Exhibit 10.17
FIRST AMENDMENT TO
LOAN AND SECURITY AGREEMENT
DATED AS OF November 30, 2001
BETWEEN THE
ESTATE OF X. X. XxXXXX
AS LENDER
AND
TRAILER BRIDGE, INC.
AS BORROWER
This FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT is dated as of December 31,
2001 and amends the LOAN AND SECURITY AGREEMENT dated November 30, 2001 and
agreed to by and between TRAILER BRIDGE, INC., a Delaware corporation
("Borrower") and the Estate of Xxxxxx X. XxXxxx ("Lender").
RECITALS
A. Borrower desires to increase the borrowings from Lender to $3,000,000 and
Lender is willing to increase the maximum amount hereunder to $3,000,000 in
accordance with the terms of this Agreement.
B. Borrower has granted a mortgage in favor of Lender in the form attached to
Schedule C hereto.
NOW, THEREFORE, in consideration of the premises and the mutual covenants
hereinafter contained, the parties hereto agree to amend the LOAN AND SECURITY
AGREEMENT dated November 30, 2001 as follows:
SCHEDULE A DEFINITIONS
1. "Maximum Amount" is deleted in its entirety and replaced with
"Maximum Amount" shall mean $3,000,000.
2. "Loan Documents" is amended by adding the Mortgage attached hereto on
Schedule C after "the Notes,".
3. "Permitted Encumbrances" is amended by deleting "and (iv) Liens in favor of
Lender securing the Obligations" and replacing it with (iv) Mortgage and
Security Agreement dated the 18th day of April , 1996 in favor of First Union
National Bank of Florida and (v) Liens in favor of Lender securing the
Obligations".
4. The following definition is added:
"Obligations" shall mean amounts due under the Note and any other amounts due
hereunder.
IN WITNESS WHEREOF, this Loan and Security Agreement has been duly executed as
of the date first written above.
TRAILER BRIDGE, INC.
By: __________________________
Name: Xxxx Xxxxxx
Title: Chief Financial Officer
ESTATE OF XXXXXX X. XxXXXX
By: _________________________
Name: Xxxx X. XxXxxx
Title: Co-Executor
By: _________________________
Name: X. Xxxxxxxx Meyercord
Title: Co-Executor
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