Exhibit 10.36
FIRST AMENDMENT TO NOTE
PURCHASE AGREEMENT
This First Amendment to Note Purchase Agreement
(the “ Amendment ”) is entered into by
and among Pope Resources, a Delaware limited partnership (“
Borrower ”), John Hancock Life Insurance
Company, a Massachusetts corporation, and John Hancock Variable
Life Insurance Company, a Massachusetts corporation (John Hancock
Life Insurance Company and John Hancock Variable Life Insurance
Company are individually and collectively referred to herein as
“ Note Holders ”).
RECITALS
Borrower and Note Holders previously entered
into that certain Note Purchase Agreement dated March 29, 2001 (the
" Agreement "), in connection with the sale and
purchase of certain Class A Fixed Rate Senior Secured Notes all
dated March 29, 2001, in the aggregate principal amount of
$30,000,000. Borrower and Note Holders wish to amend the Agreement
to provide that all monies deposited into the Collateral Account,
as defined in the Agreement, and all interest earned thereon, shall
be applied toward incremental principal prepayments and shall not
be applied toward any required annual principal payment or monthly
interest payment due under Section 4.3 of the Agreement. Unless
otherwise indicated all capitalized terms in this Amendment shall
have the meanings attributed to them in the Agreement.
NOW, THEREFORE, the parties wish to amend the
Agreement as follows:
1. Section 4.7 of the Agreement is amended to read
as follows: “4.7 Payments from Collateral Account .
With respect to monies depos
