FOURTH AMENDMENT TO GRID NOTE
THIS AMENDMENT TO GRID NOTE executed this 25th day of
November, 1996, and effective as of the first day of December
1996, by and between ALEXANDER & ▇▇▇▇▇▇▇, INC., a Hawaii
corporation, and A&B-HAWAII, INC., a Hawaii corporation,
hereinafter collectively called the "Maker", and FIRST HAWAIIAN
BANK, a Hawaii corporation, hereinafter called the "Bank";
W I T N E S S E T H T H A T,
WHEREAS, the Bank has extended to the Maker that certain
uncommitted line of credit facility in the principal amount not
to exceed FORTY MILLION AND NO/100 DOLLARS ($40,000,000.00),
which line of credit is evidenced by that certain Grid Note (the
"Note") dated December 30, 1993, with a final maturity of said
Note being November 30, 1994; and
WHEREAS, the Maker and the Bank subsequently entered into
that certain Amendment to Grid Note dated August 31, 1994,
whereby the Note was increased to SIXTY FIVE MILLION AND NO/100
DOLLARS ($65,000,000.00), and was extended to November 30, 1995;
and
WHEREAS, the Maker and the Bank subsequently entered into
that Second Amendment to Grid Note dated March 29, 1995, whereby
the Note was decreased to FORTY-FIVE MILLION AND NO/100 DOLLARS
($45,000,000.00), and Section 4 of the Note, entitled
"Limitation." was deleted in its entirety and replaced; and
WHEREAS, the Maker and the Bank subsequently entered into
that Third Amendment to Grid Note dated November 17, 1995,
whereby the Note was extended to November 30, 1996; and
WHEREAS, the Maker and the Bank desire to further amend the
Note as hereinafter provided.
NOW, THEREFORE, in consideration of the mutual covenants
contained herein, the Maker and the Bank agree as follows:
THE NOTE, AS AMENDED, SHALL BE AND HEREBY IS FURTHER
AMENDED TO PROVIDE THAT ALL UNPAID PRINCIPAL AND ACCRUED BUT
UNPAID INTEREST SHALL BE DUE AND PAYABLE ON NOVEMBER 30, 1997,
UNLESS SOONER DUE AS OTHERWISE PROVIDED IN THE NOTE, AS AMENDED.
In all other respects, the Note, as amended, shall remain
unmodified and in full force and effect, and the Maker hereby
reaffirms all of its obligations under the Note, as previously
amended, and as amended hereby. Without limiting the generality
of the foregoing, the Maker hereby expressly acknowledges and
agrees that, as of the date of this FOURTH AMENDMENT TO GRID
NOTE, the Maker has no offsets, claims or defenses whatsoever
against the Bank or against any of the Maker's obligations under
the Note, as previously amended, and as amended hereby.
IN WITNESS WHEREOF, this Fourth Amendment to Grid Note is
executed by the undersigned parties as of this 25th day of
November, 1996.
ALEXANDER & ▇▇▇▇▇▇▇, INC., FIRST HAWAIIAN BANK,
a Hawaii Corporation a Hawaii Corporation
By /s/▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ By /s/▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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Its Controller & Asst. Treas. Its Vice President
A&B-HAWAII, INC.,
a Hawaii Corporation
By /s/▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Its VP, Controller & Asst. Treas.