Document:

Exhibit 10.43

 

 

Interest Rate Swap Transaction

 

The
purpose of this letter agreement is to confirm the terms and conditions of the
Transaction entered into between:

 

JPMORGAN CHASE BANK, N.A.

(“JPMorgan”)

 

and

 

TRIMAS COMPANY LLC

(the “Counterparty”)

 

on
the Trade Date and identified by the JPMorgan Deal Number specified below (the “Transaction”).
This letter agreement constitutes a “Confirmation” as referred to in the Master
Agreement specified below, and supersedes any previous confirmation or other
writing with respect to the transaction described below.

 

The
definitions and provisions contained in the 2006 ISDA Definitions (the “Definitions”),
as published by the International Swaps and Derivatives Association, Inc. are
incorporated into this Confirmation. In the event of any inconsistency between
those definitions and provisions and this Confirmation, this Confirmation will
govern.

 

If
JPMORGAN CHASE BANK, N.A. (“JPMorgan”) and TRIMAS COMPANY LLC (the “Counterparty”)
are not yet parties to an ISDA Master Agreement, the parties agree that this
Transaction will be documented under a master agreement to be entered into on
the basis of the printed form of the 2002 Master Agreement (the “Master
Agreement”) published by the International Swap and Derivatives Association, Inc.
(“ISDA”) together with such changes as shall be agreed between the parties.
Upon execution and delivery by the parties of the Master Agreement, this
Confirmation shall supplement, form a part of, and be subject to such Master
Agreement. Until the parties execute and deliver the Master Agreement, this
Confirmation, together with all other documents referring to the Master
Agreement confirming the transactions entered into between the parties, shall
supplement, form a part of, and be subject to the printed form of Master
Agreement published by ISDA, as if the parties had executed that agreement in
such form (but without any Schedule except for the election of the law of the
State of New York as the governing law and US Dollars as the Termination
Currency) on the Trade Date of this Transaction.

 

 

The
terms of the particular Interest Rate Swap Transaction to which this
Confirmation relates are as follows:

 

A. TRANSACTION DETAILS

 

	
  JPMorgan
  Deal Number(s):

  	
   

  	
  6900058550529
  / 00135044410

  
	
   

  	
   

  	
   

  
	
  Notional
  Amount:

  	
   

  	
  USD
  125,000,000.00

  
	
   

  	
   

  	
   

  
	
  Trade
  Date:

  	
   

  	
  27
  February 2008

  
	
   

  	
   

  	
   

  
	
  Effective
  Date:

  	
   

  	
  28
  April 2008

  
	
   

  	
   

  	
   

  
	
  Termination
  Date:

  	
   

  	
  28
  October 2009 subject to adjustment in accordance with the Modified
  Following Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Fixed
  Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate Payer:

  	
   

  	
  Counterparty

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate Payer Payment Dates:

  	
   

  	
  The
  28 July, 28 October, 28 January and 28 April in each year, from and
  including 28 July 2008 to and including the Termination Date, subject to
  adjustment in accordance with the Modified Following Business Day Convention
  and there will be an adjustment to the Calculation Period.

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate:

  	
   

  	
  2.73000
  percent 

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Day Count Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  
	
  Business
  Days:

  	
   

  	
  New
  York,

  London

  
	
   

  	
   

  	
   

  
	
  Floating
  Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Floating
  Rate Payer:

  	
   

  	
  JPMorgan

  
	
   

  	
   

  	
   

  
	
  Floating Rate Payer Payment Dates:

  	
   

  	
  The
  28 July, 28 October, 28 January and 28 April in each year, from and
  including 28 July 2008 to and including the Termination Date, subject to
  adjustment in accordance with the Modified Following Business Day Convention
  and there will be an adjustment to the Calculation Period.

  
	
   

  	
   

  	
   

  
	
  Floating
  Rate for initial Calculation Period:

  	
   

  	
  To
  be determined

  

 

 

	
  Floating
  Rate Option:

  	
   

  	
  USD-LIBOR-BBA

  
	
   

  	
   

  	
   

  
	
  Designated
  Maturity:

  	
   

  	
  3
  Month

  
	
   

  	
   

  	
   

  
	
  Spread:

  	
   

  	
  None

  
	
   

  	
   

  	
   

  
	
  Floating
  Rate Day Count Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  
	
  Reset
  Dates:

  	
   

  	
  The
  first day of each Calculation Period.

  
	
   

  	
   

  	
   

  
	
  Compounding:

  	
   

  	
  Inapplicable

  
	
   

  	
   

  	
   

  
	
  Business
  Days:

  	
   

  	
  New
  York,

  London

  
	
   

  	
   

  	
   

  
	
  Calculation
  Agent:

  	
   

  	
  JPMorgan,
  unless otherwise stated in the Agreement.

