TWELFTH AMENDMENT TO GRID NOTE
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THIS TWELFTH AMENDMENT TO GRID NOTE is made on November 12, 2003,
and
effective as of November 30, 2003, by and
between ALEXANDER & BALDWIN, INC., a
Hawaii corporation, hereinafter called the
"Maker", and FIRST HAWAIIAN BANK, a
Hawaii corporation, hereinafter called the
"Bank";
WITNESSETH THAT;
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WHEREAS, the Bank 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), Section 4 of the Note,
"Limitation" was deleted in its entirety
and replaced, and the Note was extended
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to November 30, 1995; and
WHEREAS, the Maker and the Bank subsequently entered into that
certain
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,
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and
WHEREAS, the Maker and the Bank subsequently entered into that
certain
Third Amendment to Grid Note dated November
17, 1995, that certain Fourth
Amendment to Grid Note dated November 25,
1996, that certain Fifth Amendment to
Grid Note dated November 28, 1997, and that
certain Sixth Amendment to Grid Note
dated November 30, 1998, all to extend the
Maturity Date of the Note, the latest
of which extended such Maturity Date to
November 30, 1999; and
WHEREAS, the Maker and the Bank
