{"id":42124,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/capital-construction-fund-agreement-us-department-of9.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"capital-construction-fund-agreement-us-department-of9","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/operations\/capital-construction-fund-agreement-us-department-of9.html","title":{"rendered":"Capital Construction Fund Agreement &#8211; US Department of Transportation, Maritime Administration, and National Steel and Shipbuilding Co."},"content":{"rendered":"<pre>\n                                             Addendum No. 1\n                                             Contract No. MA\/CCF-478\n\n                                        \n                                  ADDENDUM TO\n                            MARITIME ADMINISTRATION\n                      CAPITAL CONSTRUCTION FUND AGREEMENT\n                                      WITH\n                    NATIONAL STEEL AND SHIPBUILDING COMPANY\n\n\n     THIS AGREEMENT, made by and between the Maritime Administrator, Department \nof Transportation (the 'Maritime Administrator') and National Steel and \nShipbuilding Company (the 'Party'), a citizen of the United States, as an \nAddendum to that certain agreement, Contract No. MA\/CCF-478.\n\n     WHEREAS: 1. On September 13, 1988 the parties hereto entered into a \nCapital Construction Fund Agreement (the 'Agreement'), under section 607 of the \nMerchant Marine Act, 1936, as amended (the 'Act');\n\n     2. The parties hereto desire to amend the Agreement in the manner \nhereinafter set forth; and\n\n     3. The parties hereto have agreed to said amendment and desire to \nincorporate the same into the Agreement.\n\n     NOW, THEREFORE, in consideration of the premises, the Maritime \nAdministrator and the Party agree as follows:\n\n     I. Effective               , 1988, the Agreement is amended by replacing \nthe existing Schedules A, B, C, and D with the annexed revised Schedules A, B, \nC and D to (i) add the S. S. WORTH to Schedule A as an eligible vessel; (ii) to \nmodify and increase the deposit ceilings, program objectives and minimum \ndeposits as set out in the annexed revised Schedules B and D; and (iii) \ndesignate Idaho First National Bank and Bank of America N.T. &amp; S.A. as \ndepositories, at the same time deleting Morgan Guaranty Trust Company, as set \nout in Schedule C, and eliminating dated information concerning sources of \nfunds.\n\n     II. Except as herein otherwise expressly provided, the Agreement shall \nremain in full force and effect.\n\n     IN WITNESS WHEREOF, the Maritime Administrator and the party have executed \nthis Addendum No. 1 in quadruplicate, on the dates indicated below, to be \neffective on the 13th day of September, 1988.\n\n\n                                     - 2 -\n\n\nUNITED STATES OF AMERICA\nSECRETARY OF TRANSPORTATION             NATIONAL STEEL AND\nMARITIME ADMINISTRATOR                  SHIPBUILDING COMPANY\n\nBy: \/s\/   James J. Zok                  By: \/s\/  James M. Temenak\n    --------------------------              ---------------------------\n      (Contracting Officer)   \n\n                                        Name:     James M. Temenak\n                                             --------------------------\n                                                   (print or type)\n\n                                        Title:      Vice President\n                                              -------------------------\n                                                   (print or type)\n\n\nATTEST:                                 ATTEST:\n\n                                        DISTRICT OF COLUMBIA:\n\nBy:   [SIGNATURE ILLEGIBLE]             By: \/s\/  Sharon G. Maliska\n    --------------------------              ---------------------------\n           Secretary                    My Commission Expires March 31, 1991\n     Maritime Administration\n\nDate:                                   Name:     Sharon G. Maliska\n                                             --------------------------\n                                                   (print or type)\n\n                                        Title:      Notary Public\n                                              -------------------------\n                                                   (print or type)\n\n(SEAL)                                  (SEAL)\n\n                                        Date:      Sept. 13, 1988\n                                             --------------------------\n\nAPPROVED as to form:\n\nBy: \/s\/ Edmund T. Sommer, Jr.\n    --------------------------\n   For Assistant Chief Counsel\n     Maritime Administration\n\n                                                                  ADDENDUM NO. 1\n                                                                      MA\/CCF-478\n\n                                   Schedule A\n\n                           ELIGIBLE AGREEMENT VESSELS\n\n\n\n                                                              DATE AND\nNAME AND            SPECIFIC        CAPACITY                  PLACE              DATE             AREA OF           DETAILS OF\nI.D. NO.            TYPE            [GROSS TONS]    OWNER     CONSTRUCTED        DOCUMENTED       OPERATION         SERVICE\n---------           --------        ------------    ------    -----------        ----------      -------------      ----------\n                                                                                               \nSS WORTH            Tanker           89,700         NASSCO    2-19-75 (a)         To NASSCO      U. S. Foreign       Crude Oil\n7600548                                                       San Diego, CA       10-03-84       Trade               Transport\n\nSS ROSE CITY        Tanker           89,700         NASSCO    7-23-76 (b)         To NASSCO      U. S. Foreign       Crude Oil\n7607891                                                       San Diego, CA       10-13-85       Trade               Transport\n\nMR. ED              Harbor           25             NASSCO    1976                To NASSCO      U.S. Coastwise      Harbor Service\n575765              Supply Vessel                             Brazoria, TX        6-09-81        Trade               and Supply\n                                                                                                                     Transport\n\nTHE HAPPY           Harbor           17             NASSCO    1929                To NASSCO      U.S. Coastwise      Harbor Service\n228709              Service Vessel                            North Bend, OR      5-10-79        Trade               and Supply\n                                                                                                                     Transport\n\n\n(a) Reconstructed at San Diego and delivered 12-19-86, accepted 8-19-87.