Allonge to Promissory Note between Conrad Shipyard, L.L.C. and Whitney National Bank (July 30, 2001)

Contract Categories: Business Finance › Modification Agreements
Summary

Conrad Shipyard, L.L.C. and Whitney National Bank have agreed to amend their original $10,000,000 promissory note. The amendment extends the maturity date for repayment of the principal and all accrued interest to October 30, 2001. All collateral securing the original note will continue to secure the amended note. The guarantor(s) of the note have consented to this amendment and remain responsible for the debt. All other terms of the original note remain unchanged.

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EX-10.1 3 dex101.txt ALLONGE TO NOTE [Logo of Whitney] EXHIBIT 10.1 Allonge ALLONGE TO NOTE BY CONRAD SHIPYARD, L.L.C., PAYABLE TO THE ORDER OF WHITNEY NATIONAL BANK, DATED DECEMBER 31, 1999, IN THE ORIGINAL PRINCIPAL AMOUNT OF $10,000,000. This allonge amends the above-identified Note (the "Note") as follows: PAYMENT SCHEDULE: The principal amount set forth above, or the principal amount then outstanding of advances that Bank makes hereunder to Borrower, whichever amount is less, shall be payable on October 30, 2001, and all accrued interest shall be payable on October 30, 2001. EXTEND MATURITY: Effective July 30, 2001, the maturity date on the Note is extended to October 30, 2001. Any collateral securing the Note shall continue to secure the Note as hereby amende. In connection with the foregoing and only in connection with the foregoing, the Note is hereby amended, but in all other respects all of the terms and conditions of the Note remain unaffected and the Note, as hereby amended, shall remain in full force and effect. Executed this 30th day of July, 2001. CONRAD SHIPYARD, L.L.C. By: /s/ William H. Hidalgo ------------------------------------ William H. Hidalgo Its: Manager WHITNEY NATIONAL BANK By: /s/ Edgar W. Santa Cruz, III ------------------------------------ Edgar W. Santa Cruz, III Its: Vice President The undersigned guarantor(s) of the Note does hereby consent to the above amendment to the Note and does hereby acknowledge and agree that it/he/she will continue to be obligated as guarantor of the Note, as hereby amended. ------------------------------------