Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890
Parking, Inc., a company organized under the laws of the State of Delaware ("the Company"), proposes to make an offer (the "Exchange Offer") to exchange up to
$59,285,000 aggregate principal amount of its 14% Senior Subordinated Second Lien Notes due 2006 (the "New Notes") for all of the Company's outstanding 14% Senior Subordinated Second Lien Notes due
2006 (the "Old Notes"). The terms and conditions of the Exchange Offer as currently contemplated are set forth in a prospectus (the "Prospectus" included in the Company's registration statement on
Form S-4 (File No. 333-86008) as amended (the "Registration Statement") filed with the Securities and Exchange Commission (the "SEC")), and proposed to be
distributed to all record holders of the Old Notes. The Old Notes and the New Notes are collectively referred to herein as the "Notes" or the "Securities." Capitalized terms used herein and not
defined shall have the respective meanings ascribed to them in the Prospectus or the accompanying Letter of Transmittal (the "Letter of Transmittal").
Company hereby appoints Wilmington Trust Company to act as exchange agent (the "Exchange Agent") in connection with the Exchange Offer. References hereinafter to "you" shall refer to
Wilmington Trust Company.
Exchange Offer is expected to be commenced by the Company on or about , 2002. The Letter of Transmittal
accompanying the Prospectus is to be used by the holders of the
Old Notes to accept the Exchange Offer, and contains instructions with respect to the delivery of Old Notes tendered. The Exchange Agent's obligations with respect to receipt and inspection of the
Letter of Transmittal in connection with the Exchange Offer shall be satisfied for all purposes hereof by (1) inspection of the electronic message transmitted to the Exchange Agent by Exchange
Offer participants in accordance with the Automated Tender Offer Program ("ATOP") of the Depositary Trust Company ("DTC"), and by otherwise observing and complying with all procedures established by
DTC in connection with ATOP, to the extent that ATOP is utilized by Exchange Offer participants, or (2) inspection of the Letter of Transmittal from each respective holder of the Old Notes.
Exchange Offer shall expire at 5:00 p.m., New York City time, on , 2002 or on such later date or time
to which the Company may extend the Exchange Offer (the
"Expiration Date"). Subject to the terms and conditions set forth in the Prospectus, the Company expressly reserves the right to extend the Exchange Offer from time to time and may extend the Exchange
Offer by giving oral (confirmed in writing) or written notice to you at any time before 9:00 a.m., New York City time, on the business day following the previously scheduled Expiration Date,
and in such case the term "Expiration Date" shall mean the time and date on which such Exchange Offer as so extended shall expire.
Company expressly reserves the right, in its sole discretion, to delay, amend or terminate the Exchange Offer, and not to accept for exchange any Old Notes not theretofore accepted
for exchange, in among other cases upon the occurrence of any of the conditions of the Exchange Offer specified in the Prospectus under the caption "The Exchange Offer—Expiration Date;
Extensions; Termination; Amendments." The Company will give to you as promptly as practicable oral (confirmed in writing) or written notice of any delay, amendment, termination or
carrying out your duties as Exchange Agent, you are to act in accordance with the following instructions:
will perform such duties and only such duties as are specifically set forth herein or in the section of the Prospectus captioned the "The Exchange Offer", in the
Letter of Transmittal accompanying the Prospectus and such duties which are necessarily incidental thereto.
will establish a book-entry account with respect to the Old Notes at The Depository Trust Company (the "Book-Entry Transfer Facility") for
purposes of the Exchange Offer within two business days after the date of the Prospectus, and any financial institution that is a participant in the Book-Entry Transfer Facility's systems
may make book-entry delivery of the Old Notes by causing the Book-Entry Transfer Facility to transfer such Old Notes into your account in accordance with the
Book-Entry Transfer Facility's procedure for such transfer.
