Interest Rate Swap Confirmation between JPMorgan Chase Bank and Nelnet Inc. (Amended and Restated)
Contract Categories:
Business Finance
›
Financing Agreements
Summary
JPMorgan Chase Bank and Nelnet Inc. entered into an amended and restated interest rate swap agreement, effective August 25, 2003, with a notional amount of $500 million. Under this agreement, both parties exchange floating interest payments based on different reference rates (U.S. Treasury Bill rate plus a spread for Nelnet, and 3-month USD LIBOR for JPMorgan) until August 25, 2006. The agreement outlines payment dates, calculation methods, and responsibilities, and is governed by a prior ISDA Master Agreement. Both parties confirm their independent decision-making and understanding of the transaction's risks.
EX-10.77 104 y88696a1exv10w77.txt INTEREST RATE SWAP CONFIRMATION Exhibit 10.77 JPMorgan Chase Bank Global Derivative Operations 4 Metrotech Center, 17th Floor Brooklyn, New York 11245 INTEREST RATE SWAP CONFIRMATION AMENDED AND RESTATED To : NELNET INC. Attn : Julie Hayen/Nancy Harms Fax : 1 ###-###-#### Date : 28 August 2003 Re : Transaction Reference No. OIS1744494 / 660115170 The purpose of this letter agreement is to confirm tie terms and conditions of the Transaction entered into between us on the Trade Date below. It constitutes a "Confirmation". as referred to in the ISDA Master Agreement described below. The definitions and provisions contained in the 2000 ISDA Definitions as published by the International Swaps and Derivatives Association, Inc. ("ISDA") are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern. 1. This Confirmation supplements, forms part of, and is subject to, the Master Agreement dated as of 20 May 2002, as amended and supplemented from time to time (the "Agreement"), between JPMorgan Chase Bank ("JPMorgan") and Nelnet Inc. ("Counterparty"). All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 2. The terms of the particular Transaction to which this Confirmation relates are as follows: NOTIONAL AMOUNT: USD 500,000,000.00 TRADE DATE: 6 August 2003 EFFECTIVE DATE: 25 August 2003 TERMINATION DATE: 25 August 2006, subject to adjustment in accordance with the Following Business Day Convention. FLOATING AMOUNTS (1): FLOATING RATE PAYER: COUNTERPARTY FLOATING RATE PAYER PAGE 1 of 5 Confirmation - Swap Transaction JPMorgan Ref: OIS1744494/66115170 PAYMENT DATES: 25 November, 25 February, 25 May, 25 August of each year commencing with 25 November 2003 and ending with, and including, the Termination Date, subject to adjustment in accordance with the Following Business Day Convention. FLOATING RATE FOR INITIAL CALCULATION PERIOD: TO BE DETERMINED FLOATING RATE OPTION: USD - TBILL - H.15 SPREAD: Plus 0 ###-###-#### percent METHOD OF AVERAGING: Unweighted Average Race RESET DATES: Weekly COMPOUNDING: Not Applicable FLOATING RATE DAY COUNT FRACTION: Actual/Actual BUSINESS DAYS: New York FLOATING AMOUNTS (2): FLOATING RATE PAYER: JPMorgan FLOATING RATE PAYER PAYMENT DATES: 25 November, 25 February, 25 May, 25 August of each year commencing with 25 November 2003 and ending with, and including, the Termination Date, subject to adjustment in accordance with the Following Business Day Convention. FLOATING RATE FOR INITIAL CALCULATION PERIOD: TO BE DETERMINED FLOATING RATE OPTION: USD - LIBOR - BBA SPREAD: None DESIGNATED MATURITY: 3 Months RESET DATES: The first day of each Calculation Period. COMPOUNDING: NotApplicable FLOATING RATE Page 2 of 5 Confirmation - Swap Transaction JPMorgan Ref: OIS1744494/66115170 DAY COUNT FRACTION: Actual/360 BUSINESS DAYS: New York CALCULATION AGENT: JPMorgan, unless otherwise specified in the Agreement. 3. ACCOUNT DETAILS PAYMENTS TO JPMORGAN: JPMORGAN CHASE BANK, NEW YORK, JPMORGAN, NY ABA# 021000021, A/C# 900 ###-###-#### PAYMENTS TO COUNTERPARTY: To be Advised 4. OFFICE, ADDRESS AND TELEPHONE NUMBER FOR NOTICES IN CONNECTION WITH THIS TRANSACTION (a) Counterparty: its Office in To be advised (b) JPMorgan: its head Office in New York c/o Global Derivative Operations 4 Metrotech Center, 17th Floor Brooklyn, New York 11245 5. 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. 6. 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 into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgement 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 Page 3 of 5 Confirmation - Swap Transaction JPMorgan Ref: OIS1744494/66115170 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 chat 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. Yours sincerely, JPMORGAN CHASE BANK By: /s/ Deborah Hooper ---------------------- Name: Deborah Hooper Title: Vice President Confirmed as of the date first above written: NELNET INC. By: /s/ Terry Heimes --------------------------- Name: Terry Heimes ------------------------- Title: CFO ------------------------ apl/(a)kw/(a)apl Page 4 of 5 Confirmation - Swap Transaction JPMorgan Ref: OIS1744494/66115170 Global Derivative Operations Contact List CONFIRMATIONS
RATE RESET ADVICES (Single and Cross Currency Swaps, FRA'S and Interest Rate Options)
PAYMENTS (Single and Cross Currency Swaps, FRA's and Interest Rate Options)
JPMorgan Chase Bank, London S.W.I.F.T BIC (CHASGB2L) Telex 94060015 JPMorgan Chase Bank, New York S.W.I.F.T BIC (CHASUS33) Telex 420120 CMB UW Page 5 of 5
