Exhibit 10.8.11
TRUST INDENTURE
FIRST SUPPLEMENT TO
SPECIAL PROVISIONS
THIS FIRST SUPPLEMENT TO TRUST INDENTURE SPECIAL PROVISIONS, dated as of
December 31, 2001 between (i) Trailer Bridge, Inc., a Delaware corporation
(herein called the "Shipowner"), and (ii) State Street Bank and Trust Company, A
Massachusetts trust company (said Bank, any successor or assign, herein called
the "Indenture Trustee").
RECITALS:
D. The parties hereto have previously entered into a TRUST INDENTURE,
dated as of December 4, 1997 (the "Trust Indenture") in connection
with the Shipowner's issuance of $16,918,000 aggregate principal
amount of its bonds designated "United States Government Guaranteed
Ship Financing Bonds, 1997 Series II:" (the "Original Bonds") of which
$14,887,840 principal amount is currently outstanding, such
Obligations to bear interest at 6.52% per annum maturing on March 30,
2023;
E. The terms of the Original Bonds required equal principal payments to
be paid semi-annually on March 30 and September 30 of each year
commencing on March 30, 1998 until such principal sum has been paid.
F. The Shipowner and holder of the Original Bonds, with the consent of
United States, represented by the Secretary, have agreed to amend and
restate the Original Bonds to provide that the semi-annual principal
payments due September 30, 2001 and March 30, 2002 shall be due,
respectively, on September 30, 2002 and March 30, 2003.
NOW THEREFORE, in consideration of the premises, of the mutual covenants
herein contained, and other good and valuable consideration, the receipt and
adequacy of which the parties hereby acknowledge, and for the equal and
proportionate benefit of all the present and future Holders of the Obligations,
the parties hereby agree as follows:
ARTICLE SECOND
THE BONDS
Subparagraph (a) is deleted in its entirety and replaced with:
(a) the Bonds issued hereunder shall be designated "United States
Government Guaranteed Ship Financing Bonds, 1997 Series II Amended and Restated
December 31, 2001," and shall be in the form of Exhibit 2-1 to this Indenture;
and, the aggregate principal amount of Bonds which may be issued under this
Indenture shall not exceed $16,918,000, of which $14,887,840 principal amount is
currently outstanding, except as provided in Sections 2.09, 2.10, 2.12 and
3.10(b) of Exhibit 1 hereto.
ARTICLE THIRD
CERTAIN REDEMPTIONS
Subparagraph (a) Mandatory Sinking Fund Redemptions is amended by the
addition of the following sentence at the end of the first paragraph:
Provided, however, the semi-annual principal payments due September 30, 2001 and
March 30, 2002 shall be due, respectively, on September 30, 2002 and March 30,
2003.
Except as otherwise expressly provided herein, terms not defined herein
which are defined in Schedule A to the Trust Indenture dated December 4, 1997
between Trailer Bridge, Inc. and State Street Bank and Trust Company, or by
reference therein to other instruments shall have the meaning ascribed to them
in said Schedule A or other instruments.
IN WITNESS WHEREOF, This First Amendment To Trust Indenture Special
Provisions has been duly executed by the parties hereto as of the day and year
first above written.
TRAILER BRIDGE, INC.
Shipowner
[SEAL]
By: _______________________
Chairman and Chief
Executive Officer
STATE STREET BANK AND TRUST COMPANY
Indenture Trustee
[SEAL] By: ________________________
Vice President
CONSENTED TO UNITED STATES OF AMERICA
SECRETARY OF TRANSPORTATION
MARITIME ADMINISTRATOR
By: _________________________
Secretary
Maritime Administration
2