are to examine each of the Letters of Transmittal and certificates for Old Notes (or confirmation of book-entry transfers into your account at the
Book-Entry Transfer Facility) and any other documents delivered or mailed to you by or for holders of the Old Notes to ascertain whether: (i) the Letters of Transmittal,
certificates and any such other documents are duly executed and properly completed in accordance with instructions set forth therein and in the Prospectus and that such book-entry
confirmations are in due and proper form and contain the information required to be set forth therein, and (ii) the Old Notes have otherwise been properly tendered. In each case where the
Letter of Transmittal or any other document has been improperly completed or executed or where book-entry confirmations are not in due and proper form or omit certain information or any of
the certificates for Old Notes are not in proper form for transfer or some other irregularity in connection with the acceptance of the Exchange Offer exists, you will endeavor to inform the presenters
of the need for fulfillment of all requirements and to take any other action as may be necessary or advisable to cause such irregularity to be corrected.
the approval of the Chief Financial Officer or any Vice President of the Company (such approval, if given orally, promptly to be confirmed in writing) or any other
party designated by such officer in writing, you are authorized to waive any irregularities in connection with any tender of Old Notes pursuant to the Exchange Offer. You are not otherwise authorized
to waive any such irregularities.
of Old Notes may be made only as set forth in the Letter of Transmittal and in the section of the Prospectus captioned "The Exchange Offer—Procedures
for Tendering" and Old Notes shall be considered properly tendered to you only when tendered in accordance with the procedures set forth therein.
the provisions of this paragraph 5, Old Notes which the Chief Financial Officer or any Vice President of the Company or any other party designated by any such
officer in writing shall approve as having been properly tendered shall be considered to be properly tendered (such approval, if given orally, promptly shall be confirmed in writing).
shall promptly advise the Company with respect to any Old Notes delivered subsequent to the Expiration Date and accept its instructions with respect to disposition of
such Old Notes.
shall accept tenders:
cases where the Old Notes are registered in two or more names only if signed by all named holders;
cases where the signing person (as indicated on the Letter of Transmittal) is acting in a fiduciary or a representative capacity only when proper evidence of his or
her authority so to act is submitted; and
persons other than the registered holder of Old Notes provided that customary transfer requirements, including any required endorsement of the Old Note or delivery
of a properly completed bond power, in either case duly executed by each registered holder, and payment of applicable transfer taxes, are fulfilled.
shall accept partial tenders of Old Notes where so indicated and as permitted in the Letter of Transmittal and deliver certificates for Old Notes to the transfer agent for
split-up and return any untendered Old Notes to the holder (or such other person as may be designated in the Letter of Transmittal) as promptly as practicable after expiration or
termination of the Exchange Offer.
satisfaction or waiver of all of the conditions to the Exchange Offer, the Company will notify you (such notice if given orally, promptly to be confirmed in writing)
of its acceptance, promptly after the Expiration Date, of all Old Notes properly tendered and you, on behalf of the Company, will exchange such Old Notes for New Notes and cause such Old Notes to be
canceled. Delivery of New Notes will be made on behalf of the Company by you at the rate of $1,000 principal amount of New Notes for each $1,000 principal amount of the Old Notes tendered promptly
after notice (such notice if given orally, promptly to be confirmed in writing) of acceptance of said Old Notes by the Company; provided, however, that
in all cases, Old Notes tendered pursuant to the Exchange Offer will be exchanged only after timely receipt by you of certificates for such Old Notes (or confirmation of book-entry
transfer into your account at the Book-Entry Transfer Facility), a properly completed and duly executed Letter of Transmittal (or facsimile thereof or an Agent's Message in lieu thereof)
with any required signature guarantees and any other required document. Unless otherwise instructed in writing by the Company, you shall issue New Notes only in denominations of $100 or any integral
multiple thereof; provided, that to the extent that the amount of New Notes to be issued to tendering holders of Old Notes is greater than $1,000 in principal amount, the New Notes shall be issued in
multiples of $1,000 and integral multiples of $1,000 in exchange for each $1,000 principal amount of
Old Notes, with the remaining principal amount issued in denominations of $100 or any integral multiple thereof.
pursuant to the Exchange Offer are irrevocable, except that, subject to the terms and upon the conditions set forth in the Prospectus and the Letter of
Transmittal, Old Notes tendered pursuant to the Exchange Offer may be withdrawn at any time on or prior to 5:00 p.m., New York City time, on the Expiration Date in accordance with the terms of
the Exchange Offer.
