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SWAP TRANSACTION CONFIRMATION
(REVISED)
TO: Springs Industries, Inc.
ATTN: Xx. Xxxxxx X. Xxxxxx
FAX: (000) 000-0000
FROM: Xxxxx X. Xxxxx
Xxxxxxxx Bank of Georgia
Derivatives Processing Unit
DATE: September 7, 1995
The purpose of this letter agreement is to confirm the terms and conditions of
the Swap Transaction entered into between Wachovia Bank of Georgia, N.A.
("Wachovia") and Springs Industries, Inc. ("Company") on the Trade Date
specified below (the "Swap Transaction"). This letter agreement constitutes a
"Confirmation" as referred to in the Agreement (as defined below).
The definitions and provisions contained in the 1991 ISDA Definitions published
by the International Swap Dealers Association, Inc. (the "Definitions") 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 May 18, 1995, as amended and supplemented
from time to time (the "Agreement") between you and us. All provisions
contained in the Agreement will govern this Confirmation except as
expressly modified below.
2. The terms of the particular Swap Transaction to which this Confirmation
relates are as follows:
A. TRADE DETAILS
INITIAL NOTIONAL AMOUNT: $20,000,000
(See Attached Schedule)
TRADE DATE: September 5, 1995
EFFECTIVE DATE: September 8, 1994
TERMINATION DATE: September 8, 2005
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FIXED AMOUNTS:
Fixed Rate Payer: Springs Industries, Inc.
Fixed Rate Payer Payment Dates: Each December 8, March 8, June 8,
and September 8, commencing
December 8, 1995, up to and
including the Termination Date
subject to adjustment in accordance
with the Modified Following
Business Day Convention
Fixed Rate: 6.39%
Fixed Rate Day Count Fraction: Actual / 360
FLOATING AMOUNTS:
Floating Rate Payer: Wachovia
Floating Rate Payer
Payment Dates: Each December 8, March 8, June 8,
and September 8, commencing
December 8, 1995, up to and
including the Termination Date
subject to adjustment in accordance
with the Modified Following
Business Day Convention
Floating Rate for Initial
Calculation Period: 5.9141%
Floating Rate Option: USD-LIBOR-BBA
Designated Maturity: Three Month
Floating Rate Day Count Fraction: Actual / 360
Reset Dates: Each December 8, March 8, June 8,
and September 8, commencing
December 8, 1995, and ending on
the Termination Date
BUSINESS DAYS: New York and London
CALCULATION AGENT: Wachovia Bank of Georgia, N.A.
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B. ACCOUNT DETAILS
PAYMENTS TO WACHOVIA:
Payments to Wachovia: Wachovia Bank of Georgia, N.A.
Fed Routing No.: ABA No: 061-000010
For the Account of a/c no: 00000000
Account Number: Money Transfer Suspense
Attention: Xxxxx Xxxxx
PAYMENTS TO SPRINGS INDUSTRIES, INC.:
Payments to the Company Wachovia Bank of North Carolina, N.A.
Fed Routing No.: 000000000
For the Account of: Springs Industries, Inc.
Account Number: 1866148975
Attention: Xx. Xxxx Xxxxxx
C. OFFICES
WACHOVIA BANK OF GEORGIA, N.A.: 000 Xxxxxxxxx Xxxxxx
Xxxxxxx, Xxxxxxx 00000
Telephone (000) 000-0000
Fax (000) 000-0000
SPRINGS INDUSTRIES, INC.: P.O. Box 70
Fort Mill, South Carolina 29716
Telephone (000) 000-0000
Fax (000) 000-0000
3. THE COMPANY HAS CONSULTED, TO THE EXTENT IT HAS DEEMED NECESSARY, WITH
ITS LEGAL, TAX AND FINANCIAL ADVISORS REGARDING ITS DECISION TO ENTER
INTO THE SWAP TRANSACTION AND HAS HAD AN OPPORTUNITY TO ASK QUESTIONS
OF, AND HAS OBTAINED ALL REQUESTED INFORMATION FROM, WACHOVIA
CONCERNING THE SWAP TRANSACTION. THE COMPANY HAS MADE ITS OWN
INDEPENDENT DECISION TO ENTER INTO THE SWAP TRANSACTION BASED UPON IT
OWN JUDGMENT, WITH FULL UNDERSTANDING OF THE ECONOMIC, LEGAL AND OTHER
RISKS ASSOCIATED WITH THE SWAP TRANSACTION (WHICH RISKS IT IS WILLING
TO ASSUME) AND IS ENTERING INTO THE SWAP TRANSACTION WITHOUT RELYING
UPON ANY ADVICE (ORAL OR WRITTEN) OR PROJECTIONS PROVIDED BY XXXXXXXX.
THE COMPANY UNDERSTANDS THAT XXXXXXXX IS RELYING ON THE STATEMENTS MADE
BY THE COMPANY IN THIS PARAGRAPH IN ENTERING INTO THE SWAP TRANSACTION.
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Please confirm that the foregoing correctly sets out the terms of our agreement
by signing a copy of this Confirmation and returning it to us within two
Business Days.
Wachovia Bank of Georgia, N.A. Springs Industries, Inc.
By: /s/Xxxxxxx X. Xxxxxxx, Xx. By: /s/Xxxxxx X. Xxxxxx
------------------------------- -------------------------------------
Name: Xxxxxxx X. Xxxxxxx, Xx. Name: Xxxxxx X. Xxxxxx
Title: Vice President Title: Treasurer
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Wachovia Capital Markets
Amortization Schedule
8-Dec-95 $20,000,000.00
8-Mar-96 20,000,000.00
8-Jun-96 20,000,000.00
8-Sep-96 20,000,000.00
8-Dec-96 20,000,000.00
8-Mar-97 20,000,000.00
8-Jun-97 20,000,000.00
8-Sep-97 20,000,000.00
8-Dec-97 20,000,000.00
8-Jun-98 20,000,000.00
8-Sep-98 20,000,000.00
8-Dec-98 19,285,714.29
8-Mar-99 18,571,428.58
8-Jun-99 17,857,142.87
8-Sep-99 17,142,857.16
8-Dec-99 16,428,571.45
8-Mar-00 15,714,285.74
8-Jun-00 15,000,000.03
8-Sep-00 14,285,714.32
8-Dec-00 13,571,428.61
8-Mar-01 12,857,142.90
8-Jun-01 12,142,857.19
8-Sep-01 11,428,571.48
8-Dec-01 10,714,285.77
8-Mar-02 10,000,000.06
8-Jun-02 9,285,714.35
8-Sep-02 8,571,428.64
8-Dec-02 7,857,142.93
8-Mar-03 7,142,857.22
8-Jun-03 6,428,571.51
8-Sep-03 5,714,285.80
8-Dec-03 5,000,000.09
8-Mar-04 4,285,714.38
8-Jun-04 3,571,428.67
8-Sep-04 2,857,142.96
8-Dec-04 2,142,857.25
8-Mar-05 1,428,571.54
8-Jun-05 714,285.83
8-Sep-05
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