rate Loan shall bear interest on the outstanding principal amount
         thereof from the applicable borrowing date at a rate per annum equal
         to the Base Rate plus the Applicable Rate; (iii) each Swing Line Loan
         shall bear interest on the outstanding principal amount thereof from
         the applicable borrowing date at a rate per annum equal to the Base
         Rate, (iv) each portion of the Tranche B Term Loan consisting of a
         Eurodollar Rate Loan shall bear interest on the outstanding principal
         amount thereof for each Interest Period at a rate per annum equal to
         the sum of (A) the Eurodollar Rate for such Interest Period plus the
         Applicable Rate; and (v) each portion of the Tranche B Term Loan
         consisting of a Base Rate Loan shall bear interest on the outstanding
         principal amount thereof from the applicable borrowing date at a rate
         per annum equal to the Base Rate plus the Applicable Rate.

         SUBPART 2.4 Amendment to Section 8.02(g). Section 8.02(g) of the
Existing Credit Agreement is hereby amended and restated in its entirely as
follows:

                  (g)      Investments consisting of loans or advances by a
         Loan Party to or into a Subsidiary that is not a Loan Party in an
         amount not to exceed (i) if the Consolidated Leverage Ratio as of the
         end of the immediately preceding fiscal quarter is greater than or
         equal to 3.00 to 1.00, $15,000,000 in the aggregate at any time
         outstanding and (ii) if the Consolidated Leverage Ratio as of the end
         of the immediately preceding fiscal quarter is less than 3.00 to 1.00,
         $25,000,000 in the aggregate at any time outstanding (it being
         understood that this clause (g) is a limitation on such Investments on
         a prospective basis only and that a Default or Event of Default shall
         not occur under this clause (g) retroactively);

         SUBPART 2.5 Amendment to Section 8.02(i). Clause (vii) of Section
8.02(i) of the Existing Credit Agreement is hereby amended and restated in its
entirely as follows:

                  (vii) the Aggregate Acquisition Consideration paid by the
         Consolidated Parties shall not exceed (A) $2,000,000 for all
         Acquisitions during the period beginning with the Amendment No. 1
         Effective Date and ending on September 30, 2003, (B) if the
         Consolidated Leverage Ratio as of the end of the immediately preceding
         fiscal quarter is greater than or equal to 3.00 to 1.00, $5,000,000
         for all Acquisitions during such fiscal year and (C) if the
         Consolidated Leverage Ratio as

<PAGE>
                  of the end of the immediately preceding fiscal quarter is less
                  than 3.00 to 1.00, (x) $15,000,000 for any individual
                  Acquisition during such fiscal year and (y) $35,000,000 for
                  all Acquisitions during such fiscal year (it being understood
                  that this clause (vii) is a limitation on Acquisitions on a
                  prospective basis only and that a Default or Event of Default
                  shall not occur under this clause (vii) retroactively).

         SUBPART 2.6 Amendment to Section 8.05. Section 8.05 of the Existing
Credit Agreement is hereby amended and restated in its entirely as follows:

         8.05     DISPOSITIONS.

                  Make any Disposition unless (a) the consideration paid in
         connection therewith shall be cash or Cash Equivalents and shall be in
         an amount not less than the fair market value of the Property disposed
         of, (b) if such transaction is a Sale and Leaseback Transaction, such
         transaction is not prohibited by the terms of Section 8.15, (c) such
         transaction does not involve the sale or other disposition of a
         minority equity interest in any Consolidated Party, (d) such
         transaction does not involve a sale or other disposition of receivables
         other than receivables owned by or attributable to other Property
         concurrently being disposed of in a transaction otherwise permitted
         under this Section 8.05, (e) the aggregate net book value of any
         individual Real Property asset sold or otherwise disposed of by the
         Consolidated Parties in such Disposition shall not exceed $15,000,000
         (other than with respect to the Sale Properties), (f) the aggregate net
         book value of all of the assets sold or otherwise disposed of by the
         Consolidated Parties in all such transactions during any fiscal year
         shall not exceed $25,000,000 (other than with respect to the Sale
         Properties), (g) no later than five (5) Business Days prior to the
         consummation of any such Disposition that is in an amount of
         $10,000,000 or more, the Parent shall have delivered to the
         Administrative Agent (i) a Pro Forma Compliance Certificate
         demonstrating that, upon giving effect on a Pro Forma Basis to such
         transaction, the Loan Parties would be in compliance with the financial
         covenants set forth in Section 8.11(a)-(d) as of the most recent fiscal
         quarter end with respect to which the Administrative Agent has received
         the Required Financial Information and (ii) a certificate of a
         Responsible Officer of the Parent specifying the anticipated date of
         such Disposition, briefly describing the assets to be sold or otherwise
         disposed of and setting forth the net book value of such assets, the
         aggregate consideration and the Net Cash Proceeds to be received for
         such assets in connection with such Disposition and (h) the Loan
         Parties shall comply with the terms of Section 2.05(b)(iii). Pending
         final application of the Net Cash Proceeds of any Disposition, to the
         extent required, the Consolidated Parties may apply such Net Cash
         Proceeds to temporarily reduce the Revolving Loans or to make
         Investments in Cash Equivalents.

         SUBPART 2.7 Amendment to Section 8.11. Section 8.11 of the Existing
Credit Agreement is hereby amended and restated in its entirely as follows:

         8.11     FINANCIAL COVENANTS.

                  (a)      Consolidated Leverage Ratio. Permit the Consolidated
         Leverage Ratio as of the end of any fiscal quarter of the Parent
         ending during a period specified below to be greater than the ratio
         set forth below opposite such fiscal quarter:
<PAGE>

<TABLE>
                  <S>                                                           <C>
                  Closing Date through December 31, 2003                        4.75 to 1.00
                  March 31, 2004 through June 30, 2004                          4.375 to 1.00
                  September 30, 2004 through June 30, 2005                      4.00 to 1.00
                  September 30, 2005 through June 30, 2006                      3.50 to 1.00
                  September 30, 2006 and thereafter                             3.00 to 1.00
</TABLE>

                  (b)      Consolidated Senior Leverage Ratio. Permit the
         Consolidated Senior Leverage Ratio as of the end of any fiscal quarter
         of the Parent ending during a period specified below to be greater
         than the ratio set forth below opposite such fiscal quarter:

<TABLE>
                  <S>                                                           <C>
                  Closing Date through December 31, 2003                        3.75 to 1.00
                  March 31, 2004 through June 30, 2004                          3.50 to 1.00
                  September 30, 2004 through June 30, 2005                      3.00 to 1.00
                  September 30, 2005 through June 30, 2006                      2.75 to 1.00
                  September 30, 2006 and thereafter                             2.50 to 1.00
</TABLE>

                  (c)      Consolidated Fixed Charge Coverage Ratio. Permit the
         Consolidated Fixed Charge Coverage Ratio as of the end of any fiscal
         quarter of the Parent ending during a period specified below to be
         less than the ratio set forth below opposite such fiscal quarter:

<TABLE>
                  <S>                                                           <C>
                  Closing Date through June 30, 2004                            0.95 to 1.00
                  September 30, 2004 and thereafter                             1.05 to 1.00
</TABLE>

                  (d)      Consolidated Net Worth. Permit Consolidated Net
         Worth at any time to be less than the sum of $359,000,000, increased
         on a cumulative basis as of the end of each fiscal quarter of the
         Parent, commencing with the fiscal quarter ending March 31, 2003 by an
         amount equal to the sum of (i) 50% of cumulative Consolidated Net
         Income (to the extent positive) for each fiscal quarter ended
         subsequent to the Closing Date and (ii) 100% of the Net Cash Proceeds
         from Equity Issuances occurring subsequent to the Closing Date.

                  (e)      Minimum Consolidated EBITDA. Permit Consolidated
         EBITDA as of the end of any period specified below to be less than the
         amount set forth below opposite such period:

<TABLE>
                  <S>                                                           <C>
                  One fiscal quarter period ending December 31, 2003            $12,500,000
                  Two fiscal quarter period ending March 31, 2004               $30,000,000
                  Three fiscal quarter period ending June 30, 2004              $55,000,000
                  Four fiscal quarter period ending September 30, 2004          $75,000,000
</TABLE>

         SUBPART 2.8 Amendment to Section 8.16. Section 8.16 of the Existing
Credit Agreement is hereby amended and restated in its entirely as follows:

         8.16     CAPITAL EXPENDITURES.

                  Permit Consolidated Capital Expenditures to exceed (i)
         $30,000,000 during any fiscal year if the Consolidated Leverage Ratio
         as of the end of the prior fiscal year was greater than 3.00 to 1.00
         and (ii) $50,000,000 during any fiscal year if the Consolidated
         Leverage Ratio as of the end of the prior fiscal year was less than or
         equal to 3.00 to 1.00.
<PAGE>

         SUBPART 2.9 Schedule 1.1(a). A new Schedule 1.1(a) is hereby added to
the Existing Credit Agreement and shall read as provided on Schedule 1.1(a)
attached hereto.

         SUBPART 2.10 Schedule 1.1(b). A new Schedule 1.1(b) is hereby added to
the Existing Credit Agreement and shall read as provided on Schedule 1.1(b)
attached hereto.

                                    PART III
                           CONDITIONS TO EFFECTIVENESS

         SUBPART 3.1 Amendment No. 1 Effective Date. This Amendment shall be and
become effective as of the date hereof (the "Amendment No. 1 Effective Date")
when all of the conditions set forth in this Part III shall have been satisfied,
and thereafter this Amendment shall be known, and may be referred to, as the
"Amendment".

         SUBPART 3.2 Execution of Counterparts of Amendment. The Administrative
Agent shall have received counterparts of this Amendment, which collectively
shall have been duly executed on behalf of each of the Borrowers, the
Guarantors, the Required Lenders and the Administrative Agent.

         SUBPART 3.3 Amendment Fee. The Administrative Agent shall have received
for the account of each approving Lender an amendment fee in the amount required
to be paid to such approving Lender.

         SUBPART 3.4 Fees and Expenses. The Parent shall have paid all
reasonable fees and expenses incurred in connection with the negotiation,
preparation, execution and delivery of this Amendment and the other transactions
contemplated herein including, without limitation, the reasonable legal fees and
expenses of Moore & Van Allen PLLC, counsel to the Administrative Agent.

         SUBPART 3.5 Other Items. The Administrative Agent shall have received
such other documents, agreements or information that may be reasonably requested
by the Administrative Agent.

                                     PART IV
                                  MISCELLANEOUS

         SUBPART 4.1 Representations and Warranties. The Borrowers hereby
represent and warrant to the Administrative Agent and the Lenders that, after
giving effect to this Amendment, (a) no Default or Event of Default exists under
the Amended Credit Agreement and (b) the representations and warranties set
forth in Article VI of the Existing Credit Agreement are, subject to the
limitations set forth therein, true and correct in all material respects as of
the date hereof (except for those which expressly relate to an earlier date).

         SUBPART 4.2 Waiver Agreement. Effective as of the Amendment No. 1
Effective Date, this Amendment supersedes the provisions of Subsections 1(b) and
1(c) of that certain Waiver Agreement dated as of May 14, 2003.
<PAGE>

         SUBPART 4.3 Reaffirmation of Obligations. The Borrowers hereby ratify
the Existing Credit Agreement and acknowledge and reaffirm (a) that they are is
bound by all terms of the Amended Credit Agreement applicable to them and (b)
that they are responsible for the observance and full performance of their
respective obligations under the Amended Credit Agreement.

         SUBPART 4.4 Cross-References. References in this Amendment to any Part
or Subpart are, unless otherwise specified, to such Part or Subpart of this
Amendment.

         SUBPART 4.5 Instrument Pursuant to Existing Credit Agreement. This
Amendment is executed pursuant to the Existing Credit Agreement and shall
(unless otherwise expressly indicated therein) be construed, administered and
applied in accordance with the terms and provisions of the Existing Credit
Agreement.

         SUBPART 4.6 References in Other Credit Documents. At such time as this
Amendment shall become effective pursuant to the terms of Subpart 3.1, all
references to the "Credit Agreement" in the Existing Credit Agreement (and
similar references, such as "hereof" and "hereto") and in the other Loan
Documents shall be deemed to refer to the Existing Credit Agreement as amended
by this Amendment.

         SUBPART 4.7 Counterparts/Telecopy. This Amendment may be executed by
the parties hereto in several counterparts, each of which shall be deemed to be
an original and all of which shall constitute together but one and the same
agreement. Delivery of executed counterparts of the Amendment by telecopy shall
be effective as an original and shall constitute a representation that an
original shall be delivered.

         SUBPART 4.8 Governing Law. THIS AMENDMENT SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK
(INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW,
BUT EXCLUDING ALL OTHER CHOICE OF LAW AND CONFLICTS OF LAW RULES).

         SUBPART 4.9 Successors and Assigns. This Amendment shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

         SUBPART 4.10 General. Except as amended hereby, the Existing Credit
Agreement and all other Credit Documents shall continue in full force and
effect.

                  [Remainder of Page Intentionally Left Blank]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this First
Amendment to Credit Agreement as of the date first above written.

BORROWERS:                    CENTRAL PARKING CORPORATION,
                              a Tennessee corporation

                              By: /s/ Robert Votteler
                                  -------------------------------
                              Name:    Robert Votteler
                                       --------------------------
                              Title:   VP/Treasurer
                                       --------------------------

                              CENTRAL PARKING SYSTEM, INC.,
                              a Tennessee corporation
                              ALLRIGHT CORPORATION,
                              a Delaware corporation
                              KINNEY SYSTEM, INC.,
                              a Delaware corporation
                              CPS FINANCE, INC.,
                              a Delaware corporation
                              CENTRAL PARKING SYSTEM OF TENNESSEE, INC.,
                              a Tennessee corporation

                              By: /s/ Robert Votteler
                                  --------------------------------
                              Name:    Robert Votteler
                                       ---------------------------
                              Title:   VP/Treasurer
                                       ---------------------------

<PAGE>

GUARANTORS:                   CENTRAL PARKING SYSTEM OF NEW YORK, INC.,
                              a Tennessee corporation
                              KINNEY PARKING SYSTEM, INC.,
                              a New York corporation
                              CENTRAL PARKING SYSTEM OF PENNSYLVANIA, INC.,
                              a Tennessee corporation
                              CENTRAL PARKING SYSTEM OF VIRGINIA, INC.
                              (F/K/A DIPLOMAT PARKING CORP.),
                              a DC corporation
                              CENTRAL PARKING SYSTEM OF TEXAS, INC.,
                              a Texas corporation
                              CENTRAL PARKING SYSTEM OF OHIO, INC.,
                              a Tennessee corporation
                              CENTRAL PARKING SYSTEM OF FLORIDA, INC.,
                              a Tennessee corporation
                              ALLRIGHT NEW YORK PARKING, INC.,
                              a New York corporation
                              CENTRAL PARKING SYSTEM OF NEW JERSEY, INC.,
                              a New Jersey corporation
                              ALLRIGHT PARKING MANAGEMENT, INC.,
                              a Delaware corporation
                              CENTRAL PARKING SYSTEM OF GEORGIA, INC.,
                              a Tennessee corporation
                              USA PARKING SYSTEM, INC. (F/K/A MARLIN, INC.),
                              a Tennessee corporation
                              CENTRAL PARKING SYSTEM OF LOUISIANA, INC.,
                              a Tennessee corporation
                              CENTRAL PARKING SYSTEM OF MARYLAND, INC.,
                              a Tennessee corporation
                              CENTRAL PARKING SYSTEM REALTY OF NEW YORK, INC.,
                              a Tennessee corporation
                              CENTRAL PARKING SYSTEM OF WASHINGTON, INC.,
                              a Tennessee corporation
                              CENTRAL PARKING SYSTEM OF MISSOURI, INC.
                              (F/K/A CPS-ST. LOUIS, INC.),
                              a Tennessee corporation
                              CENTRAL PARKING SYSTEM OF WISCONSIN, INC.,
                              a Tennessee corporation

                              By: /s/ Robert Votteler
                                  ----------------------------------------
                              Name: Robert Votteler
                                    --------------------------------------
                              Title:VP/Treasurer
                                    --------------------------------------
                              of each of the foregoing Guarantors

                              [signature pages continue]

<PAGE>

                            BANK OF AMERICA, N.A., as
                            Administrative Agent

                            By:  /s/ Thomas Kilcrease
                                 ---------------------------------------
                            Name:  Thomas Kilcrease
                                   -------------------------------------
                            Title:  SVP
                                    ------------------------------------

                            BANK OF AMERICA, N.A., as a Lender, L/C Issuer and
                            Swing Line Lender

                            By:  /s/ Thomas Kilcrease
                                 ---------------------------------------
                            Name:  Thomas Kilcrease
                                   -------------------------------------
                            Title:  SVP
                                   -------------------------------------

                            BANK OF AMERICA, N.A., as
                            Administrative Agent

                            By:  /s/ Michael Brashler
                                 ---------------------------------------
                            Name:  Michael Brashler
                                   -------------------------------------
                            Title:  Vice President
                                    ------------------------------------

                            FLEET NATIONAL BANK

                            By:  /s/ John C. Auth
                                 ---------------------------------------
                            Name:  John C. Auth
                                   -------------------------------------
                            Title:  Vice President
                                    ------------------------------------

                            JPMORGAN CHASE BANK

                            By:  /s/ Michael J. Lister
                                 ---------------------------------------
                            Name:  Michael J. Lister
                                   -------------------------------------
                            Title:  Vice President
                                    ------------------------------------

                            SUNTRUST BANK

                            By:  /s/ Scott Corley
                                 ---------------------------------------
                            Name: Scott Corley
                                 ---------------------------------------
                            Title:  Managing Director
                                   -------------------------------------

                            U.S. BANK, N.A.

                            By:  /s/ Brian H. Gallagher
                                 ---------------------------------------
                            Name:  Brian H. Gallagher
                                 ---------------------------------------
                            Title:  Vice President
                                  --------------------------------------
<PAGE>

                           COMERICA BANK

                           By:  /s/ Felicia M. Maxwell
                                ----------------------------------------
                           Name:  Felicia M. Maxwell
                                  --------------------------------------
                           Title:  Assistant Vice President
                                   -------------------------------------

                           BARCLAYS BANK PLC

                           By:  /s/ Nichaolas Bell
                                ----------------------------------------
                           Name:  Nicholas Bell
                           ---------------------------------------------
                           Title:  Director
                                   -------------------------------------

                           AMSOUTH BANK

                           By:  /s/ George H. Schultz
                                ----------------------------------------
                           Name:  George H. Schultz
                                  --------------------------------------
                           Title:  Senior Vice President
                                   -------------------------------------

                           COMPASS BANK

                           By:  /s/ Keely W. McGee
                                ----------------------------------------
                           Name:  Keely W. McGee
                                  --------------------------------------
                           Title:  Vice President
                                             ---------------------------

                           HAMILTON FLOATING RATE FUND, LLC

                           By:  /s/ Dean Stephan
                                ----------------------------------------
                           Name:  Dean Stephan
                                  --------------------------------------
                           Title:  Managing Director
                                   -------------------------------------

                           HANOVER SQUARE CLO LTD.
                           By: Blackstone Debt Advisors L.P.
                              As Collateral manager

                           By:  /s/ Dean Criares
                               -----------------------------------------
                           Name:  Dean Criares
                                ----------------------------------------
                           Title:  Managing Director
                                   -------------------------------------

<PAGE>
                           DAVID L. BABSON & COMPANY, INC.
                           As collateral manager for:

                           Simsbury CLO, Limited
                           Suffield CLO, Limited
                           Maplewood (Cayman) Limited
                           Bill & Melinda Gates Foundation
                            (as Investment Advisor)
                           ELC (Cayman) Ltd.
                           ELC (Cayman) Ltd CDO Series 1999-I
                           ELC (Cayman) Ltd. 1999-III
                           ELC (Cayman) Ltd. 2000-I
                           Tryon CLO Ltd. 2000-I
                           APEX (IDM) CDO I, Ltd.
                           Babson CLO Ltd. 2003-I
                           Massachusetts Mutual Life Insurance Company (as
                           Investment Advisors)

                           By:  /s/ John W. Stelwagon, CFA
                              -----------------------------------------
                           Name:  John W. Stelwagon, CFA
                                ---------------------------------------
                           Title:  Managing Director
                                  -------------------------------------

                           PRINCIPAL LIFE INSURANCE COMPANY

                           By: Principal Global Investors, LLC
                               a Delaware limited liability company, its
                               authorized signatory

                           By:  /s/ Jon C. Heiny
                              ----------------------------------------
                           Name:  Jon C. Heiny
                                --------------------------------------
                           Title: Counsel
                                 -------------------------------------

                           By:  /s/ Debra Svoboda
                              ----------------------------------------
                           Name:  Debra Svoboda
                                 -------------------------------------
                           Title:  Counsel
                                 -------------------------------------

                           FRANKLIN FLOATING RATE TRUST
                           FRANKLIN CLO I, LIMITED
                           FRANKLIN CLO II, LIMITED

                           By:  /s/ Tyler Chan
                              -----------------------------------------
                           Name:  Tyler Chan
                                ---------------------------------------
                           Title:  Vice President
                                  -------------------------------------
<PAGE>

                          VENTURE CDO 2002, LIMITED
                          BY ITS INVESTMENT ADVISOR, BARCLAYS CAPITAL ASSET
                          MANAGEMENT LIMITED,
                          BY ITS SUB-ADVISOR, BARCLAYS BANK PLC, NEW YORK
                          BRANCH

                          By:  /s/ Martin F. Davey
                             -----------------------------------------
                          Name:  Martin F. Davey
                                --------------------------------------
                          Title:  Director
                                --------------------------------------

                          VENTURE II CDO 2002, LIMITED
                          BY ITS INVESTMENT ADVISOR, BRACLAYS BANK PLC,
                          NEW YORK BRANCH

                          By:  /s/ Martin F. Davey
                             ------------------------------------------
                          Name:  Martin F. Davey
                                ---------------------------------------
                          Title:  Director
                                ---------------------------------------

                          IKB CAPITAL CORPORATION

                          By:  /s/ David Snyder
                             -------------------------------------------
                          Name:  David Snyder
                               -----------------------------------------
                          Title:  President
                                ----------------------------------------

                          AMMC CDO II, LIMITED
                          By:  American Money Management Corp.,
                          as collateral manager

                          By:  /s/ David P. Meyer
                               ---------------------------------------
                          Name:  David P. Meyer
                               ---------------------------------------
                          Title:  Vice President
                                --------------------------------------

                          CLYDESDALE CLO 2001-1, LTD.
                          NOMURA CORPORATE RESEARCH AND ASSET
                          MANAGEMENT INC.
                          AS COLLATERAL MANAGER

                          By:  /s/ Elizabeth MacLean
                               ---------------------------------------
                          Name:  Elizabeth MacLean
                                 -------------------------------------
                          Title:  Director
                                 -------------------------------------
<PAGE>

                          CLYDESDALE CLO 2003-1, LTD.
                          NOMURA CORPORATE RESEARCH AND ASSET MANAGEMENT INC.
                          AS COLLATERAL MANAGER

                          By:  /s/ Elizabeth MacLean
                               ---------------------------------------
                          Name:  Elizabeth MacLean
                                 -------------------------------------
                          Title:  Director
                                --------------------------------------

                          NOMURA BOND & LOAN
                          By: UFJ Trust Bank Limited
                          as Trustee
                          By:  Nomura Corporate Research and Asset Management
                                Inc.
                          Attorney in Fact

                          By:  /s/ Elizabeth MacLean
                             -----------------------------------------
                          Name:  Elizabeth MacLean
                               ---------------------------------------
                          Title:  Director
                                --------------------------------------

                          NATIONWIDE MUTUAL INSURANCE COMPANY

                          By:  /s/ Mark Poeppelman
                               ---------------------------------------
                          Name:  Mark Poeppelman
                                 -------------------------------------
                          Title:  Vice President
                                  ------------------------------------

                          LANDMARK CDO LTD

                          By:  /s/  Gilles Marchand
                               ---------------------------------------
                          Name:  Gilles Marchand
                                 -------------------------------------
                          Title:   Authorized Signatory
                                  ------------------------------------

                          LANDMARK II CDO LTD

                          By:  /s/  Gilles Marchand
                               ---------------------------------------
                          Name:  Gilles Marchand
                                 -------------------------------------
                          Title:   Authorized Signatory
                                --------------------------------------
<PAGE>

                          WINDSOR LOAN FUNDING, LIMITED
                          By:  Stanfield Capital Partners LLC, as its
                          Investment Manager

                          By:  /s/
                             -----------------------------------------
                          Name:
                               ---------------------------------------
                          Title:
                                --------------------------------------

                          STANFIELD/RMF TRANSATLANTIC CDO LTD.
                          By:  Stanfield Capital Partners LLC, as its
                          Collateral Manager

                          By:  /s/
                              ----------------------------------------
                          Name:
                              ----------------------------------------
                          Title:
                              ----------------------------------------

                          STANFIELD CARRERA CLO, LTD.
                          By:  Stanfield Capital Partners LLC, as its
                          Asset Manager

                          By:  /s/
                             -----------------------------------------
                          Name:
                               ---------------------------------------
                          Title:
                               ---------------------------------------

                          STANFIELD ARBITRAGE CDE, LTD.
                          By:  Stanfield Capital Partners LLC, as its
                          Collateral Manager

                          By:  /s/
                             -----------------------------------------
                          Name:
                               ---------------------------------------
                          Title:
                               ---------------------------------------

                          STANFIELD CLO LTD..
                          By:  Stanfield Capital Partners LLC, as its
                          Collateral Manager

                          By:  /s/
                               ---------------------------------------
                          Name:
                                 -------------------------------------
                          Title:
                                  ------------------------------------

<PAGE>

                           HAMILTON CDO, LTD.
                           By:  Stanfield Capital Partners LLC, as its
                           Collateral Manager

                           By:  /s/
                                ---------------------------------------
                           Name:
                                  -------------------------------------
                           Title:
                                   ------------------------------------

                           VAN KAMPEN
                           SENIOR INCOME TRUST
                           By:  Van Kampen Investment Advisory Corp.

                           By:  /s/
                                ---------------------------------------
                           Name:
                                  -------------------------------------
                           Title:
                                   ------------------------------------

                           VAN KAMPEN SENIOR LOAN FUND
                           By:  Van Kampen Investment Advisory Corp.

                           By:  /s/
                                ---------------------------------------
                           Name:
                                  -------------------------------------
                           Title:
                                   ------------------------------------

                           MORGAN STANLEY PRIME INCOME TRUST

                           By:  /s/  Peter Gewirtz
                                ---------------------------------------
                           Name:  Peter Gewirtz
                                  -------------------------------------
                           Title:  Vice President
                                   ------------------------------------

                           AMERICAN EXPRESS CERTIFICATE COMPANY
                           By:  American Express Asset Management Group, Inc.
                           as Collateral manager

                           By:  /s/  Yvonne E. Stevens
                                ---------------------------------------
                           Name:  Yvonne E. Stevens
                                  -------------------------------------
                           Title: Senior Managing Director
                                  -------------------------------------

<PAGE>

                           CENTURION CDO II, LTD.
                           By:  American Express Asset Management Group, Inc.
                           as Collateral manager

                           By:  /s/  Leanne Stavrakis
                              -----------------------------------------
                           Name:  Leanne Stavrakis
                                  -------------------------------------
                           Title: Director - Operations
                                  -------------------------------------

                           CENTURION CDO VI, LTD.
                           By:  American Express Asset Management Group, Inc.
                           as Collateral manager

                           By:  /s/  Leanne Stavrakis
                                ---------------------------------------
                           Name:  Leanne Stavrakis
                                  -------------------------------------
                           Title: Director - Operations
                                  -------------------------------------

                           IDS LIFE INSURANCE COMPANY
                           By:  American Express Asset Management Group, Inc.
                           as Collateral manager

                           By:  /s/  Yvonne E. Stevens
                                ---------------------------------------
                           Name:  Yvonne E. Stevens
                                  -------------------------------------
                           Title: Senior Managing Director
                                  -------------------------------------

                           SEQUILS - CENTURION V, LTD.
                           By:  American Express Asset Management Group, Inc.
                           as Collateral manager

                           By:  /s/  Leanne Stavrakis
                                ---------------------------------------
                           Name:  Leanne Stavrakis
                                  -------------------------------------
                           Title: Director - Operations
                                  -------------------------------------

                           KZH CYPRESSTREE-1 LLC

                           By:  /s/  Dorian Herrera
                                ---------------------------------------
                           Name:  Dorian Herrera
                                  -------------------------------------
                           Title:  Authorized Agent
                                   ------------------------------------

                           KZH ING-2 LLC

                           By:  /s/  Dorian Herrera
                                ---------------------------------------
                           Name:  Dorian Herrera
                                  -------------------------------------
                           Title:  Authorized Agent
                                   ------------------------------------

<PAGE>
                           KZH RIVERSIDE LLC

                           By:  /s/  Dorian Herrera
                                ---------------------------------------
                           Name:  Dorian Herrera
                                  -------------------------------------
                           Title:  Authorized Agent
                                   ------------------------------------

                           KZH SOLEIL LLC

                           By:  /s/  Dorian Herrera
                                ---------------------------------------
                           Name:  Dorian Herrera
                                  -------------------------------------
                           Title:  Authorized Agent
                                   ------------------------------------

                           KZH SOLEIL-2 LLC

                           By:  /s/  Dorian Herrera
                                ---------------------------------------
                           Name:  Dorian Herrera
                                  -------------------------------------
                           Title:  Authorized Agent
                                   ------------------------------------

                           KZH STERLING LLC

                           By:  /s/  Dorian Herrera
                                ---------------------------------------
                           Name:  Dorian Herrera
                                  -------------------------------------
                           Title:  Authorized Agent
                                   ------------------------------------

                           APEX (TRIMARAN) CDO I, LTD.
                           By: Trimaran Advisors, L.L.C.

                           By:  /s/  David M. Millison
                                ---------------------------------------
                           Name:  David M. Millison
                                  -------------------------------------
                           Title:  Managing Director
                                   ------------------------------------

                           SANKATY ADVISORS, LLC AS COLLATERAL MANAGER FOR
                           CASTLE HILL I - INGOTS, LTD., AS TERM LENDER

                           By: /s/  Diane J. Exter
                               ----------------------------------------
                           Name:  Diane J. Exter
                                 --------------------------------------
                           Title:  Managing Director Portfolio Manager
                                 --------------------------------------
<PAGE>

                           SANKATY ADVISORS, LLC AS COLLATERAL MANAGER FOR
                           CASTLE HILL II - INGOTS, LTD., AS TERM LENDER

                           By:  /s/  Diane J. Exter
                              -----------------------------------------
                           Name:  Diane J. Exter
                            -------------------------------------------
                           Title:  Managing Director Portfolio Manager
                                 --------------------------------------

                           SANKATY ADVISORS, LLC AS COLLATERAL MANAGER FOR GREAT
                           POINT CLO 1999-1 LTD., AS TERM LENDER

                           By:  /s/  Diane J. Exter
                              ------------------------------------------
                           Name:  Diane J. Exter
                                ----------------------------------------
                           Title:  Managing Director Portfolio Manager
                                 ---------------------------------------

                           SANKATY ADVISORS, LLC AS COLLATERAL MANAGER FOR RACE
                           POINT CLO, LIMITED, AS TERM LENDER

                           By:  /s/  Diane J. Exter
                                ----------------------------------------
                           Name:  Diane J. Exter
                                ----------------------------------------
                           Title:  Managing Director Portfolio Manager
                                ----------------------------------------

                           SANKATY ADVISORS, LLC AS COLLATERAL MANAGER FOR RACE
                           POINT II CLO, LIMITED, AS TERM LENDER

                           By:  /s/  Diane J. Exter
                                ----------------------------------------
                           Name:  Diane J. Exter
                                  --------------------------------------
                           Title:  Managing Director Portfolio Manager
                                   -------------------------------------

                           LONG LANE MASTER TRUST
                           By Fleet National Bank as Trust Advisor

                           By:  /s/  Michael J. Sullivan
                                ----------------------------------------
                           Name:  Michael J. Sullivan
                                  --------------------------------------
                           Title:  Vice President
                                   -------------------------------------

                           ELT LTD.

                           By:  /s/  Ann E. Morris
                                ----------------------------------------
                           Name:  Ann E. Morris
                                  --------------------------------------
                           Title:  Authorized Agent
                                   -------------------------------------
<PAGE>

                            HARBOUR TOWN FUNDING LLC

                            By:  /s/  Ann E. Morris
                                 ---------------------------------------
                            Name:  Ann E. Morris
                                 ---------------------------------------
                            Title:  Asst Vice President
                                 -- ------------------------------------

                            PINEHURST TRADING, INC.

                            By:  /s/  Ann E. Morris
                                 ---------------------------------------
                            Name:  Ann E. Morris
                                   -------------------------------------
                            Title:  Asst Vice President
                                    ------------------------------------

                            SRF 2000, INC.

                            By:  /s/  Ann E. Morris
                                 ---------------------------------------
                            Name:  Ann E. Morris
                            --------------------------------------------
                            Title:  Asst Vice President
                                    ------------------------------------

                            BLUE SQUARE FUNDING LIMITED SERIES 3

                            By:  /s/  John Pineiro
                                 ---------------------------------------
                            Name:  John Pineiro
                                   -------------------------------------
                            Title:  Director
                                    ------------------------------------

                            TORONTO DOMINION (NEW YORK) INC.

                            By:  /s/  Stacey Malek
                                 ---------------------------------------
                            Name:  Stacey Malek
                                   -------------------------------------
                            Title:  Vice President
                                    ------------------------------------

                            HIGHLAND OFFSHORE PARTNERS, L.P.
                            By: Highland Capital Management, L.P.
                            As General Partner

                            By:  /s/  James Dondero
                                 ---------------------------------------
                            Name:  James Dondero, CFA, CPA
                                   -------------------------------------
                            Title: President Highland Capital management L.P.
                                   -------------------------------------

<PAGE>

                            CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
                            By:  Highland Capital Management, L.P.
                            As Authorized Representatives of the Board

                            By:  /s/  James Dondero
                                 ---------------------------------------------
                            Name:  James Dondero, CFA, CPA
                                   -------------------------------------------
                            Title: President Highland Capital management L.P.
                                   -------------------------------------------

                            HIGHLAND LEGACY LIMITED
                            By: Highland Capital Management, L.P.
                            As Collateral Manager

                            By:  /s/  James Dondero
                                 ---------------------------------------------
                            Name:  James Dondero, CFA, CPA
                                   -------------------------------------------
                            Title: President Highland Capital management L.P.
                                   -------------------------------------------

                            RESTORATION FUNDING CLO, LTD.
                            By: Highland Capital Management, L.P.
                            As Collateral Manager

                            By:  /s/  James Dondero
                                 ---------------------------------------------
                            Name:  James Dondero, CFA, CPA
                                   -------------------------------------------
                            Title: President Highland Capital management L.P.
                                   -------------------------------------------

                            BLACK DIAMOND CLO 1998-1 LTD.

                            By:  /s/  Alan Corkish
                                 ---------------------------------------------
                            Name:  Alan Corkish
                                 ---------------------------------------------
                            Title:  Director
                                  --------------------------------------------

                            BLACK DIAMOND CLO 2000-1 LTD.

                            By:  /s/  Alan Corkish
                                 ---------------------------------------------
                            Name:  Alan Corkish
                                   -------------------------------------------
                            Title:  Director
                                    ------------------------------------------

<PAGE>

                          BLACK DIAMOND INTERNATIONAL FUNDING, LTD.

                          By:  /s/  Alan Corkish
                               --------------------------------------------
                          Name:  Alan Corkish
                                 ------------------------------------------
                          Title:  Director
                                  -----------------------------------------

                          BLACKROCK SENIOR LOAN TR
                          Magnetite IV CLO, Limited
                          Magnetite V CLO, Limited

                          By:  /s/
                               --------------------------------------------
                          Name:
                                 ------------------------------------------
                          Title:  Managing Director
                                  -----------------------------------------

                          BANK OF MONTREAL

                          By:  /s/  S Valia
                               --------------------------------------------
                          Name:  S Valia
                                 ------------------------------------------
                          Title:  Managing Director
                                  -----------------------------------------

                          GENERAL ELECTRIC CAPITAL CORPORATION

                          By:  /s/  W. Jerome McDermott
                              ---------------------------------------------
                          Name:  W. Jerome McDermott
                                 ------------------------------------------
                          Title:  Duly Authorized Signatory
                                  -----------------------------------------

                          FLAGSHIP CLO 2001 - 1
                          By:  Flagship Capital Management, Inc

                          By:  /s/  Eric S. Meyer
                               --------------------------------------------
                          Name:  Eric S. Meyer
                                 ------------------------------------------
                          Title:  Director
                                  -----------------------------------------

                          FLAGSHIP CLO II
                          By:  Flagship Capital Management, Inc

                          By:  /s/  Eric S. Meyer
                               --------------------------------------------
                          Name:  Eric S. Meyer
                                 ------------------------------------------
                          Title:  Director
                                  -----------------------------------------

<PAGE>

                          GALAXY CLO 1999-1, LTD

                          By: /s/  John G. Lapham, III
                             -----------------------------------------
                          Name:  John G. Lapham, III
                               ---------------------------------------
                          Title:  Managing Director
                                --------------------------------------

                          GALAXY CLO 2003-1, LTD.
                          By:  AIG Global Investment Corp.,
                          Its Investment Advisor

                          By:  /s/  John G. Lapham, III
                             -----------------------------------------
                          Name:  John G. Lapham, III
                                 -------------------------------------
                          Title:  Managing Director
                                  ------------------------------------

                          SUNAMERICA LIFE INSURANCE COMPANY

                          By:  /s/  John G. Lapham, III
                               ---------------------------------------
                          Name:  John G. Lapham, III
                                 -------------------------------------
                          Title:  Managing Director
                                  ------------------------------------

                          LIBERTY FLOATING RATE ADVANTAGE FUND
                          By:  Columbia Management Advisors, Inc.
                          (f/k/a Stein Roe & Farnham Incorporated),
                          As Advisor

                          By:  /s/  James R. Fellows
                               ---------------------------------------
                          Name:  James R. Fellows
                                 -------------------------------------
                          Title:  Sr. Vice President & Portfolio Manager
                                  --------------------------------------

                          AURUM CLO 2002-1 LTD.
                          By:  Columbia Management Advisors, Inc.
                          (f/k/a Stein Roe & Farnham Incorporated),
                          As Advisor

                          By:  /s/  James R. Fellows
                               ---------------------------------------
                          Name:  James R. Fellows
                                 -------------------------------------
                          Title:  Sr. Vice President & Portfolio Manager
                                 --------------------------------------

<PAGE>
                                 Schedule 1.1(a)

                               CONSOLIDATED EBITDA

Period Ending September 30, 2002            $29,471,000
Period Ending December 31, 2002             $28,446,000
Period Ending March 31, 2003                $18,923,000

<PAGE>

                                 Schedule 1.1(b)

                                 SALE PROPERTIES

1.       The surface lot owned by the Spice Lot Business Trust located in the
         City of Baltimore, Maryland

2.       The four (4) properties jointly owned by Allright Realty Corporation
         and American General Life Insurance Company of Delaware located in
         Bexar County, Texas, and Clayton County, Georgia

3.       The surface lot owned by Allright Corporation in Monroe County, New
         York (1100 Brooks Avenue)

4.       The surface lot owned by Allright Corporation in Harris County, Texas
         (1215 Main Street)

5.       The surface lot owned by Allright Corporation in Harris County, Texas
         (1201 San Jacinto Street)

6.       The surface lot owned by Allright Corporation in Harris County, Texas
         (1210 San Jacinto Street)

7.       The surface lot owned by Allright Corporation in Harris County, Texas
         (6875 Will Clayton Parkway)

8.       The surface lot owned by Allright Corporation in Davidson County,
         Tennessee (717 Church Street)

9.       The garage owned by Central Parking System Realty of New York, Inc. in
         Manhattan County, New York (12 West 48th Street)

10.      The surface lot owned by Allright Corporation in Boone County,
         Kentucky (613 Petersburg Road)

11.      The surface lot owned by the Cosmopolitan National Bank of Chicago as
         Trustee in Cook County, Illinois (824 South Clark Street)

12.      The properties owned by Allright Corporation in Clayton County,
         Georgia (Sullivan Road and Airport View Road)

13.      The surface lot owned by Allright Corporation in Harris County, Texas
         (1400 Prairie St)

14.      The self-park garage owned in part by LoDo Parking Garage LC in Denver
         County, Colorado (1635 18th Street)

15.      The surface lot jointly owned by Allright Realty Company in Franklin
         County, Ohio (208 East Main Street)

16.      The surface lot owned by Allright Corporation in Miami-Dade County,
         Florida (S. Miami Avenue, S.E. 2nd, S.E. 1st, S.E. 3rd, Alex Brown
         Property-Burdines)

17.      The surface lot owned by AEG Partnership in Erie County, New York (285
         Washington Street)<PAGE>
                                                                    EXHIBIT 10.4

                      FORM OF OPINION OF COUNSEL TO PARTY B

                                                            Date:

JPMorgan Chase Bank
270 Park Avenue
New York, New York  10017-2070

Ladies and Gentlemen:

         We are counsel to Central Parking Corporation (the "Counterparty"), and
we are delivering this opinion in connection with the Master Agreement, dated as
of June 9, 2003 (as supplemented by the Confirmations relating to the
Transactions entered into pursuant thereto, the "Agreement"), between the
Counterparty and JPMorgan Chase Bank (the "Bank"). Terms defined in the
Agreement are used herein as therein defined.

         In that connection, we have examined the originals, or copies certified
to our satisfaction, of the Agreement and such corporate records of the
Counterparty, certificates of public officials and of officers of the
Counterparty, and agreements, instruments, and documents, as we have deemed
necessary as a basis for the opinions hereinafter expressed. As to questions of
fact material to such opinions, we have, when relevant facts were not
independently established by us, relied upon certificates of the Counterparty,
or its officers or of public officials. We have assumed the due execution and
delivery of the Agreement by the Bank.

         Based upon the foregoing, we are of the following opinion:

         1. The Counterparty is a corporation duly organized, validly existing
and in good standing under the laws of Tennessee.

         2. The Counterparty has the power to execute and deliver the Agreement
and to perform its obligations under the Agreement and has taken all necessary
action to authorize such execution and delivery and performance of such
obligations.

         3. The execution and delivery of the Agreement by the Counterparty and
the Counterparty's performance of its obligations under the Agreement do not
violate or conflict with any law, rule or regulation applicable to it, any
provision of its charter or by-laws (or comparable constitutional documents),
any order or judgment of any court or other agency of government applicable to
it or any of its assets or any contractual restriction binding on or affecting
the Counterparty or any of its assets.

<PAGE>

         4. All authorizations of and exemptions, actions or approvals by, and
all notices to or filings with, any governmental or other authority that are
required to have been obtained or made by the Counterparty with respect to the
Agreement have been obtained or made and are in full force and effect and all
conditions of any such authorizations, exemptions, actions or approvals have
been complied with.

         5. The Agreement constitutes the Counterparty's legal, valid and
binding obligation enforceable against the Counterparty in accordance with its
terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium
or similar laws affecting creditors' rights generally and subject, as to
enforceability, to equitable principles of general application (regardless of
whether enforcement is sought in a proceeding in equity or at law)).

         6. To the best of our knowledge, after due inquiry, there is not
pending or threatened against the Counterparty or any of its Affiliates any
action, suit or proceeding at law or in equity or before any court, tribunal,
government body, agency or official or any arbitrator that is likely to affect
the legality, validity or enforceability against the Counterparty of the
Agreement or its ability to perform its obligations thereunder.

         We are qualified to practice law in the State of _________ and do not
purport to be expert on, or to express any opinion herein concerning, any law
other than the laws of the State of _____________ and the federal laws of the
United States of America.

                                             Very truly yours,

                                       2

<PAGE>
                                                                   EXHIBIT
(MULTICURRENCY--CROSS BORDER)

                                     ISDA(R)
                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                            dated as of JUNE 9, 2003

               JPMORGAN CHASE BANK and CENTRAL PARKING CORPORATION

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:--

1.       INTERPRETATION

(a)      DEFINITIONS. The terms defined in Section 14 and in the Schedule will
have the meanings therein specified for the purpose of this Master Agreement.

(b)      INCONSISTENCY. In the event of any inconsistency between the provisions
of the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c)      SINGLE AGREEMENT. All Transactions are entered into in reliance on the
fact that this Master Agreement and all Confirmations form a single agreement
between the parties (collectively referred to as this "Agreement"), and the
parties would not otherwise enter into any Transactions.

2.       OBLIGATIONS

(a)      GENERAL CONDITIONS.

         (i) Each party will make each payment or delivery specified in each
         Confirmation to be made by it, subject to the other provisions of this
         Agreement.

         (ii) Payments under this Agreement will be made on the due date for
         value on that date in the place of the account specified in the
         relevant Confirmation or otherwise pursuant to this Agreement, in
         freely transferable funds and in the manner customary for payments in
         the required currency. Where settlement is by delivery (that is, other
         than by payment), such delivery will be made for receipt on the due
         date in the manner customary for the relevant obligation unless
         otherwise specified in the relevant Confirmation or elsewhere in this
         Agreement.

         (iii) Each obligation of each party under Section 2(a)(i) is subject to
         (1) the condition precedent that no Event of Default or Potential Event
         of Default with respect to the other party has occurred and is
         continuing, (2) the condition precedent that no Early Termination Date
         in respect of the relevant Transaction has occurred or been effectively
         designated and (3) each other applicable condition precedent specified
         in this Agreement.

