Exhibit 99.9
TRANSFER, ASSIGNMENT
AND ASSUMPTION AGREEMENT
dated as of April 4, 2006 among:
BANK OF MONTREAL (the "REMAINING PARTY"),
HUB INTERNATIONAL LIMITED (the "TRANSFEROR")
and
HUB INTERNATIONAL LIMITED PARTNERSHIP (the "TRANSFEREE").
The Transferor and the Remaining Party have entered into one or more
Transactions as identified in the attached Annex A (each an "OLD TRANSACTION"),
each evidenced by a Confirmation (an "OLD CONFIRMATION") subject to an ISDA
Master Agreement dated as of July 15, 2003 (the "OLD AGREEMENT").
The Transferor and the Remaining Party wish to keep the Old Agreement in effect.
The Remaining Party and the Transferee have entered into an ISDA Master
Agreement (the "NEW AGREEMENT") dated as of April 4, 2006.
With effect from and including the date of this Agreement specified above (the
"ASSIGNMENT DATE") the Transferor wishes to transfer to the Transferee, and the
Transferee wishes to accept the transfer of and to assume, all the rights,
liabilities, duties and obligations of the Transferor under and in respect of
each Old Transaction, with the effect that, as more particularly described
below, the Remaining Party becomes the obligor under the Old Confirmation. The
Old Transaction so assumed and amended pursuant to Section 2(b) of this
Agreement is referred to in this Agreement as the "New Transaction".
The Remaining Party wishes to accept the Transferee as its sole counterparty
with respect to the New Transactions.
The Transferor and the Remaining Party wish to have released and discharged, as
a result and to the extent of the transfer described above, their respective
obligations under and in respect of the Old Transactions.
Accordingly, the parties agree as follows:
1. DEFINITIONS.
Terms defined in the ISDA Master Agreement (Multicurrency-Cross Border) as
published in 1992 by the International Swaps and Derivatives Association, Inc.,
(the "1992 ISDA MASTER AGREEMENT") are used herein as so defined, unless
otherwise provided herein.
2. TRANSFER, RELEASE, DISCHARGE AND UNDERTAKINGS.
With effect from and including the Assignment Date and in consideration of the
mutual representations, warranties and covenants contained in this Agreement and
other good and valuable consideration (the receipt and sufficiency of which are
hereby acknowledged by each of the parties):
(a) the Remaining Party and the Transferor are each released and
discharged from further obligations to each other with respect to each
Old Transaction and their respective rights against each other
thereunder are cancelled, provided that such release and discharge
shall not affect any rights, liabilities or obligations of the
Remaining Party or the Transferor with respect to payments or other
obligations due and payable or due to be performed on or prior to the
Assignment Date, and all such payments and obligations shall be paid
or performed by the Remaining Party or the Transferor in accordance
with the terms of the Old Transaction, as amended pursuant to Section
2(b) of this Agreement;
2
(b) in respect of each New Transaction, the Remaining Party and the
Transferee each undertake liabilities and obligations towards the
other and acquire rights against each other identical in their terms
to each corresponding Old Transaction except that:
(i) Schedule I to the Old Confirmation in respect of the Old
Transaction with initial USD Fixed Amount of USD 10,000,000 shall
be deemed to be replaced as of the Assignment Date with the
Schedule I attached hereto as Annex B, the June 15, 2010
Termination Date set out in such Old Confirmation shall be deemed
as of the Assignment Date to be replaced with a April 4, 2011
Termination Date and the April 4, 2011 Termination Date shall be
deemed from and after the Assignment Date to be a Fixed Rate
Payer Payment Date and a Floating Rate Payer Payment Date, and
(ii) Schedule I to the Old Confirmation in respect of the Old
Transaction with initial USD Fixed Amount of USD 55,000,000 shall
be deemed to be replaced as of the Assignment Date with the
Schedule I attached hereto as Annex C,
and, for the avoidance of doubt, as if the Transferee were the
Transferor and with the Remaining Party remaining the Remaining Party,
save for any rights, liabilities or obligations of the Remaining Party
or the Transferor with respect to payments or other obligations due
and payable or due to be performed on or prior to the Assignment Date;
and
(c) each New Transaction shall be governed by and form part of the New
Agreement and the relevant Old Confirmation (which, in conjunction and
as amended pursuant to Section 2(b) of this Agreement and as otherwise
deemed modified to be consistent with this Agreement, shall be deemed
to be a Confirmation between the Remaining Party and the Transferee),
and the offices of the Remaining Party and the Transferee for purposes
of each New Transaction shall be as specified in the New Agreement and
the office of the Transferor for purposes of the Old Transaction shall
have been as specified in the Old Agreement.
