Interest Rate Swap Confirmation Agreement between Spartan Stores, Inc. and Wachovia Bank, N.A. dated January 5, 2009

Contract Categories: Business Finance › Financing Agreements
Summary

This agreement is between Spartan Stores, Inc. and Wachovia Bank, N.A. It confirms the terms of an interest rate swap where Spartan Stores pays a fixed interest rate and Wachovia pays a floating rate on a notional amount of $45 million. Payments are made monthly from January 2009 to December 2012. The agreement is governed by the ISDA Master Agreement and includes standard terms for calculation, payment, and settlement. Both parties have agreed to these terms by signing the confirmation.

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EX-10.1 2 sptnstex101_010809.htm SPARTAN STORES, INC. EXHIBIT 10.1 TO FORM 8-K Spartan Stores Exhibit 10.1 to Form 8-K - 01/08/09

EXHIBIT 10.1

SWAP TRANSACTION CONFIRMATION

         

Date:

January 05, 2009

To:

Spartan Stores, Inc. ("Counterparty")

Address:

850 76th St.
Grand Rapids MI
49518 USA

Email:

 

Attention:

Bill Jacobs

From:

Wachovia Bank, N.A. ("Wachovia")

Ref. No:

 

Dear Bill Jacobs:

This confirms the terms of the Transaction described below between Counterparty and Wachovia. The definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern. Fixed Amounts and Floating Amounts for each applicable Payment Date hereunder will be calculated in accordance with the ISDA Definitions, and if any Fixed Amount and Floating Amount are due for the same Payment Date hereunder, then those amounts shall not be payable and instead the Fixed Rate Payer shall pay the positive difference, if any, between the Fixed Amount and the Floating Amount, and the Floating Rate Payer shall pay the positive difference, if any, between the Floating Amount and the Fixed Amount.


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

Transaction Type:

Interest Rate Swap

Currency for Payments:

U.S. Dollars

Notional Amount:

USD 45,000,000.00

Term:

 

     Trade Date:

January 02, 2009

     Effective Date:

January 06, 2009

     Termination Date:

December 24, 2012, subject to adjustment in accordance with the
Modified Following Business Day Convention.

 

 

Fixed Amounts:

 

 

 

     Fixed Rate Payer:

Counterparty

     Payment Dates:

Monthly on the 24th of each month commencing January 26, 2009,
through and including the Termination Date

     Business Day Convention:

Modified Following

     Business Day:

New York

     Fixed Rate:

2.08%

     Fixed Rate Day Count Fraction:

Actual/360

Wachovia:



2/3

Floating Amounts:

 

 

 

     Floating Rate Payer:

Wachovia

     Payment Dates:

Monthly on the 24th of each month commencing January 26, 2009,
through and including the Termination Date

     Business Day Convention:

Modified Following

     Business Day:

New York

     Floating Rate for initial

0.43%

     Calculation Period:

 

     Floating Rate Option:

USD-LIBOR-BBA

     Designated Maturity:

1 Month

     Spread:

None

     Floating Rate Day Count

Actual/360

     Fraction:

 

     Floating Rate determined:

Two London Banking Days prior to each Reset Date.

     Reset Dates:

The first day of each Calculation Period.

     Compounding:

Inapplicable

     Rounding convention:

5 decimal places per the ISDA Definitions.


2.   The additional provisions of this Confirmation are as follows:

Calculation Agent:

Wachovia

Payment Instructions:

Wachovia Bank, N.A.

Wachovia Contacts:

Settlement and/or Rate Resets:
1 ###-###-####
1 ###-###-####

Documentation:
Tel: (704) 715-7051
Fax: (704) 383-9139

Collateral:
Tel: (704) 383-9529
Please quote transaction reference number.

Payments to Counterparty:

Per your standing payment instructions or debit authorization
if provided to Wachovia, as relevant. If not provided, please
contact us in order for payment to be made.

Phone:   ###-###-#### Fax: 1 ###-###-####

Documentation

This Confirmation supplements, forms part of, and is subject to, the Master Agreement between Wachovia and Counterparty dated as of December 12, 2008, as amended and supplemented from time to time (the "ISDA Master Agreement"). All provisions contained or incorporated by reference in the ISDA Master Agreement will govern this Confirmation except as expressly modified herein.

Wachovia:



3/3

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

 

Very truly yours,
Wachovia Bank, N.A.

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Tracey Bissell

 

 

Name: Tracey Bissell
Title: Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ref. No.

 



Accepted and Confirmed as of date first
written above:
Spartan Stores, Inc.

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Bill Jacobs

 

 

Name:

Bill Jacobs

 

 

Title:

Corporate Treasurer

 

 















Wachovia: