THIRD AMENDMENT TO GRID NOTE

 THIRD AMENDMENT TO GRID NOTE

THIS AMENDMENT TO GRID NOTE executed this 30th day of 
November, 1995, and effective as of the first day of December 
1995, by and between ALEXANDER & BALDWIN, 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 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 30,1996, 
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 THIRD 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 Third Amendment to Grid Note is 
executed by the undersigned parties as of this 30th day of 
November, 1995.

ALEXANDER & BALDWIN, INC.,               FIRST HAWAIIAN BANK,
a Hawaii Corporation                     a Hawaii Corporation

By /s/G. S. Holaday                      By /s/Adolph F. Chang    
  --------------------------               --------------------------
  Its Vice President                       Its Vice President

A&B-HAWAII, INC.,
a Hawaii Corporation

By /s/G. S. Holaday 
  --------------------------
  Its Sr. Vice President 

Basic Info X:

Name: THIRD AMENDMENT TO GRID NOTE
Type: Third Amendment to Grid Note
Date: March 27, 1997
Company: Matson, Inc.
State: Hawaii

Other info:

Date:

  • December 1995
  • December 30 , 1993
  • November 30 , 1994
  • August 31 , 1994
  • November 30 , 1995
  • March 29 , 1995
  • NOVEMBER 30,1996
  • 30th day of November , 1995

Organization:

  • ALEXANDER & BALDWIN , INC.

Location:

  • BALDWIN
  • Hawaii

Money:

  • $ 40,000,000.00
  • $ 65,000,000.00
  • $ 45,000,000.00

Person:

  • sAdolph F. Chang
  • S. Holaday