Company shall not be required to exchange any Old Notes tendered if any of the conditions of the Exchange Offer are not met. Notice of any decision by the Company
not to exchange any Old Notes tendered shall be given (such notices if given orally, promptly shall be confirmed in writing) by the Company to you.
pursuant to the Exchange Offer, the Company does not accept for exchange all or part of the Old Notes tendered because of an invalid tender, the occurrence of
certain other events set forth in the Prospectus or otherwise, you shall as soon as practicable after the expiration or termination of the Exchange Offer return those certificates for unaccepted Old
Notes (or effect appropriate book-entry transfer), together with any related required documents and the Letters of Transmittal relating thereto that are in your possession, to the persons
who deposited them (or effected such book-entry transfer).
certificates for reissued Old Notes, unaccepted Old Notes or New Notes (other than those effected by book-entry transfer) shall be forwarded by
(a) first-class mail, postage pre-paid under a blanket surety bond protecting you and the Company from loss or liability arising out of the non-receipt or
non-delivery of such certificates or (b) by registered mail insured separately for the replacement value of each of such certificates.
are not authorized to pay or offer to pay any concessions, commissions or solicitation fees to any broker, dealer, bank or other persons or to engage or utilize any
persons to solicit tenders.
Exchange Agent hereunder you:
be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value or genuineness of any of the Old Notes deposited with
you pursuant to the Exchange Offer, and will not be required to and will make no representation as to the validity, value or genuineness of the Prospectus;
not take any legal action hereunder against any third party other than the Company, without the prior written consent of the Company, and shall not be obligated to
take any legal action hereunder which might in your reasonable judgment involve any expense or liability, unless you shall have been furnished with reasonable indemnity;
not be liable to the Company for any action taken or omitted by you, or any action suffered by you to be taken or omitted, without negligence, willful misconduct
or bad faith on your part, by reason of or as a result of the administration of your duties hereunder in accordance with the terms and conditions of this Agreement or by reason of your compliance with
the instructions set forth herein or with any written or oral instructions delivered to you pursuant hereto, and may reasonably rely on and shall be protected in acting in good faith in reliance upon
any certificate, instrument, opinion, notice, letter, facsimile or other document or security delivered to you and reasonably believed by you to be genuine and to have been signed by the proper party
reasonably act upon any tender, statement, request, comment, agreement or other instrument whatsoever not only as to its due execution and validity and effectiveness
of its provisions, but also as to the truth and accuracy of any information contained therein, which you shall in good faith reasonably believe to be genuine or to have been signed or represented by a
proper person or persons;
rely on and shall be protected in acting upon written notice or oral instructions from any officer of the Company;
not advise any person tendering Old Notes pursuant to the Exchange Offer as to whether to tender or refrain from tendering all or any portion of Old Notes or as to
the market value, decline or appreciation in market value of any Old Notes that may or may not occur as a result of the Exchange Offer or as to the market value of the New Notes;
consult with counsel with respect to any questions relating to your duties and responsibilities, and the written advice or opinion of such counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by you hereunder in good faith and in reliance thereon; and
act solely as agent of the Company and shall not assume any obligation or relationship of agency or trust for or with any of the owners or holders of the Old
shall send to all holders of Old Notes a copy of the Prospectus, the Letter of Transmittal, the Notice of Guaranteed Delivery (as defined in the Prospectus) and such
other documents (collectively, the "Exchange Offer Documents") as may be furnished by the Company to commence the Exchange
Offer and take such other action as may from time to time be requested by the Company or its counsel (and such other action as you may reasonably deem appropriate) to furnish copies of the Exchange
Offer Documents or such other forms as may be approved from time to time by the Company, to all holders of Old Notes and to all persons requesting such documents and to accept and comply with
telephone requests for information relating to the Exchange Offer, provided that such information shall relate only to the procedures for accepting (or withdrawing from) the Exchange Offer. The
Company will furnish you with copies of such documents at your request. All other requests for information relating to the Exchange Offer shall be directed to the Company, Attention: Chief
Financial Officer or Secretary, at the Company's offices at 900 North Michigan Avenue, Suite 1600, Chicago, Illinois 60611; telephone (312) 274-2000.
