EXHIBIT 10.15
AMENDMENT NO. 8 TO ST. JOHN'S DREDGING
AND DEEP WATER PIER CONSTRUCTION AGREEMENT
This Amendment No. 8, effective October 1, 1996, ("Amendment No. 8") to the St.
John's Dredging and Deep Water Pier Construction Agreement (the "Agreement")
dated April 3, 1987 by and between ANTIGUA AND BARBUDA, acting through its
government (hereinafter ("Antigua") and ANTIGUA MASONRY PRODUCTS, LTD., a
corporation organized and existing under the laws of Antigua and Barbuda, which
assigned its interest to ANTIGUA HEAVY CONSTRUCTORS, LTD., a corporation
organized and existing under the laws of Antigua and Barbuda (hereinafter the
"Contractor") as amended by Amendments 1, 2, 3, 4, 5, 6 and 7. This Amendment
No. 8 is made by and between Antigua and Contractor. Except as otherwise set
forth herein, terms defined in the Agreement and the Amendments shall have the
same meaning when used herein.
In consideration of the mutual covenants and agreements hereinafter set forth,
Antigua and Contractor agree as follows:
Article 18 which has been amended by Amendments Nos. 1, 2, 4 and 5 is hereby
amended further to provide that:
1. Effective January 1, 1996 the quarterly payment from Antigua
to Contractor to be made from the revenues to Antigua received
from the United States Navy and Air Force for rental of
property in Antigua is reduced from US$500,000 per quarter to
US$312,500 per quarter, and
2. Beginning in November 1996, US$50,000 per month is to be
transferred on the tenth (both) business day of each month
from Antigua's fuel tax revenues on deposit in a local
Antiguan Bank to Antigua Heavy Constructors, Ltd.'s account in
the Antigua Commercial Bank (Account Number 100001557).
Antigua warrants that it will issue an irrevocable letter to
its bank instructing the bank to make the transfer set forth
herein, such letter to be substantially in the form attached
hereto as Exhibit "A".
Antigua agrees to undertake any needed action and do whatever is
constitutionally necessary to give full effect to this Amendment No. 8.
IN WITNESS WHEREOF, the parties hereto, by and through their respective
undersigned signatories, have each executed and delivered this Amendment No. 8
as of this 23 day of October 1996.
ANTIGUA AND BARBUDA
Acting Through its Government
By: /S/ XXXXXX X. XXXX
--------------------------
Prime Minister
ANTIGUA HEAVY CONSTRUCTORS, LTD.
as Assignee of
Antigua Masonry Products, Ltd.
By: /S/ XXXXXXX X. XXXXXXX
--------------------------
Director
Acknowledged by Antigua and Barbuda
Minister of Finance
/S/ XXXX X. ST. XXXX
-------------------------------
EXHIBIT "A"
IRREVOCABLE LETTER TO BANK
____________________ Manager
____________________ St. John's, Antigua
Dear Sir:
The Government of Antigua and Barbuda has signed Amendment No. 8 to the St.
John's Dredging and Deep Water Pier Construction Agreement. This amendment
provides that we issue you a standing order to transfer US$50,000 per month from
the Government's fuel tax revenue deposit account in your bank to Antigua Heavy
Constructors, Ltd.'s account in the Antigua Commercial Bank (Account number
100001557). This transfer is to be made on the tenth (both) business day of each
month commencing in November 1996.
This letter is your standing instruction and is irrevocable without the written
consent of Antigua Heavy Constructors, Ltd. or until any promissory notes issued
to Antigua Heavy Constructors, Ltd. under the terms of the St John's Dredging
and Deep Water Pier Construction Agreement as amended are paid in full.
Yours truly,
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D. Xxxxx X. Xxxxx
Financial Secretary
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Xxxxxxx Xxxxx
Accountant General
cc: Honourable Prime Minister
Honourable Finance Minister
Director of Audit
