Exhibit 10.83
CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION.
ASTERISKS (*) DENOTE SUCH OMISSIONS
ADDENDUM No. 1
TO LOG SALES CONTRACT No. 01-02-02,
dated January 2, 2002
This Addendum No.1 to Log Sales Contract No. 01-02-02, dated January 2,
2002 (hereinafter referred to as "Addendum No. 1"), is entered into and becomes
effective as of January 2, 2002, by and between Closed Joint-Stock Company
"Forest-Starma" (hereinafter referred to as the "Seller") and Rayonier Inc.
(hereinafter referred to as the "Buyer") as follows:
1. Pursuant to the provisions of Article 6 (Payment) the Buyer agrees to
make the following Advance Payments after execution of this Addendum:
DATE AMOUNT
---- ------
On or before February 15, 2002 ***
On or before February 28, 2002 ***
On or before March 15 2002 ***
The first Advance Payment shall be made within five (5) business days of the
Buyer's receipt of a faxed copy of an executed pledge of the Seller's log
inventory at Siziman Bay to secure repayment of the Advance Payments.
2. Prior to making the Final Payment and in accordance with Article 6
(Payment), the Buyer shall deduct 50% of the FOB vessel Siziman Bay invoice
value of any shipment and apply that portion of the payment to repayment of the
Advance Payment. The deduction shall continue until the entire amount of the
Advance Payment has been fully recovered by the Buyer.
3. If, for any reason whatsoever the Seller has failed to sell and deliver
logs FOB vessel in the quantity sufficient to recover the Advance Payment in
full by July 30, 2002, the Seller agrees to repay the unrecovered balance of the
Advance Payment within 10 (ten) days of receipt of notice from the Buyer.
4. Any unrecovered balance of the Advance Payments shall become immediately
due and payable in full on the date of termination of this Contact. The Buyer
shall have no obligation to make additional Advance Payments after the date a
termination notice is given.
5. If Seller has not repaid the Advance Payments in full by the date full
payment is due, Buyer shall have the right to offset any amounts owed by Buyer
to Seller against the repayment of the Advance Payments.
6. Seller shall keep its log inventory at Siziman Bay insured against
casualty loss to its full market value until the Advance Payments have been
repaid in full.
7. Both original and faxed signatures of the parties on this Addendum No. 1
shall have equal legal force with regard to execution of this Addendum No. 1.
In witness whereof, the parties have executed this Addendum No. 1 to Log
Sales Contract No. 01-02-02, dated January 2, 2002, which shall become effective
as of January 2, 2002.
Rayonier, Inc. JSC "Forest-Starma"
Buyer Seller
/s/ Xxxxxx X. Xxxxxxx /s/ Xxxxx Xxxxxxx
----------------------------- ------------------------------
Xxxxxx X. Xxxxxxx Xxxxx Xxxxxx
Director, Operations General Director
International Forest Products
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