\n\n(b) Reconstructed at San Diego. A number of disputes exist between NASSCO and\nthe Navy with respect to workmanship and performance and must be resolved before\nthe Navy will accept the vessel. As of this date, no tentative acceptance date\nhas yet been agreed upon.\n\n                                                                  ADDENDUM NO. 1\n                                                                      MA\/CCF-478\n\n                                   SCHEDULE B\n                               PROGRAM OBJECTIVES\n                     ACQUISITION OR CONSTRUCTION OF VESSELS\n\n\n\n                                                                       Amount\nProgram         Vessel                                                 to be            Approximate Date\nObjective       Name &amp; General                Vessel             Withdrawn              of                     Anticipated\n  No.           Number       Characteristics        Cost               From Fund (a)    Contract    Delivery         Area of Oper\n---------      ---------     ---------------        ------            --------------    --------   ----------       ---------------\n                                                                                                \n\n  1             Unknown       Alaska Class Tanker    $130 million      $70 million      1\/89        1\/91             Alaska to Pan\n                              209,000 DWT,           (approx.) As       (approx.)              \n                              identical to EXXON     alternative  \n                              VALDEZ and EXXON       to Programs\n                              LONG BEACH             2 and 3\n\n  2             Unknown       Passenger cruise       $225 million      $70 million      1\/89        6\/91             Inter-Island\n                              ship of about 1,800    (approx.) As       (approx.)                                    Cruise ship,\n                              passenger capacity     alternative                                                     Hawaiian \n                              for operation          to Programs                                                     Islands\n                              inter-island Hawaii    1 and 3\n\n  3             Unknown       Two 2,000 TEU          $200 million      $70 million      1\/89        3\/91             West Coast\n                              Container Ships        (approx.) As       (approx.)                                    Mainland\n                                                     alternative                                                     U.S. to \n                                                     to Programs                                    6\/91             Hawaiian\n                                                     1 and 2                                                         Islands\n\n\n___________________________________\n\n(a) Represents maximum profit estimated to be received upon sale of vessels\nlisted in Schedule A. Interest earnings on the $70 million may, of course,\nincrease the amount available for program objective. The amounts required to be\ndeposited under Schedule D represent minimums.\n\n\n                                                                  ADDENDUM NO. 1\n                                                                  MA\/CCF-478\n\n\n                                   SCHEDULE C\n\n                                  DEPOSITORIES\n                                  ------------\n\n\n    NAME AND ADDRESS                    ACCOUNTS\n    ----------------                    --------\nIdaho First National Bank               Savings and Trustee Accounts\n101 South Capital Street                established pursuant to\nP.O. Box 7938                           46 C.F.R. Section 390.7\nBoise, Idaho 83707\n\n\nBank of America N.T. &amp; S.A.             Savings and Trustee Accounts\n450 B Street                            established pursuant to\nSan Diego, California 92038             46 C.F.R. Section 390.7\n\n                                                                  ADDENDUM NO. 1\n                                                                  MA\/CCF-478\n\n\n                                        September __, 1998\n\n\n\n                                   SCHEDULE D\n\n                         MINIMUM DEPOSITS - EXPLANATION\n\n\n\n              ORDINARY     INTEREST     CAPITAL\n              INCOME(a)    INCOME(a)    GAIN       DEPRECIATION    TOTAL(a)\n                                                    \n1987-89     $10,000,000        --          --           --         $10,000,000\n\n1990-92          --            --          --           --              --\n\n1992-95          --            --          --           --              --\n\n\n(a)  NASSCO will make a minimum deposit of at least $10 million (and may deposit\nas much as $37 million) upon this Addendum No. 1 becoming effective on September\n__, 1988. As indicated on Schedule B, 'Program Objectives', NASSCO estimates\nthat approximately $70 million will be received as profit on the sale of vessels\nlisted on Schedule A and could be employed in meeting Schedule B objectives. \nThus NASSCO anticipates that a substantial additional amount, perhaps in the \nneighborhood of $30 million to $40 million, may be deposited. In addition, of \ncourse, interest income will accrue on amounts on deposit.\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7614],"corporate_contracts_industries":[9475],"corporate_contracts_types":[9613,9615],"class_list":["post-42124","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-general-dynamics-corp","corporate_contracts_industries-aerospace__ships","corporate_contracts_types-operations","corporate_contracts_types-operations__govt"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/42124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=42124"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=42124"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=42124"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=42124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}