Exhibit 10.21
DEMAND PROMISSORY NOTE
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$4,000,000 April 2, 2002
New York, New York
FOR VALUE RECEIVED, TRAILER BRIDGE, INC., a Delaware
corporation (the "Borrower"), with offices at 00000 Xxx Xxxxxx Xxxx Xxxx,
Xxxxxxxxxxxx, Xxxxxxx 00000, Facsimile No.: (000) 000-0000, promises to pay to
the order of TRANSPORTATION RECEIVABLES 1992, LLC, a Delaware limited liability
company, on demand, in immediately available funds, the principal amount of Four
Million Dollars ($4,000,000), with interest, which shall accrue daily and be
compounded annually on the unpaid principal balance of this promissory note
(this "Note") from time to time at the rate of 8.03% per annum, computed on a
360-day year of twelve 30-day months. The Borrower may prepay the principal or
any part thereof and accrued interest at any time without penalty.
Payments on this Note shall be made in U.S. dollars by wired
federal funds or other immediately available funds to an account designated by
the holder.
If Xxxxxxxx fails to pay the amount due pursuant to this Note
upon demand of the holder, the holder shall be entitled to collect, in addition
to principal and interest hereunder, all costs of collection, including without
limitation reasonable attorneys' fees, incurred in connection with any of the
holder's collection efforts, whether or not suit on this Note or any foreclosure
proceeding is filed.
THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF
THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS.
THE BORROWER HEREBY CONSENTS TO JURISDICTION OF THE COURTS OF THE STATE OF NEW
YORK IN THE COUNTY OF NEW YORK AND OF THE FEDERAL COURTS IN THE SOUTHERN
DISTRICT OF NEW YORK, WAIVES ANY CLAIM OF IMPROPER JURISDICTION OR FORUM NON
CONVENIENS, AND WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF THIS NOTE.
IN WITNESS WHEREOF, the Borrower has caused this Note to be
duly executed as of the date first above written.
TRAILER BRIDGE, INC.
By:______________________________________
Name:
Title:
