FIRST AMENDMENT AND LIMITED WAIVER
This FIRST AMENDMENT AND LIMITED WAIVER (this "Amendment"), dated as of March 30, 1999, is
by and among TRAILER BRIDGE, INC. (the "Borrower"), the lenders listed on the signature pages hereto (the
"Banks"), and BANKBOSTON, N.A., as agent for the Banks (the "Agent").
WHEREAS, the Borrower, the Banks and the Agent are parties to that certain Revolving Credit and Term Loan
Agreement, dated as of August 28, 1998 (as amended and in effect from time to time, the "Credit Agreement");
WHEREAS, the Borrower has requested, and the Banks and the Agent have agreed, subject to the terms and
conditions set forth herein, to waive certain provisions of the Credit Agreement and to amend certain provisions
of the Credit Agreement as set forth herein;
NOW, THEREFORE, the parties hereto hereby agree as follows:
Section 1. CERTAIN DEFINED TERMS. Capitalized terms which are used herein without definition and which
are defined in the Credit Agreement shall have the same meanings herein as in the Credit Agreement.
Section 2. LIMITED WAIVER. Sections 10.2, 10.3 and 10.4 of the Credit Agreement require the Borrower to
comply with certain financial covenants. The Borrower has requested that the Majority Banks waive compliance,
as at December 31, 1998 and for the applicable periods then ended, with the covenants contained in Section
Section 10.2, 10.3 and 10.4 of the Credit Agreement. Upon satisfaction of the conditions precedent contained in
Section 6 hereof, the Majority Banks hereby waive compliance, as at December 31, 1998 and for the applicable
periods then ended only, with each of the covenants contained in
Section Section 10.2, 10.3 and 10.4 of the Credit Agreement. This waiver is limited to its express terms and shall
not extend to any matters not specifically addressed hereby.
Section 3. AMENDMENTS TO CREDIT AGREEMENT. (a) Section 1.1 of the Credit Agreement is hereby
amended by (i) deleting the definition of
"Applicable Margin" in its entirety