3. REPRESENTATIONS AND WARRANTIES.
On the date of this Agreement:
(a) Each of the parties makes to each of the other parties those
representations and warranties set forth in Section 3(a) of the 1992
ISDA Master Agreement with references in such Section to "this
Agreement" or "any Credit Support Document" being deemed references to
this Agreement alone.
(b) The Remaining Party and the Transferor each makes to the other, and
the Remaining Party and the Transferee each makes to the other, the
representation set forth in Section 3(b) of the 1992 ISDA Master
Agreement, in each case with respect to the Old Agreement or the New
Agreement, as the case may be, and taking into account the parties
entering into and performing their obligations under this Agreement.
(c) Each of the Transferor and the Remaining Party represents and warrants
to each other and to the Transferee that:
(i) it has made no prior transfer (whether by way of security or
otherwise) of the Old Agreement or any interest or obligation in
or under the Old Agreement or in respect of any Old Transaction;
and
(ii) as of the Assignment Date, all obligations of the Transferor and
the Remaining Party under each Old Transaction required to be
performed on or before the Assignment Date have been fulfilled.
3
4. COUNTERPARTS.
This Agreement (and each amendment, modification and waiver in respect of
it) may be executed and delivered in counterparts (including by facsimile
transmission), each of which will be deemed an original.
5. AMENDMENTS.
No amendment, modification or waiver in respect of this Agreement will be
effective unless in writing (including a writing evidenced by a facsimile
transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging
system.
6. (a) GOVERNING LAW.
This Agreement will be governed by and construed in accordance with
the laws of the State of New York without reference to the conflict of
laws provisions thereof.
(b) JURISDICTION.
The terms of Section 13(b) of the 1992 ISDA Master Agreement shall
apply to this Agreement with references in such Section to "this
Agreement" being deemed references to this Agreement alone.
IN WITNESS WHEREOF the parties have executed this Agreement on the Assignment
Date with effect from and including the Assignment Date.
BANK OF MONTREAL HUB INTERNATIONAL LIMITED
By: /s/ R. J. Mailloux By: /s/ W. Kirk James
--------------------------------- ------------------------------------
Name: R. J. Mailloux Name: W. Kirk James
Title: Senior Manager Documentation ----------------------------------
Date: Title: Vice President
------------------------------- ---------------------------------
