CONCERNING SECTION. 4.01. Section 4.01(b) of Exhibit 1 hereto is hereby amended in its entirety to read as follows:
CONCERNING SECTION. 2.01. Section 2.01(c) and (e) are revised to read as follows:
CONCERNING SECTION. The Secretary has determined that a deposit of six (6) months' interest on the principal amount deposited in the Escrow Fund is not required.
CONCERNING SECTION. 6.06. Section 6.06(a) revised to read as follows:
CONCERNING SECTION. 2.08.
(1) The notice referred to in paragraph of Section 2.08 shall read as follows: "NOTICE OF SHIP MORTGAGE This Vessel is owned by PETRODRILL FIVE LIMITED, a British Virgin Islands international business company ("Shipowner"), and is covered by a First Preferred Ship Mortgage in favor of the United States of America, under authority of Merchant Shipping Act of The Commonwealth of the Bahamas. Under the terms of said Mortgage neither the Shipowner, any charterer, the master or agent of this Vessel nor any other person has any right, power or authority to create, incur or permit to be placed or imposed upon this Vessel any lien whatsoever."
(2) The first sentence of Section 2.08 of Exhibit 1 hereto is amended by inserting immediately after the words "Vessel's documents" and immediately before the word "and", the following: ; PROVIDED THAT, if at any time, it is provided by law that a Vessel's documents may be carried or kept at any place other than aboard the Vessel, then the certified copy of the Mortgage, any supplement to the Mortgage and any assignment of the Mortgage shall be carried or kept with the Vessel's documents,
CONCERNING SECTION. 01. Subject to Section 9.01 of the Security Agreement, any notice, request, demand, direction, consent, waiver, approval or other communication, when given to a party hereto, shall be addressed to: Secretary as: SECRETARY OF TRANSPORTATION c/o Maritime Administrator U.S. Department of Transportation 400 Seventh Street, S.W. Washington, D.C. 20500 Xxxxxxxxx xx: XXXXXXXXXX XXXX XXXXXXX c/o Arias, Fabrega & Fabrega P.O. Box 985 Xxxx Xxdge Building Wickham's Cay Road Town, Tortola Xritish Virgin Islands With a copy to: PETRODRILL ENGINEERING NV K.P. van der Mandelelaan 38 3062 MB Xxxxxxxxx (Xxxxxxxxx) Xxx Xxxxxxxxxxx Xxxxxxxxx Xxxxxee as: FMB TRUST COMPANY, NATIONAL ASSOCIATION 25 South Charles St. 16th Floor (Xxxx Xxxx 101-591) Baltimore, MD 21201
CONCERNING SECTION. 6.01. Section 6.01(a) is amended by adding at the end thereof the following additional provision: "Notwithstanding any provisions of this Section 6.01(a) or any other provisions of this Agreement to the contrary, in the event of any Payment Default in the payment of any interest or principal with respect to any Obligations of any Series, such Payment Default shall constitute a Default as to all Series for all purposes under this Security Agreement, following which the Secretary may exercise the Secretary's rights, remedies and privileges as to all Obligations of all such Series."
Section 6.01 (b) is hereby amended by adding the words "either of" after the words "Secretary shall have assumed" in the last clause thereof.
Section 6.01 (b) is hereby further amended by replacing the words "the Shipowner" with "either Shipowner" throughout thereof.
Section 6.01 (b)(7) is hereby amended by adding after the words "owned by" with "either Shipowner or by any Related Party" and deleting the words "the Shipowner".
CONCERNING SECTION. 1.01. The following is added after the period at ----------------------- the end of Section 1.01: "Whenever there is a reference to a Vessel, any vessel or Vessels signifying more than one Vessel, the reference shall be read as applying to the "Vessel" in the singular, except as otherwise required by the Financial Agreement or the Depository Agreement."
CONCERNING SECTION. 2.08. The notice in Section 2.08(c) shall read as follows with respect to each Vessel: "NOTICE OF MORTGAGE" "This Vessel is owned by K-SEA OPERATING PARTNERSHIP L.P., a Delaware limited partnership (the "Shipowner"), and is covered by a First Preferred Fleet Mortgage in favor of the United States of America, under authority of Chapter 000, Xxxxx 00 xx xxx Xxxxxx Xxxxxx Code. Under the terms of said Fleet Mortgage neither the Shipowner, any charterer, the master or agent of this Vessel nor any other person has any right, power or authority to create, incur or permit to be placed or imposed upon this Vessel any lien whatsoever other than statutory liens incident to current operations that are subordinate to said Fleet Mortgage."
CONCERNING SECTION. 6.01. Section 6.01(a) is hereby amended by adding at the end thereof the following additional provision: "Notwithstanding any provisions of this Section 6.01(a) or any other provisions of this Security Agreement to the contrary, in the event of any Payment Default in the payment of any interest or principal with respect to any Obligations of any Series, such Payment Default shall constitute a Default as to all Series for all purposes under this Security Agreement, following which the Secretary may exercise the Secretary's rights, remedies and privileges as to all Obligations of all such Series."
Section 6.01 (b) is hereby amended by adding the words "either K-Sea LP's or" after the words "Secretary shall have assumed" in the last clause thereof.
Section 6.01 (b)(8) is hereby amended by adding at the end thereof the following additional provisions:
(a) Any continuing default by either K-Sea LP or K-Sea OLP under any of either's credit or loan arrangements with other lenders;
(b) Any default in the due and punctual observance and performance of any provision in the Reverter Agreement;
(c) Within fourteen (14) days after the MLP Closing Date, the Secretary has not received certificates of ownership (CG-1330) issued by the United States Coast Guard that show the ownership of each of the Delivered Vessels and the Additional Vessels to be K-Sea OLP and the recordation of the Restated Mortgage with respect to the Delivered Vessels and the Additional Mortgage with respect to the Additional Vessels;
(d) Any failure by K-Sea LP or K-Sea OLP to maintain the Additional Availability of Funds as required by the Financial Agreement notwithstanding any applicable cure period;
(e) Any failure to comply with the Secretary's request for an independent survey of the Vessels as described in the Financial Agreement;
(f) Any failure by K-Sea LP or K-Sea OLP to provide evidence to the satisfaction of the Secretary justifying that the Orderly Liquidation Value of the Additional Vessels is at least $10,000,000;
(g) Any failure by K-Sea LP or K-Sea OLP to provide follow-up legal opinions within 30 days from the date hereof that all of the Secretary's Security is perfected and of first priority, in form and substance satisfactory to the Secretary; and
Section 6.01 (b)(9) is hereby amended and restated as follows:
