Interest Rate Swap Confirmation Agreement between KeyBank National Association and Core Materials Corporation (June 9, 1998)
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Summary
KeyBank National Association and Core Materials Corporation entered into an interest rate swap agreement effective June 11, 1998, with a notional amount of $7,500,000 that amortizes over time. Under this agreement, Core Materials pays a fixed interest rate of 4.89% while KeyBank pays a floating rate based on a specified index. Payments are exchanged quarterly until April 1, 2013. The agreement is governed by New York law and incorporates standard ISDA definitions. Both parties have confirmed the terms by signature.
EX-10.J 10 l05775aexv10wj.txt EX-10(J) EXHIBIT 10(j) KEYBANK NATIONAL ASSOCIATION CONFIRMATION Date: June 9, 1998 To: Core Materials Corporation Kevin Barnett From: KeyBank National Association The purpose of this letter agreement is to set forth the terms and conditions of the Swap Transaction entered into between KeyBank National Association ("Key") and Core Materials Corporation ("Counterparty") on the Trade Date specified below (the "Swap Transaction"). This letter agreement constitutes a "Confirmation" as referred to in the Swap Agreement Specified below. 1. The definitions and provisions contained in the 1991 ISDA Definitions (as published by the International Swap Dealers Association, Inc.) (the "Definitions") are incorporated into this Confirmation. If you and we are parties to a Master Agreement that sets forth the general terms and conditions applicable to Swap Transactions between us (a "Swap Agreement"), this confirmation supplements, forms a part of, and is subject to, such Swap Agreement. If you and we are not yet parties to a Swap Agreement, this Confirmation will supplement, form a part of, and be subject to, a Swap Agreement upon its execution and delivery by you and us. All provisions contained or incorporated by reference in such Swap Agreement shall govern this Confirmation except as expressly modified below. In the event of any inconsistency between this Confirmation and the Definitions or the Swap Agreement, this Confirmation will govern. In addition, if a Swap Agreement has not been executed, this Confirmation will itself evidence a complete binding agreement between you and us as to the terms and conditions of the Swap Transaction to which this Confirmation relates. This Confirmation will be governed by and construed in accordance with the laws of the State of New York, without reference to choice of law doctrine, provided that this provision will be superseded by any choice of law provision in the Swap Agreement. Core Materials Corporation Confirmation - Page 2 2. This Confirmation constitutes a Rate Swap Transaction under the Swap Agreement and the terms of the Rate Swap Transaction to which this Confirmation relates are as follows:
Core Materials Corporation Confirmation - Page 3
Please confirm the foregoing correctly sets forth the terms of our Agreement by executing the copy of this Confirmation enclosed for that purpose and returning it to us. Very truly yours, KEYBANK NATIONAL ASSOCIATION By: /s/ Michelle Loschiavo ------------------------ Accepted and Confirmed as of the Trade Date: CORE MATERIALS CORPORATION By: /s/ Kevin L. Barnett ---------------------- Core Materials Corporation Confirmation - Page 3 SCHEDULE A $7,500,000 amortizing as follows:
