EXHIBIT 10B(iii)
THIRD AMENDMENT TO BAREBOAT CHARTER PARTY
THIS THIRD AMENDMENT TO BAREBOAT CHARTER PARTY, made as of this 1st
day of March, 1997 (hereinafter referred to as the "Third Amendment") by
and between Kadampanattu Corp. (K Corp) and Trailer Bridge, Inc. (Trailer
Bridge).
WHEREAS, in February, 1992 K Corp and Trailer Bridge entered into two
(2) identical Bareboat Charter Party agreements for the vessels JAX-SAN
XXXX BRIDGE and SAN XXXX-JAX BRIDGE; and
WHEREAS, such Bareboat Charter Party agreements were extended each
year for an additional year; and
WHEREAS, in December, 1994 K Corp and Trailer Bridge entered into an
amendment to extend such Bareboat Charter Party agreements to March 1,
1997; and
WHEREAS, in October, 1995 K Corp and Trailer Bridge entered into an
amendment to extend such Bareboat Charter Party agreements until the later
of March 1, 1997 and the date upon which the Construction and Term Loan
Agreement between K Corp and The First National Bank of Boston terminates
and all Loans and other obligations thereunder have been indefeasibly and
irrevocably repaid in full, in cash,
In consideration of the mutual covenants and agreements to be kept
and performed on the part of said parties hereto, respectively as herein
stated, K Corp and Trailer Bridge hereby agree as follows:
1. Amendment to section entitled "Period". The section entitled
"Period" of each Bareboat Charter Party is hereby amended by deleting the
text thereof in its entirety and substituting the following therefor:
PERIOD. This Charter Party shall remain in
effect until the later of September 1, 2010 or the
date upon which the Construction and Term Loan
Agreement between K Corp and The First National Bank
of Boston terminates and all Loans and other
obligations thereunder have been indefeasibly and
irrevocably repaid in full, in cash, at which time
this Charter Party may be extended by mutual agreement
of the parties.
At the later of September 1, 2010 or the date
upon which the Construction and Term Loan Agreement
between K Corp and The First National Bank of Boston
terminates and all Loans and other obligations
thereunder have been indefeasibly and irrevocably
repaid in full, in cash. Trailer Bridge shall have
the right, but not the obligation, by giving written
notice to K Corp, not more than 120 days but not less
than 60 days prior to the expiration of the term of
this Charter Party, to extend this Charter Party until
September 1, 2018 at the rate of ELEVEN THOUSAND
DOLLARS AND NO CENTS ($11,000.00) per day for each
vessel or, alternatively, Trailer Bridge, may purchase
the vessel from K Corp at its then fair market value.
Except, and solely to the extent that the same has been specifically
modified, amended or supplemented hereby, by this Third Amendment, all of
the terms and conditions of the Bareboat Charter Party shall continue in
full force and effect.
IN WITNESS WHEREOF, K Corp and Trailer Bridge have caused this Third
Amendment to be executed as of the date and year first above written.
KADAMPANATTU CORP.
By: /s/ Xxxx X. XxXxxx
Xxxx X. XxXxxx, President
TRAILER BRIDGE, INC.
By: /s/ Xxxx X. XxXxxx
Xxxx X. XxXxxx, Chairman