<PAGE>

(b)      CHANGE OF ACCOUNT. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c)      NETTING. If on any date amounts would otherwise be payable:--

         (i)   in the same currency; and

         (ii)  in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d)      DEDUCTION OR WITHHOLDING FOR TAX.

         (i) GROSS-UP. All payments under this Agreement will be made without
         any deduction or withholding for or on account of any Tax unless such
         deduction or withholding is required by any applicable law, as modified
         by the practice of any relevant governmental revenue authority, then in
         effect. If a party is so required to deduct or withhold, then that
         party ("X") will:--

                  (1) promptly notify the other party ("Y") of such requirement;

                  (2) pay to the relevant authorities the full amount required
                  to be deducted or withheld (including the full amount required
                  to be deducted or withheld from any additional amount paid by
                  X to Y under this Section 2(d)) promptly upon the earlier of
                  determining that such deduction or withholding is required or
                  receiving notice that such amount has been assessed against Y;

                  (3) promptly forward to Y an official receipt (or a certified
                  copy), or other documentation reasonably acceptable to Y,
                  evidencing such payment to such authorities; and

                  (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition
                  to the payment to which Y is otherwise entitled under this
                  Agreement, such additional amount as is necessary to ensure
                  that the net amount actually received by Y (free and clear of
                  Indemnifiable Taxes, whether assessed against X or Y) will
                  equal the full amount Y would have received had no such
                  deduction or withholding been required. However, X will not be
                  required to pay any additional amount to Y to the extent that
                  it would not be required to be paid but for:--

                           (A) the failure by Y to comply with or perform any
                           agreement contained in Section 4(a)(i), 4(a)(iii) or
                           4(d); or

                           (B) the failure of a representation made by Y
                           pursuant to Section 3(f) to be accurate and true
                           unless such failure would not have occurred but for
                           (I) any action taken by a taxing authority, or
                           brought in a court of competent jurisdiction, on or
                           after the date on which a Transaction is entered into
                           (regardless of whether such action is taken or
                           brought with respect to a party to this Agreement) or
                           (II) a Change in Tax Law.

                                       2

<PAGE>

         (ii)  LIABILITY. If:--

                  (1) X is required by any applicable law, as modified by the
                  practice of any relevant governmental revenue authority, to
                  make any deduction or withholding in respect of which X would
                  not be required to pay an additional amount to Y under Section
                  2(d)(i)(4);

                  (2) X does not so deduct or withhold; and

                  (3) a liability resulting from such Tax is assessed directly
                  against X,

         then, except to the extent Y has satisfied or then satisfies the
         liability resulting from such Tax, Y will promptly pay to X the amount
         of such liability (including any related liability for interest, but
         including any related liability for penalties only if Y has failed to
         comply with or perform any agreement contained in Section 4(a)(i),
         4(a)(iii) or 4(d)).

(e) DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3. REPRESENTATIONS

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a) BASIC REPRESENTATIONS.

         (i) STATUS. It is duly organised and validly existing under the laws of
         the jurisdiction of its organisation or incorporation and, if relevant
         under such laws, in good standing;

         (ii) POWERS. It has the power to execute this Agreement and any other
         documentation relating to this Agreement to which it is a party, to
         deliver this Agreement and any other documentation relating to this
         Agreement that it is required by this Agreement to deliver and to
         perform its obligations under this Agreement and any obligations it has
         under any Credit Support Document to which it is a party and has taken
         all necessary action to authorise such execution, delivery and
         performance;

         (iii) NO VIOLATION OR CONFLICT. Such execution, delivery and
         performance do not violate or conflict with any law applicable to it,
         any provision of its constitutional documents, any order or judgment of
         any court or other agency of government applicable to it or any of its
         assets or any contractual restriction binding on or affecting it or any
         of its assets;

         (iv) CONSENTS. All governmental and other consents that are required to
         have been obtained by it with respect to this Agreement or any Credit
         Support Document to which it is a party have been obtained and are in
         full force and effect and all conditions of any such consents have been
         complied with; and

         (v) OBLIGATIONS BINDING. Its obligations under this Agreement and any
         Credit Support Document to which it is a party constitute its legal,
         valid and binding obligations, enforceable in accordance with their
         respective terms (subject to applicable bankruptcy, reorganisation,
         insolvency, moratorium or similar laws affecting creditors' rights
         generally and subject, as to enforceability, to equitable principles of
         general application (regardless of whether enforcement is sought in a
         proceeding in equity or at law)).

                                       3

<PAGE>

(b) ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is
continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

(c) ABSENCE OF LITIGATION. There is not pending or, to its knowledge, threatened
against it or any of its Affiliates any action, suit or proceeding at law or in
equity or before any court, tribunal, governmental body, agency or official or
any arbitrator that is likely to affect the legality, validity or enforceability
against it of this Agreement or any Credit Support Document to which it is a
party or its ability to perform its obligations under this Agreement or such
Credit Support Document.

(d) ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e) PAYER TAX REPRESENTATION. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f) PAYEE TAX REPRESENTATIONS. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true.

4. AGREEMENTS

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a) FURNISH SPECIFIED INFORMATION. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

         (i) any forms, documents or certificates relating to taxation specified
         in the Schedule or any Confirmation;

         (ii) any other documents specified in the Schedule or any Confirmation;
         and

         (iii) upon reasonable demand by such other party, any form or document
         that may be required or reasonably requested in writing in order to
         allow such other party or its Credit Support Provider to make a payment
         under this Agreement or any applicable Credit Support Document without
         any deduction or withholding for or on account of any Tax or with such
         deduction or withholding at a reduced rate (so long as the completion,
         execution or submission of such form or document would not materially
         prejudice the legal or commercial position of the party in receipt of
         such demand), with any such form or document to be accurate and
         completed in a manner reasonably satisfactory to such other party and
         to be executed and to be delivered with any reasonably required
         certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b) MAINTAIN AUTHORISATIONS. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c) COMPLY WITH LAWS. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d) TAX AGREEMENT. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e) PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated,

                                       4

<PAGE>

organised, managed and controlled, or considered to have its seat, or in which a
branch or office through which it is acting for the purpose of this Agreement is
located ("Stamp Tax Jurisdiction") and will indemnify the other party against
any Stamp Tax levied or imposed upon the other party or in respect of the other
party's execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5. EVENTS OF DEFAULT AND TERMINATION EVENTS

(a) EVENTS OF DEFAULT. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party:--

         (i) FAILURE TO PAY OR DELIVER. Failure by the party to make, when due,
         any payment under this Agreement or delivery under Section 2(a)(i) or
         2(e) required to be made by it if such failure is not remedied on or
         before the third Local Business Day after notice of such failure is
         given to the party;

         (ii) BREACH OF AGREEMENT. Failure by the party to comply with or
         perform any agreement or obligation (other than an obligation to make
         any payment under this Agreement or delivery under Section 2(a)(i) or
         2(e) or to give notice of a Termination Event or any agreement or
         obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied
         with or performed by the party in accordance with this Agreement if
         such failure is not remedied on or before the thirtieth day after
         notice of such failure is given to the party;

         (iii) CREDIT SUPPORT DEFAULT.

                  (1) Failure by the party or any Credit Support Provider of
                  such party to comply with or perform any agreement or
                  obligation to be complied with or performed by it in
                  accordance with any Credit Support Document if such failure is
                  continuing after any applicable grace period has elapsed;

                  (2) the expiration or termination of such Credit Support
                  Document or the failing or ceasing of such Credit Support
                  Document to be in full force and effect for the purpose of
                  this Agreement (in either case other than in accordance with
                  its terms) prior to the satisfaction of all obligations of
                  such party under each Transaction to which such Credit Support
                  Document relates without the written consent of the other
                  party; or

                  (3) the party or such Credit Support Provider disaffirms,
                  disclaims, repudiates or rejects, in whole or in part, or
                  challenges the validity of, such Credit Support Document;

         (iv) MISREPRESENTATION. A representation (other than a representation
         under Section 3(e) or (f)) made or repeated or deemed to have been made
         or repeated by the party or any Credit Support Provider of such party
         in this Agreement or any Credit Support Document proves to have been
         incorrect or misleading in any material respect when made or repeated
         or deemed to have been made or repeated;

         (v) DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit Support
         Provider of such party or any applicable Specified Entity of such party
         (1) defaults under a Specified Transaction and, after giving effect to
         any applicable notice requirement or grace period, there occurs a
         liquidation of, an acceleration of obligations under, or an early
         termination of, that Specified Transaction, (2) defaults, after giving
         effect to any applicable notice requirement or grace period, in making
         any payment or delivery due on the last payment, delivery or exchange
         date of, or any payment on early termination of, a Specified
         Transaction (or such default continues for at least three Local
         Business Days if there is no applicable notice requirement or grace
         period) or (3) disaffirms, disclaims, repudiates or rejects, in whole
         or in part, a Specified Transaction (or such action is taken by any
         person or entity appointed or empowered to operate it or act on its
         behalf);

         (vi) CROSS DEFAULT. If "Cross Default" is specified in the Schedule as
         applying to the party, the occurrence or existence of (1) a default,
         event of default or other similar condition or event (however

                                       5

<PAGE>

         described) in respect of such party, any Credit Support Provider of
         such party or any applicable Specified Entity of such party under one
         or more agreements or instruments relating to Specified Indebtedness of
         any of them (individually or collectively) in an aggregate amount of
         not less than the applicable Threshold Amount (as specified in the
         Schedule) which has resulted in such Specified Indebtedness becoming,
         or becoming capable at such time of being declared, due and payable
         under such agreements or instruments, before it would otherwise have
         been due and payable or (2) a default by such party, such Credit
         Support Provider or such Specified Entity (individually or
         collectively) in making one or more payments on the due date thereof in
         an aggregate amount of not less than the applicable Threshold Amount
         under such agreements or instruments (after giving effect to any
         applicable notice requirement or grace period);

         (vii) BANKRUPTCY. The party, any Credit Support Provider of such party
         or any applicable Specified Entity of such party:--

                  (1) is dissolved (other than pursuant to a consolidation,
                  amalgamation or merger); (2) becomes insolvent or is unable to
                  pay its debts or fails or admits in writing its inability
                  generally to pay its debts as they become due; (3) makes a
                  general assignment, arrangement or composition with or for the
                  benefit of its creditors; (4) institutes or has instituted
                  against it a proceeding seeking a judgment of insolvency or
                  bankruptcy or any other relief under any bankruptcy or
                  insolvency law or other similar law affecting creditors'
                  rights, or a petition is presented for its winding-up or
                  liquidation, and, in the case of any such proceeding or
                  petition instituted or presented against it, such proceeding
                  or petition (A) results in a judgment of insolvency or
                  bankruptcy or the entry of an order for relief or the making
                  of an order for its winding-up or liquidation or (B) is not
                  dismissed, discharged, stayed or restrained in each case
                  within 30 days of the institution or presentation thereof; (5)
                  has a resolution passed for its winding-up, official
                  management or liquidation (other than pursuant to a
                  consolidation, amalgamation or merger); (6) seeks or becomes
                  subject to the appointment of an administrator, provisional
                  liquidator, conservator, receiver, trustee, custodian or other
                  similar official for it or for all or substantially all its
                  assets; (7) has a secured party take possession of all or
                  substantially all its assets or has a distress, execution,
                  attachment, sequestration or other legal process levied,
                  enforced or sued on or against all or substantially all its
                  assets and such secured party maintains possession, or any
                  such process is not dismissed, discharged, stayed or
                  restrained, in each case within 30 days thereafter; (8) causes
                  or is subject to any event with respect to it which, under the
                  applicable laws of any jurisdiction, has an analogous effect
                  to any of the events specified in clauses (1) to (7)
                  inclusive); or (9) takes any action in furtherance of, or
                  indicating its consent to, approval of, or acquiescence in,
                  any of the foregoing acts; or

         (viii) MERGER WITHOUT ASSUMPTION. The party or any Credit Support
         Provider of such party consolidates or amalgamates with, or merges with
         or into, or transfers all or substantially all its assets to, another
         entity and, at the time of such consolidation, amalgamation, merger or
         transfer:--

                  (1) the resulting, surviving or transferee entity fails to
                  assume all the obligations of such party or such Credit
                  Support Provider under this Agreement or any Credit Support
                  Document to which it or its predecessor was a party by
                  operation of law or pursuant to an agreement reasonably
                  satisfactory to the other party to this Agreement; or

                  (2) the benefits of any Credit Support Document fail to extend
                  (without the consent of the other party) to the performance by
                  such resulting, surviving or transferee entity of its
                  obligations under this Agreement.

