Source: https://www.federalregister.gov/article ... rn-railwayC&NC Railroad, LLC-Lease Exemption Containing Interchange Commitment-Norfolk Southern Railway Company
C&NC Railroad, LLC (C&NC), a Class III rail carrier, has filed a verified notice of exemption under 49 CFR 1150.41 to amend its agreement to lease from Norfolk Southern Railway Company (NSR) and operate 21 miles of rail line from (a) milepost CB5.4 at Beesons, Ind., to milepost 25.30 at New Castle, Ind., and (b) milepost R0.1 to milepost R1.16 at New Castle.
C&NC has leased and operated the lines since 1997. The original lease agreement, dated December 18, 1997, by its terms, expired on December 31, 2009, and C&NC and NSR agreed to continue operations under the terms of the 1997 agreement pending renegotiation of a new lease. On March 11, 2011, the parties executed a new lease, which, by its terms, expires on March 11, 2021, and contains a lease provision enabling C&NC to reduce its lease payments by receiving a credit for each car interchanged with NSR. On June 17, 2011, C&NC filed a verified notice of exemption to renew its lease arrangement, which request was granted by decision served July 1, 2011.
As required at 49 CFR 1150.43(h), C&NC has disclosed in this notice that the parties have recently amended their lease agreement to add a second interchange commitment as well as provisions reducing C&NC's lease payments. According to C&NC, it has encountered traffic reductions that have decreased the expected opportunity to reduce the rental obligations through the operation of the lease credits. In return for reduced rental payments, C&NC has agreed to a further interchange commitment.
Connersville & New Castle lease filing
- railohio
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Connersville & New Castle lease filing
"I shot the freight train / But I did not shoot the fantrip"
Re: Connersville & New Castle lease filing
Seriously, can someone tell me what this says in English. I hate legalize...
PatC created a monster, 'cause nobody wants to see Don Simon no more they want AARR I'm chopped liver, well if you want AARR this is what I'll give ya, bad humor mixed with irrelevant info that'll make you roll your eyes quicker than a ~Z~ banhammer...
- railohio
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Re: Connersville & New Castle lease filing
The short line had an agreement to reduce the lease payments with interchange cars routed via NS. Shortline traffic has not met expectations, so a cheaper lease agreement has been negotiated with a different unspecified interchange commitment.
"I shot the freight train / But I did not shoot the fantrip"
Re: Connersville & New Castle lease filing
Thanks. Why can't the document word it just like you did then everyone could understand itrailohio wrote:The short line had an agreement to reduce the lease payments with interchange cars routed via NS. Shortline traffic has not met expectations, so a cheaper lease agreement has been negotiated with a different unspecified interchange commitment.
PatC created a monster, 'cause nobody wants to see Don Simon no more they want AARR I'm chopped liver, well if you want AARR this is what I'll give ya, bad humor mixed with irrelevant info that'll make you roll your eyes quicker than a ~Z~ banhammer...
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Re: Connersville & New Castle lease filing
Because the lawyers wouldn't be able to buy big houses and expensive cars for writing legaleseAARR wrote:Thanks. Why can't the document word it just like you did then everyone could understand it
- justalurker66
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Re: Connersville & New Castle lease filing
The party of the first part does not understand the party of the second part unless the language is so convoluted that the party of the third part says "huh"?