Allonge to Promissory Note between Conrad Shipyard, L.L.C. and Whitney National Bank (Amending Loan Terms)

Summary

This agreement amends a promissory note originally issued by Conrad Shipyard, L.L.C. to Whitney National Bank for $6,700,000. The amendment extends the loan's maturity date to March 31, 2003, and sets a new payment schedule, including monthly interest payments starting January 31, 2003, and principal payments beginning April 30, 2003. All collateral securing the original note continues to apply. Other terms of the original note remain unchanged. The amendment is effective as of December 31, 2002, and is signed by both parties' representatives.

EX-10.3 3 dex103.txt ALLONGE TO THIRD AMENDED AND RESTATED LOAN AGREEMENT Exhibit 10.3 Allonge ALLONGE TO NOTE BY CONRAD SHIPYARD, L.L.C., PAYABLE TO THE ORDER OF WHITNEY NATIONAL BANK, DATED JULY 18, 2002, IN THE ORIGINAL PRINCIPAL AMOUNT OF $6,700,000.00. This allonge amends the above-identified Note (the "Note") as follows: PAYMENT SCHEDULE FOR THE LINE OF CREDIT PORTION OF THE PROMISSORY NOTE: 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 March 31, 2003, and interest shall be payable monthly. Any monthly interest payments shall commence on January 31, 2003, and interest shall be payable monthly on the last day of each month thereafter. On April 1, 2003 (the "Conversion Date") the note shall be payable in 49 monthly payments of principal each in the amount of $58,000.00, plus accrued interest, beginning April 30, 2003 and continuing on the last day of each month thereafter, with a final payment of all unpaid principal and interest then due and payable on May 30, 2007. EXTENDED MATURITY: December 31, 2002, the maturity date on the Note is extended to March 31, 2003. Any collateral securing the Note shall continue to secure the Note as hereby amended. 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 31st day December, 2002. CONRAD SHIPYARD, L.L.C. By: /s/ Lewis J. Derbes, Jr. -------------------------------- Lewis J. Derbes, Jr. Its: Vice President and Chief Financial Officer WHITNEY NATIONAL BANK By: /s/ Edgar W. Santa Cruz, III --------------------------------- Edgar W. Santa Cruz, III Its: Vice President