Date: April 4, 2006
----------------------------------
HUB INTERNATIONAL LIMITED PARTNERSHIP,
by its general partner, HUB
INTERNATIONAL PARTNERS LIMITED
By: /s/ W. Kirk James
---------------------------------
Name: W. Kirk James
-------------------------------
Title: Authorized Signatory
------------------------------
Date: April 4, 2006
-------------------------------
ANNEX A
Old Transactions
Transactions evidenced by
the Old Confirmations
forming part of this Annex A
ANNEX B
SCHEDULE I
CASHFLOW SCHEDULE: BANK OF MONTREAL 396363:460803
SIDE 1
BANK OF MONTREAL PAYS USD FIXED TO HUB INTERNATIONAL LIMITED PARTNERSHIP
PERIOD BEG. PERIOD END DAYS PAYMENT DATE NATIONAL AMOUNT FIXED RATE %
- ----------- ----------- ---- ------------ --------------- ------------
15 Jun 2003 15 Dec 2003 180 15 Dec 2003 10,000,000.00 5.71
15 Dec 2003 15 Jun 2004 180 15 Jun 2004 10,000,000.00 5.71
15 Jun 2004 15 Dec 2004 180 15 Dec 2004 10,000,000.00 5.71
15 Dec 2004 15 Jun 2005 180 15 Jun 2005 10,000,000.00 5.71
15 Jun 2005 15 Dec 2005 180 15 Dec 2005 10,000,000.00 5.71
15 Dec 2005 15 Jun 2006 180 15 Jun 2006 10,000,000.00 5.71
15 Jun 2006 15 Dec 2006 180 15 Dec 2006 7,500,000 5.71
15 Dec 2006 15 Jun 2007 180 15 Jun 2007 7,500,000 5.71
15 Jun 2007 15 Dec 2007 180 17 Dec 2007 7,500,000 5.71
15 Dec 2007 15 Jun 2008 180 16 Jun 2008 7,500,000 5.71
15 Jun 2008 15 Dec 2008 180 15 Dec 2008 7,500,000 5.71
15 Dec 2008 15 Jun 2009 180 15 Jun 2009 7,500,000 5.71
15 Jun 2009 15 Dec 2009 180 15 Dec 2009 7,500,000 5.71
15 Dec 2009 15 Jun 2010 180 15 Jun 2010 7,500,000 5.71
15 Jun 2010 15 Dec 2010 180 15 Dec 2010 7,500,000 5.71
15 Dec 2010 4 Apr 2011 109 4 Apr 2011 7,500,000 5.71
SIDE 2
HUB INTERNATIONAL LIMITED PARTNERSHIP PAYS USD 3 MONTH LIBOR T3750 TO BANK
OF MONTREAL
CALC. DATE PERIOD BEG. PERIOD END DAYS PAYMENT DATE NATIONAL AMOUNT
---------- ----------- ---------- ---- ------------ ---------------
12 Jun 2003 16 Jun 2003 15 Sep 2003 91 10,000,000.00
11 Sep 2003 15 Sep 2003 15 Dec 2003 91 15 Dec 2003 10,000,000.00
11 Dec 2003 15 Dec 2003 15 Mar 2004 91 10,000,000.00
11 Mar 2004 15 Mar 2004 15 Jun 2004 92 15 Jun 2004 10,000,000.00
11 Jun 2004 15 Jun 2004 15 Sep 2004 92 10,000,000.00
13 Sep 2004 15 Sep 2004 15 Dec 2004 91 15 Dec 2004 10,000,000.00
13 Dec 2004 15 Dec 2004 15 Mar 2005 90 10,000,000.00
11 Mar 2005 15 Mar 2005 15 Jun 2005 92 15 Jun 2005 10,000,000.00
13 Jun 2005 15 Jun 2005 15 Sep 2005 92 10,000,000.00
13 Sep 2005 15 Sep 2005 15 Dec 2005 91 15 Dec 2005 10,000,000.00
13 Dec 2005 15 Dec 2005 15 Mar 2006 90 10,000,000.00
13 Mar 2006 15 Mar 2006 15 Jun 2006 92 15 Jun 2006 10,000,000.00
13 Jun 2006 15 Jun 2006 15 Sep 2006 92 7,500,000
13 Sep 2006 15 Sep 2006 15 Dec 2006 91 15 Dec 2006 7,500,000
13 Dec 2006 15 Dec 2006 15 Mar 2007 90 7,500,000
13 Mar 2007 15 Mar 2007 15 Jun 2007 92 15 Jun 2007 7,500,000
13 Jun 2007 15 Jun 2007 17 Sep 2007 94 7,500,000
13 Sep 2007 17 Sep 2007 17 Dec 2007 91 17 Dec 2007 7,500,000
13 Dec 2007 17 Dec 2007 17 Mar 2008 91 7,500,000
13 Mar 2008 17 Mar 2008 16 Jun 2008 91 16 Jun 2008 7,500,000
12 Jun 2008 16 Jun 2008 15 Sep 2008 91 7,500,000
11 Sep 2008 15 Sep 2008 15 Dec 2008 91 15 Dec 2008 7,500,000
11 Dec 2008 15 Dec 2008 16 Mar 2009 91 7,500,000
12 Mar 2009 16 Mar 2009 15 Jun 2009 91 15 Jun 2009 7,500,000
11 Jun 2009 15 Jun 2009 15 Sep 2009 92 7,500,000
11 Sep 2009 15 Sep 2009 15 Dec 2009 91 15 Dec 2009 7,500,000
11 Dec 2009 15 Dec 2009 15 Mar 2010 90 7,500,000
11 Mar 2010 15 Mar 2010 15 Jun 2010 92 15 Jun 2010 7,500,000
11 Jun 2010 15 Jun 2010 15 Sep 2010 92 7,500,000
13 Sep 2010 15 Sep 2010 15 Dec 2010 91 15 Dec 2010 7,500,000
13 Dec 2010 15 Dec 2010 15 Mar 2011 90 7,500,000
11 Mar 2011 15 Mar 2011 4 Apr 2011 20 4 Apr 2011 7,500,000
ANNEX C
SCHEDULE I
CASHFLOW SCHEDULE: BANK OF MONTREAL 396359:460798
SIDE 1
BANK OF MONTREAL PAYS USD FIXED TO HUB INTERNATIONAL LIMITED PARTNERSHIP
PERIOD BEG PERIOD END DAYS PAYMENT DATE NOTIONAL AMOUNT FIXED RATE %
- ---------- ----------- ---- ------------ --------------- ------------
15 Jun 2003 15 Dec 2003 180 15 Dec 2003 55,000,000.00 6.16
15 Dec 2003 15 Jun 2004 180 15 Jun 2004 55,000,000.00 6.16
15 Jun 2004 15 Dec 2004 180 15 Dec 2004 55,000,000.00 6.16
15 Dec 2004 15 Jun 2005 180 15 Jun 2005 55,000,000.00 6.16
15 Jun 2005 15 Dec 2005 180 15 Dec 2005 55,000,000.00 6.16
15 Dec 2005 15 Jun 2006 180 15 Jun 2006 55,000,000.00 6.16
15 Jun 2006 15 Dec 2006 180 15 Dec 2006 55,000,000.00 6.16
15 Dec 2006 15 Jun 2007 180 15 Jun 2007 55,000,000.00 6.16
15 Jun 2007 15 Dec 2007 180 17 Dec 2007 55,000,000.00 6.16
15 Dec 2007 15 Jun 2008 180 16 Jun 2008 55,000,000.00 6.16
15 Jun 2008 15 Dec 2008 180 15 Dec 2008 50,416,667.00 6.16
15 Dec 2008 15 Jun 2009 180 15 Jun 2009 50,416,667.00 6.16
15 Jun 2009 15 Dec 2009 180 15 Dec 2009 45,833,334.00 6.16
15 Dec 2009 15 Jun 2010 180 15 Jun 2010 45,833,334.00 6.16
15 Jun 2010 15 Dec 2010 180 15 Dec 2010 41,250,001.00 6.16
15 Dec 2010 15 Jun 2011 180 15 Jun 2011 41,250,001.00 6.16
15 Jun 2011 15 Dec 2011 180 15 Dec 2011 22,000,000.00 6.16
15 Dec 2011 15 Jun 2012 180 15 Jun 2012 22,000,000.00 6.16
15 Jun 2012 15 Dec 2012 180 17 Dec 2012 11,000,000.00 6.16
15 Dec 2012 15 Jun 2013 180 17 Jun 2013 11,000,000.00 6.16
SIDE 2
HUB INTERNATIONAL LIMITED PARTNERSHIP PAY USD 3 MONTH LIBOR T3750 TO BANK OF
MONTREAL
CALC. DATE PERIOD BEG. PERIOD END DAYS PAYMENT DATE NOTIONAL AMOUNT
- ---------- ----------- ----------- ---- ------------ ---------------
12 Jun 2003 16 Jun 2003 15 Sep 2003 91 55,000,000.00
11 Sep 2003 15 Sep 2003 15 Dec 2003 91 15 Dec 2003 55,000,000.00
11 Dec 2003 15 Dec 2003 15 Mar 2004 91 55,000,000.00
11 Mar 2004 15 Mar 2004 15 Jun 2004 92 15 Jun 2004 55,000,000.00
11 Jun 2004 15 Jun 2004 15 Sep 2004 92 55,000,000.00
13 Sep 2004 15 Sep 2004 15 Dec 2004 91 15 Dec 2004 55,000,000.00
13 Dec 2004 15 Dec 2004 15 Mar 2005 90 55,000,000.00
11 Mar 2005 15 Mar 2005 15 Jun 2005 92 15 Jun 2005 55,000,000.00
13 Jun 2005 13 Jun 2005 15 Sep 2005 92 55,000,000.00
13 Sep 2005 15 Sep 2005 15 Dec 2005 91 15 Dec 2005 55,000,000.00
13 Dec 2005 15 Dec 2005 15 Mar 2006 90 55,000,000.00
13 Mar 2006 15 Mar 2006 15 Jun 2006 92 15 Jun 2006 55,000,000.00
13 Jun 2006 15 Jun 2006 15 Sep 2006 92 55,000,000.00
13 Sep 2006 15 Sep 2006 15 Dec 2006 91 15 Dec 2006 55,000,000.00
13 Dec 2006 15 Dec 2006 15 Mar 2007 90 55,000,000.00
13 Mar 2007 15 Mar 2007 15 Jun 2007 92 15 Jun 2007 55,000,000.00
13 Jun 2007 15 Jun 2007 17 Sep 2007 94 55,000,000.00
13 Sep 2007 17 Sep 2007 17 Dec 2007 91 17 Dec 2007 55,000,000.00
13 Dec 2007 17 Dec 2007 17 Mar 2008 91 55,000,000.00
13 Mar 2008 17 Mar 2008 16 Jun 2008 91 16 Jun 2008 55,000,000.00
12 Jun 2008 16 Jun 2008 15 Sep 2008 91 50,416,667.00
11 Sep 2008 15 Sep 2008 15 Dec 2008 91 15 Dec 2008 50,416,667.00
11 Dec 2008 15 Dec 2008 16 Mar 2009 91 50,416,667.00
12 Mar 2009 16 Mar 2009 15 Jun 2009 91 15 Jun 2009 50,416,667.00
11 Jun 2009 15 Jun 2009 15 Sep 2009 92 45,833,334.00
11 Sep 2009 15 Sep 2009 15 Dec 2009 91 15 Dec 2009 45,833,334.00
11 Dec 2009 15 Dec 2009 15 Mar 2010 90 45,833,334.00
11 Mar 2010 15 Mar 2010 15 Jun 2010 92 15 Jun 2010 45,833,334.00
11 Jun 2010 15 Jun 2010 15 Sep 2010 92 41,250,001.00
13 Sep 2010 15 Sep 2010 15 Dec 2010 91 15 Dec 2010 41,250,001.00
13 Dec 2010 15 Dec 2010 15 Mar 2011 90 41,250,001.00
11 Mar 2011 15 Mar 2011 15 Jun 2011 92 15 Jun 2011 41,250,001.00
13 Jun 2011 15 Jun 2011 15 Sep 2011 92 22,000,000.00
13 Sep 2011 15 Sep 2011 15 Dec 2011 91 15 Dec 2011 22,000,000.00
13 Dec 2011 15 Dec 2011 15 Mar 2012 91 22,000,000.00
13 Mar 2012 15 Mar 2012 15 Jun 2012 92 15 Jun 2012 22,000,000.00
13 Jun 2012 15 Jun 2012 17 Sep 2012 94 11,000,000.00
13 Sep 2012 17 Sep 2012 17 Dec 2012 91 17 Dec 2012 11,000,000.00
13 Dec 2012 17 Dec 2012 15 Mar 2013 88 11,000,000.00
13 Mar 2013 15 Mar 2013 15 Jun 2013 92 17 Jun 2013 11,000,000.00