Exhibit 10.24.3
[Logo of Bank of America]
Interest RATE CAP
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BANK OF AMERICA, N.A.
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DERIVATIVES TRADE SUPPORT
TO: Ventas Realty, Limited Partnership
4360 Brownsboro Road, Suite 115
Louisville, KY 40207
ATTN: Debbie Cafaro
TEL: 502-357-9010
FAX: 502-357-9001
FROM: Bank of America, N.A.
233 South Wacker Drive - Suite 2800
Chicago, IL 60606
DATE: 11DEC01
Our Reference Number: 236853
Internal Tracking Numbers: 3405948
Dear Sir/Madam,
The purpose of this letter agreement is to confirm the terms and conditions
of the Transaction entered into between Ventas Realty, Limited Partnership and
Bank of America, N.A. (each a "party" and together "the parties") on the Trade
Date specified below (the "Transaction"). This letter agreement constitutes a
"Confirmation" as referred to in the ISDA Master Agreement specified in
paragraph 1 below (the "Agreement").
The definitions and provisions contained in the 2000 ISDA Definitions, as
published by the International Swaps and Derivatives Association, Inc., (the
"Definitions") are incorporated into this Confirmation. In the event of any
inconsistency between the Definitions and this Confirmation, this Confirmation
will govern.
1. This Confirmation supplements, forms part of, and is subject to, the ISDA
Master Agreement dated as of September 28, 2001, as amended and supplemented
from time to time, between the parties. All provisions contained in the
Agreement govern this Confirmation except as expressly modified below.
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In this Confirmation "Party A" means Bank of America, N.A. and "Party B"
means Ventas Realty, Limited Partnership.
2. The terms of the particular Transaction to which this Confirmation relates
are as follows:
Notional Amount: $225,000,000 (Amortizing - see schedule)
Trade Date: December 11, 2001
Effective Date: December 12, 2001
Termination Date: December 10, 2006, subject to adjustment in accordance
with the Modified Following Business Day Convention
Fixed Amounts:
Fixed Rate Payer: Bank of America, N.A.
Fixed Rate Payer Payment Dates: N/A
Fixed Amount: $0
Floating Amounts:
Floating Rate Payer: Ventas Realty, Limited Partnership
Cap Rate: 8.00%
Floating Rate Period End Dates: The tenth day of each month
commencing January 10, 2002 and
ending on the Termination Date,
subject to adjustment in accordance
with the Modified Following
Business Day Convention
Floating Rate Payer Payment Dates: The ninth day of each month
commencing January 9, 2002 and
ending on December 9, 2006
subject to adjustment in
accordance with the Preceding
Business Day Convention.
Floating Rate Option USD-LIBOR-BBA
Floating Rate for initial Calculation 1.9413%
Period:
2
Designated Maturity: 1-month
Floating Rate Day Count Fraction: Act/360
Reset Dates: Two business days prior to the
first day of each calculation
period
Method of Averaging: N/A
Compounding: Inapplicable
Compounding Dates: N/A
Business Days: New York
Calculation Agent: Party A
3. Recording of Conversations:
Each Party to this Transaction acknowledges and agrees to the tape or
electronic recording of conversations between the parties to this
Transaction whether by one or other or both of the parties or their agents,
and that any such recordings may be submitted in evidence in any
Proceedings relating to the Agreement and/or this Transaction.
4. Account Details:
Account for payments to Pay to:
Party A:
Name: Bank of America, N.A.
City: New York
ABA No: 026009593
Account No: 6550219386
Attn: Rate Derivative
Settlements
Account for payments to Ventas Realty Limited Partnership
Party B: Sun Trust Bank
ABA: 064000046
A/C #: 7020723487
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5. Offices:
The Office of Party A for this Charlotte, NC
Transaction is:
The Office of Party B for this Ventas, Inc.
Transaction is: 4360 Brownsboro Road, Suite 115
Louisville, KY 40207
Please confirm that the foregoing correctly sets forth the terms and conditions
of our agreement by responding within three (3) Business Days by returning via
telecopier an executed copy of this Confirmation to the attention of Global
Derivative Operations fax no. (+1 312) 234 3603.
Failure to respond within such period shall not affect the validity or
enforceability of this Transaction, and shall be deemed to be an affirmation of
the terms and conditions contained herein, absent manifest error.
Bank of America, N.A. Accepted and confirmed as of the date first
written:
Ventas Realty, Limited Partnership
/s/ Tracey Bissell /s/ T. Richard Riney
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Authorized Signatory Name: T. Richard Riney
Title: Executive Vice President
Amortization Schedule:
Start Date Notational Amount (USD)
12/12/01 $ 225,000,000.00
1/10/02 $ 224,814,185.09
2/11/02 $ 224,626,905.34
3/11/02 $ 224,438,149.19
4/10/02 $ 224,247,905.02
5/10/02 $ 224,056,161.10
6/10/02 $ 223,862,905.59
7/10/02 $ 223,668,126.58
8/12/02 $ 223,471,812.07
9/10/02 $ 223,273,949.94
10/10/02 $ 223,074,528.00
11/12/02 $ 222,873,533.95
12/10/02 $ 222,670,955.40
1/10/03 $ 222,466,779,85
2/10/03 $ 222,260,994.72
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3/10/03 $ 222,053,587.32
4/10/03 $ 221,844,544.85
5/12/03 $ 221,633,854.44
6/10/03 $ 221,421,503.08
7/10/03 $ 221,207,477.68
8/11/03 $ 220,991,765.05
9/10/03 $ 220,774,351.89
10/10/03 $ 220,555,224.78
11/10/03 $ 220,334,370.23
12/10/03 $ 220,111,774,60
1/12/04 $ 219,887,424.18
2/10/04 $ 219,661,305.13
3/10/04 $ 219,433,403.50
4/12/04 $ 219,203,705.26
5/10/04 $ 218,972,196.22
6/10/04 $ 218,738,862.12
7/12/04 $ 218,503,688.57
8/10/04 $ 218,266,661.07
9/10/04 $ 218,027,765.01
10/12/04 $ 217,786,985.64
11/10/04 $ 217,544,308,13
12/10/04 $ 217,299,717.52
1/10/05 $ 217,053,198.71
2/10/05 $ 216,804,736.52
3/10/05 $ 216,554,315.61
4/11/05 $ 216,301,920.55
5/10/05 $ 216,047,535.78
6/10/05 $ 215,791,145.61
7/11/05 $ 215,532,734.23
8/10/05 $ 215,272,285.71
9/12/05 $ 215,009,783.98
10/11/05 $ 214,745,212.87
11/10/05 $ 214,478,556.05
12/12/05 $ 214,209,797.09
1/10/06 $ 213,938,919.41
2/10/06 $ 213,665,906.31
3/10/06 $ 213,390,740.96
4/10/06 $ 213,113,406.39
5/10/06 $ 212,833,885.50
6/12/06 $ 212,552,161.05
7/10/06 $ 212,268,215.68
8/10/06 $ 211,982,031.86
9/11/06 $ 211,693,591.97
10/10/06 $ 211,402,878.21
11/10/06 $ 211,109,872.65
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