the Tender Period, to render daily (or more frequently if reasonably requested as to major tally figures) written reports to each of the parties named below by
posting to a secure Internet site, for which each recipient would be given a user ID and password, as to the aggregate principal amount of Old Notes which have been tendered pursuant to the Exchange
Offer and the items received by you pursuant to the Exchange Offer and this Agreement, separately reporting and giving cumulative totals as to Old Notes properly received and Old Notes improperly
received, based upon the Exchange Agent's preliminary review (and at all times subject to final determination by the Company), as of the close of business or the most recent practicable time prior to
such request, as the case may be: (either list or exhibit a sample report).
addition, you will also inform, and cooperate in making available to, the Company or any such other person or persons as the Company requests in writing from time to time prior to the
Expiration Date of such other information as it or he or she reasonably requests. Such cooperation shall include, without limitation, the granting by you to the Company and such person as the Company
may request of access to those persons on your staff who are responsible for receiving tenders, in order to ensure that immediately prior to the Expiration Date the Company shall have received
information in sufficient detail to enable it to decide whether to extend the Exchange Offer. You shall prepare a final list of all persons whose tenders were accepted, the aggregate principal amount
of Old Notes tendered, the aggregate principal amount of Old Notes accepted and the identity of any Participating Broker-Dealers and the aggregate principal amount of Exchange Notes delivered to each,
and deliver to each, and deliver said list to the Company.
of Transmittal and Notices of Guaranteed Delivery shall be stamped by you as to the date and, after the expiration of the Exchange Offer, shall be preserved by
you for a period of time at least equal to the period of time you customarily preserve other records pertaining to the transfer of securities, or one year, whichever is longer, and thereafter shall be
delivered by you to the Company. You shall dispose of unused Letters of Transmittal and other surplus materials in accordance with your customary procedures.
is understood and agreed that the securities, money or property to be deposited with or received by you as Exchange Agent (the "Property") constitute a special,
segregated account held solely for the benefit of the Company and the tendering holders of Old Notes, as their interests may appear, and the
Property shall not be commingled with the money, assets or properties of you or of any other person, firm or corporation. You hereby expressly waive any and all rights of lien, encumbrance, attachment
or set-off whatsoever, if any, against the Property so deposited, including for the payment of transfer taxes by reasons of amounts, if any, borrowed by the Company or any of its
subsidiaries or affiliates pursuant to any loan or credit agreement with you or for compensation owed to you hereunder, whether such rights arise by reason of applicable law, contract or otherwise.
services rendered as Exchange Agent hereunder you shall be entitled to such compensation and reimbursement of out-of-pocket expenses as
agreed upon by you and the Company as set out in the attached Schedule A.
hereby acknowledge receipt of the Prospectus, the Letter of Transmittal and the other documents associated with the Exchange Offer attached hereto and further
acknowledge that you have examined each of them. Any inconsistency between this Agreement, on the one hand, and the Prospectus, the Letter of Transmittal and such other forms (as they may be amended
from time to time), on the other hand, shall be resolved in favor of the Prospectus, the Letter of Transmittal and such other forms, except with respect to the duties, liabilities and indemnification
of you as Exchange Agent which shall be controlled by this Agreement.