(b) TERMINATION EVENTS. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii)
below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event

                                       6

<PAGE>

Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below:--

         (i) ILLEGALITY. Due to the adoption of, or any change in, any
         applicable law after the date on which a Transaction is entered into,
         or due to the promulgation of, or any change in, the interpretation by
         any court, tribunal or regulatory authority with competent jurisdiction
         of any applicable law after such date, it becomes unlawful (other than
         as a result of a breach by the party of Section 4(b)) for such party
         (which will be the Affected Party):--

                  (1) to perform any absolute or contingent obligation to make a
                  payment or delivery or to receive a payment or delivery in
                  respect of such Transaction or to comply with any other
                  material provision of this Agreement relating to such
                  Transaction; or

                  (2) to perform, or for any Credit Support Provider of such
                  party to perform, any contingent or other obligation which the
                  party (or such Credit Support Provider) has under any Credit
                  Support Document relating to such Transaction;

         (ii) TAX EVENT. Due to (x) any action taken by a taxing authority, or
         brought in a court of competent jurisdiction, on or after the date on
         which a Transaction is entered into (regardless of whether such action
         is taken or brought with respect to a party to this Agreement) or (y) a
         Change in Tax Law, the party (which will be the Affected Party) will,
         or there is a Substantial likelihood that it will, on the next
         succeeding Scheduled Payment Date (1) be required to pay to the other
         party an additional amount in respect of an Indemnifiable Tax under
         Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
         6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is
         required to be deducted or withheld for or on account of a Tax (except
         in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no
         additional amount is required to be paid in respect of such Tax under
         Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or
         (B));

         (iii) TAX EVENT UPON MERGER. The party (the "Burdened Party") on the
         next succeeding Scheduled Payment Date will either (1) be required to
         pay an additional amount in respect of an Indemnifiable Tax under
         Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
         6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has
         been deducted or withheld for or on account of any Indemnifiable Tax in
         respect of which the other party is not required to pay an additional
         amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in
         either case as a result of a party consolidating or amalgamating with,
         or merging with or into, or transferring all or substantially all its
         assets to, another entity (which will be the Affected Party) where such
         action does not constitute an event described in Section 5(a)(viii);

         (iv) CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is
         specified in the Schedule as applying to the party, such party ("X"),
         any Credit Support Provider of X or any applicable Specified Entity of
         X consolidates or amalgamates with, or merges with or into, or
         Transfers all or substantially all its assets to, another entity and
         such action does not constitute an event described in Section
         5(a)(viii) but the creditworthiness of the resulting, surviving or
         transferee entity is materially weaker than that of X, such Credit
         Support Provider or such Specified Entity, as the case may be,
         immediately prior to such action (and, in such event, X or its
         successor or transferee, as appropriate, will be the Affected Party);
         or

         (v) ADDITIONAL TERMINATION EVENT. If any "Additional Termination Event"
         is specified in the Schedule or any Confirmation as applying, the
         occurrence of such event (and, in such event, the Affected Party or
         Affected Parties shall be as specified for such Additional Termination
         Event in the Schedule or such Confirmation).

(c) EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which would
otherwise constitute or give rise to an Event of Default also constitutes an
Illegality, it will be treated as an Illegality and will not constitute an Event
of Default.

                                       7

<PAGE>

6. EARLY TERMINATION

(a) RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days' notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b)      RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

         (i) NOTICE. If a Termination Event occurs, an Affected Party will,
         promptly upon becoming aware of it, notify the other party, specifying
         the nature of that Termination Event and each Affected Transaction and
         will also give such other information about that Termination Event as
         the other party may reasonably require.

         (ii) TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality under
         Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected
         Party, or if a Tax Event Upon Merger occurs and the Burdened Party is
         the Affected Party, the Affected Party will, as a condition to its
         right to designate an Early Termination Date under Section 6(b)(iv),
         use all reasonable efforts (which will not require such party to incur
         a loss, excluding immaterial, incidental expenses) to transfer within
         20 days after it gives notice under Section 6(b)(i) all its rights and
         obligations under this Agreement in respect of the Affected
         Transactions to another of its Offices or Affiliates so that such
         Termination Event ceases to exist.

         If the Affected Party is not able to make such a transfer it will give
         notice to the other party to that effect within such 20 day period,
         whereupon the other party may effect such a transfer within 30 days
         after the notice is given under Section 6(b)(i).

         Any such transfer by a party under this Section 6(b)(ii) will be
         subject to and conditional upon the prior written consent of the other
         party, which consent will not be withheld if such other party's
         policies in effect at such time would permit it to enter into
         Transactions with the transferee on the terms proposed.

         (iii) TWO AFFECTED PARTIES. If an Illegality under Section 5(b)(i)(1)
         or a Tax Event occurs and there are two Affected Parties, each party
         will use all reasonable efforts to reach agreement within 30 days after
         notice thereof is given under Section 6(b)(i) on action to avoid that
         Termination Event.

         (iv)  RIGHT TO TERMINATE. If:--

                  (1) a transfer under Section 6(b)(ii) or an agreement under
                  Section 6(b)(iii), as the case may be, has not been effected
                  with respect to all Affected Transactions within 30 days after
                  an Affected Party gives notice under Section 6(b)(i); or

                  (2) an Illegality under Section 5(b)(i)(2), a Credit Event
                  Upon Merger or an Additional Termination Event occurs, or a
                  Tax Event Upon Merger occurs and the Burdened Party is not the
                  Affected Party,

         either party in the case of an Illegality, the Burdened Party in the
         case of a Tax Event Upon Merger, any Affected Party in the case of a
         Tax Event or an Additional Termination Event if there is more than one
         Affected Party, or the party which is not the Affected Party in the
         case of a Credit Event Upon Merger or an Additional Termination Event
         if there is only one Affected Party may, by not more than 20 days
         notice to the other party and provided that the relevant Termination
         Event is then

                                       8

<PAGE>

         continuing, designate a day not earlier than the day such notice is
         effective as an Early Termination Date in respect of all Affected
         Transactions.

(c)      EFFECT OF DESIGNATION.

         (i) If notice designating an Early Termination Date is given under
         Section 6(a) or (b), the Early Termination Date will occur on the date
         so designated, whether or not the relevant Event of Default or
         Termination Event is then continuing.

         (ii) Upon the occurrence or effective designation of an Early
         Termination Date, no further payments or deliveries under Section
         2(a)(i) or 2(e) in respect of the Terminated Transactions will be
         required to be made, but without prejudice to the other provisions of
         this Agreement. The amount, if any, payable in respect of an Early
         Termination Date shall be determined pursuant to Section 6(e).

(d)      CALCULATIONS.

         (i) STATEMENT. On or as soon as reasonably practicable following the
         occurrence of an Early Termination Date, each party will make the
         calculations on its part, if any, contemplated by Section 6(e) and will
         provide to the other party a statement (1) showing, in reasonable
         detail, such calculations (including all relevant quotations and
         specifying any amount payable under Section 6(e)) and (2) giving
         details of the relevant account to which any amount payable to it is to
         be paid. In the absence of written confirmation from the source of a
         quotation obtained in determining a Market Quotation, the records of
         the party obtaining such quotation will be conclusive evidence of the
         existence and accuracy of such quotation.

         (ii) PAYMENT DATE. An amount calculated as being due in respect of any
         Early Termination Date under Section 6(e) will be payable on the day
         that notice of the amount payable is effective (in the case of an Early
         Termination Date which is designated or occurs as a result of an Event
         of Default) and on the day which is two Local Business Days after the
         day on which notice of the amount payable is effective (in the case of
         an Early Termination Date which is designated as a result of a
         Termination Event). Such amount will be paid together with (to the
         extent permitted under applicable law) interest thereon (before as well
         as after judgment) in the Termination Currency, from (and including)
         the relevant Early Termination Date to (but excluding) the date such
         amount is paid, at the Applicable Rate. Such interest will be
         calculated on the basis of daily compounding and the actual number of
         days elapsed.

(e)      PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

         (i)      EVENTS OF DEFAULT. If the Early Termination Date results from
                  an Event of Default:--

                  (1) First Method and Market Quotation. If the First Method and
                  Market Quotation apply, the Defaulting Party will pay to the
                  Non-defaulting Party the excess, if a positive number, of (A)
                  the sum of the Settlement Amount (determined by the
                  Non-defaulting Party) in respect of the Terminated
                  Transactions and the Termination Currency Equivalent of the
                  Unpaid Amounts owing to the Non-defaulting Party over (B) the
                  Termination Currency Equivalent of the Unpaid Amounts owing to
                  the Defaulting Party.

                  (2) First Method and Loss. If the First Method and Loss apply,
                  the Defaulting Party will pay to the Non-defaulting Party, if
                  a positive number, the Non-defaulting Party's Loss in respect
                  of this Agreement.

                  (3) Second Method and Market Quotation. If the Second Method
                  and Market Quotation apply, an amount will be payable equal to
                  (A) the sum of the Settlement Amount (determined by the

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<PAGE>

                  Non-defaulting Party) in respect of the Terminated
                  Transactions and the Termination Currency Equivalent of the
                  Unpaid Amounts owing to the Non-defaulting Party less (B) the
                  Termination Currency Equivalent of the Unpaid Amounts owing to
                  the Defaulting Party. If that amount is a positive number, the
                  Defaulting Party will pay it to the Non-defaulting Party; if
                  it is a negative number, the Non-defaulting Party will pay the
                  absolute value of that amount to the Defaulting Party.

                  (4) Second Method and Loss. If the Second Method and Loss
                  apply, an amount will be payable equal to the Non-defaulting
                  Party's Loss in respect of this Agreement. If that amount is a
                  positive number, the Defaulting Party will pay it to the
                  Non-defaulting Party; if it is a negative number, the
                  Non-defaulting Party will pay the absolute value of that
                  amount to the Defaulting Party.

         (ii)     TERMINATION EVENTS. If the Early Termination Date results from
                  a Termination Event:--

                  (1) One Affected Party. If there is one Affected Party, the
                  amount payable will be determined in accordance with Section
                  6(e)(i)(3), if Market Quotation applies, or Section
                  6(e)(i)(4), if Loss applies, except that, in either case,
                  references to the Defaulting Party and to the Non-defaulting
                  Party will be deemed to be references to the Affected Party
                  and the party which is not the Affected Party, respectively,
                  and, if Loss applies and fewer than all the Transactions are
                  being terminated, Loss shall be calculated in respect of all
                  Terminated Transactions.

                  (2) Two Affected Parties. If there are two Affected Parties:--

                      (A) if Market Quotation applies, each party will determine
                      a Settlement Amount in respect of the Terminated
                      Transactions, and an amount will be payable equal to (I)
                      the sum of (a) one-half of the difference between the
                      Settlement Amount of the party with the higher Settlement
                      Amount ("X") and the Settlement Amount of the party with
                      the lower Settlement Amount ("Y") and (b) the Termination
                      Currency Equivalent of the Unpaid Amounts owing to X less
                      (II) the Termination Currency Equivalent of the Unpaid
                      Amounts owing to Y; and

                      (B) if Loss applies, each party will determine its Loss in
                      respect of this Agreement (or, if fewer than all the
                      Transactions are being terminated, in respect of all
                      Terminated Transactions) and an amount will be payable
                      equal to one-half of the difference between the Loss of
                      the party with the higher Loss ("X") and the Loss of the
                      party with the lower Loss ("Y").

                  If the amount payable is a positive number, Y will pay it to
                  X; if it is a negative number, X will pay the absolute value
                  of that amount to Y.

         (iii) ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
         Termination Date occurs because "Automatic Early Termination" applies
         in respect of a party, the amount determined under this Section 6(e)
         will be subject to such adjustments as are appropriate and permitted by
         law to reflect any payments or deliveries made by one party to the
         other under this Agreement (and retained by such other party) during
         the period from the relevant Early Termination Date to the date for
         payment determined under Section 6(d)(ii).

         (iv) PRE-ESTIMATE. The parties agree that if Market Quotation applies
         an amount recoverable under this Section 6(e) is a reasonable
         pre-estimate of loss and not a penalty. Such amount is payable for the
         loss of bargain and the loss of protection against future risks and
         except as otherwise provided in this Agreement neither party will be
         entitled to recover any additional damages as a consequence of such
         losses.

                                       10

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7. TRANSFER

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:--

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8. CONTRACTUAL CURRENCY

(a) PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b) JUDGMENTS. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c) SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d) EVIDENCE OF LOSS. For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

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<PAGE>

9. MISCELLANEOUS

(a) ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b) AMENDMENTS. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c) SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d) REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e) COUNTERPARTS AND CONFIRMATIONS.

         (i) This Agreement (and each amendment, modification and waiver in
         respect of it) may be executed and delivered in counterparts (including
         by facsimile transmission), each of which will be deemed an original.

         (ii) The parties intend that they are legally bound by the terms of
         each Transaction from the moment they agree to those terms (whether
         orally or otherwise). A Confirmation shall be entered into as soon as
         practicable and may be executed and delivered in counterparts
         (including by facsimile transmission) or be created by an exchange of
         telexes or by an exchange of electronic messages on an electronic
         messaging system, which in each case will be sufficient for all
         purposes to evidence a binding supplement to this Agreement. The
         parties will specify therein or through another effective means that
         any such counterpart, telex or electronic message constitutes a
         Confirmation.

(f) NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g) HEADINGS. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10. OFFICES; MULTIBRANCH PARTIES

(a) If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organisation of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b) Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c) If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11. EXPENSES

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document

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<PAGE>

to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12. NOTICES

(a) EFFECTIVENESS. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:--

         (i) if in writing and delivered in person or by courier, on the date it
         is delivered;

         (ii) if sent by telex, on the date the recipient's answerback is
         received;

         (iii) if sent by facsimile transmission, on the date that transmission
         is received by a responsible employee of the recipient in legible form
         (it being agreed that the burden of proving receipt will be on the
         sender and will not be met by a transmission report generated by the
         sender's facsimile machine);

         (iv) if sent by certified or registered mail (airmail, if overseas) or
         the equivalent (return receipt requested), on the date that mail is
         delivered or its delivery is attempted; or

         (v) if sent by electronic messaging system, on the date that electronic
         message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b) CHANGE OF ADDRESSES. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13. GOVERNING LAW AND JURISDICTION

(a) GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b) JURISDICTION. With respect to any suit, action or proceedings relating to
this Agreement ("Proceedings"), each party irrevocably:--

         (i) submits to the jurisdiction of the English courts, if this
         Agreement is expressed to be governed by English law, or to the
         non-exclusive jurisdiction of the courts of the State of New York and
         the United States District Court located in the Borough of Manhattan in
         New York City, if this Agreement is expressed to be governed by the
         laws of the State of New York; and

         (ii) waives any objection which it may have at any time to the laying
         of venue of any Proceedings brought in any such court, waives any claim
         that such Proceedings have been brought in an inconvenient forum and
         further waives the right to object, with respect to such Proceedings,
         that such court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c) SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any

                                       13

<PAGE>

reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process
agent acceptable to the other party. The parties irrevocably consent to service
of process given in the manner provided for notices in Section 12. Nothing in
this Agreement will affect the right of either party to serve process in any
other manner permitted by law.

(d) WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14. DEFINITIONS

As used in this Agreement:--

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"APPLICABLE RATE" means:--

(a) in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d) in all other cases, the Termination Rate.

"BURDENED PARTY" has the meaning specified in Section 5(b).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"CONSENT" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

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<PAGE>

"DEFAULTING PARTY" has the meaning specified in Section 6(a).

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"ILLEGALITY" has the meaning specified in Section 5(b).

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"LAWFUL" and "UNLAWFUL" will be construed accordingly.

"LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"LOSS" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(c)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have

                                       15

<PAGE>

been required after that date. For this purpose, Unpaid Amounts in respect of
the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for
the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is to
be included. The Replacement Transaction would be subject to such documentation
as such party and the Reference Market-maker may, in good faith, agree. The
party making the determination (or its agent) will request each Reference
Market-maker to provide its quotation to the extent reasonably practicable as of
the same day and time (without regard to different time zones) on or as soon as
reasonably practicable after the relevant Early Termination Date. The day and
time as of which those quotations are to be obtained will be selected in good
faith by the party obliged to make a determination under Section 6(e), and, if
each party is so obliged, after consultation with the other. If more than three
quotations are provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and lowest
values. If exactly three such quotations are provided, the Market Quotation will
be the quotation remaining after disregarding the highest and lowest quotations.
For this purpose, if more than one quotation has the same highest value or
lowest value, then one of such quotations shall be disregarded. If fewer than
three quotations are provided, it will be deemed that the Market Quotation in
respect of such Terminated Transaction or group of Terminated Transactions
cannot be determined.

"NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such party's head or
home office.

"POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"SET-OFF" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"SETTLEMENT AMOUNT" means, with respect to a party and any Early Termination
Date, the sum of:--

(a) the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"SPECIFIED ENTITY" has the meaning specified in the Schedule.

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<PAGE>

"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

"TERMINATED TRANSACTIONS" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"TERMINATION CURRENCY" has the meaning specified in the Schedule.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"TERMINATION EVENT" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
 cost (without proof or evidence of any actual cost) to each party (as certified
 by such party) if it were to fund or of funding such
amounts.

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market

                                       17
<PAGE>

value of that which was (or would have been) required to be delivered as of the
originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency, of such
amounts, from (and including) the date such amounts or obligations were or would
have been required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above
shall be reasonably determined by the party obliged to make the determination
under Section 6(e) or, if each party is so obliged, it shall be the average of
the Termination Currency Equivalents of the fair market values reasonably
determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

JPMORGAN CHASE BANK                                  CENTRAL PARKING CORPORATION
  (Name of Party)                                          (Name of Party)

By: /s/ Melissa A. McMahon                       By: /s/ Robert Votteler
    ---------------------------------               ----------------------------
    Name:  Melissa A. McMahon                       Name:  Robert Votteler
    Title: VP/Asst General Council                  Title: VP/Treasurer

    Date:  6/30/03                                  Date:     6/9/03

                                       18

<PAGE>

                                    SCHEDULE
                                     TO THE
                                MASTER AGREEMENT

                            DATED AS OF JUNE 9, 2003

                                     BETWEEN

JPMORGAN CHASE BANK                    AND           CENTRAL PARKING CORPORATION
    ("PARTY A")                                               (PARTY B")

                                     PART 1
                TERMINATION PROVISIONS AND CERTAIN OTHER MATTERS

(1)      "SPECIFIED ENTITY" means, in relation to Party A, for the purpose of:

         SECTION 5(A)(V), any Affiliate of Party A;

         SECTION 5(A)(VI), none;

         SECTION 5(A)(VII), none; and

         SECTION 5(B)(IV), none;

                  and, in relation to Party B, for the purpose of:

         SECTION 5(A)(V), any Affiliate of Party B;

         SECTION 5(A)(VI), none;

         SECTION 5(A)(VII), none; and

         SECTION 5(B)(IV), none.

(2)      "SPECIFIED TRANSACTION" will have the meaning specified in Section 14.

(3)      The "CROSS-DEFAULT" provisions of Section 5(a)(vi) will apply to Party
         A and Party B, and for such purpose:

<PAGE>

         (a)      "SPECIFIED INDEBTEDNESS" will have the meaning specified in
                  Section 14, except that such term shall not include
                  obligations in respect of deposits received in the ordinary
                  course of a party's banking business.

         (b)      "THRESHOLD AMOUNT" means, (i) with respect to Party A, an
                  amount equal to three percent of the shareholders' equity of
                  such party and (ii) with respect to Party B, $5,000,000.

(4)      The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) will not
         apply to Party A. The "CREDIT EVENT UPON MERGER" provisions of Section
         5(b)(iv) will apply to Party B.

(5)      The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will not
         apply to Party A or Party B.

(6)      PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e):

         (i)      Loss will apply.

         (ii)     The Second Method will apply.

(7)      "TERMINATION CURRENCY" means United States Dollars.

                                     PART 2
                               TAX REPRESENTATIONS

(A)      Tax Representations. For the purpose of Section 3(f) of this Agreement:

         (i)      Party A and Party B each represent, respectively, that it is
                  the beneficial owner of each payment made or to be made under
                  this Agreement and is a United States Person for U.S. federal
                  income tax purposes.

         (ii)     Party B represents in respect of each Transaction where Party
                  A's Office for the Transaction is not located in the United
                  States of America:

         Party B is fully eligible for the benefits of the "Business Profits" or
         "Industrial and Commercial Profits" provision, as the case may be, the
         "Interest" provision and the "Other Income" provision (if any) of the
         income tax treaty (if any), in effect between the jurisdiction of Party
         A's Office for the Transaction and the United States of America with
         respect to any payment described in such provisions and received or to
         be received by it in connection with this Agreement and no such payment
         is attributable to a trade or business carried on by it through a
         permanent

                                       2

<PAGE>

         establishment in the jurisdiction through which Party A has entered the
         relevant Transaction.

                                     PART 3
                         AGREEMENT TO DELIVER DOCUMENTS

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party
agrees to deliver the following documents:

         (a) Tax forms, documents or certificates to be delivered are: For the
         purpose of Sections 4(a)(i) and (ii) of this Agreement, Party B agrees
         to deliver two complete and accurate United States Internal Revenue
         Service Forms W-9 (or any successor applicable forms), in a manner
         reasonably satisfactory to Party A, (I) upon execution of this
         Agreement; (II) promptly upon reasonable demand of Party A, and (III)
         promptly upon learning that any such form previously filed by Party B
         has become obsolete or incorrect.

         (b) Other documents to be delivered are:

<TABLE>
<CAPTION>
    PARTY REQUIRED                                                                              COVERED BY
      TO DELIVER                      FORM/DOCUMENT/                   DATE BY WHICH           SECTION 3(D)
       DOCUMENT                        CERTIFICATE                    TO BE DELIVERED         REPRESENTATION
    ---------------                   --------------                  ---------------         ---------------
<S>                       <C>                                       <C>                       <C>
Party B                   Opinion of counsel satisfactory to        Upon execution and              No
                          Party A substantially in the form of      delivery of this
                          Exhibit I hereto                          Agreement

Party B                   Certified copies of all corporate         Upon execution and             Yes
                          authorizations and any other              delivery of this
                          documents with respect to the             Agreement
                          execution, delivery and performance
                          of this Agreement

Party B                   Certificate of authority and specimen     Upon execution and             Yes
                          signatures of individuals executing       delivery of this
                          this Agreement and Confirmations          Agreement and
                                                                    thereafter upon
                                                                    request of Party A

</TABLE>

                                       3

<PAGE>

                                     PART 4
                                  MISCELLANEOUS

(1)      ADDRESS FOR NOTICES. For the purpose of Section 12(a) of this
         Agreement:

         Address for notice or communications to Party A:

         Any notice relating to a particular Transaction shall be delivered to
         the address or facsimile number specified in the Confirmation of such
         Transaction. Any notice delivered for purposes of Sections 5 and 6 of
         this Agreement shall be delivered to the following address:

         JPMorgan Chase Bank
         Attention: Legal Department-Derivatives Practice Group
         270 Park Avenue, 41st Floor
         New York, New York 10017-2070
         Facsimile No.: (212) 270-3625

         Address for notice or communications to Party B:

         Central Parking Corporation
         Attention: Robert Votteler
         2401 21st Avenue South
         Nashville, Tennessee 37212
         Facsimile No.: (615) 297-9453

(2)      PROCESS AGENT. For the purpose of Section 13(c):

         Party A appoints as its Process Agent:  Not applicable.
         Party B appoints as its Process Agent:  Not applicable.

(3)      OFFICES.  The provisions of Section 10(a) will apply to this Agreement.

(4)      MULTIBRANCH PARTY.  For the purpose of Section 10 of this Agreement:

         Party A is a Multibranch Party and may act through any Office specified
         in a Confirmation.

         Party B is not a Multibranch Party.

(5)      CALCULATION AGENT. The Calculation Agent is Party A, unless otherwise
         specified in a Confirmation in relation to the relevant Transaction.

                                       4

<PAGE>

(6)      CREDIT SUPPORT DOCUMENTS. With respect to Party B, the guaranty set
         forth in Article IV of the Credit Agreement and each of the Collateral
         Documents delivered pursuant to the Credit Agreement shall constitute a
         Credit Support Document hereunder.

(7)      CREDIT SUPPORT PROVIDER. With respect to Party B, each of the Loan
         Parties (as defined in the Credit Agreement) shall be a Credit Support
         Provider hereunder.

(8)      GOVERNING LAW. This Agreement will be governed by and construed in
         accordance with the laws of the State of New York (without reference to
         choice of law doctrine).

(9)      NETTING OF PAYMENTS. Section 2(c)(ii) of this Agreement will not apply
         to any Transaction unless specified in the relevant Confirmation.

(10)     "AFFILIATE" will have the meaning specified in Section 14 of this
         Agreement.
                                     PART 5
                                OTHER PROVISIONS

(1)      SET-OFF. Any amount (the "Early Termination Amount") payable to one
         party (the "Payee") by the other party (the "Payer") under Section
         6(e), in circumstances where there is a Defaulting Party or one
         Affected Party in the case where a Termination Event under Section
         5(b)(iv) has occurred, will, at the option of the party ('X') other
         than the Defaulting Party or the Affected Party (and without prior
         notice to the Defaulting Party or the Affected Party), be reduced by
         its set-off against any amount(s) (the `Other Agreement Amount')
         payable (whether at such time or in the future or upon the occurrence
         of a contingency) by the Payee to the Payer (irrespective of the
         currency, place of payment or booking office of the obligation) under
         any other agreement(s) between the Payee and the Payer or instrument(s)
         or undertaking(s) issued or executed by one party to, or in favor of,
         the other party (and the Other Agreement Amount will be discharged
         promptly and in all respects to the extent it is so set-off). X will
         give notice to the other party of any set-off effected under this
         section.

         For this purpose, either the Early Termination Amount or the Other
         Agreement Amount (or the relevant portion of such amounts) may be
         converted by X into the currency in which the other is denominated at
         the rate of exchange at which such party would be able, acting in a
         reasonable manner and in good faith, to purchase the relevant amount of
         such currency.

         If an obligation is unascertained, X may in good faith estimate that
         obligation and set-off in respect of the estimate, subject to the
         relevant party accounting to the other when the obligation is
         ascertained.

                                       5

<PAGE>

         Nothing in this section shall be effective to create a charge or other
         security interest. This section shall be without prejudice and in
         addition to any right of set-off, combination of accounts, lien or
         other right to which any party is at any time otherwise entitled
         (whether by operation of law, contract or otherwise).

(2)      EXCHANGE OF CONFIRMATIONS. For each Transaction entered into hereunder,
         Party A shall promptly send to Party B a Confirmation, via telex or
         facsimile transmission. Party B agrees to respond to such Confirmation
         within 10 Local Business Days, either confirming agreement thereto or
         requesting a correction of any error(s) contained therein. Failure by
         Party B to respond within such period shall not affect the validity or
         enforceability of such Transaction . The parties agree that any such
         exchange of telexes or facsimile transmissions shall constitute a
         Confirmation for all purposes hereunder.

(3)      WAIVER OF JURY TRIAL. EACH PARTY WAIVES, TO THE FULLEST EXTENT
         PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
         IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING RELATING TO THIS AGREEMENT
         OR ANY CREDIT SUPPORT DOCUMENT. EACH PARTY (I) CERTIFIES THAT NO
         REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY OR ANY CREDIT
         SUPPORT PROVIDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
         OTHER PARTY WOULD NOT, IN THE EVENT OF SUCH A SUIT, ACTION OR
         PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES
         THAT IT AND THE OTHER PARTY HAVE BEEN INDUCED TO ENTER INTO THIS
         AGREEMENT AND PROVIDE FOR ANY CREDIT SUPPORT DOCUMENT, AS APPLICABLE,
         BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
         SECTION.

(4)      TELEPHONIC RECORDING. Each party (i) consents to the recording of the
         telephone conversations of trading, marketing and operations personnel
         of the parties and their Affiliates in connection with this Agreement
         or any potential Transaction and (ii) agrees to obtain any necessary
         consent of, and give notice of such recording to, such personnel of it
         and its Affiliates.

(5)      ELIGIBLE CONTRACT PARTICIPANT. Each party represents to the other party
         (which representation will be deemed to be repeated by each party on
         each date on which a Transaction is entered into) that it is an
         "eligible contract participant", as defined in the Commodity Futures
         Modernization Act of 2000.

(6)      RELATIONSHIP BETWEEN PARTIES. The following representation shall be
         inserted as a new Section 3(g) of this Agreement:

         "(g) RELATIONSHIP BETWEEN PARTIES. Each party will be deemed to
         represent to the other party on the date on which it enters into a
         Transaction that (absent a written agreement between the parties that
         expressly imposes affirmative obligations to the contrary for that
         Transaction):

                                      6
<PAGE>

                  (i) NON-RELIANCE. It is acting for its own account, and it has
         made its own independent decisions to enter into that Transaction and
         as to whether that 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 that Transaction; it being understood that information and
         explanations related to the terms and conditions of a Transaction shall
         not be considered investment advice or a recommendation to enter into
         that Transaction. No communication (written or oral) received from the
         other party shall be deemed to be an assurance or guarantee as to the
         expected results of that Transaction.

                  (ii) ASSESSMENT AND UNDERSTANDING. It is capable of assessing
         the merits of and understanding (on its own behalf or through
         independent professional advice), and understands and accepts, the
         terms, conditions and risks of that Transaction. It is also capable of
         assuming, and assumes, the risks of that Transaction.

                  (iii) STATUS OF PARTIES. The other party is not acting as a
         fiduciary for or an adviser to it in respect of that Transaction."

(7)      ISDA DEFINITIONS. Reference is hereby made to the 2000 ISDA Definitions
         (the "2000 Definitions") and the 1998 FX and Currency Option
         Definitions (the "FX Definitions") (collectively the "ISDA
         Definitions") each as published by the International Swaps and
         Derivatives Association, Inc., which are hereby incorporated by
         reference herein. Any terms used and not otherwise defined herein which
         are contained in the ISDA Definitions shall have the meaning set forth
         therein.

(8)      SCOPE OF AGREEMENT. Notwithstanding anything contained in this
         Agreement to the contrary, any transaction which may otherwise
         constitute a "Specified Transaction" for purposes of this Agreement
         which has been or will be entered into between the parties shall
         constitute a "Transaction" which is subject to, governed by, and
         construed in accordance with the terms of this Agreement, unless any
         Confirmation with respect to a Transaction entered into after the
         execution of this Agreement expressly provides otherwise.

(9)      INCONSISTENCY. In the event of any inconsistency between any of the
         following documents, the relevant document first listed below shall
         govern: (i) a Confirmation; (ii) the Schedule and an ISDA Credit
         Support Annex (as applicable); (iii) the ISDA Definitions; and (iv) the
         printed form of ISDA Master Agreement and ISDA Credit Support Annex (as
         applicable). In the event of any inconsistency between provisions
         contained in the 2000 Definitions and the FX Definitions, the FX
         Definitions shall prevail.

                                       7

<PAGE>

(10)     "CREDIT AGREEMENT" means the Credit Agreement, dated as of February 28,
         2003, among Party B, the other Borrowers named therein, the Guarantors
         party thereto, the Lenders party thereto, the Syndication Agent and
         Co-Documentation Agents named therein and Bank of America, N.A., as
         Administrative Agent, as amended, supplemented or otherwise modified
         from time to time; provided that if the obligations under the Credit
         Agreement are paid in full, the Credit Agreement is otherwise
         terminated or cancelled or Party A shall for any reason cease to remain
         a party thereto, Credit Agreement means the Credit Agreement as it
         existed immediately prior to such event. Capitalized terms used therein
         and not otherwise defined herein shall have the meanings assigned in
         the Credit Agreement.

(11)     FURTHER AGREEMENTS OF PARTY B. Party B agrees with Party A that, so
         long as Party B has or may have any obligations under this Agreement,
         Party B will comply with each of the covenants set forth in Articles
         VII and VIII of the Credit Agreement.

(12)     ADDITIONAL EVENT OF DEFAULT. With respect to Party B, it shall
         constitute an Event of Default under this Agreement if there shall
         occur any Event of Default under the Credit Agreement.

(13)     FURTHER REPRESENTATIONS OF PARTY B. Party B represents and warrants to
         Party A (which representations will be deemed repeated by Party B on
         each date on which a Transaction is entered into) that (x) each of the
         representations and warranties made by Party B in Article VI of the
         Credit Agreement would be true if made as of the date hereof, and, on
         the date hereof, no Event of Default under the Credit Agreement has
         occurred and is continuing and (y) the obligations of Party B hereunder
         shall be secured by, and entitled to the benefits of, the Collateral
         Documents delivered pursuant to the Credit Agreement.

                                       8
<PAGE>

Please confirm your agreement to the terms of the foregoing Schedule by signing
below.

JPMORGAN CHASE BANK                           CENTRAL PARKING CORPORATION

By: /s/ Melissa A. McMahon                    By: /s/ Robert Votteler
    -------------------------------              ----------------------------
    Name:   Melissa A. McMahon                   Name: Robert Votteler
    Title:  VP/Asst General Council              Title: VP/Treasurer

                                       9

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