  
	
   

  	
   

  	
   

  
	
  B. ACCOUNT DETAILS

  	
   

  	
   

  
	
  Payments to JPMorgan in USD:

  	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
   

  	
  JPMORGAN
  CHASE BANK, NATIONAL 

  
	
   

  	
   

  	
  ASSOCIATION

  
	
   

  	
   

  	
  BIC:
  CHASUS33XXX

  
	
   

  	
   

  	
  AC
  No: 099997979

  
	
   

  	
   

  	
   

  
	
  Payments
  to Counterparty in USD:

  	
   

  	
  As
  per your standard settlement instructions.

  
	
   

  	
   

  	
   

  
	
  C. OFFICES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  JPMorgan:

  	
   

  	
  NEW
  YORK

  
	
   

  	
   

  	
   

  
	
  Counterparty:

  	
   

  	
  BLOOMFIELD
  HILLS

  

 

D. GOVERNING LAW

 

The
laws of the State of New York provided, however, that upon execution of the
Master Agreement, this Confirmation shall be governed by the law governing such
Master Agreement.

 

E. DOCUMENTS
TO BE DELIVERED

 

Each
party shall deliver to the other, at the time of its execution of this
Confirmation, evidence of the incumbency and specimen signature of the person(s) executing
this Confirmation, unless such evidence has been previously supplied and
remains true and in effect.

 

F. 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):

 

 

(a)  Non-Reliance. It  is acting  for its own account, and it has
made its own independent decisions to enter in to 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.

 

(b)  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 capable of assuming, and assumes the risks of
that Transaction.

 

(c)  Status of Parties. The other party is not acting as a fiduciary
for or an adviser to it in respect of that Transaction.

 

 

Please
confirm that the foregoing correctly sets forth the terms of our agreement by
executing a copy of this Confirmation and returning it to us or by sending to
us a letter, telex or facsimile substantially similar to this letter, which
letter, telex or facsimile sets forth the material terms of the Transaction to
which this Confirmation relates and indicates agreement to those terms. When
referring to this Confirmation, please indicate: JPMorgan Deal Number(s):
6900058550529 / 00135044410

 

 

JPMorgan
Chase Bank, N.A.

 

 

	
  /s/
  Carmine Pilla

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Carmine
  Pilla

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
  Vice
  President

  	
   

  

 

 

Accepted
and confirmed as of the date 

first written:

TRIMAS
COMPANY LLC

 

 

	
  /s/
  Robert J. Zalupski

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Robert J. Zalupski

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
  VP Finance and Treasurer

  	
   

  
	
   

  	
   

  	
   

  
	
  Your reference number:Exhibit 10.14

 

SECOND

AMENDMENT

TO THE

THIRD AMENDED AND RESTATED

AGREEMENT OF LIMITED
PARTNERSHIP

OF

GKK CAPITAL LP

 

 

Dated as of October 27,
2008

 

 

THIS SECOND AMENDMENT TO THE THIRD AMENDED
AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF GKK CAPITAL LP (this “Amendment”),
dated as of October 27, 2008, is hereby adopted by Gramercy Capital Corp.,
a Maryland corporation (defined in the Agreement, hereinafter defined, as the “General
Partner”), as the general partner of GKK Capital LP, a Delaware limited
partnership (the “Partnership”).  For ease of reference,
capitalized terms used herein and not otherwise defined have the meanings
assigned to them in the Third Amended and Restated Agreement of Limited
Partnership of GKK Capital LP, dated as of April 19, 2006, as amended by
the First Amendment to the Third Amended and Restated Agreement of Limited
Partnership of GKK Capital LP, dated as of April 18, 2007 (the “Agreement”).

 

WHEREAS, the General Partner desires to amend
certain terms in the Agreement relating to the LTIP Units;

 

WHEREAS, Section 14.01.B of the
Agreement grants the General Partner power and authority to amend the Agreement
without the consent of any of the Partnership’s Limited Partners to set forth
the terms of additional Partnership Interests, including LTIP Units, issued
pursuant to Section 4.02 of the Agreement and requires the General Partner
to provide notice to the Limited Partners when any action is taken under Section 14.01.B;

 

NOW, THEREFORE, the General Partner hereby
amends the Agreement as follows:

 

1.  Section 2.A
of Exhibit E to the Agreement is hereby amended by inserting the following
after the first sentence of such section:

 

“Notwithstanding
the foregoing, with respect to LTIP Units issued on or after October 27,
2008, prior to the Distribution Participation Date, LTIP Units shall be
entitled to receive if, when and as authorized by the General Partner out of
funds legally available for the payment of distributions, regular cash
distributions (but not non-liquidating special, extraordinary or other
distributions) in an amount per unit equal to ten percent (10%) of the
distribution payable on each Class A Unit for the corresponding quarterly
or other period.”

 

 

As amended, such section shall read as
follows:

 

A.            LTIP Distribution Amount.  Commencing from the Distribution
Participation Date (as defined below) established for any LTIP Units, for any
quarterly or other period holders of such LTIP Units shall be entitled to
receive, if, when and as authorized by the General Partner out of funds legally
available for the payment of distributions, regular cash distributions in an
amount per unit equal to the distribution payable on each Class A Unit for
the corresponding quarterly or other period (or, if applicable, for that portion
of the quarterly or other period that begins on the Distribution Participation
Date) (the “LTIP Distribution Amount”). 
Notwithstanding the foregoing, with respect to LTIP Units issued on or
after October 27, 2008, prior to the Distribution Participation Date, LTIP
Units shall be entitled to receive if, when and as authorized by the General
Partner out of funds legally available for the payment of distributions,
regular cash distributions (but not non-liquidating special, extraordinary or
other distributions) in an amount per unit equal to ten percent (10%) of the
distribution payable on each Class A Unit for the corresponding quarterly
or other period.  In addition, from and
after the Distribution Participation Date, LTIP Units shall be entitled to
receive, if, when and as authorized by the General Partner out of funds or
other property legally available for the payment of distributions,
non-liquidating special, extraordinary or other distributions in an amount per
unit equal to the amount of any non-liquidating special, extraordinary or other
distributions payable on the Class A Units which may be made from time to
time.  LTIP Units shall also be entitled
to receive, if, when and as authorized by the General Partner out of funds or
other property legally available for the payment of distributions,
distributions representing proceeds of a sale or other disposition of all or
substantially all of the assets of the Partnership in an amount per unit equal
to the amount of any such distributions payable on the Class A Units,
whether made prior to, on or after the Distribution Participation Date,
provided that the amount of such distributions shall not exceed the positive
balances of the Capital Accounts of the holders of such LTIP Units to the
extent attributable to the ownership of such LTIP Units.  Distributions on the LTIP Units, if
authorized, shall be payable on such dates and in such manner as may be
authorized by the General Partner (any such date, a “Distribution Payment
Date”); provided that the Distribution Payment Date and the record date for
determining which holders of LTIP Units are entitled to receive a distribution
shall be the same as the corresponding dates relating to the corresponding
distribution on the Class A Units.

 

2

 

2.  Section 3 of Exhibit E to the
Agreement is hereby amended and restated to read as follows:

 

“3.           Allocations.

 

Commencing
with the portion of the taxable year of the Partnership that begins on the
Distribution Participation Date established for any LTIP Units, such LTIP Units
shall be allocated Net Income and Net Loss in amounts per LTIP Unit equal to
the amounts allocated per Class A Unit. 
Notwithstanding the foregoing, with respect to LTIP Units issued on or
after October 27, 2008, for the portion of any taxable year of the
Partnership prior to the Distribution Participation Date established for any
LTIP Units, such LTIP Units shall be allocated Net Income and Net Loss in
amounts per LTIP Unit equal to ten percent (10%) of the amounts allocated per Class A
Unit (other than any such amounts associated with a non-liquidating special,
extraordinary or other non-regular distribution that such LTIP Units were not
entitled to receive).  The allocations
provided by the preceding sentences shall be subject to the proviso to the
first sentence of Section 6.01.B of the Agreement.  The General Partner is authorized in its
discretion to delay or accelerate the participation of the LTIP Units in
allocations of Net Income and Net Loss, or to adjust the allocations made, so
that the ratio of (i) the total amount of Net Income or Net Loss allocated
with respect to each LTIP Unit in a taxable year, to (ii) the total amount
distributed to that LTIP Unit with respect to such period, is more nearly equal
to such ratio as computed for the Class A Units held by the General
Partner.”

 

3.  The Agreement and this Amendment shall be
read together and shall have the same force and effect as if the provisions of
the Agreement and this Amendment (including attachments hereto) were
contained in one document.  Any provisions of the Agreement not amended by
this Amendment shall remain in full force and effect as provided in the
Agreement immediately prior to the date hereof.

 

[Remainder of page intentionally left blank]

 

3

 

IN WITNESS
WHEREOF, the General Partner has executed this Amendment as of the date first
written above.

 

 

	
   

  	
  GRAMERCY CAPITAL CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marc Holliday

  
	
   

  	
  Name:  Marc Holliday

  
	
   

  	
  Title:  President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}]]