Company agrees to indemnify and hold you harmless in your capacity as Exchange Agent hereunder against any liability, cost or expense, including reasonable
attorneys' fees and expenses, arising out of or in connection with your appointment as Exchange Agent and the performance of your duties hereunder, including, without limitation, any act, omission,
delay or refusal made by you in reasonable reliance upon any signature, endorsement, assignment, certificate, order, request, notice, instruction or other instrument or document reasonably believed by
you to be valid, genuine and sufficient and in accepting any tender or effecting any transfer of Old Notes reasonably believed by you in good faith to be authorized, and in delaying or refusing in
good faith to accept any tenders or effect any transfer of Old Notes; provided, however, that the Company shall not be liable for indemnification or
otherwise for any loss, liability, cost or expense to the extent arising out of your negligence, willful misconduct or bad faith. The Company's obligations under this paragraph 21 shall survive
the termination of this Agreement and the discharge of your obligation hereunder and any other termination of this Agreement under any federal or state bankruptcy law.
shall arrange to comply with all requirements under the tax laws of the United States, including those relating to missing Tax Identification Numbers,
and shall file any appropriate reports with the Internal Revenue Service. The Company understands that you are required, in certain instances, to deduct thirty percent (30%) with respect to interest
paid on the New Notes and proceeds from the sale, exchange, redemption or retirement of the New Notes from holders who have not supplied their correct Taxpayer Identification Numbers or required
certification. Such funds will be turned over to the Internal Revenue Service in accordance with applicable regulations.]
shall notify the Company of the amount of any transfer taxes payable in respect of the exchange of Old Notes and shall deliver or cause to be delivered, in a timely
manner, to each governmental authority to which any transfer taxes are payable in respect of the exchange of Old Notes your check in the amount of all transfer taxes so payable, and, subject to the
provisions of Section 7(c) of this Agreement, the Company shall reimburse you for the amount of any and all transfer taxes payable in respect of the exchange of Old Notes; provided, however,
that you shall reimburse the Company for amounts refunded to you in respect of your payment of any such transfer taxes, at such time
as such refund is received by you.
Agreement and your appointment as Exchange Agent hereunder shall be construed and enforced in accordance with the laws of the State of New York applicable to
agreements made and to be performed entirely within such state, and without regard to conflicts of law principles, and shall inure to the benefit of, and the obligations created hereby shall be
binding upon, the successors and assigns of each of the parties hereto and nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or
remedy of any nature whatsoever under or by reason of this Agreement. Without limitation of the foregoing, the parties hereto expressly agree that no holder of Old Notes or Exchange Notes shall have
any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.
Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which taken together shall constitute one and the
case any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.
Agreement shall not be deemed or construed to be modified, amended, rescinded, canceled or waived, in whole or in part, except by a written instrument signed by a
duly authorized representative of the party to be charged.
otherwise provided herein, all notices, requests and other communications to any party hereunder shall be in writing (including facsimile) and shall be given to
such party, addressed to it, as its address or telecopy number set forth below:
to the Company:
900 North Michigan Avenue
Chicago, Illinois 60611
Facsimile: (312) 274-6160
Attention: Chief Financial Officer or Secretary
to the Exchange Agent:
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890-1615
terminated earlier by the parties hereto, this Agreement shall terminate 90 days following the Expiration Date. Notwithstanding the foregoing,
Paragraphs 18, 19, 21 and 22 shall survive the termination of this Agreement. Upon any termination of this Agreement, you shall promptly deliver to the Company any certificates for Notes, funds
or property (including, without limitation, Letters of Transmittal and any other documents relating to the Exchange Offer) then held by you as Exchange Agent under this Agreement.
Agreement shall be binding and effective as of the date hereof.
acknowledge receipt of this Agreement and confirm the arrangements herein provided by signing and returning the enclosed copy.